Quote:
Originally Posted by stumped
OK , I'll bite.
explain how, when if/your dystopia of choice comes to pass, the world will still have a functioning internet, endless electricity for the bit mines, and enough rare metals to keep making the devices we use to trade and shop on ( and the batteries they run on)
its about as plausible as all those mad max dystopia that somehow never run out of petrol, motorcycle parts, tyres, welding gear.....
without all that 21st century infrastructure, a bitcoin stash is just a worthless emergency recovery pass phrase on a piece of paper, or some 0s and 1s on a very lonely flash drive in a safe somewhere
I am consistently wrong with my predictions of where BC is headed next, so there's no way I would speculate large; more importantly I have huge concerns over wasting enough electricity to run a medium sized country on mining and on validating block chain additions.
politically, I just don't see other world governments buying into a universal money system that only works so long as a few shady Chinese mining corps, are the "essential workers "without which it all collapses
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A lot to respond to here!
You see dystopian I see utopian.
https://youtu.be/DDdwvk_L-ss
(If you watch this video it's hard not to be convinced)
You are not incorrect that it is an emergency recovery pass phrase that only works with modern tech. There are satellites in space that continually keep the bitcoin ledger safe everyday. With a little bit of solar power and the proper equipment you can connect to it to access the bitcoin network. I'm not worried about that kind of situation. I'm more worried about having wealth taken from me by force which cannot happen if you store your coins properly.
I'm glad that you admit that you are consistently wrong about BTC and unfortunately that has more than likely costed your wallet.
(Here you can see how your investment would be doing based on the amount of time you have been in)
https://www.buybitcoinworldwide.com/price/
Bitcoin will win because of greed. It's simple. All of the people who were on the sidelines last time will join in this time because they don't want to watch everyone around them get hilariously rich again. This cycle will continue until everyone is a part of it. Harder money will prevail.
You mention you have concerns over the electricity spend of mining but consider how much electricity the legacy financial system burns everyday!
You say you don't think world governments will buy into this universal system. The truth is it doesn't matter if they buy in or not. The fact is that if they buy early they will be in a better position in the future. Their own greed will force their hand. We may even see a change in the world reserve currency. Could bitcoin be next?
(Check out this image of the timeline of world reserve currencies)
https://www.rmegold.com/wp-content/u...ency-chart.jpg
You also make an assumption that bitcoin could not exist without shady Chinese mining corporations. This is incorrect. Without them the difficulty of mining would drop and the free market would replace them swiftly with another opportunist.