this post was submitted on 04 Dec 2023
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October’s 12 month inflation rate was 3.2% trending downwards…
This image is almost two years old.
Isn’t bitcoin up 130% for the year? I’m confused
Ah, because bitcoin is up 130% for the year October of this years inflation is contextually necessary for inflation from February of 2022.
Wait, no, now I'm confused. This image is old. It is not current. It is not going to reference current events. Or even events of a couple months ago. It's going to reference events from two years ago or older.
The real question is why is a post about conditions that are 2 years old, getting so much traction now when it appears the opposite is relevant?
Because inflation is still high and crypto is still volatile.
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They had me going in the first half, not gonna lie.
Holy shit only down 50% which hot crypto is that? I gotta invest, it's clearly gonna moon if it's not fallen 90% like others! Magical unicorn!!
Only half? Lucky.
Image Transcription: Twitter Post
Redacted
With inflation at 7.5%, you lose half your money in 9 years. The only way to outperform that consistently, that I have found, is crypto. Just this year I've already lost half my money.
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Bitcoin is not about investment any more than Lemmy is. It is about decentralization that unfortunately has been viewed as an investment.
The thing is that we don't want decentralisation when it comes to money.
Money used to be completely decentralised in the past, there is a reason why we moved away from it.
We are now re-encountering the same issues with cryto as we had in past with real money.
For example our current system allows us to undo human mistakes, like accidentally sending money to the wrong address. With crypto, that just isn't possible.
It is the same reason why so many crypto exchanges popped up, they are essentially the banks of crypto, who have control over the different transactions of their users.
But because it is less regulated, tons of those exchanges are basically scams.
To know how scummy they are, visit: web3isgoinggreat.com
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Lemmy being decentralized is a solution to a problem that exists: media companies start nice and then fuck their users when they have enough of them. Decentralization means that acquiring that much power to rug pull is way harder.
Bitcoin has been forever a solution without a problem. The concept of Bitcoin doesn't make sense, the execution of it even less. So the only use it has is taking advantage of techbros' hopium that one day an actual problem will be solved by Bitcoin.
Bitcoin doesn't even do the job of decentralization very well either. The blockchain is controlled by the wealthy miners with warehouses full of asic miners. Monero is a better cryptocurrency for that reason.
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monero is a better option in this case
And then tomorrow it'll triple
This is good for bitcoin
Feb 22
ominous
Bitcoin is up almost 150% this year.
Now do 2 years
It's down about 7% from December 2021.
No, it's down 28% from December 3, 2021
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