Are y'all buying BTC?

[NYdude]

Would someone be nice enough to give a simple explanation on Bitcoin. Seems like im left out here..

Bitcoin is programmable money that is deflationary by design and no government in the world can control or confiscate. As long as you remember 12-24 words, you can keep your wealth in your memory and transfer move anywhere in the world without restrictions. Your mind is your wallet.

If you trust your government explicitly, then you don't need it, but if there is even 1% of doubt in your belief into your government (hint - inflation that government pushed on all of us by printing trillions), maybe a good idea to allocate some percentage of your savings into Bitcoin.


Hope this helps.

 

[Red Flamingo]

I never believed in this kind of crypto currency...

 

[Banana Republic]

Bitcoin is programmable money that is deflationary by design and no government in the world can control or confiscate. As long as you remember 12-24 words, you can keep your wealth in your memory and transfer move anywhere in the world without restrictions. Your mind is your wallet.

If you trust your government explicitly, then you don't need it, but if there is even 1% of doubt in your belief into your government (hint - inflation that government pushed on all of us by printing trillions), maybe a good idea to allocate some percentage of your savings into Bitcoin.


Hope this helps.

Sorry I think Bitcoin is not programmable but Ethereum, Cardano are.

 

[Red Flamingo]

Sorry I think Bitcoin is not programmable but Ethereum, Cardano are.

IT Genius

 

[Banana Republic]

I'm not a genius.
Satoshi, Vitalik, Charles those guys are the genius.

 

[Canaduh]

Gold and silver dumb ass. Bitcoin will go to zero, it is backed by nothing just like fiat currency.

 

[luvthe drake]

I guess it might work but the Government will be the one to determine how. If they do not allow you to pay by tapping your phone then it will never work.

In China - they are exploring digital Yuan. Most payments - even donating to a street busker is done by scanning the QR code and depositing the amount. Paying by WeChat is the norm over there.

We, here is the west are so far behind in that way.

You mean we're so far behind our every single move and $ spent being accurately tracked ..not far enough.
Our great leader is searching for ways to speed that up as best they can..there may be some pushback....

 

[NYdude]

Gold and silver dumb ass. Bitcoin will go to zero, it is backed by nothing just like fiat currency.

Really???




1
Nasa plans to launch a mission to the 'golden asteroid' this summerCredit: Maxar/ASU/P. Rubin/NASA/JPL-Caltech
The expensive asteroid is called 16 Psyche.

It's speculated to be worth $10,000quadrillion.

In comparison, the world's economy is currently worth around $84.5 trillion.

Psyche could have enough gold to make us all billionaires.



Where is the asteroid containing Bitcoin?

 

[NYdude]

Sorry I think Bitcoin is not programmable but Ethereum, Cardano are.

Respectfully, you are wrong there sir. Ethereum and Cardano are world computers - they have tokens which allow you to interact with those world computers. Bitcoin is money.

 

[hookerpuncher]

Really???




1
Nasa plans to launch a mission to the 'golden asteroid' this summerCredit: Maxar/ASU/P. Rubin/NASA/JPL-Caltech
The expensive asteroid is called 16 Psyche.

It's speculated to be worth $10,000quadrillion.

In comparison, the world's economy is currently worth around $84.5 trillion.

Psyche could have enough gold to make us all billionaires.

Are you that naïve to believe we can come remotely close to mining this thing within a few generations if not centuries. The cost of backing such a mission would make the return unrealistic and force the price of precious metal commodities even higher from the input cost.

And a reminder to what happens to crypto bros that think digital currency is our future:

https://www.reddit.com/r/Torontology/comments/vde8dz

 

[NYdude]

Are you that naïve to believe we can come remotely close to mining this thing within a few generations if not centuries. The cost of backing such a mission would make the return unrealistic and force the price of precious metal commodities even higher from the input cost.

And a reminder to what happens to crypto bros that think digital currency is our future:

https://www.reddit.com/r/Torontology/comments/vde8dz

Explain to me with inflation in double digits gold's price for the past 10 years then?



and just for fun - silver



there is no limit to Gold and Silver supply - understand that and you will understand inflation - just like printing money, they can mine as much as they want.

 

[Banana Republic]

Respectfully, you are wrong there sir. Ethereum and Cardano are world computers - they have tokens which allow you to interact with those world computers. Bitcoin is money.

