BitCoin

eskbanker

fun4everyone wrote: »

the value it provides is incredible

Nice turn of phrase, and literally accurate....

Alexland

fun4everyone wrote: »

The underlying value of bitcoin is that the ledger and transaction history cannot be altered by anybody.

To your credit you did try, but that's blockchain technology not the value of the currencies. It's a bit like muddling the very clever encryption supporting your online banking connection with the money in your account.

Alex

fun4everyone

fwor wrote: »

Sorry, but you are quoting the general attributes of a blockchain-based cryptocurrency and saying that only Bitcoin has those attributes.

That's not true - anyone can copy Bitcoin, and many people have. The way that Bitcoin works is not secret, nor is it unique.

Alexland wrote: »

To your credit you did try, but that's blockchain technology not the value of the currencies. It's a bit like muddling the very clever encryption supporting your online banking connection with the money in your account.

What you are both failing to get your head around is that there is nobody in charge of bitcoin. I already mentioned this in my post and this is a key point as to why there is no true competitor and no fraud or manipulation possible. It is fashionable amongst people who do not understand what is happening to say "I dont like bitcoin but I believe in blockchain technology". That is a nonsense as the value in the verifiable ledger comes from no centralisation. It is (nearly) impossible for someone to create a new crypto that has true decentralisation like bitcoin.

John_G_Jones

fun4everyone wrote: »

You will get close to zero useful posts about bitcoin in reply given only a handful of members here actually understand it. That said, if you want to buy real bitcoins an easy place to start is coinbase or bitpanda. Quite high fees though and there are other methods so dyor.

I understand it pretty well and am comfortable to say it’s not an investment, it’s a gamble, so only put money in that you are happy to lose.

masonic

fun4everyone wrote: »

What you are both failing to get your head around is that there is nobody in charge of bitcoin. I already mentioned this in my post and this is a key point as to why there is no true competitor and no fraud or manipulation possible. It is fashionable amongst people who do not understand what is happening to say "I dont like bitcoin but I believe in blockchain technology". That is a nonsense as the value in the verifiable ledger comes from no centralisation. It is (nearly) impossible for someone to create a new crypto that has true decentralisation like bitcoin.

The measure of decentralisation is the number and distribution of nodes. As such, Ethereum and Bitcoin are more or less on a par.
https://bitnodes.earn.com/dashboard/
https://www.ethernodes.org/network/1

Achieving decentralisation is relatively facile. You just need to recruit a sufficient number of people, preferably spread around many jurisdictions of different character. A few thousand nodes so distributed would provide for long term security.

John_G_Jones

Alexland wrote: »

So I am ignorant of what you are unable to explain?

Alex

I do enjoy getting a bit of a laugh from posters like that.

A sensible post pointing out, in effect, that Bitcoin pays no interest, dividend or coupon is not countered by facts (and never is), it’s countered by insults and bluster.

And of course, the angry posters know better than everyone else but mysteriously have never turned their expertise into a career in finance.

John_G_Jones

ExremelyCautiousSocialist wrote: »

The fact so many people get a large emotional reaction to Bitcoin when its mentioned is bullish sign not bearish. 85% discount right now on ATHs and tons of people/media saying negatives... this is when you start to accumulate.
Coinbase, kraken good places to buy.

Go on then, 85% discount to what?

fwor

fun4everyone wrote: »

What you are both failing to get your head around is that there is nobody in charge of bitcoin.

Ok - so here's a little test for someone like you who really understands Bitcoin:

One of the basic fundamentals to the "value" of Bitcoin is how much computing effort is required to mine a Bitcoin.

Who decides how much effort is required to mine a Bitcoin? (I'll give you a clue: it's not "nobody").

ExremelyCautiousSocialist

fwor wrote: »

Sorry, but you are quoting the general attributes of a blockchain-based cryptocurrency and saying that only Bitcoin has those attributes.

Yes but the important part is bitcoin is BY FAR the most decentralized/distributed which are the most important things to worry about with a crypto currency.

ExremelyCautiousSocialist

John_G_Jones wrote: »

Go on then, 85% discount to what?

85% discount to the ATHs (all time highs) as was stated in the post. Its basic reading and math skills people come on.