Bitcoin operates in many ways like a ponzi scheme (the value of investment depending on future investors for value) and is mainly operating as money laundering tools.
Until this has some real world use, like walking to a store and given the choice of cash, credit or crypto I don't see it as much more than a gamble of an investment.
For that it would have to have zero intrinsic value, which in reality is lower bounded by the cost of mining (e.g. hardware, electricity, real estate, utilities, security etc.).
The costs of securing the network (e.g. mining) are what gives Bitcoin inherent value. The limited number of Bitcoins available then correlates the velocity of money (e.g. how much capital flows through the network) with the number of circulating Bitcoins and the mining costs.
Requiring a resource to produce does not give something intrinsic value. Intrinsic value is value that something has all by itself.
For example, if silver was used as a currency (as it was for almost all of human history) it has a value all by itself completely separate from its value as a currency. Silver (the element Ag) has thermal and electrical conductive properties that are unmatched. It is one of our most important tools in modern technology. It has also been used for adornment throughout all of history because it is pretty all by itself.
Bitcoin requires energy to create, but after creation it can't be used for anything, not even in the digital space. It is useless outside of its convenience as an intermediary for barter (currency).
Even that is fraught with problems, one of which is, it is completely trackable through all of its purchase history. It is an AMAZING tracking tool (its frightening how amazing it is). It puts Facebook to shame in its potential to track human activity.
but after creation it can't be used for anything, not even in the digital space. It is useless outside of its convenience as an intermediary for barter (currency).
this is actually a good thing. Right now Silver is in all of our electronics. In our phones, computers and everything.
Well, a lot of people think Silver is too low in price. It should be much higher. Know what that means? The price of silver goes up, so the manufacturer has to raise prices to cover the cost of buying silver. So the cost of all products with silver goes up. And Silver isnt just in electronics. Its in medical stuff too.
Sorry, but the economy will NOT be held hostage by silver hoarders. Do you really want to get rich in silver if that means people can't afford medical care?
The fact that Bitcoin cant be used for anything Except money makes it super attractive. Its the purest form of money we have ever created so far.
the only reason why gold and silver have been regarded as a money is because you can't replicate it. You can only find it. So its scarce. Then they got used as industrial metals in the last 100 years.
You have to understand, the only reason why ANYTHING has value, is because humans say it has value. for 700 years, the British used wood for money and it worked great until they were tricked into switching to paper for currency. It was called the tally stick. The way it worked was simple. They would take a stick and carve notches into it. Each notch represented a certain amount of silver or gold. Then the bank would split the tally stick in two pieces. One for the bank, one for the customer. and the grains on the inside were unique like a finger print. So it couldnt be duplicated.
Then as the customer broke off notches to pay for debts. the person who received the notch would take it to the bank. The bank would match it with there copy. And a ledger would be entered into. And that was how banks operated for 700 years in england.
Its all about the TRUST in the trading pair. Bitcoin has this same feature, where you can not duplicate Bitcoin and put them in with the rest of the bitcoins. Just like you can't grow a tree and carve a branch and expect the bank to accept it. It just doesnt match up. Same with Bitcoin.
Bitcoin is a break through technology. It sovled the Byzantine General's Problem. It allows us to basically email money to each other without creating duplicates. When you send the money, I can be 100% certain that you no longer have that money and there is no third party needed to run the system. No govt. No corporation. No Organization. Just Bitcoin miners to process the transactions. And they get paid in 2 ways. Bitcoin mining rewards and Transaction fees.
the only reason why gold and silver have been regarded as a money is because you can't replicate it.
They were used as currency because of their scarcity and their intrinsic beauty (lustre). They were used as adornment before they were used as currency. That is an intrinsic value.
You have to understand, the only reason why ANYTHING has value, is because humans say it has value.
True, but that is not my argument. My argument is there are other values that we humans give to gold and silver besides their use as an intermediate for barter. Long before they were currencies they were sought after for their beauty. Bitcoin, like the paper dollar or the wooden dollar has no equivalent human given value external to its value as an intermediate to barter.
