Epicmafia

almost 7 years

Doug1984 says

the intelligent answer was to just say no lol

It's basically consensus that the reason it's been going up in the short term is because people expect to make money on it in the short term.

deletedalmost 7 years

the intelligent answer was to just say no lol

Arcbell

almost 7 years

Yes I agree. That's for bitcoin though. And they are only able to destroy it because there are competitors to bitcoin and can always be competitors to bitcoin.

Innovation cannot be destroyed, because existing powers all need to compete with each other for value creation on the long scale.

Linker

almost 7 years

Arcbell says

I mean its physically impossible for new, useful technology that has become known to many people to vanish. People are slaves to value creation.

The day the american stock company ( forgot the name ) that allowed bitcoin in wants it out, its out.

Except the initial hype about the blockchain and shady trades, pretty much the entire spike was the company saying they could see it, then they are integrating with it, then that its integrated - every step of the way multiplied the bitcoin in value, and every step back they wish to take will divide it.

* Which is funny, because the entire reason its worthwhile is that nobody is in control, and the entire reason its worthwhile is because somebody took control.

Arcbell

almost 7 years

I mean its physically impossible for new, useful technology that has become known to many people to vanish. People are slaves to value creation.

Linker

almost 7 years

Doug1984 says

do u know why bitcoin is shooting up so high in value aside from just dsecribing what it does?

Very first standart to catch currency put together with the blockchain. Allows for a whole new set of economy with nobody in charge of an accepted form of currency. This way, you can provide someone an anonymous profile, to trade free of a global standart; and that enables certain types of trades that would otherwise cost more, and hereby is worth money as long as its sustainable.

Arcbell

almost 7 years

Doug1984 says

do u know why bitcoin is shooting up so high in value aside from just dsecribing what it does?

Yes it's going up because it's going up right now. People feel that it's a bubble but it'll go higher before it crashes, for now.

Linker

almost 7 years

Sincerely says

Arcbell says

But the value of bitcoin can go to near zero making it a worthless "currency", and the miners can cease mining it entirely at which point it's forgivable to call it fake internet money because you can't even transfer it.

The likelhood of this happening at some point is very much nonzero

then i believe we're basically in agreement??

i don't think bitcoin is going to suddenly crash without warning at this point, but when it does start to fall that can create a chain reaction; that doesn't mean cryptocurrency, as in the concept, will vanish

you won the internet, arcbell is defeated and you are victorious and nobody can deny you that, just remember.

deletedalmost 7 years

do u know why bitcoin is shooting up so high in value aside from just dsecribing what it does?

Arcbell

almost 7 years

Well the satoshi wallet selling everything at once can probably take it to zero lol. Probably lots of other things can too. Then some currency with better technology can just take over.

Arcbell

almost 7 years

Yeah I think in these little debates we're always basically in agreement and just pretending we're not for some reason.

Sincerely

almost 7 years

Arcbell says

But the value of bitcoin can go to near zero making it a worthless "currency", and the miners can cease mining it entirely at which point it's forgivable to call it fake internet money because you can't even transfer it.

The likelhood of this happening at some point is very much nonzero

then i believe we're basically in agreement??

i don't think bitcoin is going to suddenly crash without warning at this point, but when it does start to fall that can create a chain reaction; that doesn't mean cryptocurrency, as in the concept, will vanish

Arcbell

almost 7 years

caroline says

Wtf is bitcoin why is it a thing

Because computers can work together without anyone being in charge.

deletedalmost 7 years

Wtf is bitcoin why is it a thing

Arcbell

almost 7 years

And bitcoin is in no way backed by the need for anonymous peer to peer transactions.

Linker

almost 7 years

dust says

Currency is the buying power of objects.

The more linked to governments the worse it is imo.

The backing power of a currency is what gives it it's power. A gateway between two idiots who wanna trade their grapes for some chickens.

Obviously capitalism has changed that but, it's still important to look at it's roots.

Too deep, instead of buying cryptocurrency to support capitalism, the great majority of people buy cryptocurrency to get rich.

Arcbell

almost 7 years

I just mean that bitcoin is not backed by blockchain technology. Blockchain is a thing that will probably be used and doesn't really care if bitcoin survives.

Linker

almost 7 years

Arcbell says

VWXYZ says

It’s also backed by the blockchain technology allowing for seamless peer to peer transaction with anonymity behind it

No it is not. Bitcoin is not anyhow.

I mean, the blockchain is the interface you wanna backup, not the backup

Linker

almost 7 years

Arcbell says

But the value of bitcoin can go to near zero making it a worthless "currency", and the miners can cease mining it entirely at which point it's forgivable to call it fake internet money because you can't even transfer it.

The likelyhood of this happening at some point is very much nonzero

Isn't bitcoin mining dead anyway?

https://www.theregister.co.uk/2014/06/24/bad_news_malware_infections_are_mining_bitcoin_good_news_theyre_not_making_any_money/

Arcbell

almost 7 years

But the value of bitcoin can go to near zero making it a worthless "currency", and the miners can cease mining it entirely at which point it's forgivable to call it fake internet money because you can't even transfer it.

The likelyhood of this happening at some point is very much nonzero

Arcbell

almost 7 years

Sincerely says

i'm not saying they're the same or that bitcoin, or any other cryptocurrency, is as stable as the dollar

i think i've reiterated that several times.

i'm responding to the sentiment that it's "fake" because it's "internet money" which was echoed by whhoever quoted that dumb image macro

Yea the idea that cryptocurrency is "fake internet money" is completely naive

Sincerely

almost 7 years

Arcbell says

There's nothing more imaginary about the currency, but there is something more imaginary about the backing. The united states government is not of speculative value, bitcoin needing to be the cryptocurrency that the world uses to store value in cryptocurrency in the future is highly speculative.

THAT IS NOT MY POINT RIGHT NOW

C__________C

Arcbell

almost 7 years

Sincerely says

Arcbell says

There's a difference though, currency backed by the united states has a basis of value that is not speculative.

Pretty sure the dollar isn't immune to changes in value.

Some of the value in the US dollar is speculative, but not all of it.

Sincerely

almost 7 years

i'm not saying they're the same or that bitcoin, or any other cryptocurrency, is as stable as the dollar

i think i've reiterated that several times.

i'm responding to the sentiment that it's "fake" because it's "internet money" which was echoed by whhoever quoted that dumb image macro

Arcbell

almost 7 years

There's nothing more imaginary about the currency, but there is something more imaginary about the backing. The united states government is not of speculative value, bitcoin needing to be the cryptocurrency that the world uses to store value in cryptocurrency in the future is highly speculative.

The Bitcoins