What do you think about Bitcoin?
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Peace,
The financial crises in the world is just an illusion created by evil wealthy families and corporations. The one who controls the monetary funds can also control fluctuations and markets.
If the bitcoin would start to dominate it would also be a target for hidden monopoly.
Have faith
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The Centralisation of Current System
Federal Reserve issues Dollar to US govt as Debt.
US Govt loans to commercial banks.
commercial banks introduce 10 times the Initial Debt Issued to the monetary system.
The interest yielded by introduction of 1 $ as debt will become 10$ at commercial banks and then people end up paying at least half the initial dollar as interest. This system gives privilege to fed to issue more money in terms of quantitative easing and use that money to purchase hard assets.Decentralised Bitcoin System
Nobody can control the bitcoin network.
The total supply of money is limited.
Thereby Bitcoin is a deflationary monetary system.
Peer to Peer Money
Easy to transfer like an email
Scarce like Gold
In a sense it is a Virtual Replica of Gold. -
I think the idea behind bitcoin and how it works has huge potential, but it does have significant hurdles to overcome (ease of use, wallet security, retail mainstream), which are slowly being overcome.
One guy that I respect in terms of finance, Reggie Middleton, thinks the bitcoin protocol is going to be a game changer, as it will allow one to do bank type stuff without a bank. He is developing such tools. I hope he is right, but it will take a long time in my opinion.
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I have studied about the protocol in depth.
actually what i understand is that satoshi nakomoto whether he is a person or a group did this with a purpose of freeing humanity from enslavement. the current monetary system which is debt based where only few privileged private people control the issue of dollar as debt into the system thereby cornering the wealth of the world. bitcoin precisely acts as a shield for the common man against the system..i think bitcoin can bring about a free world where there is abundance of food water health shelters etc.. where all these things are just trivial and given free. money as we know now might cease to exist in a bitcoin world..
bitcoin is actually a virtual simulation of gold.
what does quran say about money? -
Bitcoin is another money.. a token based system to support trading.
I repeat, trading, thus there need to be something to trade in the first place."Economical / monetary problems" is not the real problem.
Lack of supply for human needs is the real problem.
Accumulation / stockpiling of limited human needs (not money/token) by limited few parties and they're not sharing or selling is the real problem.Thus BitCoin will not solve any problem.
US Dollar is not wealth, it's just yet another token.
It's valuable only to those who believes in it's value.You cannot get an ice cream with US dollar if you're in Xinjiang.
Because the people there do not believe that US dollar has value.
And certainly Bitcoin will not get you an ice cream there either..
For practically the same reason.The real problem might arise if there is a lack of supply in ice cream.
It doesn't matter how much token that you have in whatever type (US Dollar, BitCoin, RMB/Yuan, Yen etc..) you will not get any ice cream.Salam / Peace
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Bitcoin is severely limited in the sense there is a limit on how much, despite being virtual there will ever be, once that limit is reached, it'll be interesting to see whether the system collapses. The second the limit is reached, the people already with bitcoins become "richer" than those without, and more focus on bitcoin will only make the differences between rich and poor more apparent.
I remember when people started doing this "bitcoin mining" and a lot of us questioned whether it would survive or not. It survived because it was the first independent virtual currency which had the right bit of marketing and the right simplicity of trading. There have been alternatives but often these are no different than individual store loyalty points.
There's a reason why there aren't alternatives to bitcoin and that's because the more there is the less value they hold. Working with multiple virtual currencies is also risky in the sense their value could drop at any time. Gold and even cash economies are more resilient.
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Bitcoin is severely limited in the sense there is a limit on how much, despite being virtual there will ever be, once that limit is reached, it'll be interesting to see whether the system collapses. The second the limit is reached, the people already with bitcoins become "richer" than those without, and more focus on bitcoin will only make the differences between rich and poor more apparent.
Well, the limit is there to prevent inflation, but you're kinda right. I think what you're describing is more like a problem with capitalism than with bitcoin, though.
There's a reason why there aren't alternatives to bitcoin and that's because the more there is the less value they hold. Working with multiple virtual currencies is also risky in the sense their value could drop at any time. Gold and even cash economies are more resilient.
There are like a bagillion other cryptocurrencies and more all the time! You and I can release one right now if we like Blokecoin. Instead of each block requiring proof of computational work, Blokecoin mining will require proof of physical work, such as bench presses and squats. Blokecoin can be traded to personal trainers, or for whey protein and tickets to football games and action films.
Maybe all you meant is that Bitcoin is by far the most popular, which is true, but Litecoin is pretty popular too, and Anoncoin has some recognition among darknet users and privacy-oriented people...and then there's the strange case of Dogecoin.
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Well, the limit is there to prevent inflation, but you're kinda right. I think what you're describing is more like a problem with capitalism than with bitcoin, though.
I think the main problem in regards to bitcoin is population. If all 7 billion humans used it at the same time, the vast majority would only either have 1 or a minor portion of 1, it would make trading extremely hard.
There are like a bagillion other cryptocurrencies and more all the time! You and I can release one right now if we like Blokecoin. Instead of each block requiring proof of computational work, Blokecoin mining will require proof of physical work, such as bench presses and squats. Blokecoin can be traded to personal trainers, or for whey protein and tickets to football games and action films.
Maybe all you meant is that Bitcoin is by far the most popular, which is true, but Litecoin is pretty popular too, and Anoncoin has some recognition among darknet users and privacy-oriented people...and then there's the strange case of Dogecoin.
Obviously there will be individual alternatives for closed sectors, just as local councils have their own cash currencies tied to national currencies. But the vast majority of us trading in shops or online will not see these available, and only a select few I've seen have been accepting bitcoins. I can't see myself paying my gas bill with these blokecoins though.
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Peace,
The financial crises in the world is just an illusion created by evil wealthy families and corporations. The one who controls the monetary funds can also control fluctuations and markets.
If the bitcoin would start to dominate it would also be a target for hidden monopoly.
Have faith
I am a student appdeveloper, and i think that hidden monopoly is very hard or impossible with bitcoin.
Bitcoin works with blockchains (like a receipt of your payment history etc.). But yeah, if they change the price of a bitcoin, then definitly there can be a monopoly, but not a hidden one. Since everyone can check the blockchain of the bitcoins.
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Bitcoin is just another system that is similar to present fiat system. its not a solution. Its just another product to make money from nothing.
In the end, ppl will be chasing after bitcoin and become enslaved to the system.A solution to the present system cannot be another slave and master setting.
Aren't we the master here on earth? or
are we the failed masters who have created systems to enslave ourselves?Of course having the herd mentality is not helping us but only giving the current minority power to enslave us further.
In fact the current global financial crisis is our best chance of changing the whole system altogether,
But first we have to realise who is master of the 'new'system and does the 'new' system empowers the masters (all of us) OR otherwise (only the present minority few).
