I’m misinformed?
When was the last 51% attack on BITCOIN? Lol. The network is so large, with so much hashrate…. It is comical to think it is even possible! Bitcoin is not some shit chain that has low participation. It has an astronomical amount of horsepower behind it.
Bitcoin doesn’t have nodes… the nodes are every single miner. This isn’t a PoS (proof of stake) chain. Do you know what you are talking about?
Regarding transactions… stores can easily authorize the goods the leave before the transaction is confirmed… they do this with fiat systems already: ever heard of a chargeback? Stores pose the same risks here as they do with a double spend. Local stores can hold customers who do this accountable very easily. Only online sellers will need to wait for confirmation before shipping goods, guess what that’s how it works with fiat too.
Regarding the argument about needing an electronic device to spend it:
Again, this is assuming a doomsday scenario. Trust me, if it’s this bad that we have no electricity or internet for a very long time… your little gold and silver coins are going to not be desired for barter either.
Regarding your comment “someone hasn’t heard of silver or copper”, that isn’t my point… if you need to flee to another nation for some reason, do you want to haul your 200+ lb case of gold, silver, copper with you? What if the situation is so dire that you are unable to retrieve them in time to do so?
Regarding confiscation: History proves otherwise, people have already been forced to (and the people succumbed to it) hand over their gold once. It can happen again, and if you don’t you face consequences that you will have to flee the country to hide from, good luck fleeing with hundreds of pounds of useless weight in metals. Fact of the matter is, if shtf… you will be better off with btc… something they can’t even prove that you possess (if you aren’t a idiot anyway)
Never hold anything on any exchange
Only on your own personal wallet and securely store that thing. Trezor is a good option.
Fix the homeless thing first tho… may good luck come your way and help with that… sorry to hear of your situation :(
No single entity controls even close to 5% of the supply.
Thats what I mean.
Find me a fiat or stock or precious metal where there’s no govt or entity that totally controls and drives the market because they simply own a large portion of it.
Exactly why you don’t know who all owns these 21m coins is exactly my point… they are so spread out, and so thin… very few single entities have even 1000 bitcoin… and yes some have 10,000 of them but that is quite literally 0.0047% of the supply.
The only person who holds a significant amount is Satoshi who has never and very likely will never spend the coins… they are considered lost and out of circulation. And he holds around 1 million, about 4.8% of the supply.
I will also agree that ONLY owning bitcoin is not a good idea.
Diversify, for sure… with gold and other metals.
But when and if the time comes we all need to use these investments to survive… I can bet that bitcoin is going to be the one you are most thankful for having. It will make it so you probably won’t even need to spend your gold and silver stash.
Yes this is cool, but you do realize if the dollar completely collapses… gold is going to go up a lot (not as much as bitcoin :D) and these individual flakes may still be worth way too much to easily spend for day to day needs like filling up your gas tank or buying some groceries… etc.
This is mostly what I’m talking about too
REALISTIC scenarios..
If the shtf like that globally we’re all doomed whether you got gold or btc lol
Re quantum at 3 letters… yes this is eventually a problem, but QRL’s (quantum resistant ledgers) are going to solve it… and also, it’s pretty easy to hide the bitcoin in a wallet that is unknown to anyone; and thus they won’t know what wallet to try and crack into to seize them.
Obviously you can do that, but you’d have to prepare for that beforehand and who’s to say if your $10 silver coin will be worth $10 when the dollar collapses? It may be worth $100… and then all the preparation you did was moot because you still only have $100 bills and no way to get change lol.
Fact of the matter is
1 bitcoin can be spent in fractions as low as 0.00000001 at a time. You cannot fractionalize any metal to that degree…
Price action on crypto works like any other stock that is traded on any open market…
If you are asking what makes BTC valuable that is a different question that ive already answered.
The fees are insane? Lol, no. Yes there’s a way to completely screw up and pay a way higher fee than needed…. You can artificially increase the fee you pay to make your transaction process faster (long story short).
Some idiots have messed up and spent way too much fees before. It does happen, but all of the wallet programs now have a lot of measures to prevent an unknowing user from accidentally doing that.
In general the fee to transact any amount of bitcoin anywhere in the world is in the range of $0.15 to 0.50.
Tether is not Bitcoin, I’m no fan of tether either and it will likely eventually fall, but bitcoin will still stand, as it has for all this time.
When did trump call BTC a scam? Infact I’ve heard opposite and heard him speak optimistically about bitcoin in the past… Trump is selling fkn NFTs man.
Re: privacy.
While BTC itself is traceable, it is very easy to store BTC in a fresh wallet that has no history to it, and thus making it effectively impossible to know who owns it. The exact reason we still don’t know who Satoshi is still.
Re: storage
It’s stored on the public ledger. Not on any server or computer. Your wallet (which is your permission to the ledger that you own the coins within X wallet) can be stored on a piece of paper in your wallet if you want (don’t recommend it, but it literally can).
