>fiat
>controlled by Fed and IMF throughout the world (except for North Korea)
>low interest rates for last 8 years in United States
>getting ready for hyperinflation to save stock market
>fiat becomes worthless
>bitcoin
>limit supply like gold, except finite
>fast transactions
>decentralized, cannot be controlled
>literally the perfect currency for human society
WHY ARE YOU NOT BUYING ALL THE BITCOIN YOU CAN RIGHT NOW BEFORE IT GOES TO $100,000 PER COIN?
FIAT U.S. DOLLAR AND CHINESE YUAN FAGS BTFO
muuuh central banking
really makes you think
FIAT FAGS BTFO
>i have bitcoin and nobody want to buy them
Stop trying to fool us, bitcoins are going nowhere, and will not have any future, unless peoples who rules financially this world will make their own crypto-currency.
Looks promising.. I heard InfoGoys talking about this alot
>yo-yo currency that's never been stable
>"""replace""" real currency
Explain to me why low interest rates are bad to anything but the kikes.
If it really went all the way 1 bitoin would be worth well over $1,000,000
The chances of that happening are 50,000:1 though. Still it's good odds for a lottery ticket.
bitcoin is and always will be a Ponzi scheme
buttcoin is still around?
>>limit supply like gold, except finite
when the power goes out where do your buttcoins go?
>i had 1 million buttcoins on this cd but it got scratched
>when the power goes out where do your buttcoins go?
Power has been around for over 100 years.. it wont go
the low interest rate set by the Fed allows for banks to highly leverage themselves and speculate even more because they know for a fact that they will get bailed out if another crash happened. 2008 occurred because of the too big to fail ideology. i do believe that money creation is a good thing with fractional reserve banking, but not with a central entity and 8 people setting the federal funds rate for the entire nation's banks
ok
>pic realted
This is real future OP
Bitcoin will not replace fiat currencies. It might become a viable alternative currency in it's own right and I predict will reach a valuations somewhere between 20,000 or 50,000 USD.
BTW I've been invested in bitcoin from 2011 and currently have ~20 coins in deep storage.
well it will replace fiat, and you're wrong. if segwit passes, and btc is able to use the lightning network, there is a high probability that bitcoin will replace fiat with the next 100 years, unless another cryptocurrency seems more viable.
yea, i go some on myetherwallet.com
Bitcoins is a massive ponzi scheme. It represents the hope of fools and the economically illiterate.
...
by economically illeterate you mean incurruptible?
>deflationary
>wastes as much energy as a small nation
>transactions take hours despite >$0.1 fees
>everyone can see how much coins you own
>controlled by chinese industrials with cheap electricity and an elitist github team of autists
>"perfectly viable as a currency"
I honestly dont think bitcoin will go past $1000-$2000 in the next 5 years. It still has 2 critical problems.
1. Centralized mining & mining pools.
2. Normies cant use it until trezor like hardware wallets are standard in iphones. They will get hacked otherwise.
Oh right, completely forgot
>can't scale
Bitcoin is an experiment. It has value atm. It might have astronomical value in the future. It might be worth nothing in the future.
deep storage, huh. what's that? is that a special bitcoin wallet with special code that makes it deeper? lmfao listen to this faggot
>cant scale
What is 8 decimal points?
You are a technological moron. The bitcoin code is sound and hasn't been broken. Deep storage means your coins are not even connected to the internet, they exist on a USB or piece of paper.
>deflationary
yes, how has fiat inflation been working out for you? also, bitcoins are infinitely divisable
>wastes as much energy as a small nation
better than fiat wasting billions, why the fuck do you care about energy lmao, are you a greenpeace fag and you support the EPA?
>transactions take hours despite >$0.1 fees
no
>everyone can see how much coins you own
it's psuedo anonymous, it is very easy to hide how much you have, literally just make another wallet, and you can use bitcoin mixer
>controlled by chinese industrials with cheap electricity and an elitist github team of autists
It's not just miners who have a vote. Bitcoin network consensus or 'Nakamoto Consensus ' is comprised of all the main parties involved including Miners, Wallets, Developers, Merchants and Exchanges. If anyone of these entities does harm the network punishes them by ignoring them and choosing someone else to work with instead.
If the miners attempt to do harm we will fork around them.
If the developers attempt to do harm we will fork around them.
If the exchanges do harm we use different exchanges.
If the merchants attempt to do harm we use different merchants.
Let me make this clear, NO SINGLE ENTITY IN THE BITCOIN NETWORK HAS TOTAL CONTROL.
>"perfectly viable as a currency"
enjoy holding your fiat m8, at least i tried
And more if we need them. 'Bitcoin' isn't the problem, the problem is miners and normalfags who dont understand it.