To put it another way, if Bitcoin did not have the valued property of being an intermediary for barter they would be utterly useless and no one would spend a single resource to create them. Gold and silver however would still be mined (resource expenditure).
I am not saying the idea of Bitcoin is bad. I am saying the implementation, without it being backed (secured) by something with ANOTHER human given value (like silver or gold have), as well as its intrinsic human tracking flaws, not to mention it being primarily owned by the CCP, all make it a very poor choice as a barter intermediate.
"Intrinsic" value is a faulty concept. It's always the case that humans value something based on its usefulness for a specific purpose.
The value is not an inherent property of something but a reflection of people's demand for it. Similarly, something only needs to be "backed" by something else if it is missing the properties that people value.
Bitcoin has many attributes that are fundamentally similar to gold (which humanity values at over $10 trillion), and are often superior precisely because of bitcoin's digital nature.
I have no idea who Peter Schiff is, and anyone with the name Schiff would automatically be suspect to me.
Regardless, telling me to buy bitcoin by discrediting someone I have never heard of is not a meaningful argument for bitcoin, nor is it a meaningful counterargument against what I said.
What is the intrinsic value of the coin? It is immaterial, cannot be used without the hardware and software backing it. Even the original papers acknowledge the fiat nature of the currency, meaning it only has the value of faith that it has value.
The hardware INVESTED to operate was made on the promise of future investments providing a value, ultimately the miners only use their resources because they will see a return. A return they can only see by increasing users investments.
Bitcoin is not a ponzi scheme, which isn't to say that is doesn't have problems -- chief among them that the on-ramps are government-monitored exchanges that report to the IRS just as if you were trading stocks.
Not a ponzi scheme, just holds many of the same traits.
Pretending it is anything but fiat. Without having the ledgers backed by anything tangible it cannot hold any value beyond the value attributed by faith.
just wondering.. if someone would be poor how would they get any bitcoin in the first place, 60k isnt exactly cheap is it?
What about the wild price swings? if rose nearly 4k today? what about next week??
e.g if i put in $60k right now bought 1 BTC, 6 months time the price crashes 50% now my 1 coin is only worth $30k, who just stole my other $30k?
Not a very reliable way to store $$ long term is u ask me..
Now i hate the current financial system but atleast with fiat currency the value remains stable and im not going to wake up next week and my life savings will be gone...
WIth current system all i have to deal with is inflation and interest rates affecting the buying power of my $$$ and these are usually 1-5% a year or 0.25/0.5% on CB interest rates.
Seems no different that trading stocks to me.. just gambling.
Also with supply being limited is there not a huge risk of a financial whale coming along and dropping a few bill in and capturing the market? like a hostile takeover via stock ownership?
Also who processes all the payments?
I dont know jack about crypto, never really trusted tech atall... never owned a smartphone... :D :D never will.
P.S Formatting on this site is abysmal.. this WAS a proper paragraph CBA to fix it.
bitcoin is divisible into 100 million parts.....the whole idea the "omg a bitcoin is so epensive how could a poor person buy one" is demonstrative of the fundamental lack of understanding here. You can buy $1 worth of BTC.
What about the wild price swings? What about the wild price swing of the dollar to the downside? What about the endless printing of the dollar?
BTC has performed at an average of over 200% per year over the course of its lifetime. If you don't think that sounds like a reliable way to store long term value...LOL
The main problem with the current financial system is you are forced to take on risk (stocks, investment) to store your value because like you said you're dealing with inflation. Bitcoin is deflationary, with a hard cap on total supply, and a decreasing rate of issuance.
