Bitcoin: The World Is Growing Tired of Government-Controlled Fiat Currencies

David

Opinions are my own...
PREMO Member
From the Mises Institute.

Bitcoin is a shot across the bow at government’s monopoly control of money. While no one in the US appreciates the direction money is going, having the world’s reserve currency and all, Vladimir Putin and Elvira Nabiullina can see what Professor Ammous understands,
If the modern world is ancient Rome, suffering the economic consequences of monetary collapse, with the dollar our aureus, then Satoshi Nakamoto is our Constantine, Bitcoin is his solidus, and the Internet is our Constantinople.
 

David

Opinions are my own...
PREMO Member
It's not going away:


2-3 months ago would have been the optimal time to buy (in recent history), but its not too late. Take a look at Bitcoin Cash (BCH). Many say it will come from nowhere to wear the crown one day in coming years.
 

UnaAllan

New Member
Do you think it will be $200k at the end of this year? It seems like a Bitcoin Boom is going to start very soon. A few of my friends said they are going to buy bitcoin on this week. Of course, I don't believe them at all. The price is a huge one, it would be a foolish decision to buy it this week. I think it's going to fall to the point of $30k and even less. They are asking me what kind of storage is the best for saving bitcoins. I told them it's better to use mixers, not wallets. They have bigger anonymity. I suggested that they use this bitcoin mixer without any doubt. Do you know about it? I'm not sure if they can find a better option.
 
Last edited:

Gilligan

#*! boat!
PREMO Member
I just heard an announcement that several VA banks now accept Bitcoin for transactions and even have ATM support. Don’t know about MD yet.
 

Bird Dog

Bird Dog
PREMO Member
Color me stupid but if a Bitcoin is worth $48,000.00. How do you buy something with it for $20,000.00 without diluting your Bitcoin value and get change in US$ ?
 

Gilligan

#*! boat!
PREMO Member
Color me stupid but if a Bitcoin is worth $48,000.00. How do you buy something with it for $20,000.00 without diluting your Bitcoin value and get change in US$ ?
Beats all heck outa me....I was just passing on the bank's news that I'd heard. Be really interesting to see how they make that work..especially the ATM part..LOL. I can see it now...you stop by yr ATM...roll away with a laundry sack full of US bills because you cashed one bitcoin...
 

PeoplesElbow

Well-Known Member
They have to go back to us currency to be useful, really Bitcoin is no different than stock other than being able to create Bitcoin.

I don't trust my savings as something that only has a value that others say it does. If you don't trust government backed currency put it into gold. If our government collapses or the EU collapses so will Bitcoin.
 

rmorse

Well-Known Member
Color me stupid but if a Bitcoin is worth $48,000.00. How do you buy something with it for $20,000.00 without diluting your Bitcoin value and get change in US$ ?
You pay for it with $20,000 worth of BTC. You can exchange any amount of BTC for USD and vice versa....So if you wanted to, you could go out and buy $20 worth of BTC. You would be sent 0.0001342389 BTC (I made that number up...I'm not going to go do the math right now) to your wallet.
 

rmorse

Well-Known Member
They have to go back to us currency to be useful, really Bitcoin is no different than stock other than being able to create Bitcoin.

I don't trust my savings as something that only has a value that others say it does. If you don't trust government backed currency put it into gold. If our government collapses or the EU collapses so will Bitcoin.
You can't create Bitcoin...there's a finite amount of it out there. It's "mined" (done by solving extremely complex problems). The majority of it has already been mined but even still....there's a finite amount. It's impossible to just "create" more BTC. You can, however, print more money.

USD/EU/BTC are not interconnected. It is entirely possible for the government to collapse but BTC remain.
 

stgislander

Well-Known Member
PREMO Member
You pay for it with $20,000 worth of BTC. You can exchange any amount of BTC for USD and vice versa....So if you wanted to, you could go out and buy $20 worth of BTC. You would be sent 0.0001342389 BTC (I made that number up...I'm not going to go do the math right now) to your wallet.
On the calculator I just looked at 1 USD = 0.000017 XBT.
 

