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The "What if the power is out" argument
Just had a full on meltdown from someone at work. Dude is just totally against CRYPTO of any kind but especially Bitcoin. He stepped into my conversation that i was having with someone else about investment tactics to avoid certain taxations going forward. He blurts out during his rant "WHAT IF THE POWER IS OUT!? THEN ALL YOUR BITCOIN IS LOST AND YOU CANT GET IT!!" I replied. You ever try going to the bank when the power is out? If the banks are down, you need them ALL to go up again and the FED has to approve to pay you. IF the power goes out and you cant get your BTC, you just need ONE NODE to be powered and you can start to transfer your money to yourself, just - one - node. And no one else has to "AGREE or APPROVE" This argument of energy is futile. I then offered up the realization to him that 'Your bank takes your money and everyone elses and invests it in IDEAS they think are good ideas but what if it goes wrong? What if the bank fails? Where is your money now? FDIC Insured....sure but where exactly does all that insurance payout money come from? It comes from EVERYONE ELSE so the bank isnt paying you, I am and so is everyone else for your stupid decisions. But you cant have a loss on a bad investment if YOU are the one you are investing in, right? So hold your money yourself and be your own bank." That shut him up for a while. End of the day, he asked me to tell him more about Bitcoin. submitted by /u/coffeeshopcrypto [link] [comments]
Just had a full on meltdown from someone at work.
Dude is just totally against CRYPTO of any kind but especially Bitcoin. He stepped into my conversation that i was having with someone else about investment tactics to avoid certain taxations going forward.
He blurts out during his rant "WHAT IF THE POWER IS OUT!? THEN ALL YOUR BITCOIN IS LOST AND YOU CANT GET IT!!"
I replied.
You ever try going to the bank when the power is out? If the banks are down, you need them ALL to go up again and the FED has to approve to pay you. IF the power goes out and you cant get your BTC, you just need ONE NODE to be powered and you can start to transfer your money to yourself, just - one - node. And no one else has to "AGREE or APPROVE"
This argument of energy is futile.
I then offered up the realization to him that 'Your bank takes your money and everyone elses and invests it in IDEAS they think are good ideas but what if it goes wrong? What if the bank fails? Where is your money now? FDIC Insured....sure but where exactly does all that insurance payout money come from?
It comes from EVERYONE ELSE so the bank isnt paying you, I am and so is everyone else for your stupid decisions. But you cant have a loss on a bad investment if YOU are the one you are investing in, right?
So hold your money yourself and be your own bank."
That shut him up for a while.
End of the day, he asked me to tell him more about Bitcoin.
[link] [comments]
