President Trump is Wrong on Bitcoin

a reply to: DanDanDat

Adoption rates are increasing.

I've shown this time and time again.

Bitcoin has a $200 billion dollar market cap. Gold has $8 trillion. We have a ways to go for widespread adoption.

In my area I can buy most things with bitcoin.

Ask me how.

a reply to: Zanti Misfit

Yes really.

I could hand you my hardware wallets and you'd never get a hold of my bitcoin.

You'd never be able to recreate my wallet from scratch either.

All I have to do is memorize a random set of English words.

a reply to: projectvxn
technically it does have a decree, via the white papers.

originally posted by: dubiousatworst
a reply to: projectvxn
technically it does have a decree, via the white papers.

If you are referring to "code is law" that is the very definition of neutral. No one person controls the creation of bitcoin.

The fact that a white paper exists does not make it a fiat. That is silly.

originally posted by: Arnie123
My views on Crypto is simply geared towards a matter of diversifying a profile.

I view it as money. I view it as censorship resistance. I view it as financial independence from the banking cartels. I control my money with Bitcoin and don't require a bank.

I am the bank.

a reply to: projectvxn
By definition a fiat is something that is a formal declaration, proposal, or decree

A white paper is a proposal.

Bitcoin is fiat.

Don't get me wrong, I LIKE bitcoin and even have some. However if what I sense is coming it may be time for me to draw down on some of my holdings.

originally posted by: DanDanDat
a reply to: projectvxn

I base it on the fact that I live in one of the capitals of the world and no one on the street is talking about let alone using bitcoin. That's all the data one needs.

Do some bitcoin enthusiast go out of their way and choose to buy and sell things in a currently inefficient way to make them selves feel cool? Sure and people use to have pet rocks and wear bellbotoms to feel cool too ... some people even made a lot of money off of those fads. But in the end something better came along and people lost interest. But at least with those fads you could easily have found them on the street when they were popular. Not the same as "hey I finally found a place where I could buy a beer with my 0.000000000000000005% of a bit coin."


..... 5 hours later "dame that wasn't that guys 0.000000000000000005% of a bit coin and I gave him a beer not cool"

I would go as far as saying it's a scam. Did you know 10 percent of money that was invested in bitcoin is just missing.

It has huge problems 1st Bitcoins are accepted almost nowhere, and some cryptocurrencies nowhere at all. By the way currently there is over 300 available.

Also price volatility also makes bitcoin undesirable as a store of value. It can fluctuate as much as 10 percent because it relies on someone buying it and what they are willing to pay. Many of the exchanges fraud their customers and exchange at below market value making them a hefty profit. Unlike banks these exchanges have no regulations so anything they do is not illegal.

And finally it relies on the greater fool theory. A bitcoin has no intrinsic value. It only has value if people think other people will buy it for a higher price

In finance and economics, the greater fool theory states that the price of an object is determined not by its intrinsic value, but rather by irrational beliefs and expectations of market participants.

Bottom line is eventually investors will lose.

a reply to: dubiousatworst

A white paper is a proposal.

A white paper is a description of technical aspects for the purpose of information. It does not make any demands. It describes a mechanism. At least in the case of Bitcoin and other cryptocurrencies, this is really an APA format research paper without publishing to a journal for peer-review.

A proposal is something stated for the purpose of consideration. A proposal is making a demand.

Your definition does not jive with the definition of fiat nor does it jive with the purpose of a white paper.

originally posted by: projectvxn
a reply to: DanDanDat

Adoption rates are increasing.

I've shown this time and time again.

Bitcoin has a $200 billion dollar market cap. Gold has $8 trillion. We have a ways to go for widespread adoption.

In my area I can buy most things with bitcoin.

Ask me how.

Good point ... no one buys anything with gold; but if I took some gold down to the pizza place I know I'd be walking out with some pizza. If I took my 0.0000000005% of bitcoin down to the pizza place I'm not getting any pizza... and in NYC I might even get a punch in the mouth for my trouble.

a reply to: DanDanDat

I can walk down the street to my 7/11 and buy anything in that store with bitcoin.

The developer space has vastly increased the reach of bitcoin.

Bitcoin follows elliott wave perfectly....like Gold does, the heavily public mark ets do that.
I'm king of Bitcoin.....etherium, I called a 4100 to 3200 low for the wave 5 decline fron 20k.....plain as day 5 wave decline is a correction......