rmorse

Well-Known Member
Beats all heck outa me....I was just passing on the bank's news that I'd heard. Be really interesting to see how they make that work..especially the ATM part..LOL. I can see it now...you stop by yr ATM...roll away with a laundry sack full of US bills because you cashed one bitcoin...
Extremely easy. The BTC ATMs are just exchanges that allow you to withdrawal USD. You can access an exchange on your phone and swap cryptocurrency to other cryptocurrency or to USD (all transactions have a fee associated with them, just like any other exchange..usually its in the form of a crypto). If you swap $20 worth of BTC to USD on your phone in an online exchange, you have $20 worth of USD now...just like PayPal, you can then transfer it to your bank account. The ATM is just another exchange. Instead of transferring Digital USD to your bank account, you withdraw it.
 

rmorse

Well-Known Member
On the calculator I just looked at 1 USD = 0.000017 XBT.
Sounds about right lol. I was just adding a bunch of zeros and then hitting the keyboard. The exact number didn't matter for what I was saying.

It's crazy how much BTC has skyrocketed. Easy money though lol.
 

Sneakers

Just sneakin' around....
So... the internet fails, sabotaged, legislated out of service. No way at all to gain access to your wealth.

I kinda feel like an old timer putting physical money under my mattress for an emergency.
 

rmorse

Well-Known Member
So... the internet fails, sabotaged, legislated out of service. No way at all to gain access to your wealth.

I kinda feel like an old timer putting physical money under my mattress for an emergency.
That's not how the internet works lol. Also, the internet can completely fail....my cryptocurrency is offline and stored in a physical wallet.
 

PeoplesElbow

Well-Known Member
You can't create Bitcoin...there's a finite amount of it out there. It's "mined" (done by solving extremely complex problems). The majority of it has already been mined but even still....there's a finite amount. It's impossible to just "create" more BTC. You can, however, print more money.

USD/EU/BTC are not interconnected. It is entirely possible for the government to collapse but BTC remain.
Can you eat it or exchange it for food anywhere?

And mining it is creating more of it.

What I want to know is who controls the equations to solve, who sets what has to be solves, and what are these equations used for, are they really solved just for the hell of it or is it computing time sold to someone?

Something like 20% of Bitcoin is inaccessible because people forgot their passwords or threw out the drive it was on.

Like I said I would trust gold or a government far sooner than some magic money creator that nobody can seem to figure out who and how it's controlled.

That said I would be faar more inclined to set up a mining rig than buy it.
 

rmorse

Well-Known Member
Can you eat it or exchange it for food anywhere?

And mining it is creating more of it.

What I want to know is who controls the equations to solve, who sets what has to be solves, and what are these equations used for, are they really solved just for the hell of it or is it computing time sold to someone?

Something like 20% of Bitcoin is inaccessible because people forgot their passwords or threw out the drive it was on.

Like I said I would trust gold or a government far sooner than some magic money creator that nobody can seem to figure out who and how it's controlled.

That said I would be faar more inclined to set up a mining rig than buy it.
You can't eat the USD either though....and like the USD, you can exchange it for food.

Mining is not creating any more of it. There are only a total of 21 million BTC in existence. There can never be 21,000,001 of them. Once all 21,000,000 have been mined, then they are all in existence.

There are a ton of articles discussing the equations and why/how it's set up. I'm not skipping that point...I just know that there's a wealth of information out there that can explain it far better than I can. No one controls it though.

Yes, there is a risk of throwing away your BTC or sending it to a wallet and losing the seed words. That's why people should take care. There's also a risk of losing things in "real life" too.... I'm not sure where you were going with that tbh. It sucks that people have accidentally tossed crypto but that's like someone buying a lottery ticket and then realizing they had the winning numbers but have no idea what they did with it.

I have no idea why you're saying no one can figure out BTC....it's not a secret that no one knows about. Unless you were referring to no one knowing who Satoshi Nakamoto is but I'm not sure that really matters anymore, since the workings of BTC is open for all to see.

You are welcome to set up a mining rig but keep in mind that the majority of BTC has already been mined. Like I said earlier, you aren't creating more BTC...you're mining it. Once it's all mined, there is no more. When you mine, it's not like you find one whole BTC at a time. You find fractional bits. So when you're setting it up, you need to make sure (like any business) that your operating costs don't exceed the value of what you're producing. The majority of BTC has been mined already; what's remaining are the extremely hard problems. It takes a ton of computing power and electricity to solve the remaining ones, which means more and more overhead costs. Currently, I do not think it's worth it (unless, of course, you're mining to hold on to the BTC and banking on it reaching higher values). If you're just mining to then sell what you find, you'll be operating at a loss.

Hopefully that clears up some of what you were talking about!
 
Top