Is bitcoin the way to kill the banks?

originally posted by: JinMI
Think of it as actually possessing a piece of gold that you could divvy up or part out exactly as you see fit.

No it's not. Gold is gold. It is something. Gold has tangible value.

A Bitcoin is nothing. It is based on assumed value, but at then end of the day the only value of a Bitcoin is the speculation and trust that it has value.

There is a "market" for Bitcoins. That's clear as they are the cause of a great deal of speculative (real) money-making. Beyond that Bitcoins will never be mainstream beyond the niche market where people need, or want, to be anonymous.

a reply to: strongfp

Can you eat it? Drink it? You could hope to trade it. It's value outside of a currency system is subjective.

Yes, a currency backed by gold is much more stable but still consolidated and centralized.

Bitcoin is great to speculate in, so long as the internet is up...

If the internet goes down, it will have the same intrinsic value as paper currency, which is to say, zero.

Bitcoin cannot be used to create a legitimate banking system to take on the central bankers.

You'd be far better off investing in gold, silver, beans, bullets, and band-aids for the next time the central bankers decide to crash the system and buy up all the real assets at pennies on the dollar.

What do you think someone is more likely to trade with in the event of another Great Depression, Bitcoin/a FRN or gold/a box of ammo/cans of food?

a reply to: paraphi

I'm sorry but you are incorrect. Bitcoin is something. It may be ones and zeroes of stored data but it is something.


It's value is determined in an open market. I would add the it is probably over inflated at the moment IMO.

You can shop at various places now with bitcoin. Home have been sold with bitcoin.

a reply to: Slickinfinity

Am I wrong when I say that Bitcoin is bought and paid for with other hard currency ? I don't think so but I really know little about Bitcoin. I suppose one could buy it with precious metals too but that would involve banks to transfer and to use currency will also involve banks so no the banks are not going away only making more money from the transfer of funds.

I think its a big scam which got out of hand and now the manipulators are riding the wave back and forth to the bank. They take hard currency that is worth something and give something back in exchange that is not worth anything but what they want it to be. Same thing with the stock market but at least it is somewhat regulated. The day is coming that the manipulators are going to disappear and nobody left to give something for nothing.

Can you buy Bitcoin with Bitcoins ? I suppose they sell portions of a coin ? I just don't see it but hey make all you can but please don't expect a bailout when it goes down the toilet.

No because all the government has to do is ban and outlaw the use of Bitcoin. Problem solved.

a reply to: JinMI

Bitcoin is great right now if we want to invest. But with gold, bullets, medicine and food you can trade when the infrastructures goes down. I doubt many in Puerto Rico are trading with bitcoin until their infrastructures are back up. Bitcoin have value because we place an artificial value on it's artificial scarcity and that's it. Invest away ... just don't be the one holding the tulips when or if the market decides the value is not worth the bits it represents.

a reply to: Slickinfinity


The value of bitcoin is measured in dollars or other currencies. Bitcoin is a vehicle for indulging in currency trading. Unlike precious metals, bitcoin has as much intrinsic value as the paper a dollar bill is printed on.

I do wish I had bought into this contemporary tulip mania when bulbs cost only a couple of bucks, though.


On edit: Copy edits

You're all falling for the biggest con the banks have ever pulled. Let me ask you a couple of questions.
Where do banks do virtually all of their business, and it ain't over the counter?
Where is bitcoin traded? Answer to both, on the net. The banksters are drooling at the mouth for you all to fall for their con, "oooh, we don't want bitcoin, it is our enemy". Like hell it is.
All that it's for is to get everyone off paper money and coin. Do all transactions through the banks. Now what do you actually think bitcoin is? It's just a bank under another name.
Oh, they're all full of"we don't do this to you, we don't do that to you". When it comes to the bottom line someone somewhere will be making huge sums of money off your backs. Same old, same old, only this time around they will have complete access to your money before you can use it. That means control.

a reply to: joemoe

Bullets, guns, food, water, shelter, medicine and gas. These are all things that have more value and can surely be used as currency.

Much better comparisons than a gold v crypto argument.

I also doubt much fiat commerce is happening either.

Bitcoin et al are not apocalyptic stage assets.

a reply to: crayzeed

Who do you think owns that money. Hint, it's not you.

I dont care who owns bitcoin or runs it , it looks crazy and sounds crazy, but my brother sent me .10 a long time ago and i just sent it to a gambling site and had me a good run. Bitcoin is stupid , will go away, but it sure was fun

originally posted by: JinMI
I'm sorry but you are incorrect. Bitcoin is something. It may be ones and zeroes of stored data but it is something.

That's being pedantic. A Bitcoin has no worth other than the speculation and trust. Even the Venezuelan bolívar has value, albeit rather low at the moment.

a reply to: paraphi

All currencies are! The difference is which one do you have more control over.

originally posted by: JinMI
All currencies are! The difference is which one do you have more control over.

There is no control over Bitcoin. A couple of years ago a Bitcoin would buy a computer mouse, but now you can buy a couple of pallets of computer mice. How can you have trust in a "currency" that is so sensitive to speculators and so untrustworthy in it's base value. At the end of the day though, you take away the speculators you have nothing.

a reply to: paraphi

There is no inherent control over any currency. Our dollars could fall off the deep end tomorrow.

Yes, you're correct in its volatility bit that doesn't take away from it's value and status.

There exists plenty of real world examples on uses of crypto.

In short, yes. It is the way.

Will it ever happen? Doubtful. The banks will simply begin issueing their own crtptocurrency that is centralised and backed by the government. Laws will make it legal currency.

So basically nothing changes besides easier surveillence of our monies.

Could we the people prevent this? Sure we could. After mass adoption, the citizens could exchange all of their state issued crap for bitcoin and other decentralized cryptos. Then, all it would take is mass rejection by us to accept anything other than what we support. All small businesses and citizens could accomplish this but only if everyone was on board. And i mean everyone.

Again - not likely. But it COULD BE! It would get rid of inflation and this bull# made up 'national debt.'


They cant crush a system they dont control. In fact we could crush them with it.

originally posted by: paytaplay
I dont care who owns bitcoin or runs it , it looks crazy and sounds crazy, but my brother sent me .10 a long time ago and i just sent it to a gambling site and had me a good run. Bitcoin is stupid , will go away, but it sure was fun

Well that was pretty dumb. You couldve done research and invested when he sent it, youd be a millionaire by now if we are talking years. But hey - all for fun. Those btc gambling sites are a fun way to lose money.

a reply to: Slickinfinity

Bitcoin is not going to kill an bank. Bitcoin will kill bitcoin. The last bitcoin transaction I did took 8 days. Got rid of them after that.

originally posted by: defiythelie
a reply to: Slickinfinity

Bitcoin is not going to kill an bank. Bitcoin will kill bitcoin. The last bitcoin transaction I did took 8 days. Got rid of them after that.

Im calling bs quite frankly.