Why should every country have its own money? (self.Bitcoin) submitted 4 days ago by slvbtc I look around the world and see countries that dont even know how to build side walks. Why on earth should they be entrusted to manage their own money. Honestly I dont think theres one country capable of managing their own money, not even America. Bitcoin is literally the solution for 8 billion people to opt out of their mismanaged, corrupt, society destroying national currency, they just dont know it yet. [–]No-Sympathy-5815 81 points82 points83 points 4 days ago* (9 children) National currencies, whether they be fiat currencies or gold backed currencies, centralizes power into the hands of the state and thus into the hands of the politicians and elites that control the state. National currencies are the single most power-centralizing force in the modern world with militaries being a close second. One could also argue that modern militaries could not exist at their current scale without national currencies being used to concentrate power into the hands of a few and being used to extract wealth from the population through debt and inflation. National currencies don't exist because they are 'trustworthy', they exist because they concentrate power. permalink embed save report reply [–]rock-island321 28 points29 points30 points 3 days ago (6 children) Without fractional reserve banking and central banks, there is no way that todays militaries could exist at the scale they do. It used to be you'd have a war chest, a pile of gold to fund the war. Now that war chest is a bottomless pit of debt, funding crisis after crisis. permalink embed save parent report reply [–]HalfRick 14 points15 points16 points 3 days ago (4 children) Funding war with borrowed money is as old as our recorded history. The difference is that today it’s generally borrowed from our future generations rather than from other people. permalink embed save parent report reply [–]rock-island321 10 points11 points12 points 3 days ago (3 children) The big difference is that there was a limit to how much gold could be lent. It was a finite resource and would come with a hefty interest or even a spoil of the war if it was won. Today, the debt is created out of thin air, which not only means that entering or creating a conflict has no real cost in the moment, and hence, little care need be given to the decision. Life is cheap and plentiful, and weapons, fuel, and armour purchases are cycled back into the economy, public money going to private individuals, which is one of the biggest incentives, certainly for the U.S. Then you have all the contracts awarded after the fact, usually to U.S. corporations. That is the deal. permalink embed save parent report reply [–]MeetingBrilliant 4 points5 points6 points 3 days ago (0 children) Great content bro! permalink embed save parent report reply [–]No-Sympathy-5815 2 points3 points4 points 3 days ago (0 children) Not only that, but now the United States government is running out of organic demand for it's debt on the open market. Other nations are selling treasuries instead of buying them while private investors are demanding a much higher interest rate causing the budget deficit to explode in order to cover interest payments. We are reaching the point where the only buyer left will be the Federal Reserve. When that happens, the USA will no longer be issuing debt to pay it's bills, but rather just printing currency behind the scenes via the central bank. Every possible propaganda effort will be made to obfiscate this fact to the general public since the average normie has no idea how "money" is actually created. The government will blame the coming inflation on Putin, on China, on the war in Israel, on the next pandemic, on the Germans or whatever new scapegoat they dream up next all in order to conceal the truth from the public. The truth being that the United States can no longer pay it's bills without substantially devaluing the dollar and crushing whats left of the middle class. permalink embed save parent report reply [–]HalfRick 0 points1 point2 points 2 days ago (0 children) You realise you’re just saying the same thing that you replied to, right? permalink embed save parent report reply [–]superphly 3 points4 points5 points 3 days ago (0 children) This is the best lead in to introduce Bitcoin. :) permalink embed save parent report reply [–]DevDaniel260redditor for 2 weeks 1 point2 points3 points 3 days ago (0 children) Fascinating response, thank you. This is why I love this subreddit. permalink embed save parent report reply [–]Umpire_State_Bldg 32 points33 points34 points 4 days ago (0 children) Gee. Every organized crime mob has its own "turf". I say, "separation of money and state". permalink embed save report reply [–]Ima_Wreckyou 6 points7 points8 points 3 days ago (0 children) I see it completely the other way around. Every community should be able to create their own money. Bitcoin is the neutral money to exchange value between different communities. permalink embed save report reply [–]richardto4321 31 points32 points33 points 4 days ago (0 children) And that's why we're still early. permalink embed save report reply [–]Your_As_Stupid_As_Meredditor for 6 weeks 14 points15 points16 points 4 days ago (7 children) I look around the world and see countries that dont even know how to build side walks. not even America. This hit hard, and I live in America. Lmao We have tons of areas with half built sidewalks that started in the 80s and still to this day never finished. We have a bus stop around the corner on a hilly grass spot, absolutely no sidewalk but they decided to put a bench there.... with no walkway leading to it, or even a cement stoop for it to be on. Just a random bench on the side of a random grassy hill. Once snow comes it's just a snow pile from the roads being plowed, it's no longer a bus stop then. permalink