Re: value
Obviously gold has other variables that make it valuable, as does bitcoin…. These are just the most prominent reasons why gold and BTC are as valuable as they are.
So you think the power will be shut off globally?
Because if that is the case then you are mistaken.
As said, sure some countries may shut off… but would you want to stay there if they did? No.
Do you want to haul however many pounds of gold and silver to whatever new country you try to flee to? No.
You have fun with that. And good luck not spending at least $100 worth every time you want to spend just $5…. What are you gonna do, scrape flakes off your gold bar? Lol
And to add further… if the power does go off globally then there’s much larger problems than any gold or silver coins are going to save you from… nor do I think gold or silver will even hold value. You need power for precious metals to be useful for components and electronics… it will become just…. Jewelry if there is no electricity… and guess what jewelry will be pretty worthless in dire times like THAT.
Stick to a realistic scenario if you really want to “prove a point”…. A realistic scenario is the usd is on its deathbed (again) and the president (again) confiscates all of it nationwide… to save “the system”.
I’ll just leave this here
How’s this any different than any stock?
While Bitcoin is all digital, the value for it is completely legitimate.
What makes gold valuable PRIMARILY?
- rarity… it’s not that easy to find.
- cost to mine it and refine it is high.
- It can be melted down and made into jewelry, which is really just another form of “holding gold” investment.
What makes BTC valuable PRIMARILY?
- rarity… there are only 21m of them.
- electricity cost to mine 1 bitcoin is incredibly high in most parts of the world. It also requires a great amount of luck to be the one to win the block reward.
- it can be transacted globally instantly without any middleman or government able to stop you from doing that.
- it cannot be seized (like gold was), they can try but there is no physical means to enforce it or easy ways to prove who owns what btc’s.
- privacy
The problem with your theory is that bitcoin is a very limited supply currency.
In order for them to gain enough control of the supply to play this game… they would have to quite literally drive bitcoin price up by many multiples of its current value.
The price value movement when a purchase of 1 BTC is made on the market, is much stronger than an equivalent purchase in gold.
Never said I wanted BTC to be a global currency. But it is a currency that carries value globally.
Yeah tether scam will eventually fall... but guess what, there have been far bigger scams and dozens of them and all of those supposedly "hurt bitcoin"... yet bitcoin is right on track and in line with historical charting. Nothing has truly effected BITCOIN... but yes I do and never didn't admit that when tether falls it will be a bad day for crypto. It will become a great day for Bitcoin though, as people are going to realize that there is no true stable in crypto, and Bitcoin is the safer hold.
Exactly, a miner is NOT a node in the traditional sense... nodes in crypto are used on PoS chains, and there are generally only a few hundred or thousands of them, I agree that these blockchains will have issues if a large amount of their NODES go down. With bitcoin, there are literally hundreds of millions of individual miners. And believe it or not, a reduction in hashrate (like 30% of the world losing power) only affects btc transactions for 48 hours, at that time the block difficulty gets recalculated and blocks become easier to mine by the lower hash throughput.
Federally backed or not just applies to FDIC insurance. It does not cover chargebacks lol. With unlawful chargebacks, law enforcement gets involved, the retailer provides video proof of the person purchasing the items... law enforcement then presses charges. It's not much different than writing a bad check. These same laws and rules can apply when using BTC instead of dollars.
Regarding "history proves otherwise" Yeah, sure there is maybe one specific scenario that can play out where having precious metals is better than a digital currency for which you can transact in tiny fragments across the entire globe in minutes. This is why I never ever said it's not a good idea to hold ANY of these precious metals. It is obviously a good idea.
But my point is... 99.99999% likelihood that gold/silver/metal will be not the best option and also will be cumbersome, with whatever cataclysmic event we have happen that requires us to turn to these other options for payment and barter.
Regarding fleeing countries: Has nothing to do with flying on a commercial plane... lol where did that even come from. It has to do with... whats going to be easier to QUICKLY gather and throw into a vehicle and drive away... Imagine a emergency scenario where you have only minutes to escape whatever is coming.
Regarding confiscation of US citizens crypto: I'm not an idiot, the govt would not even be able to prove that I have crypto for them to confiscate, or I can just claim "I lost the wallet seed phrase for it". Sure they can tell I at one time purchased BTC, but they have no way to track what I spent it on from there. It would be an impossible task for them to continue to pursue it. Or, I could easily grab my entire net worth, and leave the country to another country who hasn't gone totalitarian.
The point here is, you cannot PHYSICALLY hide gold from the govt. It is a physical tangible thing that they can physically find, they also have many ways to prove that you own it. There are no (legal) ways to transact / move / smuggle precious metals away from yourself and to somewhere secret. And if a regime came that was truly totalitarian, and you have a freakin wheel barrow of gold and silver coins... It's going to be very hard to flee without just simply leaving it behind.