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.
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.
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
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.
Bitcoin and the block chain are two separate things. The blockchain might have some usefulness, Bitcoin, not really.
Invented being the operative word. Invented out of thin air. Like the FED creates money- out of thin air.
There's no inherent value in bitcoin. It's not worth the paper it's printed on.
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