Bitcoin

#102
#102
lawgator1 said:
So the value comes solely from the fact that it can be tracked and the record of transactions cannot be altered because it is decentralized?

What happens if one day someone points to a blockchain record stored in a few places on the net that is different from a blockchain records stored in several other places?
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that's not possible.

The value of bitcoin is two-fold:

1) it's completely decentralized and operates without human interference (incorruptible and can't be manipulated)

2) it's anti-inflationary and becomes more valuable and rare over time.

The entire point of bitcoin is to unseat the power brokers of the global financial system. To bank the unbanked and unbank the banked.
 
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#103
#103
I was a fairly early adopter of BTC because I studied the hell out of it and realized its potential.

Blockchain is going to change the world and nearly every industry for the better.
 
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#104
#104
SWIL said:
that's not possible.

The value of bitcoin is two-fold:

1) it's completely decentralized and operates without human interference (incorruptible and can't be manipulated)

2) it's anti-inflationary and becomes more valuable and rare over time.

The entire point of bitcoin is to unseat the power brokers of the global financial system. To bank the unbanked and unbank the banked.
Click to expand...

2. Is only true if it becomes more popular over time. If use decreases, so will price
 
#107
#107
SWIL said:
Are you familiar with how BTC is mined? And do you know what BTC halvenings are?
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Go ahead. How does that change my statement? How do either of those prevent it from losing value if use of bitcoin decreases?
 
#108
#108
The genie is out of the bottle at this point. The only way BTC becomes less popular now is when a better/more robust alternative comes along.

For those interested in investing, I'd take a hard look at VTC, XMR, and LTC.
 
#110
#110
Vol8188 said:
Go ahead. How does that change my statement? How do either of those prevent it from losing value if use of bitcoin decreases?
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BTC is designed to beomce more scare over time - for every coin mined the next one is slightly harder. On top of that, every 4 years, the processing power to mine 1 coin doubled, making it twice as hard to mine BTC.

Only 21 million coins will ever exist.
 
#112
#112
Look at this idiot. Doesn't he know that equities are going to 0 and will be replaced by crypto-currency. Clearly don't know how bitcoins are mined.
[twitterv]https://twitter.com/barstoolsports/status/940663788583444480[/twitterv]
 
#113
#113
golfballs said:
Look at this idiot. Doesn't he know that equities are going to 0 and will be replaced by crypto-currency. Clearly don't know how bitcoins are mined.
[twitterv]https://twitter.com/barstoolsports/status/940663788583444480[/twitterv]
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This guy looks like a tulip farmer.
 
#114
#114
Litecoin generates a new block every 2.5 mins. That is 7.5 times faster than Bitcoin! Bitcoin BTFO.

I swear, will someone help me start VolCoin? It will generate a new block everytime someone posts on Volnation. We'll be so rich we can hire Gruden if we want to with all the VolCoins we have. Then buy a space ship and send Negavols to the moon.
 
#115
#115
SWIL said:
BTC is designed to beomce more scare over time - for every coin mined the next one is slightly harder. On top of that, every 4 years, the processing power to mine 1 coin doubled, making it twice as hard to mine BTC.

Only 21 million coins will ever exist.
Click to expand...

Right....but it's still only valuable if another person is willing to accept it. Regardless of anything else, it's entire value is based on another person's willingness to take bitcoin.

If that willingness decreases, your money is gone
 
#116
#116
Vol8188 said:
Right....but it's still only valuable if another person is willing to accept it. Regardless of anything else, it's entire value is based on another person's willingness to take bitcoin.

If that willingness decreases, your money is gone
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Sure, as is any form of currency...right?

If you want to compare currency values, just take a look at the USD vs BTC over the past few years and tell me which one is losing value?
 
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#117
#117
SWIL said:
Sure, as is any form of currency...right?

If you want to compare currency values, just take a look at the USD vs BTC over the past few years and tell me which one is losing value?
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Gold has value outside of being used as a currency. I'd rather put my money into that.
 
#118
#118
Vol8188 said:
Gold has value outside of being used as a currency. I'd rather put my money into that.
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as a paper weight. what good is gold to a farmer?

