Understanding Bitcoin
I was skeptical for a long time. I was trading the market open every day for 5 years. I deeply understand the fiat, debt based money scam and I have come to the conclusion that it needs to die. It doesn't need any help other than for people to stop fighting it and just walk away. Withdraw support.
Bitcoin allows this for the first time in human history. The philosophy and key principles of Bitcoin are absolute perfection.
"Crypto" is a scam. Almost all cryptocurrencies are a re-centralization of control, not decentralization like they claim. Ethereum is the biggest scam of all
I want to open the door for anyone interested in learning about Bitcoin to ask questions and begin the discussion here.
Bitcoin allows this for the first time in human history. The philosophy and key principles of Bitcoin are absolute perfection.
"Crypto" is a scam. Almost all cryptocurrencies are a re-centralization of control, not decentralization like they claim. Ethereum is the biggest scam of all
I want to open the door for anyone interested in learning about Bitcoin to ask questions and begin the discussion here.
SOURCE URL: https://youtu.be/0kdATsGuEoY
In a scenario of SHTF, including loss of power and internet, how do I turn Bitcoin into something with which to barter with others in the community for food, fuel, ammo when my own supplies (ample as I think they are) start to run low? And given the discussion here, those people with whom I want to trade may not trust Bitcoin, and may not have accounts.
Others have suggested gold (probably not good for smaller exchanges), silver ("junk" silver seems like a good choice for small trades), "lead" (as in ammo - I can see popular calibers being trade-able), or long-shelf-life food.
What would you do with US dollars in that exact same scenario? Especially considering 95% of USD in existence is digital.
If SHTF that bad (which I do think is possible and am preparing for it), I think food, water, energy and shelter are your only commodities. Because you're in a survival situation. Humanity just went back to the stone age.
If the only knock against Bitcoin is: if the world completely collapses into chaos, we have no internet, no electricity, all of the nuclear plants have melted down (as they will without internet and electricity), how will I access my wealth.
You won't. You're dead. And so is everyone else you know and love.
The world requires energy, and the world requires the internet. The hive will keep those things running. Bitcoin is the withdrawal from a corrupt monetary system. Bitcoin is Galt's Gulch.
I disagree that this means everyone is dead. Even in the real stone age, people survived. Food and shelter are essential. I have easily managed several days with no electricity (or internet) during a blizzard and could go much longer.
Survival DOES require energy. That energy MIGHT be a portable generator. It might be a camp stove, or just a fire to cook over. Survival does not require the internet. Humans survived for thousands of years without the internet, and when survival becomes paramount, those things ESSENTIAL to survival will be the first to regenerate, out of pure necessity.
If I'm going to ASSUME the internet is going to be restored to the point that I can reclaim my bitcoin, I might as well assume it's going to be restored enough to recover funds from the bank. The banking system is far more essential to far more people than Bitcoin.
Some of our difference probably comes from the scenarios we expect. My background is in nuclear power, so I tend to go to "worst case scenario" - the "stone age" as you say.
If you find fault in my reasoning, I would be eager to hear it. Anything I can learn to increase my chance of survival is welcome.
What happens when a nuclear plant loses power? These are very fragile facilities. You would know this as well as anyone.
The banking industry is not more essential. 3 billion people are unbanked.... But they can have a smart phone!
Let's make this conversation way simpler. 2 choices Fiat money vs Bitcoin. Are you saying you choose fiat, government backed money?
We can have the gold, food, generator, ammo conversation next š
Regardless of the source, an EMP or solar flare knocking ALL power out is my scenario.
If the cell phone tower can't get power, your cell phone is just a brick. Satellite phone? Maybe ... but there has to be something to talk to.
In that scenario, it is not a question of fiat money vs bitcoin. The question is: what do I have that I can trade with my neighbor to get what I am short on. Canned food for gas for the generator. Ammo for canned food. Some might take silver.
If they think everything is coming back online soon, they might even accept cash. I would not expect ANYONE to accept a check. Or the promise of a bitcoin payment if and when the internet comes back.
What happens when a nuclear plant (anywhere in the world!) loses power. Can't function..... You have meltdown. What happens if 1 plant has a meltdown? 5 plants? 20 plants?
My point is.... An EMP knocking out humanity's electrical supply is far worse than the stone age. Your argument that Bitcoin wouldn't do well in that scenario is so incredibly ridiculous.
98% of humanity is dead if an EMP ends our energy. Nuclear plants are one example of why.
