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Posted: 1/16/2021 7:30:12 PM EDT
The rise and fall of currencies, empires, and the potential pitfalls of bitcoin. Bitcoin topic starts around 4:00.
 Failed To Load Title When nations collapse, and everyone is dependent on a controlled currency (even crypto), and can’t survive by their own hand, they kill each other to get money or necessities from whoever has them or because that’s what they’re told they need to do to survive. These events describe the last days of Egypt, Canaan, Greece, Rome, Spain, Germany, and now America. Does anyone want to be reliant on someone else to survive, especially when they may be forced to do some seriously heinous shit? |
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Posted: 1/16/2021 7:34:50 PM EDT
[#1]
Crypto was not meant to be an investment
it's for discreetly transferring money...no trail to follow. |
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Posted: 1/16/2021 7:36:19 PM EDT
[#2]
For those that think blockchain is secure, a couple questions:
1. Do you know what the current state of publicly known advanced computing is? 2. Do you know how blockchain technology was developed, and by whom? 3. Do you think they might be able to manipulate the blockchain? Maybe by using advanced DNA based quantum computing, like the type discussed in this video by Dr Charles Morgan. Imagine what advanced quantum computing could do in a server farm this large.  Attached Filehttps://www.datacenterknowledge.com/cloud/analysts-there-are-now-more-500-hyperscale-data-centers-world |
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Posted: 1/16/2021 7:44:37 PM EDT
[#3]
Quote HistoryQuoted: Crypto was not meant to be an investment it's for discreetly transferring money...no trail to follow. Are you sure? https://bitcoin.org/en/protect-your-privacy  Attached FileAnyone with access to the ledger, and the transactions of major corporations can draw a map of everything just like credit card history. But why would they do that?? |
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Posted: 1/17/2021 10:45:53 AM EDT
[#4]
What if "China" hacks the power grid?
ETA: clarification The “power grid” could be assumed to also include communications networks. In a digital warfare scenario cutting communications would be the primary goal.  Failed To Load Title |
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Posted: 1/17/2021 10:53:52 AM EDT
[#5]
Quote HistoryQuoted: What if "China" hacks the power grid? Then I fire up the generator. Why? |
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Posted: 1/17/2021 11:03:45 AM EDT
[#6]
Quote HistoryQuoted: For those that think blockchain is secure, a couple questions: Do you know what the current state of publicly known advanced computing is? Do you know how blockchain technology was developed, and by whom? Do you think they might be able to manipulate the blockchain? Maybe by using advanced DNA based quantum computing, like the type discussed in this video by Dr Charles Morgan. Imagine what advanced quantum computing could do in a server farm this large. https://www.ar15.com/media/mediaFiles/352436/1AF5BF8B-9F4E-4734-A3EA-CB91D190989D_jpe-1782405.JPG https://www.datacenterknowledge.com/cloud/analysts-there-are-now-more-500-hyperscale-data-centers-world Blockchain in and of itself is simply a method of verifying a series of data points haven't been fiddled with. What I'm confused about is just why a particular numeric hash has any innate monetary value to begin with. |
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Posted: 1/17/2021 2:29:19 PM EDT
[#7]
Quote HistoryQuoted: Blockchain in and of itself is simply a method of verifying a series of data points haven't been fiddled with. What I'm confused about is just why a particular numeric hash has any innate monetary value to begin with. Because people assign it a value. Kind of like, say, the dollar. Or any other currency. |
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Posted: 1/17/2021 4:04:08 PM EDT
[#8]
Quote HistoryQuoted: Then I fire up the generator. Why? Quote HistoryQuoted: Quoted: What if "China" hacks the power grid? Then I fire up the generator. Why? The “power grid” could be assumed to also include communications networks. How does a power at your home facilitate a connection to the internet? |
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Posted: 1/17/2021 4:06:27 PM EDT
[#9]