In addition it is uncensorable/unconfisatable. Daddy Trump recently had banking services shut off. Gab and other patriots too. Those dollars you thought were yours could be suddenly under somebody else's control at any moment. Bitcoin fixes this.
thanks for replying,
You make some good points,
In my first point about the price was abit facetious as i was setting up the 2nd point about the wild price swings. Annnyway,
IM not here to defend the fiat system im just genuinely curious, just lookd at the chart for BTC and u say there no price swings but since DEc 2017 BTC has lost ~86% of its value twice, yes yes on average its up since launch but week to week you could see HUGE swings in value relative to fiat fluctuations.
a niiice price climb recently but what makes you think the price isnt going to collapse ~86% again in the near future. it would'nt be unheard of.
Like i said, looks like a good casino and at some point i will probably buy a fraction of a BTC to try to make some $$ on the upswing but loooking at it you would be foolish to use it as a primary method transacting in 2021 and i doubt even you are actually doing that.
i guessing ur playing like any other stock for gains and NOT actually using it as day to day currency, id wager you cash out into $$ as soon as the price drops a few % and go spend those beacuse lets face it, its more stable.
Man i wish i have bought in back in the day when my flatmate was telling about this thing call bitcoin i think they were $4 each back then....
You can transfer value from person A to Person B anywhere in the world, with no permission from a bank, govt, corporation or organization, tustlessly in minutes or seconds. And its global. This isn't sending US dollars to China. Bitcoin is a universal money.
Think logically for a second, if cryptos have such high intrinsic value, why would people talking about what it really is be such a risk??
The markets are very susceptible to pump and dump schemes, mostly because new money coming in creates more value to earlier investors. Aka the primary defining trait of a ponzi scheme.
I thikn what they mean is that most silver boght in sold is paper silver, i.e it doesnt actually exist anywhere other than a database somewhere, may not have even been mined atall yet.
the only way to guarantee you actually have silver is to take delivery of the physical silver yourself.
And that would be an accurate assessment in that case.
However, this person also compared silver with tulips (if you're familiar with the reference), so, it is harder to associate that explanation.
Look, I don't have any significant vested interest in cryptos, fine as a currency, too much gamble for speculation, IMO. In spite that some cashed in big already.
Excepting of course the currencies that we used prior to the Luciferian takeover of America's economy in 1871 (completely removed in 1973). Those currencies being precious metals, notably gold and silver. The same currencies, that until recent manipulations in the Luciferian's economic end game were recognized world wide as THE ONLY valid currency for all of human history.
"Valid" being the edict of a king, usually in hock up to his crown to a Khazarian mafia bank. We had a gold-standard for most of human history because they owned most of it. There were crushing economic depressions (and silver inflations) during the gold standard. It was dropped when they developed more efficient mechanisms of hidden slavery in the 20th century.
--If we are to ever be free, one element will be to STOP using Cabal coin, whatever it is, whether it be gold, fiat, or bitcoin.
We are the first generation in human history that can hold in our hands a device capable of making true barter maximally efficient by weighing a running of tally of dozens if not hundreds of competing currencies.
Bitcoin is presently an excellent store of value because whomever presently controls the preponderance of wash-trading HFT algos says it it. However, it is a terrible currency.
fine until the value plummets like bitcoin likes to every year or oh i dunno, A freak weather event cuts off electricity in your state and by extention the internet also, then u sure would be grateful for a few $$ in ur pocket.
NYAG let the tether-scammers get away with a slap on the wrist that they just tethered themselves out of anyway.
And with Biden back in and the Epstein-MIT connection and Adam Back being a super-shady asshole obviously jealous of Satoshi that was able to do what Adam himself could not; Make P2P electronic cash.
no, that line of thinking is insanity. feel free to peruse my post history i've shared links to excellent reads that help explain why those "thousands of blockchains" are shit.
Is BitCoin even real? Is Satoshi Nakamoto even real? Did the guy who made it up just look at his desk/shelf and come up with a name?
https://i.maga.host/jbcbFE1.png
People think bitcoin is this massive unpenetrable force, but it does have an attack surface. I'm not trying to discourage its use because it is probably much more robust that our fiat dollar.
