How open source money fixes a corrupted banking system

TLDR:: Bitcoin

R? There's nothing to read.
- 🤣
  
  TLDW ???
Besides the solution proposed, the video excels at explaning how we reached the current mess in the economy.

Open source money lol

money has to be backed by the state so if bitcoiners really want bitcoin to be used in everyday transactions, i would suggest running for President and replacing U.S. Dollar with Bitcoin for tax payments/legal tender.

how will the state obtain Bitcoins? by building massive resource wasting mining farms which itll have to issue bitcoin bonds to build, making the state subservient to the private bond markets and interest rate it demands, Greek style.

there is massive plague and the economy has collapsed? what will the state do? cant give people money or increase healthcare spending because the capacity of the state to mobilize resources is now limited by what the private sector is willing to give it or how much it can mine. oops mass death.

bitcoiners have to be dumbest creatures alive. these people can't imagine a pro-Worker Government so they have to come up with convoluted ways to tie the hands of the state so it cant give capitalists free money.

money has to be backed by the state

I think the point if Bitcoin was to challenge this statement.
- Yea and why cryptocurrency isn't money with its exchange rate being determined by how much fiat currencies are entering and exiting.
Why don't they just move to El Salvador if they like Bitcoin so much
@FuckyWucky @corvus

If I have to choose between having a corrupt inefficient financial system with thousands of middlemen, vs this guy yelling at me his nonsense.. I'm choosing this guy yelling at me.
Bitcoin is already legal tender in at least one country in America
- Sole legal tender.
  
  Edit: I dare them to pay all Government employees in Bitcoin, demand taxes be paid in Bitcoin. It would be a funny experiment if it weren't for mass unemployment and deaths that arise out of a recession.
  
  It would be funny trade wise too. No other country is going to accept Bitcoin as payment for real goods and services. So, the country will have to convert Bitcoin to USD at market price (which can swing wildly) and also hope the market has enough liquidity to handle it.

Why the downvotes? Video is very informative

It's also skewing the history lesson to peddle cryptocurrency. Not all information is equal.
Because it’s very disinformative, as every crypto video is.
Honestly I was expecting far more downvotes. I posted the video with people like you in mind, who still can think critically without the burden of misinformation and ideology.
- Honestly I was expecting far more downvotes. I posted the video with people like you in mind, who still ~~can think critically~~ are marks without the burden of ~~misinformation and ideology.~~ not being marks.
  
  Ftfy
  
  By the way, if you think you are not subject to ideology, I have several things to sell you.
  
  For anyone else reading: everyone is subject to ideology. The moment you think you arent, that is when you are most trapped by it.
People don't like being farmed for spytube views.
- Don't click on spytube links then, they are visible on Lemmy.

Bitcoin is one of the most successful open source projects to have ever been created, and it gets downvoted to hell anywhere it gets brought up. 15 years of growth in network size, usage, and capability. Surviving attacks and attempted bans from nation-states. Not a single hour of downtime, not a single hack, reliably transferring money across the globe to anybody with a cell phone and a halfway reliable internet connection in seconds to minutes for pennies to dollars in fees. 100% open source and decentralized, uncorruptible, open to whoever wants to use it, the way currency should be. It's got a market cap bigger than Sweden's GDP and is already more reliable and widely accepted than most national currencies. Nobody can make it print money it isn't meant to print or move money it isn't supposed to move.

Theoretically cryptocurrencies are interesting, but Bitcoin just isn't usable.

Bitcoin and many other currencies have way too many and large fluctuations in value for daily use.
Bitcoin specifically is not practical for transactions in general due to cost and block size limits. Yes, lightning exists, but maybe your technology is shit if it needs a second overlay network to function.
Instead of fixing those issues, most other coins are just pump and dump schemes for a quick buck.
Only very few coins try to do something different and fix some of these issues.
- Instead of fixing those issues, most other coins are just pump and dump schemes for a quick buck.
  
  Oh agree totally on this one.
  
  Bitcoin and many other currencies have way too many and large fluctuations in value for daily use.
  
  If you are using it to send money from point A to point B, you can cash it out at the same price you put it in at, so fluctuation doesn't matter much. You're probably saving on bank fees and exchange risk enhanced by slow international settlement. Exchange risk is always a thing with any currency. It's gotten more stable over time and I imagine that trend will continue. Other currencies are also unstable, how has the purchasing power of the USD held up over the last 5 years? That's not to mention the billions of people not fortunate enough to live in a currency environment which is dominated by the dollar. Ask any Argentenian or Turkish person how stable their currency is compared to Bitcoin. Best case scenario, your dollar slowly loses value over time due to supply inflation. Whether or not you find it useful, more and more people find it useful every year, the transaction volume has increased reliably for 15 years. Nobody's making them use it. On the contrary, there are often hurdles educational, regulatory, and technological to using it, but they still do. Maybe on year 16 though people will finally realize it's useless and stop using it.
  
  Bitcoin specifically is not practical for transactions in general due to cost and block size limits. Yes, lightning exists, but maybe your technology is shit if it needs a second overlay network to function.
  
  Maybe TCP/IP is shit if we need other protocols build on top of it like SMTP. Maybe ethernet is shit if we have to design a whole nother protocol (TCP) just to make sure packets actually arive in the proper order. No. This is a weak argument. Fedwire, the system for settlement between US banks, has a equivalent transaction speed to Bitcoin's base layer. Banks don't seem to have any problem with that speed. And ten minutes is pretty dang fast to send a million dollar transaction across the globe (on main chain) or under a second (on lightning). Meanwhile, the US dollar doesn't have a built-in transfer mechanism, and the mechanisms available can be quite frustrating or expensive to work with, ask anybody whose ever had to send an international bank wire or deal with the frequent buyer return fraud on platforms like eBay. I'd sell an iPhone to somebody in (insert fraud prone country here) no problem in BTC. With PayPal? No effing way,
I absolutely shit on crypto forever until actually reading into it. Alas, new things are too scary for ~~conservatives~~ most people to consider. I'm glad I grew up, being able to recognise Bitcoin as a genuine effort at creating a good thing instead of a fad.