embed save report reply [–]cliff_smiff 5 points6 points7 points 4 days ago (4 children) Not trying to downplay what you're saying, and obviously I am not imagining the actual hill and bench accurately. But it's funny to think about a bench on a grassy hill that nobody will sit on because the municipal works didn't pave a walking path up to it. permalink embed save parent report reply [–]Randomd0g 6 points7 points8 points 3 days ago (1 child) a bench on a grassy hill that nobody will sit on because the municipal works didn't pave a walking path up to it. Entire town is full of Rollercoaster Tycoon NPCs. Can only walk on path. If remove from path will freeze up and panic. permalink embed save parent report reply [–]mutinomonem 2 points3 points4 points 3 days ago (0 children) Probably full of people that are disabled from the poison they eat because big business needed to make profit from industrial waste. permalink embed save parent report reply [–]Your_As_Stupid_As_Meredditor for 6 weeks 2 points3 points4 points 4 days ago* (1 child) And it's even engraved "in memory of xxx". It's ridiculous. It's like they were forced to provide the bench, but not obligated to provide a walking path to it. Edit to add. The hill is at maybe a 40°~ pitch and the bench is about 15ft uphill from the edge of the road. permalink embed save parent report reply [–]Randomd0g 2 points3 points4 points 3 days ago (0 children) That's not a bench, that's an ab workout. permalink embed save parent report reply [–][deleted] 3 days ago (1 child) [deleted] [–]Your_As_Stupid_As_Meredditor for 6 weeks 0 points1 point2 points 3 days ago (0 children) Well, that's partially due to our "roadways budget" is usually shoved in someone's pocket instead of going towards the roads.... There was a scandal in my home state 400 million dedicated to the roads was "magically gone". permalink embed save report reply [–]StackOwOFlow 3 points4 points5 points 4 days ago (0 children) and see countries that dont even know how to build side walks but what about the countries that do? permalink embed save report reply [–]igadjeed 5 points6 points7 points 3 days ago (0 children) Why should every country have its own money? National sovereignty permalink embed save report reply [–]abagofmostlywater 2 points3 points4 points 3 days ago (0 children) Because the forex business makes 3x daily what the entire world produces in GDP. Without delivering any real value. We don't need separate currencies. We need less greed permalink embed save report reply [–]zakate 13 points14 points15 points 4 days ago (1 child) Why should you be entrusted to manage your own money? You don't even know why other countries are entrusted to manage their own money. permalink embed save report reply [–]Shazvox 6 points7 points8 points 4 days ago (0 children) Yeah! Besides I don't see OP building any sidewalks... permalink embed save parent report reply [–]direktor4eto_rebornredditor for 3 months 6 points7 points8 points 4 days ago (1 child) You are clueless about economics, obviously. Go study some before getting grand ideas. permalink embed save report reply [–]Snoo62101 1 point2 points3 points 3 days ago (0 children) I disagree, OP's question still makes sense even if OP is clueless about economics. Every nation state has a strong incentive to create and use its own currency to control and manage its own economy instead of relying on a external/foreign currency. However, what about the individual? What are their incentive to use their nation currency (which is perpetually diluted away by design) vs using hard money that no government can dilute away? Eventually most people might store all their value in Bitcoin and use national currencies only for practical reasons when the situation doesn't allow using directly Bitcoin. The current system has been working as is for so long because technology hadn't invented an opt out solution for the individual yet. October 31th 2018 changed that forever. permalink embed save parent report reply [–]Plus_Screen4706 1 point2 points3 points 3 days ago (0 children) The Sad truth to this wishful dream that will inevitably happen. Human nature... the ingrained, natural paranoia against different races and the unrelenting desire to ensure a groups safety. If bitcoin weee to replace monetary systems across the globe, the 1% would do everything to ensure the other races couldn't use it or at least stiffle its use for their own gain. Its the amount if power and influence the military have thats the greatest issue with standard of modern life. permalink embed save report reply [–]Dolobene 1 point2 points3 points 3 days ago (0 children) National currencies work together with state taxes raised by the respective national government. A country's gov enforces taxation, which can only be paid in the currency that the gov issues. Thus, by mere existence, a citizen is immediately in debt to the gov, as in due to pay taxes. permalink embed save report reply [–]throwaway345t632 1 point2 points3 points 3 days ago (0 children) Whatever people agree to exchange between themselves for goods and services will be accepted as currency. permalink embed save report reply [–]Pacture 1 point2 points3 points 3 days ago (0 children) Because, generally speaking, each country has its own economy with its own domestic markets and foreign trade agreements. The question, really, is why would you want two economies to be chained to the same monetary policy when their economies have their own unique needs? A universal monetary policy necessarily means economies won't have levers to pull when they need to confront inflation or unemployment. Not to mention a global currency would mean a central point of failure. Edit: Addendum Why are we assuming Bitcoin's monetary policy will even work for most people? The population of the world will have almost no capacity to change that monetary policy if it becomes problematic. permalink