It’s essential that you understand these fundamental concepts: SAT is the base unit of bitcoin. “BTC” is just a convenient shorthand expression of SAT. 21 million BTCs == 2 quadrillion SATs. People should get used to thinking only in terms of SATs since that’s what bitcoin is.
As the theory goes, the limited supply of bitcoin is where it derives most of its intrinsic value. I’m just pointing out the supply of bitcoin is orders of magnitude larger than the total global money supply – the very thing it was intended to “free” us from. There are 100 million times more possible “coins” than people think there are. So, the argument for bitcoin being valuable because its supply is “limited” is completely laughable because the true supply of bitcoin is astronomical – 56 times bigger than the global money supply.
Numbers are important.
If you’re referring to me, can you point to a single statement I’ve made that is explicitly anti-crypto? Moreover, where did I say I don’t own crypto? You’re reaching here. If anyone has displayed ignorance it is you.
And “missing the boat”? Has the ship sailed? Are you implying it’s now too late to get in? I mean they’re eventually going to $100k and eventually 1 million dollars, right? Which leaves $900k+ of potential profit and plenty of time, right? Or don’t you believe your own unsubstantiated hype?
I wish most crypto advocates could just come clean and be honest with themselves: they don’t believe in crypto (or even understand it in many cases). They simply got in early enough on an obvious pyramid scheme where the earlier you got in the bigger your windfall. Lots of teens and twenty-somethings jumped in years ago with their lunch money and rent money when the stakes were low and it blew up way bigger than anyone could have imagined. It was a fluke never to be repeated. I’ve got no problem with that. If someone wants to give me $60k for an intangible, digital thing I got for free, I will happily take their money.
The thing that bothers me greatly is the greedy charlatans trying to convince total strangers on the internet that it’s some kind of “great financial reset”, the “new money”, and their best chance to be rich (lest they “miss the boat” like you said). That is sad and dishonest. You’re trying to build wealth off other people’s ignorance and it can ruin lives of people you’ve never met. Crypto is merely the latest get-rich-quick scheme, right behind the abomination of NFTs. If you’re riskily buying these things at $60k (or encouraging others to with baseless hype and misinformation), you’re playing with fire – it’s 100% unregulated and the volatility is face melting. For everyone else who got in very early, it’s an amusing little game – cheap/free lotto tickets. Making money is fine, exploiting idiots is not.
Regardless, I’m just asking questions and correcting any obvious disinformation in your answers along the way. I’m not making an explicit judgement on crypto itself being good or bad. It’s technology – it is what it is. And it will continue to do whatever it does whether or not you or I own any. I’m much more judgmental of what people do with it and its disingenuous cheerleaders with questionable motivations.
This is irrelevant since the supply of dollars is not limited; we just create (or destroy) dollars as needed. Bitcoin cannot do that due to the programmed hard limit so it’s critical we know the true limit.
Since the 40’s? That was an uneventful decade. Except for, ya know, WORLD WAR II happening.
Economics 101: debt without considering the GDP is meaningless. We’re at 106%. Not ideal, but easily manageable. Using Japan as the upper limit at 237%, we’ve got plenty of headroom by comparison, especially since the US Dollar is the world’s most widely used reserve currency, and our military spending is larger than the next 11 countries combined. Which means we have the luxury to do some incredibly reckless things at the expense of other countries economies.
Also, yeah, yeah… Covid. Complete shutdown of the global economy. Never happened before. Kind of a big deal.