You honestly sound a LOT like the lefties we have to deal with who spew propaganda with no critical thought behind it.
Bitcoin can be utilized as a store of value, tulips cannot.
Thousands of merchants accept bitcoin as payment, wasn't the case for tulips.
Tulips had one large unsustainable rise in price. Sheep like you have prounounced bitcoin dead over 300 times at this point.
oh and kind of a big one: Tulips can be reproduced, inflating the supply. Bitcoin has a fixed supply with a deflationary issuance. But forget all that and go back to shouting tulipmania along with the drones
only issue i see here is you're using robinhood. any BTC you buy there is not actually yours until they allow you to withdraw it. kinda defeats the purpose of bitcoin
Bitcoin operates in many ways like a ponzi scheme (the value of investment depending on future investors for value) and is mainly operating as money laundering tools.
Until this has some real world use, like walking to a store and given the choice of cash, credit or crypto I don't see it as much more than a gamble of an investment.
No, Bitcoin does not operate like a ponzi scheme.
For that it would have to have zero intrinsic value, which in reality is lower bounded by the cost of mining (e.g. hardware, electricity, real estate, utilities, security etc.).
The costs of securing the network (e.g. mining) are what gives Bitcoin inherent value. The limited number of Bitcoins available then correlates the velocity of money (e.g. how much capital flows through the network) with the number of circulating Bitcoins and the mining costs.
Requiring a resource to produce does not give something intrinsic value. Intrinsic value is value that something has all by itself.
For example, if silver was used as a currency (as it was for almost all of human history) it has a value all by itself completely separate from its value as a currency. Silver (the element Ag) has thermal and electrical conductive properties that are unmatched. It is one of our most important tools in modern technology. It has also been used for adornment throughout all of history because it is pretty all by itself.
Bitcoin requires energy to create, but after creation it can't be used for anything, not even in the digital space. It is useless outside of its convenience as an intermediary for barter (currency).
Even that is fraught with problems, one of which is, it is completely trackable through all of its purchase history. It is an AMAZING tracking tool (its frightening how amazing it is). It puts Facebook to shame in its potential to track human activity.
this is actually a good thing. Right now Silver is in all of our electronics. In our phones, computers and everything.
Well, a lot of people think Silver is too low in price. It should be much higher. Know what that means? The price of silver goes up, so the manufacturer has to raise prices to cover the cost of buying silver. So the cost of all products with silver goes up. And Silver isnt just in electronics. Its in medical stuff too.
Sorry, but the economy will NOT be held hostage by silver hoarders. Do you really want to get rich in silver if that means people can't afford medical care?
The fact that Bitcoin cant be used for anything Except money makes it super attractive. Its the purest form of money we have ever created so far.
the only reason why gold and silver have been regarded as a money is because you can't replicate it. You can only find it. So its scarce. Then they got used as industrial metals in the last 100 years.
You have to understand, the only reason why ANYTHING has value, is because humans say it has value. for 700 years, the British used wood for money and it worked great until they were tricked into switching to paper for currency. It was called the tally stick. The way it worked was simple. They would take a stick and carve notches into it. Each notch represented a certain amount of silver or gold. Then the bank would split the tally stick in two pieces. One for the bank, one for the customer. and the grains on the inside were unique like a finger print. So it couldnt be duplicated.
Then as the customer broke off notches to pay for debts. the person who received the notch would take it to the bank. The bank would match it with there copy. And a ledger would be entered into. And that was how banks operated for 700 years in england.
Its all about the TRUST in the trading pair. Bitcoin has this same feature, where you can not duplicate Bitcoin and put them in with the rest of the bitcoins. Just like you can't grow a tree and carve a branch and expect the bank to accept it. It just doesnt match up. Same with Bitcoin.
Bitcoin is a break through technology. It sovled the Byzantine General's Problem. It allows us to basically email money to each other without creating duplicates. When you send the money, I can be 100% certain that you no longer have that money and there is no third party needed to run the system. No govt. No corporation. No Organization. Just Bitcoin miners to process the transactions. And they get paid in 2 ways. Bitcoin mining rewards and Transaction fees.