Quote HistoryQuoted: Because people assign it a value. Kind of like, say, the dollar. Or any other currency. Quote HistoryQuoted: Quoted: Blockchain in and of itself is simply a method of verifying a series of data points haven't been fiddled with. What I'm confused about is just why a particular numeric hash has any innate monetary value to begin with. Because people assign it a value. Kind of like, say, the dollar. Or any other currency. Because enough people decided it did. Just like with gold and the dollar. |
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Posted: 1/17/2021 4:08:52 PM EDT
[#10]
Quote HistoryQuoted: Blockchain in and of itself is simply a method of verifying a series of data points haven't been fiddled with. What I'm confused about is just why a particular numeric hash has any innate monetary value to begin with. @eye-gor Excellent observation. Probably for the same reasons that gold, and all money used throughout history did, and/or do. Perceived value as a medium of exchange, and store of wealth. In my opinion, none is more or less stable or secure than another. ETA: beat I’ll expand on this concept of money as a physical (or in the case of crypto, digital) representation of the abstract concept of a placeholder for a person’s labor. What most people, including myself until very recently, fail to grasp is that these placeholders have a function, and ability that is only fully understood by those that create or control them. From the outside, with enough study of history, and analyzation a person can get close to that understanding, but will never see, or understand it‘s function like those that created it. I’ll stop there for now until someone tries to answer who created Bitcoin. |
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Posted: 1/17/2021 4:12:32 PM EDT
[#11]
Quote HistoryQuoted: Crypto was not meant to be an investment it's for discreetly transferring money...no trail to follow. If you look up my BTC waller, you can see every transaction made, and it's public. The amount in the wallet is also public. |
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Posted: 1/17/2021 5:53:41 PM EDT
[#12]
 But how does bitcoin actually work? Everybody should watch this video before forming an opinion on cryptocurrency. Not understanding the basics of the thing you're debating is exactly how Carolyn McCarthy wound up trying to legislate against should things that go up. |
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Posted: 1/17/2021 7:05:10 PM EDT
[#13]
Quote HistoryQuoted: Crypto was not meant to be an investment it's for discreetly transferring money...no trail to follow. Most people don't understand anything about regular currency, so asking them to understand crypto is rather pointless |
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Posted: 1/17/2021 7:11:42 PM EDT
[#14]
Quote HistoryQuoted: Because enough people decided it did. Just like with gold and the dollar. There is a big differences between a country's currency, gold, and Bitcoin. Gold has intrinsic value as a metal and is naturally scarce. National currencies are legal tender in transactions, required to pay tax obligations, and defended by a military. Bitcoin has hope and a good story. I know which one won't win in the end. 
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Posted: 1/17/2021 7:14:56 PM EDT
[#15]
Quote HistoryQuoted: There is a big differences between a country's currency, gold, and Bitcoin. Gold has intrinsic value as a metal and is naturally scarce. National currencies are legal tender in transactions, required to pay tax obligations, and defended by a military. Bitcoin has hope and a good story. I know which one won't win in the end. Quote HistoryQuoted: Quoted: Because enough people decided it did. Just like with gold and the dollar. There is a big differences between a country's currency, gold, and Bitcoin. Gold has intrinsic value as a metal and is naturally scarce. National currencies are legal tender in transactions, required to pay tax obligations, and defended by a military. Bitcoin has hope and a good story. I know which one won't win in the end. lol |
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Posted: 1/17/2021 8:09:58 PM EDT
[#16]
Quote HistoryQuoted: lol It's backed by nothing but hope. Short of "currency" speculation and it's temporary utility of being able to transfer money outside of the system, what else is there? It will never threaten the state's banking system, at least for for very long. Consider the entire human history and our current macro trajectory. I assure you that this time it will not be different. |
