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1188 sats \ 16 replies \ @siggy47 2 Mar 2023 \ on: How Important are Banks to Bitcoin Today? bitcoin
I don't think there's any doubt that a major crackdown on banks would drastically drop the price of bitcoin in fiat terms. It might be the best thing to happen to bitcoin in the long run. The anti-fragile honey badger will grow stronger as a result. Lazy people (like me) could no longer use kyc and p2p would be the norm. It would be almost impossible for a successful fiat attack on bitcoin at that point.
agree, thanks for the write up. i like the idea that a bit more short-term pain could pave the path for a bigger long-term gain (in the form of more p2p transactions that cannot be easily stopped).
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I re-read your question and gave it more thought. One thing I failed to mention is that if banks are barred from being involved in bitcoin transactions, the subsequent price drop would also likely temporarily slow down new bitcoiner adoption. As we all know, newbies are often attracted to "number go up" mentality, and the barrier to entry in a p2p world would be much higher.
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We need to stop onboarding newbies with number go up hype. We should be telling people to be careful when people start to lose their minds like that.
Slow and steady is the way. Here's 10k sats, I'll teach you how to use and store it.
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yeah, good point
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People should start earning BTC not buying it anymore.
For longer we use fiat system, longer we will suffer.
Each day you are NOT using fiat is a day less for the banksters.
For more you are using BTC as money, stronger became.
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also agree with you here.
however, there are still a few points of connection to the banking system that nudges people to stay in fiat.
for example, how do you buy a car or a house without a bank account today? not many available options for most people
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LOL buying a car or house?
Are you nuts?
BUY all the way Bitcoin not useless crap.
I sold my car in 2016 (low BTC price) and bought more BTC.
A bike is very useful. And renting is practical. I pay rent in BTC.
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i’m not asking you whether i should buy a car or a house, i’m simply observing that most people do buy cars and houses and they have basically no options to buy those things in Bitcoin today.
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Who is looking to buy a house or a car today, still lives in the fiat mentality.
And some of them NGMI.
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People with families
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"You reached for the secret too soon,
you tried for the moon.
Shine on you crazy diamond."
-Roger Waters
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Isn't owning a house better than paying rent?
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Great question.
But, with the current state of affairs, do you really own your house or are you just renting from the state?
I hope other people provide replies to your question to see other points of view.
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Your point that everybody is really renting real estate (taxes, eminent domain) is well taken. However, when you're trying to take care of your family, and you live in a society where debt is the name of the game, it makes sense to join the party and hope you have a chair when the music stops playing. This is especially true if you're in a position to take advantage of the debt driven fiat system and not risk your own bitcoin. Purchase (rent?) the house or car with borrowed monopoly money, while preserving your bitcoin for when the house of cards collapses.
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Thanks for your reply.
I haven't joined that party. In fact, it's been several years since I sold the real estate I had. Before that, I had already sold the stocks, cancelled retirement plans, etc.
I know several people who borrowed money to buy bitcoin, or took a loan against "their" bitcoin. They always have some uneasiness as they wait for the next bull run. Leverage is greed. I believe it's not worth it. I prefer to live debt free.
The thing with debt and leverage is that you have to be right not only with the outlook, but also with the timing. And we don't know what tricks the fiat masters might still have up their sleeves. It's not possible to "win" a game that's rigged against the common man. The only way to win is refusing to play and opting out. Bitcoin is the tool that allows us to opt out, but it's also necessary to change the mindset.