Re:The Pirate Bay Token
by betterunix2 on Sunday January 09, 2022 @09:14AM
(#29863372)
As an American, I have to pay taxes and abide by US laws and the rulings of US courts, and all the above work exclusively with USD. So I cannot switch away from the dollar completely; whatever business I conduct in some other currency, I would still have to convert back to dollars at least some of the time. So you cannot crowd out the dollar with alternatives, because hundreds of millions of Americans are required to use the dollar regardless of the availability or popularity of the alternatives.
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Keep in mind that even though you can create new cryptocurrencies/tokens you cannot disguise them as being "bitcoin", in fact, it is easier to draw a piece of paper and disguise it as a US dollar bill
Every kind of currency was born out of an idea and expectations, whether it is the idea of a standardize currency controlled by our own new free nation, or the joke that created dogecoin.
You seem to have a good graps of what US dollar's main idea is. But do you understand what is the main idea behind bitcoin or ethereum?
In the end, they are all just memes. Bitcoin's ideas that I like the most are:
- Immutability (strong and fast finality)
- Backwards compatibility (I can run old software and it will still work)
- Strong security
- Easier to verify (personal nodes require less resources than other cryptocurrencies)
I do not like at all the climate change impact of bitcoin, but as long as it remains a small global percentage I think it's worth it