BITCOIN

[cobracide]

So who are these entities that control policy, code and development? It's not Satoshi Nakamoto because there is no such person. And the cap would definitely be changed if there ends up being a way for people to benefit. Rules and regulations change all the time.

I don't wish you any bad luck with Bitcoin but I ran for the hills when I learned its founder(s) identities were being kept secret. I mean I would never make a stock investment in a company if nobody knew who the CEO was.

There is plenty of documentation on who is involved with the project and how decisions are made about it's direction. The main entity is the Bitcoin Foundation which is a nonprofit corporation.

I get it - you don't trust anything about it. You need to separate how BTC is run and managed vs exchanges, hacks and thefts, ect. One has nothing to do with the others. Do you blame the US Treasury for all of the white collar USD crime?

 

[Klaus]

Although this can be changed,

So it's "deflationary" except when it's inflationary.

That makes perfect sense.

 

[VegasMichael]

There is plenty of documentation on who is involved with the project and how decisions are made about it's direction. The main entity is the Bitcoin Foundation which is a nonprofit corporation.

I get it - you don't trust anything about it. You need to separate how BTC is run and managed vs exchanges, hacks and thefts, ect. One has nothing to do with the others. Do you blame the US Treasury for all of the white collar USD crime?

Did you read the article via the link you provided? It's not a glowing review and would not inspire confidence in anyone.

I'm trying to understand how bitcoin is run but they lost me when they refuse to divulge who/what a Satoshi Nakamoto is and how a cap will be enforced. I realize crime happens with all currencies but if I buy Treasuries Bills I'm getting my money back from Uncle Sam who has never defaulted on a loan. Not everyone is getting back what's owed to them in re Bitcoin since some exchanges have halted withdrawals.

 

[cobracide]

Bitcoin is not a currency, a bank, a treasury or an exchange. Yet you keep trying to compare it to all of them.

 

[598]

I think the biggest thing that people tend to forget about, return of investment, is guaranteed when you buy a US treasury. That guarantee is backed by the government's capacity to tax others or even seize property to make the payment if you don't pay your prescribed taxes on assets, like property or income. That capacity to force compliance is a topic for another discussion as far as what is reasonable, but the capacity exists for the government and no other.

 

[MG0h3]

Bitcoin is not a currency, a bank, a treasury or an exchange. Yet you keep trying to compare it to all of them.

It’s a Ponzi scheme. Just admit it.

Two pages ago you said it was a store of value.

It’s only purpose was to go up in value and make people money.


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[cobracide]

It’s a Ponzi scheme. Just admit it.

Two pages ago you said it was a store of value.

It’s only purpose was to go up in value and make people money.


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I didn't say "It’s only purpose was to go up in value and make people money."

Paste my quote if I typed it.

I did say its a store of value ie - it's intended purpose.

 

[Klaus]

I did say its a store of value ie - it's intended purpose.

How is that working out?

 

[MG0h3]

I think the biggest thing that people tend to forget about, return of investment, is guaranteed when you buy a US treasury. That guarantee is backed by the government's capacity to tax others or even seize property to make the payment if you don't pay your prescribed taxes on assets, like property or income. That capacity to force compliance is a topic for another discussion as far as what is reasonable, but the capacity exists for the government and no other.

On the other hand, BTC traders are shit out of luck and being told they can’t get their money back.

Be interesting to see if they can just close up shop and file bankruptcy with no recourse for ripping everyone off.


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[Klaus]

Tulip Bulbs: "They are not a currency, they are a store of value...."

 

[Klaus]

Beanie Babies: "They are not a currency, they are a store of value"

 

[Coosawjack]

Beanie Babies!!!

 

[me32]

Bitcoin is deflationary because:

-the supply is capped at 21 million btc.

-as mining difficulty increases automatically, the number of mined bitcoins decreases per amount of work (hashing) is done.

Imagine what a dollar would be worth today if the money supply was capped?

Number of Bitcoins in circulation worldwide from October 2009 to April 4, 2022​

View attachment 1753475

What keeps it from the cap being raised?

 

[me32]

No single entity controls Bitcoin policy, code and development. Satoshi Nakamoto specified the 21M cap. Although this can be changed, it is highly unlikely this will ever occur. Bitcoin derives its value from scarcity (deflationary) and increasing supply would go against this.

History states that things always change. So there is no guarantee.

 

[cobracide]

History states that things always change. So there is no guarantee.

Wake me up in the year 2140 when the 21M run out. LoL

 

[KilledbyKenne]

You aren't going to convince any of the doubters. 2024-2025 will roll around and if Bitcoin's history repeats like it has multiple times the price will be above $70k again and they will all either be silent or be posting constantly about, "It's going to zero any day, BEWARE!!!!"

 

[Klaus]

Vauld, a crypto lender backed by Coinbase Inc., said it froze withdrawals and hired advisers to explore a potential restructuring, joining rivals from Celsius Network to Babel Finance in resorting to last-ditch measures to survive the market rout.

The Singapore-based company hired Kroll as financial adviser and Cyril Amarchand Mangaldas and Rajah & Tann Singapore LLP as legal advisers, Chief Executive Officer Darshan Bathija said in a blog post on Monday. All withdrawals, trading and deposits on the platform have been suspended.

Crypto is not a bank!!!!!

 

[Klaus]

Honest question for the crypto bulls: how old are you? How many market bubbles have you experienced?

 

[MG0h3]

You aren't going to convince any of the doubters. 2024-2025 will roll around and if Bitcoin's history repeats like it has multiple times the price will be above $70k again and they will all either be silent or be posting constantly about, "It's going to zero any day, BEWARE!!!!"

I’m not asking any of you convince me of anything

I’m asking what BTC is.

In this very thread, it’s been money, a commodity, and a store of value.

Now it’s none of the above.

So tell me, what is BTC?


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[Klaus]

So tell me, what is BTC?

It is the father, son and holy spirit.