I'm not insulted and I'm not saying it's worthless but who the hell controls it and creates it? Who holds the money that backs it and in what form or currency? How does one spend it if they decide to shutdown communications? Who controls it? Can they just dissolve it? Just walk away? Where do they keep the money that people used to purchase it? Is it backed by anything or 4 guys in a garage? If they turned off the internet and phones tomorrow how would I spend it? Who possess and controls all of the data on the bitcoin? Could they just wipe my bitcoin out of the memory or transfer it to someone else? How do you prove ownership of bitcoin? How did the Canadian government keep the truckers from using it as they somehow shut down their access.
I admit to being mostly ignorant of how the Bitcoin market works and these are basically some of the same questions I have about it. What is even being “mined” that uses so much energy? Is it tangible in the real world if not converted to dollars for use?
I'm with Derek on the US dollar. Closing in on $35 trillion in debt. The US dollar is just as intangible as a Bitcoin. The competitive advantage of the US was the dollar as the world's reserve currency and the rule of law which protected private property. The dementia patient and the eternal war crowd have pretty much busted the reserve currency status over saving democracy in the Ukraine and racking up another trillion in debt each quarter. Look at New York and Trump and the rule of law and protection of property is dying. It starts small, but each year as the dems get more desperate for cash the talk of wealth confiscation grows. First they went for capital gains in Washington. Chatter grows for an annual wealth tax. Biggest targets are IRAs and 401(k) balances. Proposals are out there for a capital gains for a tax on mark to market tax on unrealized market gains. The US military has nothing to do with the US dollars decline and the underpinnings which have the US debt clock spinning like jet turbine blades. That leaves you with US Treasuries, Stocks, Gold and Bitcoin as security investments. US Treasuries is a bet that the US government will be committed to low inflation and protection of the dollar. Good luck. Stocks are at a record high. Just don't call it a bubble. Blue is S&P index and Orange in S&P Earning per Share. Nothing says a secure return like an EPS for large stocks like closing in on 200. That leaves gold and Bitcoin. Or you can buy into commercial real estate which is in a death spiral or residential real estate which is also in bubble territory with very little liquidity at 7% mortgage rates.
Elect a dem president in 2024 and the future looks grim. Looks grim right now.
A big difference is the US government backs the dollar and uses it as the standard currency, and it’s also recognized worldwide. As pointed out earlier, China, a global superpower, doesn’t recognize Bitcoin as currency. I’m not pro-dollar or anti-Bitcoin, but you didn’t answer any of the questions regarding Bitcoin, and they are very ground-floor questions about its value in everyday life.
We’ve been in debt for my entire lifetime, but who’s going to call on that debt to be paid without tanking the global economy in the minuscule chance the US doesn’t go to war to protect itself.
Once upon a time the US backed the dollar. Except during the late 1960s and 70s and then we did protect the dollar with Paul Volker starting in 1979. You can't run up debt at the rate of a trillion a quarter in 2024 with what buck says is a great economy and then claim that the US backs the dollar and when it's status as the world's reserve currency has been crippled. Even today, there are advocates that we steal the frozen Russians bank account dollars and give it to the Ukraine. We were in a bad debt situation in 1945 but BOTH parties were committed to financial solvency. Today, the dems don't even pretend to want to be fiscally solvent and the RINOs merely pretend to be fiscally responsible.
Think of the cost to pay for the current invasion they are running. We are paying for all of it via NGO's and our own governemnet and military to move all those people, house, feed, cloth etc. Some go over the border several times a month and use a different name and collet all those free 5k credit cards and other bennies over and over.
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.
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.
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.
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?
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?
Comments
I'm not trying to insult you but Bitcoin is every bit as a self-sovereign possession as the things you mentioned. Even more so.
At the end, the dollar is backed up by military force if necessary. What protects Bitcoin?
I have a couple smart ass questions in the case of shtf
How do you shoot a Bitcoin at someone trying to steal your gold/silver coins.
