Bitcoin is as much dream money as all fiat currencies

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ShelbyGT500
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Bitcoin is as much dream money as all fiat currencies

Postby ShelbyGT500 » Fri Jun 16, 2017

You can never have enough friends, horsepower or ammunition.

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SilverDoge
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Re: Bitcoin is as much dream money as all fiat currencies

Postby SilverDoge » Sat Jun 17, 2017

The only factual argument from the article is that bitcoin has no authoritative "shepherd" and everything else is a "bitcoin will die" tripe that I've heard a million times in 8 yeas.

What the author fails to realize is that is a feature of bitcoin from jump street, not a flaw. That is one of the main reasons people are attracted to bitcoin, there is no central power screwing over its people with inflation, QE, and such. It is not a DEBT based money like all the rest.
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Bucketeer
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Re: Bitcoin is as much dream money as all fiat currencies

Postby Bucketeer » Sat Jun 17, 2017

Hmmm......A comment from a state-owned mint employee, still awaiting $2000 Gold, while Bitcoin left you in the dust.
Gentlemen prefer Engelhard.

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BotanicusRex
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Re: Bitcoin is as much dream money as all fiat currencies

Postby BotanicusRex » Sat Jun 17, 2017

>>What the author fails to realize is ... That is one of the main reasons people are attracted to bitcoin, there is no central power screwing over its people with inflation, QE, and such. It is not a DEBT based money like all the rest.<<

And that also is exactly why acceptance of bitcoin (and any PM based currency for that matter) will be fought tooth and nail by those benefitting from the current status quo.

The concept is admirable and good; the execution to get general acceptance any time soon will be near impossible.
As opposed to bit literate youth, their moneyed elders will not be able to get their heads around the concept to the extent that they will be willing to commit more than a token amount... which will suit the financiers fine.
I think it's a generation away. And the crypto currencies of today may not exist when/if the world begins to get serious with them. Their volatile and fragile growth may not survive a few more Mt. Gox. (Fake news or not, the media truly IS the message.)
... my 2¢ of reality :|
"You have a choice between the natural stability of gold, and the honesty and intelligence of the members of government. Vote for Gold."........ George Bernard Shaw

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SilverDoge
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Re: Bitcoin is as much dream money as all fiat currencies

Postby SilverDoge » Mon Jun 19, 2017

BotanicusRex wrote:>>What the author fails to realize is ... That is one of the main reasons people are attracted to bitcoin, there is no central power screwing over its people with inflation, QE, and such. It is not a DEBT based money like all the rest.<<

And that also is exactly why acceptance of bitcoin (and any PM based currency for that matter) will be fought tooth and nail by those benefitting from the current status quo.

The concept is admirable and good; the execution to get general acceptance any time soon will be near impossible.
As opposed to bit literate youth, their moneyed elders will not be able to get their heads around the concept to the extent that they will be willing to commit more than a token amount... which will suit the financiers fine.
I think it's a generation away. And the crypto currencies of today may not exist when/if the world begins to get serious with them. Their volatile and fragile growth may not survive a few more Mt. Gox. (Fake news or not, the media truly IS the message.)
... my 2¢ of reality :|

The regulators had their chance to try to kill bitcoin but it is too late now. In order to kill bitcoin, you have to kill decentralized applications (DAPPS) too. And a lot of other block chain use cases. That would be a huge mistake.

One day you won't need to be able to understand it to use it. We aren't there yet, but give it time. Even most grandparents have email, and possibly Facebook accounts too. Imagine trying to explain email to them when the internet was first invented. You would have said the exact same thing about only the youth getting it and using it. The crypto world is both lightning fast, and a slow moving glacier at the same time. In 3-5 years we will still see people saying that the $25,000 bitcoin bubble is going to pop any minute now because grandma just bought her first btc on her smartphone.
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SilverGOP
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Re: Bitcoin is as much dream money as all fiat currencies

Postby SilverGOP » Mon Jun 19, 2017

One thing I don't get....

As of Mon, Jun 19, 2017, 10:07:47 am EDT, there are about 4.6 million xbt out there, as yet unpurchased. The going price is ~$2560. About $11.8B in unrealized price, at this moment.

Why have the larger banks not simply exercised the Principal of Least Effort, pooled together the sum needed, and bought out the outstanding xbt as opposed to going thru the fuss of developing their own crypto?


It's to be thought the cryptos are keeping up on protection of their product. No code is unbreakable, given enough resources. To assume that the one or more of the TBTF bank corporations isn't, at the very least, underwriting their own Bletchly Park-style efforts, is an indulgence in head-in-sand fantasy that borders on delusional, if not criminal. It won't be some wunderkid on his/her own that finds a way to compromise a crypto... or if it is, it would not surprise me if their efforts were being funded with checks bearing the

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logo.