embed save report reply [–]MicroAlloyDiffusion 1 point2 points3 points 3 days ago (0 children) Side-walks are over-rated permalink embed save report reply [–]Toamtocan 4 points5 points6 points 4 days ago (1 child) Because it's their country. permalink embed save report reply [–]BuyRackTurk -1 points0 points1 point 3 days ago (0 children) Because it's their country. With fiat, no it aint. The whole point of fiat is to dispossess people of power. If it was the country of the people who live there, they would have bitcoin. Bitcoin gives people back their nation. permalink embed save parent report reply [–]tupidatabaredditor for 2 months 2 points3 points4 points 4 days ago (0 children) Not every country has its own money, Ecuador currency is US Dollar actually. But the governments that can have would prefer it just to print money whenever they want. permalink embed save report reply [–]manuru-neko 4 points5 points6 points 4 days ago (9 children) Right now Japan’s Yen is about to hit 150 / 1 USD. That’s really shitty for me living here and interacting with my US Bank. But the cheaper the yen gets, the more attractive it is for people to travel here and buy products made in Japan. This increases the demand for yen and (hopefully) leads it to an increase in the value of yen and a more stable rate. If every country country used the same currency, there’d be no fluctuation.Ultra rich countries would inflate the value and there’d be no incentive to manufacture goods in developing nations. Some fluctuation is okay (and at times beneficial). It’s hyper inflation (or even a fixed global rate) that would cause problems. permalink embed save report reply [–]BastiatF 2 points3 points4 points 3 days ago (5 children) Developing countries would still have comparative advantages such as lower costs of production or access to natural resources. Are you saying that without their own currency China and India would not be industrializing? permalink embed save parent report reply [–]manuru-neko 1 point2 points3 points 3 days ago (4 children) I’m just saying that sometimes it’s okay if the value of a currency fluctuates. And right now the cost of living in China is going up, leading to a lot of those manufacturing jobs going to other countries. The purpose of money is different for an individual than it is for a country. Since I don’t work in any tourism related fields, I don’t see any direct effects to increasing tourism. And if my wages don’t increase (which they historically haven’t over the past 30 years in Japan), then in the short term, my net worth is decreasing which is why I choose BTC and their investments to retain my purchasing power. But as a country, Japan’s weakening yen is actually giving them a bit of a boost to the economy which wouldn’t be there if the yen remained around 100 / $1 permalink embed save parent report reply [–]BastiatF -1 points0 points1 point 3 days ago (2 children) All you're doing is making your economy artificially more competitive by impoverishing your entire nation (apart from those with early access to the money printers). permalink embed save parent report reply [–]manuru-neko 1 point2 points3 points 3 days ago (1 child) Not necessarily, the weak yen has already spurred a huge rush in tourism as well as property sales and many other things that will allow an influx of money to work its way through the economy. Plus now all the products manufactured in Japan are being sold at a discount globally because our wages have stayed the same, but the exchange rate makes it so you get more yen for your buck. I should also mention that we have had inflation, but nowhere near the levels that are being seen in the US / Europe. Our gas prices have gone from ~160\L to about 175/L right now. Food packages have also shrunk somewhat, but my overall monthly expenses haven’t increased that much since before the pandemic. Japan’s economy is also a weird one so maybe it’s not the best example. We’ve been fighting deflation for a while now which is a whole different problem. But basically I think of it like supply and demand. Most places don’t accept paper USD in Japan, so you usually need to exchange your money before you can buy anything here. So $1 USD is burned and 150 yen is created (minus the exchange fees). This allows for totally new money to be spread through the Japanese economy which didn’t exist before, and now less money can be spread through the US economy. That’s why tourism is so valuable, an influx of new money enters a system without the need for any central bank to create it. permalink embed save parent report reply [–]BastiatF 1 point2 points3 points 3 days ago (0 children) No USDs are not burned and JPYs are not created when you exchange dollars for yen. Fiat currencies are created when commercial banks make loans and destroyed when they are repayed. Also you seem to be equating creating money and wealth. You can't create real wealth just by entering a bigger number in a database. permalink embed save parent report reply [–]rwdrift 0 points1 point2 points 3 days ago (0 children) The weakening Yen is just a sign that they are likely becoming a poorer country. It's a symptom rather than a cause. Poorer countries will always be willing to work for less. permalink embed save parent report reply [–]rwdrift 1 point2 points3 points 3 days ago (0 children) No, there will *always* be some countries that are wealthier than others, no matter whether they use the same currency or not. The poorer countries will be more willing to work for less (they have a stronger desire for money), attracting more industry until they become rich, and so the cycle continues. permalink embed save parent report reply [–]trufin2038 1 point2 points3 points 3 days ago (0 children) Eliminating currency based trade imbalance is a good thing. Its a distortion. permalink embed save parent report reply [–]privacyguyincognito 0 points1 point2 