First of all, BITCOIN IS NOT MADE TO REPLACE MONEY.
It has a set number of created or 'minted' coin, 21million. That immediately tells you that there will never be enough Bitcoin to ever be used as a transaction coin.
Not only is it they're not enough to use it as a transaction coin, but it wasn't designed as a transaction coin, therefore it has extremely high rates to send the coin.
Ergo, an ASSET coin.
There are cryptocurrencies however that are specifically designed to be transaction coins. No one cryptocurrency though could ever hope to replace fiat cash, because the value of having physical over digital is never going to be outweighed. The only value in a cryptocurrency they're truly is the value the users give it, in the value in which the encryption and the limited supply of the coin provide.
If you think of them more as specialized game currencies, and they are only used within a platform, but it can be used like real money.
Now we do know criminals are using this TRANSPARENT LEDGER, AND NO AMOUNT OF FUNDS SHUFFLING CAN HIDE THAT YOU ARE MOVING MONEY. THEY WILL BE CAUGHT INEVITABLY, THERE IS NO WAY ATOUND THAT. Cryptos that are made to hide the ledger, I know less about, but since all transactions have to exist in some sort of network where everything is being recorded, no bit of information is ever technically inaccessible.
Banks made Ripple. Bitcoins' creator is anon, and has never surfaced. Anyone could try to take that claim to fame, but there is evidence and records in forums about the creator, and conversations with the creator about its purpose which is to show that money could be decentralized.
Right now, miners all over the world have been COMPETING with CHINA to make sure they never gain 51% of the network! THEY COULD THEN CHANGE BITCOIN HOW EVER WAY THEY WANT!
Bitcoin is an open source project that can only have changes made when people agree on them! If you want to voice a change, you presented to the community, and it's up to the community to transfer over to that, if you fail to have 51% of the community follow after, that means you create a fork of the coin instead and it's value could be nothing.
I will do the best to answer questions, but I spent my time search Bitcon and cryptos in 2017, so I could be a smidge out of date with other replies, but what I say in this particular post is the core of most crypto and Bitcoin discussion in the crypto communities.
Donald Trump publicly speaks out against Bitcoin. OP and others keep shilling their copium.
Does interest me a lot that he isn't a fan. Though he wants to use blockchain for the social platform!!! Very interesting.
A surface level explanation could be that as an old man who is mostly in real estate, crypto isn’t his dance. I wonder if there’s more to it than that.
Never stop buying gold and silver bro.
Crypto fucks be like "Gold and silver are only valuable because you give it value! Same applies to cryptocurrency!!!"
Jack Dorsey certainly agrees.
https://www.cnbc.com/2021/06/04/twitter-and-square-ceo-jack-dorsey-focused-on-bitcoin-btc.html
In other words - Twitter is competing with the dollar using Bitcoin. THEY WANT TO REPLACE THE DOLLAR AS A FORM OF ONLINE TRANSACTION, THEREFORE REPLACING THE DOLLAR. PERIOD.
What's the best way to get a population invested in a product they can't even hold, to the point of religious devotion? What do you think the GPU "Mining rig" craze was all about? Since Crypto$hill "qstrategy" wanted to hit me for mentioning this old mining method that normies got into this craze with (and still use) - let's remind everybody that SALESMEN don't get to reverse history NOR replace FACT with their piss peddle terminology in order to attempt discredit and distraction -
https://beincrypto.com/learn/free-bitcoin-mining-in-2021/
https://paybis.com/blog/best-gpu-for-mining/
https://www.windowscentral.com/best-gpus-crypto-mining
https://cryptominertips.com/can-you-mine-bitcoin-with-one-gpu/
There is nothing worse than a LARP that exploits this movement as a target to sell his "investment" schemes. Go fuck yourself, "qstrategy," shill your bitcoin bullshit on Reddit.
A fucking top-wealth tech company could've done that without outside help from idiots running up their electric bills - yet it's a crowd-source method to generate interest from people looking for more income. So have fun paying your fucking miner fees, cryptofaggots, fund your own trap.
Cryptocurrency is the means through which Corporations - who use crowdsourced retards to boost the value of their coins beyond what they themselves invest (https://bitcoinmagazine.com/culture/the-jack-dorsey-bitcoin-interview and https://eng.ambcrypto.com/jack-dorseys-square-buys-50-million-worth-of-bitcoin/) to enable control over their own 'alternative currency,' by which they can fund under-the-table projects and hack/scam what they need through the numerous proxies that infest this disgusting marketplace.