Bitcoin is a beatiful money system.
They were used as currency because of their scarcity and their intrinsic beauty (lustre). They were used as adornment before they were used as currency. That is an intrinsic value.
True, but that is not my argument. My argument is there are other values that we humans give to gold and silver besides their use as an intermediate for barter. Long before they were currencies they were sought after for their beauty. Bitcoin, like the paper dollar or the wooden dollar has no equivalent human given value external to its value as an intermediate to barter.
To put it another way, if Bitcoin did not have the valued property of being an intermediary for barter they would be utterly useless and no one would spend a single resource to create them. Gold and silver however would still be mined (resource expenditure).
I am not saying the idea of Bitcoin is bad. I am saying the implementation, without it being backed (secured) by something with ANOTHER human given value (like silver or gold have), as well as its intrinsic human tracking flaws, not to mention it being primarily owned by the CCP, all make it a very poor choice as a barter intermediate.
"Intrinsic" value is a faulty concept. It's always the case that humans value something based on its usefulness for a specific purpose.
The value is not an inherent property of something but a reflection of people's demand for it. Similarly, something only needs to be "backed" by something else if it is missing the properties that people value.
Bitcoin has many attributes that are fundamentally similar to gold (which humanity values at over $10 trillion), and are often superior precisely because of bitcoin's digital nature.
I have no idea who Peter Schiff is, and anyone with the name Schiff would automatically be suspect to me.
Regardless, telling me to buy bitcoin by discrediting someone I have never heard of is not a meaningful argument for bitcoin, nor is it a meaningful counterargument against what I said.
What is the intrinsic value of the coin? It is immaterial, cannot be used without the hardware and software backing it. Even the original papers acknowledge the fiat nature of the currency, meaning it only has the value of faith that it has value.
The hardware INVESTED to operate was made on the promise of future investments providing a value, ultimately the miners only use their resources because they will see a return. A return they can only see by increasing users investments.
Bitcoin is not a ponzi scheme, which isn't to say that is doesn't have problems -- chief among them that the on-ramps are government-monitored exchanges that report to the IRS just as if you were trading stocks.
Not a ponzi scheme, just holds many of the same traits.
Pretending it is anything but fiat. Without having the ledgers backed by anything tangible it cannot hold any value beyond the value attributed by faith.
I just explained the intrinsic value to you.
The argument that it's immaterial is false as well. It very well exists physically, as the collection of all involved parts.
PMs and fiat currency cannot be used without their respective infrastructure either.
By your reasoning they are now worthless, because you don't accept the costs associated with mining PMs or printing paper currency.
It's okay - you tried. user2827 can have fun staying poor
just wondering.. if someone would be poor how would they get any bitcoin in the first place, 60k isnt exactly cheap is it? What about the wild price swings? if rose nearly 4k today? what about next week?? e.g if i put in $60k right now bought 1 BTC, 6 months time the price crashes 50% now my 1 coin is only worth $30k, who just stole my other $30k? Not a very reliable way to store $$ long term is u ask me..
Now i hate the current financial system but atleast with fiat currency the value remains stable and im not going to wake up next week and my life savings will be gone... WIth current system all i have to deal with is inflation and interest rates affecting the buying power of my $$$ and these are usually 1-5% a year or 0.25/0.5% on CB interest rates. Seems no different that trading stocks to me.. just gambling.
Also with supply being limited is there not a huge risk of a financial whale coming along and dropping a few bill in and capturing the market? like a hostile takeover via stock ownership? Also who processes all the payments?
I dont know jack about crypto, never really trusted tech atall... never owned a smartphone... :D :D never will.
P.S Formatting on this site is abysmal.. this WAS a proper paragraph CBA to fix it.
bitcoin is divisible into 100 million parts.....the whole idea the "omg a bitcoin is so epensive how could a poor person buy one" is demonstrative of the fundamental lack of understanding here. You can buy $1 worth of BTC.
