Oh? What's it backed by? Hugs and confidence? Lol!
And let me ask you this. Let's say we switch our currency to bitcoin. Well now we have enslaved everyone to the 5% of the world's people who have it right?
As an average citizen how do I get bitcoin to feed my family? Work for those with the bitcoin? Sell everything I own for bitcoin?
How do your 'fundamentals' explain that? If you still think that's smart then I have an excel ledger that I am willing to part with cells a-af and records 55-3000 at only 500 bucks a pop. That's a big discount over Bitcoin.
Let me know if you are interested. They are going quick.
There's nothing preventing you from changing your excel ledger, however bitcoin is the most secure computer network in existence and that ledger cannot be modified by some central party (you, the fed, whoever).
Your ledger isn't being verified in real time on any protocol by decentralized parties with a mechanism in place ensuring rules are being adhered to.
If you really want to argue that it's backed by nothing I ask you what is the dollar backed by? With bitcoin you can at least calculate the electricity and processing power used to create it. Forget the speculative value for a moment and on that alone it's already "harder" than any major fiat currency.
Due to the way the network adjusts difficulty, and halves the mining reward periodically, it is not feasable to mint new bitcoin at a faster rate than intended (~10mins). This means no matter how small or large the network gets, we won't run out of bitcoin to mine for a LONG time.
Lol. So in other words it backed by nothing and you dont really even ow what it is....
Bitcoin is the world's most secure computer network? Really?
I guess bitcoin being a secure network means its unhackable there for if lost its nonretreivable. It cant be lost in an exchange hack. If exchange wallets become corrupted and lost that bitcoin is still safe?
You know... since its the world's most secure computer network.... perhaps the military could start using that network since it's so secure...
you continue to demonstrate your lack of understanding. bitcoin lost in an exchange hack is not hacked bitcoin. the network has not been compromised your personal security has.
storing bitcoin on an exchange is one of the most unsafe things you can do. When you deposit to a centralized exchange, you no longer hold the private keys to your bitcoin. it is essentially not yours.
your lack of fundamental understanding is showing. backed by nohing? please.
mined out wholly? okay, now you really don't understand.
oh yeah great point....criminals/ human traffickers and drug dealers NEVER user use cash USD lol fucking clown
Oh? What's it backed by? Hugs and confidence? Lol!
And let me ask you this. Let's say we switch our currency to bitcoin. Well now we have enslaved everyone to the 5% of the world's people who have it right?
As an average citizen how do I get bitcoin to feed my family? Work for those with the bitcoin? Sell everything I own for bitcoin?
How do your 'fundamentals' explain that? If you still think that's smart then I have an excel ledger that I am willing to part with cells a-af and records 55-3000 at only 500 bucks a pop. That's a big discount over Bitcoin.
Let me know if you are interested. They are going quick.
There's nothing preventing you from changing your excel ledger, however bitcoin is the most secure computer network in existence and that ledger cannot be modified by some central party (you, the fed, whoever).
Your ledger isn't being verified in real time on any protocol by decentralized parties with a mechanism in place ensuring rules are being adhered to.
If you really want to argue that it's backed by nothing I ask you what is the dollar backed by? With bitcoin you can at least calculate the electricity and processing power used to create it. Forget the speculative value for a moment and on that alone it's already "harder" than any major fiat currency.
Due to the way the network adjusts difficulty, and halves the mining reward periodically, it is not feasable to mint new bitcoin at a faster rate than intended (~10mins). This means no matter how small or large the network gets, we won't run out of bitcoin to mine for a LONG time.
have fun staying poor
Lol. So in other words it backed by nothing and you dont really even ow what it is....
Bitcoin is the world's most secure computer network? Really?
I guess bitcoin being a secure network means its unhackable there for if lost its nonretreivable. It cant be lost in an exchange hack. If exchange wallets become corrupted and lost that bitcoin is still safe?
You know... since its the world's most secure computer network.... perhaps the military could start using that network since it's so secure...
you continue to demonstrate your lack of understanding. bitcoin lost in an exchange hack is not hacked bitcoin. the network has not been compromised your personal security has.
storing bitcoin on an exchange is one of the most unsafe things you can do. When you deposit to a centralized exchange, you no longer hold the private keys to your bitcoin. it is essentially not yours.