Bitcoins

Satoshi

JohnRo wrote: »

It's called progress..
in the words of Ghandi "Healthy discontent is the prelude to progress"

but you're right... far too much wasted energy. Let's just stop this madness now and allow the crooks running the corrupt, privileged, monopoly money cesspit to continue enriching themselves at everyone else's expense.

So, how were you going to stop it again?

By going back to sound money, commodity backed money.

Satoshi

seems to be stabilising, does that mean more buyers come in here or those want to take profits and sell here?

Looking at the long term chart to buy here looks like your buying at the very top all time high!!!!!!!!!!!!

If there is a big drop soon Im buying some more.

JohnRo

Satoshi wrote: »

By going back to sound money, commodity backed money.

It doesn't work, it's a utopian nonsense killed by fiat money and human nature, which always collapses because those who control it always abuse it. We've all got to where we are, like societies and financial collapse throughout history, by travelling down that road already.

What's required is change, something completely new, revolutionary if you like, and that's equity and trust in a system run by everyone for everyone, a financially connected world where money monopoly privileges cannot be abused because they cannot be obtained.

There's no hope of fighting against the system of arbitrary power, privilege and control handed to a select few banking elites by the establishment, government and regulators, to keep themselves in the manner they're all accustomed to, by empowering the corruption they all feed off.

The solution offered by something like btc is to take a different direction and step around the power and corruption of bankers, to basically make them surplus to requirement and ultimately make them redundant along with the problems they create.

DominicJ_2

BoracicLint wrote: »

The 'wasted energy' as you call it is exactly where Bitcoins intrinsic value comes from. Everyone says it's just conjured out of thin air, but the massive amounts of energy expended on mining, and the proof-of-work requirement of every new block added to the blockchain is what gives Bitcoin inherent value.

That would only be the case if a Bitcoin can be reversed.
You cant eat your cake and have it to.

paddyrg

Within the last 24h the 'value' has ranged from $900 to $500 - that's not a rational market, that's incredibly unstable. It is pure gambling just now.

Satoshi

JohnRo wrote: »

It doesn't work, it's a utopian nonsense killed by fiat money and human nature, which always collapses because those who control it always abuse it. We've all got to where we are, like societies and financial collapse throughout history, by travelling down that road already.

What's required is change, something completely new, revolutionary if you like, and that's equity and trust in a system run by everyone for everyone, a financially connected world where money monopoly privileges cannot be abused because they cannot be obtained.

There's no hope of fighting against the system of arbitrary power, privilege and control handed to a select few banking elites by the establishment, government and regulators, to keep themselves in the manner they're all accustomed to, by empowering the corruption they all feed off.

The solution offered by something like btc is to take a different direction and step around the power and corruption of bankers, to basically make them surplus to requirement and ultimately make them redundant along with the problems they create.

you are talking about the cycle going from currency over to money and back again.

JohnRo

I'm not sure what you're getting at, the two are interchangeable. I'm talking about why the technology behind btc is the future.

The sole purpose of a commodity backing a paper ticket or a number on a screen is to create an equivalent level of trust in those holding and exchanging tickets as they might otherwise have exchanging the commodity itself. The commodity itself serves no practical use in almost all those transactions though, so unless everyone everywhere is able to audit that commodity then it means very little anyway.

What I'm saying is that trust is all that really matters and the banking system has that in shrinking amounts.

sabretoothtigger

paddyrg wrote: »

Within the last 24h the 'value' has ranged from $900 to $500 - that's not a rational market, that's incredibly unstable. It is pure gambling just now.

Reference the news and it makes a bit more sense. This is similar again to how shares move, its based on reasons.

The price peaked around the time USA congress declared BTC a legal currency.
Not that it would cease to exist but having a superpower not hunting down your operations probably counts a fairly big blip in your favours

csm888

paddyrg wrote: »

Within the last 24h the 'value' has ranged from $900 to $500 - that's not a rational market, that's incredibly unstable. It is pure gambling just now.

Its gambling if you look at it using short intervals, minutes & hours. If you take weekly, monthly candles on a logarithmic chart, its not much of a gamble, there is tremendous short term volatility but over time the trend is unmistakable. The trend is orders of magnitude over years. The volatility is 50% over hours. Traders always manipulate small markets to their advantage, and this won't stop until the market deepens considerably.

You can speculate, invest, gamble call it what you will, on something that is without doubt gaining some considerable momentum. Or you can stand on the side lines, swimming in negativity, craving the status quo, and not believing that some radical idea can come along and significantly change world finance, and there is a small chance you might have the satisfaction of 'i told you so' in a year or two.

Satoshi

Currency and money have the same qualities but money is a lasting store of value over long periods of time. IE thousands of years.

Lots of things have been currency sticks shells paper, only two things are money in and of themselves - gold and silver.

For thousands of years the momentary cycle has repeated where montary systems go from money over to currency and back again. Bitcoin is like fiat just currency. The cycle will repeat again and monetary systems will sometime in the future be based on gold and silver money again this will kill bitcon.