Chomping At the Bit! (Any Thoughts on Bitcoin?)

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JohnDB

JohnDB

Well-known member
#41
Jan 16, 2021
6,276
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#41
jacko said:
Been in it since 2017…
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What I find completely unnerving is how this nation's enemies use this outside of normal banking regulations to fund and pay for activities to harm us. From guns to bioweapons and more....
I don't like the stuff. I don't want any part in it.

No single snowflake feels responsible for the avalanche that destroyed a town. But it should. "Everyone is doing it " has never been an acceptable excuse to God or my parents.
 
CommodoreTeach

CommodoreTeach

Member
#42
Nov 25, 2024
96
17
8
#42
Lynx said:
Yeah, about that...

I've heard a lot of people talk a lot about a lot of those crazy schemes the government has. Nobody has ever told me why the government needs all those crazy schemes. The government can just make more money out of thin air, which decreases the value of the money in my pocket... Which means the government shouldn't have to bother with all those crazy schemes people keep talking about.

If I controlled the only game in town, the game that everybody has to play if they want to survive and get on with their happy little lives, and I could change the rules whenever I wanted... I sure wouldn't have to bother tricking people with crazy schemes.
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This was sort of the point I was trying to make. The government is allowed to commit fraud on a massive scale (as you say, by making money out of thin air), but it tends to shut people down when they try similar schemes. Only, they haven't with Bitcoin... So perhaps Bitcoin is a bit safer than all those other schemes like real estate and shares that rely on government doing the right thing? Not saying it's safe... but perhaps safer than the alternatives at the moment?
 
J

jacko

Well-known member
#43
Sep 2, 2024
1,111
609
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#43
JohnDB said:
What I find completely unnerving is how this nation's enemies use this outside of normal banking regulations to fund and pay for activities to harm us. From guns to bioweapons and more....
I don't like the stuff. I don't want any part in it.

No single snowflake feels responsible for the avalanche that destroyed a town. But it should. "Everyone is doing it " has never been an acceptable excuse to God or my parents.
Click to expand...

The US gov prints money out of thin air and debases your hard work. You are ok with this?
 
J

jacko

Well-known member
#44
Sep 2, 2024
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#44
Some Bitcoin holders think the US government is the enemy.
 
J

jacko

Well-known member
#45
Sep 2, 2024
1,111
609
113
#45
CommodoreTeach said:
Would you let us know next time you think it's a good buy? I'm considering getting in then, if the opportunity comes up. At least govt. can't just generate bitcoin out of nothing ad-infinitum like they can dollars.

It seems like it has better returns than real estate and start-ups, and getting rid of all that government interference would make it a lot less like gambling. Who knows what crazy scheme the government will dream up next, to enrich themselves to the detriment of everyone else?
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When it crashes and all the I told you so it was a Ponzi threads pop up.
 
Dude653

Dude653

Senior Member
#46
Mar 19, 2011
12,977
1,150
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#46
jacko said:
When it crashes and all the I told you so it was a Ponzi threads pop up.
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Yes, because when you buy Bitcoin, you're buying something that doesn't exist in hopes that there's a bigger sucker out there that will pay you more for it
 
J

jacko

Well-known member
#47
Sep 2, 2024
1,111
609
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#47
Dude653 said:
Yes, because when you buy Bitcoin, you're buying something that doesn't exist in hopes that there's a bigger sucker out there that will pay you more for it
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and what about the Rembrandt is worth 100 million? that's the case with all collectables. everything is supply and demand
 
J

jacko

Well-known member
#48
Sep 2, 2024
1,111
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#48
Dude653 said:
Yes, because when you buy Bitcoin, you're buying something that doesn't exist in hopes that there's a bigger sucker out there that will pay you more for it
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it cost money (measured in energy costs) to mine a bitcoin, currently maybe $35,000 if you have 100 million of hardware and access to a large plant.
for the average joe... forget about it. Bitcoin is energy stored on the blockchain.
 
daisyseesthesun

daisyseesthesun

Well-known member
#49
Aug 23, 2024
760
430
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#49
The only company I invest in is Thredup because I shop there a few times per year, but Bitcoin is not a company with a product. It's a currency, and if enough people invest in it, we have just sunk our own ship
 
J

jacko

Well-known member
#50
Sep 2, 2024
1,111
609
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#50
daisyseesthesun said:
The only company I invest in is Thredup because I shop there a few times per year, but Bitcoin is not a company with a product. It's a currency, and if enough people invest in it, we have just sunk our own ship
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it's not a currency, it doesn't get spent.. although you couuld. the network is too slow, there are way better digital assets that serve that purpose. it's a commodity like digital gold. There is a limited amount of BITCOIN to be ever mined, the costs to mine increase every 4 years. Everyone talks about BITCOIN, but no one here I bet has even read the whitepaper.. so they have no idea what they are talking about. That's like saying I know God, but haven't read the bible.
 
