Cryptographically mined currency is backed by the carbon effort consumed in producing it.
The value is secured across multiple computers, constantly updating and verifying the Ledger, this is called "blockchain".
Bitcoin has a finite supply that cannot be artificially increased, which is why its value (compared to fiat) has only increased since its inception, if you zoom out.
It is humanity's primary weapon against the central bank system, and any individual 's lack of understanding of it doesn't affect its significance
The value of 1 whole coin goes up. This in turn means you need fewer amounts of a coin to purchase things. Just like gold, the price goes up when supply is short. When new supply is added (mined), the value goes down slightly. As time goes on, there is less and less available to mine until eventually all of it is mined. At that point, 1 ounce of gold could be worth $100k, which means buying a house would take 2 ouncesof gold. It's not as if the gold is useless when all of it is mined right?
I'm wondering what happens when the electricity stops. With paper you can spend it even in the dark. With crypto once an EMP hit everybody holding crypto is royally screwed. How are we gonna get our bits of coin out of a computer when it turns into a desk sitting brick?
Gold and silver serve as an agreed upon means of exchange in a civilized society. I will quote a survival expert. "Should you buy Gold and silver? That's up to you, I will say that during WWII German families left the city with suitcases of very expensive silverware and came back with suitcases of very expensive vegetables."
if you can afford gold and silver, make sure you have food, water, and ammo first.
Doing that now as I don't trust any exchange sites. Even the founder of Bitcoin said these exchanges which have the power to lock you out (happened to me) or get hacked are the very thing we were trying to combat.
An EMP doesn't just take out the entire planet. It would be still very localized and would only take out everything in a round cone shape beneath the EMP detonation. It would not neutralize the entire planet all at once.
In the 60s the government tested this with I think something like a 3 Megaton blast near hawaii, and it caused quite a bit of havoc but, and EMP capable of taking out the whole planet would be many times larger than the largest nuclear weapon we have ever created.
Edit: i asked GPT
The test you're referring to is likely the Starfish Prime test conducted by the United States in 1962. This was a 1.4 megaton nuclear explosion detonated 400 kilometers above the Pacific Ocean, near Hawaii. The EMP from this test caused disruptions to electrical systems over 1,400 kilometers away, including damage to satellites and electrical infrastructure in Hawaii, but it was far from global in impact.To affect the entire planet with an EMP would require a massive and highly coordinated series of detonations, far beyond our current capabilities.
Catsfive, I understand that part of the EMP process. But what happens to me, as an individual sitting in my house. The power goes out and within a fifty mile radius of the blast there will be no electricity. How will I get my bitcoin? Will I have to get outside of the area affected and get on someone elses computer to move my bitcoin around? If I had a pocket full of greenbacks during the EMP and afterwards I could use them to purchase items or hire individuals. With no computer services available I'm SOL if I need to purchase something. There is the flaw in the bitcoin system as I see it. Now, having bitcoin as the "fiat currency" of the US, I'm OK with that idea. It's just during eletrical outages that will have a harmful effect on this form of money.
I'd say that the ideal solution would be crypto for online, gold/silver coins for physical.
I like physical and don't want to see it go away where it works, but crypto is ideal for transferring money long distances instantly, which is important for online money transfer of any kind, whether purchasing something or doing business online.
So if someone did more local than online they could have a higher ratio of physical money, whereas if they did more online than local they could have a higher ratio of crypto, with a physical stash in case shit hits the fan.
You can hold your bitcoin wallet on a piece of paper.
You can exchange that piece of paper with someone willing to travel the 50 miles where there’s electricity to cash in the bitcoin.
It’s no different than gold or silver. Anyone in that area will only accept it if they are willing to transport it to wherever they need to go to exchange it into fiat or whatever else they want.
This is why you invest in your own PM test kit. Nothing online is going to confirm "metal quality". The only exception would be checking numismatic value and that's moot if the SHTF.
There's still no good answer if the power goes out... crypto will be worth precisely dick if you can't get online to use it. Farmers aren't taking crypto... so make sure you've got your own food and enough lead to defend it first.
PM isn't for SHTF... it's for after when you have to pick up the broken pieces and start over again.
And When you are ready:
Here is where you can find everything discussed from the most basic crypto concepts to very esoteric, deep discussions of the inner workings of crypto.
Also, President Trump did bring THE FED UNDER THE TREASURY and OHHH MY...the FED is the ONE holding ALL THE DEBT...so, the reality is, the FED will be gone and it will be the Treasury!!!!!
Decentralized proof-of-work is King. All proof-of-stake can be manipulated, but any move to digitization might be outside current system, and accelerate its collapse.
It could be manipulated, but then, what happens to the confidence in the crypto? It goes into the toilet. Other than the fork between ethereum and ethereum classic, no such example exists of a proof of stake ecosystem being systemically manipulated.
Because Bitcoin Cash sets out to do what Bitcoin was originally created to do, be a peer-to-peer electronic cash system. And it does it pretty well.
All Bitcoin (BTC) has going for it right now is price and hash (hash follows price, BTC miners can and do switch to BCH to mine when it becomes more profitable to do so due to the difficulty adjustment algorithm). If/when the economy collapses, BTC will go along with it thanks to a lot of tether and phony fiat price manipulation. Who knows if will ever recover.
7 tps is not enough to service the world, it's an intentionally sabotaged dead-end that ends up forcing people to buy BTC and leave it on exchanges or pay tx fees so high during periods of tx congestion that they say screw it and just use centralized status quo alternatives like CashApp/Zelle.
BTC has held the crypto space back from real-world adoption, and interest groups that are part of the WEF (and by extension proxies of the DS) such as MIT's DCI along with AXA and other such entities have shaped BTC by socially constructing a false narrative and manipulating developers.
Bitcoin Cash takes all that made Bitcoin great prior to 2017 (really 2015 is when things began to noticeably change) and improves upon it.
Vitalik Buterin was originally planning on releasing a smart-contract standard on BTC but it economically didn't make sense to do on a chain that couldn't exceed even seven transactions per second, and so he developed ETH.
Bitcoin Cash has its own scripting language that allows for smart-contracts that was passed through a decentralized process called CHIP to implement features so one node implementation/development team can't control it (unlike BTC's Bitcoin Core and Blockstream entities) and aims to take Bitcoin where it's not able to go today.
I don't have anything against Bitcoin Cash and I wish all the success in the world that the people involved with it can get.
Any innovations in any crypto ultimately benefit the crypto community as a whole.
But I have to call out the nonsense made up stuff that BCH people have directed at BTC since BTC has outclassed and outperformed BCH
The Bitcoin Cash Fork off of Bitcoin Happened on August 1, 2017, Over 7 years ago and since then Bitcoin has showed its superiority. They were equal at that time and since then BTC has dominated in every way, from its increase in value, to the number of transactions per day it processes, the number of nodes it has, its hashrate, the number of developers it has and the number of new innovations they have created.
At that time there was a lot of arrogance from the BCH people, about how BCH would take over and the opposite has happened. Roger Ver who admitted that the technological details were not his strong area but because of his superior Economic knowledge "Knew" that BCH would be the big winner.
The split came about because of a difference of opinion in the size of the processing blocks. The small block BTC people said that increasing the size of the blocks would result in fewer computers being able to do the processing and more centralization.
The big block BCH people said the tradeoff was worth it. The result an increase in size by 50 of memory only resulted in a 30 times increase in speed, not a good increase in scaling, So BCH can now get up to 210 transactions per second which wont cut it in a world where Visa can do 43,000 Transactions per second and BTC and other cryptos have incorporated L2 Networks like lightning which can go past 1,000,000 transactions per second.
So since BCH has failed to live up to its proponents boasts they have taken to just making up crap like BCH is the "True" Bitcoin, whatever that means. They also spread just stupid stuff about Bitcoin like BTC has been handicapped on purpose by a secret cabal that has taken over it and controls it.
First of all anybody who knows anything about the contentious arguments that can take place among developers when changes are proposed just laughs at the idea that Bitcoin Developers just sit around meekly waiting for instructions from their corporate bosses.
And despite this if you look at the Github Repositories of The Source Code For BTC and Also BCH you see how Bitcoin BTC dominates there also.
And the creator of Bitcoin, most likely Hal Finney, came up with the idea of 1 Megabyte Transaction Blocks and ten minute separations of new blocks because he wanted to emphasize security and make it resistant to attacks. That accounts for the original 7 to 10 transactions per second speed, not some deliberate attempt to sabotage it.
It has gone well beyond this speed with the incorporation of layer 2 Enhancements like Lightning, Layer 2 and Layer 3 enhancements are already adding new capabilities to many cryptos and will play an important part in enabling even Billions of people to use cryptos at the same time.
Bitcoin BTC has not held anything back, Anybody can try to create a crypto and develop new ideas and it has been around so long and has got so much publicity that it makes new people comfortable with the idea of trying out crypto.
Anybody can get a Bitcoin Backed Debit Card and use it for everyday purchases and more and more people are doing that.
Predictions of the Soon To Be Crash and Burn of Bitcoin have been constant over the last 15 years. The predictors never seem to learn.
None of it is FUD except for where the price may go being "Uncertain". BTC has deviated from its intended purpose by design by the very people who seek to profit over people today by ancient Babylonian money magic.
Bitcoin was intentionally crippled by or through agencies controlled by the clowns as early as 2014-15 when Gavin Andresen handed the development keys over and Blockstream took over. It's only gotten more blatant and visible as time has gone on.
Blockstream's small-block chain sabotage has turned BTC into a glorified ponzi where you buy and "hodl" until you sell it to a greater fool for fiat.
To get past the 7 tps tx limit Blockstream and Lightning Labs began working on the Lightning Network (L2) in order to offer a distributed channel for smaller transactions that would be classified as daily or payment transactions. The problem is that Lightning breaks down with small-blocks and people are forced into these centrally controlled hubs where payment channels centralize instead of route in a distributed fashion (the Lightning Network Whitepaper even suggests that Lightning should be interfaced with at least a 133mb block L1 chain).
So while it may be of your opinion, your opinion is wrong (cordially).
I appreciate you acknowledging that the tech behind BCH is better (why is that?)
However, I will grant you that BTC could simply win out such as cassettes vs. Betamax (better tech but not as adopted).
Stack BTC sats (I do too) but don't be surprised if the carpet is pulled from under you and the chain simply breaks down due to intentional design choices by the developers.
Correct. You have nailed the game being played by globalist. They need confidence in proof of stake to shift everyone over to crypto system before they try and steal it, but if they move too fast or try something too obvious, then it scares everyone away. After current system collapses and everyone over in crypto, they can then attempt to manipulate proof-of-stake to "reassign" assets via some sort of forced redistribution [SUSPECTED INTENT].
