Topic: "My macro solution is to exit the economy as a whole [...] and buy bitcoin" (Read 376 times)
December 26, 2020, 06:59:27 PM
Bitcoin only exists on the internet. Thus, if there is no access to the Internet or there is no electricity on the entire planet, then all your funds in the form of cryptocurrency will be lost. In the modern world, with the Internet working, bitcoin is an excellent replacement for fiat, but also, in my opinion, it is always necessary to have alternative means of subsistence, which will always be of value to humans. For example: gold, silver, copper, etc. Thus, you will be protected from risks.
June 04, 2020, 08:10:38 AM
It's not so simple to just exit the economy in some places.
There are government mandated money controls in place which prevent people from freely using their fiat currency. If they can't even use their fiat currency, then they certain can't use their capital to purchase Bitcoin.
And even if they did, how would they spend their Bitcoin in places with an authoritarian government? When zero places accept Bitcoin due to the risk of prosecution?
It's all very well and easy to say something like this when you live in a free democracy or a liberal country at least, but in many places it's a pipe dream.
There are government mandated money controls in place which prevent people from freely using their fiat currency. If they can't even use their fiat currency, then they certain can't use their capital to purchase Bitcoin.
And even if they did, how would they spend their Bitcoin in places with an authoritarian government? When zero places accept Bitcoin due to the risk of prosecution?
It's all very well and easy to say something like this when you live in a free democracy or a liberal country at least, but in many places it's a pipe dream.
June 04, 2020, 04:01:02 AM
Exiting the economy and going all-in on Bitcoin isn't only very risky but would be hard as hell. Probably harder than staying right now on fiat.
I'm all for BTC but imagine if you had $100k right now, bought BTC using it and price suddenly crashes to half. You'd lose $50k in the snap of a finger and if you depend on that money, there goes the "savior currency".
A big step taken by many by switching from fiat to crypto in one move could have disastrous effects on the current fiat system but it could also very well have a disastrous effect on Bitcoin itself. Think about those who've bought at $20k and are still waiting & hoping for a recovery.
And then, in my country for example there isn't much you can do with it besides selling it with a high fee to an ATM (and most of them have KYC too) or booking hotels and buying electronics. So my only option right now is to keep BTC as a long-term asset and that's basically it. Would switch from fiat in a second if I had the chance to and if I could live solely on Bitcoin, but unfortunately the reality says something different.
I'm all for BTC but imagine if you had $100k right now, bought BTC using it and price suddenly crashes to half. You'd lose $50k in the snap of a finger and if you depend on that money, there goes the "savior currency".
A big step taken by many by switching from fiat to crypto in one move could have disastrous effects on the current fiat system but it could also very well have a disastrous effect on Bitcoin itself. Think about those who've bought at $20k and are still waiting & hoping for a recovery.
And then, in my country for example there isn't much you can do with it besides selling it with a high fee to an ATM (and most of them have KYC too) or booking hotels and buying electronics. So my only option right now is to keep BTC as a long-term asset and that's basically it. Would switch from fiat in a second if I had the chance to and if I could live solely on Bitcoin, but unfortunately the reality says something different.
June 04, 2020, 03:32:30 AM
You can't exit the economy by buying Bitcoin, you need to be able to spend it somewhere, and it would be very hard if not impossible to do all your spending with Bitcoin. It's also not feasible for poor people, because by significantly limiting your options you will lose the ability to find the best deal. And lastly, most merchants would either use payment processors to convert BTC, or manually do so, so you're not truly creating a parallel economy, you're just putting a proxy.
Bitcoinization of economy will take decades if it will ever happen.
Bitcoinization of economy will take decades if it will ever happen.
June 03, 2020, 11:27:34 PM
Isn't his response a little misplaced or sort of out of context? He was only asked for a message to the family of George Floyd and he jumped on to talk about exiting the economy as a whole and so on.
