re: Want to really understand how bitcoin works? Here’s a gentle primer

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can you quote where people are saying this?

we will wait

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it was the guy i first quoted and replied to as you donkies all quickly jumped in pitching a fit defending him
maybe next time you should actually look at what someone is replying to before making comments defending it

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EA6B said:

"Fiat money is currency that a government has declared to be legal tender, but it is not backed by a physical commodity. The value of fiat money is derived from the relationship between supply and demand rather than the value of the material that the money is made of."

Other than the government declaration there is really no difference between crypto currency and those paper and metal representations of monetary value you carry around in your pocket.

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Other than the government declaration there is really no difference between crypto currency and those paper and metal representations of monetary value you carry around in your pocket.

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If true, we’re looking at the eventual transformation of civilization. Nations will cease to exist......




...or it’s just an elaborate Ponzi scheme.

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OMG !!! do you even read the stupid shite you write, or is it just your so desperate to somehow justify to yourself that you invested in a totally unsecured high risk gamble that is just like a penny stock that has no real value unless someone else is willing to buy it from you.

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I read it and I understand it, something you obviously don't. You said Bitcoin has no value, I said the value of a Bitcoin is determined by supply and demand just like the currency in you pocket. Your government issued currency has no value other than what those that accept it in payment give it. The denomination may be a quarter or a dollar, that is not its value. The value of your quarters and dollars are determined by their purchasing power at a given time that is directly related to the size of the money supply. Unlike the total number of bitcoins the size of the money supply is not finite, the federal reserve could it increase to the point you will need a wheelbarrow of 100 dollar bills to buy a loaf of bread, or they could decrease slowing inflation, but reducing business activity and related growth from the decreasing supply of money. For the record I don't bitcoin, or other crypto currencies, but anyone doing business globally in the future needs to understand it.

Another Ponzi scheme assertion with nothing to back it up

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the imaginary completely arbitrary value put on this non existent investment makes you think its making you money.

at some point, when no more suckers are willing to buy it, it all vanishes like a fart in the wind and all your money is gone

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what is the dollar bill?

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Broke

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After your previous comments on Bitcoin should you really say anything