Is bitcoin building the matrix?

originally posted by: Garmanarnar
a reply to: bastion

Demand has soared exponentially as faith and need for a tax/regulation/bank free system has arisen with traditional financial collapses and rationing of paper money in many nations

lol

What? The collapses in Greece, Argentina, Cyprus, India and Venezuela caused a massive boom in bitcoin as the majority of the public turned to it because cash money was not available. These price surges were surprisingly sustained and has since become widely recommended as the go to to weather financial collapses or in developing economies. It changed from and obscure toy for eccentrics and criminals into a proven, viable monetary system used by the majority and is going haywire in Africa and South East Asia at the moment.

Bitcoins intrinsic value comes from it's security/ease of use/inability to counterfeit or create more out of thin air.

Think of it like land on the planet earth. When all the digital land is bought up the price goes up because the supply is low. If there is a steady demand and continuous trust in its ability to store wealth the demand for bitcoin will continue to rise.

If for some reason it gets hacked or a country makes it illegal somehow the people will lose trust in its ability to keep wealth safe and demand will drop. For now this is nearly impossible if you hold your bitcoin off the internet.

From what I understand the math is decentralizing each transaction and making it public as well as making it impossible to counterfeit a bitcoin. It has absolutely nothing to do with building the matrix, i have no idea how you've come to that conclusion.
If you want to see what is building the matrix look up golem. It is also a cryptocurrency being used to create a world wide connected super computer with decentralized buyable processing power.

If anyone has a chance of creating a video game you can transfer your consciousness into it would be the golem project, or a company utilizing the golem project.

People saying its a scam have no clue how it works are and losing money in an actual scam by holding their money in fiat.

a reply to: thefourthjokerscard
Again, it's not really just the math that gives it value. The math gives Bitcoin systemic security and accountability. The growing infrastructure, basically free transactions, security, easy storage, and having no central bank gives it value. There are exchange markets where billions in Bitcoin are bought and sold daily. This is how the price point is set. Bitcoin values and bitcoin price are not the same thing.

I think it's harder for people living in first-world countries to understand the 'why' of Bitcoin. In my experience its even harder when they believe their currency is backed by government gold in a vault somewhere. I don't know of any modern currency that is backed by anything. Bitcoin is a new paradigm in money that only happens once in a thousand years. Money has evolved from barter to precious metals, then gold-backed paper currency, then fiat-debt currency, and now digital currency.

Bitcoin doesn't have to be entirely digital. You can print your Bitcoin Wallet along with the Bitcoin key for the account onto a piece of paper and you could essentially use it like a paper currency if you want. In fact this is how I store my long-term Bitcoin, with the wallet access and ID key engraved into a piece of metal stored in a safe secret location. The computer and Visa gift card I used to buy it are long gone, everything is stored completely offline.

Bitcoin's market value just topped 100 billion. That's more valuable than Apple. It is not hype or a gimmick, it is a revolution.

originally posted by: intrptr

originally posted by: ScepticScot

originally posted by: intrptr

originally posted by: ignorant_ape

it amazes me that idiots that denounce " fiat currencies " think that bitcoin is actually worth something

It is. Banks don't own it. Gubments can't tax it , transactions don't have fees attached.

Thats why its vulnerable too.. All the big financial institutions don't have control. The less people trust banks the more they want to switch to crypto currencies, the more big banks want it gone.

Has value, On the internet. Only.

Governments do tax it and it does have transaction fees.

"Some" governments? Which ones? Banks don't charge for bit coin transfers. Poor things, its not their currency.

In the US and UK it is subject to capital gains tax.

Transaction fees are inherent in how bitcoin works. It's the payment for the 'miners' to verify your transaction.

a reply to: SouthernForkway26

Conventional soverign currencies are backed by the ability of the government to demand taxes in that currency. This provides a continuing demand for the currency.

The demand for bitcoin is driven partly by its use value and partly by speculation.

You are right about the advantages it has as a payment method, but these advantages are pretty niche and apply only to a relatively small number of users.

The more fundamental problem is that those advantages are easily replicated by any other number of digital currrencies. While the supply of bitcoin is limited the overall supply of crypto currency isn't.

a reply to: ScepticScot

In the US and UK it is subject to capital gains tax.

Transaction fees are inherent in how bitcoin works. It's the payment for the 'miners' to verify your transaction.

For mining, I see. Did not know that.

Simple transactions though, not taxed, no fees. Thats the beauty of it. Why they will keep trying to take it down. The owner was arrested a while back wasn't he?

Imagine that happening to 'real' banks for all the 's***' they pull?

Fortune

originally posted by: intrptr
a reply to: ScepticScot

In the US and UK it is subject to capital gains tax.

Transaction fees are inherent in how bitcoin works. It's the payment for the 'miners' to verify your transaction.

For mining, I see. Did not know that.

Simple transactions though, not taxed, no fees. Thats the beauty of it. Why they will keep trying to take it down. The owner was arrested a while back wasn't he?

Imagine that happening to 'real' banks for all the 's***' they pull?

