Work less.
I realize one can't just go up to their employer and say “I'm gonna work 3/4 or 1/2 now.” And it depends on how far above or below your means you live. However, we need to get people talking about this. Don't live to work, work to live. Unless you've hit the jackpot and do something you love getting up for in the morning.
>Until such time as central banks cease to exist, bitcoin will also continue to provide a convenient method for holders of this currency to avoid paying taxes to fund all of the waste and corruption not only in the federal reserve banking system, but in other government agencies as well.
As long as humans are selfish and ignorant, so will the governments. Technology is going to do bugger all to defund wasteful enterprises, let alone a pyramid scheme.
Anti-gov peeps benefit from government COVID aid, the vaccine, public schools, etc, etc. and don't want to pay taxes...the bitcoin argument is a double standard for the rich.
Compare this with the corruption of 3rd world countries: tell this to all the migrant children at the border dying to get a chance. Americans have no idea how easy they have it, complaining and wanting more...
“Fractional reserve banking.
Since bitcoin hasn't lived up to its original vision, it caused a periodical shift in narrative and splintering of its early core developers and adherents. Currently its 21 million coins cap is the last remaining “perk”* assuming the code won't be altered. This artificial scarcity might make for an attractive appreciating asset, like postage stamps—because “one man's trash is another man's treasure”—but it does not stop fractional reserve banking. Just as governments went off the gold standard, they can get off the envisioned bitcoin standard. And just as banks lend out money that doesn't exist, exchanges can lend out bitcoin that don't exist, which already happens (24). As predicted by one of its earliest pioneers:
“I see Bitcoin as ultimately becoming a reserve currency for banks, playing much the same role as gold did in the early days of banking. Banks could issue digital cash with greater anonymity and lighter weight, more efficient transactions.” —Hal Finney (25)
While his prescience is eerily accurate and impressive, it lacks imagination. The irony is that this envisioned system breeds the same environment that led to the 2008 financial crisis, which instigated the development of bitcoin.
My point here is not that fractional reserve banking is fundamentally bad. I don't think it is. My point is that if fractional reserve banking is good then bitcoin is redundant. Whereas if fractional reserve banking is bad then bitcoin is redundant as well because it does not prevent it. Once more, prosperity boils down to good policy and governance.” —https://www.cynicusrex.com/file/cryptocultscience.html
If another invention comes along that incentivizes the reduction of fraud through a distributed ledger AND has value, well, I’ll jump on that train too.
Edit: you know, I spent the time to read your citations, but I’m not sure why you devote this much time to comments on the internet. Once you have a track record of making strategic, correct, positive choices for your family; over the course of decades... I don’t listen to commentary. I make choices with money, not words on the internet. Words on HN have zero time value
>Also expect a ton of movement to crypto when wealth taxes get implemented to fix economies. They'll use it to hide assets, guaranteed.
Money corrupts; bitcoin corrupts absolutely.
Disregarding all of bitcoin's shortcomings, a financial instrument that brings out the worst in people—greed—won't change the world for the better.
https://www.cynicusrex.com/file/cryptocultscience.html.
I used time-travel to uncover three secret messages hidden in a popular Bitcoin meme – “This meme is designed to exploit a number of weaknesses in our understanding of money, and to play on our fears. I’m going to show you how it does it, and why.”
https://brettscott.substack.com/p/bitcoin-meme-time-travel.
By which I mean to say: the greedy rich wanting to preserve or increase their wealth at all costs is what got us into this mess. Bitcoin or any other cryptocurrency pyramid scheme is going to do bugger all to improve that. No amount of wealth or technology will turn vice into virtue because: “If you have selfish, ignorant citizens, you're gonna get selfish, ignorant leaders.” —George Carlin
Prosperity boils down to good policy and governance. Thus, good people. Unfortunately, as far as I've seen, cryptocurrencies have produced some of the worst kind of people.
To add to this, crypto communities _appear_ (I’d be pleased to be wrong here if anyone has examples) to be filled with people who are absolutely opposed to any kind of economic governance, if it’s not “let the magic hand of the market decide” they’re seemingly not interested.
You have an entire world full of governments and fiat currencies. If they are so superior then there should be no problem with competition from Bitcoin.
“Simply because cancer occurs naturally doesn't mean we shouldn't treat it. In the same vain, sometimes the “free market” just screws up, requiring intervention.” —https://www.cynicusrex.com/file/cryptocultscience.html
Bitcoin and cryptocurrencies in general are pyramid schemes. They deserve no place in the economy.
If you want to challenge that belief look into governance by DAOs and some of the airdrops like UNI.
There's def crypto communities that dream of paying everyone a basic income in their currency, identifying each individual and not completing devaluing the coin are big problems though
Even if it's used for corrupt purposes, it's not really any worse than the current system. The subversiveness of cryptocurrency is a feature. Governments are as corrupt as can be. They screw up the economy and make ordinary citizens pay for it by raising taxes while refusing to touch billionaires. Maybe it'd be a good thing if they went bankrupt for once.
I think you seriously underestimate how ugly society would get if the government went bankrupt, and how quickly bitcoin would be rendered useless. Moreover, if governments are corrupt on fiat, they'll be corrupt on bitcoin as well.
Bitcoin is just an asset that has some interesting traits, that make it more attractive to some people vs. other assets. Other assets will still exist. Other monies will probably exist too - they’ll have some benefits over Bitcoin in some use cases.
I don’t see why governments wouldn’t tax Bitcoin income and transactions the same way as fiat income and transactions. Me paying someone a hundred dollar bill is even less taxable than Bitcoin.
Obviously everything will sound dystopian if you take it to the extreme.
> Even if it's used for corrupt purposes, it's not really any worse than the current system. The subversiveness of cryptocurrency is a feature. Governments are as corrupt as can be.
Disagree. In the current system it takes an enormous effort for the majority to suppress individually profitable but socially harmful activities (like bribery), but it can be done; many developed countries achieve quite low levels of corruption. Bitcoin makes that a lot harder, by design.
The most sophisticated pyramid scheme ever, hidden in plain sight; so obvious that everyone second guesses themselves. “They all seem to be going along, I guess I must be wrong.”
I'm glad you used an adjective because the majority of children I teach would beat most cryptocurrency eschatologists in one fell swoop at a maturity contest.
I stopped meditating when I wasn't able to laugh any more. I was at a friend's house, sitting comfortably on a couch. I passed my phone and showed my friend and his girlfriend a funny video. They were laughing out loud and so was I, until I became conscious that I was laughing. Similar as to how meditation requires you to be conscious of your breathing. I immediately stopped laughing, and became super serious. Fortunately they didn't look at me and were glued to the screen. It felt remarkably uncomfortable. I tried to laugh again but couldn't, hoping they wouldn't notice. Fortunately I could remain composure and go along but I was desperate to get out of there. At that moment I decided to stop meditating and replace it with going for a walk in nature.
We are at complete disagreement here.
As for the possibly valid points, I'm showcasing the platform, where CTASK comes as an utility.
Payments are done in stablecoins, DAI for example and CTASK is there for additional mechanisms, which client isn't required to use.
Here's a technical old whitepaper which covers mechanisms CTASK is used for: https://news.ycombinator.com/item?id=26484040
