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ConDaddy

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Joined
Sep 23, 2020
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1,024
The one thing I'll tell everyone about bitcoin or any crypto for that matter. Either you believe or you don't. At this point in my life I have more trust in the future of bitcoin than I do for the future of the US dollar.

The whole your money isn't tied to anything argument is a little narrow minded though. There isn't any difference than investing in stocks, or having a paycheck sent to you over direct deposit. Every paycheck you have money deposited into your bank. There isn't cash in the bank equal to the amount of money that was deposited, there isn't gold in the federal reserve equal to the amount of money deposited into your bank either. The federal government needs more money, its not like they are going to bank of america and getting a loan. Their just adding zeros to a spreadsheet or printing more. At least with bitcoin there is a limited supply, nobody can create more of it without minting and even then there is a set amount that will ever be created and nobody can go above that. Also if you feel your investments in stocks is tied to something, tell that to people who had Enron stocks.
 

kona1000

Buy Bitcoin
Joined
Oct 10, 2009
Messages
2,179
The one thing I'll tell everyone about bitcoin or any crypto for that matter. Either you believe or you don't. At this point in my life I have more trust in the future of bitcoin than I do for the future of the US dollar.

The whole your money isn't tied to anything argument is a little narrow minded though. There isn't any difference than investing in stocks, or having a paycheck sent to you over direct deposit. Every paycheck you have money deposited into your bank. There isn't cash in the bank equal to the amount of money that was deposited, there isn't gold in the federal reserve equal to the amount of money deposited into your bank either. The federal government needs more money, its not like they are going to bank of america and getting a loan. Their just adding zeros to a spreadsheet or printing more. At least with bitcoin there is a limited supply, nobody can create more of it without minting and even then there is a set amount that will ever be created and nobody can go above that. Also if you feel your investments in stocks is tied to something, tell that to people who
People in the US have trouble seeing how money works. For them it has always worked. What the fuck happened in 1971? The start of all our problems.

Boomers don’t have to face the fact that just about everything they have learned was ment for indoctrination, they’ll be dead before they have to deal with any of the problems their generation created.
So they make jokes. Short sided for sure but they don’t know any better.
 

CigarStone

For once, knowledge is making me poor!
Joined
Mar 7, 2007
Messages
5,068
The one thing I'll tell everyone about bitcoin or any crypto for that matter. Either you believe or you don't. At this point in my life I have more trust in the future of bitcoin than I do for the future of the US dollar.

The whole your money isn't tied to anything argument is a little narrow minded though. There isn't any difference than investing in stocks, or having a paycheck sent to you over direct deposit. Every paycheck you have money deposited into your bank. There isn't cash in the bank equal to the amount of money that was deposited, there isn't gold in the federal reserve equal to the amount of money deposited into your bank either. The federal government needs more money, its not like they are going to bank of america and getting a loan. Their just adding zeros to a spreadsheet or printing more. At least with bitcoin there is a limited supply, nobody can create more of it without minting and even then there is a set amount that will ever be created and nobody can go above that. Also if you feel your investments in stocks is tied to something, tell that to people who had Enron stocks.
Steven, it sounds like you are on the side of "believers". A lot of what you say is very true. What I dont get is your comments about mining and set thresholds.

There is no governing body, there is no accountability, who will control the thresholds?

Digital currency exists only in vaporware so how does one go about mining more or controlling the mining of more?
 

CigarStone

For once, knowledge is making me poor!
Joined
Mar 7, 2007
Messages
5,068
People in the US have trouble seeing how money works. For them it has always worked. What the fuck happened in 1971? The start of all our problems.

Boomers don’t have to face the fact that just about everything they have learned was ment for indoctrination, they’ll be dead before they have to deal with any of the problems their generation created.
So they make jokes. Short sided for sure but they don’t know any better.
1631292165096.png
 

ChuckJr

Well-Known Member
Joined
Apr 22, 2021
Messages
237
Mining is just getting "paid" for doing the hash verification computations. Transactions generate a hash string, verifying that the same coin wasn't used for more than one transaction is what keeps the transactions legit. But this relies on people willing to use their machines to verify hashes - if that slows down or goes away, then there is no central hash checking authority to verify the validity of the transactions.

