A lot of Bitcoin enthusiast claim Bitcoin is a real threat to the fiat system...Are they serious???

originally posted by: strongfp

originally posted by: proximo

originally posted by: strongfp

originally posted by: avgguy
Bitcoin is officially the 15th largest currency in the world

Bitcoin isn't a currency. Hence why so many people don't actually take it seriously and think it's a scam.
For one, it's imaginary coins worth fiat currency, second you can't even stash it anywhere other than on the internet.
Gold, real estate, etc. will still be king once this ridiculous fake imaginary coins blows over.
In theory World of Warcraft gold and game time has a more stable economy than bitcoin.

It will happen, only thing that could stop it is if encryption is able to be broken trivially.

Like that doesn't happen on a daily basis already ... with quantum computers on the verge of becoming a thing it will eat right through the wallets of crypto users.

Not Neo users. Supposedly Neo is quantum computer proof.

a reply to: aiolosmartine

This is my favorite BitCoin story:

On 22 May 2010, Laszlo Hanyecz made the first real-world transaction by buying two pizzas in Jacksonville, Florida for 10,000 BTC.

10,000 Bitcoin today would equal
177,151,050.00 US Dollars.

Those better have been Damm Good Pizzas.

Member Khnum just posted this video in another bitcoin op by jinMI
It is an hour long, and worth a watch.
I have to add it here, people need to see it, I hope it's cool, if not mods please erase.
This is the biggest scam in the world.

No. It is a vuirtual assest.

Been following it since it was a fad, more than 5 years ago. Damn gpu prices spiked then too, around 2013. I want to say it was Dogcoin or Litecoin, one of the cryptos thats not bit.

I didnt do it back then because the only ones flipping a profit were those with farms and having a $200+ gpu (ground floor prices getting a decent hash rate) chugging along at full blast would seriously deteriotae the life that card.

Unless you can get in early, give those crytpos the curve. avoid them and observe from the sidelines.

a reply to: aiolosmartine

there is a very good article on Gumshoe News about cyrpto and its origins.

gumshoenews.com...

gumshoenews.com...

a reply to: aiolosmartine

Maybe not the Military Industrial Complex but the big banks are showing concern.

Why Big Banks Attacked Bitcoin

That’s why they both want to limit this potential. Each one in their own way. Big governments by stepping up regulations of Initial Coin Offerings (ICOs) and by shutting down cryptocurrency exchanges, as the Chinese government has announced recently, crushing cryptocurrencies.

Big banks by attacking the very premise and the valuation of Bitcoin. Early in the week, for instance, J.P. Morgan Chase & Co. leader Jamie Dimon called the digital currency a “fraud,” and a “tulip bulb.”

Then there’s a Bank of America survey, which called Bitcoin, the “most crowded trade.”

Source

Why Big U.S. Banks Are "Very Afraid" of Bitcoin

Big U.S. banks, including Bank of America Corp. Goldman Sachs Group Inc., JPMorgan Chase & Co and Morgan Stanley are likely to be "very afraid" of bitcoin, per a CNBC report. This may come as a surprise, especially given the harsh criticism leveled against bitcoin by JPMorgan Chase CEO Jamie Dimon. It also is unwelcome, given other issues that have been weighing down on bank stocks recently, such as low loan growth, profits being squeezed by low interest rates, and fading hopes of deregulation.

Source2



Plus those who you are referring to, or a person*, isn't exactly a nerd. Nerd used as a bad thing? Look at those tech nerd's wealth, *Satoshi-man or a group of people likely isn't hurting now days,but more in the realm of chypherpunk.

Bitcoin is the future of global currency under a global government.
I don’t know why the OP feels the fiat system is where the powers that be have their hopes.
They can’t control it the way they will bill coin...

a reply to: proximo

That is not correct, you can exchange it for cash on many exchanges,

Exchanging isn't 'cashing out' like a bank or vegas, my point.

a reply to: JinMI

Should the fiat system fail, it will be because people decided that crypto is more valuable.

If the fiat system fails so will bitcoin. It is after all, a fiat currency too.

Digital currencies, accounts, stocks, bonds, none of those exist real world. You want 'hard currency', invest in something you can hold in your hand, like precious metals.

a reply to: intrptr

If you want to invest you should invest in future tech...
Like whoever builds the vr processors for google and Facebook for example, I’m pretty sure it’s the same company for both...
That will be able to make you filthy rich most likely see over 6000% increase in only a few years...
Wonder why?
Here’s why, it’s going to replace cell phones gaming consoles laptops desktops... etc...
eventually it will also do things like allow you to sit in a classroom boardroom church aquarium museum without ever leaving your home...

originally posted by: intrptr
a reply to: proximo

That is not correct, you can exchange it for cash on many exchanges,

Exchanging isn't 'cashing out' like a bank or vegas, my point.

