It Really Doesn't Matter Who Created Bitcoin. Or Why
Even if it was the NSA, the CCP or the WEF.
Bitcoin is beyond anyone’s control, and it's the Kryptonite for the coming CBDCs.
Bitcoin is beyond anyone’s control, and it's the Kryptonite for the coming CBDCs.
you cannot eat it
when the world falls apart is is just another piece of paper
ok to invest if you have money that is just sitting there
but be prepared to loose it as that is always a possibility in investing
gold is just about worthless
you cannot eat it
when the world falls apart is is just another metal
ok to invest if you have money that is just sitting there
but be prepared to lose it as that is always a possibility in investing
for example if advancing technologies make it easier and cheaper to mine
If gold becomes cheaper to mine, through advancing technology or otherwise, more gold will be mined and put on the market, causing the price of gold to decrease and the price of goods and services denominated in gold to rise. Evidence: California gold rush 1848. https://www.metaldetector.com/blogs/n...
"The large quantities of gold being discovered caused the pieces being mined to drop significantly in value. An ounce of gold went from $16 all the way down to $12 an ounce within months and stayed there, at least until some supplies started coming back East, and they were able to regulate prices accordingly."
Also: https://www.parks.ca.gov/pages/22922/...
" The gold pans that miners needed cost 20 cents before 1849, but soon were sold for $8 each. The cost of eggs rose from $1.00, to $2.00, to $3.00 per egg."
Precious metals have stood the test of time.
When we arrive at the point where precious metals are essentially worthless, stick a fork in humanity, we're done.
A ponzi scheme is controlled by its originator. Bitcoin is decentralized.
A ponzi scheme pays early investors with the money collected from later ones. Bitcoin can be traded for cash back and forth by anyone.
A ponzi scheme generally involves deception. Bitcoin does not.
A ponzi scheme relies on a continuing influx of new money for those who want to cash out. Bitcoin does not.
"If everyone wanted to get rid of their bitcoin" is not a realistic scenario. Bitcoin has been around for more than a decade, it has no secret features, and its advantages and disadvantages are well known. Like gold, bitcoin functions as money because a sufficient number of people like its features and are willing to use it as a medium of exchange.
According to dictionary.com, "Fiat: an arbitrary decree or pronouncement, especially by a person or group of persons having absolute authority to enforce it."
Unlike gold, bitcoin is intangible. So is a degree from a prestigious university, but people are willing to exchange a lot of money (and work) for it, and its value in the marketplace is derived from its recognized usefulness to a sufficiently wide group of people. Same with bitcoin, even though the reason for its usefulness is different.
Bitcoin is a medium of exchange as is the dollar. It is not a store of wealth since a good EMP could eradicate its value instantly.
Bank deposits aren’t a store of wealth either as we find out when a bank fails. The dollar isn’t a store of wealth either.
Gold isn’t really a store of value in itself either unless you can use it for your own life. It’s value, like with bitcoin lies in what value others see in it
On the other hand, a house that you live in is a store of wealth for your own life and for those you leave it to -assuming government doesn’t
Take it from you
All arguments aside, this is a huge advance in Bitcoin proliferation and acceptance.
Why not real money, like precious metals?
First, it's not fiat. It must be mined. The mining uses CPU/Electricity. The halving causes the cost of mining to basically double. It's a competitive designed system to encourage a lot of people to run miners. The more miners, the more security you have.
And it does NOT have the value of some buyer, of any buyer. It has the value where Buyers/Sellers meet.
Just like stocks, bonds, and many things we deal with notationally.
If nobody wants yours for a price you are willing to take. Don't sell it.
But the MAGIC of BTC is that Nobody controls it. And the TOTAL NUMBER is established, and CANNOT be changed.
So... No Watering down the currency. It's provably secure. (in fact, it's security is one of it's drawbacks).
Criticize it for the Transaction Fees. But don't call it FIAT.
And using the logic: "It could be outlawed"... Well, in a society like ours... So can Free Speech, and YOUR access to BANK accounts. If BTC were embraced... NOBODY could prevent you from buying/selling yours for whatever you wanted.
THAT'S the goal. No bankers or government in the middle of every transactions.
Yes, it's new. Try explaining the Federal Reserve system to someone 100 years ago. M1, M2, M3, etc.
They literally cannot be duplicated. The cannot be watered down.
I dare you to find a better starting place for a modern currency.