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Posted: 1/17/2021 9:46:38 PM EDT
[#17]
Quote HistoryQuoted: There is a big differences between a country's currency, gold, and Bitcoin. Gold has intrinsic value as a metal and is naturally scarce. National currencies are legal tender in transactions, required to pay tax obligations, and defended by a military. Bitcoin has hope and a good story. I know which one won't win in the end. Hi Peter! |
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Posted: 1/17/2021 9:55:00 PM EDT
[#18]
Quote HistoryQuoted: There is a big differences between a country's currency, gold, and Bitcoin. Gold has intrinsic value as a metal and is naturally scarce. National currencies are legal tender in transactions, required to pay tax obligations, and defended by a military. Bitcoin has hope and a good story. I know which one won't win in the end. Quote HistoryQuoted: Quoted: Because enough people decided it did. Just like with gold and the dollar. There is a big differences between a country's currency, gold, and Bitcoin. Gold has intrinsic value as a metal and is naturally scarce. National currencies are legal tender in transactions, required to pay tax obligations, and defended by a military. Bitcoin has hope and a good story. I know which one won't win in the end. Tell us all about Gold's intrinsic value. Such high intrinsic value the most people just wear it or stick it in a safe/vault and let it collect dust. It's not as conductive as copper and its not even close to as strong and useful as steel. |
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Posted: 1/17/2021 9:58:22 PM EDT
[#19]
Quote HistoryQuoted: Crypto was not meant to be an investment it's for discreetly transferring money...no trail to follow. With the commi's in control, you'll soon need govt authorization to send or receive crypto. The govt will be tracking who is using the crypto, etc. Being anonymous with a currency is not tolerated by commi's, etc. Just a warning. |
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Posted: 1/17/2021 10:00:26 PM EDT
[#20]
Quote HistoryQuoted: For those that think blockchain is secure, a couple questions: 1. Do you know what the current state of publicly known advanced computing is? 2. Do you know how blockchain technology was developed, and by whom? 3. Do you think they might be able to manipulate the blockchain? Maybe by using advanced DNA based quantum computing, like the type discussed in this video by Dr Charles Morgan. Imagine what advanced quantum computing could do in a server farm this large. https://www.ar15.com/media/mediaFiles/352436/1AF5BF8B-9F4E-4734-A3EA-CB91D190989D_jpe-1782405.JPG https://www.datacenterknowledge.com/cloud/analysts-there-are-now-more-500-hyperscale-data-centers-world see this crazy computer https://www.cnet.com/news/ibm-new-53-qubit-quantum-computer-is-its-biggest-yet/ cryptography is meaningless in the realm of this type of computing ! |
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Posted: 1/17/2021 10:03:35 PM EDT
[#21]
Its long pork for supper again kids !!!!! Awwww Dad!!! Not again ....
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Posted: 1/17/2021 10:17:08 PM EDT
[#22]
Quote HistoryQuoted: Tell us all about Gold's intrinsic value. Such high intrinsic value the most people just wear it or stick it in a safe/vault and let it collect dust. It's not as conductive as copper and its not even close to as strong and useful as steel. Quote HistoryQuoted: Quoted: Quoted: Because enough people decided it did. Just like with gold and the dollar. There is a big differences between a country's currency, gold, and Bitcoin. Gold has intrinsic value as a metal and is naturally scarce. National currencies are legal tender in transactions, required to pay tax obligations, and defended by a military. Bitcoin has hope and a good story. I know which one won't win in the end. Tell us all about Gold's intrinsic value. Such high intrinsic value the most people just wear it or stick it in a safe/vault and let it collect dust. It's not as conductive as copper and its not even close to as strong and useful as steel. Rarity compared to other metals, and historically very easy to mint into coinage. Very corrosion resistant too. |
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Posted: 1/17/2021 10:26:33 PM EDT
[#23]
55:00 mark discusses quantum computing. This was at least six years ago.