Ledger Blue hardware wallet using a ST31 Secure Element for the crypto and key storage.
hmm another bitcoin thread
something seems a little odd here
"cold storage" is the term you're looking for
OP is correct.
Buy btc now or cry later.
Nothing odd about it. These always pop up when bitcoin price takes off.
[spoiler]>literally the perfect currency for human society
ok, so OP just learned about bitcoin on Fox business news then. India started moving towards bitcoin, which has inflated the prices, but its already showing problems. Transactions are taking hours, and chinese farmers have mined most of the blockchain, using ASICs. Bitcoin will never die because it has to much money in it, but you would be retarded to think that Bitcoin would be the selected crypto to replace Fiat. If a currency were to be used to replace it, it would be a new coin, that can be Hard forked without crashing the market.
u sure they just wont make a government official cryptocurrency
D E C E N T R A L I Z E D
unlike rothschild central banking system
they probably will, but who would want to use a currency created by the government? it hasn't worked for the last 5000 years, i guess egyptians using gold was pretty good
eventually it's more likely be used to store large amounts of wealth while smaller offshoot coins will be used as everyday currency
The fucking miners have too much power. It needs to be hard-forked again to fix the transaction times but the miners are too fucking stupid and short sighted to do it.
They would rather piss fart around with $1000 mark when it could easily be $2000+.
The price will crash again soon because the transaction times prevent it from gaining wider adoption.
>what is legal tender
>what is bitcoin when no internet
>yet bitcoin is a USD denominated thing
>what is jailtime when not using legal tender
Questions and obstacles...
So long Bitcoin will be nothing more and nothing less than WoW gold/D2 items off ebay.
yes I can pay you. Let me just type into my phone and wait 30 minutes for confirmation, OK?
clearly this whole board is automated. I knew it.
>stopping inflation would also end bubbles and booms
ok
Money supply is a state privilege, same as taxing privilege. Well owner of money supply could issue best tax - inflation tax. You naive to think that states will abandon sources of such imminence profits. This is why you don't see private fiat or gold supported currencies before invention of cryptocurrencies.
OP, you are correct, however I wouldnt even bother talking to Sup Forumstards about bitcoin, most of them are stupid and underage so they wont understand it.
Except banks can't highly leverage themselves anymore because of capital requirements
using bitcoin for investment purposes absolutely is
So, what will I do with bitcoins when the internet goes bye-bye?
>It has value atm. It might have astronomical value in the future. It might be worth nothing in the future.
sounds like mystery items.
Maybe that new type of toy will be the new hit in the future? Better buy a whole stack now.
can you imagine a bitcoin system that is actually backed up by real gold in bullion vaults without inflation? well, there is the currency of the future
>people unironically think that internet goes bye-bye
If the internet goes bye-bye, you are probably already dead.
Scope of issue matters
>omg you have to crank this car to start it LOL i can get right on my horse right now faggot
>the colonies belong to king george you naive to think you can fight for independence
people who understand it are just tired of trying to explain it to retards
Why don't you idiots just by stocks and actually make money?
>POF0FtFt
Lol, I wish Conquistabro.
>Doesn't understand power outage
>Hur, I was just pretending
>>decentralized, cannot be controlled
lel. idiot.
what was Mt. Gox
>>omg you have to crank this car to start it LOL i can get right on my horse right now faggot
if cars sucked that much they wouldn't have replaced walking and horses
however, online payments with processing companies offer most of the benefits without the drawbacks.
What remains as argument for bitcoin is needing to evade the law or trying to undermine the trusted monetary system.
>people who understand it are just tired of trying to explain it to retards
There isn't much to explain. The coins have no inherent value to them, you are gambling and hoping unfortunate people in the future will have to rely on the system so they will need to shell out some money and send it to you.
bitcoin has already a counter measure for these apocalipse scenarios once it is reseted to the next phisical network
...
Sounds like a good way of encouraging lots of people who have no idea what they are doing to lose a bit of money. Neo-troll. I like it.
Mt.Gox was an exchange dumbass
>>the colonies belong to king george you naive to think you can fight for independence
Try to not pay your taxes, goy, or violate 1000+1 laws about banking and currency operations and see what happens next.
>There isn't much to explain. The coins have no inherent value to them
But this bit of paper with Angela Merkels head on it does!
>The coins have no inherent value to them,
Neither do fiat currencies or gold.
which one lol?
Bitcoin solves the byzantine generals problem
en.wikipedia.org
you defend your ego rather than learn.
bitcoin is literally the economic holocaust of dumb people
fuck fiat money. its a downward spiral. always has been, always will be.
