Bitcoin: A Lifeline for Everyone, Not Just the Global Elite. The latest, out now by @treywalsh.bsky.social tinyurl.com/7ydkafub - ThreadSky

progressivebitcoiner.org • 70 days ago

Bitcoin: A Lifeline for Everyone, Not Just the Global Elite. The latest, out now by @treywalsh.bsky.social

https://tinyurl.com/7ydkafub

Comments

seal-team-six.bsky.social•70 days ago

If one is unbanked it follows that you are likely not technically sophisticated or affluent enough to own BTC. To be truly progressive we’d need training programs, opportunities to own it, such as IRS refund options, 401k contribution options, more progressive tax laws, etc.

netmojo.ca•70 days ago

https://www.businessinsider.com/afghanistan-women-turn-to-cryptocurrency-to-feed-their-families-2022-1

It’s in broad use in several African countries too.

seal-team-six.bsky.social•70 days ago

Neat! The article says it involved 100 of the neediest Afghan girls and a sole activist who taught them how to use Binance and USDT, not BTC.

netmojo.ca•70 days ago

She is a big Bitcoin advocate, and started saving her money with BTC long ago. I’ve heard interviews with her. USD stable coins fulfill (short term) currency needs in many impoverished areas. If people can get ahead enough to be able to save, BTC will help them grow and escape poverty.

pepa8472.bsky.social•69 days ago

Come on, if trump is behind it, then it's a scam. What part of lying to you that you don't understand?

jbensnyder.bsky.social•70 days ago

Sorry, but Ponzi schemes and money laundering contribute nothing to the economy.

progressivebitcoiner.org•70 days ago

Agree! But what’s cool is Bitcoin is not a Ponzi scheme and actually contributes far less to money laundering than fiat as it’s quite traceable

jbensnyder.bsky.social•70 days ago

No, sorry. Relatively to its actual use in the larger economy, Bitcoin really only facilitates crime. And yes, it is a Ponzi. It creates nothing of value, and depends on money coming in from later entrants. That’s a Ponzi.

leftisrightiswrong.bsky.social•70 days ago

Ben, in peace, do you believe truth, in itself, has value?

jbensnyder.bsky.social•70 days ago

Truth is determined by partial hash inversion?

leftisrightiswrong.bsky.social•70 days ago

Truth is established by the technology performing the hash function sir. I'm not trying to persuade, truly, but I think we overlook what problem impelled Turing to devise his solution. That's all it is man. The French call it 'monnaies numerique", which I find a far better name!

progressivebitcoiner.org•70 days ago

Both of those are literally false statements when looking to any academic research or mainstream coverage. Less than .5% of transactions are found to be “criminal.”

You may *feel* these things, but the are inaccurate.

Would encourage you to read more literature on the topic

jbensnyder.bsky.social•70 days ago

Because the vast majority of transactions are wash trading.

dav1rus.bsky.social•70 days ago

https://bsky.app/profile/fernieboy.bsky.social/post/3ldcflif4ek24

besovereign.org•70 days ago

Erm Ben. That’s not what a Ponzi is mate.

A Ponzi requires a central authority (Bitcoin doesn’t have one) to guarantee payments (Bitcoin has no guarantees nor can it issue payments) to earlier adopters.

So no. By no definition is it or has it ever been, a Ponzi.

Read different headlines.

jbensnyder.bsky.social•70 days ago

No, a Ponzi doesn’t require a central authority. If a financial scheme only gets more capital from new entrants, that’s a Ponzi. The result is a negative some system where the average person has to loss money.

fernieboy.bsky.social•70 days ago

If bitcoin is a Ponzi scheme, then all currencies are Ponzi schemes, since the value of all currencies is dictated by demand and supply.

If no “new entrants” buy dollars, the value of the dollar collapses and your “average person” loses out.

It’s pretty simple really.

besovereign.org•70 days ago

netmojo.ca•70 days ago

Like the bond market? I guess they also get new money by debasing old money.

Bitcoin continuously acquires new capital from the millions of people who save in Bitcoin, adding to their stack continuously. Even if new people stopped joining the network, it would continue increasing value stored.

dlrawls.bsky.social•70 days ago

US $ and all other currencies (including Bitcoin) facilitate crime, otherwise what would be the point (aside from pure evil)?

doublespends.xyz•70 days ago

Categorically false.

katamosu.bsky.social•70 days ago

I do agree with you on your statement above on Ponzi schemes and money laundering not contributing towards the economy.

katamosu.bsky.social•70 days ago

Hello, what aspect of Bitcoin is a ponzi? Money laundering is easier in U.S dollars due to how dominant it is. Many criminals choose dollars due to how easy it is to move around in the banking system and how cash works to their favor of giving anonymity by default.

jbensnyder.bsky.social•70 days ago

Relative to all transactions, Bitcoin and other cryptocurrencies are much more popular for money laundering, because exchanges generally don’t do KYC.

In terms of a Ponzi scheme, the only capital coming in is from later entrants. That’s the definition of a Ponzi scheme.

avennite.bsky.social•70 days ago

Ben. Exchanges absolutely do KYC and so does the bank. I'm unaware of any North America exchange that doesn't do KYC.

jbensnyder.bsky.social•70 days ago

They have a process they call “KYC” but most will take a photo ID of your dog.

avennite.bsky.social•70 days ago

Not sure how a dog would have a valid passport to upload.

katamosu.bsky.social•70 days ago

Then the U.S treasury bonds are a ponzi scheme due to the bonds being bought from U.S citizens by previous U.S citizens taxes. Also many crypto exchanges do KYC if they want to stay compliant and be able to use the U.S banking system.

jbensnyder.bsky.social•69 days ago

But other citizens buying treasury bonds are not the sole source of capital in that system. The government pays interest on those bonds.

katamosu.bsky.social•69 days ago

Where does the government get the money from then? Taxes that citizens pay.

permiepurveyor.bsky.social•70 days ago

I would suggest looking up the definition of a ponzi scheme. You seem to be a bit off.

cashbacking.bsky.social•70 days ago

Hardcore MAGA bro here. Legitimately glad to see progressive folk invest in, and advocate for, Bitcoin. This is not something that should be partisan.

bemusedly.bsky.social•70 days ago

Agreed. And I likely disagree with you on many other things :)

cashbacking.bsky.social•70 days ago

Probably. But we all need to push for financial literacy and understanding of Bitcoin and it's growing role in our world. It's not going away and I fear that many people may be left behind during a seismic period of economic transition.

bemusedly.bsky.social•70 days ago

Being worried about others being left behind sounds like liberal talk to me ;)

cashbacking.bsky.social•70 days ago

Funny. But I worry not because I care about them. They made their own bed by shouting "tulips" for 15 years. I worry about the social conflict that may ensue when they realize how **cked they are.

cashbacking.bsky.social•70 days ago

Nobody's ever given up wealth and power without a fight.

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