If you can't see your Bitcoin being stolen where do you aim to shoot the thief?
How much bread can you get with a bitcoin when the Internet/ power grid is down?
(For the bible believers out there) When the Antichrist shows up what will be the easiest way to control buying and selling ?
I'm not insulted and I'm not saying it's worthless but who the hell controls it and creates it? Who holds the money that backs it and in what form or currency? How does one spend it if they decide to shutdown communications? Who controls it? Can they just dissolve it? Just walk away? Where do they keep the money that people used to purchase it? Is it backed by anything or 4 guys in a garage? If they turned off the internet and phones tomorrow how would I spend it? Who possess and controls all of the data on the bitcoin? Could they just wipe my bitcoin out of the memory or transfer it to someone else? How do you prove ownership of bitcoin? How did the Canadian government keep the truckers from using it as they somehow shut down their access.
These are the kind of questions I have.
I admit to being mostly ignorant of how the Bitcoin market works and these are basically some of the same questions I have about it. What is even being “mined” that uses so much energy? Is it tangible in the real world if not converted to dollars for use?
I'm with Derek on the US dollar. Closing in on $35 trillion in debt. The US dollar is just as intangible as a Bitcoin. The competitive advantage of the US was the dollar as the world's reserve currency and the rule of law which protected private property. The dementia patient and the eternal war crowd have pretty much busted the reserve currency status over saving democracy in the Ukraine and racking up another trillion in debt each quarter. Look at New York and Trump and the rule of law and protection of property is dying. It starts small, but each year as the dems get more desperate for cash the talk of wealth confiscation grows. First they went for capital gains in Washington. Chatter grows for an annual wealth tax. Biggest targets are IRAs and 401(k) balances. Proposals are out there for a capital gains for a tax on mark to market tax on unrealized market gains. The US military has nothing to do with the US dollars decline and the underpinnings which have the US debt clock spinning like jet turbine blades. That leaves you with US Treasuries, Stocks, Gold and Bitcoin as security investments. US Treasuries is a bet that the US government will be committed to low inflation and protection of the dollar. Good luck. Stocks are at a record high. Just don't call it a bubble. Blue is S&P index and Orange in S&P Earning per Share. Nothing says a secure return like an EPS for large stocks like closing in on 200. That leaves gold and Bitcoin. Or you can buy into commercial real estate which is in a death spiral or residential real estate which is also in bubble territory with very little liquidity at 7% mortgage rates.
Elect a dem president in 2024 and the future looks grim. Looks grim right now.
A big difference is the US government backs the dollar and uses it as the standard currency, and it’s also recognized worldwide. As pointed out earlier, China, a global superpower, doesn’t recognize Bitcoin as currency. I’m not pro-dollar or anti-Bitcoin, but you didn’t answer any of the questions regarding Bitcoin, and they are very ground-floor questions about its value in everyday life.
We’ve been in debt for my entire lifetime, but who’s going to call on that debt to be paid without tanking the global economy in the minuscule chance the US doesn’t go to war to protect itself.
Once upon a time the US backed the dollar. Except during the late 1960s and 70s and then we did protect the dollar with Paul Volker starting in 1979. You can't run up debt at the rate of a trillion a quarter in 2024 with what buck says is a great economy and then claim that the US backs the dollar and when it's status as the world's reserve currency has been crippled. Even today, there are advocates that we steal the frozen Russians bank account dollars and give it to the Ukraine. We were in a bad debt situation in 1945 but BOTH parties were committed to financial solvency. Today, the dems don't even pretend to want to be fiscally solvent and the RINOs merely pretend to be fiscally responsible.
Think of the cost to pay for the current invasion they are running. We are paying for all of it via NGO's and our own governemnet and military to move all those people, house, feed, cloth etc. Some go over the border several times a month and use a different name and collet all those free 5k credit cards and other bennies over and over.
I know why were dumping a trillion per quarter.
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.
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.
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.
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.
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?
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?