Posted on 03/30/2021 12:20:14 PM PDT by aMorePerfectUnion
If you still can’t figure out what the heck a bitcoin is…
I have one apple with me. I give it to you.
You now have one apple and I have zero.
That was simple, right?
My apple was physically put into your hand.
You know it happened. I was there. You were there. You touched it.
We didn’t need a third person there to help us make the transfer. We didn’t need to pull in Uncle Tommy (who’s a famous judge) to sit with us on the bench and confirm that the apple went from me to you.
The apple’s yours! I can’t give you another apple because I don’t have any left. ...You have full control over that apple now. You can give it to your friend if you want, and then that friend can give it to his friend.
What if we gave this ledger — to everybody? Instead of the ledger living on a Blizzard computer, it’ll live in everybody’s computers. All the transactions that have ever happened, from all time, in digital apples will be recorded in it.
You can’t cheat it. I can’t send you digital apples I don’t have, because then it wouldn’t sync up with everybody in the system. It’d be a tough system to beat. Especially if it got really big.
The rules of the system were already defined at the beginning. And the code and rules are open-source. ...
You could participate in this network too and update the ledger and make sure it all checks out. For the trouble, you could get like 25 digital apples as a reward. In fact, that’s the only way to create more digital apples in the system.
(Excerpt) Read more at freecodecamp.org ...
92% of the world’s currency is nothing more than bits of data that also require the internet. It is true that there’s no physical form of bitcoin. No hard cash version.
It’s not backed by some big legitimate, solvent government like the USD is. /s
My $250 investment from a couple of months ago is at $382 as of now. I didn’t get bitcoin. I got a couple other cryptocurrencies. Couldn’t wrap my brain around spending $250 and getting 0.0004 of something, a bitcoin.
The same way some currencies attach their value to the US dollar.
Wouldn’t it make more sense for Venezuela to attach their dollar to the US dollar??
Panama does.
Venezuela has ideological differences with the US. Bitcoin has no ideology.
The only Hugh and series talking to I really got was ask about NOT grabbing other people’s assets.
Tying Venezuala’s currency to the dollar implies that they have access to the US banking system. As long as they are under sanctions for political differences with the US government, that access will be limited to almost nil. Extending that point by asking the question:. Why do you suppose the IRS is warning US taxpayers about disclosing their Bitcoin transactions. Answer:. Organized crime doesn’t like competition and neither does the US banking system.
They will do anything if they think they can make a buck.
Yes, history agrees.
But capitalism is a combination of creating value and making profit…
So some failure is to be expected - and they should be allowed to fail instead of being bailed out by Gov’t.
In the case of Bitcoin, the adoption and implementation is deeper and more widespread.
And while BTC gets the headlines, blockchain is transforming business.
Yet BTC has been proclaimed dead a thousand times and continues.
It is a historic moment of innovation few recognize.
Even on FR, the misconceptions are staggering.
I bought bitcoin on a fluke when it was $5. I spent $100. When it hit $14k I sold most of it...reinvested some in ethereum and litecoin. What I have now I’m just going to ride out and see what happens. If I needed the $ it would be different, but I don’t so.....
The ancient history is clear, the present much less so:
Bankers “created money ‘ex nihilo’ (out of nothing, mocking God)”.
Money was once gold, which had strong security disadvantages for transport, travel and long-distance trade.
Written documents could attest to deposits in far away locations: the first phony-money.
According to Carroll Quigley, Tragedy and Hope: the power structure historically in reverse: Today,
* Monopoly Capitalism, (everything locked up by giant enterprises, small producers can’t get supplies or sell finished products), prior to the Rockefellers (oil transport monopolists) overthrowing the Morgans (finance tyrants) with Glass Stengel 1933,
* Financial Capitalism (Bankers yelling at Kings behind closed doors), prior to Bankers putting Royals in hock,
* Merchantile/Royal Charter Capitalism, (East India Co. starving Indians in man-made famine influenced American Colonials to rebel.)
By the time the Bankers got control after that Mercantile-Financial cusp, their secret craft theoreticians had discovered that only 3% of gold deposits were ever redeemed, so they could make loans on the other 97%. The 2nd level of phony money.
Morph to relaxation of legal prohibitions against usurious loans in the 1970s, billions of people today in plush-lined, iron neck collars, unable ever to become solvent. The perfect slavery system, self-running & regulating. (Credit-Card Lawyers can’t interpret the small-font “terms & conditions”. It’s all an algorithm.)
What separates Central Bankers making money out of nothing at the Fed, from today’s rogue groups seeming to create electronic “currency”?
The powers that be must pull the rug out from under the interlopers.
We’ll only be able to see the full picture after it has long since settled down into the next tyranny.
“And the merchants of the earth shall weep and mourn over [Babylon]; for no man buyeth their merchandise any more: The merchandise of gold, and silver, and precious stones, and of pearls, and fine linen, and purple, and silk, and scarlet, and all costly wood, and all manner vessels of ivory, and all manner vessels of most precious wood, and of brass, and iron, and marble, and oil, and fine flour, and wheat, and beasts, and sheep, and horses, and chariots, and slaves, and souls of men.” - Revelation 18:11-13
Sounds too much like Wikipedia! Regardless, how does one obtain bitcoins? Do they cost actual money?
1. Bitcoin mining
2. Purchase for cash at Coinbase or another exchange.
Large companies like Tesla are buying huge quantities of Bitcoin using them for commerce. I don’t believe this is a fad.
wow! you are lucky!
Yeah but if I’d kept it all it would be well over 1 mil!!! Lol
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.