Most people still don't understand the difference between proof-of-stake and proof-of-work, and it is possible that humanity is currently generally too dumb to be able to figure out how to actually use crypto effectively. We are at the BOTTOM of a very steep learning curve with a cognitively impaired and mind-controlled population.
I also don’t understand it. So someone set up a company for digital currency and sets a limit of how many coins their algorithm will produce. So miner computers start mining these carbon coins and a value is placed on it. How does the price go up when more coins are mined that would I think make value go down until all of them are mined and the coin is accepted everywhere to purchase things. Also how do you limit how many digital currencies can be developed? Is it not gonna end up like all the currencies in the world and have to have a way to transfer from one to the other for purchasing powers? Like I would have to have a wallet for each different curry or is there going to be one currency that everyone has to use and if no one is able to mine anymore and no one will sell any of theirs then people who spent all theirs or can’t mine anymore are screwed. That’s no better than the elites making money and laundering it back to themselves to buy assets that are of value and common people can’t get that kind of cash freely to buy assets. I’m so confused on the whole digital cause like people ask about power outages or emp events but what about rural areas with very little if any cell service and you can’t get on the internet how you gonna buy something when you can’t access your digital wallet? I don’t seem to have the intelligence to understand DC no matter how much o read
i'm with you. if it's digital then we will need electric on constantly. any black outs and we are all screwed. and what about hackers? if our SS#'s aren't safe, our bank accounts aren't safe, credit cards, etc., how is bitcoin going to be safe?
Energy. In the case of you getting paid for your labor capital in Bitcoin, it is your human energy, 100% paid to you with no taxes on it (tax on labor capital violates 4th, 5th Amendment individual property rights).
To be "backed", a currency must be directly tradable with whatever it is backed by. That is what "backed by" means. It is common to make the claim that Btc or crypto in general is backed by energy, yet none of those currencies can be exchanged for energy. (not counting paying your electrical bill or buying batteries) Indeed, none of them can be exchanged for anything at all unless both people believe it can be.
In the case of an actual asset, like PMs, there is no worry about whether or not your PMs can be exchanged for something else because they have intrinsic value (value having nothing to do with belief, but rather value that has been given to an asset by Natural Law or the Universe itself). This is not a complicated concept, yet because Olympic level mental gymnastics is required, and the brainwashing so well developed for the True Believers, this concept is very difficult for any Btc proponent to understand, yet the easiest thing in the world for everyone else. The problem is, those who have invested in Btc or other such useless currencies must create belief to justify their often "all in" investment, and thus must miss out on the simplicity of this concept. It is because of this contrived belief that one allows themselves to make up such nonsense as:
Btc is backed by energy
No it is not. Not even in the slightest little bit, or under the most wild contrivance of definitions. You can't trade your Btc for energy in any direct way. There is zero "energy value" there.
What is petrodollar backed by? Oil, a.k.a. ENERGY
Well, I disagree that the "petrodollar" actually existed in the sense this idea is used. It was only a useful concept for countries, not people, and even there, it was total bullshit. Regardless, even assuming that the petrodollar really was backed by oil, the key there is, the petrodollar is backed by Oil, not "energy". Oil has an intrinsic energy property (as the basis of all organic chemistry, it has a lot more value than just "energy"). This energy value, and all of its other chemical properties that make it useful chemical stock for actual physical goods (plastics, pharmaceuticals, tire rubber, etc., etc.) are properties given to it by the Universe. Those properties can't be taken away by changing belief. They are fundamental AKA intrinsic. Btc on the other hand has no properties like that, nor can it be directly exchanged for something like that ("backed by").
Do you see the difference? The petrodollar is backed byactual physical usable assets. Btc takes energy to make. That energy is lost to entropy forever. There is no backing there. You can't get it back to do future work. The mining of Btc is the work. That work is now done and lost. We had energy, which was positive, the mining happens, and the "total energy column" is now a loss. That loss is called "backed by" by Btc proponents. That is what mental gymnastics looks like, in this case a lie that a loss of a thing is a gain, or storage, of a thing.
It is utter nonsense, and yet smart people are still confused by this simple concept.
That is the power of bias; the need for black to be white because of the potential for personal loss . When you build your house on sand, you need to believe the ocean, sitting 50 feet away, will never rise high enough to take out your foundation. It doesn't matter that that's not how things actually work--eventually there will be a storm--what matters is the investment. The cost of being wrong is so high that people literally stick their head in the sand to try to protect themselves from their inevitable doom.
Most correctly it is CONVERSION from energy to a infinitely divisible, but finite quantity software (digital) asset that can be moved to any cyber or physical location with nearly zero cost. This may be as close as we ever get to actually carrying around a packet of actual energy (or energy equivalent) in our pockets for anything other than gold/silver coins (which I also advocate for). Direct conversion back to energy is possible if one uses Bitcoin to buy physical assets that have energy resources without intermediate conversion to $. BRICs is working on one of these mechanisms now.
Gabriel's horn paradox discussion and the details of how it works in sections 5.11.2 through 5.11.3 in Softwar are quite mindblowing. I am still processing and re-reading to understand the actual functional mechanisms.
I use the multiple bucket strategy of cash, land, silver, Bitcoin, and silver/bitcoin/shorted stocks. Note that you can hold MSTR, MARA, and TSLA stocks self-custody at transfer agent. These three are 1,2,4 in terms of Bitcoin held on the balance sheet. This is the current best workaround of Bitcoin exchange transfer to private wallet restrictions (KYC bullshit), IMO.
Most correctly it is CONVERSION from energy to a infinitely divisible, but finite quantity software (digital) asset that can be moved to any cyber or physical location with nearly zero cost.
This is the description of a technology, not a currency. I agree that the technology can be used as an aid to create a currency. It can be used to create all sorts of currencies. It can even be used as an accounting device (currency) to back actual assets. The confusion comes from conflating a technology with a currency. Btc is not a currency except through the beliefs created by a literal ponzi scam that convinces people that it is.
This may be as close as we ever get to actually carrying around a packet of actual energy
Completely false statement. Btc is not a storage of energy. No matter how you are carrying your crypto, you are NOT carrying energy. This statement is utter nonsense and has not one iota to do with reality.
Direct conversion back to energy is possible if one uses Bitcoin to buy physical assets that have energy resources
That is NOT "conversion back to energy," that is convincing someone who has batteries for sale to take part in your scam.
If I hold silver and I find someone who wants the physical properties that silver has (for electronics, or making jewelry, or heat conduction engineering, or they just find it pretty, etc.) I don't have to convince anyone of anything, they will just trade me for it. The value is already there.
Btc doesn't have a single drop of that type of value; it is utterly worthless. Just because you have True Believers drinking the Kool-Aid doesn't mean the Kool-Aid isn't poison. The MOMENT there exists a crypto that is backed by a real asset and it really works as a real asset exchange, with all the necessary conveniences for a currency, Btc and all of their ilk will crash as fast and hard as a 3 year old trying to drive a semi.
Btc and their ilk fulfill a need and they use a technology to do it. That tech is cool stuff. I am a proponent. But the tech can be tied to real assets. Once that happens, people won't have to lie to themselves (and everyone else) about it's value.
I feel like DC is created out of think air. Let a computer run to “mine” a currency. The people that set this currency up what are they getting out of it all? You don’t set up something complicated that a computer has to solve without pocketing part of the coins yourself to get people to buy or trade you for a product and it has no real value except what you convince someone it has. Maybe we all need to make our own currency and mine it ourselves it will just cost us some $ on our power bill
All reasonable arguements. As you are implying here: Not all of the pieces are yet in place to allow Bitcoin to fully function as a currency as easily and fluidly as standard currency like a silver coin. The key questions to consider are: Does Bitcoin represent a store of value (dollar terms), and will it continue to increase in value (dollar terms) for logical, non-speculative reasons related to how it actually functions relative to the Bitcoin network (and hashrate)?
It does have value. The value is all of the energy consumed to create the Bitcoin, but also all the energy required to try and attack or hack the nodes and algorithm. This is represented by the hashrate. Hashrate keeps growing until it cannot be reasonably attacked by a single bad actor. We are already at the point where all Bitcoin miners and users worldwide would have to work together to pooling ALL of their energy to even try to attack the Bitcoin network. It appears to have reached a critical thresh-hold now, which allows for development of the rest of the mechanisms needed to turn it into a typical currency.
Bitcoin becomes worthless (temporarily?) if all of the world's energy grids AND every node of the internet gets destroyed at the same time (this is mathematically represented by the current hashrate). Given the power of nuclear weapons, this is not impossible now, but it will be very soon. Think about that. Even deployment of all the world's nuclear weapons simultaneously to destroy the Bitcoin network and world's energy grids will soon not be enough energy to fully stop it. It is a virtual SkyNET energy weapon system when fully deployed, but being deployed to save humanity rather than to destroy us. You may not fully understand this until you read section 5.10 of Softwar.
The value is all of the energy consumed to create the Bitcoin, but also all the energy required to try and attack or hack the nodes and algorithm.
This is a lie. This energy has no value. A thing has value if it is usable. In this case, all of that energy has already been lost to heat. It's all gone. It is non-usable energy. These arguments for Btc being "energy based" take a shit all over basic physics (specifically our ideas of entropy). ALL OF THE ENERGY REQUIRED FOR BTC IS USED UP!!!
It stores no energy. It stores no value. It is WORTHLESS except as a technology. But it is infinitely divisible (effectively). As a technology 0.0000001 Btc is just as valuable as 1,000,000 Btc. So as a technology, it has value. It can be used to create things, like say, a real asset backed currency (though there are better block chain techs than Btc, so it's really not a very good one in that regard). But it's value is not tied to the number that you have, thus it has no measure based intrinsic value.
We are already at the point where all Bitcoin miners and users worldwide would have to work together to pooling ALL of their energy to even try to attack the Bitcoin network.
This is an argument for it as a technology, not as a valueless currency.
Like everyone else, all of your arguments for Btc are either completely false, or are arguments for it as a technology. These arguments completely ignore the fact that it's usability as a tech is just as valuable no matter how much you have.
All non-asset backed currencies are worthless. We have been trained to believe in them. Once the scam is fully revealed, and we allow ourselves to have access to other means of economic exchange, not a single person will hold on to Btc et al. Not one. Why? Because it is a scam, pure and simple. Eventually that will be obvious to everyone.
It is not a currency yet. It is still tied only to energy because it must hit certain hashrate milestones as mining network and worldwide energy grid is built out, so it can’t be stopped.
