Why Bitcoin is doomed.

Red1966

Red1966

Well-Known Member
ginwilly said:
Gold is a finite substance while dollars have been appearing from thin air for years.

2 possible reasons. Gold was way overvalued and we are seeing a correction, or prices are being manipulated.

I have a tinfoil theory about gold. The amount owned and the actual amount in existence are not even close to reality. The last audit of Ft. Knox was in the 50's and even then only 5% was actually tested.

If true audits of the world's supply of gold were done, and it was found out there was only a small percentage of what is claimed and sold, what would happen?
Click to expand...
I was talking about silver
 
heckler73

heckler73

Well-Known Member
ginwilly said:
Anonymity is another function, although surely that's a small percentage of people's concern (although a major reason bitcoin was so popular in the beginning). I know this isn't exclusive as cash can have the same properties.
Click to expand...

It is not anonymous...it is pseudonymous. It can still be tracked, ultimately. I attached the PPT slides as a PDF (for ease ) on the last post. If you haven't looked at the PPT, look at the PDF. After all, what is the blockchain? It is a ledger.

What the professor should have said when he talked about no unit of deferred payment is no unit of deferred payment yet, and no unsecured unit of deferred payment. Bitcoin is in it's infancy, he's making assumption on what we have now when 10 years ago the idea of Bitcoin itself would have seemed a waste of time and effort.
Click to expand...
Yet? :-?
It never will be. What Nation is honestly going to give up its right of issuance to become a servant of BTC?
What business in its right mind is going to give up the numeraire and relative stability of National currency for the volatile BTC with its limited supply and infrastructure issues? So long as taxes remain unpayable in BTC, it will never reach such lofty status.
But I am only quickly identifying faults. If you could elaborate on benefits of such action, then it might be easier to consider.

I'm actually getting a weird image in my head of how CBs can use blockchains as a metric of the multiplier effect. Hmmm...
 
ginwilly

ginwilly

Well-Known Member
@heckler73

Did you ever think BTC would be open traded on markets when you first heard about it? I admit I never saw that day. It always seemed like a shady way to buy drugs on silkroad is all until recently.
 
heckler73

heckler73

Well-Known Member
ginwilly said:
@heckler73

Did you ever think BTC would be open traded on markets when you first heard about it? I admit I never saw that day. It always seemed like a shady way to buy drugs on silkroad is all until recently.
Click to expand...
Honestly, I don't remember :mrgreen: I do know I have always felt BTC was just a trading vehicle, though. So no, it didn't surprise me to see it openly traded. What surprises me is how many people still latch onto it with delusions of it supplanting National currencies.
 
ginwilly

ginwilly

Well-Known Member
heckler73 said:
Honestly, I don't remember :mrgreen: I do know I have always felt BTC was just a trading vehicle, though. So no, it didn't surprise me to see it openly traded. What surprises me is how many people still latch onto it with delusions of it supplanting National currencies.
Click to expand...
I didn't know there were those people. I always thought of it an alternative currency, but never expected it to be anything more than underground and black-market.

I admit surprise when it showed up on my platform. It was around 1000 at that point, glad I didn't jump on the bandwagon. It's trading around 225 today.

Wish I made the plunge when I first heard about it though, it was around a dollar a piece. A guy I worked with was mining for them back then claiming he was going to get rich, I thought he was nuts. I need to find out what happened to him.
 
Padawanbater2

Padawanbater2

Well-Known Member
ginwilly said:
I didn't know there were those people. I always thought of it an alternative currency, but never expected it to be anything more than underground and black-market.

I admit surprise when it showed up on my platform. It was around 1000 at that point, glad I didn't jump on the bandwagon. It's trading around 225 today.

Wish I made the plunge when I first heard about it though, it was around a dollar a piece. A guy I worked with was mining for them back then claiming he was going to get rich, I thought he was nuts. I need to find out what happened to him.
Click to expand...
I'm pretty ignorant when it comes to bitcoin, but what does it offer that normal currency doesn't? I was watching a talk where Paul Krugman said it pretty much does the exact same thing as cash, except it's not backed by the same functions, like paying taxes (which gives currency it's real value)
 
heckler73

heckler73

Well-Known Member
ginwilly said:
I didn't know there were those people. I always thought of it an alternative currency, but never expected it to be anything more than underground and black-market.
.
Click to expand...
Considering those were the people initially pushing it, you either were not paying attention or you stepped into it late.
If you only noticed it when it "showed up in your platform", I can understand how you missed the run-up doom-porn hype.
 
ginwilly

ginwilly

Well-Known Member
heckler73 said:
Considering those were the people initially pushing it, you either were not paying attention or you stepped into it late.
If you only noticed it when it "showed up in your platform", I can understand how you missed the run-up doom-porn hype.
Click to expand...
Oh no, heard of of it way before then, but only as a way to make a transaction on silk road. It was probably over a year later when I saw it being traded and thought "really?".

Not paying attention though definitely. Never saw a reason to. After watching your video, I see that I should have. Thanks again for posting that. informative.
 
ginwilly

ginwilly

Well-Known Member
Padawanbater2 said:
I'm pretty ignorant when it comes to bitcoin, but what does it offer that normal currency doesn't? I was watching a talk where Paul Krugman said it pretty much does the exact same thing as cash, except it's not backed by the same functions, like paying taxes (which gives currency it's real value)
Click to expand...
Sorry, gotta do the obligatory lol Krugman and taxes giving currency it's real value. Who thinks like that?

If I traded my tomatoes for your cucumbers we've traded currency with real value.

He's right in that it does the same thing as cash, but watch the video Heckler posted. It's really long, but if you can watch the first 10 and last 10 minutes, you will know enough to understand it, how it functions and the innovations it presents as well as it's limitations.

The link I posted showed the Fed is partnering with IBM to develop something similar, so I believe the idea is here to stay. A lot of people don't.
 
Rob Roy

Rob Roy

Well-Known Member
Padawanbater2 said:
I'm pretty ignorant when it comes to bitcoin, but what does it offer that normal currency doesn't? I was watching a talk where Paul Krugman said it pretty much does the exact same thing as cash, except it's not backed by the same functions, like paying taxes (which gives currency it's real value)
Click to expand...
It doesn't have a picture of a dead President on it and living Presidents will have a harder time manipulating it.
 
Harrekin

Harrekin

Well-Known Member
ginwilly said:
I didn't know there were those people. I always thought of it an alternative currency, but never expected it to be anything more than underground and black-market.

I admit surprise when it showed up on my platform. It was around 1000 at that point, glad I didn't jump on the bandwagon. It's trading around 225 today.

Wish I made the plunge when I first heard about it though, it was around a dollar a piece. A guy I worked with was mining for them back then claiming he was going to get rich, I thought he was nuts. I need to find out what happened to him.
Click to expand...
I was gonna pick up 100 of them for about $16 at one stage to buy a gram of weed from Silk Road to test it out.

Kinda sad I didnt buy them and leave them in a wallet...
 
You must log in or register to reply here.
Top