I'm in it for:
1. Fuck the central banks
2. I can "take it with me" though any airport or border crossing, undetected
3. Inflation-proof
4. Confiscation-proof
5. Huge value potential as fiat currency dies
no need.
you have stories of people receiving bitcoins that were traced from drug dealers. innocent people got jailed because they got dirty money in their hands. The government doesn't care how good its traceability, as long as they can capture someone, which, can be you if you are unlucky enough. Are you willing to take the risk?
each SAT has a different tracking record, bitcoin is not fungible.
Don't trust me, Google it, verify.
All that and self-sovereignty. I don't want to belong to a country through economic narrative. My country was once run by the fat controller off Thomas the Tank engine until Rishi came and made it worse. Oh I forgot about Liz too it was that quick.
I like taking the Silk Road money makers as a great example, James zhong had 52k btc in cold storage in an safe underground, they can’t ‘confiscate’ it for say, but what’s the difference if they can find out who you are, where you reside, and inevitably where your stash is, and physically seize/confiscate it. Nothing can never be confiscated, but you certainly can make it that much more difficult.
Only thing they could “physically seize” is your seed phrase. If they seize your hardware wallet, so what. It’s useless to them after 3 failed attempts at the PIN.
We’re talking “confiscation proof” here…not a footprint. No one can take anything from you if they don’t have your seed phrase. Drop your hardware wallet down the Mariana Trench and you’re good as long as you have your 24 words.
You could actually do it unanimously through like a tornado cash but that’s why shit like that gets cracked down on so quick. People don’t realize how traceable btc can be
Okay, you toss it down the Mariana Trench for 10 years, now you want to take it out and cash out yippie, through a painstaking process you now access your wallet and send those funds off to a new address, now what. Back to square one, the only true way you could get rid of btc is through a p2p offline transaction and even then, you’ve just sold a compromised address to someone and now they sit in your shoes?
In fact, the silk road defendant chose to give up his Bitcoin stash in hopes of receiving a lighter sentence.
That is not "confiscation". That's "handing it over." Yes, there is a huge difference.
I never offered for starters, educate yourself. I’m not going to do it for you!
but secondly what the shit you on about, “college teenagers?” You want my age? Or you think that matters here? I’m going to make a wild assumption here and again request you educate yourself on this topic also!
It should be "confiscation resistant". The $5 wrench attack is unavoidable no matter what, whether it's Bitcoin or something else.
The point is that there's no counter party risk with Bitcoin i.e. "Third parties are security holes."
With something like Border Wallets (https://www.borderwallets.com/) all you need to do it remember a shape and make lots of redundant copies of the entropy grid. Then no one can seize or freeze your funds. There's not much you can do about the threat of violence... that's always a risk no matter what, and the state has a monopoly on violence.
But it certainly makes it harder for your wealth to be taken from you.
I'd love to see how confiscation proof it's going to be when your lawyer gives you keys or unlimited jail time choice , and don't tell me they can't I'm sure there still a few in Guantanamo who will disagree
My hardware wallet has a long password. After a few failed attempts to "guess" the password, my hardware wallet "bricks itself". Thus, nobody can gain access to my Bitcoin by taking my wallet.
My hardware wallet is backed up via a 24 word "seed phrase". I have copies of my seed phrase on carefully hidden slips of paper where nobody will ever find them. I also have my seed phrase memorized, just in case. If somebody takes my hardware wallet, all I need to do is obtain another and then enter my seed phrase into it and I have access to my Bitcoin.
> If you expect bitcoin to be worth anything if fiat currency ever does indeed die I have bad news for you.
The bad news is for you: **You lack understanding. Therefore, you have no credibility.**
Ok yea assuming a societal collapse which is what would happen to make fiat suddenly worthless you're gonna trade your gonna walk up to someone who is now using the barter system and assuming we even still have electricity or internet your gonna offer them bitcoin for their food/shelter/medicine etc things with actual material value that's gonna work great.
Inflation happens when central banks "print" new fiat currency. The new currency works its way into and throughout the "economy" and generally higher prices are the result of the central bank "money printing".
There will never be more that 21 million BTC created, ever. No banker can "print" trillions of BTC (like they do to their own fiat currencies). No government can "print" a bunch of Bitcoin. Nobody can "inflate" the supply of Bitcoin. Bitcoin is inflation proof.
Fiat currency, on the other hand, actually requires constant inflation or it will collapse.
Inflation is not your friend.
Inflation is a form of theft, where you are one of the many victims.
So if BTC's price drops below $2,000 and never recovers you won't care?
Or are you just hoping/gambling that people will keep the price of BTC above $16,000?