But that's a LOT of effort. Throwing money at the problem is simpler.
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SilverDoge
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Re: Bitcoin is as much dream money as all fiat currencies

Postby SilverDoge » Mon Jun 19, 2017

SilverGOP wrote:One thing I don't get....

As of Mon, Jun 19, 2017, 10:07:47 am EDT, there are about 4.6 million xbt out there, as yet unpurchased. The going price is ~$2560. About $11.8B in unrealized price, at this moment.

Why have the larger banks not simply exercised the Principal of Least Effort, pooled together the sum needed, and bought out the outstanding xbt as opposed to going thru the fuss of developing their own crypto?


It's to be thought the cryptos are keeping up on protection of their product. No code is unbreakable, given enough resources. To assume that the one or more of the TBTF bank corporations isn't, at the very least, underwriting their own Bletchly Park-style efforts, is an indulgence in head-in-sand fantasy that borders on delusional, if not criminal. It won't be some wunderkid on his/her own that finds a way to compromise a crypto...


This is simply a misunderstanding of how crypto works. Nobody can go out and "purchase" the remaining 4.6 million bitcoin because a mathematical algorithm currently releases 12.5 bitcoin every 10 minutes to a miner who is actively mining this Proof of Work (PoW) blockchain. One can't just go buy it - and that is the whole point. Now they could buy bitcoin on the open market (and I'm sure they have) but they pay the same price as everyone else does, unless they do the deal off book for a premium or discount depending on their broker.

See here for further explanation on the emission rate: http://www.thehalvening.com/#1

Bitcoin has been being attacked and tested for the last 8 years. It has survived all the attacks and only grown stronger. There is no "honeypot" of bitcoin to hack except on the exchanges. But hacking an exchange doesn't put the bitcoin protocol at risk, just the users who own coin on that exchange. And that won't kill bitcoin as we've already proven before.

If you really think the brightest minds in the world of IT, hacking, and blockchain tech work for the big banks you would be sorely mistaken. Yes they have Ripple, which is not a decentralized blockchain. A compromise of one alt-coin being hacked somewhere has nearly zero effect on if bitcoin will maintain its success and current trajectory.
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Brick's
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Re: Bitcoin is as much dream money as all fiat currencies

Postby Brick's » Tue Jun 20, 2017

I've always enjoyed looking at a situation thru a different set of eyes. Hugo's are one such pair. There are over a dozen on this forum and RC's (RealCent).

When my dentist, barber or taxi driver starts giving me stock tips, I start thinking it's probably a good time to think about selling. When gmaw buys bitcoin, looks to be a very long ways off. In my everyday world outside of this forum and occasionally RC, NO ONE talks cryptocurrencies. But then, this is The 'Cuse in CNY so possibly no great surprise.
“Rationality belongs to the cool observer, but because of the stupidity of the average man, he follows not reason, but faith, and the naive faith requires necessary illusion and emotionally potent oversimplifications which are provided by the myth-maker to keep ordinary person on course.”

― Reinhold Niebuhr, Moral Man and Immoral Society: Study in Ethics and Politics

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SilverDoge
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Re: Bitcoin is as much dream money as all fiat currencies

Postby SilverDoge » Tue Jun 20, 2017

Brick's wrote:I've always enjoyed looking at a situation thru a different set of eyes. Hugo's are one such pair. There are over a dozen on this forum and RC's (RealCent).

When my dentist, barber or taxi driver starts giving me stock tips, I start thinking it's probably a good time to think about selling. When gmaw buys bitcoin, looks to be a very long ways off. In my everyday world outside of this forum and occasionally RC, NO ONE talks cryptocurrencies. But then, this is The 'Cuse in CNY so possibly no great surprise.


A good leading indicator for future success would be the number of universities adding blockchain tech, programming, or even just history of blockchain type courses to their offerings,and the salaries of students graduating with those skills. Vitalik was 19 when he came up with Ethereum. The next explosion in crypto could be from a programmer who is sitting in a course at MIT right now.

Check this out: https://medium.com/@ameerrosic/blockcha ... 77c38c2eec

Side note: Mike Maloney's insider report just mentioned he sold some bitcoin to buy silver yesterday. This doesn't surprise me at all. Mike is a smart guy and he wants to lock in some crypto profits with silver at such low prices. I applaud him for being open to crypto, and as such he was able to buy more silver yesterday than he would have been otherwise. And he purchased, using bitcoin, through his own website ;)
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