What about the wild price swings? What about the wild price swing of the dollar to the downside? What about the endless printing of the dollar?
BTC has performed at an average of over 200% per year over the course of its lifetime. If you don't think that sounds like a reliable way to store long term value...LOL
The main problem with the current financial system is you are forced to take on risk (stocks, investment) to store your value because like you said you're dealing with inflation. Bitcoin is deflationary, with a hard cap on total supply, and a decreasing rate of issuance.
In addition it is uncensorable/unconfisatable. Daddy Trump recently had banking services shut off. Gab and other patriots too. Those dollars you thought were yours could be suddenly under somebody else's control at any moment. Bitcoin fixes this.
thanks for replying, You make some good points, In my first point about the price was abit facetious as i was setting up the 2nd point about the wild price swings. Annnyway,
IM not here to defend the fiat system im just genuinely curious, just lookd at the chart for BTC and u say there no price swings but since DEc 2017 BTC has lost ~86% of its value twice, yes yes on average its up since launch but week to week you could see HUGE swings in value relative to fiat fluctuations. a niiice price climb recently but what makes you think the price isnt going to collapse ~86% again in the near future. it would'nt be unheard of.
Like i said, looks like a good casino and at some point i will probably buy a fraction of a BTC to try to make some $$ on the upswing but loooking at it you would be foolish to use it as a primary method transacting in 2021 and i doubt even you are actually doing that.
i guessing ur playing like any other stock for gains and NOT actually using it as day to day currency, id wager you cash out into $$ as soon as the price drops a few % and go spend those beacuse lets face it, its more stable.
Man i wish i have bought in back in the day when my flatmate was telling about this thing call bitcoin i think they were $4 each back then....
Anyways, thanks.
You can transfer value from person A to Person B anywhere in the world, with no permission from a bank, govt, corporation or organization, tustlessly in minutes or seconds. And its global. This isn't sending US dollars to China. Bitcoin is a universal money.
Now I'm a shill because I'm not all over cryptos.
Think logically for a second, if cryptos have such high intrinsic value, why would people talking about what it really is be such a risk??
The markets are very susceptible to pump and dump schemes, mostly because new money coming in creates more value to earlier investors. Aka the primary defining trait of a ponzi scheme.
Explain. I would love to see the mental gymnastics that allows you to draw that conclusion.
I thikn what they mean is that most silver boght in sold is paper silver, i.e it doesnt actually exist anywhere other than a database somewhere, may not have even been mined atall yet. the only way to guarantee you actually have silver is to take delivery of the physical silver yourself.
And that would be an accurate assessment in that case.
However, this person also compared silver with tulips (if you're familiar with the reference), so, it is harder to associate that explanation.
Look, I don't have any significant vested interest in cryptos, fine as a currency, too much gamble for speculation, IMO. In spite that some cashed in big already.
It seems like buying "vaporcoin." There's nothing to back it up, just thin air.
You mean just like the US dollar? And every other currency? Kek. All currency fake currency.
Excepting of course the currencies that we used prior to the Luciferian takeover of America's economy in 1871 (completely removed in 1973). Those currencies being precious metals, notably gold and silver. The same currencies, that until recent manipulations in the Luciferian's economic end game were recognized world wide as THE ONLY valid currency for all of human history.
"Valid" being the edict of a king, usually in hock up to his crown to a Khazarian mafia bank. We had a gold-standard for most of human history because they owned most of it. There were crushing economic depressions (and silver inflations) during the gold standard. It was dropped when they developed more efficient mechanisms of hidden slavery in the 20th century.
--If we are to ever be free, one element will be to STOP using Cabal coin, whatever it is, whether it be gold, fiat, or bitcoin.
We are the first generation in human history that can hold in our hands a device capable of making true barter maximally efficient by weighing a running of tally of dozens if not hundreds of competing currencies.