(Oh, and unlike the dollar, it's more than currency, it's actual money... Especially once fully adopted)
I must disagree with you on these points below:
Bitcoin is fiat, just like the dollar, neither is money, they are currency. The dollar has value, the paper is really nice… But the value of the paper is not proportional to the face value of the note. The same with bitcoin, the value used to discover the unique number has nothing to do with the face value assigned to it.
I do agree that the limiting number of coins is a great value for Bitcoin, my issues and not with this aspect of it.
My biggest objection to holding bitcoin is that it’s based-on technology. It’s a virtualized fiat currency, if the power goes out, you have nothing. I’m a cloud automation engineer for a (less than) respectable internet company. The cloud is just someone else’s hardware, it’s nothing special. I’ve seen how projects are run, how people take shortcuts and put other people’s business into jeopardy. These guys are releasing code without testing let alone testing is nearly impossible due to the complexities of the environments. The value of the bitcoin you hold is tied to this development cycle with you have no control over.
“Bitcoin isn’t controlled by the government” – hogwash… Bitcoin is reliant upon systems controlled by foreign entities. The reliance on the internet is the single biggest reason why I don’t invest in bitcoin. Technology is easy to implement and it’s even easier to break but even better, is to corrupt. You are trusting that the developers have not provided a backdoor into the blockchain for the government. It’s possible and you can never be sure, humans are corruptible.
Jack
Bitcoin is open source. The code is out there. If there is a “backdoor”, why wasn't it discovered long ago?
https://www.coindesk.com/learn/open-s...
”Bitcoin is fiat, just like the dollar . . . “
Bitcoin is not fiat. According to http://dictionary.com, "Fiat: an arbitrary decree or pronouncement, especially by a person or group of persons having absolute authority to enforce it."
You are not wrong.
The old RSA Random Number Generator was Corrupted by the NSA/CIA so the range of numbers it produced were reduced in such a way, that they could hack it.
Yes. It's not perfect. The one aspect I don't like is that we rely on the internet. And I would prefer a system that was not counterfeitable, like paper is.
But your model has to have some level of assumptions. My basic one is that IF there is no internet and no power... It's a DIFFERENT GAME.
If life continues forward WITH those things. This will be an obvious solution to GOVT controlling our currencies/wallets. Which MUST END.
Banking... And Income Taxes came 1 yr apart, and were designed to enslave us, and they have.
I want a potential exit.
I am open to workable alternatives.
Do you have any?
Already happened with gold, could happen again. Didn’t destroy gold’s value. Bitcoin had/has value (people are willing to pay for it at prices set by the market) even without being legal currency.
Bitcoin is not backed by anything of wealth so it can go to zero in a heartbeat, correct?
The dollar is not backed by anything of wealth so it can go to zero in a heartbeat, correct? No, it has value as long as people are willing to use it as a form of money. Same with bitcoin, except that the maximum number of bitcoin is built into its software, while the maximum number of dollars is infinite.
And lastly, what happens to my money when the internet goes down for good?
I don’t see that happening. If it does, it will be caused by an event so catastrophic that the world will not be worth living in, even if you have a money bin full of gold and an effective means of safeguarding it.
Why not real money, like precious metals?
Why not a free market in which participants can decide which money is “real”?
When gold was outlawed, gold’s value wasn’t destroyed; this is my major point, it has value in itself. I know you can’t eat gold but if I need something large, I bet I’m able to find someone willing to trade with gold and silver still.
Agreed, the dollar and bitcoin are both fiat currencies…
Internet going down - I’m holding precious metals in my possession for this reason. You might not have been paying attention (not being argumentative, just making a point, sorry) but the economy and our way of life has been set up for a major fall, deliberately.
1) The economy has been weakened massively with the intentional printing of dollars.
2) Fentanyl is flowing into our country to weaken us within.
3) Our new generation of fighting young “men” are not.
4) Covid was a cover to introduce a vaccine, in my opinion, to cull the herd.
5) We have two conflicts that have dwindled our armories and could quite possibly trigger WWIII.
6) We have a president with oatmeal for brains.
7) All diesel engines must use DPF to function, easy trigger to stop commerce. There was a DPF scare about a year ago, would have stopped everything in its tracks.
8) One of Barack Obama first actions as president was to transfer control of DNS outside of the US. Control of the internet…
It’s a trap, bitcoin will be blocked from trading. I’m starting a business helping companies become self-sufficient in the cyber world. Everything is being set up for total control, including digital cash or CBDC. I would agree that bitcoin would be a good alternative, but I guarantee they will not allow you to trade Bitcoin once this all starts.
They let gold double in price. Hmmm... Strange...
You mean the price of Gold can be manipulated?
Silver?
The LIBOR?