>Foreignfags dont know that US Constitution Section 1 Article 10 forbids any payments (currency) to be made in anything except gold or silver. But Nixon went right on ahead and ignored that part of the constitution and declared our money fiat.
Previous examples of fiat in the US?
>Revolutionary war. Ended with US currency being devalued to 15% of its original price in 4 short years
>Civil war. Confederates decided to print fiat money. became worthless within a few short years
>1971 Nixon declared Us dollar to be fiat. It has caused ever rising inflation and devaluation since
Fiat money ensures that the workers get paid something which is absolutely valueless, while the bourgeoisie are still able to buy ACTUAL wealth (gold, silver, property, businesses, etc...)
Gold actually does though because it can be used in electronics. Fiat doesnt, except that you can wipe your arse with the paper I suppose
yes it was an exchange, which controlled most of btc transactions. lurk more newfag
bit/e-currencies based on real gold is the future because it brings together all the good shit, it is perfection
it will happen eventually after the monetary collapse
it could also come before from a black market business
sad we may not live enought to enjoy such freedom
>Implying fiat currencies are even meant to last
They are the "somebody else's problem" band-aid solution of currencies
fiat currencies, if they are issued by a country, do have backing in form of military, industry and government
gold has a long history of people seeing value in it at least
>gold has no inherent value
You have obviously never taken an economics class or know the difference between fiat currency and commodity currency... Gold is called a commodity, jackass. it has plenty of value.
our current money has NO inherent value. gold is a commodity. other choices for commodities to secure a currency include silver, oil or land
A centralized bank/exchange run by a fuckin moron which other fuckin morons decided to put their money in.
Mt Gox in no way represents Bitcoin, assuming so is completely retarded.
They have no physical backing. they only have the backing of the word of the issuing party
Military or governments are not a way to secure currency, jackass. You cant trade money for military or money for government.
>lurk more newfag
Top kek. Mt.Gox didnt control any transactions you fucking spastic, it was an exchange. Thats like saying the forex controls peoples decisions on what currencies they want to buy or sell. Nobhead.
See:
Money needs to be physically secured with a commodity to prevent runaway inflation. Our current money is unsecured.
Try getting an unsecured loan from the bank (you cant)
I've got a sizeable nest egg in bitcoins actually, its a good reserve.
>A hardfork is a change to the bitcoin protocol that makes previously invalid blocks/transactions valid, and therefore requires all users to upgrade.
Lol I thought bitcoin was free of any influence and like a natural resource?
why'd you (you) me in this shit?
someone edit that pic so definitely is spelt right
>fiat currencies, if they are issued by a country, do have backing in form of military, industry and government
So can I just waltz up the central bank and say "Can I exchange this piece of paper for some military, industry and some government please?" No. Learn about where the concept of money comes from.
it is, but its not fiat.
Bitcoins value is drawn from the rarity of correctly sovling its hashes.
Its the commoditization of hash sums.
That's exactly what I said though
All you need is a government or whatever central authority you have to issue their own debt free currency, and brutally hang any jew central banker who opposes it
for dummies
>taking a shovel and digging mine
>using a pickaxe to get gold
>trading the gold to buy shit.
no but the country will do what it can to keep the currency relevant
>Id like to exchange this paper money for some military, industry and some government please
I kekd.
people believe this tho. They have no idea what fiat currency or commodity money is and come in here and argue.
>bitcoin is literally the economic holocaust of dumb people
TFW: The irony of not knowing if you think the holocaust really happened while you describe Byzantine fault.
Just woke up. too early to read. my bad, i just rage replied to a bunch of people.
Gold as just as commodity price is much lower than its currency value. Most of its "value" is trust. With trust destroyed (like heavy enforcement against monetary applications of gold) this value would be destroyed.
>do have backing in form of military, industry and government
Aka goodwill of party issuing the currency. Trust in cryptocurrecny is godwill of parties too but more reliable form of goodwill as it includes very many participants and failure of single links means nothing.
You're an idiot.
Inflation is necessary in order to pay off the debt from the Federal Reserve.
If we default, the Federal Reserve can stop loaning money to our government, and we would crash.
So when the country fails, the curtain falls, and you find out your currency was worthless in the first place. Got it.
Thats not the same as having a backed currency. A currency that is 'backed' by something means that it is a representation of something like gold which can be redeemed at will by the bearer.
...
And when there is no inflation, how do you think we're going to pay off the central bankers so we can keep loaning to them.
Face it, inflation is necessary.
>inflation is neccessary to pay off nation debt
The national debt is so hard to pay off because of eponential growth due to compound interest and inflation
>we can keep loaning to them.
Meant to say they can keep loaning to us.