Why was the FBI able to seize ANYTHING? "Faulty password storage." Did you know the FBI is one of the biggest shareholders in Bitcoin? https://www.pcmag.com/news/feds-seize-1-billion-in-bitcoin-tied-to-dark-web-marketplace-silk-road
That's not even the first time either - https://www.forbes.com/sites/andygreenberg/2013/10/25/fbi-says-its-seized-20-million-in-bitcoins-from-ross-ulbricht-alleged-owner-of-silk-road/?sh=3bc4920c2765
Seeing how hard this bullshit scam is marketed, especially in places like this, where we're pretty much FOCUSED on what Donald J. Trump says, is a red flag when Donald J. Trump is coming out against cryptocurrency. These people are infiltrators and salesmen - they should be treated as any other PAYTRIOT is treated - bend them over your knee and beat their ass purple.
Donald J. Trump has very specific thoughts on Bitcoin - https://www.youtube.com/watch?v=7k6z-W1KTOs&t=4s
Further?
When is our President wrong? But Crypto is good, right?
Buying into this crypto bullshit is a great way to boost the Net Worth of the corporations that facilitate the sell-out and betrayal of our country, the sexual trafficking of the world's women and children, and proxy cyber attacks that occur CONSISTENTLY against our nation's infrastructure to further their portfolio, and by extension, power; https://www.forbes.com/sites/jasonbrett/2021/06/07/us-recovers-millions-in-bitcoin-paid-during-the-colonial-pipeline-attack/
Beware the Cryptophiles.
Way more in the loop than me. And I agree it's wrong to replace the dollar. Fuck that.
Deepstate realized it could be used for evil. And fuck that entirely.
I am VERY fucking proud of you. Too many are so entrenched in Bitcoin and crypto in general, that the only option left is drilling information like this to wake... them... up.
Could you give us your opinion on when decentralization may be useful?
Threats of violence and FOMO notwithstanding how exactly can trust in a central 'authority' be cultivated and maintained?
Why do you trust some private corporations (Federal Reserve) and not others (tech giants)?
Because the dollar can’t be used for evil right ??
Cryptophile here. You carry on letting inflation take your worth away and relying on centralised banking systems while we prepare the future.
You can print those 0s and 1s out on paper and keep them wherever you want.
My statement is correct. You can hold Bitcoin on paper. You do of course need to return to the network to send it somewhere.
I literally just elaborated that it's not really good to use for transactions, and while there are coins that are made for transactions they're very limited for platforms.
I am not here to shill for crypto, I just think education is important. The idea of decentralized cryptos is to create currency, or ways to send value for less than going through 3rd party systems like PayPal where they take a huge slice of your value. It isn't meant to take over. It's just another tool, one that gives amazing transparency and a clear ledger of spending. If that scares you, maybe you aren't on the right website for truths.
Q told us to expand our thinking. It sounds like that is what you are trying to do. Q also said that shills whine. You do not sound like a whiner.
They do that regularly.
Try raising how the value of crypto markets fluctuates on incoming or outgoing investments. AKA people buy in and the future value rises, people sell the value drops.
That is the primary defining factor when trying to spot a Ponzi scheme.
So, however much the 'asset' explodes, if people lose interest and people start selling, the value will hit zero while many will still be holding coins.
The same concept is what gives gold/silver value.....just sayin
That is true.
I assume you have the same animosity towards the stock market?
i would take out; trump said it would crash if he didnt win and i dont think he planned on winning when he said that - gamestop gonna bring the system down.
The stock market is (at least ostensibly) the purchase of a part of a physical company. A stock is backed by a real, tangible asset that has value completely separate from the piece of paper that signifies the stock.
Just like Gold and Silver.
Gold and Silver have real value that has nothing to do with them being currency. That is what makes them so valuable as an intermediary to barter. People will trade for them and make things out of them no matter what.
There are cryptocurrencies that are backed by real physical assets. There are even cryptos that are backed by real gold and silver. The reason why those cryptos aren't popular is because they are only worth the same as the asset that backs them.
Faith based assets though, like Bitcoin, or Etherium etc., those are as valuable as the amount of faith that backs them.
But how much is faith worth? Its worth a whole lot, all the way up until faith is lost. Then it is worth exactly squat.
What does it take to break faith? A fart in the wind if everyone hears it.
