Bitcoin

[Poser]

I think we are all in agreement that the BTC blockchain software algorithm is extraordinarily complex and sophisticated to support the BTC environment

But does anyone really believe that a single guy, Satoshi Nakamoto, created the software, debugged the software, and stress tested it in a real world environment?

Or do you believe a software algorithm that sophisticated came frame a govt agency (think NSA) or a massive software developer (Microsoft, Google).

What seems more plausible? Massive govt/corporate agency or a single guy or couple of guys writing code?

If you dont know the answer to this question, how can you possibly trust BTC with your family’s future?

I think you're confusing trusting a person with trusting the math. The entire point of Bitcoin is that we don't need to know who wrote it. The code is open-source. It has been audited by the world's best cryptographers, computer scientists, and hackers for 15 years now. And, the V1 version did have bugs in it which were improrved on overtime by the community.

And, why would the NSA create a sovereign, censorship-resistant currency that directly threatens the hegemony of the US dollar? If the NSA built Bitcoin, it may just be the greatest self-own in the history of underground espionage. Don't you think it’s far more plausible that it was built by a cyberpunk who wanted to separate money from state, rather than the state trying to destroy its own monetary control.

Occam's Razor: The explanation with the fewest necessary assumptions is usually the correct one.

 

[IdahoElk]

I think we are all in agreement that the BTC blockchain software algorithm is extraordinarily complex and sophisticated to support the BTC environment

But does anyone really believe that a single guy, Satoshi Nakamoto, created the software, debugged the software, and stress tested it in a real world environment?

Or do you believe a software algorithm that sophisticated came frame a govt agency (think NSA) or a massive software developer (Microsoft, Google).

What seems more plausible? Massive govt/corporate agency or a single guy or couple of guys writing code?

If you dont know the answer to this question, how can you possibly trust BTC with your family’s future?

They used BC as beta testing for

I think you're confusing trusting a person with trusting the math. The entire point of Bitcoin is that we don't need to know who wrote it. The code is open-source. It has been audited by the world's best cryptographers, computer scientists, and hackers for 15 years now. And, the V1 version did have bugs in it which were improrved on overtime by the community.

And, why would the NSA create a sovereign, censorship-resistant currency that directly threatens the hegemony of the US dollar? If the NSA built Bitcoin, it may just be the greatest self-own in the history of underground espionage. Don't you think it’s far more plausible that it was built by a cyberpunk who wanted to separate money from state, rather than the state trying to destroy its own monetary control.

Occam's Razor: The explanation with the fewest necessary assumptions is usually the correct one.

You don't think Bitcoin is the gov. beta testing to replace the dying dollar?

 

[MountainTracker]

I think we are all in agreement that the BTC blockchain software algorithm is extraordinarily complex and sophisticated to support the BTC environment

But does anyone really believe that a single guy, Satoshi Nakamoto, created the software, debugged the software, and stress tested it in a real world environment?

Or do you believe a software algorithm that sophisticated came frame a govt agency (think NSA) or a massive software developer (Microsoft, Google).

What seems more plausible? Massive govt/corporate agency or a single guy or couple of guys writing code?

If you dont know the answer to this question, how can you possibly trust BTC with your family’s future?

Aliens

The alternative is to put your trust in a massive gov agency run by a couple of guys printing all day, who don’t care about your family’s future.

Which one seems more crazy?

Idk if one, two or a thousand guys created it but I do know it’s based on energy, math, and is limited. All three of those things can’t be faked.


Sent from my iPhone using Tapatalk

 

[fmyth]

Personally, I think what is propping up Bitcoin is;
1) the Trump clan thinks they can make money off of it,
2)The greater fool theory
3) sure financial companies are getting into it...but not in the way it implies. They make a % from Crypto products sold. They can utilize highly sophisticated trading strategies to make money from it that puts the avg individual is at the mercy of these very savvy traders- like the recent story of huge $88 million gains in one day from shorting it.

It's been a huge win for the few that were in early- can't argue with that....but is it like the guy that wins a big jackpot then gambles it all back? Of course the lucky few with profits are going to talk it up to the next guy- it's in their best interest.....see #2.

What about the guy that bought it at $90,000 or thereabouts? Sure you might make money but just understand the risk is off the chart.

Risk is the price you pay for returns. If you want low risk you get low returns. Many of us want high returns and are willing to accept higher risk.

 

[Poser]

You don't think Bitcoin is the gov. beta testing to replace the dying dollar?

No, I don't. If the US Govt replaces the dollar with a cyrpto, it won't be a tool for freedom like Bitcoin. It will be the opposite: A tool for surveillance and monetary policy. And, if Bitcoin is a government beta test, it's the worst designed beta test in history of all civilization because it tests the one thing the government hates: Fixed Supply. You can't have Quantitative Easing with fixed supply. You can't print currency to fund wars with a fixed supply. You'd have to be really optimistic about the intentions of any administration who wants to give up all of that power.

A currency that replaces the dollar would realistically look more like Venmo, but the Federal Reserve would be the Admin with a "Freeze Account" button. The replacement currency would just be a digital version of the USD. It would likely be issued directly by the Federal Reserve, bypassing commercial banks in some ways.

But, if you do believe the US Gove't intends to replace USD with Bitcoin, then I'd think it wise to be stacked with Bitcoin, otherwise, its 1863 and you're sitting on a stack of Confederate 2 dollar bills.