Posted on 09/18/2021 11:11:09 AM PDT by jagusafr
Bitcoin is like fiat money. It’s backed by faith. The difference is that “real” fiat money is backed by the guns and bullets of the country that supports it.
i.e. Fiat money is bad. Bitcoin is worse. But like any ponzie scheme, if you get in at the right time and sell at the right time you can do well.
“DOW that better correspond to tulips.”
RITFLMAO!
Hence, my humble, open-handed request to be educated…
The follow up question is, what the heck is green paper thing in my hand?
It’s a PONZI SCHEME
PROVE ME WRONG.
Maybe join the crypto ping list on FR.
Someone here keeps a list and pings us.
don’t ask about bitcoin....the more answers you get, the more confusing it gets...
Bitcoin is a digital currency just like some 97% of the US dollar is. The difference is that there’s a finite supply of Bitcoin and dollars can be farted out at whim by the Federal Reserve.
Bitcoin is like fiat money. It’s backed by faith. The difference is that “real” fiat money is backed by the guns and bullets of the country that supports it.
i.e. Fiat money is bad. Bitcoin is worse. But like any ponzie scheme, if you get in at the right time and sell at the right time you can do well.
I respectfully disagree my Freeper friend.
It really isn’t backed by faith. It is backed by the value people have in it which requires no faith, and it is international, and the blockchain is very secure. More faith is required in a fiat currency that can be printed into oblivion, and consequently worthless. Bitcoin cannot.
And the guns and armies and bullets of any country can go away when their fiat currency, like the dollar will some day, collapses when we print money into oblivion to pay for socialistic fantasies that nobody can afford.
Bitcoin, and crypto in general is in the early adoption phase, which is by it’s nature volatile. I admire the concept of critical thinking, so absolutely be critical . But watch this technology, because it, or it’s successor, has the possibility to do to the financial markets what the internet did for information access. If it is a success, and I think it has a good chance, then there will be plenty of upside in the future to jump in.
I think you have made up your mind no matter what anyone says. In any event time will tell.
Bitcoin followup
Something even less intrinsic than paper.
sounded like another Beanie Baby scheme to me
One thing that is lost on the general population in the price of bitcoin hype is that the potential of BTC being the new world reserve currency really isn’t the biggest and most amazing thing about crypto currency.
The biggest deal for the next couple hundred years for us humans is the blockchain. The currency just supports it in the processing of the blockchain, but it is the blockchain that is revolutionary.
-It is an absolutely decentralized, secure ledger of whatever you want to put on it, be it a currency, store of value, .... or legal documents of any type, or patent, or voting records, or ... and we don’t even know everything this could do for decades until we get to that point.
The blockchain IS revolutionary. It uses the internet in not just information, but verification and authentication.
It’s a limited supply of nothing.
B4L
To follow up;
The internet information filled with both truth and false information, is just chaos.
A blockchain which authenticates and verifies information sorts out truth.
It’s simple. Bitcoin is something you buy and it takes you to the Moon.
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