 The Invisible Reality: The Wonderful Weirdness of the Quantum World |
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Posted: 1/17/2021 10:42:59 PM EDT
[#24]
Quote HistoryQuoted:  https://www.youtube.com/watch?v=bBC-nXj3Ng4Everybody should watch this video before forming an opinion on cryptocurrency. Not understanding the basics of the thing you're debating is exactly how Carolyn McCarthy wound up trying to legislate against should things that go up. The trusting the security of private keys, and very nature of the block chain, and mining makes a couple assumptions based off faulty reasoning in my opinion. Most importantly being no one knows who created this system. It may be unlikely that this system is able to be compromised with current technology, but it’s far from impossible. That also doesn’t take into account advanced quantum computing mentioned that could allow for unseen levels of code breaking. It is only a code, and all codes can be broken. Think of it like the Enigma machine, all the cryptographers listening would have never broken the code with their current technology, but given a machine to analyze, or say, the designer of the Enigma machine himself, it is a fairly easy proposition. |
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Posted: 1/17/2021 10:43:55 PM EDT
[#25]
All I know about bitcoin is that it's up to about 400k roubles on Tarkov
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Posted: 1/17/2021 10:48:34 PM EDT
[#26]
Quote HistoryQuoted: It's backed by nothing but hope. Short of "currency" speculation and it's temporary utility of being able to transfer money outside of the system, what else is there? It will never threaten the state's banking system, at least for for very long. Consider the entire human history and our current macro trajectory. I assure you that this time it will not be different. In the cycle of history, as every current favored currency starts to be debased, a new currency is put forth (by the same people that started the last currency, and the one before that) and people slowly, then very quickly run away from the previous currency to the new kid on the block. It’s been the same thing in every great empire from Egypt to Rome, etc., sometimes they last a thousand years, sometimes only a couple decades. Doing the same thing over and over again, expecting different results. |
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Posted: 1/17/2021 10:51:03 PM EDT
[#27]
Quote HistoryQuoted: see this crazy computer https://www.cnet.com/news/ibm-new-53-qubit-quantum-computer-is-its-biggest-yet/ cryptography is meaningless in the realm of this type of computing ! Good old IBM. They were pretty active in the 1920s through the 1940s with punch card technology. I bet they’re doing all kinds of great stuff with data collection. |
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Posted: 1/17/2021 10:54:37 PM EDT
[#28]
Quote HistoryQuoted: For those that think blockchain is secure, a couple questions: 1. Do you know what the current state of publicly known advanced computing is? Yes 2. Do you know how blockchain technology was developed, and by whom? Yes 3. Do you think they might be able to manipulate the blockchain? Maybe by using advanced DNA based quantum computing, like the type discussed in this video by Dr Charles Morgan. No Imagine what advanced quantum computing could do in a server farm this large. https://www.ar15.com/media/mediaFiles/352436/1AF5BF8B-9F4E-4734-A3EA-CB91D190989D_jpe-1782405.JPG https://www.datacenterknowledge.com/cloud/analysts-there-are-now-more-500-hyperscale-data-centers-world |
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Posted: 1/17/2021 10:55:23 PM EDT
[#29]
Quote HistoryQuoted: Tell us all about Gold's intrinsic value. Such high intrinsic value the most people just wear it or stick it in a safe/vault and let it collect dust. It's not as conductive as copper and its not even close to as strong and useful as steel. Quote HistoryQuoted: Quoted: Quoted: Because enough people decided it did. Just like with gold and the dollar. There is a big differences between a country's currency, gold, and Bitcoin. Gold has intrinsic value as a metal and is naturally scarce. National currencies are legal tender in transactions, required to pay tax obligations, and defended by a military. Bitcoin has hope and a good story. I know which one won't win in the end. Tell us all about Gold's intrinsic value. Such high intrinsic value the most people just wear it or stick it in a safe/vault and let it collect dust. It's not as conductive as copper and its not even close to as strong and useful as steel. It doesn’t corrode or oxidize. That’s why it’s a superior conductor. It’s forever as gold. Those other metals eventually turn to dust. |
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Posted: 1/17/2021 10:57:54 PM EDT
[#30]
Quote HistoryQuoted: Good old IBM. They were pretty active in the 1920s through the 1940s with punch card technology. I bet they’re doing all kinds of great stuff with data collection. Quote HistoryQuoted: Quoted: see this crazy computer https://www.cnet.com/news/ibm-new-53-qubit-quantum-computer-is-its-biggest-yet/ cryptography is meaningless in the realm of this type of computing ! Good old IBM. They were pretty active in the 1920s through the 1940s with punch card technology. I bet they’re doing all kinds of great stuff with data collection. I've actually been buying their stock. They're kind of a forgotten dinosaur, but I like what they're doing in the cloud and quantum spaces. Plus they pay a decent dividend. If they start to perform, combined with the dividend, it's a win-win. 
