Bitcoin - cryptocurrency?

[myounus]

Interesting points...

Gold and silver will always be the basis for money as Don quite rightly pointed out it is in short supply and cannot be manufactured. Paper based money or 'fiat money' / the petrodollar is a house of cards, eventually a gust of wind will blow it down. Currencies and central banks will back their 'new currency' with gold reserves, as is the offering from China with the YUAN for oil trading as a way of circumventing US sanctions. Bottom line Gold is the basis for money and will never lose its value as it has 'intrinsic' value.

This brings us nicely onto a computer program which is backed up by thin air. God forbid the servers went on fire, it'd be like 'all our money went up in smoke'.

 

[DV52]

This brings us nicely onto a computer program which is backed up by thin air. God forbid the servers went on fire, it'd be like 'all our money went up in smoke'.

myonus: In a remarkable coincidence of happenstance (tautology?), our local news service the Australian Broadcast Commission (ABC) reported on the amount of energy that was required to run Bitcoin markets. Astonishingly , the ABC reported :

Bitcoin network currently uses around 30 terawatt hours (TWh) a year, or 0.1 per cent of total world consumption — more than the individual energy use of more than 150 countries.

Which is more energy than it takes to keep New Zealand's lights on! This energy serves no useful purpose : "Bitcoin requires the performance of a complex calculation that has no value except to show that it has been done".

For any Americans that can understand Aussie accents, it's worth a read

http://www.abc.net.au/news/2017-12-...-uses-more-energy-than-nz-electricity/9246888

 

[dingle]

This is why it is unviable as ultimately it cannot sustain growth.

 

[Uwe]

interested discussion.... and Today(17december2017) it takes only 0,03068 BTC to buy a HEX-NET version PRO

Ross-Tech does not accept BTC as payment.

However, if someone desired to pay in gold or silver bullion coins, arrangements could probably be made.

 

[myounus]

myonus: In a remarkable coincidence of happenstance (tautology?), our local news service the Australian Broadcast Commission (ABC) reported on the amount of energy that was required to run Bitcoin markets. Astonishingly , the ABC reported :



Which is more energy than it takes to keep New Zealand's lights on! This energy serves no useful purpose : "Bitcoin requires the performance of a complex calculation that has no value except to show that it has been done".

Why am I not surprised Don! It's designed to control people, it would seem that whoever controls the energy controls the money. It's only a matter of time before the inevitable nuclear war happens. In 2015 the UK Sectet service warned, "https://www.google.co.uk/amp/s/www.express.co.uk/news/world/610780/US-Russia-military-showdown-INEVITABLE-MI6-ISIS-strikes/amp

I'm sure we've all heard the recent rhetoric with North Korea,
https://www.google.co.uk/amp/s/www....ar-usa-attack-missile-nuclear-kim-jong-un/amp

When it happens a nuclear weapon that explodes in the stratosphere (high in the sky) will knock out all electric devices and send us back to the dark ages. I think it was Jack earlier who pointed out it'll cause a massive EMP. Bitcoin and other computer programs will be extinct overnight, bitcoin will become bitcon!

The metal (Gold) is here to stay. Invest in that.

 

[vreihen]

The metal (Gold) is here to stay. Invest in that.

It makes a good radiation shield, if nothing else.....

 

[NZDubNurd]

"Money" and Bitcoin are the same thing - there is nothing behind them, except the belief it's worth something.

Gold will always be gold, but it's still based on a beleif.

Most currencies are no longer backed by gold, so those currencies are thin air, in the exact same way that bitcoin is.

At the end of the day, something I have, is worth an amount, equal to what someone else will swap for it. We just happen to use "money" to represent that value, but it has NO value of it's own. Gold is really the same.

If you're starving, the value of a loaf of bread skyrockets, because it will keep you alive longer than eating gold


We're all a bunch of sheep, tricked into believing what we've been told about money... but there are better things in life to spend time with.

Beer is one

 

[Uwe]

"Money" and Bitcoin are the same thing - there is nothing behind them, except the belief it's worth something.

Gold will always be gold, but it's still based on a beleif.

In principle, I agree, but there is one very substantial difference: The "belief" that gold is worth something (and a good medium of exchange, and and a reasonable store of value) has an unbroken track-record thousands of years long. That belief is deeply ingrained in people's consciousness pretty much world-wide, whereas Bitcoin has only existed for 10 years.

 

[DV52]

"Money" and Bitcoin are the same thing - there is nothing behind them, except the belief it's worth something.