Hi NYdude,

I'm not arguing whether bitcoin is money or not. I'm just saying bitcoin is not programmable.

Cheers.

 

[Banana Republic]

Are you that naïve to believe we can come remotely close to mining this thing within a few generations if not centuries. The cost of backing such a mission would make the return unrealistic and force the price of precious metal commodities even higher from the input cost.

And a reminder to what happens to crypto bros that think digital currency is our future:

https://www.reddit.com/r/Torontology/comments/vde8dz

I think NYdude need to watch Don't Look Up (the movie)

 

[hookerpuncher]

Explain to me with inflation in double digits gold's price for the past 10 years then?

View attachment 223436

and just for fun - silver

View attachment 223437

there is no limit to Gold and Silver supply - understand that and you will understand inflation - just like printing money, they can mine as much as they want.

Cause historically they've been the only hedge against hyper inflation and continue to be throughout time.

I'll throw the same question back at you. With inflation nearing double digits why is Bitcoin down 70%+ from the high as this was this generations hedge against it considering it's a "stable" asset.

There's a finite amount of the physical commodity on earth. Just going out to mine isn't something that can be done on a whim. All metal commodities act in the same way. Artificially creating a product and limiting its supply doesn't have the same effect.

 

[NYdude]

Cause historically they've been the only hedge against hyper inflation and continue to be throughout time.

I'll throw the same question back at you. With inflation nearing double digits why is Bitcoin down 70%+ from the high as this was this generations hedge against it considering it's a "stable" asset.

There's a finite amount of the physical commodity on earth. Just going out to mine isn't something that can be done on a whim. All metal commodities act in the same way. Artificially creating a product and limiting its supply doesn't have the same effect.

Bitcoin is down? have you looked at the chart? Plus sign usually means up. Same chart as gold - 10 years

 

[hookerpuncher]

Bitcoin is down? have you looked at the chart? Plus sign usually means up. Same chart as gold - 10 years

View attachment 223454

LOL are you really trying to justify your position with showing an all time chart of Bitcoin. No one got into using it as a mainstream commodity till the past 7 years. The majority of investors bought into the craze over the last decade and from its initial surge from low thousands to 10k is when it gained notoriety as an asset. Keeping things relative, how much of a dip from the peak did Bitcoin drop versus gold hitting its peak? There's your answer. This is like me saying I bought gold for $20 an ounce.

Pull up the all time chart of gold and tell me the increase.

 

[NYdude]

LOL are you really trying to justify your position with showing an all time chart of Bitcoin. No one got into using it as a mainstream commodity till the past 7 years. The majority of investors bought into the craze over the last decade and from its initial surge from low thousands to 10k is when it gained notoriety as an asset. Keeping things relative, how much of a dip from the peak did Bitcoin drop versus gold hitting its peak? There's your answer. This is like me saying I bought gold for $20 an ounce.

Pull up the all time chart of gold and tell me the increase.

let me be clear, i am not trying to shill Bitcoin here, I was answering question someone asked earlier about Bitcoin.
I dont need to convince you that it is superior form of money, you are free to believe whatever you want.

 

[MrBnH]

Really???




1
Nasa plans to launch a mission to the 'golden asteroid' this summerCredit: Maxar/ASU/P. Rubin/NASA/JPL-Caltech
The expensive asteroid is called 16 Psyche.

It's speculated to be worth $10,000quadrillion.

In comparison, the world's economy is currently worth around $84.5 trillion.

Psyche could have enough gold to make us all billionaires.



Where is the asteroid containing Bitcoin?

Gold will drop to $1/ounce if they bring that home........

 

[hookerpuncher]

let me be clear, i am not trying to shill Bitcoin here, I was answering question someone asked earlier about Bitcoin.
I dont need to convince you that it is superior form of money, you are free to believe whatever you want.

I beg to differ but keep preaching your scam coin versus time honored assets. It lost all viability when it had to transition away from silk road. Nothing anonymous about Bitcoin due to forensic accounting keeping up with it, so its another shit currency. But keep loading up and leveraging it, I'll gladly take the options contracts against it and see more base jumpers making Jackson Pollock paintings on our sidewalks.

 

[lasslicker]

One explanation of gold's value

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