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Posted: 1/17/2021 10:58:37 PM EDT
[#31]
Quote HistoryQuoted: @eye-gor Excellent observation. Probably for the same reasons that gold, and all money used throughout history did, and/or do. Perceived value as a medium of exchange, and store of wealth. In my opinion, none is more or less stable or secure than another. ETA: beat I’ll expand on this concept of money as a physical (or in the case of crypto, digital) representation of the abstract concept of a placeholder for a person’s labor. What most people, including myself until very recently, fail to grasp is that these placeholders have a function, and ability that is only fully understood by those that create or control them. From the outside, with enough study of history, and analyzation a person can get close to that understanding, but will never see, or understand it‘s function like those that created it. I’ll stop there for now until someone tries to answer who created Bitcoin. A dude name Craig something. Originally thought to be some group under the pseudonym Satoshi Nakamoto. The Craig dude filed for the blockchain patent ~3 years ago, I believe. |
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Posted: 1/17/2021 11:00:22 PM EDT
[#32]
Quote HistoryQuoted: The “power grid” could be assumed to also include communications networks. How does a power at your home facilitate a connection to the internet? Quote HistoryQuoted: Quoted: Quoted: What if "China" hacks the power grid? Then I fire up the generator. Why? The “power grid” could be assumed to also include communications networks. How does a power at your home facilitate a connection to the internet?  Attached File |
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Posted: 1/17/2021 11:19:49 PM EDT
[#33]
Quote HistoryQuoted: Quote HistoryQuoted: Quoted: For those that think blockchain is secure, a couple questions: 1. Do you know what the current state of publicly known advanced computing is? Yes 2. Do you know how blockchain technology was developed, and by whom? Yes 3. Do you think they might be able to manipulate the blockchain? Maybe by using advanced DNA based quantum computing, like the type discussed in this video by Dr Charles Morgan. No Imagine what advanced quantum computing could do in a server farm this large. https://www.ar15.com/media/mediaFiles/352436/1AF5BF8B-9F4E-4734-A3EA-CB91D190989D_jpe-1782405.JPG https://www.datacenterknowledge.com/cloud/analysts-there-are-now-more-500-hyperscale-data-centers-world @BabyGlock_27 You going to leave us all hanging? Who developed bitcoin? ETA: sort of |
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Posted: 1/17/2021 11:22:42 PM EDT
[#34]
Quote HistoryQuoted: I've actually been buying their stock. They're kind of a forgotten dinosaur, but I like what they're doing in the cloud and quantum spaces. Plus they pay a decent dividend. If they start to perform, combined with the dividend, it's a win-win. Quote HistoryQuoted: Quoted: Quoted: see this crazy computer https://www.cnet.com/news/ibm-new-53-qubit-quantum-computer-is-its-biggest-yet/ cryptography is meaningless in the realm of this type of computing ! Good old IBM. They were pretty active in the 1920s through the 1940s with punch card technology. I bet they’re doing all kinds of great stuff with data collection. I've actually been buying their stock. They're kind of a forgotten dinosaur, but I like what they're doing in the cloud and quantum spaces. Plus they pay a decent dividend. If they start to perform, combined with the dividend, it's a win-win. This is what I meant by data collection... “Both the United States government and Nazi German government used IBM punched card technology for some parts of their camps operation and record keeping.“ https://en.wikipedia.org/wiki/IBM_during_World_War_II They weren’t alone, but it doesn’t excuse their activity. |
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Posted: 1/17/2021 11:38:08 PM EDT
[#35]
