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Thread: What will bitcoin bring in the end?

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    What will bitcoin bring in the end?

    The initially idea of bitcoin was to create a currency that is not under the control of the central bank, with a limited supply, where no government nor central bank can simply print as much as they want to. It was meant to be an alternative currency to replace the fiat currency that the world is currently using. A currency that can truly store one’s wealth.

    And the desire for such currency has grew stronger with each financial crisis that the world faces.

    But looking today, is bitcoin still able to be that currency that it is initially design to be? A currency for fair exchange and a currency that can store one’s wealth?
    I fear not. As now bitcoin has simply been used for the very purpose of “value stealing”. It has become a tool of investment, a gamble that a bigger fool will be willing to pay a much higher price for the bitcoin in the near future. A bubble has been created.

    People are holding on to the bitcoin simple to trade it off at a higher price rather than using the bitcoin for daily transactions.

    The sad thing is that it has not been given enough time, supports and opportunities to truly evolve into a replacement currency for the fiat currency.

    Bitcoin do has the potential to be a currency that can unite all currencies of the world into a currency with no boundary nor nationality.

    Yet the greed, stupidity and power hunger of the “value stealers” have corrupted it into a time bomb of sins and unfairness. Waiting to be exploded, where the last persons to hold on to these bitcoin will be the one who shall suffer a major lost in their wealth, while the “value stealers” benefit from it. It has basically become a game of musical chair waiting for the music to be stopped.

    Has there been a united efforts of the world’s government to make it into a currency simple for fair exchange in purchases; and has there not been so much speculation (which the “value stealers” has inserted so much “fake values” into the currency), bitcoin could have change the world.

    Now with so much “fake values” into the bitcoin, the noble idea of its creation has been contaminated. And once the holders realised that the bitcoin have less worth than they though it has, all the “fake values” in the bitcoin will evaporate into emptiness. Bring about a catastrophe crash that could make the society loss hope in all cryptocurrency.

    Bitcoin has become a noble cause that is just waiting to fail. Will there be any other way to save bitcoin? I guess not, as governments will not willing to lose their control in their countries monetary policy.

    I believe that the only currency that can truly obtain fairness in the exchange of transactions can only be the currency created through the value based monetary system under the Purification Social Order.

    https://www.youtube.com/watch?v=Tk_IVZjCFeE

    Short comic of the purification social order

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    Re: What will bitcoin bring in the end?

    I got half way through the "comic", and it's nothing I would be interested in. Every economic system has to account for inefficiencies, theft, shrinkage, breakage, and acts of God. There is not way to do that in the purely communal system. But to be fair to you we are heading that way with Amazon to a certain degree.

    And "bitcoin" and it derivatives are a Ponzi scheme heading for a hard landing.

    Welcome to DP. You'll have plenty of people to convince! Gotta shake this place up a bit!
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    Re: What will bitcoin bring in the end?

    It has been long since Bitcoin is likely to be the biggest bobble ever in history.

    The very same people who are advocating and propagating Bitcoin as freedom financial solution, are the ones becoming super wealthy by its bubble. Since the beginning Bitcoin has been used by "adventurous speculators capitalists" to accumulate wealthy by hipper valuating it. First by all these people who keep doing seminars in companies and internet to convince every one to buy bitcoin because its rise in value, and than the speculative trending market which is one of the main problems of society today.

    On the other hand there are several other electronic currencies, like Ripple which seems that the financial system will accept as currencies for their transactions and their customers transactions. You can't do anonymous transaction but it can not be regulated or printed by anybody else. Bitcoin is still being mined and nobody knows how much is still there to be mined. Ripple there is no mining but all that exist is already in circulation and will be ever the same.
    "Ideological thought: Laziness: it's easier to apply a doctrine to everything at once than to think through complex issues; Ignorance: the less you know about a problem the easier you think it is to solve; Malevolence: it's great to find the enemy in others so that you have someone against who to direct your resentment". - Jordan Peterson

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    Re: What will bitcoin bring in the end?