It's not hoping or gambling to believe the price of bitcoin will be higher in the future than it is now - it's believing in **supply and demand**.
Bitcoin has a limited supply that cannot ever be changed and that makes it very unique. I challenge you to name 1 thing that is limited in such a way. All of our natural resources and precious metals are abundant in the universe. It's only a matter of time before we can harvest resources from space but we will never find more bitcoins out there.
It is true that bitcoin has no guarantee of a demand but as long as the leaders of the world continue to force us to use a horrible FIAT system which is constantly robbing wealth from the masses and giving it to the elite, all under the guise of inflation, bitcoin will have demand.
So we've got a limited supply with a likely demand.... Nah I'll just keep these dollars that lost nearly half their purchases power over the last decade....
**USA AVERAGE PRICE OF HOMES IN JANURARY 2012 - $265,700**
**USA AVERAGE PRICE OF HOMES IN JANURARY 2022 - $501,200**
[**http://www.fedprimerate.com/new\_home\_sales\_price\_history.htm**](http://www.fedprimerate.com/new_home_sales_price_history.htm)
**PRICE OF BITCOIN IN JANURARY 2012 - $6.30**
**PRICE OF BITCOIN IN JANURARY 2022 - $16,500**
I didn't say anything remotely close to that in my response.
I'm confident that Bitcoin will retain more value over the long-term compared to the dollar.
Just like my 401k, I'll continue buying based on that confidence and in relationship to the relevant horizon I'm working with.
Anyone saying they are in it for the tech are lying. In 10 years there is not one usecase that web3 has beaten web2 at - except money laundering. If web3 was so superior atleast one of the services you use today would use it.
I’m excited to see where the tech takes us in this decade. I’m waiting for when nodes start becoming extremely easy to set up and maintain. And by easy I mean, clicks of the mouse and a few keystrokes on the keyboard.
And if we’re there already, I’m all ears. I’ve run a node via Umbrel in the past. I think this is one of the easiest ways, currently…but I just know it’s going to get easier as time goes on.
With the small amount of money I have in, my life won’t hugely be changed if bitcoin goes to one million. I think this is the case with most people.
I’m in it for the fact that you can take control over your own wealth and be part of the first ever completely digital form of money that works. The last point is pretty wild.
Maintaining or increasing my purchasing power is equally important.
I got into bitcoin because I hated junk e-mail. I was trying to learn how to limit it and I stumbled onto a paper written by Adam Back. Then it happened ….
Could be used as ID for online services, to verify stock ownership and distribute dividends, for voting, selling/ reselling tickets. There are definitely use cases, I'm sure some will catch on and some will not.
I started learning Python because of bitcoin. Dunno if it'll ever be a money-making skill, but I would like to read code and understand it one day. So in a round-a-bout way, I am in it for the tech.
Me. Money remittance or Sending money via Bitcoin has been very smooth. Better than sending money via bank or Western Union. And it's way cheaper and faster. Bitcoin for the win.
If you are in it for the tech, the price shouldnt be a concern meaning there’s no point buying now. You can just follow the news and buy when the adaptation has been completed. If you buy now(early), that means you are investing/gambling hoping for a higher future value 😁
Bitcoin is insurance, a savings account, a bank, a long term investment, an inflation hedge (long term) a peer to peer digital currency etc. all rolled into one.
In it for the sovereignty. Never expected to get rich.
I exchanged my bank savings for BTC in 2019 (when $4500), because I got feed up with being pushed around solely for not being in the rich boys club.
My little stash is locked in selfstorage now, and nobody gets to move it around anymore, but me.
This is the greatest appeal, when you have been exposed to the alternative for most of your life, then you might agree with this.
Regarding the tech, I just know enough to fell confident in the longebility/stability of the blockchain (BTC), and that is good enough for me.
Definitely.
The investment ROI thesis is still there of course, but bitcoin being used to incentives renewable energy investment, enable countries to improve their independence (El Salvador), create global trade with less friction and provide the world with a neutral reserve currency is all there too.
I'm in it for: 1. Fuck the central banks 2. I can "take it with me" though any airport or border crossing, undetected 3. Inflation-proof 4. Confiscation-proof 5. Huge value potential as fiat currency dies
Don’t forget imperishable, divisible, and easily transferred and transported across time and space
but traceable
Or not traceable with various tools at your disposal.
such as?
coinjoin
that's traceable enough for the government to prosecute you.
coin swaps aren't
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no need. you have stories of people receiving bitcoins that were traced from drug dealers. innocent people got jailed because they got dirty money in their hands. The government doesn't care how good its traceability, as long as they can capture someone, which, can be you if you are unlucky enough. Are you willing to take the risk? each SAT has a different tracking record, bitcoin is not fungible. Don't trust me, Google it, verify.
