[PhenoMenal]

Stoner, :( with all due respect what you're hypothesizing about Bitcoin is not true.

Let's get back to the technicalities that makes Bitcoin the crypto currency it is, such as some of the latest industry-standard cryptography (SHA-256) ... it's not the latest SHA but it's never been truly broken or anywhere near that.

Again, Bitcoin is completely decentralized, and extremely cryptographically secured. If the cryptographic security wasn't there it wouldn't be worth so much $$$, with so many people using it.

Satoshi (who is the initial developer of Bitcoin, for those wondering) can't make any more any quicker than anybody else due to the cryptographic challenge that is the mining of bitcoins, he is just a regular user. If Satoshi could mine Bitcoins faster than anybody else then that would expose a fundamental flaw in the currency and everybody would be FORCED to stop using it.

[DreamsofTesla]

Originally Posted by mpd

I'm sorry, but I must have had my head up my ass when I posted in this thread originally. My apologies to PhenoMenal and everyone else who took offense.

Peace.

No apology required here, but your recollection of Occupy being pro-Democrat or pro-Obama is 180 degrees off from my recollection of it. I recall Occupiers coast to coast telling the establishment Dems to fuck off when they tried to co-opt the movement.

YMMV

[PhenoMenal]

mpd, no it's all good

[Galactic]

Phenomenal I'm with you here...

It's amusing to me when "intelligent" guys like S4L offer their analysis on economic/financial issues such as this. It's a plague of all "intellectuals".

Who Thinks Anymore?

Simply regurgitating some rhetoric they were presented without any of their own Thinking LOL.

So adamant. So "right" and "logical". Haha. Everyone reads but nobody thinks or comprehends.

The naysayers have no grasp of what the Bitcoin is at all. Just baseless, sheep bickering.

[Stoner4Life]

if $375,000 worth of new bitcoin is generated every 24 hours then who gets all the jing???

if I had a single bitcoin in my wallet today would I have more than a single bitcoin in that same wallet 10 yrs from now? not value mind you, I'll accept the currency will go up & down in value but where do new bitcoin enter circulation and who/why are they rewarded the generosity of free money?

I don't find fault w/values going up & down, supply & demand dictate this but there's something about bitcoin that's not right and it's showing itself right now.

it's in a state of extreme manipulation that cannot be denied. there isn't a single reason on gods green earth that bitcoin today is worth 8 times what it was in December.

now if you wanna sit back in wonder and awe of bitcoin that's fine, it's a scam. it's being manipulated. to go 8 times it's value in 3 months would have to mean that suddenly thousands of new vendors are itching for some bitcoin and as many buyers of bitcoin are driving up the price. I didn't see that in the news I read daily.

that currency is NOT stable. (<---in a BAD way).



EDIT:
and hey! it's in the news in a big way now! let's see where that will lead in speculation of bitcoin, it's just like any other currency that people buy & sell. except it's really not.

when my local supermarket in northern minnesota start accepting bitcoin I might invest in the system.

[PhenoMenal]

Originally Posted by Stoner4Life

now if you wanna sit back in wonder and awe of bitcoin that's fine, it's a scam.

Yes I do sit and relax in awe of Bitcoin - it makes the returns I've had from both my banks and investments look pathetic by comparison, and shows no sign of slowing down
But again, I still don't understand the "scam" part of your accusation against Bitcoin, when I've got cold hard cash transferred back into my bank account from Bitcoins to AUD$? How exactly is it a scam? And how is it different from say, me converting my AUD$ into CAD$, or USD$, or NZD$, or... ?
It is perfectly legal btw, both here in Australia and in the USA, and I think in just about every other country. North Korea might be an iffy.

[GMT]

Those currencies are backed by GDP, at the mercy of international trading yes, but with something underpinning the value. Its like buying shares in an internet only company with no assets v buying something with property and cash in the bank to back it up. The value is only in the speculation.

[DreamsofTesla]

Except when the entire global financial system crashes as the giant Ponzi scheme that it actually is. Then the playing field will be at least level.

[Stoner4Life]

I'm just wondering how, where, to whom the $375,000 gets distributed to every day the currency remains @ its current level.

a slow and easy rise in their use and acceptance would certainly explain a similar rise in their value even though 3600 Bitcoins are added to the system every day.

who is splitting $375,00 a day and why bro? that's one hell of a reward for being a bitcoin server if you ask me, I know it doesn't go to a single server (miner) but at the rate of $375K p/d there are going to be temptations amongst those in the gravy end of the business.

this sudden unexplained rise in their value is being manipulated like any other currency or stock market, and with NOTHING to back it up with at all I have to consider it a scam. it might have started out as a good idea but it's evolved into more than that for some.

when I asked if I'd still have that single Bitcoin in my wallet (bitcoin file) I wasn't being a wise ass, I asked you that in all sincerity. Even if it were 10,00 bitcoin in my wallet would I have more 10 years later?

I had a stroke several yrs ago & it takes me forever to type this much. I'm retiring from this thread for now.

I bought silver many years ago, maybe should have sold when prices rocketed in 2011 but it's a solid investment I've already borrowed against (& repaid) getting excellent rates for its liquidity to the bank. good old boys, lending $$$ @ the best rates to those who need it least.

[DreamsofTesla]

Sorry about your stroke, man. God bless.