    I have used bitcoin for years as a means of exchange with nothing but success. It is a great way to pay for things online without risking identity theft. It is like cash for the internet. But I would never use it to store wealth. It is WAY too volatile.

    Those of us who just use it as a means of exchange rather than holding on to it will largely be unaffected when the inevitable crash occurs. People like me will still be using it even it falls to $10. Investors, however, better be careful.
    “In the beginning the Universe was created. This has made a lot of people very angry and been widely regarded as a bad move.” - Douglas Adams, Hitchhiker's Guide

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    Re: What will bitcoin bring in the end?

    my guess is that the bitcoin bubble will pop and then inflate again. it's an ideal currency for illegal transactions online, though, so that will probably contribute to its staying power.

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    Re: What will bitcoin bring in the end?

    Quote Originally Posted by Helix View Post
    my guess is that the bitcoin bubble will pop and then inflate again. it's an ideal currency for illegal transactions online, though, so that will probably contribute to its staying power.
    Agreed. But there are also a lot of large legit companies that accept it as well like Microsoft, Dell, and Expedia. It is great for paying your web host or VPN service. I would say about 10% of my own company’s payments come in via bitcoin. If your business uses a bitcoin processor like Coinbase, which instantly converts the received bitcoin into USD, the exchange rate volatility really doesn’t matter much.

    And yeah, I may or may not have used it to buy weed from time to time in the past.
    “In the beginning the Universe was created. This has made a lot of people very angry and been widely regarded as a bad move.” - Douglas Adams, Hitchhiker's Guide

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    Re: What will bitcoin bring in the end?

    That is funny because I learned this week that the stock market was created by the liberals in order to give the work class the financial power to store wealth, and it went wrong on the way, meybe just like Bitcoin tendency.
    "Ideological thought: Laziness: it's easier to apply a doctrine to everything at once than to think through complex issues; Ignorance: the less you know about a problem the easier you think it is to solve; Malevolence: it's great to find the enemy in others so that you have someone against who to direct your resentment". - Jordan Peterson

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    Re: What will bitcoin bring in the end?

    Quote Originally Posted by Skeptic Bob View Post
    Agreed. But there are also a lot of large legit companies that accept it as well like Microsoft, Dell, and Expedia. It is great for paying your web host or VPN service. I would say about 10% of my own company’s payments come in via bitcoin. If your business uses a bitcoin processor like Coinbase, which instantly converts the received bitcoin into USD, the exchange rate volatility really doesn’t matter much.

    And yeah, I may or may not have used it to buy weed from time to time in the past.
    I fail to see the diference between pay with bitcoin and Euro. I have no problem purchasing online with Euro and I don't see the reason to use an other currency.
    "Ideological thought: Laziness: it's easier to apply a doctrine to everything at once than to think through complex issues; Ignorance: the less you know about a problem the easier you think it is to solve; Malevolence: it's great to find the enemy in others so that you have someone against who to direct your resentment". - Jordan Peterson

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    Re: What will bitcoin bring in the end?

    Quote Originally Posted by C R O I X View Post
    I fail to see the diference between pay with bitcoin and Euro. I have no problem purchasing online with Euro and I don't see the reason to use an other currency.
    Just depends on your needs. Some people don’t like the risk of identity theft that goes with using credit cards or debit cards online. Some people want to buy things that are legal but perhaps embarrassing. For merchants it is nice because you can’t get ripped off by the client doing a “charge back” after they receive the purchase. Merchants can also get the cash in their bank account quicker with BTC than with credit cards. I work in the private intelligence sector and find crypto currencies very useful in protecting the identities of clients and sources overseas in some of the less democratic countries. And if you have family overseas you send money to it is 10 times easier and less hassle than Moneygram and there is no monthly cap.