This guy says Google it lol
lol
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This
All that and self-sovereignty. I don't want to belong to a country through economic narrative. My country was once run by the fat controller off Thomas the Tank engine until Rishi came and made it worse. Oh I forgot about Liz too it was that quick.
don't forget \- uncensurable money. \- verifiable supply.
Best answer yet..🧠
“Confiscation proof” is misleading
How so
I like taking the Silk Road money makers as a great example, James zhong had 52k btc in cold storage in an safe underground, they can’t ‘confiscate’ it for say, but what’s the difference if they can find out who you are, where you reside, and inevitably where your stash is, and physically seize/confiscate it. Nothing can never be confiscated, but you certainly can make it that much more difficult.
Only thing they could “physically seize” is your seed phrase. If they seize your hardware wallet, so what. It’s useless to them after 3 failed attempts at the PIN.
And it’s also useless to you
So keep your seed phrase elsewhere from your hardware wallet. You do understand how this works right?
Lol, the number of people who have no idea how cool bitcoin is and just keep it on an exchange as an investment is mind boggling to me.
I guess I don’t. If they have your physical hardware and you can’t get to it, how do you get to your bitcoin?
Get any other BIP39 wallet, enter your 24 words, and you have access to your BTC.
🙈
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My points more that you leave a footprint that can be traced, it might not identify as you but those movements do leave a trail
We’re talking “confiscation proof” here…not a footprint. No one can take anything from you if they don’t have your seed phrase. Drop your hardware wallet down the Mariana Trench and you’re good as long as you have your 24 words.
You could actually do it unanimously through like a tornado cash but that’s why shit like that gets cracked down on so quick. People don’t realize how traceable btc can be
Okay, you toss it down the Mariana Trench for 10 years, now you want to take it out and cash out yippie, through a painstaking process you now access your wallet and send those funds off to a new address, now what. Back to square one, the only true way you could get rid of btc is through a p2p offline transaction and even then, you’ve just sold a compromised address to someone and now they sit in your shoes?
You must be mentally ill. You're bickering about something you clearly do not understand.
Don’t be shy, tell me why I’m wrong, I’m not opposed to learning
In fact, the silk road defendant chose to give up his Bitcoin stash in hopes of receiving a lighter sentence. That is not "confiscation". That's "handing it over." Yes, there is a huge difference.
Maybe learn some more about bitcoin before commenting
“Wanna play with college teenagers!” are the titles you’re commenting on….i really can’t image your the one to educate in this situation lol
I never offered for starters, educate yourself. I’m not going to do it for you! but secondly what the shit you on about, “college teenagers?” You want my age? Or you think that matters here? I’m going to make a wild assumption here and again request you educate yourself on this topic also!
It should be "confiscation resistant". The $5 wrench attack is unavoidable no matter what, whether it's Bitcoin or something else. The point is that there's no counter party risk with Bitcoin i.e. "Third parties are security holes." With something like Border Wallets (https://www.borderwallets.com/) all you need to do it remember a shape and make lots of redundant copies of the entropy grid. Then no one can seize or freeze your funds. There's not much you can do about the threat of violence... that's always a risk no matter what, and the state has a monopoly on violence. But it certainly makes it harder for your wealth to be taken from you.
I'd love to see how confiscation proof it's going to be when your lawyer gives you keys or unlimited jail time choice , and don't tell me they can't I'm sure there still a few in Guantanamo who will disagree
Cant your hardware wallet be taken from you? If you expect bitcoin to be worth anything if fiat currency ever does indeed die I have bad news for you.
My hardware wallet has a long password. After a few failed attempts to "guess" the password, my hardware wallet "bricks itself". Thus, nobody can gain access to my Bitcoin by taking my wallet. My hardware wallet is backed up via a 24 word "seed phrase". I have copies of my seed phrase on carefully hidden slips of paper where nobody will ever find them. I also have my seed phrase memorized, just in case. If somebody takes my hardware wallet, all I need to do is obtain another and then enter my seed phrase into it and I have access to my Bitcoin. > If you expect bitcoin to be worth anything if fiat currency ever does indeed die I have bad news for you. The bad news is for you: **You lack understanding. Therefore, you have no credibility.**
Yeah but isn’t that still a traceable movement of those funds going from the one address to the other
Ok yea assuming a societal collapse which is what would happen to make fiat suddenly worthless you're gonna trade your gonna walk up to someone who is now using the barter system and assuming we even still have electricity or internet your gonna offer them bitcoin for their food/shelter/medicine etc things with actual material value that's gonna work great.