Fortune

You don't pay tax on simple transactions using conventional currencies either. The tax is based on what you are paying for not how you pay.

Equally in the UK banking system you don't pay fees for such transactions either. I can make payments instantly, without charge and will have all the legal protections that come with using a conventional bank.

For someone in the UK using bitcoin would confer very few advantages and plenty of disadvantages on the vast majority of transactions.

originally posted by: SouthernForkway26
a reply to: thefourthjokerscard
Again, it's not really just the math that gives it value. The math gives Bitcoin systemic security and accountability. The growing infrastructure

Math is not what gives it its value??? Just like some of the other handles have said, mining is achieved based off of how much power your processor has... Micron has a computer here in Boise, Idaho that is illegal to mine on, because of its infinite processing power. Why would we have to solve "basic math" to give it security, so by (KEY WORDS HERE) SOLVING THE MATH problem would mean that everytime we mine it would mean that it becomes less secure... because we are SOLVING THE MATH... which according to the news is completely untraceable-or not trackable... If u had the string of addresses as they are born because a bitcoin is a parent, and all the little shares from that are sotashi or the child, if u have this long string you then have power over the bitcoin. Information gathers such as © maltego and © maltegoce have these parent and child history and how they are born, this is also again apart of www.shodan.io, and the internet of all things...

I'm stepping away from what I'm trying to get at, your processing power gives you your mega #hash. Which the more of that means you have yourself more power, but its not to create more bitcoin! This is not to make it more secure, anyone that had enough will power, time, could tell you every single transaction from the very first transaction. BUT WE ARE STILL MINING FOR SOMETHING! The math may not be value as much as the answers we get from mining. They are only making so many bitcoin, this is something I heard from non other then a friend, but if thats the case, the value will go up as the unknown project gets closer to being done.

If that's false, and it just grows and grows never to stop we couldn't mine for it because at somepoint the people that buy bitcoin, would be the only way to mine from it right??? Or it kills the American Dollar, I guess eat in one hand and sh** in another?

originally posted by: lightedhype
a reply to: thefourthjokerscard
we get to evolve a level up!

wtf? what is this poke'mon? If so who trained you?

smartass jk

I've also had the suspicion that bitcoin mining is a front for something more sinister

basically that all that processing power is being networked into one big supercomputer used for hacking purposes or to feed some kind of AI project. one thing I'd like to know is who controls the network? and would be it possible to divert say 50% of all capacity to other purposes?

originally posted by: njord
I've also had the suspicion that bitcoin mining is a front for something more sinister

basically that all that processing power is being networked into one big supercomputer used for hacking purposes or to feed some kind of AI project. one thing I'd like to know is who controls the network? and would be it possible to divert say 50% of all capacity to other purposes?

That's the rub, it's decentralized, noone controls the network /everyone controls the network.

originally posted by: PokeyJoe


but everything has to pass through the same software

could the developer of that software not theoretically determine how that processing power gets used?

a reply to: thefourthjokerscard
The math is for the miners, when they 'mine' a block they are rewarded in Bitcoin, that they sell on a Bitcoin exchange. That's how miners make money. Demand for bitcoins make the price go up, especially when demand exceeds supply. Simple economics.

There will only be 21,000,000 Bitcoin ever. The last one will be mined at least 100 years from now. The rate at which new ones are released goes down over time. It is easier to mine a Bitcoin now than it will be in 10 years. There is a schedule set that cuts rewards in half for solving a block at various points in the future. It's all set in the code. Code that is shared by every Bitcoin miner.

Yes philosophically I guess anyone with enough power, time, ect. could tell you all transactions, but you would also have to agree a person could also watch every YouTube video ever too. Reality is the content expands faster than is possible for one to view.

Since hundreds of thousands of machines have a copy of the Blockchain the ONLY way hack the transactions (Blockchain) is this, you HAVE to run satoshis algorithm as many times as has been ran by the miners since Bitcoins existence. Right now there are hundreds of millions invested in warehouses of mining servers around the world running the algorithm for Bitcoin, so you have to top that just to make any headway. They have an 8 year head start now too. That's some pretty secure cryptography. More secure than any bank in the world.

I believe the value will go up until everybody has at least a few Satoshi's of Bitcoin. Or some other cryptocurrency. There are reasons to own others besides Bitcoin, but that's for your own research. There won't just be a universal currency controlled by a few elites anymore. There will be many competing currencies with each one having features that make it good to own. Like I said I believe cryptocurrencies are a new paradigm, a revolution, in money.

More than building the matrix, it looks like it's doing something that George W. Bush told. If you repeat them enough, bull#s become truth. Except ... it didn't work like that!

I.E. Bull#s are still bull#s...

a reply to: SouthernForkway26

Check out the date that I posted this forum and the date on this

a reply to: thefourthjokerscard

If it was really that secure why do we have programs like this?

Bitcoin just made a chart breakout back above 10,000 so maybe the years low is behind us now?
Treasuries are now offering 3% yields that beat inflation if you like safety.