Quote HistoryQuoted: A dude name Craig something. Originally thought to be some group under the pseudonym Satoshi Nakamoto. The Craig dude filed for the blockchain patent ~3 years ago, I believe. I see Craig Wright filed for over 50 patents, and numerous companies have been granted patents for various blockchain related functions or other crypto currencies, but I can’t find anything granting a patent specifically for Bitcoin. Whether it’s true or not doesn’t change my opinion on the use of any medium as a representative store of labor. I can’t change anyone’s mind, but I might be able to get them to think. |
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Posted: 1/17/2021 11:43:32 PM EDT
[#36]
Quote HistoryQuoted: The trusting the security of private keys, and very nature of the block chain, and mining makes a couple assumptions based off faulty reasoning in my opinion. Most importantly being no one knows who created this system. It may be unlikely that this system is able to be compromised with current technology, but it’s far from impossible. That also doesn’t take into account advanced quantum computing mentioned that could allow for unseen levels of code breaking. It is only a code, and all codes can be broken. Think of it like the Enigma machine, all the cryptographers listening would have never broken the code with their current technology, but given a machine to analyze, or say, the designer of the Enigma machine himself, it is a fairly easy proposition. What difference does it make who developed it? It's open source. Feel free to audit the code yourself. And what don't you trust about the security of private keys? If asymmetric cryptography isn't secure, we have way, way worse problems than bitcoin. The entire digital economy is based on encryption. If it's broken, there's really nothing protecting the dollars you allegedly have, too. |
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Posted: 1/18/2021 12:08:15 AM EDT
[#37]
Quote HistoryQuoted: In the cycle of history, as every current favored currency starts to be debased, a new currency is put forth (by the same people that started the last currency, and the one before that) and people slowly, then very quickly run away from the previous currency to the new kid on the block. It’s been the same thing in every great empire from Egypt to Rome, etc., sometimes they last a thousand years, sometimes only a couple decades. Doing the same thing over and over again, expecting different results. citation required |
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Posted: 1/18/2021 12:34:56 AM EDT
[#38]
Quote HistoryQuoted: Tell us all about Gold's intrinsic value. Such high intrinsic value the most people just wear it or stick it in a safe/vault and let it collect dust. It's not as conductive as copper and its not even close to as strong and useful as steel. Its a scarce noble metal. Unless you are retarded, you already know it is a valued metal for numerous applications beyond jewelry and currency. |
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Posted: 1/18/2021 12:37:35 AM EDT
[#39]
Many here should start with this before attempting to shit on crypto. Education must have started failing forty or more years ago.
 
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Posted: 1/18/2021 12:41:44 AM EDT
[#40]
Quote HistoryQuoted: What difference does it make who developed it? It's open source. Feel free to audit the code yourself. And what don't you trust about the security of private keys? If asymmetric cryptography isn't secure, we have way, way worse problems than bitcoin. The entire digital economy is based on encryption. If it's broken, there's really nothing protecting the dollars you allegedly have, too. This is a broader point I’ve been trying to make, but most people don’t seem to see it. |
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Posted: 1/18/2021 12:50:06 AM EDT
[#41]
The closest you’ll find is the occasional sly sentence or two by someone very high up in investment banking, and that’s usually only a reference to modern history, like Rothschild’s messengers at the battle of Waterloo in the Citi Corp Forex clips.
