[Happiness]

Hello everyone, my first post on here

Seeing as though Bitcoin has been in the news more and more lately I thought I would share my opinions on it

I will start with a disclaimer, I having nothing against Bitcoin or an "axe to grind", I work in IT so am reasonably familiar with the technology behind it and technology in general

I don't want to make this into a essay, so I will try keep it short, and to the fundamental problem I have with Bitcoin, cryptocurrencies, or any currency that is mined using computers

Non technical explanation

Let's imagine me, Richie and Bob down the road are interested in a new Cryptocurrency, let's call it XYZcoin, we all start "mining" (cryptocurrencies are mined by computer processing) using identical computers, but Richie and Bob decide to team up together, so whenever I mine 1, Richie and Bob have mined 2 together. We end up with the same problem, monopolization. So in future they have control over XYZcoin by having the largest stake in it.

Technical explanation

Large corporations or the powers that be have basically infinite resources, either by buying cryptocurrencies with an unlimited supply of fiat currency, or by access to computing power through huge computing facilities, google cloud gpu etc, or their own facilities, or technologies that we don't even have yet, like Quantum Computing

Mainstream media coverage

In my opinion if any technology was a real threat to the current system, it would not be mentioned on mainstream media, or financial channels, and if a technology was really revolutionary the powers that be would take it over (like the internet has been monopolized by a few corporations). So I think there is a long term agenda by mentioning this kind of technology, Bitcoin is being used as propaganda, showing a few people getting rich from it, presenting it as being "anti-establishment", all great ways to manipulate perception

Any thought welcome, cheers

[RunningWild]

Happiness I like how you think and communicate!
I'd like to say that I've done some research over the last couple of years on Bitcoin, but I seem to be left with plenty of unsatisfactory answered questions?!?

1) How can Bitcoin be de-centralizing when the very essence of digital communication(internet) is centralized  control?

2) Why is it that exchanges and futures contracts can be traded, but no real robust merchant marketplace exists?

3) How can we properly value Bitcoin against hard assets alone?

THANKS

[Happiness]

Thanks RunningWild, you bring up some good points

1) How can Bitcoin be de-centralizing when the very essence of digital communication(internet) is centralized  control?

Exactly, we've seen with net neutrality in the US that telecoms giants and ISP's can pressure the government to change how the internet works, or governments like China with the great firewall or western governments could easily control access to a decentralized currency

2) Why is it that exchanges and futures contracts can be traded, but no real robust merchant marketplace exists?

I don't know why either, I would guess at it's a good way to access and control the market through algorithmic trading

3) How can we properly value Bitcoin against hard assets alone?

Indeed, what gives Bitcoin any inherent value?, something that has value usually has limited supply (I know bitcoin is limited to 21million but it's not limited to 2 decimal places), bitcoin can be exponentially recreated?! and I would say anything of real value is something that humans require, water is more valuable than bitcoin

[taffytwat]

I was listening to A**x J***s and friend big up Bitcoin the other day, along the lines of "it's our chance to re shape/take back the banking system for ourselves"....from my basic understanding of crypto currency, I think it's just a closer step to a cashless society....also, look at what happened with that other crypto currency in Japan this week...hmmmmm

[Splodge]

Having worked in the financial industry for over 20 years, my conclusion is that money works because of fear.  Fear leads to greed,  they are the same thing. I have dealt with very rich people, they fear losing what they have to the degree they cap their spending and do not want to lose what they have.  The poor fear not having enough to pay their bills.  It does not matter what the monetary system is,  cash,  electronic, crypto, or barter,  it all leads to the same emotional response, fear and greed. Arguing for the best monetary system is like arguing what you would like your prison cell contructed of,  steel or concrete,  either one will do the job for your lifetime.

[Charlotte4711]

Personally I dont know much about it but from a simple perspective... it has no intrinsic value (not that modern day cash does anymore either) but the fact that it’s digital is scary in itself... tiptoeing towards a cashless society & we’re all doomed!

[Styleezy]

I have a weak theory about Bitcoin:
In an aim to create a stable one world currency, cryptocurrencies were released into the wild to on the 'black market' side of consumerism. If the currencies failed, then the banks (& general population/governments) would not have to take the hit. After all, how many drug/arms dealers etc. are going to complain if they lost their money - and who to?
Once the cryto's are stable(ish), then the banks etc. can start incorporating them into stock markets and the like (this is where we are now).
How long before they appear as payment options on things like apple pay.
Most people are already using cashless payment methods, so we are not too far from this scenario. Crypto only needs a suggested inherent value to be used as a daily payment method (current money does not have a gold backing now, therefore this too has only a suggested inherent value).

(DISCLAIMER: I am no financial expert, don't use my ramblings as expert/professional advice.)

---

As an aside: i make it my mission to use cash as much as possible. If we continue the increased use the 'convenient' electronic payment methods, we WILL loose cash forever

[EvadingGrid]

Interesting that the Truther Industrial Complex screams FIAT at the dollar, while never ever calling BItCoin FIAT.

The reality is that you don't get more FIAT than a crypto-currency, and the real killer....

(insert drum roll)

Quantum Computers will be capable of 'mining' all of any crypto currency in seconds . . .
Sure Quantum Computers are not widely available, but they are on the horizon . . .

Lastly, before anyone points out that crypto-currencies can not be debased by the printing press, that is actually de-flation which is worse than in-flation. Another topic the Truther Industrial Complex avoids like the plague.

[KavanderShadow]

I was turned off to the idea of cryptocurrency almost as quickly as I learned about it in 2014.

The ads on YouTube and FacistBook with a guy standing infront of a Lamborghini trying to peddle bitcoin was enough to turn me away, because It's selling point in the mainstream view is based on instigating greed and to play on the materialistic/narcissistic nature of most people.

I believe it is just a step in the direction of replacing a fiat currency with a purely digital one. They are trying (and succeeding for the most part) to condition us with cashless pay like PayPal, visa/MC t2p, Applepay, zelle etc.

I am finding it much more difficult to pay for things with cash here in the US, and I have heard it's even harder back home in the U.K..

There is a bank around the corner that has a giant sign in the window that reads "exchange your cash for bitcoin here!" I was kinda taken back by it. I'll try to snap a picture of it when I drive by one of these days.

IMO- I believe it was created and is peddled by the Rothchilds/central banks to further enslave us, make the divide between the haves/have nots even greater & speed up depopulation by deprivation. To interface us to the smart grid, track every transaction, tax us even more and create a pay to play system.

I hate cash, but it's somewhat more private than everything out now.

[freelotus]

https://theintercept.com/2018/03/20/the-...ts-reveal/


same thing as i've heard/read here and there about tor. that they watch people who use encryption even more closely than everyone else. though not sure how that works exactly, cos the whistleblowers and tech expert types still a) live & do their work/activism, and b) encourage using encryption.