21 Million Bitcoin

[BJC]

Moo,

Intrinsic value is a human concept. Things have value/price based on what people will pay for them. That's called a market.

Water is the most valuable thing in the world for our near term survival and it's cheap. I could drink it from a stream. Baseball cards and artwork are useless, but people will pay a ton of money for them.

You need to do your own research because you clearly don't understand the issues with fiat currencies and/or commodity markets like metals which are not practical for modern trade. physical commodities are not practical and have limitations. Fiat currencies are abused by whoever issues them at their will stealing form the holders of those currencies and anything priced in them.

It's both about taking a medium of exchange out of corrupt human hands, while allowing owners of bitcoin to maintain sovereignty over the value of their bitcoin. Bitcoin doesn't need to be stored with an intermediary who can arbitrarily decide to seize your funds for whatever reason they want.

Anyways, It doesn't matter to me if you invest in bitcoin, just passing along a tip. Like i said, everyone will end up buying bitcoin...eventually.

[Norm]

Anyways, It doesn't matter to me if you invest in bitcoin, just passing along a tip. Like i said, everyone will end up buying bitcoin...eventually.

Uhh, no.

[DSchles]

I will die before I would ever buy five cents' worth of bitcoin.

Don

[Sidecount]

While I think some of the bitcoiners are ridiculous and the idea of "everyone will have bitcoin" some day is also ludicrous, I also don't understand the animosity towards it. People not caring about it seems predictable. But to be "anti Bitcoin" means you kind of do care about it...at least enough to dislike it so much.

I honestly don't really care about bitcoin and I only barely understand it. But I do have some because I believe it is a worthwhile investment albeit one with a fair amount of risk and volatility especially in the short term. So I root for it to go up but I really don't care about convincing people to try to be into it or not. I similarly don't care if you purchase Nvidia stock or Apple or Google at about the same level as how much I care whether or not you drink Dr. Pepper.

I seriously don't get it. The emotions and really polarized and very strong opinions about this silly digital currency.

Amusingly, I got into bitcoin via gambling simply because it is the easiest method for transactions to and from some of the overseas websites. Glad I did. Had been thinking about it before but was kind of lazy about getting around to it. Finally found some gambling opportunities I liked so that got me into gear to finally take the plunge.

[Norm]

I have no problem with someone gambling with BC any more than gambling in a casino. I certainly do have a problem with requiring everyone to gamble in a casino or with BC. For many reasons -- one being that I have been to countries where the currency itself is highly volatile and it's just plain awful. And the concept of basing the currency system on crypto is beyond absurd, Not just because the basic construction of coins is so silly and power-hungry. But because blockchain is, by far, the most nonsensical, grossly inefficient database system ever devised. Before it could be implemented for everyone's use in grocery stores etc., we would need to build fusion reactors to support it.

[BJC]

Norm,

That is not true. There are different layers to the bitcoin blockchain to allow for quicker and less energy intensive payments. It's called lightning network.

Secondly, Bitcoin network is over 50% green energy. It's far more efficient than the traditional banking system and also helps subsidize green energy and base demand for the grid. It's come a long way in the last 4-5 years.

Besides that, sorry to hear you and Don aren't willing to dig a little deeper. I sincerely appreciate both of your guidance and contribution to the BJ world and would be glad to see ride this thing to the moon.

Sidecount - Alot of people have strong opinions on it because they haven't researched it. Combine that with the fact its gone from zero to $70K in record time, and it becomes hard for people to believe it will go further. No one wants to buy what others got for less, but in a world of inflation, thats just the reality. It would be like us bitching our parents bought the same house for $100K thats now $1M. It is what it is.

The long term reality is that it will be worth millions each, if not billions in a few decades. Money printing has no end so bitcoin will just rise against debased currencies forever.

I knew about it for 8 years before I actually got in. I actually learned about it in 2009 when the white paper came out and chalked it up to a well written exit scam. So I understand that until people really dig deep into it they won't act.. or like most things, eventually they will capitulate once they see people around the getting filthy rich.

[Norm]

I am well aware of how blockchain works and my background includes planning and support of worldwide transaction systems. What exists now is not what would be required to support the massive transactions currently processed by the various financial systems.

[DSchles]

The long term reality is that it will be worth millions each, if not billions in a few decades.

I have a one-word response: tulips!

And, although I won't be here in a few decades, I'd say the probability that bitcoin will be zero and nonexistent is greater than the chance that it will be worth millions or billions.

Don

[BJC]

Haha Don!

That's where you are wrong! No one can grow more bitcoin and saturate the market like they did with Tulips. It's a finite digital commodity/currency. It's also deflationary as if a wallet keys are lost, it decreases the coins available. There is an estimate 30% already lost from people who over the years have verified they lost their keys to the wallets (early amateur miners and holders). There is even one guy lobbying to try to dig up a hard drive from a garage dump for the last 8 years lol.

[DSchles]

You obviously are entitled to your opinion. Here's another one from someone you may have heard of:

https://www.financemagnates.com/cryp...alls-it-fraud/

Don

[Archvaldor]

You obviously are entitled to your opinion. Here's another one from someone you may have heard of:

https://www.financemagnates.com/cryp...alls-it-fraud/

Don

Dillon's company was fined 13 billion dollars for its role in the mortgage securities crisis, I don't think he is the best guy to comment on what is and is not a financial fraud.

[drunk]

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Bitcoin is said to have been created by Satoshi Nakomoto

but no one knows who that person is or if he really even exists

from Wiki:

"though Nakomoto's name is Japanese, and is inscribed as a man living in Japan, most of the speculation has involved software and cryptography experts in the U.S. or Europe"

several different people have been pegged as the creators of bitcoin, some have said they were and some have said they weren't - no one really knows for sure who created it or exactly how it was created

the linked wiki article offers the most common speculations about it

it's really kinna comical

Satoshi means clever in Japanese. Naka means medium, inner or relationship. Moto means origin or foundation.

I did buy 1K worth of btc and 1K worth of Ethereum many years ago and it's now worth about $9.5K - woohoo_____!!!____________not sure if I will collect before I fade away and I don't know if I can somehow put it in my will

I tend to doubt my holdings of about 6% of one btc will ever be worth millions - that would be quite surprising - that would be by far the luckiest thing (financially speaking) that's ever happened to me

buuuut - per yahoo finance Bitcoin is up 60.83% ytd, 138.5% in the last year and 744.68% in the last 5 years and 14,491.27% all time

Edit - on another forum it was posted that some online gambling enterprises will now only accept bitcoin and only payout in bitcoin for their transactions

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the pic is a bust in Budapest dedicated to the mysterious or more likely non-existent Satoshi Nakammo

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800px-Bust_of_Satoshi_Nakamoto_in_Budapest.jpg



https://en.wikipedia.org/wiki/Satoshi_Nakamoto


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[Archvaldor]

And the concept of basing the currency system on crypto is beyond absurd, Not just because the basic construction of coins is so silly and power-hungry. But because blockchain is, by far, the most nonsensical, grossly inefficient database system ever devised.

You do understand that includes paper systems, early punchcard systems, anti-systems designed to be deliberately awful by researchers looking to push the limits of database inefficiency, and Microsoft Access?

Difficult to believe bitcoin would under-perform those things.