Bitcoin currency of the future? | Page 12

Discussion in 'Mayberry Lounge' started by CauseImbetta, Jan 1, 2016.

  1. sub_thug Red Belt

    sub_thug
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    He didn't make something. He tweaked an existing quality that already existed in computing, turning it into Bitcoin. There is a finite amount of it, and more cannot be made. Scarcity is the driving force of its value. I would also like to ask why the dollar has the value it does? It's not backed by gold, it's backed by the perception of the US government to pay back its debts. Many stocks are traded on perceived value as opposed to the valuation of all the company's resources. Bitcoin is pretty similar to these in that regard.

    Actually, the guy who discovered Bitcoin is believed to be a guy that doesn't have electricity in his home. He's one of those that do it by choice, not necessity though. Maybe he has a lot of Bitcoin, maybe not.
     
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  2. Davem10 Purple Belt

    Davem10
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    Still seems shady

    The dollar is backed by US government, exactly

    Bitcoin is backed by what ?
     
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  3. hasar Brown Belt

    hasar
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    Scamcoin Alert!

    This particular Altcoin has:

    - No supply cap and a high inflation rate
    - No useful tech
    - No community contributions
    - A weird gestapo as the main means of trying to keep it relevant
    - Heavier use by criminals than any other form of payment

    It goes by the ticker symbol 'USD'

    Be careful out there guys!
     
    #223
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  4. 5crew Brown Belt

    5crew
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    Did you guys read about China possibly banning BTC/ETH from last Friday news? There are alot of FUDing and everyone is hoping for a more confirmed words from China today but it's almost Tuesday for Asia countries now and still no words other than articles repeating the Friday news.
     
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  5. sub_thug Red Belt

    sub_thug
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    It's not backed by anything. It's a decentralized currency based on free market demands. That's part of the appeal though. It cuts out things like the federal reserve setting interest rates that have cascading effects into other markets. As long as people want it though, it will have perceived value.

    The cool part is definitely the underlying technology though. It's a decentralized database that records transactions. If you want to commit a heist, and all your banking is done through CitiGroup, if you altered their databases, then you've gotten away with the heist. Pretty straightforward stuff because they rely on their own records as the authoritative source. Now, I'll flip the model around a little bit. Let's say you have 10 friends, and you all do all your trading with bars of gold. You have 10 bars of gold because you're awesome. Well, an 11th person enters your association of gold bar traders, and he's looking to undermine your standing. This new guy goes to your first friend and spends all day convincing him that you only have 8 bars of gold because you gave 2 to this new guy to get his started. He just tells your friend that he didn't bring those gold bars with him because who carries bars of gold around? Well, the convincing works. Your friend now believes you only have 8 bars of gold. The impact on the other 9 friends is nothing at all. This new guy would need to convince the other 9 friends in order for his lie to become truth. Moreover, because computers talk to each other all the time, this asshole would need to convince all 10 of your friends that you only have 8 bars of gold AND he needs to successfully steal 2 of your bars of gold for him to be convincing. That's how blockchain works. If uses these decentralized databases in order to make fraud virtually impossible. It's not a perfect analogy, but it should give you an idea anyways.
     
    #225
  6. Desdinova Brown Belt

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    That's not a good sign...
     
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  7. 2GunTommy Black Belt

    2GunTommy
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    Kim.com sure thinks so.
     
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  8. mushishi A is a, a is a, should I save her?

    mushishi
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    Why you tryin' to usher in the Antichrist, foo?
     
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  9. benebox Purple Belt

    benebox
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    Just invested in some presale enjin coin..... An online currency for gaming. Going to be used for Minecraft games and what not. It has a good team behind it so I thought it was worth a little gamble.

    https://enjincoin.io/account/

    As for the bitcoin / Eth. Get ready to buy on the current dip with a positive ICO announcement from Chinese officals. If its really bad, still get ready to buy in when it hits rock bottom.
     
    #229
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  10. 9mmafan Double Yellow Card

    9mmafan
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    Can't wait for this Bitcoin bubble to burst.
     
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  11. AGGAMEMNON66 -----------Villain-----------

    AGGAMEMNON66
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    But the Gold bars still actually exist. Regardless of whether or not people believe you have X amount.


    Bit coin doesn't actually exist. That's a bad example.


    You can argue about perception all you want to when it comes to economies/governments backing currency, but those economies and governments still actually exist. The perception argument only goes so far here.
     
    #231
  12. sub_thug Red Belt

    sub_thug
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    Bitcoin actually exists. It's a residual quality found in computing, so it's not totally abstract. It's just digital, and that's where people seem to be losing it. There is a finite amount, just like gold. People started trading this stuff as a form of currency, just like one could do with precious metals.

    What you have here is a group of people that decided to make their own currency using a real thing that otherwise had no value. Well, it caught on. In fact, these people are no different than a government from the past before central banks were a thing.
     
    #232
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  13. AGGAMEMNON66 -----------Villain-----------

    AGGAMEMNON66
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    No, bitcoin does not actually exist. You're one solar flare away from having nothing.


    I can pick up a gold bar and hold it in my hand. Gold actually exists. Silver actually exists -bitcoin, does not actually physically exist. Its limits are dangerous imo. Just like everything else online.
     
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  14. sub_thug Red Belt

    sub_thug
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    What do you think makes up your bank account? Do you think there are real dollars in a box somewhere with your name on it? Bitcoin is at least as real as money. You're trying to paint a difference here for no reason at all.
     
    #234
  15. Te Huna Matata Red Belt

    Te Huna Matata
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    You're gonna be waiting a long time. But if it ever does, I'll be sure to buy a shitload for the impending rebound.

    Currently have money in BTC, LTC, and ETH. Just riding the storm out at the moment. If I had the expendable income, I'd be buying everything I could afford right now.
     
    #235
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  16. AGGAMEMNON66 -----------Villain-----------

    AGGAMEMNON66
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    Speaking of cash, another thing that actually exists.


    Bitcoin is 100% non tangible.


    I'm not trying to paint anything, I'm pointing out facts that are attached -reasonably- to concerns about its 'existence'
     
    #236
  17. sub_thug Red Belt

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    I hate to be that guy, but I'm getting painted into a corner here: you just don't understand the technology. Bitcoin is a finite resource that cannot be recreated unless you somehow build a new global internet from scratch. It is as real as anything else in the world, even though it must be accessed in a digital state. At this point, you either get that or you don't. Feel free to research it if you don't want to take my word for it though.
     
    #237
  18. NoGoodNamesLeft Brown Belt

    NoGoodNamesLeft
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    how can bitcoins be real if the internet isnt even real?
     
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  19. sub_thug Red Belt

    sub_thug
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    <[analyzed}>
     
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  20. superpunch Red Belt

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    Isn't bitcoin guaranteed to lose all value as soon as quantum computing comes around?
     
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