60% of the bitcoin network is powered by decentralized, off grid energy from micro-hydro, solar, and yes.... Nuclear. If all of that is lost at the same time...humanity as we know it is over.
My point is still the same: Bitcoin >Fiat in every way.
Check your logic: are you arguing for something, or arguing against? If you're arguing against, what is the alternative you're proposing?
What scenario are you trying to prepare for?
https://youtu.be/ZcjFrIMw2sI
I refuse to support the corrupt system. I have 160 acres. I grow most of my own food and have the ability to grow all of it. I'm ready.
All of my economic energy at the end of every month is either put into fencing, water, perennial fruit, livestock, energy, or Bitcoin.
I don't interact with dollars. I hate that system and will do everything I can to help it collapse. I have $500 in a bank account and I make "minimum wage". I get paid in cash and Bitcoin and I pay in cash and Bitcoin.
My goal is to help other producers see that by engaging in dollars, they are helping to keep this unethical slavery system alive. Bitcoin is Galt's Gulch. I really want this community to understand the philosophy.
This is a battle of ideas. Taking responsibility for your life. Enlightened self interest. Strength of the individual. These are all ideas that will change the world that I'm creating for my children. I'm not willing to kill for these ideas, but I am willing to die for them.
Here is some proof of the hacks.
https://www.bleepingcomputer.com/news...
And here is a link to no responsibility being held for crypto exploitation and theft.
https://www.oann.com/newsroom/federal...
Satoshis original wallet has never moved a coin. it is currently worth over $33 Billion. Pretty good incentive for a hacker. They can't do it.
Stop equating "crypto" to Bitcoin. Inform yourself or you're missing out.
Bitcoin is the internet in 1996. You're literally the person saying that email has no future. That sounds like a silly argument today.... Calling Bitcoin a scam will sound equally as silly in 10 years.
You don't need a bank. You don't need permission. You don't need trust. Bitcoin fixes money.
I'm right here and ready to answer questions for those interested in learning.
Either way, I don't care what you do. But failing to do your own research is a mistake. Continuing to use fiat currency is a mistake.
Bitcoin is the solution, and people who understand Atlas Shrugged and understand what Ayn Rand was saying, should grasp the principles of Bitcoin immediately. It's disappointing to see this community doesn't understand.
Dismissing Bitcoin is foolish. Seek to understand.
I can filter traffic in an out of routers with a few minutes of work, encrypted traffic or otherwise. While I'm not expert with this aspect of IT, I am very good. But there are those more capable that I am who work upstream for ISPs, NOC's and routing centers, those you have absolutely no access to, that you TRUST will keep these lines of communication open. What happens to your access to finds when Starnet, comcast, Cox cable, says "you've been non-compliant. No soup for you!" and shuts off your internet or filters out (prevents it from passing through their equipment to you) the protocols and /or encryption your traffic?
Social reputation. When the masters of this "new way" decide you are not subscribing to their narrative how do you suppose you will be brought to heel?
Force? No.
They will limit your ability to buy, trade a sell so you can't eat and life is most difficult. How? By restricting access to your electronic currency, shutting off you automated house, preventing your from even going into a store.
This is already being done AND we're not fully automated or digitized.
I am not misinformed. I simply do not TRUST those in media, tech or government to work outside their interest. You are being naĆÆve if you think this will not be the regulating medium of you life.
They don't have to hack the currency themselves just your access to it.
Either way, I don't care what you do.
I share the same sentiments about government and digital control. I do not have smart devices, smart appliances, or anything else that can be controlled by someone else. I'm a farmer. I build my life around being resilient.
Even with all of that.... I will take my chances with Bitcoin, before I keep a penny in USD or CAD.
Were the Canadian truckers not electronically locked out of the their bank accounts?
Was a man not locked out of his home because Amazon digitally shut down his automation over an allegation?
Did Aldi grocer in england not require a registered smart device (phone, card) simply to open the door and pass into the store to shop?
I'm misinformed ad yet your telling me to watch a video over my own observations and capability? Kind of an anti-objectivist approach, no?
Your NEED for connectivity to access your funds will be the downfall. With the world racing into the slavery fire based on deliberately manufactured fear and convenience, how can we avoid this in the future? I do not know. Franky, at this juncture, I'm not sure we can.
I'll take my chances with growing food with little to no input costs, and store my wealth in the hardest currency humanity have ever seen.
When you have a solution, I'd love to hear it. I'm the most objective person you'll ever meet.
