Bitcoin

[Historybuff]

 

[MountainTracker]

Hey all,

With the current price of btc I wanted to throughout some things to do or be aware of bc scammers are out in full force trying to steal from you.

Never click on an unsolicited links coming from unknown phone numbers or emails.

If you receive a direct call assume it is a scam.

Set up 2FA rather then SMS

None of the exchanges will ever ask for your passwords, 2FA, or ask you to click on a link through a phone call.


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[Idaboy]

Bitcoin is money. Your dollar bill is a currency. Bitcoin is hard. Hardest asset in the history of man. And it absolutely can't be f'd with. Ban bitcoin you only hurt yourself. Any attack on bitcoin only makes it more powerful. Better study bitcoin or your progeny will know you were silly goose

I get that point....but aren't the crypto currencies competing with each other, eg ether vs bitcoin? It very well seems a new hard asset class....Its like a barter system instead of currency?....eg I'll trade you my house or some amount of bitcoin, for land....trading hard assets.....my land can't get divided, or hacked....I still would be skeptical of the 21M cap everyone touts, which seems a major basis for btc value

 

[MountainTracker]

I get that point....but aren't the crypto currencies competing with each other, eg ether vs bitcoin? It very well seems a new hard asset class....Its like a barter system instead of currency?....eg I'll trade you my house or some amount of bitcoin, for land....trading hard assets.....my land can't get divided, or hacked....I still would be skeptical of the 21M cap everyone touts, which seems a major basis for btc value

Aren’t all currencies competing with each other? We operate in a barter system, using fiat. I’ll trade you my fiat for your house, hard assets, land for what we barter on is a fair exchange for that fiat. Your land can be seized and divided as needed. I would suggest reading the btc white paper. Unless you can read and understand cryptography then you’ll have to remain skeptical of the 21M btc.

We are told there is a limited amount of gold, but no one can tell you the limit, new veins of gold that are worth $100s of billions of dollars are located regularly. At this point I’d be more skeptical that there will be any social security left for anyone in the near future. Congress just tried to change the age from 65 to 70 with this last round of bills.


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[Snowwolfe]

Congress just tried to change the age from 65 to 70 with this last round of bills.
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You do realize if you were born after 1960 the age to collect was pushed from 65 to 67, don't you?

 

[ozyclint]

We are told there is a limited amount of gold, but no one can tell you the limit, new veins of gold that are worth $100s of billions of dollars are located regularly.

'Located'? So what. $100's of billions of gold sitting in the ground doesn't magically turn into 400oz bars sitting in a vault.
The critical thing being that gold is an actual physical entity. The exploration for, mining, processing and refining, transport and storage requires actual REAL broad economic activity.

I don't consider a warehouse full of computers consuming electricity to be economic activity of real societal benefit.

 

[Mighty Mouse]

I don't consider a warehouse full of computers consuming electricity to be economic activity of real societal benefit.

Does the Internet facilitate “economic activity of real societal benefit”? Because you just described the Internet.

 

[MountainTracker]

You do realize if you were born after 1960 the age to collect was pushed from 65 to 67, don't you?

Yes, the point was the systems we have been sold are not going to be available to us in the future. Thanks for age correction.


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[MountainTracker]

'Located'? So what. $100's of billions of gold sitting in the ground doesn't magically turn into 400oz bars sitting in a vault.
The critical thing being that gold is an actual physical entity. The exploration for, mining, processing and refining, transport and storage requires actual REAL broad economic activity.

I don't consider a warehouse full of computers consuming electricity to be economic activity of real societal benefit.

So you’re saying energy is needed to bring gold to the market and one would assume the price of gold would need to be high enough to pay for all the energy used to bring it there?

I know of a gas and mineral mining company that built and multi million dollar warehouse full of computers to mine for btc. They collect the off gases and transport them to the warehouse where the gases are used to run generators that power the miners. Before they did this the company had to pay for someone else to come and dispose of the unneeded energy and they had to pay taxes. Now they get a tax credit and they store that “unneeded energy” for future use in the form of btc. So people get paid to mine the gas, pump the gas, move the gas, run the miners etc… sounds like economic value to that area.

In Norway there is a large warehouse full of computers mining btc. These miners are powered by energy from hydro electric, the miners heat large fish drying facilities which are critical to the local economy, which provides value. They also get value from the btc mined , so double value.

These are just a few examples of value, there are many more. Just bc you don’t consider it an economic value to you personally doesn’t mean there isn’t economic and societal value to the people that do use it.

Generally a higher energy consumption of a country is associated to a higher GDP.


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[Idaboy]

So is btc and ether then lime gold and silver....I am still at a loss about as more crypto currencies potentially come on line, how is that gonna play out

 

[ozyclint]

Does the Internet facilitate “economic activity of real societal benefit”? Because you just described the Internet.

The internet is orders of magitude more useful to society than Bitcoin.

 

[IBen]

So is btc and ether then lime gold and silver....I am still at a loss about as more crypto currencies potentially come on line, how is that gonna play out

Do you think you are the first person to ask these questions?

 

[Idaboy]

No, I don't......predictions suggest that quantum computing chips can likely solve crypto code, and so whether it's quantum or something else, Im not convinced crypto is "forever proof", not saying it doesnt have a place in a portfolio, or a place in financial transactions.....I am sure 10-20 yrs from now we will all be using, doesn't mean it's failsafe

 

[IBen]

No, I don't......predictions suggest that quantum computing chips can likely solve crypto code, and so whether it's quantum or something else, Im not convinced crypto is "forever proof", not saying it doesnt have a place in a portfolio, or a place in financial transactions.....I am sure 10-20 yrs from now we will all be using, doesn't mean it's failsafe

“the Willow chip’s 105 qubits fall far short of the estimated 13 million qubits needed to threaten Bitcoin’s encryption.”

 

[Idaboy]

Good to know

 

[MountainTracker]

The internet is orders of magitude more useful to society than Bitcoin.

Just some things to consider.

When gunpowder was first invented it was mostly used for fireworks and magic tricks. Then it moved to warfare in the form of fire arrows. It wasn’t until much later that gun powder was used in rifles bc of that humanity has been effected in so many ways.

When the first car was invented no one wanted one, there was even a push to only use horse and buggy bc those cars were unreliable. Now we have vehicles that can drive themselves.

When planes were invented, US military leadership balked at the idea of using them in warfare. Now we have drones flying all over the world.

When the internet was introduced to the world, people downplayed its future significance. “No one will ever buy anything on the internet, it’s not secure.” Well here we are with that.

Point is if a new technology was invented for the monetary system, a new way to store value, what would it look like, would we recognize it?

I believe that technology to be btc. in all of the examples above all started small with much push back from the existing world views. However, their usefulness was recognized and are now used in our lives in some form or fashion.

Might want to get some incase it catches on.


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[ozyclint]

I see your point.

I just bought half a dozen Bitcoins

 

[gearguywb]

You do realize if you were born after 1960 the age to collect was pushed from 65 to 67, don't you?

This is misleading. Fro "full retirement" then true, but you can start collecting at age 62. You need to do some math to see if the added dollars are worth waiting for. It is nowhere near as clear cut as many believe.