Like I said on my previous reply, there definitely was a segue on his statement. But is it out of context? Not at all. While the additional bitcoin statement wasn't specifically about Floyd, it definitely compliments it. From George Floyd, to police brutality, to the protests/riots, to police reform, to the government, and to the economy in general.
June 03, 2020, 11:19:54 PM
Isn't his response a little misplaced or sort of out of context? He was only asked for a message to the family of George Floyd and he jumped on to talk about exiting the economy as a whole and so on.
In the case of the classic "Bitcoin Sign Guy," he was videobombing the chair of the federal reserve. In the OP's image, the chair is said to have opposed auditing the fed. The video bomber was right there silently giving his loud statement at the right time at the right place.
In the case of the classic "Bitcoin Sign Guy," he was videobombing the chair of the federal reserve. In the OP's image, the chair is said to have opposed auditing the fed. The video bomber was right there silently giving his loud statement at the right time at the right place.
June 03, 2020, 11:05:33 PM
Also, last I got news of was that the police that was involved in the accident is still not fired, not yet in jail but rather still continuing to serve his duty?
The news you got is incorrect, not only that the officer Derek Chauvin who pinned Floyd down with his knee has been fired, also the other three officers on the scene, two of whom held him down have all been fired. While the main culprit has been charged for murder, the other officers await their charges, check this source: https://m.startribune.com/a-deeper-look-at-the-four-officers-fired-after-george-floyd-death/570885592/What he said: "We live in a system that will not allow us to thrive. My macro solution for this problem for everyone is to opt out and exit the economy as a whole, and the way that we do that is by buying bitcoin".
Imo he did not mean to say Americans should do exactly this, since Floyd's death and protest is a 'hot' topic, he seized the opportunity to popularize bitcoin, cause it's impossible for citizens to do without (opt out of) the 'economy' which represents the national resources, markets, small and large businesses etc, without all this, we will just buy and hold bitcoins and have nothing to do with it. 
June 03, 2020, 09:41:00 PM
Props to the guy though. Fully against the US right now, not just with George Floyd, but also with Bitcoin.
Based on that video clip alone, his statement was too vague. Whatever system he was talking about, I don't see how it's related to the loss of Mr. George and to the main issue of the protest which racism and police brutality.
If you say it's related because of the cause of his arrest which is using counterfeit, then maybe.
I haven't read that book either but I've seen it floated around social media during this protest.
The guy was basically just spreading the word for Bitcoin. It's more like the topic wasn't centered only on the incident of George Floyd but rather the system of America as a whole, specifically, its economic system. If you say it's related because of the cause of his arrest which is using counterfeit, then maybe.
I haven't read that book either but I've seen it floated around social media during this protest.
In my opinion America was on the verge of rebellion after so many days of quarantine and economic collapse. You do remember that some demonstrations against isolation started appearing here and there, before the "yet another case or police brutality" occurred. Combine both, stir, and serve...
Well perhaps also, you don't have the most tactful president in the White House right now... Have you not moved your funds into bitcoin yet?
The riot right now is actually reasonable, to say the least. It's for the cause of racism, for the judgment of the police system of the US and the like. What I saw in the past riots were American citizens literally fighting for their cause of "The Covid-19 is a lie" thing. It was stupid to the point that I had to question their intelligence at the time. Also, last I got news of was that the police that was involved in the accident is still not fired, not yet in jail but rather still continuing to serve his duty? With how the police system of America works, I doubt they'd actually NOT riot, since they could be next. Well perhaps also, you don't have the most tactful president in the White House right now... Have you not moved your funds into bitcoin yet?
June 03, 2020, 09:09:43 PM
In my opinion America was on the verge of rebellion after so many days of quarantine and economic collapse. You do remember that some demonstrations against isolation started appearing here and there, before the "yet another case or police brutality" occurred. Combine both, stir, and serve...