All of it. And it is.
To the benefit of the bankers!
That, I can agree with as a great idea.
Unfortunately, unless there is an armed uprising, corrupt looters in government
and their collaborators have and will use the power to end use (by anyone
politically lower than themselves) of any 'money' that they can't control.
Bitcoin should be a legal form of money for anyone who wants to use it.
But its current use interferes with the power of the state to control the serfs.
The state will change its use or curtail it using their power over access to it.
In a different world where everything wasn’t already screwed up I’d say BTC was a great idea. After the collapse BTC may be the way to go. Honestly it’s easier to “mine” than gold. But until the creature from Jekyll Island breathes it’s last putrid breath it remains a danger to all forms of wealth storage. Including BTC.
Now combine unfettered AI with the emergence of quantum computers and how long do you think crypto currency passwords, no matter how well encrypted, will last?
Who owns the AI? Who owns the quantum servers? Not you or me?
As suggested before, take advantage of crypto rage, profit off it and jump ship before the hammer falls.
Stronger passwords will evolve along with quantum computing. Quantum-safe cryptography has been around for some time, and is being further refined and strengthened. See:
https://www.ibm.com/topics/quantum-sa...
https://www.monash.edu/news/articles/...
https://www.nist.gov/news-events/news...
Determine the encryption used or the transit protocol, and can be filtered anywhere along the route to your location and IT'S GONE. Any relay point apart from your computer modem/firewall/router is OUTSIDE your ability to influence.
crypto like hosting your data/servers online REQUIRES trust AND SHARES your data with strangers. Great thing to do with "wealth". More, whatever is the host location (its hardware and its connectivity) has the ability to prohibit access or filter content how it sees fit.
This isn't hard. And, from a technical standpoint pretty simple to do.
Once we’re are dependent on crypto, rules and conditions will be made and nonconformity will get you cut off.
The same sentiments and projections are being used for digital currency. Crypto is just the tool that will be used. The trouble is the control given.
Wuhan was funded, tech shared and released globally. Media, governments, and society in general pushed poison based on the knee jerk hype. Millions have died BECAUSE they allowed it, made it so, fostered the environment.
Do you really think governments could plan out the crossover to digital currency by helping it establish a toehold?
Can you lay out a logical case for your theories, one that identifies the supposed perpetrators, what they plan to do, how they plan to do it, and some actual evidence to back up your theories?
I did my part presenting what I can, "proof" being not so easy to find these days. I posted two links to password cracking, one specifically for crypto. Perhaps the "respect" for the subject will be more evident should you look at those two, particularly the quantum computers ability to crack the strongest encryption on earth.
https://www.ibm.com/topics/quantum-sa...
https://www.monash.edu/news/articles/...
https://www.nist.gov/news-events/news...
I'm not trying to be rude, but this is nothing like 1964; we are driving the car off the cliff. The kids are still in the back seat, and no one has a seat belt on. I don’t understand how you could say everything is fine. It’s obvious that it’s not and that we are approaching the end. I find this conversation very interesting as I can’t understand how you can have the opinion that “everything is fine”.
In 1964 the media were only screaming 'wolf' because they were intent on stopping Goldwater
because he appeared to have integrity and respect for the People. The media was lying and
the only danger was that the People might have a defender in office who could have uncovered
and exposed the actual assassins of JFK. The murdering scum couldn't take a chance of that
happening, so the propaganda was Goldwater would cause WW3. (Kind of like the lies of the
media about Trump, when the truth was LBJ and Buydem were the ones who wanted war.)
Today the media are screaming "All is Well! Be Happy, Go Shopping!" and the country is
actually on the verge of default (that will cut buying power of the People by at least 50%.)
The bus out of financial Armageddon has already left the station, but there is a chance to
restore individual liberty instead of serfdom. I don't think that will happen peacefully.
I suspect either 300+ million will be serfs or millions will die in revolution (with no guarantees of
success.)
In most respects, things were much worse in the 1930s and 1940s than they are today. The U.S. government outlawed gold, attempted to impose corporate fascism on the economy, befriended and bailed out Stalin’s Soviet Union, and herded over 100,000 Japanese-American citizens into internment camps. We face a different set of threats today, but also have many advantages. People are much less trusting of government, and advocates of freedom can communicate much more easily with each other.
The real battleground is in the realm of ideas. At present, our public institutions, educational and political, are dominated by left wing ideologists. We need to overcome the domination of this mindset before we can hope to achieve a truly free society. Otherwise, even if we throw the current set of would-be dictators out of power, a new group, equally bad, will take over.