It is a store of value priced in $ as hyperinflation destroys the $, but soon it will be obvious it is also a store of value when priced in gold. Silver will likely come later. This is what it is intended for right now. One alternative store of value, that’s it. (a life raft like gold, if you will). You are arguing about something that hasn’t happened yet.
You need to read Softwar. Bitcoin is not a scam, but all other cryptos may be depending on who controls them (there is only 1 proof-of-work crypto). Bitcoin is limited amount, but infinitely divisible. Its value grows over time as more energy is put into mining it and protecting the nodes. Most of the other cryptos were specifically created to program the public that “cryptos are a scam” while the Deep State hands out Bitcoin for bribes and uses it quite extensively now.
You can buy satoshis (100M satoshi per Bitcoin), but early adopters owning 1 Bitcoin now will very likely be new wealthiest 1% worldwide (for investing in humanity). You can also buy 1 share of MSTR stock and move to transfer agent to self-custody if you are not convinced it has any value. As a shareholder you might be convinced otherwise. MSTR is largest publicly traded holder of Bitcoin on balance sheet.
Space Force appears to be protecting the Bitcoin network “cyberspace” mining nodes as well as the StarLink parallel internet nodes. I don’t thing they would be doing that if Bitcoin was a “scam”
If there is enough bitcoins able to be mined for each person in the world to have one coin what would that coin be worth? Would it buy a house or a loaf of bread. Like how is the value of it not able to be manipulated? If I have 10 and you have none then one would hold a lot of value to you if you need to buy something and you would trade something of greater value to get the coin if you needed it to pay a bill or get something
Total Bitcoins will be 21M in the year 2140. You can buy satoshis (100M satoshi per Bitcoin), but early adopters owning 1 Bitcoin now will very likely be new wealthiest 1% worldwide (for investing in humanity).
Yes, it must eventually be used for everyday exchange in order to increase liquidity enough for everyone. They are very near this point in El Salvador, but most Corporations and State Gov’t in US are not accepting it. Some smart small biz operators and municipalities accept it as payment alternative. Your bread will be priced in satoshi and $ and possibly silver simultaneously at some point.
I was buying silver with Bitcoin because I believe it is the only thing more underpriced right now. I stopped and decided to try to accumulate 1 Bitcoin worth, expecting to be able to borrow against Bitcoin collateral asset at some point in the future.
Trading Paradox is that something viewed as too valuable will not be given up in trade for anything else unless it is just a tiny portion of the total “wallet”. This is happening slowly as Bitcoin price in both $ and gold terms increases.
Bitcoin is much more than a currency based on my reading of "Softwar". Many are missing some of the other aspects of how it can be "weaponized" to make typical kinetic warfare obsolete. This is likely the longer term mission of why it was created.
It is much more reasonable to expect silver/gold coins and/or silver certificates to fullfill the "replacement currency" or "currency backing" in the short to medium term, but Bitcoin is likely the next iteration after that once fully developed. Many of the potentials related to currency have yet to happen, but they are clearly sitting there ready and waiting when humanity is ready for it. This appears to be the purpose of how it was created. Foundation first. The roof comes later.
Good explanation, buy try again for us uneducated backwoods living hillbillies. I can break down the individual words but the concepts you are espousing is way over my head. Thanks.
Work, labor, effort, human energy expenditure (all labor capital) is done in exchange for something else of value. Right now that “other thing of value” it is US dollar backed by buying/selling of petroleum (exclusively done in dollars until recently) which is used to produce all things in all economies worldwide. US dollar is “energy-backed store of value” you accept in exchange for your “expenditure of human energy”.
Bitcoin (finite supply) is created worldwide on decentralized network nodes using machine labor, run by decentralized worldwide energy grid from various sources: coal, oil, nuclear, etc. The natural resources run computers to solve equations (proof-of-work), converting energy directly into “energy-backed encrypted software” instead of US dollars.
You have proof you did work to generate labor capital that you own 100% (no gov’t middleman). You “get paid” in a finite currency that cannot be duplicated or printed into oblivion because proof-of-work via energy expenditure is required for each additional unit and energy cannot just “be created at the touch of the keyboard” by Federal Reserve without doing any work.
End result is proper price for human labor (paid in energy equiv) and continuously decreasing prices for EVERYTHING as purchasing power ALWAYS increases. Inflation does not exist because Bitcoin (currency) cannot be debased because it is impossible to create fake energy or unlimited Bitcoin.
Yes Anon. I think it’s the physical part. No matter how much Bitcoin I have on the blockchain, I can never hold it in my hand. And an EMP could, “could” potentially delete it and all records.
But a physical coin, dollar, or Bond in my hand is physically able to be held, hidden, and saved or spent outside any digital/blockchain/EMP destruction control.
It’s the tangible physical ownership like a car or a house or a toy or a tree in your yard. You can tangibally trade/sell things like that or not. But Bitcoin on a computer/blockchain can NEVER become physically tangible to hide/save/spend off the range/grid, without a record of a prying eye or possibility of EMP loss.
That’s what I think is the base frustration over even the Patriots wanting a digital currency over a physical currency.
Bitcoin is not nor ever will be 100% in my control. But my Silver Dollar or quarter, $100 Bond or Bill is physical and I can take it off the grid to do as I please. That’s what is trying to be debated.
And I get it. I’m one that wants both tangible cash equal to digital cash/crypto. But I can always exchange between the two at any moment, forever. And if the power goes out or there is an EMP, I want the option to still have physical cash that is the value of what it says on its face for trade.
^^THIS is the current battle. Even Bitcoin exchanges currently using bullshit KYC "digital ID verification" method which violates 4th and 5th Amendment prohibition on placing restrictions on individual property. They are implement quid-pro-quo policy of virtual digital ID where if you want to transfer to a private wallet they try to force you into the KYC process (which is basically a digital ID) in order to tie all Bitcoin transfers to your identity and keep track of where it is going, which is unlawful.
Workarounds via alternative peer-to-peer Bitcoin buying/selling are possible until they all get shutdown. I am working these now. Note that you only need 1 Bitcoin to be in top 1% of Bitcoin holders worldwide. This is my objective, and I was very close before exchanges started blocking my purchases and transfers last year due to "noncompliance" with their unconstitutional digital ID "policy". I am giving them all hell over it now.
It is not just physical. It is anonymous (self-custody) physical. Two big hurdles that are inter-related with Bitcoin and private wallets.
You may wish to use a computer that is not your main computer or Bitcoin transfer computer. I don’t use my phone or QR codes except for re-loadable commerce wallets.
The weakness on pure metals is not knowing the exact supply. It seems like the method they were able to use to get us off those standards was by both having a very significant initial amount in hand, and leveraging that + legislation/bribes/threats/assassinations to defeat price discovery in the largest markets and further consolidate control.
The advantage of having Bitcoin on top of that is being able to leverage it to validate actual available amounts. Perhaps gold and silver could be verified and coated with an NFT as part of its trade protocol in such a way that anyone could verify it and know it’s legitimate using a fairly inexpensive machine.
Bitcoin would need to have a LOT of nodes taken out and corrupted simultaneously in order to take out the whole network.
It seems like a good security measure, though as with all things, having multiple options to back work with energy is better than having one. Maximal distributed points of failure that can all fail independently without taking down the whole grid.
And if its network is hosted and backed up in space… then so long as space is protected by say.. a Space Force, it could be very, very tricky to take the whole thing down or corrupt it. It would make it harder to steal large amounts of metals, as their owner would be known. It would make it hard to corruptly spend many types (not all) of currency. You would be able to “upload” your gold to Bitcoin, and spend it in another country, without needing to carry around the weight and risk losing it in an accident.
And there are always offline cold storage Bitcoin wallets. Lots of good options presented.
Not strictly true. This has been tried before in places like Serbia during the civil war. Even in total societal breakdown, gold and silver retain their value while fiat turns near worthless overnight. You can get anything you want: food, weapons, ammo, medicine, hygiene products, a helicopter ride out, etc, if you have gold. Granted, being able to defend yourself is a prerequisite to trading in such a situation, but gold is the ultimate store of value.
It would probably be down for 4 or 5 days. If we enter a new caveman age, paper money would be just as useless. So hold some crpto because there are people in the world that need to make cross border payments which you can't do with silver. So it all has its use. A bag of rice is good to have, some bullets, some crpto, some precious metals.
"Mining" for digital currency requires computation. Computation requires continuous electric power. In order to mine new "coins" the computation becomes more complex and time-consuming...and power consuming. Others have done this analysis. The requirements are growing exponentially due to the nature of the mathematics and there will come a time when we simply do not have enough electric power to keep the blockchain calculations going and it all comes to a stop. An EMP only hastens the end. A bitcoin is not worth the paper it is not printed on. Market volatility is very high, because there is no commodity value. I can't even use a bitcoin as a coffee coaster. A cowrie shell has more commodity value than a bitcoin. A bitcoin is fiat currency for the paperless society.
Elephant dung was once used as ‘currency’. We’ll see how this works out. I think we have a power struggle between AI and BTC. Both use enormous sums of electricity and more each day. Both will stress the grid and force upgrades. Both cannot exist in the same space as currently configured.
Not a bad analogy, except that you can't convert data back into energy. Bitcoin might be the scent of elephant shit...a hint of something being there that really isn't.
Here's an interesting analogy. Suppose someone made a currency from ice medallions on which beautiful miniature paintings have been made on them from water-soluble ink, each one unique. You trade them by moving them quickly from one refrigerated wallet to another. There must be continuous refrigeration power to keep them intact and valuable. And then the power system blows out and there is no power. All your currency melts away, worthless. (People sometimes make the utterly ignorant statement that "information cannot be destroyed." Burn a book in front of them sometimes and see if they think it has not been destroyed.)
You just described our entire current economic system.
The only part you forgot to mention is that crypto is a far superior option compared to our current economic system for transacting quickly over long distances.
The superiority of physical money for local transactions doesn't change this.
Anybody can make electronic Monopoly Money. And if you want to believe it has value (because you paid for it) you are welcome to that delusion.
You can have electronic money transfers without sending a courier with a pouch of gold coins. I don't know where you've been for the past century. The stock markets are able to make frighteningly rapid transfers made on the basis of equally rapid transfers of information.
A rapid transfer of something that has no commodity value is like a signal bounced off the Moon. Impressive...but insubstantial. I don't see that rapid international monetary exchange solves many problems of ordinary people, who are more concerned about the stability and permanence of their funds.
