Off topic......Bitcoin (cryptocurrency)

comment by United we win (U19958)
posted 12 minutes ago
Dungeon - what is the pound based on or general currency? Countries just print money nowadays. It’s all a scam
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There are big consequences to printing money though, and a country would have to weigh up those consequences. If you print money, you're essentially devaluing it (you're not adding more wealth, just balancing out where that wealth lies). And that means savers and investors get their savings devalued too. Essentially, whole governments serve to stand and fall on their actions in handling their country's currency.

I can totally see why people would want a way around that - for their savings not to be at risk of devaluation through either quantitative easing or inflation. So I see why the wish for a currency without ties to a central bank exists. What I'm saying is: All of that doesn't go to prove that bitcoin isn't based on sand - because it can't be traced back to anything tangible. As much as people may be frustrated about currencies like the pound, it's tied up with the fortunes of a whole country, and whole economy, and - importantly - a system of taxation and governance.

In fact seems to me the very act of trying to escape governance is precisely what makes currencies like bitcoin potentially unstable. i.e. The only thing holding it up is itself. It has not other value or purpose. If bitcoin disappeared tomorrow, a lot of people would lose savings but the world would carry on. If the pound disappeared tomorrow there would be chaos.

The pound or dollar are tied to a slavery system which keeps the average guy poor and the 1% stay rich. A tax system is created to keep the majority of people work themselves to death while the rich bstrds are enjoying themselves.

You have to understand bitcoin is a store of value which you can compare with gold. I rather have my money stored in bitcoin than the greedy banks.

Comment Deleted by Site Moderator

Comment Deleted by Site Moderator

The main problems cryotos have had is the stigma caused by criminals utilising all the pro's of a crypto over a fiat currency.

May have suggested a link to crime and corruption but it's just unfortunate that criminals have large amounts of money to move around and are incredibly smart, and that level. They realised the benefits before the general public but it shouldn't stop people researching it.

I'm not saying you have to read the concept white papers but reddit can be a huge wealth of information. If you find the risk acceptable and understand what u are putting your money into go for it.

The criminal stigma and the fact it's so new and different means it will take time for the masses to see cryotos for what they are. You cannot just throw money at it blindly as there are still lots of 5hitcoins about.

comment by Admin1 (U1)
posted 1 day, 12 hours ago
Found my bitcoin wallet from 2013 yesterday
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Oh brother, this has got to be good! I mean seeeeeeeeriously good

comment by The_Dungeon_Master (U4830)
posted 1 day, 11 hours ago
*For the above, from the second paragraph onwards it's directed toward TUX. Just read it back and realised it looks like I'm arguing with Admin, which isn't the intention.
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As you said previously, ''Bitcoin isn't based on anything''.
Billions of dollars say it is but all the best

comment by FootyMcfootfoot (U21853)
posted 1 day, 5 hours ago
The main problems cryotos have had is the stigma caused by criminals utilising all the pro's of a crypto over a fiat currency.

May have suggested a link to crime and corruption but it's just unfortunate that criminals have large amounts of money to move around and are incredibly smart, and that level. They realised the benefits before the general public but it shouldn't stop people researching it.

I'm not saying you have to read the concept white papers but reddit can be a huge wealth of information. If you find the risk acceptable and understand what u are putting your money into go for it.

The criminal stigma and the fact it's so new and different means it will take time for the masses to see cryotos for what they are. You cannot just throw money at it blindly as there are still lots of 5hitcoins about.
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The ''stigma'' was created by the (owned) media. Crucify cryptocurrency so as not to rock the boat. I remember the internet being a haven for all the ills of society back in the day but how wrong was that.
If people took the time to learn about the currency they use everyday then Bitcoin etc would make perfect sense.
Plenty of calls for introducing our children into the world of finance via kiddys accounts/credit cards etc but nothing about how the financial system as a whole works? Maybe the truth would be too hard to swallow for the parents? Discovering that you've been conned your whole life is a b-tch.

United we win
The Mane Man

Pump and Dump working nicely for the criminal bankers, Bitcoin drops 15% in 24 hours.