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To: norsky
Bitcoin is easy to explain.

It's a unit of trade that devalues itself over time to the producer.

It's also a form of trade where your transaction is never guaranteed to be mined - without you throwing in "something sweet" to get it in a block.

It's slow - in terms of how many transactions it can handle in a second.

It's inflationary - (see devaluation above)

It's a way for people who know nothing about economics to play craps.

2 posted on 12/21/2021 7:58:35 AM PST by politicket
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To: politicket

Your assumptions are mostly wrong. How can a limited supply be inflationary?

Adding a transaction fee is something that’s been going on since the first interbank transaction was done.

If you’ve ever sent a wire to a foreign country, you know that Bitcoin is faster and cheaper than any alternative.

I am ok with people not “liking” cryptos…but come on…your statement is almost entirely false.


11 posted on 12/21/2021 8:44:44 AM PST by Vermont Lt
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To: politicket

Yes very succinct. It is a vehicle of speculation. Not saying one cannot make big money on it but way too volatile to be a replacement currency.


19 posted on 12/21/2021 10:59:21 AM PST by Sam Gamgee
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