 Wall Street Traders Were MANIC. This Was 1980. Have Things Changed? |
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Posted: 1/18/2021 1:03:40 AM EDT
[#42]
Quote HistoryQuoted: This isn’t something they’re going to openly admit to or teach in history books, at least not overtly spell it out. The closest you’ll find is the occasional sly sentence or two by someone very high up in investment banking. There is enough evidence to recognize a pattern. I’m not going to twist anyone’s arm, but if you want to do your own research, a good starting point is 2000 year old trade routes & the rise and fall of civilizations around the Mediterranean, that spread into China, and broader Europe. There is a clear progression of new Empires sprouting up as the old crumbles, from Egypt to England, and now America. Another thing that follows this rise and fall are a pantheon of related cult deities. Egyptian, Ugarit, Canaan, Babylon, Greek, Rome. Here’s an example; Thoth, Hermes, Mercury. I wonder who’s idea it was to use Greek & Roman deities & Egyptian symbolism for American iconography? Something that would identify them as idolaters. https://en.wikipedia.org/wiki/Hermes Quote HistoryQuoted: Quoted: Quoted: In the cycle of history, as every current favored currency starts to be debased, a new currency is put forth (by the same people that started the last currency, and the one before that) and people slowly, then very quickly run away from the previous currency to the new kid on the block. It’s been the same thing in every great empire from Egypt to Rome, etc., sometimes they last a thousand years, sometimes only a couple decades. Doing the same thing over and over again, expecting different results. citation required This isn’t something they’re going to openly admit to or teach in history books, at least not overtly spell it out. The closest you’ll find is the occasional sly sentence or two by someone very high up in investment banking. There is enough evidence to recognize a pattern. I’m not going to twist anyone’s arm, but if you want to do your own research, a good starting point is 2000 year old trade routes & the rise and fall of civilizations around the Mediterranean, that spread into China, and broader Europe. There is a clear progression of new Empires sprouting up as the old crumbles, from Egypt to England, and now America. Another thing that follows this rise and fall are a pantheon of related cult deities. Egyptian, Ugarit, Canaan, Babylon, Greek, Rome. Here’s an example; Thoth, Hermes, Mercury. I wonder who’s idea it was to use Greek & Roman deities & Egyptian symbolism for American iconography? Something that would identify them as idolaters. https://en.wikipedia.org/wiki/Hermes Lol. The shadowy, history-writing "they" is suppressing the long and storied history of currency collapses? |
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Posted: 1/18/2021 1:19:45 AM EDT
[#43]
If you want privacy, learn to Pirate Chain
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Posted: 1/18/2021 1:43:12 AM EDT
[#44]
Quote HistoryQuoted: Lol. The shadowy, history-writing "they" is suppressing the long and storied history of currency collapses? Have fun. |
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Posted: 1/18/2021 1:56:19 AM EDT
[#45]
Quote HistoryQuoted: Rarity compared to other metals, and historically very easy to mint into coinage. Very corrosion resistant too. Quote HistoryQuoted: Quoted: Quoted: Quoted: Because enough people decided it did. Just like with gold and the dollar. There is a big differences between a country's currency, gold, and Bitcoin. Gold has intrinsic value as a metal and is naturally scarce. National currencies are legal tender in transactions, required to pay tax obligations, and defended by a military. Bitcoin has hope and a good story. I know which one won't win in the end. Tell us all about Gold's intrinsic value. Such high intrinsic value the most people just wear it or stick it in a safe/vault and let it collect dust. It's not as conductive as copper and its not even close to as strong and useful as steel. Rarity compared to other metals, and historically very easy to mint into coinage. Very corrosion resistant too. None of those things objectively confer significant value to gold in 2021. It's literally only valuable because it's rare which basically puts it in a similar situation as Bitcoin. Like I said, look at the vast majority of use for gold. Most of the gold in the world is in a vault doing nothing or being worn doing nothing. Pretty much the same case with Bitcoin. It has a market cap of $658 Billion but only does a tiny fraction of that in terms of actual transactional work outside of speculation and storing of wealth. |
