I’ve read about the mining part before trying to understand it better but it doesn’t make a whole lot of sense to me. I can accept that part without understanding it fully. The problem with it for me is when you have too many criminals doing nefarious things involving Crypto, it kills its legitimacy for average investors in my opinion. It just looks like a Ponzi scheme to most people like FTX turned out to be.
Criminals use it because it allows some degree of privacy. Where we went wrong in this world was targeting privacy instead of crime, that's where a lot of our freedom went. The key point, though, is that Bitcoin (and most other crypto) are fixed supply. They get harder to mine, and there will never be more of them. Bitcoin is capped at, I think, 21 million - if people decide it has value by being outside the Fed, those who own even a single Bitcoin will be the rare few.
Drug dealers all over the world collect usd.. you think el chapo is stacking up bitcoin or 100s? Jus saying it doesn’t mean anything because a bad actor used it..
Also, consider: crypto requires electricity, electrical connections and an internet. you cannot pass crypto hand to hand unless you've got some form of these working for you. Unlike certain other things.
Postulation:
Set up crypto as a wild, free market for speculators & (investors). > Get them to pour their investment assets into crypto. > Meanwhile, buy up as much of the world's gold, silver and precious metals supply as you can. > Scandalize crypto as a dangerous, unregulated form of 'currency'. > Develop and mandate government (central bank) controlled digital currencies as the solution' to the crypto volatility, danger and scandals. > Force conversion of standard currency into digital currency that can be controlled by govts. > Implode the fiat currency system after having bought all the gold and silver, forcing the populations to become entrenched in the 'new' digital ID, digital currency, total surveillance slave system.
A payment system. Its a payment system. That's the utility. Have you guys ever heard of PayPal? Well now we have PayPal without the company running it, its a public utility.
Bitcoin is public money. It is permissionless, anyone with a computer can use it, so sanctions are impossible. It is transparent, so anyone with a computer can audit it. It is created on a fixed schedule that will decay to zero over time, so it will never hyperinflate.
No fiat currency has these properties, and I can tell you from experience, governments are terrified that this tech will strip them of their precious ability to print money whenever they want.
They’ll be the next thing to collapse with this news. I don’t think most people have much confidence in Crypto, anyway. I sure don’t. I wouldn’t put any money in there that I wasn’t willing to lose.
Bitcoin is going to eat the world's entire financial system eventually.
Once anyone really takes the time to understand WHAT Bitcoin is and how it works, there's no going back to a paper-backed fiat currency system.
"Crypto", on the other hand, is a giant ponzi designed to extract Bitcoin from unsophisticated retail investors hoping to get rich quick from "the next Bitcoin"...
Actually, some people have the crazy and wild notion that precious metals, like gold, silver and others are the real money, with a track record of thousands of years.
Whose snatching up all the gold and silver while others are pouring their money into crypto? Yes, that's right....
No it's not. Vitalik Buterin is an outspoken pedo leniency and acceptance proponent. His Twitter history is full of pro pedo sympathies, equating child porn as a victimless crime such as drug use.
Dude is a creep. Give him your bits if you want to support a pro pedo shitworm.
Crypto=Money invented out of thin air. Like the FED.
More like a legal pyramid scheme. The inventors and very early investors are the ones who made a fortune on very little investment.
Block chain makes sense for internet transactions. Creating imaginary currency out of increasing power usage does not.
BTC is the only currency with provable scarcity.
We would use Funk O pops as currency if we had assurances of a finite supply
I could sell my dogs poop. There will be a finite supply of that because my dog will die eventually.
But we couldn't tell your dogs poop from anothers.
Each block of BTC is unique
Don't worry, I'll give you a unique GUID with each one.
I'll keep my BTC thanks! 10 year record of only going up
Explain to me how it's not another form of FiAT.
I already have if you read this whole thread.
Fiat is centralized; single individuals are able to arbitrarily increase the supply, devaluing currency.
Bitcoin is decentralized, it is hard coded to have a finite supply that can't be arbitrarily altered.
The moment I saw crypto ATM's at gas stations was the moment I knew the scam was bottoming out.
It's literally not; Bitcoin is backed by the amount of carbon utilized to mine it, with a fixed supply.
Mined from where to produce what usable product?
Mined by solving cryptographic equations to prove originality to generate unique tokens that can be exchanged for anything.
The first thing mankind wrote down when inventing writing was a ledger.
Just because you don't understand something doesn't affect it's legitimacy.
Bitcoin was literally invented to be the antidote to the central bank system after the 2008 bankers bailouts.
I’ve read about the mining part before trying to understand it better but it doesn’t make a whole lot of sense to me. I can accept that part without understanding it fully. The problem with it for me is when you have too many criminals doing nefarious things involving Crypto, it kills its legitimacy for average investors in my opinion. It just looks like a Ponzi scheme to most people like FTX turned out to be.