No doubt the community lockdown probably did help fuel the riots significantly due to the restlessness that the lockdown caused. Contrary to popular sentiment that people are going to be staying at home due to the fear of Covid, I actually expected people to be going out in huge waves due to the restlessness; the police brutality case just added a crap ton of fuel to the fire.
June 03, 2020, 06:30:52 PM
In my opinion America was on the verge of rebellion after so many days of quarantine and economic collapse. You do remember that some demonstrations against isolation started appearing here and there, before the "yet another case or police brutality" occurred. Combine both, stir, and serve...
Well perhaps also, you don't have the most tactful president in the White House right now... Have you not moved your funds into bitcoin yet?
Well perhaps also, you don't have the most tactful president in the White House right now... Have you not moved your funds into bitcoin yet?
June 03, 2020, 10:53:16 AM
Based on that video clip alone, his statement was too vague. Whatever system he was talking about, I don't see how it's related to the loss of Mr. George and to the main issue of the protest which racism and police brutality.
If you say it's related because of the cause of his arrest which is using counterfeit, then maybe.
If you say it's related because of the cause of his arrest which is using counterfeit, then maybe.
It was vague for sure, but it's really safe to assume that some of the people are protesting not just to solely have revenge for George Floyd(through the riots), but for the government to actually listen and implement a solution. One being, police reform, which looks like is somewhat working: https://thehill.com/homenews/senate/500809-calls-for-police-reform-sparks-divisions-in-congress
June 03, 2020, 10:46:41 AM
He made a great point but taking advantage of the loss of Mr. George is not the way I would have wanted to promote bitcoin.
Hm. Kinda? But it relates in my opinion as what he said makes sense when talking about police reform(which is one of the things the George Floyd protesters are fighting for in the first place) and the government in general. This is far better at least compared to that one photo from the protests with one guy holding a "bitcoin fixes this" sign. Now THAT'S unnecessary.The guy must have read that book entitled "Bitcoin and Black America".
Don't really know anything about this book, so no opinion.If you say it's related because of the cause of his arrest which is using counterfeit, then maybe.
I haven't read that book either but I've seen it floated around social media during this protest.
June 03, 2020, 10:30:55 AM
He made a great point but taking advantage of the loss of Mr. George is not the way I would have wanted to promote bitcoin.
Hm. Kinda? But it relates in my opinion as what he said makes sense when talking about police reform(which is one of the things the George Floyd protesters are fighting for in the first place) and the government in general. This is far better at least compared to that one photo from the protests with one guy holding a "bitcoin fixes this" sign. Now THAT'S unnecessary.The guy must have read that book entitled "Bitcoin and Black America".
Don't really know anything about this book, so no opinion. June 03, 2020, 10:28:14 AM
He made a great point but taking advantage of the loss of Mr. George is not the way I would have wanted to promote bitcoin. The guy must have read that book entitled "Bitcoin and Black America".
June 03, 2020, 10:13:05 AM
So first we had this guy in 2017:
And now, I present you, the 2020 version.
Video URL: https://twitter.com/zackvoell/status/1268021636449665025
What he said: "We live in a system that will not allow us to thrive. My macro solution for this problem for everyone is to opt out and exit the economy as a whole, and the way that we do that is by buying bitcoin".
While the first one is a classic, this one takes the cake in my opinion.
P.S. He was talking about the death of George Floyd, from the United States(specifically, Los Angeles) where a lot of states have been having protests and riots in the past few days.
Some sources if you're living under a rock(or just ininterested):
And now, I present you, the 2020 version.
Video URL: https://twitter.com/zackvoell/status/1268021636449665025
What he said: "We live in a system that will not allow us to thrive. My macro solution for this problem for everyone is to opt out and exit the economy as a whole, and the way that we do that is by buying bitcoin".
While the first one is a classic, this one takes the cake in my opinion.
P.S. He was talking about the death of George Floyd, from the United States(specifically, Los Angeles) where a lot of states have been having protests and riots in the past few days.
Some sources if you're living under a rock(or just ininterested):
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