points 4 days ago (0 children) Finally someone that gets it. permalink embed save parent report reply [–]Mike8219 1 point2 points3 points 4 days ago (24 children) Why couldn’t corruption be funded by Bitcoin? permalink embed save report reply [–]Godfreee 7 points8 points9 points 4 days ago (12 children) Corrupt officials can't print more Bitcoin to finance their own debts and wars. permalink embed save parent report reply [–]Mike8219 0 points1 point2 points 4 days ago (11 children) They can be bribed pretty easily. permalink embed save parent report reply [–]trufin2038 2 points3 points4 points 3 days ago (3 children) Sure, but who would bother bribing them when they can't sell a power they dont have. permalink embed save parent report reply [–]Mike8219 -1 points0 points1 point 3 days ago (2 children) There is no government if we all switch to Bitcoin? permalink embed save parent report reply [–]trufin2038 0 points1 point2 points 3 days ago (1 child) A lot less for sure. permalink embed save parent report reply [–]Mike8219 0 points1 point2 points 3 days ago (0 children) But there still is so they still have power. You’re getting rid of the fed and treasury but why would they impact anything else? permalink embed save parent report reply [–]McDredd 0 points1 point2 points 3 days ago (5 children) In the fiat system the bribes are afforded through printing and expansion of the currency. Edit: they defo don't pay them with their own money. permalink embed save parent report reply [–]Mike8219 0 points1 point2 points 3 days ago (4 children) Isn’t there government and government spending in a world with no fiat and only Bitcoin? permalink embed save parent report reply [–]McDredd 0 points1 point2 points 3 days ago (3 children) Yes, but they have to account for it. They can't just print more and throw it around. Bitcoin says "The Can stops here". permalink embed save parent report reply [–]Mike8219 0 points1 point2 points 3 days ago (2 children) Why couldn’t they tax Bitcoin, be brided anonymously, and spend on projects their voters wouldn’t want them to or maybe enriches them personally? If some legislator owns a fencing company they could still appropriate funds collected in bitcoin to new fencing projects. permalink embed save parent report reply [–]McDredd 0 points1 point2 points 3 days ago (1 child) It's not likely to just stop at all. But much of the cronieism and the corporate buddy buddy system is funded through a constant supply of money made out of thin air that Jo public can't track and see the trail of. Hopefully at least increased accountability through increased visibility. Personally, I prefer decentralisation of power to smaller constituencies. Then local people are hiring locals to do the job who are then directly accountable to the locals they live with. Seeing through to what we end up with is impossible I can only describe what I hope is a better way and more can go, yes I like this. permalink embed save parent report reply [–]Mike8219 -1 points0 points1 point 3 days ago* (0 children) It's not likely to just stop at all. But much of the cronieism and the corporate buddy buddy system is funded through a constant supply of money made out of thin air that Jo public can't track and see the trail of. Sorry, why can’t you keep track of it now? Even if money is created we know where it’s appropriated. Hopefully at least increased accountability through increased visibility. Personally, I prefer decentralisation of power to smaller constituencies. You mean smaller government? Then local people are hiring locals to do the job who are then directly accountable to the locals they live with. When your city builds a road they don’t already hire a local company with dollars? permalink embed save parent report reply [–]BastiatF 1 point2 points3 points 4 days ago (7 children) Power corrupts. Bitcoin remove the power to steal other people purchasing power. permalink embed save parent report reply [–]Mike8219 -1 points0 points1 point 3 days ago (5 children) I would contend the people controlling Bitcoin would be pretty corrupt then. The rich would get richer with btc too. permalink embed save parent report reply [–]BastiatF 0 points1 point2 points 3 days ago (4 children) Nobody controls Bitcoin. You can't print new bitcoins for free to steal the purchasing power of others. The only way to get more bitcoins is to provide goods or services to willing buyers unlike fiat. permalink embed save parent report reply [–]Mike8219 0 points1 point2 points 3 days ago* (3 children) The whales do. Do you see any issues that may arise with a swap from fiat to Bitcoin? Do you see any issues with mass amounts of wealth of the few with the current system? permalink embed save parent report reply [–]BastiatF 0 points1 point2 points 3 days ago (2 children) Again, the whales can't print bitcoins. Under a Bitcoin standard you can't get more bitcoins through the money printer and you also can't consume without giving up some of your bitcoins. Your objection that some have more bitcoins than others is a Nirvana fallacy. permalink embed save parent report reply [–]Mike8219 0 points1 point2 points 3 days ago (1 child) The cap can be changed though. It’s not written into granite. We are just assuming it won’t but it could. History is long and the more people using a currency means more opinions on its valid state. And whales already do control vast swaths of it. We don’t need to make more for control because there is a massive imbalance already. Now if we add every human to it that imbalance will only look worse. Do you have an issue with the wealth inequality that exists today? With whales in the fiat system? permalink embed save parent report reply [–]mutinomonem -1 points0 points1 point 3 days ago (0 children) It corrupts even those that think the couldn't be corrupted. Humans controlling a supply of money has always lead to debasement. permalink embed