Bitcoin is what I use to resist inflation, censorship, fund-freezing, leftist mob tactics, and counterfeiting in the 21st century digital/automated economy.

a reply to: GBP/JPY

I prefer long term logarithmic regression projections.

Elliot Waves are for day traders.

originally posted by: projectvxn
a reply to: Bluntone22

Bitcoin has outperformed the stock market over the last decade by significant levels.

The stock market is a collection of individual investments - bitcoin is an individual investment - there are stocks that gain over 1000% in a single day almost every day, especially on the Nasdaq.

Second Bitcoin is code - thats all. If Snowden really did anything it's to remind us that the NSA doesn't just crack codes, it creates them with brightest minds in america right out of school, bound by secrecy agreements.

Third, there is no satoshi - an individual threatening the sovereignty of the world banking system would be killed not aloud to create a whole new money system and keep billions of it's worth.

Bitcoin is code and there are ways to beat that system, they have computers now that claim to operate in other dimensions...

Fifth Bitcoin will fall under the weight of the future ETF's and the banks own swipe at coins, sorry - if youre looking to shoot to the moon, pull down your pants and bend over.

a reply to: circuitsports

The stock market is a collection of individual investments - bitcoin is an individual investment - there are stocks that gain over 1000% in a single day almost every day, especially on the Nasdaq.

Indeed....

Second Bitcoin is code - thats all.

It's what that code represents that matters.

If Snowden really did anything it's to remind us that the NSA doesn't just crack codes, it creates them with brightest minds in america right out of school, bound by secrecy agreements.

And?

Third, there is no satoshi - an individual threatening the sovereignty of the world banking system would be killed not aloud to create a whole new money system and keep billions of it's worth.

The bitcoins associated with the genesis block have not moved. No one knows who Satoshi is, but he/she certainly has a lot of money.

Bitcoin is code and there are ways to beat that system, they have computers now that claim to operate in other dimensions...

Bitcoin is a decentralized ledger. 51% attacks don't work. You cannot create new bitcoin. You need to research Bitcoin's consensus model.

Here's a good start:
Bitcoin.org white paper.

Fifth Bitcoin will fall under the weight of the future ETF's and the banks own swipe at coins, sorry - if youre looking to shoot to the moon, pull down your pants and bend over.

Please actually read the OP.

originally posted by: projectvxn
a reply to: DanDanDat

I can walk down the street to my 7/11 and buy anything in that store with bitcoin.

The developer space has vastly increased the reach of bitcoin.

Im thinking the goombas who might punch me in the mouth if I try to get them to give me a pizza for 0.0000000005% of a bit coin aren't going to be developing a "Sal's Pizza" app any time soon... 20 or 30 years from now maybe, but by then the fad will be over.

a reply to: DanDanDat

I recommend reading up on the development and adoption that has taken place in this space. Your criticisms are uninformed and you are clearly not taking anything I'm saying seriously.

Look out
The biggest players in the Blockchain/Bitcoin deal are pulling out slowly , but surely

originally posted by: circuitsports

Third, there is no satoshi - an individual threatening the sovereignty of the world banking system would be killed not aloud to create a whole new money system and keep billions of it's worth.

Would he be quietly create new money?

I mean, no one likes loud people.

Personally, I don't trust these imaginary bits coins.. I prefer my legal tender to be this expensive paper and plastic thing, or those little chunks of metal. They're cash, baby.. they are worth the... ahhh... uhhh... I can take them to anywhere I buy things.

They're worth real value, because a bank told me.

( I had a bunch of lesser cryptos and cashed them in for BTC years ago, when they were still < $500AUD... made about $700 and I have cried ever since, I should have waited.. )

originally posted by: DanDanDat

originally posted by: projectvxn
a reply to: DanDanDat

I can walk down the street to my 7/11 and buy anything in that store with bitcoin.

The developer space has vastly increased the reach of bitcoin.

Im thinking the goombas who might punch me in the mouth if I try to get them to give me a pizza for 0.0000000005% of a bit coin aren't going to be developing a "Sal's Pizza" app any time soon... 20 or 30 years from now maybe, but by then the fad will be over.

Do you also think eftpos is a shonky idea, because you can't walk up to a stranger and buy something from him using your debit card?

I guess, leave it up to places that adopt new tech... god forbid we live in the era of nothing, where you can't even use an ATM because the, folk in that area don't take kindly to that new fangled technology guff...