The situation in a nutshell
Comments
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If Bitcoin is equivalent to a digital version of gold, I will stick with gold which is tangible and can be used to create things which people desire.
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That's where I'm at. Apparently, whoever runs Bitcoin is supposed to shut down new Bitcoin creation in 2034 leaving a fixed finite supply of Bitcoin. Can you trust that? Can someone else start up BitCoin2 just like the TOPS baseball card market was destroyed when every Tom Dick and Harry started printing sports cards with lots of stars and rookies and flooded the market.
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It still has not been answered what exactly is being digitally “mined” here and call Bitcoin. A “farm “” shut down in my small city and they left hundreds of PCs and servers behind in a large warehouse that was used.
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Can't find my original post but I dealt with this. A miner needs to solve a complex algorithmic computation which requires a great amount of computing equipment and electricity to run it. Once solved, they receive a Bitcoin. Who creates the problems, certifies the solution and issues the Bitcoin - I don't know. One of the Bitcoin weak links. Just like Jerome Powell, the Federal Reserve Chairman and Janet Yellen US Treasury Secretary are weak links with the US dollar.
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Yellen and Powell didn't create the dollar, though. What purpose does this Bitcoin serve once it is created? Or, is it just some reward for solving a puzzle?
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It serves as a protection against dollar inflation. If Bitcoin can maintain the integrity it has shown since its founding, it will be okay. The whole thing rests on the market respecting the limited nature of Bitcoin. Speculative as hell. New cost to produce a Bitcoin estimated at $46k. Is there really a $19k premium over the mid to long term?
