So you basically exchange your $ for a bitcoin, and then use that bitcoin at places that accept it, taking a chance, and a risk with investing your $ into a bitcoin, a digital currency with no backing. Sounds very risky to me.
the founder operates under a pseudonym, for obvious reasons i guess. Abiding Now, the 'currency for the beast' would naturally exhibit properties that would make you pretty uncomfortable with the $. The supply of BTC comes from a proof-of-work, verified by other BTC 'miners,' meaning that as miners process transactions, more BTC is mined out. The system is bulletproof as long as no one miner is able to get enough computing power to overcome it, and the top 500 supercomputers together would no longer be enough. Going down the list here...the money you have isn't controlled by any government...the black market argument strikes me as a strawman, with every $100 bill in circulation containing traces of coke (and blood, i bet). Another quick note @ 'supply;' you can easily become a miner, should you desire; the code is open-source, and BTC provides all the earlier block chains for download. It is a fiat currency, a la Lincoln's 'Greenbacks,' which worked great. It overcomes the issues of a 'standard' for money.
It can be manipulated, just like any other currency; and in fact, the recent moves by China--which did not even test the BTC floor, btw--and the head fake by the NSA (? i think) claiming that they are going to unwind their substantial position, without actually having offered any for sale (and don't hold your breath, either, imo) may be considered market manipulation. The new Android devices are here, with BTC preloaded. If you go to youtube and search 'bitcoin,' there are lots of videos there, and i can prolly still find the 'original,' which is pretty dry unless you're a prog, or if you have any more Qs, i got a little more education on it than i need, lol. It is legitimate to say that the $ has lost ~95% of it's value to BTC since its inception, although i'm not sure that that has any meaning real-world, since it was new.
It is legitimate to say that the $ has lost ~95% of it's value to BTC since its inception, although i'm not sure that that has any meaning real-world, since it was new.
What do you mean by this?
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So you basically exchange your $ for a bitcoin, and then use that bitcoin at places that accept it, taking a chance, and a risk with investing your $ into a bitcoin, a digital currency with no backing. Sounds very risky to me.
In the early days, perhaps, but the risks now essentially reduce to much better ones than you have with the dollar, and translate to essentially fear of the internet going down entirely, and never coming back up; and even then the latest blockchains would still exist on multiple--many thousands, and prolly millions of pcs. A chief feature of BTC is that it is not centralized; there is no central server.
Although practically speaking, for most reading this, i would advise just buy-and-hold BTC as a hedge, and recog that BTC was worth like a quarter each until just pretty recently, and many, many, savvy investors buying in is why the price is where it is now, which seems to be a pretty solid floor @ $600.
well, they were a nickel apiece for years, i guess is the rationale there. i came back to say that while BTC will almost surely rise, and is good for a buy and hold hedge right now, honey lasts forever, and you can eat it. Not the honey at the grocery store tho, k?
the founder operates under a pseudonym, for obvious reasons i guess. Abiding Now, the 'currency for the beast' would naturally exhibit properties that would make you pretty uncomfortable with the $. The supply of BTC comes from a proof-of-work, verified by other BTC 'miners,' meaning that as miners process transactions, more BTC is mined out. The system is bulletproof as long as no one miner is able to get enough computing power to overcome it, and the top 500 supercomputers together would no longer be enough. Going down the list here...the money you have isn't controlled by any government...the black market argument strikes me as a strawman, with every $100 bill in circulation containing traces of coke (and blood, i bet). Another quick note @ 'supply;' you can easily become a miner, should you desire; the code is open-source, and BTC provides all the earlier block chains for download. It is a fiat currency, a la Lincoln's 'Greenbacks,' which worked great. It overcomes the issues of a 'standard' for money.
It can be manipulated, just like any other currency; and in fact, the recent moves by China--which did not even test the BTC floor, btw--and the head fake by the NSA (? i think) claiming that they are going to unwind their substantial position, without actually having offered any for sale (and don't hold your breath, either, imo) may be considered market manipulation. The new Android devices are here, with BTC preloaded. If you go to youtube and search 'bitcoin,' there are lots of videos there, and i can prolly still find the 'original,' which is pretty dry unless you're a prog, or if you have any more Qs, i got a little more education on it than i need, lol. It is legitimate to say that the $ has lost ~95% of it's value to BTC since its inception, although i'm not sure that that has any meaning real-world, since it was new.
I used the term "black market" but let me clear that up. I didnt mean it in a way that points to evil intent.
if you sell a nice wood carving to someone in exchange for something (even dollars) where you intend that transaction to be untouched by government (no sales tax, no income/capital gain etc) you are doing so in a "black market way... in the way I meant it.
for some that is an attaction. Go to the dentist and pay in bitcoin. the transaction can be sheilded from government.
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I used the term "black market" but let me clear that up. I didnt mean it in a way that points to evil intent.
if you sell a nice wood carving to someone in exchange for something (even dollars) where you intend that transaction to be untouched by government (no sales tax, no income/capital gain etc) you are doing so in a "black market way... in the way I meant it.
for some that is an attaction. Go to the dentist and pay in bitcoin. the transaction can be sheilded from government.
well, this is not really true, as the recent huge BTC theft is proving, i guess. While your BTC is stored in an 'anonymous' wallet, the dentist, say, will have to open the wallet to spend the BTC, and if he does so in a way that provides any trail back to the wallet, such as receiving goods at his address, etc., then anonymity is lost. Anonymity might seem like a feature, but really it is not, and was not intended i don't think.
Another note on BTC manipulation is that while it can potentially be manipulated by investors, it cannot be manipulated by just printing more of it, or literally removing it from circulation.
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