Building high powered computers as a hobby, I have looked into coin mining. I've also looked into the brass/lead standard. If shit hits the fan, that token isn't going to do any more good than an inedible block of gold.
 

CigarStone

For once, knowledge is making me poor!
Joined
Mar 7, 2007
Messages
5,068
Mining is just getting "paid" for doing the hash verification computations. Transactions generate a hash string, verifying that the same coin wasn't used for more than one transaction is what keeps the transactions legit. But this relies on people willing to use their machines to verify hashes - if that slows down or goes away, then there is no central hash checking authority to verify the validity of the transactions.

Building high powered computers as a hobby, I have looked into coin mining. I've also looked into the brass/lead standard. If shit hits the fan, that token isn't going to do any more good than an inedible block of gold.
So what you're saying is that if shit hits the fan, digital currency owners wong be able to check on line to see how much money they have but cant access?
 

CgarDan

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Joined
Jun 18, 2006
Messages
3,018
So what you're saying is that if shit hits the fan, digital currency owners wong be able to check on line to see how much money they have but cant access?
I think what he is really saying is that if shit hits the fan. So many things will go wrong that you will need one of those 20 year self sustaining survival bunkers. A million in cash, in Bitcoin, in gold or anything else of value will not matter. Because if the system we all use and believe in crashes - value will be determined in completely different way than it is today
 

Scap

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Joined
Dec 1, 2012
Messages
5,156
Weird Al's face has always freaked me out.
Not sure if that is from plastic surgery (Michael Jackson nose) or the fact he looks like Skeletor. Either way, it's nightmare inducing.
 

tomthirtysix

Wishing I was as cool as Phil
Joined
Dec 27, 2006
Messages
6,645
Is this whole thread just kona mouthing off to anyone who questions him?
 

tomthirtysix

Wishing I was as cool as Phil
Joined
Dec 27, 2006
Messages
6,645
Mine was a story from this week. Yours, not so much.

Are you hailing crypto as an investment or as a currency? Because if it's an investment, then yes, there are always risks.

If it's currency, now there's a problem. My accounts full of USD, if someone steals them, I'm insured for up to $250k each account. Those coinbase account holders, they can't even get someone to answer questions.
 

ConDaddy

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Joined
Sep 23, 2020
Messages
1,024
Mine was a story from this week. Yours, not so much.

Are you hailing crypto as an investment or as a currency? Because if it's an investment, then yes, there are always risks.

If it's currency, now there's a problem. My accounts full of USD, if someone steals them, I'm insured for up to $250k each account. Those coinbase account holders, they can't even get someone to answer questions.
For me its 100% investment. yes, this is current but these people were hacked because of their negligence. Not because of anything Coinbase did. If they lost their money due to a flaw on Coinbase side they are insured to cover those costs and as a public company you would be able to sue them for their negligence.

If you talk to anyone on crypto its not smart to leave your money on an exchange anyways. I keep all my crypto investments on a hard wallet stored in a safe.
 

tomthirtysix

Wishing I was as cool as Phil
Joined
Dec 27, 2006
Messages
6,645
For me its 100% investment. yes, this is current but these people were hacked because of their negligence. Not because of anything Coinbase did. If they lost their money due to a flaw on Coinbase side they are insured to cover those costs and as a public company you would be able to sue them for their negligence.

If you talk to anyone on crypto its not smart to leave your money on an exchange anyways. I keep all my crypto investments on a hard wallet stored in a safe.
Fair. And like I said, if it's an investment vehicle, it's different.

But kona is talking about my USD are going to be worthless soon. And that's just not happening when you've got stories like that from coinbase.
 
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