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

PeoplesElbow

PeoplesElbow

Well-Known Member
rmorse said:
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!
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It is not in use, never has been and is not physical, therefore it does not exist yet.

BC has to be converted to other currency to be used in almost all cases.

From wikipedia
In 2017 and 2018 bitcoin's acceptance among major online retailers included only three of the top 500 U.S. online merchants, down from five in 2016.[166] Reasons for this decline include high transaction fees due to bitcoin's scalability issues and long transaction times.[168]
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So it is at the mercy of the exchanges, I dont think governments will stay out of the regulation for much longer.

I did invest in the Blackstone equity fund that invests in ethereum, but i dont view it as a long term investment. I'm happy to take a 20% gain in a few months and pull chocks.
 
R

rmorse

Well-Known Member
PeoplesElbow said:
It is not in use, never has been and is not physical, therefore it does not exist yet.

BC has to be converted to other currency to be used in almost all cases.

From wikipedia


So it is at the mercy of the exchanges, I dont think governments will stay out of the regulation for much longer.

I did invest in the Blackstone equity fund that invests in ethereum, but i dont view it as a long term investment. I'm happy to take a 20% gain in a few months and pull chocks.
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It does exist....I suggest you do some more background reading on BTC. It isn't "created" in the sense that there's an infinite supply. It's not like USD.

The number of stores accepting BTC is increasing on an almost daily basis and there have been some major major players starting to invest in it or accept it. It's not some fringe black market currency anymore (hence the skyrocketing price).

It's not at the mercy of an exchange at all. That's why I said read up a bit more...if you wanted to buy something from me, I can sell it to you for BTC. I'll just give you my wallet address and you send it to me directly.
 
R

rmorse

Well-Known Member
Doge coin is (IMO) a better example of a crypto that can be created. There is no limit....they can just keep creating more and more and more. They can't do that with BTC.
 
PeoplesElbow

PeoplesElbow

Well-Known Member
rmorse said:
Doge coin is (IMO) a better example of a crypto that can be created. There is no limit....they can just keep creating more and more and more. They can't do that with BTC.
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We will see after that 21 million is hit, maybe they will just start bitcoin2.
 
R

rmorse

Well-Known Member
PeoplesElbow said:
We will see after that 21 million is hit, maybe they will just start bitcoin2.
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Again, it doesn't work like that. There is only 21 million BTC. Anyone can (and have) create an alt coin and there are different reasons to create alt coins (speed of transfers/transactions, supply, versatility, etc.) but there will only be one BTC. This would be like someone explain gold to me and me saying "yea there's a finite supply of gold in the world, until someone invents gold2."
 
PeoplesElbow

PeoplesElbow

Well-Known Member
rmorse said:
Again, it doesn't work like that. There is only 21 million BTC. Anyone can (and have) create an alt coin and there are different reasons to create alt coins (speed of transfers/transactions, supply, versatility, etc.) but there will only be one BTC. This would be like someone explain gold to me and me saying "yea there's a finite supply of gold in the world, until someone invents gold2."
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The 21M is a limit in source code. Source code can be changed. Why do you have total faith in this system?

Gold is something that is finite because it is a physical thing. Any crypto currency has no more guarantees than virtual items in World if Warcraft.
 
R

rmorse

Well-Known Member
PeoplesElbow said:
The 21M is a limit in source code. Source code can be changed. Why do you have total faith in this system?

Gold is something that is finite because it is a physical thing. Any crypto currency has no more guarantees than virtual items in World if Warcraft.
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I don’t have total faith in it... I never said I did. I don’t have total faith in any currency (or gold, for that matter).

Did some reading/searching because of your source code comment. Seems I misunderstood... you’re right, it IS technically possible to create more after the 21M but it’s extremely unlikely that it would happen. Interesting.

155377
 
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rmorse

Well-Known Member
PeoplesElbow said:
Read stuff like this all the time, there is no way government is not going to "do something" about it.

www.cnbc.com

Yellen sounds warning about 'extremely inefficient' bitcoin

Treasury Secretary Janet Yellen issued a warning Monday about the dangers that bitcoin poses both to investors and the public.
www.cnbc.com www.cnbc.com
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I’m sure they will and I apologize if I made it seem like they wouldn’t get involve. That wasn’t my intention, ever. They already are involved (you’re required to report every exchange, even between cryptos, in your taxes).
 
PeoplesElbow

PeoplesElbow

Well-Known Member
rmorse said:
I don’t have total faith in it... I never said I did. I don’t have total faith in any currency (or gold, for that matter).

Did some reading/searching because of your source code comment. Seems I misunderstood... you’re right, it IS technically possible to create more after the 21M but it’s extremely unlikely that it would happen. Interesting.

View attachment 155377
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I first researched BC back in 2011, almost "blew" a few hundred, look back and regret not, but at that point it was just as likely to be no better than an investment at the tittie bar. China putting in a ban on BC transactions are really what scared me away thinking all governments would immediately follow.

The correlation between my etherium fund (ethe) and etherium itself is interesting, they are not directly correlated. Trying something different from trading stocks and options, but not too different.
 
PeoplesElbow

PeoplesElbow

Well-Known Member
rmorse said:
I’m sure they will and I apologize if I made it seem like they wouldn’t get involve. That wasn’t my intention, ever. They already are involved (you’re required to report every exchange, even between cryptos, in your taxes).
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No you didnt, but I want sure if you conveyed if you thought it would hurt it or not. I imagine they will ruin a lot of people's fun.
 
R

rmorse

Well-Known Member
PeoplesElbow said:
I first researched BC back in 2011, almost "blew" a few hundred, look back and regret not, but at that point it was just as likely to be no better than an investment at the tittie bar. China putting in a ban on BC transactions are really what scared me away thinking all governments would immediately follow.

The correlation between my etherium fund (ethe) and etherium itself is interesting, they are not directly correlated. Trying something different from trading stocks and options, but not too different.
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Yea I had the same kinda thinking back in like 2012 or 2013. Obviously regret not buying it then but to be honest....I wouldn't have held it this long. I probably would have been thrilled turning $1k into $10k and sold, which would have been more depressing realizing I could have turned $1k into $100M.
 
R

rmorse

Well-Known Member
PeoplesElbow said:
No you didnt, but I want sure if you conveyed if you thought it would hurt it or not. I imagine they will ruin a lot of people's fun.
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I don't know if it would hurt it or not. They'll obviously try and ruin people's fun but there's no way of easily knowing or tracking BTC. While they can track you buying it on an exchange, how would they know if I came and washed your car for BTC? I guess the same argument can be made for cash though.
 
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