Rapid? You mean it takes a couple of days, and is controlled by big daddy government and the corporations they're in bed with. The fact that they change the numbers on your end doesn't actually mean that the funds have been sent.
And you're missing the point. It's about self custody of your money. Holding silver is great, but silver can't be used online. If you want to use money online, you have to trust the centralized system, whereas with a commodity backed crypto, you have coins backed 1:1 with something real, and you can actually hold the money in a wallet that only you control. And assuming the blockchain used is not controlled by a centralized group, like the government, no one can stop you from transferring your money to other people.
Most people buy things online. You living out in Bumfuck, Alabama does not change this fact. Your entire argument is ignorant of reality and based on your total lack of understanding of the technology at play here.
In order to mine new "coins" the computation becomes more complex and time-consuming...and power consuming.
That's not true
In the Bitcoin protocol new coins are created automatically.
The only power used is a contest to see who gets those new coins
This is not really necessary, and could be shut down and alternative methods used for new coin distribution.
But it does have a good side effect it does make the blockchain ledger harder to corrupt.
Anybody who says that they have done the analysis and say the energy requirements will grow exponentially until the blockchain collapses are just clueless.
From Wikipedia (so corrupt, they even falsify raw data, right?):
"In 2021, a study by Cambridge University determined that Bitcoin (at 121 terawatt-hours per year) used more electricity than Argentina (at 121TWh) and the Netherlands (109TWh). According to Digiconomist, one bitcoin transaction required 708 kilowatt-hours of electrical energy, the amount an average U.S. household consumed in 24 days."
"By 2022, the University of Cambridge and Digiconomist estimated that the two largest proof-of-work blockchains, Bitcoin and Ethereum, together used twice as much electricity in one year as the whole of Sweden..."
Right now I feel the same about this "crypto market" as I did about the vaccines. I haven't been convinced I need it, and until I see evidence to change my mind, I'll live without it. I'm not sure I want every transaction "tracked".
Crypto is a bright idea that is more flashy than bright. There are those who are invested in it and talk it up, like a Ponzi scheme. It all looks fabulous if you don't examine the background economics of "mining" and the immense power growth required to keep the scheme bankrolled.
A "far superior" system that can do down the drain? And is doomed by the inexorable geometric demand for power to sustain the mining? That sounds like fantasy land. As we used to say in systems engineering: "It works...until it doesn't." All of systems engineering is centered on preventing "it doesn't."
The defeat shows its head by a complete dropping of the topic and a new twist involving an imputation against the opponent. No, I don't prefer that the stock market be controlled by a corrupt bureaucracy. The "market" is a community of individual markets, so I'm not aware of any central control (and you aren't either).
Unlikely that the "entire stock market" could go down. For one thing, there is great redundancy in the fact that they are all tracking the same data, and for another thing they will have backup memory for the current status of data (+timestamp).
And what makes you think that crypto couldn't go down the drain? All it takes is to sabotage the power supply to the mining operations. I see that you avoid the whole subject of crypto's weakness: its dependence on continued mining in order to close its business case and maintain the blockchain computation. That kind of precarious computational environment should be fairly easy to ruin.
I don't have any trust in the current financial system. Where did you get that absurd idea? Criticizing a "currency" that is entirely fictitious is not demonstrating any faith in the fiat currency (I even described crypto as fiat currency for the modern types).
If Crypto is the future, prepare for it to be blown away. You won't have anything, then. Even shares of stock would be more valuable, and that is one thing you are forgetting. If currency has no commodity value...it ultimately has no value.
I am hoping that Trump will re-establish our currency as a gold-backed one. (And maybe also silver, but I am not clear on the whole controversy over bimetallism.) It would be straightforward to make the conversion voluntarily.
It will be a short future. The analyses I've seen peg their doom as being only a few years away at the present growth in electric power requirements to sustain the blockchain mining. Why don't you sit down and get your head around this problem, instead of jumping on your charger and prophesying victory?
Oh, yeah. "Global corruption" has hidden away vast reserves of electricity. It is all out in the open. There is no secret cache of electricity. It requires the construction of powerplants. When the blockchain computational requirements ramp up to the power demands of a small country, the cost of running that power will have to be paid somehow. i have read that crypto mining centers are commissioning their own powerplants to sustain the mining. When you require geometric consumption of a resource to sustain a linear increase in product, the collapse is built into the mathematics. It is a more technological form of Ponzi scheme, built on the premise that the ultimate future accounting will not happen...or will happen so far in the future that we can rape the present as much as we want. Kind of like Keynesian economics. If you are fond of this sort of thing, you won't have much of a future.
Who do you think is going to pay for this power usage? A bitcoin does not represent an asset. It represents a sunk cost. And you are paying for it by tendering assets.
You will have to get used to what happens when electricity is not available. You have no idea what hard times look like. My wife and children are experiencing that in Zambia, with a power drought and an erratic internet. Near-instantaneous is a fragile luxury and will be the first thing to go. So, your options are an empty set.
As it is, Western Union wire transfers are near-instantaneous over long distances, in cash, so that is an option that millions of people are using all the time. You don't have much vision with which to see.
It is easy to transmit nothing...and that is what cryptocurrency is.
The same thing that happens to fiat. The difference is that when things are working as intended, a commodity-backed crypto would be better than the government funny money known as fiat.
Better in that it is immune to power outages and server disruptions? Don't kid a kidder. Next you will be wanting auto-driving and A.I. surgery.
And when things are not working as intended, crypto could be far worse than fiat currency. It is not traceable to any standard of value. Since when does the numerical solution to an obscure algorithm have ANY commodity value? This is why crypto exchange rates are so volatile. One day it is worth this; another day it is worth that. Very vexing in international exchange. (Try to balance dollars, pounds, kwacha, and rand all at the same time.)
What happens to the crypto „currency” if random nodes in the system get disconnected forever, e.g. because:
one miner has sold their own bitcoins and they don’t want to burn more electricity to maintain it for the others for free,
another miner has died and his spouse has no idea how to handle it and where are the keys,
another miner’s servers got stolen when they’ve been on holidays,
next miner wasn’t good enough in IT and their servers got hacked and all data deleted,
next one had a computer virus and data have been deleted,
last miner got arrested … to die in cell years later, in the meantime there’s no one who can press the button and start the servers again after power outage.
The random bitcoins would cease to exits. That’s the main weakness.
The other weakness - multi-currency dilution:
The number of countries (and fiat currencies) is limited so people don’t realise that. Anyone can create a new cryptocurrency and there is no limit how many can be created.
Imagine the world with 100,000 different cryptocurrencies that compete for people to buy/use them.
Yes! Theta and other DePins are already in use as utilities and providing valuable technology. My cell phone is through Helium Mobile (a utility token). It only costs me $20 for unlimited data and runs on TMobile network.
So the „limit” you’re talking about is when all the fiat money printed in all countries are already converted to 10,000 crypto currencies and if some country prints more - a new crypto can be created to absorb it and dilute crypto-holders to the oblivion.
You need to notice one similarity:
[1] Countries print money (with no limit, they just add one more 0 in they balance sheet from time to time). There is a limited number of countries on the X axis, so they scale/dilute vertically (printing cash), which is unlimited.
[2] Cryptocurrencies that have limited number of coins cannot scale/dilute vertically, but this sector scales/dilutes horizontally (by adding new names of cryptocurrencies), which is unlimited.
The „limit” you’ve mentioned is that [2] is limited by [1], but only to some extend, because if the quantum of [2] is growing without [1] growing - then the crypto lose their value.
Random shit coins do not dilute the value of Bitcoin. Wtf is this take, lol?
And on top of the fact that random low market cap trash doesn't dilute Bitcoin, all the low market cap trash is almost entirely driven by Bitcoin anyway. The entire crypto market is highly correlated to Bitcoin, so whatever Bitcoin does, all the other shit mirrors.
Doesn't mean it's a bad investment. 60 cents and has actual inherant value. Is partnered with many global baking and financial institutions and is very likely to be the bridge currency of the future.
The open source ledger is ridiculously cheap, fast and scalable... ripple net is what banks will use for reducing the cost of cross border money exchanges.
It's at the forefront of CBDC... I'm Very anti that but then again investing is not about emotions.
17 second video
Can someone explain to me how Crypto of any sort is not a digital currency? What is it tangibly backed by?
Cryptographically mined currency is backed by the carbon effort consumed in producing it.
The value is secured across multiple computers, constantly updating and verifying the Ledger, this is called "blockchain".
Bitcoin has a finite supply that cannot be artificially increased, which is why its value (compared to fiat) has only increased since its inception, if you zoom out.
It is humanity's primary weapon against the central bank system, and any individual 's lack of understanding of it doesn't affect its significance
If it's finite, what happens when it runs out?
The value of 1 whole coin goes up. This in turn means you need fewer amounts of a coin to purchase things. Just like gold, the price goes up when supply is short. When new supply is added (mined), the value goes down slightly. As time goes on, there is less and less available to mine until eventually all of it is mined. At that point, 1 ounce of gold could be worth $100k, which means buying a house would take 2 ouncesof gold. It's not as if the gold is useless when all of it is mined right?
What happens when the central banks use their artificial money to purchase majority of these artificial coins?
Soros, Rothschilds, etc already have infinite money. There's a reason they can't just purchase majority of major coins
EP 13848
Yes, the cabal used to have infinite money…past tense
I'm wondering what happens when the electricity stops. With paper you can spend it even in the dark. With crypto once an EMP hit everybody holding crypto is royally screwed. How are we gonna get our bits of coin out of a computer when it turns into a desk sitting brick?
Buddy...an EMP will completely destroy every aspect of your livelihood. Bitcoin is the LEAST of your worries.
And bullets will matter more than gold or silver then anyway.
Precious metals
Silver
Gold
LEAD
Honest question, why was gold and silver important before electricity, but not after?
Gold and silver serve as an agreed upon means of exchange in a civilized society. I will quote a survival expert. "Should you buy Gold and silver? That's up to you, I will say that during WWII German families left the city with suitcases of very expensive silverware and came back with suitcases of very expensive vegetables."
if you can afford gold and silver, make sure you have food, water, and ammo first.
AND I HAVE PLENTY OF BOTH...TMYK!!!!!!
cold storage solutions with EMF bag
Doing that now as I don't trust any exchange sites. Even the founder of Bitcoin said these exchanges which have the power to lock you out (happened to me) or get hacked are the very thing we were trying to combat.
There is no satoshi
Ya Coinbase had issues in the past locking people out. I’m waiting for defiant ones exchange to launch
Oh okay I'll have to watch for that. I was locked out of my account for 3 months and didn't know if I'd ever get it back such an eye opener.