Criminals use it because it allows some degree of privacy. Where we went wrong in this world was targeting privacy instead of crime, that's where a lot of our freedom went. The key point, though, is that Bitcoin (and most other crypto) are fixed supply. They get harder to mine, and there will never be more of them. Bitcoin is capped at, I think, 21 million - if people decide it has value by being outside the Fed, those who own even a single Bitcoin will be the rare few.
But look at all the criminals using USD
Drug dealers all over the world collect usd.. you think el chapo is stacking up bitcoin or 100s? Jus saying it doesn’t mean anything because a bad actor used it..
Bitcoin and the block chain are two separate things. The blockchain might have some usefulness, Bitcoin, not really.
You can use Bitcoin to easily pay people instantly anywhere in the world.
Very much agree.
Also, consider: crypto requires electricity, electrical connections and an internet. you cannot pass crypto hand to hand unless you've got some form of these working for you. Unlike certain other things.
Postulation:
Set up crypto as a wild, free market for speculators & (investors). > Get them to pour their investment assets into crypto. > Meanwhile, buy up as much of the world's gold, silver and precious metals supply as you can. > Scandalize crypto as a dangerous, unregulated form of 'currency'. > Develop and mandate government (central bank) controlled digital currencies as the solution' to the crypto volatility, danger and scandals. > Force conversion of standard currency into digital currency that can be controlled by govts. > Implode the fiat currency system after having bought all the gold and silver, forcing the populations to become entrenched in the 'new' digital ID, digital currency, total surveillance slave system.
Presto, you've got a plan!
Invented being the operative word. Invented out of thin air. Like the FED creates money- out of thin air.
There's nothing backing the Feds currency as they can choose to increase supply.
Nobody can change the supply of BTC
Let's NOT talk about the Epstein network and connection with the developers of BTC, at RMIT etc. No, let's not.
If folks had NOT been pouring billions (ie. a trillion) into cryptos, where would they have been putting it?
Answer: what had the highest rate of purchase by central banks in 2022, highest (largest volume) for 50 years?
There's no inherent value in bitcoin. It's not worth the paper it's printed on.
It's not printed on paper and it's worth ~23k USD
A payment system. Its a payment system. That's the utility. Have you guys ever heard of PayPal? Well now we have PayPal without the company running it, its a public utility.
What carbon? Most of the planet is carbon based...
The energy used to mine it
Agreed, at least the Fed has a printing press and can keep it churning out bills when needed. Sounds kind of like "funny money" to me.
Bitcoin is public money. It is permissionless, anyone with a computer can use it, so sanctions are impossible. It is transparent, so anyone with a computer can audit it. It is created on a fixed schedule that will decay to zero over time, so it will never hyperinflate.
No fiat currency has these properties, and I can tell you from experience, governments are terrified that this tech will strip them of their precious ability to print money whenever they want.
Then why is it about to get hammered?? Who or what is going to hammer it?
https://greatawakening.win/p/16aTHDjiWz/x/c/4TrI3ruplIM
They’ll be the next thing to collapse with this news. I don’t think most people have much confidence in Crypto, anyway. I sure don’t. I wouldn’t put any money in there that I wasn’t willing to lose.
Ooops, got caught. Toto pulled back the curtain of truth!!
Hammered? Like gay butt sex Paul Pelosi style hammered?
Bitcoin is going to eat the world's entire financial system eventually.
Once anyone really takes the time to understand WHAT Bitcoin is and how it works, there's no going back to a paper-backed fiat currency system.
"Crypto", on the other hand, is a giant ponzi designed to extract Bitcoin from unsophisticated retail investors hoping to get rich quick from "the next Bitcoin"...
ITT; anecdotes, opinions, and conjecture
Big dip incoming on bitcoin and eth. Buying opportunity in my opinion.
ETH is a pedocoin. Invest if you support pedo politics.
This is a garbage sentiment.
Creations aren't judged by their creators.
Programmable money decreases demand for the lawyer/accountant class
Hey PL, I guess everyone here is content with the status quo of fiat. 🤷🏿♀️
The central bank and fiat currency is the final boss.
Crypto terrifies them and the propaganda is as powerful as big pharmas.
Is sad to watch so many Patriots fall for it
Actually, some people have the crazy and wild notion that precious metals, like gold, silver and others are the real money, with a track record of thousands of years.
Whose snatching up all the gold and silver while others are pouring their money into crypto? Yes, that's right....
Por que no Los dos
No it's not. Vitalik Buterin is an outspoken pedo leniency and acceptance proponent. His Twitter history is full of pro pedo sympathies, equating child porn as a victimless crime such as drug use.
Dude is a creep. Give him your bits if you want to support a pro pedo shitworm.