But bitcoin is scalable for all transactions if using bitcoin lightning. But I do agree that dollars being the access point and exit point for bitcoin makes bitcoin a layer above dollars and less of a direct competition. This is why more exchanges need to support more volume of crypto-crypto trading. On almost any centralized exchange 90% of trading involves a dollar.
I'd really love to make an exchange. I'd end up doing it on tor because I would do zero compliance. But I'd be doing larger fees on anything involving a fiat currency and nearly zero fee on a crypto-crypto trade. That and have books for all possible pairings. You shouldn't have to route through USD to trade between two currencies.
The other thing he gets wrong is he has bought the idea of a petrol dollar. It's a myth. Think about it. Supposedly the value of the dollar is propped up by the fact that it is the only currency you can trade oil in. But by logic then there are hundreds of fiat currencies that don't have that property, in fact have zero exchangability with oil, and yet have value.
There is only one root thing fiat currencies are backed by. It's taxes. The threat of going to jail if you don't return some amount of a token back to its source (the general banking government complex). That's how any utility token works. Tokens are issued directly to the agents that give support to the system. Miners in the case of bitcoin. Banks in the case of the bank-government complex. Then there is exchange. And then some of that token has to return if people in that market want some utility. In bitcoin that utility is documenting a transaction. In file coin the utility is some space on faster ipfs servers. In the banking-government complex it's not being kidnapped for the crime of existing.
This is why people value CAD in Canada, and USD in the US, and Euro in Europe. It all depends on who can kidnap you if you don't pay their anti-kidnapping utility token.
Then a token can be secondarily backed by what people choose to exchange it for. So the fact that you can basically can only get paid in USD if you want a job in the US.
I'm really hoping for the bitcoin reserve. Because its existence will tempt the idea of accepting Bitcoin for taxes. After all it now has a destination. And that will entirely fuck the value of the dollar if you understand why the dollar really has value. And I want that. I want the fiats to tank. Humanity is served by honesty. And if currency prices reflect the reality that the paper has zero value that's a good thing.
Log in
But bitcoin is scalable for all transactions if using bitcoin lightning. But I do agree that dollars being the access point and exit point for bitcoin makes bitcoin a layer above dollars and less of a direct competition. This is why more exchanges need to support more volume of crypto-crypto trading. On almost any centralized exchange 90% of trading involves a dollar.
I'd really love to make an exchange. I'd end up doing it on tor because I would do zero compliance. But I'd be doing larger fees on anything involving a fiat currency and nearly zero fee on a crypto-crypto trade. That and have books for all possible pairings. You shouldn't have to route through USD to trade between two currencies.
The other thing he gets wrong is he has bought the idea of a petrol dollar. It's a myth. Think about it. Supposedly the value of the dollar is propped up by the fact that it is the only currency you can trade oil in. But by logic then there are hundreds of fiat currencies that don't have that property, in fact have zero exchangability with oil, and yet have value.
There is only one root thing fiat currencies are backed by. It's taxes. The threat of going to jail if you don't return some amount of a token back to its source (the general banking government complex). That's how any utility token works. Tokens are issued directly to the agents that give support to the system. Miners in the case of bitcoin. Banks in the case of the bank-government complex. Then there is exchange. And then some of that token has to return if people in that market want some utility. In bitcoin that utility is documenting a transaction. In file coin the utility is some space on faster ipfs servers. In the banking-government complex it's not being kidnapped for the crime of existing.
This is why people value CAD in Canada, and USD in the US, and Euro in Europe. It all depends on who can kidnap you if you don't pay their anti-kidnapping utility token.
Then a token can be secondarily backed by what people choose to exchange it for. So the fact that you can basically can only get paid in USD if you want a job in the US.
I'm really hoping for the bitcoin reserve. Because its existence will tempt the idea of accepting Bitcoin for taxes. After all it now has a destination. And that will entirely fuck the value of the dollar if you understand why the dollar really has value. And I want that. I want the fiats to tank. Humanity is served by honesty. And if currency prices reflect the reality that the paper has zero value that's a good thing.