re: Finally Sold all my Bitcoins Today

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I still think the technology behind cryptocurrencies may yet be useful. I've worked with some startups that are trying to find ways to monetize the technology.

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I think we made it very clear that something could come of all of this but the rapid speculation of Bitcoin essentially ensured its demise. And we also said that cryptocurrency may actually work at some point. Again, bitcoin isn't it.

And whoever said earlier in the other thread that it was "accepted at a fair amount of place" is on fricking drugs.

I think the comparisons to it and Napster are pretty fair. There's likely a future in online currency like BitCoin, but BC was way to unregulated, etc. to be the actual future of it.

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I think we made it very clear that something could come of all of this but the rapid speculation of Bitcoin essentially ensured its demise. And we also said that cryptocurrency may actually work at some point. Again, bitcoin isn't it.

And whoever said earlier in the other thread that it was "accepted at a fair amount of place" is on fricking drugs.

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I'm still not convinced that cryptocurrency will ever be a viable alternative to traditional currencies. I say that because the current world power structure is based on currencies like the US Dollar, British Pound, the Euro, etc. etc. Literally the whole world's power structure rest on these traditional currencies. And that being the case, the VERY powerful institutions that have their power based on these things will never allow any cryptocurrency to become even a remotely viable threat to their value.

There is a reason that literally since the dawn of civilization that governments have been in control of issuing currency. And that reason is it takes the authority of a powerful government to ensure the value and security of currency. The only option if you want something of value that can be used in the same manner as traditional currency is to look to things like precious metals or gems or some other commodity that can hold real value.

But as for cryptocurrency, unless the issuers of this currency are sitting on a massive amount of real currency or something like gold or silver that they back up the value of the cryptocurrency with, then there really is nothing backing up it's value and thus it will always fail just as Bitcoin has failed. And if they have use these traditional items to back up the value of their cryptocurrency, it kind of defeats the whole purpose of even making the cryptocurrency in the first place.

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but I can't remember who all some of the more passionate Bitcoin disciples were

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TH03

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What is backing up the dollar?

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The full faith and credit of the U.S. Government. Basically the U.S. Government is seen throughout the world as the most stable and solid government out there. Thus the currency issued by the US government is one of the most stable and strong in the world. Now I'd personally prefer the US dfollar to still be backed by the gold standard, but that's a topic for another thread.

Cryptocurrency on the other hand has what backing it up? I remember asking this question several times during the Bitcoin debates and time and again the Bitcoin supporters answer to my question was "math". I shite you not, they said "math" backed up the value of Bitcoins.

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So, the paper dollar was a bad idea?

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While more volatile that "hard currency" (i.e. gold or silver coin) paper money is still a viable investment in that it's got the tangible backing of law standing behind it. Now that value is based largely on the confidence and monetary policy of whatever government is issuing said paper money. That's why things like US dollars or British pounds are seen as sound currencies in which to invest while the currency of other countries are seen as a poor investment. Take Zimbabwe for example....



... very bad investment.

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We can feed you or kill you. Therefore, what we say is valuable. Period.

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Exactly. This was my point. Some in this thread were extolling the virtues of our current monetary system as almost holy-like.

Can we at least be honest about our monetary system? It exists because we will kill you if you say otherwise. It has nothing whatsoever to do with value or virtue.

Personally, I would prefer a monetary system that didn't hold a gun to my head. Perhaps it is naive on my part for hoping that one could exist.

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I said it was a great concept but the traditional banking powers that be(and they are quite powerful) would undermine/sabotage/destroy bitcoin by any means necessary but most likely inconspicuously.





That is what I said as well. There was exactly a zero chance that governments and jewish financiers were going to let this thing take off.

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Exactly. It's the same with any other big business.

Does anyone think the oil industry is simply going to step aside and be put out of business by alternative energy?

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I think we made it very clear that something could come of all of this but the rapid speculation of Bitcoin essentially ensured its demise. And we also said that cryptocurrency may actually work at some point. Again, bitcoin isn't it.

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Exactly. At some point a crypto currency will emerge that works. I see it as inevitable. It wasn't going to ever be Bitcoin.

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I'm still not convinced that cryptocurrency will ever be a viable alternative to traditional currencies. I say that because the current world power structure is based on currencies like the US Dollar, British Pound, the Euro, etc. etc

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well one major selling point that is often ignored in these debates is those who are living in unstable currency situations

BTC is a more stable currency than the national currency of zimbabwe