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originally posted by: eXia7
So.. how will bitcoin actually have value if its constantly overproduced by mining operations. The average user can't even mine their own BTC because it isn't even possible. How can there be true value in something that has no actual backing?
How does something that breaks off into multiple crypto-currencies hold value when there are so many alternate options to BTC?
I just feel like bitcoin is a scam, and if you invested a lot of money into it, I expect you'll lose big while the people who took your actual money for something that has no real value gets rich.
Where does your cash go after you buy bitcoins? Who takes the tangible assets, and where do they put them?
originally posted by: eXia7
a reply to: JamesCookieIII
Well if only 3-4 million people think it has value, and the rest of the people don't, then I guess that kind of just makes it worthless to everybody else that doesn't really participate in BTC.
I certainly don't think 1 bit coin is worth $6090.55 of my actual known accepted currency the USD. So there is the problem my friend... you're expecting the entire planet to buy into bitcoin when somebody says its worth $6090.55 that they don't even have.
Even if you wanted bitcoin, and had no actual money, you can't even participate in it. So how can a completely poor person with no computer or knowledge of crypto-currency benefit from this system?
ETA: Its possible that this entire BTC thing is a scam created by the banksters to get people to give up their money for something that doesn't even exist... then the government will clamp down on crypto-currencies as illegal currency while the banks rake in all the money, and the average user is left holding the bag.
originally posted by: eXia7
a reply to: JamesCookieIII
I certainly don't think 1 bit coin is worth $6090.55 of my actual known accepted currency the USD. So there is the problem my friend... you're expecting the entire planet to buy into bitcoin when somebody says its worth $6090.55 that they don't even have.
Even if you wanted bitcoin, and had no actual money, you can't even participate in it. So how can a completely poor person with no computer or knowledge of crypto-currency benefit from this system?
ETA: Its possible that this entire BTC thing is a scam created by the banksters to get people to give up their money for something that doesn't even exist... then the government will clamp down on crypto-currencies as illegal currency while the banks rake in all the money, and the average user is left holding the bag.
originally posted by: eXia7
a reply to: JamesCookieIII
Look, the idea behind it is a good concept, but the chances of it actually gaining traction are slim. If you think governments are going to lose control of their only form of slavery, then you are mistaken.
originally posted by: trollz
originally posted by: eXia7
a reply to: JamesCookieIII
I certainly don't think 1 bit coin is worth $6090.55 of my actual known accepted currency the USD. So there is the problem my friend... you're expecting the entire planet to buy into bitcoin when somebody says its worth $6090.55 that they don't even have.
Even if you wanted bitcoin, and had no actual money, you can't even participate in it. So how can a completely poor person with no computer or knowledge of crypto-currency benefit from this system?
ETA: Its possible that this entire BTC thing is a scam created by the banksters to get people to give up their money for something that doesn't even exist... then the government will clamp down on crypto-currencies as illegal currency while the banks rake in all the money, and the average user is left holding the bag.
Yes you can participate in it. You can buy any amount of bitcoin that you want. If you want to buy $10 worth or $10,000 worth, you're free to do so. You don't have to buy an entire bitcoin, that's a total misconception from people who have no idea what they're talking about. That's not at all how it works.
It's absolutely not a scam, because banks are now rushing to play catch-up with blockchain technology. Major world governments are even starting to look at creating their own national cryptocurrencies like bitcoin because of how powerful it is. Bitcoin and other cryptos have completely caught banks and governments off guard, and those institutions are in a mad race right now to stay on top of the game.
originally posted by: trollz
originally posted by: eXia7
a reply to: JamesCookieIII
Look, the idea behind it is a good concept, but the chances of it actually gaining traction are slim. If you think governments are going to lose control of their only form of slavery, then you are mistaken.
I always find it funny when people say things like this. People have been calling bitcoin a scam ever since it was made public 6 years ago, and yet here it still is. People have been saying it has no value ever since it was created, and yet it went from a fraction of a cent per bitcoin to over $6,000, making quite a lot of people filthy rich with hundreds of millions of dollars to their names. People have been calling it a bubble and saying it's going to crash for years, and yet it continues to gain value. You say it has no chance of gaining traction? It's own history proves that to be blatantly false. It has done exactly that.
