(02-11-2025, 05:08 AM)Ksihkehe Wrote: The entirety of western civilization now depends on fake value. People pay financial service providers to do work like execute trades, provide loans to collateral, maintain balances, and document secure transactions. Bitcoin is just the first attempt at attaching a standard of value to digital processing power, which is really just another evolution of turning work into a commodity. It's just what people will pay for it. Very little in the financial markets is based on the true value of underlying assets.
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Great write up, but it avoids the fundamental issue I've been talking about...the notion you can generate value from some kind of "work" which doesn't necessarily benefit others...which is the fundamental underpinning of BTC.
I completely agree with you on all your other points about being outside of the banking cartels oversight and so forth, but this is only once there is money inside these accounts. Yes, people can invest hard currency into BTC accounts, but the underpinning value equation is this "work" ethic which doesn't necessarily benefit anyone. Hence, money for nothing. Beyond that, it's just a different kind of an investment, one where fiat currency goes in but can never come back out. As we both know, economies and specifically fiat currencies are built on the notion of "trust". Without this trust, these currencies are worth less than the paper they are printed on. BTC removes the paper currency from the equation and requires an even bigger element of trust. And, as history has shown us in just a few short years, that trust can easily be breached by people and 'entities' who are far more capable of manipulating the cyber world than the average John Q. Public will ever be.
I'm not pooping on the concept, but I am skeptical that the proverbial cart is in front of the horse with BTC. The protection measures aren't there, and it's like the Wild West in terms of investment risk.