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Posted: 1/18/2021 1:57:51 AM EDT
[#46]
Quote HistoryQuoted: It doesn’t corrode or oxidize. That’s why it’s a superior conductor. It’s forever as gold. Those other metals eventually turn to dust. Quote HistoryQuoted: Quoted: Quoted: Quoted: Because enough people decided it did. Just like with gold and the dollar. There is a big differences between a country's currency, gold, and Bitcoin. Gold has intrinsic value as a metal and is naturally scarce. National currencies are legal tender in transactions, required to pay tax obligations, and defended by a military. Bitcoin has hope and a good story. I know which one won't win in the end. Tell us all about Gold's intrinsic value. Such high intrinsic value the most people just wear it or stick it in a safe/vault and let it collect dust. It's not as conductive as copper and its not even close to as strong and useful as steel. It doesn’t corrode or oxidize. That’s why it’s a superior conductor. It’s forever as gold. Those other metals eventually turn to dust. And the vast majority of gold use is still to store value or be worn as jewelry. |
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Posted: 1/18/2021 2:02:08 AM EDT
[#47]
Quote HistoryQuoted: Its a scarce noble metal. Unless you are retarded, you already know it is a valued metal for numerous applications beyond jewelry and currency. Quote HistoryQuoted: Quoted: Tell us all about Gold's intrinsic value. Such high intrinsic value the most people just wear it or stick it in a safe/vault and let it collect dust. It's not as conductive as copper and its not even close to as strong and useful as steel. Its a scarce noble metal. Unless you are retarded, you already know it is a valued metal for numerous applications beyond jewelry and currency. I know it has uses beyond jewelry and currency but those uses are not what the majority of gold is used for. Unless you are retarded, you understand what that implies in this conversation about intrinsic value. |
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Posted: 1/18/2021 2:07:19 AM EDT
[#48]
Quote HistoryQuoted: None of those things objectively confer significant value to gold in 2021. It's literally only valuable because it's rare which basically puts it in a similar situation as Bitcoin. Like I said, look at the vast majority of use for gold. Most of the gold in the world is in a vault doing nothing or being worn doing nothing. Pretty much the same case with Bitcoin. It has a market cap of $658 Billion but only does a tiny fraction of that in terms of actual transactional work outside of speculation and storing of wealth. Equating a scarce physical element that that is expensive to extract from the earth, with dangerous and hard labor, to a mathematical product that a GPU computes is the height of arrogance or stupidity. |
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Posted: 1/18/2021 2:16:35 AM EDT
[#49]
I don't understand much of anything you guys talk about when it comes to cryptocurrency but there's one thing I know about gold.
It has held a value as a medium of exchange throughout almost all of human history, including the rise and fall of all the worlds greatest nations. I'll keep accumulating my little share of the physical and let others accumulate the digital. ymmv |
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Posted: 1/18/2021 2:35:06 AM EDT
[#50]
Quote HistoryQuoted: Equating a scarce physical element that that is expensive to extract from the earth, with dangerous and hard labor, to a mathematical product that a GPU computes is the height of arrogance or stupidity. Quote HistoryQuoted: Quoted: None of those things objectively confer significant value to gold in 2021. It's literally only valuable because it's rare which basically puts it in a similar situation as Bitcoin. Like I said, look at the vast majority of use for gold. Most of the gold in the world is in a vault doing nothing or being worn doing nothing. Pretty much the same case with Bitcoin. It has a market cap of $658 Billion but only does a tiny fraction of that in terms of actual transactional work outside of speculation and storing of wealth. Equating a scarce physical element that that is expensive to extract from the earth, with dangerous and hard labor, to a mathematical product that a GPU computes is the height of arrogance or stupidity. At this point in its lifecycle, bitcoin is quite expensive to mine. Electricity costs money. Bitcoin is the product. |
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