Gold is only valuable as long as we have people who can work it. If FIAT currencies flatlines I am willing to bet gold dives with it.


as long as you are trading currency and not objects that currency is only worth what the person across from you thinks it is. which is a remarkably similar situation to the FIAT currency.
 
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#119
#119
Vol8188 said:
Gold has value outside of being used as a currency. I'd rather put my money into that.
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:hi:

lower reward but much lower risk - and should still do great if/when the USD collapses.

BTC/crypto isn't for everyone; it's very much the wild west in the space right now.
 
#120
#120
LouderVol said:
as a paper weight. what good is gold to a farmer?

Gold is only valuable as long as we have people who can work it. If FIAT currencies flatlines I am willing to bet gold dives with it.


as long as you are trading currency and not objects that currency is only worth what the person across from you thinks it is. which is a remarkably similar situation to the FIAT currency.
Click to expand...

If you look at the history of gold during periods of high inflation like Zimbabwe or the Weimar Republic, gold becomes almost worthless. It's probably worthless in Venezuela now. People don't want gold, they want food and clothes. You'll end up trading a gold coin you paid $1300 for a sack
of potatoes or a pair of worn shoes.
 
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#121
#121
LouderVol said:
as a paper weight. what good is gold to a farmer?

Gold is only valuable as long as we have people who can work it. If FIAT currencies flatlines I am willing to bet gold dives with it.


as long as you are trading currency and not objects that currency is only worth what the person across from you thinks it is. which is a remarkably similar situation to the FIAT currency.
Click to expand...

Anything is only worth what another will pay for it, we agree on that. Gold is used as currency. But gold has many other uses outside of that. Because of that, if other currencies go down, gold will continue to rise.

Bitcoin and cash only have value as a currency. Gold is actually valuable outside of its ability to be exchanged for other things. Something neither bitcoin nor cash can say
 
#122
#122
SWIL said:
:hi:

lower reward but much lower risk - and should still do great if/when the USD collapses.

BTC/crypto isn't for everyone; it's very much the wild west in the space right now.
Click to expand...

Which means it's super risky and you could lose a lot. cypro currencies are the tech stocks of the 90s. The only question is, when will 99 get here?
 
#123
#123
I think that the best thing about crypto-currency is that the state and federal government can't seize those assets. The trade off is that the bad guys can hide and launder their booty as well. Put your money in the bank, in stocks, in real estate and the government can take it. They do the same thing with hard currency too. If you are pulled over for a burned out light bulb and have cash in your vehicle, the government can seize it and presume that you're guilty of something illegal and YOU have to prove your innocence rather than their having to prove your guilt. I'm sure this post goes into my FBI/CIA/World banking/Bilderberger file.
 
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#124
#124
SWIL said:
:hi:

lower reward but much lower risk - and should still do great if/when the USD collapses.

BTC/crypto isn't for everyone; it's very much the wild west in the space right now.
Click to expand...

So SWIL, with only 21M Bitcoins that will ever be created and other crypto currencies following the same path in their creation, what's the end game here? Simply a basket of CCs to mine/buy/sell/trade as a medium of exchange as an alternative to fiat? I get that. But you said it's designed to unseat the power brokers of the global financial system, but isn't it only to an extent (loosen their grip) with each CC being limited. Other fiat currencies will still be in play, so does it really unseat them or it just forces them to adapt to the new kid in town?
 
#125
#125
Vol8188 said:
Anything is only worth what another will pay for it, we agree on that. Gold is used as currency. But gold has many other uses outside of that. Because of that, if other currencies go down, gold will continue to rise.

Bitcoin and cash only have value as a currency. Gold is actually valuable outside of its ability to be exchanged for other things. Something neither bitcoin nor cash can say
Click to expand...

Intrinsic value isn't the be all, end all, though. A huge portion of its value is just perceived value, so that doesn't make it a sound investment, it just means it won't drop to $0.

Bitcoin has value beyond just being a currency because it's a currency with transparency and it cannot be manipulated. It's not going to drop to $0, either.
 
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