save parent report reply [–]fringecar -2 points-1 points0 points 4 days ago (2 children) Yeah, bitcoin only addresses inflation of the M0 currency. Doesn't eliminate wealthy people; doesn't eliminate inflation of M1, M2; definitely doesn't get sidewalks built permalink embed save parent report reply [–]Mike8219 1 point2 points3 points 3 days ago (1 child) And if it’s inflation what if whales just don’t buy anything. They just sit on their btc like dragons. Individuals can reduce the money supply. permalink embed save parent report reply [–]fringecar 0 points1 point2 points 3 days ago (0 children) For sure. Also inflation even without dragons would mirror global productivity. If two people lives through different 60 year periods but both saved 10% of their wages, then one would be wealthier than the other. permalink embed save parent report reply [–]el_rico_pavo_real 1 point2 points3 points 4 days ago (0 children) Love this argument lol. permalink embed save report reply [–]No-Recipe-4578 1 point2 points3 points 4 days ago (0 children) If they cant build sidewalks, I guess they can’t use computers. permalink embed save report reply [–]FATALEYES707 1 point2 points3 points 4 days ago (0 children) Is currency stability not a consideration? permalink embed save report reply [–]mSchmitz_ 1 point2 points3 points 4 days ago (0 children) Just read up on MMT. permalink embed save report reply [–]iskandar_kuning 1 point2 points3 points 4 days ago (0 children) Because not all country is El Salvador? permalink embed save report reply [–]PM_ME_UR_CHERRIESredditor for 6 weeks 1 point2 points3 points 3 days ago (17 children) There will be only 21 million bitcoin. How will that be distributed between 9 billion people? permalink embed save report reply [–]Original_Delivery_15 2 points3 points4 points 3 days ago (15 children) Distribution is not the problem. There are other more important limitations: - Transaction speed and cost - No. of transactions per second (lightning network kinda solves this but has its own issues) - Complexity! How can you preach “not your keys, not your coins” to people that cannot even read? Even buying stocks is easier than buying and storing BTC in a hard wallet. - BTC is a pseudonymized public ledger. When you deposit money to someone, you know one of the wallets of that person and you can spy on the transactions of that wallet. If that person has many wallets and transfers funds between them, it also becomes pretty clear which are the other wallets; it’s also complex to manage and not free. - Fraud protection in BTC is zero. - Lose your keys, lose everything forever Many people have already said it: the fact it’s been 15 years and people still say “it’s early” and the fact that people take videos of them paying with BTC in their local shop tell you all you need to know. You don’t see people taking videos of how they pay with cash, credit card, phone, watch or even ring, because it’s the standard, there’s no novelty… and paying with a watch/ring is less than 15 years old. permalink embed save parent report reply [–]PM_ME_UR_CHERRIESredditor for 6 weeks -1 points0 points1 point 3 days ago (14 children) How is BTC able to sustain as a currency when the people now are using it as an investment? It's deflationary by nature, why would they spend it if the price will rise later? permalink embed save parent report reply [–]rwdrift 1 point2 points3 points 3 days ago (6 children) Because eventually they'll have to in order to live. permalink embed save parent report reply [–]PM_ME_UR_CHERRIESredditor for 6 weeks 1 point2 points3 points 3 days ago (5 children) So those whonalready have a lot will get richer over time and those who don't have a lot have to spend it and can't save? Sounds as f'ed up as the system we already have. permalink embed save parent report reply [–]rwdrift 0 points1 point2 points 3 days ago (4 children) Everyone is free to buy it at any time - the earlier you buy the cheaper, but greater risk of it going to 0. It's the fairest way it could possibly be. Once things have settled down in the decades to come, and everyone has the majority of their wealth in bitcoin, it will shut down the banksters' money printing scam, and the natural order of the world will begin it's long recovery, ultimately to be run by the people who deserve the power, rather than the banksters who obtained their unimaginable power through nefarious means (money printing) permalink embed save parent report reply [–]PM_ME_UR_CHERRIESredditor for 6 weeks 0 points1 point2 points 3 days ago (3 children) the earlier you buy the cheaper, Unless the price crashes/drops. permalink embed save parent report reply [–]rwdrift 0 points1 point2 points 2 days ago (2 children) The price can go to 0 at any time. permalink embed save parent report reply [–]PM_ME_UR_CHERRIESredditor for 6 weeks 0 points1 point2 points 2 days ago (1 child) Sounds very unsafe. Thanks for the warning. permalink embed save parent report reply [–]rwdrift 0 points1 point2 points 2 days ago (0 children) Yeah, I don't think it's for you. permalink embed save parent report reply [–]Original_Delivery_15 -1 points0 points1 point 3 days ago (6 children) Well technically, improved productivity should result in falling prices (stuff is easier to produce -> cheaper). But practically it does not work like that, because people are greedy by nature and prefer to hoard vs spend in general (it might feel otherwise, but inflation it exactly what makes people want to spend more and live on credit). Being greedy and saving is not a bad thing, but it means that the money stays still, therefore less goes into the economy (and also Governments earn nothing from money that doesn’t move) permalink embed save parent report reply [–]PM_ME_UR_CHERRIESredditor for 6 weeks 2 points3 points4 points 3 days ago (5 children) So Bitcoin is marketed as a currency but people are doing the opposite - they