An EMP doesn't just take out the entire planet. It would be still very localized and would only take out everything in a round cone shape beneath the EMP detonation. It would not neutralize the entire planet all at once.
In the 60s the government tested this with I think something like a 3 Megaton blast near hawaii, and it caused quite a bit of havoc but, and EMP capable of taking out the whole planet would be many times larger than the largest nuclear weapon we have ever created.
Edit: i asked GPT
Catsfive, I understand that part of the EMP process. But what happens to me, as an individual sitting in my house. The power goes out and within a fifty mile radius of the blast there will be no electricity. How will I get my bitcoin? Will I have to get outside of the area affected and get on someone elses computer to move my bitcoin around? If I had a pocket full of greenbacks during the EMP and afterwards I could use them to purchase items or hire individuals. With no computer services available I'm SOL if I need to purchase something. There is the flaw in the bitcoin system as I see it. Now, having bitcoin as the "fiat currency" of the US, I'm OK with that idea. It's just during eletrical outages that will have a harmful effect on this form of money.
I'd say that the ideal solution would be crypto for online, gold/silver coins for physical.
I like physical and don't want to see it go away where it works, but crypto is ideal for transferring money long distances instantly, which is important for online money transfer of any kind, whether purchasing something or doing business online.
So if someone did more local than online they could have a higher ratio of physical money, whereas if they did more online than local they could have a higher ratio of crypto, with a physical stash in case shit hits the fan.
There is physical bitcoin… coins.
You can hold your bitcoin wallet on a piece of paper.
You can exchange that piece of paper with someone willing to travel the 50 miles where there’s electricity to cash in the bitcoin.
It’s no different than gold or silver. Anyone in that area will only accept it if they are willing to transport it to wherever they need to go to exchange it into fiat or whatever else they want.
Imagine trying to price gold or silver, let alone confirm the metal quality. The argument of "if the whole grid goes down, what next?" is a bit silly
This is why you invest in your own PM test kit. Nothing online is going to confirm "metal quality". The only exception would be checking numismatic value and that's moot if the SHTF.
There's still no good answer if the power goes out... crypto will be worth precisely dick if you can't get online to use it. Farmers aren't taking crypto... so make sure you've got your own food and enough lead to defend it first.
PM isn't for SHTF... it's for after when you have to pick up the broken pieces and start over again.
Just a suggestion, Generac generator and Starlink.
It would need to disable every computer in the block chain at once, if that happens then little else will matter
I believe PDJT explained that the mining of his crypto will pay to run the country without the IRS, which will be abolished.
Patriot, I'm thinking about getting into crypto sooner than later...can you point me in the direction of a few "Crypto for Dummies" resources?
Here is something to get you started
How Does Cryptocurrency Work? A Beginner's Guide
https://www.coursera.org/articles/how-does-cryptocurrency-work
And When you are ready: Here is where you can find everything discussed from the most basic crypto concepts to very esoteric, deep discussions of the inner workings of crypto.
https://bitcointalk.org/
Thanks Plutus..
But bitcoin can be near infinitly fractionalized as can other DC. Same as gold and silver.
That has nothing to do with it's finite supply.
You can divide an oz of gold into atoms, doesn't change it's starting volume
Also, President Trump did bring THE FED UNDER THE TREASURY and OHHH MY...the FED is the ONE holding ALL THE DEBT...so, the reality is, the FED will be gone and it will be the Treasury!!!!!
i'm with you fren, i'm not understanding how crypto is safer.
Decentralized proof-of-work is King. All proof-of-stake can be manipulated, but any move to digitization might be outside current system, and accelerate its collapse.
It could be manipulated, but then, what happens to the confidence in the crypto? It goes into the toilet. Other than the fork between ethereum and ethereum classic, no such example exists of a proof of stake ecosystem being systemically manipulated.
Typical Bitcoin Maximalist FUD.
There was a Bitcoin fork as well. BTC vs BCH. Some folks still believe BCH is the “real” bitcoin.
Because Bitcoin Cash sets out to do what Bitcoin was originally created to do, be a peer-to-peer electronic cash system. And it does it pretty well.
All Bitcoin (BTC) has going for it right now is price and hash (hash follows price, BTC miners can and do switch to BCH to mine when it becomes more profitable to do so due to the difficulty adjustment algorithm). If/when the economy collapses, BTC will go along with it thanks to a lot of tether and phony fiat price manipulation. Who knows if will ever recover.
7 tps is not enough to service the world, it's an intentionally sabotaged dead-end that ends up forcing people to buy BTC and leave it on exchanges or pay tx fees so high during periods of tx congestion that they say screw it and just use centralized status quo alternatives like CashApp/Zelle.
BTC has held the crypto space back from real-world adoption, and interest groups that are part of the WEF (and by extension proxies of the DS) such as MIT's DCI along with AXA and other such entities have shaped BTC by socially constructing a false narrative and manipulating developers.
Bitcoin Cash takes all that made Bitcoin great prior to 2017 (really 2015 is when things began to noticeably change) and improves upon it.
Vitalik Buterin was originally planning on releasing a smart-contract standard on BTC but it economically didn't make sense to do on a chain that couldn't exceed even seven transactions per second, and so he developed ETH.
Bitcoin Cash has its own scripting language that allows for smart-contracts that was passed through a decentralized process called CHIP to implement features so one node implementation/development team can't control it (unlike BTC's Bitcoin Core and Blockstream entities) and aims to take Bitcoin where it's not able to go today.
Oh No
More BCH BS
I don't have anything against Bitcoin Cash and I wish all the success in the world that the people involved with it can get. Any innovations in any crypto ultimately benefit the crypto community as a whole.
But I have to call out the nonsense made up stuff that BCH people have directed at BTC since BTC has outclassed and outperformed BCH
The Bitcoin Cash Fork off of Bitcoin Happened on August 1, 2017, Over 7 years ago and since then Bitcoin has showed its superiority. They were equal at that time and since then BTC has dominated in every way, from its increase in value, to the number of transactions per day it processes, the number of nodes it has, its hashrate, the number of developers it has and the number of new innovations they have created.
At that time there was a lot of arrogance from the BCH people, about how BCH would take over and the opposite has happened. Roger Ver who admitted that the technological details were not his strong area but because of his superior Economic knowledge "Knew" that BCH would be the big winner.
The split came about because of a difference of opinion in the size of the processing blocks. The small block BTC people said that increasing the size of the blocks would result in fewer computers being able to do the processing and more centralization. The big block BCH people said the tradeoff was worth it. The result an increase in size by 50 of memory only resulted in a 30 times increase in speed, not a good increase in scaling, So BCH can now get up to 210 transactions per second which wont cut it in a world where Visa can do 43,000 Transactions per second and BTC and other cryptos have incorporated L2 Networks like lightning which can go past 1,000,000 transactions per second.
So since BCH has failed to live up to its proponents boasts they have taken to just making up crap like BCH is the "True" Bitcoin, whatever that means. They also spread just stupid stuff about Bitcoin like BTC has been handicapped on purpose by a secret cabal that has taken over it and controls it.
First of all anybody who knows anything about the contentious arguments that can take place among developers when changes are proposed just laughs at the idea that Bitcoin Developers just sit around meekly waiting for instructions from their corporate bosses. And despite this if you look at the Github Repositories of The Source Code For BTC and Also BCH you see how Bitcoin BTC dominates there also.
And the creator of Bitcoin, most likely Hal Finney, came up with the idea of 1 Megabyte Transaction Blocks and ten minute separations of new blocks because he wanted to emphasize security and make it resistant to attacks. That accounts for the original 7 to 10 transactions per second speed, not some deliberate attempt to sabotage it.
It has gone well beyond this speed with the incorporation of layer 2 Enhancements like Lightning, Layer 2 and Layer 3 enhancements are already adding new capabilities to many cryptos and will play an important part in enabling even Billions of people to use cryptos at the same time.
Bitcoin BTC has not held anything back, Anybody can try to create a crypto and develop new ideas and it has been around so long and has got so much publicity that it makes new people comfortable with the idea of trying out crypto.
Anybody can get a Bitcoin Backed Debit Card and use it for everyday purchases and more and more people are doing that.
Predictions of the Soon To Be Crash and Burn of Bitcoin have been constant over the last 15 years. The predictors never seem to learn.
None of it is FUD except for where the price may go being "Uncertain". BTC has deviated from its intended purpose by design by the very people who seek to profit over people today by ancient Babylonian money magic.
Bitcoin was intentionally crippled by or through agencies controlled by the clowns as early as 2014-15 when Gavin Andresen handed the development keys over and Blockstream took over. It's only gotten more blatant and visible as time has gone on.
Blockstream's small-block chain sabotage has turned BTC into a glorified ponzi where you buy and "hodl" until you sell it to a greater fool for fiat.
To get past the 7 tps tx limit Blockstream and Lightning Labs began working on the Lightning Network (L2) in order to offer a distributed channel for smaller transactions that would be classified as daily or payment transactions. The problem is that Lightning breaks down with small-blocks and people are forced into these centrally controlled hubs where payment channels centralize instead of route in a distributed fashion (the Lightning Network Whitepaper even suggests that Lightning should be interfaced with at least a 133mb block L1 chain).
So while it may be of your opinion, your opinion is wrong (cordially).
I appreciate you acknowledging that the tech behind BCH is better (why is that?)
However, I will grant you that BTC could simply win out such as cassettes vs. Betamax (better tech but not as adopted).
Stack BTC sats (I do too) but don't be surprised if the carpet is pulled from under you and the chain simply breaks down due to intentional design choices by the developers.
There have been over 100 bitcoin forks, many of them have faded away and have become inactive.
https://101blockchains.com/bitcoin-forks-list/
Correct. You have nailed the game being played by globalist. They need confidence in proof of stake to shift everyone over to crypto system before they try and steal it, but if they move too fast or try something too obvious, then it scares everyone away. After current system collapses and everyone over in crypto, they can then attempt to manipulate proof-of-stake to "reassign" assets via some sort of forced redistribution [SUSPECTED INTENT].
Most people still don't understand the difference between proof-of-stake and proof-of-work, and it is possible that humanity is currently generally too dumb to be able to figure out how to actually use crypto effectively. We are at the BOTTOM of a very steep learning curve with a cognitively impaired and mind-controlled population.
