“I can take a dollar and place it in my wallet, its real. Bitcoins have no physical form in the real world. And printouts don’t count.”
a dollar is a piece of paper with a given value and serial number. it is a printout! the only difference is that the leadership we are under prints it and controls it at the barrel of a gun. they can also take it and devalue it anytime as has proven in EVERY instance of fiat currency.
a bitcoin is basically a private number that can only be used by another individual with a certain private number. it goes beyond government or printers or organized banking.
1. nobody can determine who the individuals are if certain precautions are used.
2. every single transaction is public and recorded yet identity can be private.
3. the algorithm is designed so it would take more computing electrical energy to crack it than the number is worth.
4. a number is forever and can be stored on any known media. including mental memory.
“And its only trade-able IF someone else agrees that it is. I can’t go to my local Krogers and use bitcoins nor the local gas station. Bottom line Bitcoins are vapor Mt. Gox proved such. And their plummeting value shows they are nothing but a bad investment.”
A paper dollar is only acceptable if someone agrees to it too. A government can make it worthless in one decree and ALL fiats have become so in the past. a dollar can be destroyed (or simply rot) and bank records can be lost.
You don’t use bitcoin for gas stations because we have a prevailing local currency. Bitcoin is only for certain transactions where privacy is needed. you can exchange the equivalent in billions of dollars without paper cash or banks.
Mt Gox was a bank hacking/theft where the equivalent of nearly $500 Million was stolen from customers. It was not a flaw in the bitcoin system. It was no different from any bank hack except the anonymity let the thieves escape.
They didn’t have to store it there and bitcoin needs no bank. Bitcoin is NOT an investment by any means. Personally I would never hold it longer than needed to exchange.
There is no perfect instrument but bitcoin has a purpose and is NOT worthless
That is a pretty big difference hahahah.
7% of all bitcoins just vanished. And you are trying to tell us the system is safe.
Sorry but reality trumps wishful thinking every time.