are using it as an investment? This is confusing to me. permalink embed save parent report reply [–]Original_Delivery_15 2 points3 points4 points 3 days ago (2 children) It is confusing to you because it is indeed confusing. People are using to speculate and hope that one day people will use it as a normal currency (or more people will use it as a store of value). Nobody knows if/when that will happen. Everyone talks about price going up because of the next halving, as if nobody knows and price has not taken it into account already. Nobody (not even my friends) has been able to give me a good reason why owning BTC makes sense. Apart from the Fear Of Missing Out and the hope that price will go up, there isn’t really much more about BTC at this precise moment. permalink embed save parent report reply [–]PM_ME_UR_CHERRIESredditor for 6 weeks 1 point2 points3 points 3 days ago (0 children) In other words, everyone is buying it to hold until the value rises, while hoping that everyone else will spend it. permalink embed save parent report reply [–]Original_Delivery_15 0 points1 point2 points 3 days ago (0 children) And mind you: most people that “buy” BTC don’t even own it. They use some crypto exchanges and keep their BTC there, potentially loosing it one way or the other (like this Binance guy). It’s gonna be even more ridiculous with this BTC ETF. permalink embed save parent report reply [–]rwdrift 1 point2 points3 points 3 days ago (0 children) To be any use as a money (in particular, unit of account), a money needs to be able to store value well. This is the stage bitcoin is at - it's proving itself and will be for decades to come. Once it's value has increased and stabilised enough that it makes a better unit of account and medium of exchange than anything else (i.e. $xx million/BTC), it will be used for that too. It's just maths + nature. permalink embed save parent report reply [–]McDredd 0 points1 point2 points 3 days ago (0 children) No one is going to use anything as currency/money if it has no value. First its recognised as a store of value then it will be used as medium of exchange. For some recognition of its value happend long ago and they are eager for the change/evolution to medium of exchange and have many already started. Its not a today one way, tomorrow the other. Bit by bit, one block at a time. permalink embed save parent report reply [–]BuyRackTurk 0 points1 point2 points 3 days ago (0 children) How will that be distributed between 9 billion people? by merit, duh. permalink embed save parent report reply [–]Old_Cartoonist7266 1 point2 points3 points 4 days ago (0 children) Unpopular opinion. I don’t even know how to pave a sidewalk, why should I be trusted with my money? permalink embed save report reply [–]Numerous-Kitchen-774 0 points1 point2 points 4 days ago (0 children) Lmao imagine thinking that governments will actually change. Seriously though, you're wrong in the very first sentence. If they can't be trusted to build sidewalks with their own currency, why on earth would you expect it to be different under Bitcoin? Being a public ledger is amazing, but just because there's a public nature to it doesn't mean it magically eliminates corruption. permalink embed save report reply [–]looneytones8 1 point2 points3 points 4 days ago (0 children) Preach permalink embed save report reply [–]Randomd0g 0 points1 point2 points 3 days ago (0 children) Every time I see a post like this I always think it reads like the person has only had half of the thought process. You're having the realisation that nation state governments are corrupt, stupid, and often act in the interests of the politicians instead of the people. All of that is correct, so my question becomes "Why Stop At Bitcoin?" Sure, advocate for a world currency that is run by the people for the people, that is a GREAT idea, but why stop there? Why not government too? Why not advocate for abolishing nation states entirely and running the entire planet as a truly democratic collective? Yes, bitcoin is great, and it's a part of that puzzle but it's only one tiny part. Let's do the rest. permalink embed save report reply [–]Chieres 0 points1 point2 points 4 days ago (0 children) Money control gives you a lot of power. Most governments would not willingly give that up. Even in EU a lot of countries are reluctant to adopt a common currency. People should want that, governments never will. permalink embed save report reply [–]Dettol-tasting-menu 0 points1 point2 points 4 days ago (0 children) They aren’t “entrusted”… permalink embed save report reply [–]theoreoman 0 points1 point2 points 4 days ago (1 child) You know that if the world decided on a global crypto currency they would just make Thier own amd not use BTC permalink embed save report reply [–]LifeIn6thGear23redditor for 4 weeks 0 points1 point2 points 4 days ago (0 children) That is the next step “institutional crypto brought to you by the Federal Reserve with the catch phrase “trust us” we know what’s right for you permalink embed save parent report reply [–]nothingbutmine 0 points1 point2 points 4 days ago (0 children) Jfc. permalink embed save report reply [–]rock-island321 0 points1 point2 points 3 days ago (2 children) So who's going to fix that sidewalk? permalink embed save report reply [–]Original_Delivery_15 1 point2 points3 points 3 days ago (1 child) BTC, obviously permalink embed save parent report reply [–]rock-island321 2 points3 points4 points 3 days ago (0 children) I've got a bit of painting needs doing at home. Reckon btc could find time? permalink embed save parent report reply [–]DirkDiggler1888 0 points1 point2 points 3 days ago (0 children) "Why should they be entrusted to manage their own money". Wow, what a truly American thing to say. permalink embed save report reply [–]ryoma-gerald -1 points0 points1 point 4 days ago (0 children) So that the governments can continue to