Re:FTX Lawyer Says ‘Substantial Amount’ of Crypto Firm’s Ass...
by spaceman0997 on Tuesday November 22, 2022 @02:24PM
(#33710047)
The price isn't the thing that matters the most about Bitcoin...
What matters the most is that nobody can take my coins from my wallet if I don't want them to and that I can send the coins to anybody I want, however much I want and whenever I want.
Re:FTX Lawyer Says ‘Substantial Amount’ of Crypto Firm’s Ass...
by jqpabc123 on Tuesday November 22, 2022 @02:31PM
(#33710161)
What matters the most is that nobody can take my coins from my wallet
Really? So it doesn't matter that the bitcoins in your wallet are now worth about 1/4 of what they were a few months ago?
Where did all that value go? My guess is a lot of it is sitting in fiat bank accounts someplace under the control of Binance and Bitfinex.
You've been robbed and you don't even know it.
Re:FTX Lawyer Says ‘Substantial Amount’ of Crypto Firm’s Ass...
by setr on Tuesday November 22, 2022 @02:57PM
(#33710551)
That’s it’s utility as a currency. But the only reason you care about it being a currency in the first place is because of its purchasing power — value. Once it has value, then those properties are meaningful.
Re:FTX Lawyer Says ‘Substantial Amount’ of Crypto Firm’s Ass...
by infotogivenm on Tuesday November 22, 2022 @05:13PM
(#33712307)
I genuinely can’t tell if this is satire.
Binance and Bitfinex have control over the one thing that matters most about Bitcoin --- the price. They exercise this control in the same way a central bank does --- they have access to an unlimited supply of "stablecoins" they can mint at will and use to buy/sell bitcoin as they see fit.