Gold will always be gold, but it's still based on a beleif.

Most currencies are no longer backed by gold, so those currencies are thin air, in the exact same way that bitcoin is.

At the end of the day, something I have, is worth an amount, equal to what someone else will swap for it. We just happen to use "money" to represent that value, but it has NO value of it's own. Gold is really the same.

If you're starving, the value of a loaf of bread skyrockets, because it will keep you alive longer than eating gold


We're all a bunch of sheep, tricked into believing what we've been told about money... but there are better things in life to spend time with.

Beer is one

NZDubNurd: Without getting into the realm of pure philosophy, how is money and gold any different from everything else? Other than life itself, isn't the worth of everything that we own, or everything that we believe simply a matter of perception? The thing that we can rely-on where currency and gold is concerned is the understanding that it is beneficial for the rest of society to continue to value money (and gold) as they have done historically (as Uwe says). This is ostensibly a belief that the common good of all is predicated on the self-interest of individuals. Banks and economies work this way - if it's too big to fail, it won't be allowed to fail!!

Now I can't see governments propping-up Bitcoins if their value starts to dive - but that's purely because crypto-currencies are in their infancy. If enough of the voting mums (moms?) and dads support these markets, then perhaps Bitcoins will start to look like Banks?

Don
PS: forget beer - single malt scotch is one!!

 

[NZDubNurd]

NZDubNurd: Without getting into the realm of pure philosophy, how is money and gold any different from everything else? ....

Don
PS: forget beer - single malt scotch is one!!

It's not... but what we are conned into "perceiving" in so-called "First World" countries as wealth, is different to those with more basic desires. We're all sheep, and I see that. But I'm still a sheep too! The world is trying to trick me into giving them my arbitrary numbers on a computer (or pieces of paper that reflect the sum of arbitrary numbers that were deducted from my computer when I "bought" the paper things), in exchange for some fanciful item I don't yet have. We're all chasing these arbitrary numbers, whether it's NZ$, AU$, US$ or bitcoins. Those who have the bigest arbitrary numbers, give them to others, to get more fanciful things than the rest of us can dream of... We're just stealing things of each other to make ourselves think more highly of... ourselves... Hahaha!

Even the Gob'ment jumps on us, and takes some of our numbers in the middle. If I just worked for the person I got my "stuff" from, I'd be way better off! These numbers in the middle is where all the trouble happens!

Truth is... forget beer or scotch - Ricard Aperitif is my thing!

 

[vreihen]

One word...barter. Enough said.....

 

[vreihen]

https://guerrilla-capitalism.com/articles/this-time-is-different-part-i-what-bitcoin-isnt/

https://guerrilla-capitalism.com/articles/this-time-is-different-part-2-what-bitcoin-really-is/

 

[DV52]

^^ Excellent information!!
Don

 

[Uwe]

^^^ The second one is a decent summary of what's wrong with debt-based fiat, but it doesn't really address any of the problems/flaws with Bitcoin itself.

Cyrpto-currency may well have a future, but I'm skeptical that Bitcoin will "the one".

 

[Jack@European_Parts]

[h=1]Ransom demands skyrocket with bitcoin's price surge[/h]
http://www.msn.com/en-us/money/mark...-price-surge/ar-BBH6yKV?li=BBmkt5R&ocid=ientp

 

[myounus]

I'm waiting for the 'regulations' to begin, then governments will launch their own versions. The US will make Russian cryptocurrecy illegal, vice-versa. Lol VW will probably launch their own MQB Currency Highline for the elites ������

 

[Jack@European_Parts]

I'm waiting for the 'regulations' to begin, then governments will launch their own versions. The US will make Russian cryptocurrecy illegal, vice-versa. Lol VW will probably launch their own MQB Currency Highline for the elites ������

Yup & with dynamic self writing/deleting values too, so it may pass from one exchange to the next to circumvent a regulation or tax........

https://en.wikipedia.org/wiki/Self-modifying_code

 

[Jack@European_Parts]

And here comes thy PSI!

https://www.cnbc.com/2017/12/22/bitcoin-sell-off-could-spark-a-market-contagion-analyst-warns.html

 

[Jack@European_Parts]

https://finance.yahoo.com/quote/BTC-USD?p=BTC-USD


[h=1]Bitcoin USD (BTC-USD)[/h]
CCC - CryptoCompare. Currency in USD









11,095.52-4,536.58 (-29.02%)As of 2:20PM GMT. Market open.

 

[myounus]

Shouldn't ignore that TPMS warning otherwise it could go flattttttt