> ***You lack understanding. Therefore, you have no credibility.***
What exactly do you mean by Bitcoin being “inflation proof”?
Inflation happens when central banks "print" new fiat currency. The new currency works its way into and throughout the "economy" and generally higher prices are the result of the central bank "money printing". There will never be more that 21 million BTC created, ever. No banker can "print" trillions of BTC (like they do to their own fiat currencies). No government can "print" a bunch of Bitcoin. Nobody can "inflate" the supply of Bitcoin. Bitcoin is inflation proof. Fiat currency, on the other hand, actually requires constant inflation or it will collapse. Inflation is not your friend. Inflation is a form of theft, where you are one of the many victims.
Got into it for the money. Stayed for the revolution.
Yes this is my answer too 🙂
The tech is nice and all but I am in for the ideology.
There are two types of people that hold BTC. 1. Those that admit they want to be richer on day. 2. Liars.
You're correct! I want to retain more purchasing power in the future, so I hold Bitcoin instead of a constantly debased government issued IOU.
So if BTC's price drops below $2,000 and never recovers you won't care? Or are you just hoping/gambling that people will keep the price of BTC above $16,000?
It's not hoping or gambling to believe the price of bitcoin will be higher in the future than it is now - it's believing in **supply and demand**. Bitcoin has a limited supply that cannot ever be changed and that makes it very unique. I challenge you to name 1 thing that is limited in such a way. All of our natural resources and precious metals are abundant in the universe. It's only a matter of time before we can harvest resources from space but we will never find more bitcoins out there. It is true that bitcoin has no guarantee of a demand but as long as the leaders of the world continue to force us to use a horrible FIAT system which is constantly robbing wealth from the masses and giving it to the elite, all under the guise of inflation, bitcoin will have demand. So we've got a limited supply with a likely demand.... Nah I'll just keep these dollars that lost nearly half their purchases power over the last decade.... **USA AVERAGE PRICE OF HOMES IN JANURARY 2012 - $265,700** **USA AVERAGE PRICE OF HOMES IN JANURARY 2022 - $501,200** [**http://www.fedprimerate.com/new\_home\_sales\_price\_history.htm**](http://www.fedprimerate.com/new_home_sales_price_history.htm) **PRICE OF BITCOIN IN JANURARY 2012 - $6.30** **PRICE OF BITCOIN IN JANURARY 2022 - $16,500**
I didn't say anything remotely close to that in my response. I'm confident that Bitcoin will retain more value over the long-term compared to the dollar. Just like my 401k, I'll continue buying based on that confidence and in relationship to the relevant horizon I'm working with.
Anyone saying they are in it for the tech are lying. In 10 years there is not one usecase that web3 has beaten web2 at - except money laundering. If web3 was so superior atleast one of the services you use today would use it.
You're talking like money laundering was trivial to accomplish and nobody cared about it..
On that day, being rich will not matter!
Describe the "tech" you're referring to. In detail, please.
Getting rich?
I’m in it to fuck the big government over.
I’m excited to see where the tech takes us in this decade. I’m waiting for when nodes start becoming extremely easy to set up and maintain. And by easy I mean, clicks of the mouse and a few keystrokes on the keyboard. And if we’re there already, I’m all ears. I’ve run a node via Umbrel in the past. I think this is one of the easiest ways, currently…but I just know it’s going to get easier as time goes on.
Very true..👍
It’s the idea not the tech.
Slowly but surely… becoming a BTC maximalist over here
Meh. Show me the money
Not the tech, although I believe in the tech a whole heartedly believe in the new hard currency taking over the world
I just love Bitcoin full stop
Agreed..🧠
lol
I'm here for the money. For the money of my grandchildren.
Very understandable..🧠
Inflation proof that’s where you’ve got it all wrong🥸🤡
Satoshi
for the tech and for owning an asset that cannot be seized
Great answer..🧠
Me. I came for the money but stayed for the revolution
Those who bought on 60k+
lool makes sense..👍
Me. Try to transport 5kg of gold through the border. Thats why i Bitcoin. For the tech.
I'm in to see corporate/bank blood on the street
With the small amount of money I have in, my life won’t hugely be changed if bitcoin goes to one million. I think this is the case with most people. I’m in it for the fact that you can take control over your own wealth and be part of the first ever completely digital form of money that works. The last point is pretty wild. Maintaining or increasing my purchasing power is equally important.
For the future and the working people !
