Bitcoin 2021: “The biggest shitcoin of all is the US dollar”

TyN Magazine from the Mana Convention Center in Miami, Florida.

The biggest Bitcoin event comes to an end. Held in Mana, a convention center located in Wynwood, the most alternative neighborhood in the city of Miami. With a record attendance of more than 50 thousand people, the event gave way to big fans and followers of Bitcoin.

“What I really see is that no matter how much doubt there is around the cryptocurrency, it is a movement, it is happening and nothing will be able to change it, over time people will start to trust it,” Moshe Mana, president of Mana Common, told EFE , one of the promoters of the event.

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For developer Nick Szabo: “The shortcomings of both precious metals and fiat money are, among others, costly transactions and security problems.” According to him, bitcoin (BTC) solves these problems “through the use of full nodes and good key management practices, rather than the costly and trust-based validation” that banking operations with money issued by states require. .

I think bitcoin and fiat currencies will probably work together, like Square and PayPal. You can have something like a savings account in BTC and use fiat for daily payments. This is quite likely to happen, given the way things are going, in the short and medium term.

The investor panel consisted of Tim Draper, the founder of Polychain Capital, Olaf Carlson-Wee, and Alyse Killeen, CEO of the bitcoin-focused firm, Stillmark.

Draper assured that by uniting freedom and trust, bitcoin is obtained. If you have bitcoin, you have the currency of the future and so why try to exchange your currency of the future for a currency of the past?

On his side, Carlson-Wee said there are people who consider bitcoin complicated, but for him, the dollar is “much more complicated.” He believes that “the computer algorithmic type of money would replace centralized fiat currency.”

For his part, Killeen explained that with centralized fiat currency systems the rules are little known and people are obliged to participate, even “it is not known when the rules will change or when the money supply will change.”

See more: Bitcoin 2021: The brand of Bitcoin is hope, it is freedom

On the contrary, he said that with Bitcoin that is not going to happen, as it is a system of “software rules”, truly decentralized. “In Bitcoin, we have the opportunity to really build decentralized finance (DeFi),” he added.

Another high-profile panel consisted of Preston Pysh, writer and podcaster; Jeff Booth, author of “The Price of Tomorrow”; Morgan Creek Capital founder Mark Yusko and trader Greg Foss shared their thoughts with bitcoiner host Trey Lockerbie.

“We are being defrauded by the stealth tax of inflation. The biggest shitcoin of all is the US dollar. The plan has been all the time to steal our wealth, only in the last year 30% of all dollars in circulation have been printed, “explained Yusko, who defended Bitcoin as it is not concentrated in” few hands. ”

According to Booth, a digital transformation is underway in which Bitcoin is the protagonist, although it is often not perceived. The aspect that the guest emphasized is that technology is everywhere and should be more obvious to everyone. “Unfortunately we live in a different system where the rules are manipulated,” he said.

For Greg Foss: “We are in a debt spiral. When you have a total Debt / Global GDP of 400%, using a 3% discount rate, the global GDP needs to grow at 12% just to exceed the interest expense. In this equation, the error is in the coins. “