I also don’t understand it. So someone set up a company for digital currency and sets a limit of how many coins their algorithm will produce. So miner computers start mining these carbon coins and a value is placed on it. How does the price go up when more coins are mined that would I think make value go down until all of them are mined and the coin is accepted everywhere to purchase things. Also how do you limit how many digital currencies can be developed? Is it not gonna end up like all the currencies in the world and have to have a way to transfer from one to the other for purchasing powers? Like I would have to have a wallet for each different curry or is there going to be one currency that everyone has to use and if no one is able to mine anymore and no one will sell any of theirs then people who spent all theirs or can’t mine anymore are screwed. That’s no better than the elites making money and laundering it back to themselves to buy assets that are of value and common people can’t get that kind of cash freely to buy assets. I’m so confused on the whole digital cause like people ask about power outages or emp events but what about rural areas with very little if any cell service and you can’t get on the internet how you gonna buy something when you can’t access your digital wallet? I don’t seem to have the intelligence to understand DC no matter how much o read
i'm with you. if it's digital then we will need electric on constantly. any black outs and we are all screwed. and what about hackers? if our SS#'s aren't safe, our bank accounts aren't safe, credit cards, etc., how is bitcoin going to be safe?
Energy. In the case of you getting paid for your labor capital in Bitcoin, it is your human energy, 100% paid to you with no taxes on it (tax on labor capital violates 4th, 5th Amendment individual property rights).
See KEY Section 5.10 in “Softwar”. Power projection by the individual using Proof-of-Work energy converted to “encrypted software” that can be deployed anywhere at anytime asymmetrically on even your most powerful foe: https://greatawakening.win/p/17txMS5XJ1/amazon-has-removed-the-ability-t/c/
What is petrodollar backed by? Oil, a.k.a. ENERGY
What is gold backed by? Human/machine labor to extract/refine, a.k.a. ENERGY
What are other currencies backed by? Nation of human/machine labor to extract minerals/resources and produce products and services, a.k.a. ENERGY
To be "backed", a currency must be directly tradable with whatever it is backed by. That is what "backed by" means. It is common to make the claim that Btc or crypto in general is backed by energy, yet none of those currencies can be exchanged for energy. (not counting paying your electrical bill or buying batteries) Indeed, none of them can be exchanged for anything at all unless both people believe it can be.
In the case of an actual asset, like PMs, there is no worry about whether or not your PMs can be exchanged for something else because they have intrinsic value (value having nothing to do with belief, but rather value that has been given to an asset by Natural Law or the Universe itself). This is not a complicated concept, yet because Olympic level mental gymnastics is required, and the brainwashing so well developed for the True Believers, this concept is very difficult for any Btc proponent to understand, yet the easiest thing in the world for everyone else. The problem is, those who have invested in Btc or other such useless currencies must create belief to justify their often "all in" investment, and thus must miss out on the simplicity of this concept. It is because of this contrived belief that one allows themselves to make up such nonsense as:
No it is not. Not even in the slightest little bit, or under the most wild contrivance of definitions. You can't trade your Btc for energy in any direct way. There is zero "energy value" there.
Well, I disagree that the "petrodollar" actually existed in the sense this idea is used. It was only a useful concept for countries, not people, and even there, it was total bullshit. Regardless, even assuming that the petrodollar really was backed by oil, the key there is, the petrodollar is backed by Oil, not "energy". Oil has an intrinsic energy property (as the basis of all organic chemistry, it has a lot more value than just "energy"). This energy value, and all of its other chemical properties that make it useful chemical stock for actual physical goods (plastics, pharmaceuticals, tire rubber, etc., etc.) are properties given to it by the Universe. Those properties can't be taken away by changing belief. They are fundamental AKA intrinsic. Btc on the other hand has no properties like that, nor can it be directly exchanged for something like that ("backed by").
Do you see the difference? The petrodollar is backed by actual physical usable assets. Btc takes energy to make. That energy is lost to entropy forever. There is no backing there. You can't get it back to do future work. The mining of Btc is the work. That work is now done and lost. We had energy, which was positive, the mining happens, and the "total energy column" is now a loss. That loss is called "backed by" by Btc proponents. That is what mental gymnastics looks like, in this case a lie that a loss of a thing is a gain, or storage, of a thing.
It is utter nonsense, and yet smart people are still confused by this simple concept.
That is the power of bias; the need for black to be white because of the potential for personal loss . When you build your house on sand, you need to believe the ocean, sitting 50 feet away, will never rise high enough to take out your foundation. It doesn't matter that that's not how things actually work--eventually there will be a storm--what matters is the investment. The cost of being wrong is so high that people literally stick their head in the sand to try to protect themselves from their inevitable doom.
Most correctly it is CONVERSION from energy to a infinitely divisible, but finite quantity software (digital) asset that can be moved to any cyber or physical location with nearly zero cost. This may be as close as we ever get to actually carrying around a packet of actual energy (or energy equivalent) in our pockets for anything other than gold/silver coins (which I also advocate for). Direct conversion back to energy is possible if one uses Bitcoin to buy physical assets that have energy resources without intermediate conversion to $. BRICs is working on one of these mechanisms now.
Gabriel's horn paradox discussion and the details of how it works in sections 5.11.2 through 5.11.3 in Softwar are quite mindblowing. I am still processing and re-reading to understand the actual functional mechanisms.
I use the multiple bucket strategy of cash, land, silver, Bitcoin, and silver/bitcoin/shorted stocks. Note that you can hold MSTR, MARA, and TSLA stocks self-custody at transfer agent. These three are 1,2,4 in terms of Bitcoin held on the balance sheet. This is the current best workaround of Bitcoin exchange transfer to private wallet restrictions (KYC bullshit), IMO.
This is the description of a technology, not a currency. I agree that the technology can be used as an aid to create a currency. It can be used to create all sorts of currencies. It can even be used as an accounting device (currency) to back actual assets. The confusion comes from conflating a technology with a currency. Btc is not a currency except through the beliefs created by a literal ponzi scam that convinces people that it is.
Completely false statement. Btc is not a storage of energy. No matter how you are carrying your crypto, you are NOT carrying energy. This statement is utter nonsense and has not one iota to do with reality.
That is NOT "conversion back to energy," that is convincing someone who has batteries for sale to take part in your scam.
If I hold silver and I find someone who wants the physical properties that silver has (for electronics, or making jewelry, or heat conduction engineering, or they just find it pretty, etc.) I don't have to convince anyone of anything, they will just trade me for it. The value is already there.
Btc doesn't have a single drop of that type of value; it is utterly worthless. Just because you have True Believers drinking the Kool-Aid doesn't mean the Kool-Aid isn't poison. The MOMENT there exists a crypto that is backed by a real asset and it really works as a real asset exchange, with all the necessary conveniences for a currency, Btc and all of their ilk will crash as fast and hard as a 3 year old trying to drive a semi.
Btc and their ilk fulfill a need and they use a technology to do it. That tech is cool stuff. I am a proponent. But the tech can be tied to real assets. Once that happens, people won't have to lie to themselves (and everyone else) about it's value.
I feel like DC is created out of think air. Let a computer run to “mine” a currency. The people that set this currency up what are they getting out of it all? You don’t set up something complicated that a computer has to solve without pocketing part of the coins yourself to get people to buy or trade you for a product and it has no real value except what you convince someone it has. Maybe we all need to make our own currency and mine it ourselves it will just cost us some $ on our power bill
All reasonable arguements. As you are implying here: Not all of the pieces are yet in place to allow Bitcoin to fully function as a currency as easily and fluidly as standard currency like a silver coin. The key questions to consider are: Does Bitcoin represent a store of value (dollar terms), and will it continue to increase in value (dollar terms) for logical, non-speculative reasons related to how it actually functions relative to the Bitcoin network (and hashrate)?
It does have value. The value is all of the energy consumed to create the Bitcoin, but also all the energy required to try and attack or hack the nodes and algorithm. This is represented by the hashrate. Hashrate keeps growing until it cannot be reasonably attacked by a single bad actor. We are already at the point where all Bitcoin miners and users worldwide would have to work together to pooling ALL of their energy to even try to attack the Bitcoin network. It appears to have reached a critical thresh-hold now, which allows for development of the rest of the mechanisms needed to turn it into a typical currency.
Bitcoin becomes worthless (temporarily?) if all of the world's energy grids AND every node of the internet gets destroyed at the same time (this is mathematically represented by the current hashrate). Given the power of nuclear weapons, this is not impossible now, but it will be very soon. Think about that. Even deployment of all the world's nuclear weapons simultaneously to destroy the Bitcoin network and world's energy grids will soon not be enough energy to fully stop it. It is a virtual SkyNET energy weapon system when fully deployed, but being deployed to save humanity rather than to destroy us. You may not fully understand this until you read section 5.10 of Softwar.
This is a lie. This energy has no value. A thing has value if it is usable. In this case, all of that energy has already been lost to heat. It's all gone. It is non-usable energy. These arguments for Btc being "energy based" take a shit all over basic physics (specifically our ideas of entropy). ALL OF THE ENERGY REQUIRED FOR BTC IS USED UP!!!
It stores no energy. It stores no value. It is WORTHLESS except as a technology. But it is infinitely divisible (effectively). As a technology 0.0000001 Btc is just as valuable as 1,000,000 Btc. So as a technology, it has value. It can be used to create things, like say, a real asset backed currency (though there are better block chain techs than Btc, so it's really not a very good one in that regard). But it's value is not tied to the number that you have, thus it has no measure based intrinsic value.
This is an argument for it as a technology, not as a valueless currency.
Like everyone else, all of your arguments for Btc are either completely false, or are arguments for it as a technology. These arguments completely ignore the fact that it's usability as a tech is just as valuable no matter how much you have.
All non-asset backed currencies are worthless. We have been trained to believe in them. Once the scam is fully revealed, and we allow ourselves to have access to other means of economic exchange, not a single person will hold on to Btc et al. Not one. Why? Because it is a scam, pure and simple. Eventually that will be obvious to everyone.
It is not a currency yet. It is still tied only to energy because it must hit certain hashrate milestones as mining network and worldwide energy grid is built out, so it can’t be stopped.
It is a store of value priced in $ as hyperinflation destroys the $, but soon it will be obvious it is also a store of value when priced in gold. Silver will likely come later. This is what it is intended for right now. One alternative store of value, that’s it. (a life raft like gold, if you will). You are arguing about something that hasn’t happened yet.
You need to read Softwar. Bitcoin is not a scam, but all other cryptos may be depending on who controls them (there is only 1 proof-of-work crypto). Bitcoin is limited amount, but infinitely divisible. Its value grows over time as more energy is put into mining it and protecting the nodes. Most of the other cryptos were specifically created to program the public that “cryptos are a scam” while the Deep State hands out Bitcoin for bribes and uses it quite extensively now.