Bitcoin is presently an excellent store of value because whomever presently controls the preponderance of wash-trading HFT algos says it it. However, it is a terrible currency.
Yeah, but at least I can put a dollar in my pocket.
you could put a bitcoin wallet on a USB stick and carry it in your pocket - it could contain millions.
...until it doesn't.
fine until the value plummets like bitcoin likes to every year or oh i dunno, A freak weather event cuts off electricity in your state and by extention the internet also, then u sure would be grateful for a few $$ in ur pocket.
Super rich moving assests.
NYAG let the tether-scammers get away with a slap on the wrist that they just tethered themselves out of anyway.
And with Biden back in and the Epstein-MIT connection and Adam Back being a super-shady asshole obviously jealous of Satoshi that was able to do what Adam himself could not; Make P2P electronic cash.
The bigger they are, the harder they fall. When it all collapses, the Deep State will be in deep shit.
Exactly. As bitcoin market capitalization surpasses that of DS Fiat dollars they will be in deep shit.
There are thousands of blockchains out there. Thinking that all of that is going into only one of them is insanity.
no, that line of thinking is insanity. feel free to peruse my post history i've shared links to excellent reads that help explain why those "thousands of blockchains" are shit.
Cabal critters are not inclined to share fractions with you filthy peasants. You're out of your mind if you think they're going to buy BtC up a spike they don't control when they have so many other options.
man, this fool again...ignorance really is bliss isn't it, bezzle?
NFTs are dumb and a scam. This does nothing but help make the point I have been making. Bitcoin is it, not shitcoins.
<tappity-tap>
Oh.
It's you.
The pumper.
thanks for helping pump my bags bezzie!
https://imgbox.com/NLU6DGiX
love when people throw around the word "blockchain" while simultaneously demonstrating they don't know what the hell they're talking about.
Is BitCoin even real? Is Satoshi Nakamoto even real? Did the guy who made it up just look at his desk/shelf and come up with a name? https://i.maga.host/jbcbFE1.png
Hats off to everyone making a killing off of it, but I cannot invest in CHYNA.
No one knows lol
Bitcoin originated at Caltech in Pasadena.
does it really matter ...?
China likely controls that majority of the mining/network. Therefore they own it
TFW they don't realize that miners don't control the network smh lol
The miners do control the network ... all it takes is 51% control to override transaction verification
You must have not been around for the user activated soft fork
People think bitcoin is this massive unpenetrable force, but it does have an attack surface. I'm not trying to discourage its use because it is probably much more robust that our fiat dollar.
it's definitely the hardest asset available in terms of safety
I can appreciate that viewpoint. I just know that most of the mining ASICs are made in CHINA
Tulips can't buy mansions for long.
ok boomer
You honestly sound a LOT like the lefties we have to deal with who spew propaganda with no critical thought behind it.
Bitcoin can be utilized as a store of value, tulips cannot. Thousands of merchants accept bitcoin as payment, wasn't the case for tulips. Tulips had one large unsustainable rise in price. Sheep like you have prounounced bitcoin dead over 300 times at this point.
oh and kind of a big one: Tulips can be reproduced, inflating the supply. Bitcoin has a fixed supply with a deflationary issuance. But forget all that and go back to shouting tulipmania along with the drones
only issue i see here is you're using robinhood. any BTC you buy there is not actually yours until they allow you to withdraw it. kinda defeats the purpose of bitcoin
what do you think of all this NFT stuff? A future in dank trump memes?
scam
funny but true meme https://lh3.googleusercontent.com/xi-dIkOHllEUNRLEvZ0Q29-284t7B0JVPPV_evD0EuWxckXveFYaFLZBjDgrOSF6VfPIDnbA9CNxiphwf1BU1LhY2FqaRUVkMZ_WKReYBXZ5lOevKmzvRXwQ0ImzaSMZysebt9cb
That's a nice bubble you got there.