dominate and exploit their subjects. permalink embed save report reply [–]finnypiz -1 points0 points1 point 3 days ago (1 child) To tax their folks via inflation.. ;) Bitcoin is freedom from slavery. permalink embed save report reply [–]Flat_Argument_2082 0 points1 point2 points 3 days ago (0 children) You’ll have to fill me in on how inflation is a tax because generally when a country levies a tax they actually receive that revenue. But let’s not let obvious knowledge deficits get in the way of a good circlejerk. permalink embed save parent report reply [–]meatismoydelicious -2 points-1 points0 points 4 days ago (0 children) Yeah, we know. Stop screaming it. We're trying to stack before they figure it out. permalink embed save report reply [–]lalich -1 points0 points1 point 4 days ago (1 child) 🥂 permalink embed save report reply [–]lalich -1 points0 points1 point 4 days ago (0 children) And 🏴‍☠️🤙 permalink embed save parent report reply [–]idreamofjeanshorts -1 points0 points1 point 3 days ago* (0 children) Id guess Gresham's law leaves nothing left in the country for people to exchange. They also had no cell phones or means of even rationalizing or conducting alternative exchanges. Now with modern cellphone value can be retained in the internet, which is pretty neat. permalink embed save report reply [–]traviszzz -1 points0 points1 point 3 days ago (0 children) Government is just like a private corporation and the most of important thing is to generate revenue. You can collect or print. Wouldn't you want to be able to print money? permalink embed save report reply [–]Cardanoarkredditor for 3 months -1 points0 points1 point 3 days ago (0 children) Oh preach it brother! (Or sister!) Well said! permalink embed save report reply [–]mohitesachin217 -1 points0 points1 point 3 days ago (0 children) Improved my some of knowledge permalink embed save report reply [–]jt7855 -2 points-1 points0 points 4 days ago (0 children) The great thing about BTC is that those countries without sidewalks and few natural resources can mine BTC. permalink embed save report reply [–]Freshysh[🍰] -2 points-1 points0 points 4 days ago (1 child) They tried to make everyone in Europe to use Euro. But many countries just said no. Out own money is superior 🤷 permalink embed save report reply [–]rwdrift 1 point2 points3 points 3 days ago (0 children) A good reason for that is because by handing control of the supply to someone else, they aren't getting the same proceeds from printing money - the proceeds are going to someone else. No one can print bitcoin. No one can increase the supply other than by putting in an equal amount of work in exchange. Its the monetary end game. Some countries will try to hold onto the power to print their own currency, but inflating their supply will simply cause their currency units to go down in value compared to bitcoin, and no one will want it. permalink embed save parent report reply [–]GenghisBanned -2 points-1 points0 points 3 days ago (0 children) Every country having a different currency is utterly stupid if you think about it. permalink embed save report reply [–]sylsau -3 points-2 points-1 points 3 days ago (0 children) Bitcoin is the Solution. permalink embed save report reply [–]FreitasAlan -4 points-3 points-2 points 4 days ago (0 children) According to them, you can’t be too “libertarian” or there would be no one to build road. In the age of AI and these people are discussing roads. It’s just embarrassing. permalink embed save report reply [–]RevolutionaryPick241 -5 points-4 points-3 points 4 days ago (0 children) It shouldn't. Money is a private invention that governments individually had monopolized. permalink embed save report reply [–]Guguhirse 0 points1 point2 points 3 days ago (0 children) Lol „Not even america“…US is biggest shithead of all the countries. permalink embed save report reply [–]SoggyChilliredditor for 3 months 0 points1 point2 points 3 days ago (0 children) The same reason theme parks and arcades give you fake money to use. It's easier to manipulate permalink embed save report reply [–]WebexBlackredditor for 6 weeks 0 points1 point2 points 3 days ago (0 children) Every country produces its own economic value. If every country used the same currency some would just own more of it than others. Currency and services or products are all the same. It’s similar to 2+2=4 you can separate it and say 2+2 equals to 4 or you can say another way of saying 4 is 2+2 (or 3+1 etc). Right now there are other annoying things in the mix from letting the markets stabilize and I think low key that’s what the governments want to maintain, but in general it’s mostly unavoidable. So there is no actual need for countries to use different stuff, it’s just that right now they do for various reasons. permalink embed save report reply [–]Infinite_Recover5772 0 points1 point2 points 3 days ago (0 children) I dunno after what just happend in canada I've lost faith om btc the government just made a bunch of stupid regulations about what u can and can't do with ur btc affectivly making it impossible to trade om tje country if you have less then five million dollars as a way of "protecting us from ftx style collapses" even though ftx only collapsed because binnace started a bank run when they took all of their ftx tokens and put them for sale on the market in one shot created a janga effect om the ftx price and they had liquidity crisis.cause 11 billion was wiped out in the course of two days. Leaving the company insolvent I don't believe he was committing fraud he was just stupid and over invested in him self, but now because an exchange collapsed that was being run by a child with no financial experience we all have to suffer and only the super wealthy get access to the instruments needed to play the game, you can only buy crypto om canada at scam exchanges that charge lile 4 percent just to purchase the asset trading