Lynx

Lynx

Folksy yet erudite
#51
Aug 13, 2014
27,670
9,607
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#51
jacko said:
it's not a currency, it doesn't get spent.. although you couuld. the network is too slow, there are way better digital assets that serve that purpose. it's a commodity like digital gold. There is a limited amount of BITCOIN to be ever mined, the costs to mine increase every 4 years. Everyone talks about BITCOIN, but no one here I bet has even read the whitepaper.. so they have no idea what they are talking about. That's like saying I know God, but haven't read the bible.
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The main difference is I need God and I need the Bible, but I don't really need Bitcoin or the white paper for it.
 
J

jacko

Well-known member
#52
Sep 2, 2024
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609
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#52
Lynx said:
The main difference is I need God and I need the Bible, but I don't really need Bitcoin or the white paper for it.
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Sure, but many claim to talk about something they don't know, there is a biblical word for that too.
 
J

jacko

Well-known member
#53
Sep 2, 2024
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609
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#53
not directed at anyone here.......BUT

Proverbs 18:2
"A fool takes no pleasure in understanding, but only in expressing his opinion."
 
Lynx

Lynx

Folksy yet erudite
#54
Aug 13, 2014
27,670
9,607
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#54
jacko said:
Sure, but many claim to talk about something they don't know, there is a biblical word for that too.
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People do that a lot about the Bible too. Doesn't cost me anything or change the Bible.

I bet it doesn't hurt Bitcoin one bit either.
 
daisyseesthesun

daisyseesthesun

Well-known member
#55
Aug 23, 2024
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#55
Bitcoin is a decentralized digital currency that you can buy, sell and exchange directly, without an intermediary like a bank.
 
J

jacko

Well-known member
#56
Sep 2, 2024
1,111
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#56
daisyseesthesun said:
Bitcoin is a decentralized digital currency that you can buy, sell and exchange directly, without an intermediary like a bank.
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in theory, but in reality its too slow.
The blockchain takes waay to long to process. No one is spending their BTC at starbucks. All the buy and sell is 99% speculators.
 
seoulsearch

seoulsearch

OutWrite Trouble
#57
May 23, 2009
16,666
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#57
jacko said:
it's not a currency, it doesn't get spent.. although you couuld. the network is too slow, there are way better digital assets that serve that purpose. it's a commodity like digital gold. There is a limited amount of BITCOIN to be ever mined, the costs to mine increase every 4 years. Everyone talks about BITCOIN, but no one here I bet has even read the whitepaper.. so they have no idea what they are talking about. That's like saying I know God, but haven't read the bible.
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I'm assuming then that you read the whitepaper.

If you had to summarize the 3 most important points you got from it, what would they be?
 
J

jacko

Well-known member
#58
Sep 2, 2024
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#58
seoulsearch said:
I'm assuming then that you read the whitepaper.

If you had to summarize the 3 most important points you got from it, what would they be?
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  • Decentralized System
    Bitcoin eliminates the need for trusted third parties (e.g., banks) by enabling direct peer-to-peer transactions. It achieves this through a decentralized network powered by nodes. However in 2024, most Bitcoin have been onboarded to exchanges and not self custody as required by KYC laws in the USA (think Coinbase). Originally, it was all peer to peer, but as it matured this isnt so much the case. It's been institutionalized.
  • Blockchain Technology
    Transactions are recorded in a public, immutable ledger called the blockchain. Each block contains a group of verified transactions linked cryptographically to the previous block. This will never change, they tried... with Bitcoin cash to make it faster... it failed.

    Proof of Work (PoW)
    The network uses a consensus mechanism called Proof of Work, where miners solve computational puzzles to validate transactions and add them to the blockchain. This ensures security and prevents double-spending. This cost a lot of energy (hundreds of billions in sunk costs in the mining netowrks).It use Joe Smith at home with a graphics card, now its run by billion dollar corporations and even nation states.
  • Limited Supply
    Bitcoin’s supply is capped at 21 million coins, making it deflationary by design. New bitcoins are released through mining rewards, which decrease over time through halving events. This is what makes it valuable as the fixed amount (denominator) will ever change while Global Debt is increasing astronomically. 21,000 BTC from now to eternity..

  • Privacy and Security
    Transactions are pseudonymous; users are identified by public keys, not personal information. The cryptographic structure ensures security and reduces the risk of fraud.




 
J

jacko

Well-known member
#60
Sep 2, 2024
1,111
609
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#60
I owned Ethereum at $7 dollars.. If I didn't sell I would have enough to buy my house 3x over.
 
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