Um how is it different?

The exchange is connected to your bank account and you deposit the money you sold it for into your bank account. The only issue is the amount of time it takes to transfer the money, which is exactly one of the problems crypto is going to solve.

originally posted by: intrptr
a reply to: JinMI

Should the fiat system fail, it will be because people decided that crypto is more valuable.

If the fiat system fails so will bitcoin. It is after all, a fiat currency too.

Digital currencies, accounts, stocks, bonds, none of those exist real world. You want 'hard currency', invest in something you can hold in your hand, like precious metals.

I agree with you on this. Crypto will only be successful as an enhancement to the existing system, not as a replacement.

But I disagree with you claiming gold is really any different. Gold is really only valuable because people think it is, it has some utility but it is nothing compared to the price it fetches.

And no asset is immune from the government, they can take your property from you just like anything else if they have the will to use their force to do it.

a reply to: intrptr

Yes, you're right. Fail is too harsh of a term. Falter? Reduce massively in leverage?

However, no one (that I know of anyway) can eat or drink gold.

a reply to: 5StarOracle

eventually it will also do things like allow you to sit in a classroom boardroom church aquarium museum without ever leaving your home...

The internet is like that now. Enjoy it while it lasts, I am.

I know what it used to be like to want to know something. Drive to the library, search index card files, microfiche, Perodicals. It was called research then too. You had to walk isles of written material called bookshelves, scan them to see if your selection covered your topic and then check the book out and take it home and actually read it.

You can afford the ever increasing fees and tolerate the ever increasing ads, fine. Access will continue 4U.

This message has been approved by the, "classroom boardroom church aquarium stay home" committee for your review.

a reply to: proximo

The exchange is connected to your bank account and you deposit the money you sold it for into your bank account.

Have you ever tried to actually go to a bank and exchange one currency for another?

Say if the ATMs 'close' for instance, so will bit coin. The controllers want to inflict that pain, its political and called Sanctions , like what happens all over the world all the time.

Coming soon to a device near you.

If you have some set aside silver or gold you can still walk to the farmers market and buy an egg or tomato. Good luck trying to use a dead I phone there.

As long as the internet is up and you are affording that fee, then yah you can buy and sell at the store and on line, full retail plus tax.

a reply to: proximo

But I disagree with you claiming gold is really any different. Gold is really only valuable because people think it is, it has some utility but it is nothing compared to the price it fetches.

The world turns on metal. If it isn't made of metal, it was made in a factory.... made of metal.

As far as utility of gold they use it in electronics, collectable coins, jewelry for starters. Bank vaults are full of it...

the worlds supply of gold is bought up as soon as it is produced. Big Banks use it as collateral for loaning money to each other.

Tons of it change hands all the time. And they hoard it...

image search

originally posted by: JinMI
a reply to: intrptr

Yes, you're right. Fail is too harsh of a term. Falter? Reduce massively in leverage?

However, no one (that I know of anyway) can eat or drink gold.

Any small merchant will accept it as currency, anywhere in the world.

Thats how things used to be. All merchants had a touch stone, balance, and a bottle of acid to determine purity.

Patrons held gold in chains wrapped about their body, removed links for payment of groceries and other goods or services at the marketplace.

The Spanish Galleon, Atocha treasure ship found off Florida by Mel Fischer was full of these linked gold chains...

image search

originally posted by: strongfp

originally posted by: proximo

originally posted by: strongfp

originally posted by: avgguy
Bitcoin is officially the 15th largest currency in the world

Bitcoin isn't a currency. Hence why so many people don't actually take it seriously and think it's a scam.
For one, it's imaginary coins worth fiat currency, second you can't even stash it anywhere other than on the internet.
Gold, real estate, etc. will still be king once this ridiculous fake imaginary coins blows over.
In theory World of Warcraft gold and game time has a more stable economy than bitcoin.

It will happen, only thing that could stop it is if encryption is able to be broken trivially.

Like that doesn't happen on a daily basis already ... with quantum computers on the verge of becoming a thing it will eat right through the wallets of crypto users.

This is true. A full blown fully operational quantum computer will easily tear through the blockchain cryptography. However there is something in development that you might not be aware of. It’s called QRL - Quantum Resistant Ledger.

The NSA announced in 2015 that it was moving to implement quantum-resistant cryptographic systems. Cryptographers are working on quantum-resistant cryptography, and there are already blockchain projects implementing quantum-resistant cryptography. The Quantum Resistant Ledger Team, for example, is working on building such a blockchain right now.

It is unclear if it is too late for bitcoin being that it doesn’t use quantum-resistant cryptography at the moment however it might be able to be somehow converted or masked with the new technology.

Here is a link to learn more about QRL

Bitcoin just hit $19,000.

Still two weeks left in the year.

Gonna say 2017 will end with bitcoin over $20,000.