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232 sats \ 9 replies \ @02bcd3eeb0 6 May \ on: I have questions about Bitcoin! bitcoin_beginners
What is the overall purpose?
Separating money from state.
What happens when all Bitcoin has been mined?
All bitcoins already exist, and have done since Jan 3rd 2009. The 94% that have been mined so far and the 6% that are still to be mined don't change this fact. Nothing happens, Bitcoin continues on as normal.
How is it going to help society as a whole rather than just the few?
Sound money provides sound economic incentives and allows people to make rational economic calculations. It also prevents creation/counterfeiting of money by central banks that transfer the value of society's savings to themselves and their shareholders.
What happens if the economy crashes?
There is no such thing as "the economy" - that is Keynesian dogma to convince you to hand over your the products of your labor to the state.
There's another element to the overall purpose. After all, we could just be gold bugs, if all we cared about was separating money from state.
Bitcoin is an honest money that solves contemporary monetary issues that gold cannot, as well as resolving some of the vulnerabilities gold has as money.
The most important issue bitcoin solves is trustless value transfer over large geographic distances.
The largest vulnerability it addresses is inflation.
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You must have read my mind! I was just discussing theses potential issues with my fiance... I come on here and you answered my question!
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I'm on the newer side to bitcoin myself, so a lot of these thoughts are more top of mind than they might be for the seasoned veterans.
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compared to me @Undisciplined you are an expert😂
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I wish separating money and state was still felt strongly by all
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the mass follow stories that are created by those who 'appear' to be in control - How would you convince them that the system in place isn't the 'right' one?
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In general I don't. I dont try and convince anyone. if someone isn't ready, they arent ready. If they're not looking beyond their nose, there's no point wasting everyone's time.
But if I was in a conversation with someone I'd listen for the values they hold and may say one or two things connected to that if it seems appropriate.
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I do the same with magik!
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Thank you for this answer! Very to the point which helps my brain figure it all out :)
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