You can buy satoshis (100M satoshi per Bitcoin), but early adopters owning 1 Bitcoin now will very likely be new wealthiest 1% worldwide (for investing in humanity). You can also buy 1 share of MSTR stock and move to transfer agent to self-custody if you are not convinced it has any value. As a shareholder you might be convinced otherwise. MSTR is largest publicly traded holder of Bitcoin on balance sheet.
Space Force appears to be protecting the Bitcoin network “cyberspace” mining nodes as well as the StarLink parallel internet nodes. I don’t thing they would be doing that if Bitcoin was a “scam”
If there is enough bitcoins able to be mined for each person in the world to have one coin what would that coin be worth? Would it buy a house or a loaf of bread. Like how is the value of it not able to be manipulated? If I have 10 and you have none then one would hold a lot of value to you if you need to buy something and you would trade something of greater value to get the coin if you needed it to pay a bill or get something
Total Bitcoins will be 21M in the year 2140. You can buy satoshis (100M satoshi per Bitcoin), but early adopters owning 1 Bitcoin now will very likely be new wealthiest 1% worldwide (for investing in humanity).
Yes, it must eventually be used for everyday exchange in order to increase liquidity enough for everyone. They are very near this point in El Salvador, but most Corporations and State Gov’t in US are not accepting it. Some smart small biz operators and municipalities accept it as payment alternative. Your bread will be priced in satoshi and $ and possibly silver simultaneously at some point.
I was buying silver with Bitcoin because I believe it is the only thing more underpriced right now. I stopped and decided to try to accumulate 1 Bitcoin worth, expecting to be able to borrow against Bitcoin collateral asset at some point in the future.
Trading Paradox is that something viewed as too valuable will not be given up in trade for anything else unless it is just a tiny portion of the total “wallet”. This is happening slowly as Bitcoin price in both $ and gold terms increases.
Thank you u/Slyver - Beautifully and intelligently articulated - with poise and tact.
I'd say something with similar points, but it would come out "real shitty".
Thanks for using your gifts as the voice of reason.
Bitcoin is much more than a currency based on my reading of "Softwar". Many are missing some of the other aspects of how it can be "weaponized" to make typical kinetic warfare obsolete. This is likely the longer term mission of why it was created.
It is much more reasonable to expect silver/gold coins and/or silver certificates to fullfill the "replacement currency" or "currency backing" in the short to medium term, but Bitcoin is likely the next iteration after that once fully developed. Many of the potentials related to currency have yet to happen, but they are clearly sitting there ready and waiting when humanity is ready for it. This appears to be the purpose of how it was created. Foundation first. The roof comes later.
Good explanation, buy try again for us uneducated backwoods living hillbillies. I can break down the individual words but the concepts you are espousing is way over my head. Thanks.
Work, labor, effort, human energy expenditure (all labor capital) is done in exchange for something else of value. Right now that “other thing of value” it is US dollar backed by buying/selling of petroleum (exclusively done in dollars until recently) which is used to produce all things in all economies worldwide. US dollar is “energy-backed store of value” you accept in exchange for your “expenditure of human energy”.
Bitcoin (finite supply) is created worldwide on decentralized network nodes using machine labor, run by decentralized worldwide energy grid from various sources: coal, oil, nuclear, etc. The natural resources run computers to solve equations (proof-of-work), converting energy directly into “energy-backed encrypted software” instead of US dollars.
You have proof you did work to generate labor capital that you own 100% (no gov’t middleman). You “get paid” in a finite currency that cannot be duplicated or printed into oblivion because proof-of-work via energy expenditure is required for each additional unit and energy cannot just “be created at the touch of the keyboard” by Federal Reserve without doing any work.
End result is proper price for human labor (paid in energy equiv) and continuously decreasing prices for EVERYTHING as purchasing power ALWAYS increases. Inflation does not exist because Bitcoin (currency) cannot be debased because it is impossible to create fake energy or unlimited Bitcoin.
Yes Anon. I think it’s the physical part. No matter how much Bitcoin I have on the blockchain, I can never hold it in my hand. And an EMP could, “could” potentially delete it and all records.
But a physical coin, dollar, or Bond in my hand is physically able to be held, hidden, and saved or spent outside any digital/blockchain/EMP destruction control.
It’s the tangible physical ownership like a car or a house or a toy or a tree in your yard. You can tangibally trade/sell things like that or not. But Bitcoin on a computer/blockchain can NEVER become physically tangible to hide/save/spend off the range/grid, without a record of a prying eye or possibility of EMP loss.
That’s what I think is the base frustration over even the Patriots wanting a digital currency over a physical currency.
Bitcoin is not nor ever will be 100% in my control. But my Silver Dollar or quarter, $100 Bond or Bill is physical and I can take it off the grid to do as I please. That’s what is trying to be debated.
And I get it. I’m one that wants both tangible cash equal to digital cash/crypto. But I can always exchange between the two at any moment, forever. And if the power goes out or there is an EMP, I want the option to still have physical cash that is the value of what it says on its face for trade.
^^THIS is the current battle. Even Bitcoin exchanges currently using bullshit KYC "digital ID verification" method which violates 4th and 5th Amendment prohibition on placing restrictions on individual property. They are implement quid-pro-quo policy of virtual digital ID where if you want to transfer to a private wallet they try to force you into the KYC process (which is basically a digital ID) in order to tie all Bitcoin transfers to your identity and keep track of where it is going, which is unlawful.
Workarounds via alternative peer-to-peer Bitcoin buying/selling are possible until they all get shutdown. I am working these now. Note that you only need 1 Bitcoin to be in top 1% of Bitcoin holders worldwide. This is my objective, and I was very close before exchanges started blocking my purchases and transfers last year due to "noncompliance" with their unconstitutional digital ID "policy". I am giving them all hell over it now.
It is not just physical. It is anonymous (self-custody) physical. Two big hurdles that are inter-related with Bitcoin and private wallets.
The KYC stuff has me torn on Bitcoin... are there any peer-to-peer platforms you recommend?
This is one I am testing:
https://bisq.network/
You may wish to use a computer that is not your main computer or Bitcoin transfer computer. I don’t use my phone or QR codes except for re-loadable commerce wallets.
The weakness on pure metals is not knowing the exact supply. It seems like the method they were able to use to get us off those standards was by both having a very significant initial amount in hand, and leveraging that + legislation/bribes/threats/assassinations to defeat price discovery in the largest markets and further consolidate control.
The advantage of having Bitcoin on top of that is being able to leverage it to validate actual available amounts. Perhaps gold and silver could be verified and coated with an NFT as part of its trade protocol in such a way that anyone could verify it and know it’s legitimate using a fairly inexpensive machine.
Bitcoin would need to have a LOT of nodes taken out and corrupted simultaneously in order to take out the whole network.
It seems like a good security measure, though as with all things, having multiple options to back work with energy is better than having one. Maximal distributed points of failure that can all fail independently without taking down the whole grid.
And if its network is hosted and backed up in space… then so long as space is protected by say.. a Space Force, it could be very, very tricky to take the whole thing down or corrupt it. It would make it harder to steal large amounts of metals, as their owner would be known. It would make it hard to corruptly spend many types (not all) of currency. You would be able to “upload” your gold to Bitcoin, and spend it in another country, without needing to carry around the weight and risk losing it in an accident.
And there are always offline cold storage Bitcoin wallets. Lots of good options presented.
Decentralization. Non-programmable.
Certain coins / assets can be controlled and programmed. Some cannot.
Ask them how to spend it when the power or Internet is down. Can't wait to see all the BC bro's trying to barter useless BC for food.
Your coins wouldn't matter either, only bullets would.
Not strictly true. This has been tried before in places like Serbia during the civil war. Even in total societal breakdown, gold and silver retain their value while fiat turns near worthless overnight. You can get anything you want: food, weapons, ammo, medicine, hygiene products, a helicopter ride out, etc, if you have gold. Granted, being able to defend yourself is a prerequisite to trading in such a situation, but gold is the ultimate store of value.
It would probably be down for 4 or 5 days. If we enter a new caveman age, paper money would be just as useless. So hold some crpto because there are people in the world that need to make cross border payments which you can't do with silver. So it all has its use. A bag of rice is good to have, some bullets, some crpto, some precious metals.
FYI, Trump also announced a telegram channel, World Liberty Financial [52k members so far].
*DeFiant ones.
Also an x account as mentioned in the op
"Mining" for digital currency requires computation. Computation requires continuous electric power. In order to mine new "coins" the computation becomes more complex and time-consuming...and power consuming. Others have done this analysis. The requirements are growing exponentially due to the nature of the mathematics and there will come a time when we simply do not have enough electric power to keep the blockchain calculations going and it all comes to a stop. An EMP only hastens the end. A bitcoin is not worth the paper it is not printed on. Market volatility is very high, because there is no commodity value. I can't even use a bitcoin as a coffee coaster. A cowrie shell has more commodity value than a bitcoin. A bitcoin is fiat currency for the paperless society.
Elephant dung was once used as ‘currency’. We’ll see how this works out. I think we have a power struggle between AI and BTC. Both use enormous sums of electricity and more each day. Both will stress the grid and force upgrades. Both cannot exist in the same space as currently configured.
I think the way that worked was that elephant dung could be burned for a fire.
And fire became electricity in terms of energy and heat? Just spitballing here. Bitcoin is the new elephant shit.
Not a bad analogy, except that you can't convert data back into energy. Bitcoin might be the scent of elephant shit...a hint of something being there that really isn't.
Here's an interesting analogy. Suppose someone made a currency from ice medallions on which beautiful miniature paintings have been made on them from water-soluble ink, each one unique. You trade them by moving them quickly from one refrigerated wallet to another. There must be continuous refrigeration power to keep them intact and valuable. And then the power system blows out and there is no power. All your currency melts away, worthless. (People sometimes make the utterly ignorant statement that "information cannot be destroyed." Burn a book in front of them sometimes and see if they think it has not been destroyed.)
You just described our entire current economic system.
The only part you forgot to mention is that crypto is a far superior option compared to our current economic system for transacting quickly over long distances.
The superiority of physical money for local transactions doesn't change this.
Anybody can make electronic Monopoly Money. And if you want to believe it has value (because you paid for it) you are welcome to that delusion.
You can have electronic money transfers without sending a courier with a pouch of gold coins. I don't know where you've been for the past century. The stock markets are able to make frighteningly rapid transfers made on the basis of equally rapid transfers of information.
A rapid transfer of something that has no commodity value is like a signal bounced off the Moon. Impressive...but insubstantial. I don't see that rapid international monetary exchange solves many problems of ordinary people, who are more concerned about the stability and permanence of their funds.