    All that said, most people have no need for crypto currencies like bitcoin. But there is a subset of the population, including me, who do have legal use for it.
    “In the beginning the Universe was created. This has made a lot of people very angry and been widely regarded as a bad move.” - Douglas Adams, Hitchhiker's Guide

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    Re: What will bitcoin bring in the end?

    @ Post #1:



    Okay, to begin let me say this, as it was a learning lesson for me. If you fail to learn from it then that is your problem and your choice. Many years ago in college I had a math teacher who is a mathematician who told the class that he and other teachers that were involved in math, got banned from the local newspaper building in my city. They got banned because they went over to that building and confronted them about errors or straight out lies they were telling local Americans in the city about the housing market. The newspaper claimed it was healthy and fantastic. My math teacher and others had gone through the numbers and found otherwise. In other words they knew they housing market with its subprime loans was about to collapse before it did in the USA.

    After getting banned they discovered that our local newspaper is owned (or is it part owned? which ever) by some corporation deep into real estate. So, the paper (mainstream American news) had an incentive to lie to Americans and screw them up the butt.





    Now, this takes me to Bitcoin. If you were smart you would have been watching Russia Today news years ago rather than listening to the CIA, American oligarch, backed mainstream news. Particularly if you were being strangled by American banks and the US Government with student loan debt. The American mainstream news is propaganda and nothing but liars. Therefore, mainstream news would have told an American being strangled by debt to not buy into Bitcoin when it was going for $3 per coin because never would that coin reach value of $40 or $100 let alone $600. They would then tell you not to listen to RT because its all lies and propaganda.

    But Max Keiser on RT was advising Americans to buy Bitcoin when it was selling for $3 a coin and telling them one day each coin would be selling for $100,000 (US dollars). He was not the only one telling Americans this. Some of the biggest tech minds behind the creation of Facebook were telling Americans this. The bankers and the CIA lapdogs in mainstream media were telling Americans the opposite.

    If a young American had a student loan debt of say $100,000 and they bought 1,000 Bitcoins back when it was $3 a coin, and they held until it reached $15,000 as it already did when it went over $19,000 per coin, said person would have had $15 million dollars. Their $100,000 student loan would have been paid off.

    There are over 7 billion people on planet earth and over 300 million people in the USA alone. There can and will only ever be a total of 21 million [whole] Bitcoins. So how the hell exactly was 21 million Bitcoins ever supposed to be used like regular US dollars? There is something like over 7 trillion US dollars I think floating around on planet earth. And 300 million is far greater than 21 million.

    But here is how 21 million Bitcoins was and will be used as currency like the US dollar (it already is via shift debit cards for example). The 21 million number is deceptive. US currency uses 2 decimal places to the left of the decimal point. Bitcoin uses 8 decimal points to the left of the decimal point. This means there are more Bitcoins--in a certain sense--than the 21 million. The volatility then will only settle once all or near all of the 21 million Bitcoins are mined like all gold being mined. So, a Bitcoin can be thought of as a bar of gold. Tiny pieces cut off will have purchasing power, particularly if all gold were already mined out of the earth, and the real rich cats would be the ones that got the whole bars early in the game.

    Most early math heads and tech geeks in the very early days of Bitcoin back when it was going for $0.10 in year 2010 already knew this. Not all of them knew it but many did and they bought and held--because they understood the concept of the creation of Bitcoin well.

    These two vids below took place 4 years ago and Max Keiser on RT was telling Americans to buy Bitcoin even when it was roughly $40 dollars (but he had advised earlier than that when it was only $3 a coin, he got in at $3 a coin, and he used to work on Wall Street).





    breakingtheset
    Published on Mar 7, 2013

    Before the 1:08 mark of the video below he is telling Americans in the English language (not Russian or Japanese) to that Bitcoin will eventually reach $100,000 a coin. And that was 4 years ago he said that back when it was what... $40 a coin.



    RT
    Published on Mar 9, 2013

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