Truth doesn't care about your feelings.
We are not yet at the tipping point. More, when we are, the means to limit access will be in place, and most everyone's safety nets will be fully invested.
Internet and control of that medium is the linchpin. It will be without internet (and compliance) you have no access to anything.
I'm not insulted nor am I trying to insult. I'm simply pointing out that which I know. And overriding your experiences and observations is counter-objectivists (funny coming from me, but its true).
Michael Saylor also presented at the Atlas Society Gala. He compared Satoshi to John Galt. You may find that presentation interesting as it will use terms you can relate to.
Or.... You can cover your eyes and ears because you already know all there is to know. Up to you!
I'm all for being educated on a subject, on pretty much anything, even simply to be contrarian for the sake of argument.
As I said many times before, I can use worthless dollars to wipe my ass, twist them into kindling for a fire, or perhaps even use them in compost. Without the internet you'll have no access to your funds, whether your farming your food or not, and have nothing tangible to do anything with.
I'm quite aware its up to me and that's is the point of my replies while you defer to others, likely because they align to your investment.
Time will tell. I do hope it works out as you see it.
Thanks.
To me Bitcoins main strength is itās portability. I can take $100,000 buy BTC get on a plane to somewhere else and the so called authorities canāt stop me. Because the BTC is effectively already there. Thatās powerful. We need more of that.
And incidentally remember that pipeline ransom that was paid in BTC and the AuTHOrITIES allegedly āinterceptedā the BTC and got it back before it made it to the address?......That was a bunch of BullShit.
Anyone that believes that will also spend hundreds of dollars on N95 masks.
Satoshi is John Galt:
https://youtu.be/ZcjFrIMw2sI
thanks for the down votes
proves you are fools
Bitcoin will be fine. Not sure you will be š¤·
Still, I too have electronic holdings and playing a game of chance in the hope of gain that will allow me to insure my and my neighbor's survival.
Even your bank account is digital these days. But so is Bitcoin. When the killer solar flare or weapon-related EMP occurs it will all be wiped out--so i wouldn't bet the farm on the long-run future of anything "electronic" or digital. Short term, yes (hardly any choice)--but not the final answer, and not a long-term solution IMHO
Banks do have some choice, but not the big ones, they have no choice. So, it comes down to what is used a currency. I favor the Goldbacks, money made from laminated real gold sheets in percentages of an ounce. NH,TX,NM,NV,WY have been printing such physical currency.
In a world with no wide spread Electricity/phone service/interweb, this is the only way to go. Also, physical gold and silver coinage should be part of the plan.
Truth is an objective absolute. You're statements are false no matter what your personal experience is. It doesn't supercede the truth.
Please don't try to bait me into continuing a conversation you have proven yourself unwilling to have.
"Everyone gets Bitcoin at the price they deserve"
"Have fun staying poor!"
plain and simple
your bit coin has zero value without a computer behind it
unlike things you can put your hands on
but keep selling your snake oil
get gold, silver, lead, guns, food, water, aoom
Bitcoin fixes this. Do your own research, or be left behind. Read "The Bitcoin Standard."
Second, you say that Bitcoin is both scarce and portable. But it still faces the problem of needing a connection to the Bitcoin infrastructure AND a willing vendor in order to make it work. In my not-so-small town, there isn't a grocery store anywhere who accepts it. Same thing with gas and pretty much anything I need. Until that changes, it is comparable to a stamp or baseball card collection: fascinating, yet hardly a form of ubiquitous value.
While they were used at one time as currencies, gold and silver are no longer used as currencies. Today, fiat is used as currency and gold and silver are considered more Stores of Value (though they're not truly scarce). And, don't expect to be paying for your groceries with gold or silver anytime soon.
RE: "it still faces the problem of needing a connection to the Bitcoin infrastructure"
Yes, electricity and an internet connection are required - just like every other financial transaction today outside of cash (fiat). And, if we lose electricity, gold and silver won't be much help either. In that case, we'll be trading value-for-value with chickens.
RE: "AND a willing vendor in order to make it work"
So do gold and silver. Does your local grocery store accept gold or silver for payment? Bitcoin is peer-to-peer and requires no 3rd party.
Here's a great video explaining Bitcoin by Atlas Shrugged fan and advocate, Mike Maloney: https://www.youtube.com/watch?v=SF362...
Also, I highly recommend reading, The Bitcon Standard: https://www.amazon.com/Bitcoin-Standa...