Rapid? You mean it takes a couple of days, and is controlled by big daddy government and the corporations they're in bed with. The fact that they change the numbers on your end doesn't actually mean that the funds have been sent.
And you're missing the point. It's about self custody of your money. Holding silver is great, but silver can't be used online. If you want to use money online, you have to trust the centralized system, whereas with a commodity backed crypto, you have coins backed 1:1 with something real, and you can actually hold the money in a wallet that only you control. And assuming the blockchain used is not controlled by a centralized group, like the government, no one can stop you from transferring your money to other people.
Most people buy things online. You living out in Bumfuck, Alabama does not change this fact. Your entire argument is ignorant of reality and based on your total lack of understanding of the technology at play here.
Even if the source elephant has diarrhea ?
KEK
That's not true
In the Bitcoin protocol new coins are created automatically.
The only power used is a contest to see who gets those new coins This is not really necessary, and could be shut down and alternative methods used for new coin distribution. But it does have a good side effect it does make the blockchain ledger harder to corrupt.
Anybody who says that they have done the analysis and say the energy requirements will grow exponentially until the blockchain collapses are just clueless.
From Wikipedia (so corrupt, they even falsify raw data, right?):
"In 2021, a study by Cambridge University determined that Bitcoin (at 121 terawatt-hours per year) used more electricity than Argentina (at 121TWh) and the Netherlands (109TWh). According to Digiconomist, one bitcoin transaction required 708 kilowatt-hours of electrical energy, the amount an average U.S. household consumed in 24 days."
"By 2022, the University of Cambridge and Digiconomist estimated that the two largest proof-of-work blockchains, Bitcoin and Ethereum, together used twice as much electricity in one year as the whole of Sweden..."
They started out at zero.
Everyone gets Bitcoin at the price they deserve. Buy now while it's cheap
Ok Max.
Get some Bitcoin while it's still cheap brothers. A small investment will go a long way in the future. Don't look at the day to day fluctuations. Think long term. Bitcoin has been the plan all along https://greatawakening.win/p/17txMa1kyw/q-trump-and-their-connections-to/c/
I can barely afford gas, rent and food. Glad I could get GME and silver two years ago.
Those are good investments too, fren! I heard silver can be used for some new type of battery too
Got xxx GME and silver. At this point just trying to survive lol
Beans and rice, brother. Cant't eat a bar of silver or dots and dashes on a computer screen.
Melania Trump's website where she sells things accepts Solana. Wonder if Solana is better than BTC in the upcoming DeFi
I hope everyone here makes a lot of money. That’s all
Wutang Financial = Maga Financial
Crypto is for the children.
Right now I feel the same about this "crypto market" as I did about the vaccines. I haven't been convinced I need it, and until I see evidence to change my mind, I'll live without it. I'm not sure I want every transaction "tracked".
So all we do is change is who the haves and have nots are
Still old world 2d thinking
I am getting the feeling crypto is part of the fog of war and disinfo is necessary.
Crypto is a bright idea that is more flashy than bright. There are those who are invested in it and talk it up, like a Ponzi scheme. It all looks fabulous if you don't examine the background economics of "mining" and the immense power growth required to keep the scheme bankrolled.
Stock shares are close to that.
Sure, but crypto is a far superior system to the DTCC.
A "far superior" system that can do down the drain? And is doomed by the inexorable geometric demand for power to sustain the mining? That sounds like fantasy land. As we used to say in systems engineering: "It works...until it doesn't." All of systems engineering is centered on preventing "it doesn't."
So you prefer that the stock market be centrally controlled by a corrupt bureaucracy?
Edit: And as if the entire stock market couldn't just go down the drain as it is.
The defeat shows its head by a complete dropping of the topic and a new twist involving an imputation against the opponent. No, I don't prefer that the stock market be controlled by a corrupt bureaucracy. The "market" is a community of individual markets, so I'm not aware of any central control (and you aren't either).
Unlikely that the "entire stock market" could go down. For one thing, there is great redundancy in the fact that they are all tracking the same data, and for another thing they will have backup memory for the current status of data (+timestamp).
And what makes you think that crypto couldn't go down the drain? All it takes is to sabotage the power supply to the mining operations. I see that you avoid the whole subject of crypto's weakness: its dependence on continued mining in order to close its business case and maintain the blockchain computation. That kind of precarious computational environment should be fairly easy to ruin.
.. If I hadn't spent all my money on DWAC.
So it's available right now or no? I only see one WLFI token that was put on the ethereum chain 18 hours ago.
No. No token. It’s a scam. The official telegram said they don’t have a token.
Why would Trump post a scam? Can you send me the link on their telegram where they say there's no token?
I think I misunderstood, you mean the token I saw on the chain was a scam?
There were ads below each post about a token. It’s a scam.
https://t.me/defiant1s/21
Thank you i found exactly what you said!
Yep. Already learned the hard way lol.
And SHTF includes complete power outage? And erratic telephone lines? You seem to have a very elegant conception of SHTF.
I don't have any trust in the current financial system. Where did you get that absurd idea? Criticizing a "currency" that is entirely fictitious is not demonstrating any faith in the fiat currency (I even described crypto as fiat currency for the modern types).
If Crypto is the future, prepare for it to be blown away. You won't have anything, then. Even shares of stock would be more valuable, and that is one thing you are forgetting. If currency has no commodity value...it ultimately has no value.
I am hoping that Trump will re-establish our currency as a gold-backed one. (And maybe also silver, but I am not clear on the whole controversy over bimetallism.) It would be straightforward to make the conversion voluntarily.
It will be a short future. The analyses I've seen peg their doom as being only a few years away at the present growth in electric power requirements to sustain the blockchain mining. Why don't you sit down and get your head around this problem, instead of jumping on your charger and prophesying victory?
Oh, yeah. "Global corruption" has hidden away vast reserves of electricity. It is all out in the open. There is no secret cache of electricity. It requires the construction of powerplants. When the blockchain computational requirements ramp up to the power demands of a small country, the cost of running that power will have to be paid somehow. i have read that crypto mining centers are commissioning their own powerplants to sustain the mining. When you require geometric consumption of a resource to sustain a linear increase in product, the collapse is built into the mathematics. It is a more technological form of Ponzi scheme, built on the premise that the ultimate future accounting will not happen...or will happen so far in the future that we can rape the present as much as we want. Kind of like Keynesian economics. If you are fond of this sort of thing, you won't have much of a future.
Who do you think is going to pay for this power usage? A bitcoin does not represent an asset. It represents a sunk cost. And you are paying for it by tendering assets.
Propose an alternative solution for near-instantaneous long distance transfer of funds for when shit isn't hitting the fan.
The only options I see are fiat, crypto, or nothing.
You will have to get used to what happens when electricity is not available. You have no idea what hard times look like. My wife and children are experiencing that in Zambia, with a power drought and an erratic internet. Near-instantaneous is a fragile luxury and will be the first thing to go. So, your options are an empty set.
As it is, Western Union wire transfers are near-instantaneous over long distances, in cash, so that is an option that millions of people are using all the time. You don't have much vision with which to see.
It is easy to transmit nothing...and that is what cryptocurrency is.
It's trivial to make a crypto backed by a commodity. They already exist.
So, what happens if the data banks go down?
The same thing that happens to fiat. The difference is that when things are working as intended, a commodity-backed crypto would be better than the government funny money known as fiat.
Better in that it is immune to power outages and server disruptions? Don't kid a kidder. Next you will be wanting auto-driving and A.I. surgery.
And when things are not working as intended, crypto could be far worse than fiat currency. It is not traceable to any standard of value. Since when does the numerical solution to an obscure algorithm have ANY commodity value? This is why crypto exchange rates are so volatile. One day it is worth this; another day it is worth that. Very vexing in international exchange. (Try to balance dollars, pounds, kwacha, and rand all at the same time.)
Wheat from chaff.
What happens to the crypto „currency” if random nodes in the system get disconnected forever, e.g. because:
one miner has sold their own bitcoins and they don’t want to burn more electricity to maintain it for the others for free,
another miner has died and his spouse has no idea how to handle it and where are the keys,
another miner’s servers got stolen when they’ve been on holidays,
next miner wasn’t good enough in IT and their servers got hacked and all data deleted,
next one had a computer virus and data have been deleted,
last miner got arrested … to die in cell years later, in the meantime there’s no one who can press the button and start the servers again after power outage.
The random bitcoins would cease to exits. That’s the main weakness.
The other weakness - multi-currency dilution:
The number of countries (and fiat currencies) is limited so people don’t realise that. Anyone can create a new cryptocurrency and there is no limit how many can be created.
Imagine the world with 100,000 different cryptocurrencies that compete for people to buy/use them.
Yes! Theta and other DePins are already in use as utilities and providing valuable technology. My cell phone is through Helium Mobile (a utility token). It only costs me $20 for unlimited data and runs on TMobile network.
I own THETA, TFUEL, HNT and MOBILE. I have always been interested in Filecoin. Haven't bought any.
There's also no limit to how many companies can exist, and thus how many stock offerings can exist,
This is what markets are for; determining value.
So the „limit” you’re talking about is when all the fiat money printed in all countries are already converted to 10,000 crypto currencies and if some country prints more - a new crypto can be created to absorb it and dilute crypto-holders to the oblivion.
You need to notice one similarity:
[1] Countries print money (with no limit, they just add one more 0 in they balance sheet from time to time). There is a limited number of countries on the X axis, so they scale/dilute vertically (printing cash), which is unlimited.
[2] Cryptocurrencies that have limited number of coins cannot scale/dilute vertically, but this sector scales/dilutes horizontally (by adding new names of cryptocurrencies), which is unlimited.
The „limit” you’ve mentioned is that [2] is limited by [1], but only to some extend, because if the quantum of [2] is growing without [1] growing - then the crypto lose their value.
Random shit coins do not dilute the value of Bitcoin. Wtf is this take, lol?
And on top of the fact that random low market cap trash doesn't dilute Bitcoin, all the low market cap trash is almost entirely driven by Bitcoin anyway. The entire crypto market is highly correlated to Bitcoin, so whatever Bitcoin does, all the other shit mirrors.
Xrp is the way
It's developed by a WEF partner.
Doesn't mean it's a bad investment. 60 cents and has actual inherant value. Is partnered with many global baking and financial institutions and is very likely to be the bridge currency of the future.
The open source ledger is ridiculously cheap, fast and scalable... ripple net is what banks will use for reducing the cost of cross border money exchanges.
It's at the forefront of CBDC... I'm Very anti that but then again investing is not about emotions.
this may be fake as fuck