Wtf is BITCOIN?

[Götterdämmerung]

Listen to Catherine Austin Fitts, she was the former secretary of https://www.hud.gov/FHAFAQ under the old Bush administration.

Somewhere in the middle of the interview, she talks about bitcoin.

 

[Shajida Khan]

Listen to Catherine Austin Fitts, she was the former secretary of https://www.hud.gov/FHAFAQ under the old Bush administration.

Somewhere in the middle of the interview, she talks about bitcoin.

Are you guys aware that Bitcoin ledger can be checked by public to see if there is a huge cash is hidden? The first block in blockchain was bootstrapped publicly? You cann't exactly 'hide' money in blockchain. It is need to be hashed by a fraction of block-chain cluster to be accepted as a fulfilled payment.

 

[AndrewJin]

Stupid

 

[xyxmt]

A paper currency bill is an "I Owe You" Note, backed by something tangible. So Central bank hold the Gold and issue an I owe you Note with a value equivalent to Gold it keeps. How does "Anyone can mine, anyone can buy, backed by zilch" digital crap is called currency.

 

[Shajida Khan]

A paper currency bill is an "I Owe You" Note, backed by something tangible. So Central bank hold the Gold and issue an I owe you Note with a value equivalent to Gold it keeps. How does "Anyone can mine, anyone can buy, backed by zilch" digital crap is called currency.

Are you aware Gold standard currency is no longer in distribution in most of the countries. That includes USA, India and China.

Its just what it is. A promise and nothing else!

Stupid

Yeah you are stupid if you cann't contribute anything else. But a wumao can do only this much for 50 cents right?

 

[Götterdämmerung]

Are you guys aware that Bitcoin ledger can be checked by public to see if there is a huge cash is hidden? The first block in blockchain was bootstrapped publicly? You cann't exactly 'hide' money in blockchain. It is need to be hashed by a fraction of block-chain cluster to be accepted as a fulfilled payment.

Backed by nothing, not even a gun ... yet.

A paper currency bill is an "I Owe You" Note, backed by something tangible. So Central bank hold the Gold and issue an I owe you Note with a value equivalent to Gold it keeps. How does "Anyone can mine, anyone can buy, backed by zilch" digital crap is called currency.

All current currencies are fiat money, backed by nothing but the gun.

 

[Hyperion]

Bhai, gold standard died half a century ago. Nowadays, it's backed by nothing other than 'I will try my best'. LOL.

A paper currency bill is an "I Owe You" Note, backed by something tangible. So Central bank hold the Gold and issue an I owe you Note with a value equivalent to Gold it keeps. How does "Anyone can mine, anyone can buy, backed by zilch" digital crap is called currency.

 

[Shajida Khan]

Backed by nothing, not even a gun ... yet.

It is backed by strong cryptography which even governments cann't snatch from you.

 

[Thetigerforces]

You had me at "not controlled by Jews," lol.

I did enjoy the way he casually slipped that in lol

maybe in a year or two you will be saying "I was lucky not to invest in it"

Economists seem to be saying that Bitcoin is in a bubble and will have a huge fall soon. Some fools are even taking out huge loans and putting that money into bitcoin now.

 

[nang2]

It is intended to be like gold, which is difficult to produce, easy to carry, but doesn't rust. It is resistant to tampering so no government backing is required. however it is not quite scalable. so it is hard to say how fast it could penetrate into economy.

I did enjoy the way he casually slipped that in lol


Economists seem to be saying that Bitcoin is in a bubble and will have a huge fall soon. Some fools are even taking out huge loans and putting that money into bitcoin now.

bitcoin price is a bubble but itself is not a bubble. It is a currency, which like any other commodities has its price decided by supply and demand.

 

[Shajida Khan]

It is intended to be like gold, which is difficult to produce, easy to carry, but doesn't rust. It is resistant to tampering so no government backing is required. however it is not quite scalable. so it is hard to say how fast it could penetrate into economy.

There are other cryptos like IOTA which solve scaling issues.

 

[Hyperion]

In my personal opinion one bitcoin should be equivalent to 100 USD. But hey, it's all about demand and supply. I mined in the good oldddddd days and sold every last one of them @ 5000 mark, that was my psychological barrier. I'm very very very happy on the returns!

 

[nang2]

There are other cryptos like IOTA which solve scaling issues.

The scalability issue isn't related to cryptos. It is about how it implements proof-of-work and consensus building to solve the double spending.

 

[Götterdämmerung]

It is backed by strong cryptography which even governments cann't snatch from you.

LOL

 

[Shajida Khan]

The scalability issue isn't related to cryptos. It is about how it implements proof-of-work and consensus building to solve the double spending.

Thats exactly what IOTA is solving. It uses a graph based block 'chain' called tangle. It speeds up consensus. IOTA is meant for IoT devices so it needs to be scalable.