Thank you for an intelligent response. The point I guess I'm trying to make is this: I understand hesitation against crypto, I have some of that myself. What I get confused with is the "but I can hold gold" argument.....and by that I mean: Gold/silver are manipulated (in price) by the elite, so are stocks, so is crypto (example earlier in this thread by mean tweets). The value to these things are assigned by the masses. The second we all decide they're BS, they're not worth the space they reside in.
Your point is totally valid, but it leaves out important details.
If we lose this war, and go genuinely (not just a scare event) into The Great Reset, with full Cabal control of the world, it doesn't really matter what we do. Humanity is lost and every single means of currency (other than The Great Reset variant) is worthless.
I am going to assume that is not going to happen for this discussion. (Personally, I think the war is already won against the Cabal, and we are watching a show that involves the mop up of the underlings).
I see two likely futures (if we win or have already won).
SHTF future:
There may come a time, likely in the not too distant future, where the SHTF. In that time there will be things that have value, and things that do not. In that scenario only physical assets will have value. There will be a few crypto that are valuable, but their value will decline as fewer and fewer people will trust or use them (or even be able to contact each other TO use them). Gold, silver, bread, water, bullets; these things will have value. Tangible assets. Gold and silver are less valuable than the others in such a scenario really, but we are ingrained to understand that the 5000 years of history of using those assets as currency was for a really good reason. I think they will become the new medium of exchange in such a scenario, though direct barter will still be very common.
Trump comes back soon future
If Trump returns soon, I think the economy will stabilize quickly. I think he wants to take us into a PM standard. He said recently that he wants the US dollar to be the currency.
Per the Constitution of the US (original):
The Constitution states clearly that only Gold and Silver are legal tender. The US Dollar is made out of gold or silver. I have no doubt a crypto variant will be available for convenience, exchangeable for physical gold or silver at any time.
This will eliminate inflation, which never existed for the first 5000 years of barter until the coin act of 1873 which (against the US Constitution) divorced silver from the US dollar. Inflation got worse and worse until finally in 1971 gold was also divorced from the US dollar. Since then inflation has gone off the hook.
Perhaps a Patriot winning future is somewhere in between those two. In any case, I think a crypto backed gold and silver will be the medium of exchange eventually. Until then, there may be more fiat money to be made playing the crypto market, but no matter what happens, eventually people will lose faith in them and they will all be worthless (the faith backed ones).
I like this
Name calling, great way to debate.
The only reason gold has value is because people deem it valuable. I can go outside and pick up a rock....but can't trade that for goods unless people assign it value.
Gold has value (aside from currency) because it has been one of the most used items for adornment for all of human history. Long before it was used for money, it was used for adornment. In the case of silver it is used for not only adornment, but as one of the most important materials in the electronics industry. If it were 50 times the current value it would still be bought up like hotcakes for that industry.
That is what gives them real value. Their value, on a supply/demand curve that is completely separate from their use as an intermediary for barter.
It is only because they have this OTHER value that makes them good as an intermediary for barter.
The best scenario would be a crypto backed by gold and silver, where one could immediately exchange their crypto for an unchanging amount of gold and silver. This gives all the benefits of both worlds, and I bet you anything that is what will happen assuming we win the war (or already have).
If you look at the history of inflation, it never existed until 1873 when silver was divorced from the US dollar. Not for thousands of years. The same amount of silver could buy a loaf of bread for Jesus in Jerusalem as for George Washington in Delaware (subject to local supply and demand).
Every fiat currency is useless in a free market. It can be no other way.
How do they." Mine " the bitcoin? That's what I don't get Silver and gold are mined metals. I get that I get how it works. But Bitcoin not sure where the " mines " are
Mining does not pertain to Bitcoin only, its for blockchain technology. Its what keeps the system honest (verification process that makes fraud very difficult). If you're curious about blockchain stuff, there's a couple decent Yoo tube videos (blockchain for dummies or something like that).
I'll check it out
Only thing that has caught my attention about Bitcoin is that is decentalized. .
So mining is actually the act of running your computer to run the encryptions for a cryptocurrency. You become the transaction hub to confirm an occurring transaction. A crypto will have a certain rate in which the coin is produced, for example a coin can choose to be minted once every hour, they might have five coins minted during that hour, but in addition to the five coins being minted, the miners also are distributed all transaction fees for helping support the network through running the encryption software on their computer.