in out of your position isn't profitable with fees associated its basically u can buy crypto Nad your going to be at mercy of the Ritch espically with crypto getting put on traditional finacial rails with etfs we the people will be left un able to do anything cause they will use there millions abd Create maximum pain to shake u out of ur tokens and we won't be able to band together. To stop it. Watch I guarantee the us adopts similar rules in the near. Future it's a fucking joke no one in canada is doing anything as per usual the government fucks us over and we just except it hear this country is full of push over fukc sticks who take it up the ass god I can't wait to give up my citizen ship the first chance i get fucking pay all that tax for ahit health care and support those useless fuxks who work in the government just to over regulate the shit put of everything fuck Trudeau and the csa u fucking booomers ruin everything just fukcing go. Out in a field and die already your generation is the worst fukcing greedy pigs making it impossible for the next generation to succeed like ur under an illusion ur house value going up doesn't make u richer its just making it so every can't own a home its fucking non sense your getting secretly taxed because ur making the money worthless u retards anyways btc was supposed to stop this shit but I don't see any exchanges saying fuck u to canada government and taking our bussiness if we use vpns bunch of fucking pussy ass cunts like why the fuck does binnance and everyone else just bend if we aren't making the trades on Canadian soil u should fucking take our bussiness anyway cz a fucking pussyge leaves his fellow candiams in position where they only have access to a loosing bet and no margin when he could easily accept our bussiness if we used a VPN. And no in canada is fighting this shit if this happend in the states it would be in court the first fucking day no one would take this shit our crypto regulations have destroyed the industry on canada explain to me how stable coins are securities 1 coin equals 1 dollar lol fuck this fucking baron fucking wasteland 1 million more immigrants in desperate plea to revive the housing market canada only export houses to foreigners only no one is dumb enough to buy at fucking 8 percent interest rates so they are going to be renting so housing prices will fall but rent will probably go up lol that's smart leader ship and our dollar is going to collapse lol hahaha and we can't trade crypto lol at any of the big exchanges stuck on a sinking ship. permalink embed save report reply [–]ardevd 0 points1 point2 points 3 days ago (0 children) In fairness, during the gold standard national currencies were pegged to the gold reserves and having national currencies was just a matter of practicality (not having to carry lumps of gold around, etc). However, after leaving sound money principles behind national currencies are now prime tools to try to steer the economy (with varying degrees of success) permalink embed save report reply [–]Ur_mothers_keeper 0 points1 point2 points 3 days ago (0 children) I think every person should be able to choose their own money, in a free market. You're right, governments have no business maintaining a money. permalink embed save report reply [–]sn0wballa 0 points1 point2 points 3 days ago (0 children) they create the money so you play by their rules, simple. complete control over all facets of life as long as you adhere to their currency. bitcoin is anti-this-system and why they hate it. permalink embed save report reply [–]Extra-Dentist-3878 0 points1 point2 points 3 days ago (0 children) Because they can ? permalink embed save report reply [–]vtelmo 0 points1 point2 points 3 days ago (0 children) Countries should manage their money, and they do. The only difference with hard money is that governments & its populations are then liable for the wrong or right doings of its politicians. Accountability! permalink embed save report reply [–]glkwO 0 points1 point2 points 2 days ago (0 children) It only looks like the big nations do a better job of managing their fake money because they have so much more capital to destroy. permalink embed save report reply [–]Thin-Tap3836 0 points1 point2 points 2 days ago (0 children) Live in reality…Fiat currencies will never go away. Bitcoin is the first thing that gives the population of the world a fighting chance to have an asset the governments can’t fuck with permalink embed save report reply [–]Crypto__Sapien 0 points1 point2 points 2 days ago (0 children) You raise a thought-provoking point. There are arguments on both sides of countries maintaining monetary sovereignty: Reasons for separate currencies: Allows countries to set monetary policy tailored to their economic conditions Provides fiscal flexibility, like printing money and managing interest rates Symbols of national identity and independence Necessary in very large or diverse currency unions Reasons for shared currencies: Eliminates currency volatility and exchange rate risks Promotes stability and transparency when managed by credible institutions Increases trade and financial integration between nations Provides resilience against local mismanagement or corruption Cryptocurrencies like Bitcoin provide an alternative model of "monetary policy by algorithm" that transcends borders. But fully opting out of national currencies has major complexities around financial regulation, taxes, instability, and adoption challenges. Overall there are reasonable arguments on both sides. For large diverse economies, localized monetary policy may make sense. But for smaller nations, the benefits of currency unions or crypto could outweigh independence. There are many nuances to this issue and smart people can disagree. But the discussion of optimal currency systems will likely continue as global economics evolve. permalink embed save report reply