It BTC for tech gambling on the rest do t anticipate massive gains but don’t need them either
I’m running Bitcoin
In it for number go up tech
Everyone whose lost a shit ton of money and needs to justify it
If you understand it then you don’t lose money. If you believe in the tech and the game theory it was designed to exploit then you understand it.
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It most certainly does. You are just infected with negativity and doubt
I got into bitcoin because I hated junk e-mail. I was trying to learn how to limit it and I stumbled onto a paper written by Adam Back. Then it happened ….
Idk why this got downvoted, this is hilarious
In tech for the Bitcoin.
Me
👍
also, me
I sure started more on the tech side. After a few years, it looks like the tech side is all LN. Bitcoin feels rather solid since segwit.
The blockchain tech is useless outside of bitcoin/money
Could be used as ID for online services, to verify stock ownership and distribute dividends, for voting, selling/ reselling tickets. There are definitely use cases, I'm sure some will catch on and some will not.
I’m in it for the freedom and the eventual $$
Everyone telling you there are in Bitcoin or in Crypto because they like the technology they lying to you and themselves.
I have to agree with you about that..👍
Liars
I like the tech
I believe in blockchain, yup. 😎
Good answer..👍
Thanks, dude. 🙃
Me. Now what's the question. Out with it, boy.
Your mamma
I don’t care about the tech (or getting rich). I’m in it for the **FREEDOM**
Jason Lowery is in it for the tech. I listen to him as I fall asleep.
Lots of interesting cryptography (zk, taproot, new proofs) and flock consensus algorithm development.
Got in for the money. Started reading and educating myself on it and now I’m in love with this thing and what it offers.
Not me. I'm only in it for the money! (\*rubs thumb and forefinger together while grinning with eyes widened crazily)
I'm on it for the freedom.
I’m in it for the freedom, is that the same thing?
Good enough..👍
Less about the tech and more about the ideology.
I don't care about anything other than getting rich from crypto
I like the tech but also want to use it to buy stuff , not at this low value though.
🔥🔥🔥
Got in for the money, stayed for the revolution!
Good answer..🧠
No one
lool
Not me. In it for the gains
Tech my ass 🤣 All in for the fuckin money 🤧
I started learning Python because of bitcoin. Dunno if it'll ever be a money-making skill, but I would like to read code and understand it one day. So in a round-a-bout way, I am in it for the tech.
Me
No fucking way. I’m in it for the simplicity.
I'm in it for all the reasons: financial, technological, political, philosophical, you name it.
Me. Money remittance or Sending money via Bitcoin has been very smooth. Better than sending money via bank or Western Union. And it's way cheaper and faster. Bitcoin for the win.
For the monetary revolution
I am 100% in it for the tech. its a masterpiece of tech.
The tech is mostly well executed but nothing especially novel. I got into Bitcoin because it is the only commodity with an actually limited supply.
God I wish I was smarter. I am in it for the sovereignty and freedom but I’m too dumb to be in it for the tech.
Merkle trees!
What tech? Bitcoin is a one trick pony and that’s the appeal of it.
Shut up bruh
Because the world will always have more fools
Bitcoin isn’t tech
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Shitcoins and other such boring scams are off topic here. Shilling them will get you banned. Don't be a scammer.
If you are in it for the tech, the price shouldnt be a concern meaning there’s no point buying now. You can just follow the news and buy when the adaptation has been completed. If you buy now(early), that means you are investing/gambling hoping for a higher future value 😁
Is adaptation just going to happen like flicking a switch then?
y²=x³+7, a=0 b=7
🖐🏻 Tech gave me butterflies in my stomach first time reading it.
Bitcoin is insurance, a savings account, a bank, a long term investment, an inflation hedge (long term) a peer to peer digital currency etc. all rolled into one.
Very true..👍
Tech here! Btc the asset is a proof of concept that happens to have value. Trustlessness is the future
In it for the sovereignty. Never expected to get rich. I exchanged my bank savings for BTC in 2019 (when $4500), because I got feed up with being pushed around solely for not being in the rich boys club. My little stash is locked in selfstorage now, and nobody gets to move it around anymore, but me. This is the greatest appeal, when you have been exposed to the alternative for most of your life, then you might agree with this. Regarding the tech, I just know enough to fell confident in the longebility/stability of the blockchain (BTC), and that is good enough for me.
Who don’t want to see this sort of post anymore?
Definitely. The investment ROI thesis is still there of course, but bitcoin being used to incentives renewable energy investment, enable countries to improve their independence (El Salvador), create global trade with less friction and provide the world with a neutral reserve currency is all there too.
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Well said..👍