re: The Cryptocurrency & NFT Thread Quote:
Originally Posted by vinit.merchant I could not undertstand much about it, but then you are talking about blockchain as a way of living, and has nothing to do with using Bitcoin as a currency I believe. |
Blockchain as a way of living and bitcoin as a store and exchange of value. If you see fundamentally currency is just a ledger system. Who owns what. Dollar and rupee bills mean nothing. Bitcoin simplifies money. Quote:
And everybody has interest in his/her personal well being which takes priority, which is the root of corruption. This human nature does not change.
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Nicely put. I agree on this completely. As humans, we are very greedy species and blockchain replicates that. If I pay taxes then I need to know where exactly that tax money went. In US there is a way of finding that out exactly. Whether it went to paving a particular road block or as a part of funds to create new school / college etc.
This is good. Blockchain can take this to whole another level. Everything can be tracked to the cent and it is in public records to be viewed by one and all. Reduces frustration of people who work hard to earn money and then tax authorities just collect it and we never know what they did with our hard earned money. Quote:
All this takes a back seat eventually in the absence of centralized regulation.
It only takes the first one to jump the signal, and 10 will follow.
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As an example above, this still works with decentralised system. The idea of blockchain is that even the first one does not jump the signal. If he does then he gets penalised because everybody is watching him. Quote:
Agreed they do, but bitcoins is the preferred choice because it is unregulated
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There is no evidence of which currency dominates the illegal / unlawful activities. So I will refrain from commenting on this. Quote:
Sorry but I could not understand this point of yours. Value as in increasing value?
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Store of value like gold. We use gold to store value and historically its price has been increasing as it is scarce. Same goes with Bitcoin. Quote:
I haven't lost a single rupee in the current banking structure. Nor anybody whom I know of has.
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If you keep money in the banks, inflation eats your money. You lose it that way. During Greek banking crisis, there were taxes on deposits held in banks and there was nothing you could do. You could not even withdraw your own money beyond a certain extent. Quote:
As for individuals, there's no guarantee they will not cheat, bitcoins or something else.
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True. So I don't trust anyone with my money. No individual / institution. Bitcoin removes the need to trust anyone. So in software I trust Quote:
I would rather trust my money in the bank, instead of bitcoins in some wallet.
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It is always good to have a clear strategy and thought process when one's hard earned money is at stake. ![Thumbs Up](https://www.team-bhp.com/forum/images/smilies/thumbs up.png) |