And yeah, governments are realizing how useful cryptocurrencies are. That's why they're starting to regulate them and create their own that they CAN tax and control. If cryptocurrencies had no use, governments wouldn't be creating their own.
Ever pay for something with a credit card? Think about that one for a second. Credit cards don't magically teleport physical dollar bills into a cash register, they utilize digital payments. Like cryptocurrencies, which are the natural evolution of worldwide payment systems.
originally posted by: eXia7
originally posted by: trollz
originally posted by: eXia7
a reply to: JamesCookieIII
Look, the idea behind it is a good concept, but the chances of it actually gaining traction are slim. If you think governments are going to lose control of their only form of slavery, then you are mistaken.
I always find it funny when people say things like this. People have been calling bitcoin a scam ever since it was made public 6 years ago, and yet here it still is. People have been saying it has no value ever since it was created, and yet it went from a fraction of a cent per bitcoin to over $6,000, making quite a lot of people filthy rich with hundreds of millions of dollars to their names. People have been calling it a bubble and saying it's going to crash for years, and yet it continues to gain value. You say it has no chance of gaining traction? It's own history proves that to be blatantly false. It has done exactly that.
And yeah, governments are realizing how useful cryptocurrencies are. That's why they're starting to regulate them and create their own that they CAN tax and control. If cryptocurrencies had no use, governments wouldn't be creating their own.
Ever pay for something with a credit card? Think about that one for a second. Credit cards don't magically teleport physical dollar bills into a cash register, they utilize digital payments. Like cryptocurrencies, which are the natural evolution of worldwide payment systems.
It only has a $6000 price tag because its just an arbitrary number placed on it.
And besides, like you said, there is already a digital system in place for processing currency. What makes bitcoin anymore valuable than the digital money in your digital bank account? Other than the fact that I can get actual cash and go spend it anywhere I want.
originally posted by: trollz
originally posted by: eXia7
originally posted by: trollz
originally posted by: eXia7
a reply to: JamesCookieIII
Look, the idea behind it is a good concept, but the chances of it actually gaining traction are slim. If you think governments are going to lose control of their only form of slavery, then you are mistaken.
I always find it funny when people say things like this. People have been calling bitcoin a scam ever since it was made public 6 years ago, and yet here it still is. People have been saying it has no value ever since it was created, and yet it went from a fraction of a cent per bitcoin to over $6,000, making quite a lot of people filthy rich with hundreds of millions of dollars to their names. People have been calling it a bubble and saying it's going to crash for years, and yet it continues to gain value. You say it has no chance of gaining traction? It's own history proves that to be blatantly false. It has done exactly that.
And yeah, governments are realizing how useful cryptocurrencies are. That's why they're starting to regulate them and create their own that they CAN tax and control. If cryptocurrencies had no use, governments wouldn't be creating their own.
Ever pay for something with a credit card? Think about that one for a second. Credit cards don't magically teleport physical dollar bills into a cash register, they utilize digital payments. Like cryptocurrencies, which are the natural evolution of worldwide payment systems.
It only has a $6000 price tag because its just an arbitrary number placed on it.
And besides, like you said, there is already a digital system in place for processing currency. What makes bitcoin anymore valuable than the digital money in your digital bank account? Other than the fact that I can get actual cash and go spend it anywhere I want.
The value isn't arbitrary, it's decided by a number of factors. Creating bitcoins requires computers to work out complex mathematical calculations that become more and more difficult. The longer bitcoin exists, the harder it is to create more, with serves to safeguard it against devaluation. Someone can't just go print out billions of dollars worth of it and crash the price like they can (and have) with cash. People are also using it all over the world to purchase everyday things. You can get credit cards linked directly to your bitcoin account and buy things with bitcoin or other cryptocurrencies anywhere in the world that visa cards are accepted.
originally posted by: markovian
A 51 percent attack allowes A lot of control over bitcoin like stopping transactions
Just imagine 10 mins of transaction time to buy gas ... 5 to 10 mins for a confirmation Is not bad to a bitcoin user data.bitcoinity.org...
Now add the whole world doing transactions ... it's painfully clear btc is not ready to replace money