That's due to interference and coercion by the central banks. The central banks persuaded their respective governments to legitimize fiat currency in order to loot the people and they (the banks) couldn't do that - as effectively - with currencies tied to physical assets. Why do you think Russia is being pilloried? It is because they announced that they would sell oil for gold and tied the price of a ruble to a physical asset (gold/oil). The central banks HATE the idea of being unable to loot the people through forced currency inflation.
"... just like every other financial transaction today outside of cash..."
Which (cash) I already use almost exclusively - fiat or not. Bitcoin is a substitute which has higher transaction costs (ie the technology) than using cash. There has to be some value inherent in Bitcoin to offset these transaction costs to make me want to use it. That may certainly happen as inflation erodes the value of existing currency, but it remains an ongoing hurdle.
"Does your local grocery store accept gold or silver for payment?"
My State may not be the norm, but gold and silver are mandated by law to be acceptable currencies. I'm sure I'd get some strange looks from the cashiers if I took my "junk" silver in and used it to buy groceries, but it's entirely legal.
"Here's a great video"
Thank you very much. When I have 75 minutes I'll take a look.
The answer to every Bitcoin question always has to start with the problems of fiat. If we can't agree that fiat money is complete bullshit, we can't continue.
Assuming you understand the problems with fiat and why it is immoral to use....
You're misinformed as to the "baseball card" ubiquitous-ness of Bitcoin. I don't have a grocery store or gas station near me that "accepts" Bitcoin either. There are things like this:
https://strike.me/
Bitcoin is the internet in 1996. It is a global infrastructure that is owned by nobody. Anyone can build on it.
It's hard to use this forum to educate. I highly encourage you to check it out. Bitcoin deserves a few hours of your time. Learn about the principles . Learn about the lightning network. There are some incredible use cases for this incredible network, and this community is the exact group of people that should understand and utilize it.
Bitcoin is the gold of Atlas Shrugged.... Except there can never be more of it.
One system's immorality doesn't legitimize another's. Bitcoin has to stand on its own merits.
If you had spent any significant time on this forum you would have seen that there is general agreement on the inherent problems of a currency disassociated from tangible value, i.e. fiat currency. You do everyone here a disservice by assuming that we support fiat currency just as you do a disservice by assuming that many of us have not done extensive research on Bitcoin. -1
"Bitcoin is the internet in 1996. It is a global infrastructure that is owned by nobody. Anyone can build on it."
Your comparison isn't remotely accurate but we don't need to dwell on that. Unless you're carrying around a telecommunications network in your pocket AND the Bitcoin software (not to be confused with one's digital wallet) - two fairly major dependencies - Bitcoin is inaccessible even if you own it. And I'll point out the "teensy-tiny, but ever-so-crucial detail" (thanks, Hades) that the telecommunications companies only exist because the government allows them to. If they started black-listing the IP addresses for Bitcoin servers (and yes I am very aware they are decentralized), the entire system would fall apart. (And you could build an adaptive filter to do it just like they do on firewalls which do deep-packet inspection for viruses.) The Achilles' Heel in Bitcoin isn't the algorithm but the communications network.
This is not to say that Bitcoin should be avoided at all costs. All I am pointing out is that as of right now, Bitcoin is as much a fad as tulip bulbs (see a history of currency for relevance). There were certainly those who made a lot of money, and there were a lot who lost everything when it all came crashing down. I'm not advocating for the demise of Bitcoin, I'm just hesitant to invest in tulips.
"It's hard to use this forum to educate."
It's sometimes difficult to persuade - which is what you're really trying to do - but this shouldn't be conflated with "education." Voluntary trade takes two parties who agree on the goods/services, their value, and the medium of exchange.
PS, the first thing to go will be the satellites.
From a principles first perspective, Bitcoin fixes the money system. Fix the money, fix the world.
Bitcoin fixes the world.
I just hope I cash in at the right time.
Rest assured, the Fed/ie one world money, will not be traded on the decentralized blockchain.
Check out my newest: The Climate War is coming ...for more pain and suffering.
May your coins gain value,
Carl
As has been said, time will tell. Either way, if Bitcoin is $1 Million or $0.... I want you to remember me and remember this conversation. I'll look like a genius or an idiot and I am fully prepared for either.
Anyone holding bonds, saving, mutual funds and fiat dollars should know their fate is guaranteed.
https://youtu.be/8Mhu6dxj7qk
looking for new marls???