What is backing bitcoins?

What is backing bitcoins?
Who created it?
Why isn't the government trying to regulate it?

This all seems like a big scam to me

Other urls found in this thread:

youtube.com/watch?v=3r3zMWE9ur4
google.com
youtube.com/watch?v=j-9Js7aaeJo
bitcoin.tax/faq
twitter.com/NSFWRedditImage

Nothing is "backing" bitcoins. The government doesn't have a need to regulate it yet beyond wanting the exchanges to register with the SEC. It's just a virtual commodity, people are allowed to buy commodities.

Reminder:

The CIA and some user Jap guy own 50% of them.

It's a scam but not in the direction you think.

>What is backing bitcoins?
Energy expenditure $$$
>Who created it?
Nvidia and AMD
>Why isn't the government trying to regulate it?
Awesome for money laundering.

>The government doesn't have a need to regulate it

Bitcoin is used to buy drugs, child pornography and hire assassins because its untraceable. The government does need to regulate it

Bitcoin only has value because people think it'll make them millions. Once bitcoin "stabilizes" it will drop like a rock because everyone will be trying to pull out to get their lambos. Ark is a legitimately great currency that actually will hold a value backed by its utility.

Can't wait to see this coin through. I'm holding and never ducking out.

>bitcoin is untraceable
are you kidding
the entire point of bitcoin is that log of literally all transactions is available to everyone

>The government does need to regulate it
No they don't. The government does all of that ten times worse.

>because its untraceable.
You clearly know nothing about it. Maybe some reading before making shitty thread would make you appear less like a memeflagging moron

Nothing.
A Jew and a gook.
They won't for long, because it's basically gambling. Bitcoin has no utility beyond betting you can get other people to invest in bitcoin and then cash out before they cash out. It's too volatile and expensive to be used for actual trade.

It's a long op by the CIA to tank the Chinese economy.

>deluded alt shitcoiner
stay poor

Currently bitcoin is completely centralized among the big mining pools. Soon it will be centralized among banks instead (see: lightning network) which is why people who truly believe in crypto are moving away from it while speculators are all that's propping bitcoin op.
Keep in mind however that it's possible to purchase many things with bitcoin, from games (until steam stopped accepting not long ago due to "volatility" and high fees), to amazon items (you can purchase amazon gift cards with bitcoin) to electronics (newegg accepts bitcoin). And you can even pay through the visa system with bitcoin as a backing value. But there is no inherent value in bitcoin as a useful token in the way substratum lets you pay for distributed hosting or titancoin lets you own titanium substrate.

Not anymore thanks to bitcoin futures, this will help stabilize the shit out of bitcoin and it's unlikely to ever see huge drops again.

...

Even as a nocoiner I was really excited to see Bitcoin gain the kind of legitimacy that has major companies accepting it. Seeing what I saw as a very solid foundation starting to crumble a bit with Steam turning away from it for some reason bums me out even though I have no stake in it and by all rights shouldn't give a fuck one way or the other.

What is backing the US Dollar?
Who created it?
Why isn't the US Treasury trying to regulate it?

This all seems like a big scam to me

US dollar is undoubtedly a scam, they print as much of that shit as they want.

Make some bread and buy xrp. 70% in one day... still cheap.

>because its untraceable

Are you actually retarded? How hard could it possibly be to use google and find out that you're wrong?

You obviously know nothing about macroeconomics.

well Fuck

...

thats like saying pick axes back gold
asics mine btc. not gpu
yes the main business case for btc is not for legal purposes

Your asking questions that have already been answered a half decade ago.

If you don't see the inherit value in a non-regulated decentralized currency with a predefined finite quality than you don't understand economics.

youtube.com/watch?v=3r3zMWE9ur4
Here's a video trying to explain it.

people are leveraging to the hilt to purchase btc. generally this is a terrible move and most will be wiped out. a few will get very rich. much like a pyramid scheme.

>it's only used for drugs

You really need to read some more blogs about bit coin before forming an opinion on it, and no recent news articles don't count.

Bitcoin is more like digital gold than digital cash. Think of it more like gold, it's not for buying things, it's for saving and hedging against FIAT

Any alternative crypto that wouldn't get nuked?
I'm assuming this would rather nuke crypto and blockchain instead of leaving survivors.

checkout digibyte

It's got 6 months to a year before it corrects, it will probably break 20-25k in that time then settle between 2.5-5k after the drop.

It's too late to buy in now imo, if you got in 3-4 years ago you're never going to lose money.

The US Dollar is used to buy drugs, child pornography and hire assassins despite its traceability. The gouvernment already regulates it, without success.

i think it will go lower when real money shifts to better tech such as eth. eth is processing more transx right now than btc can ever.

japs make up the majority of btc traders. they are terrible at currency trading. lol yen anyone?

>What is backing bitcoins?
The security of SHA-256

>Why isn't the government trying to regulate it?
Bitcoin mining is an experiment to try and find collisions.

true. and to luander money. but thats all btc is used for. illicit transx make up the majority of btc used as currency. usd is less than 1%.

these are facts. the bright side is the feds are using blockchains to travk these criminals. see the latest bulgarian bust.

>What is backing bitcoins?

Drugs, hype, online retailers

>Who created it?

Some programmer using an alias.

>Why isn't the government trying to regulate it?

They are. IRS is trying to go after exchanges (like Coinbase) to report all transactions and gains made by their customers.

I figured all of this would be common knowledge by now. Bitcoin has been around for a long time. Are you living under a rock?

>What is backing bitcoins?
math

>Who created it?
maybe A.I.

>Why isn't the government trying to regulate it?
they can't as it's literally impossible
once decentralized exchanges are the norm, it's over (it's already over)

if they make it illegal, this shit is going to fucking explode (it hasn't exploded yet)

I actually believe this can and will happen

It's a pyramid scheme.

Bitcoin will become the NWO currency. Their goal is a cashless society and bitcoin fits that perfectly. You will have a digitized biometric identity and digitized money so you can be completely controlled. Thats why theres so much "shilling for the kids" in bitcoin like people who were only gold/silver a year ago are now like, "YEAHHHH GUYYYYSSSSS! CHECK OUT MY NEW BIT COIN RAP! I'M TOTALLY DOPE"

Bitcoin uses sha256 retard. Also, they can update the algo

>Bitcoin will become the NWO currency. Their goal is a cashless society and bitcoin fits that perfectly.

Interesting theory. Stupid and retarded, but interesting nonetheless.

Hold on you might want use this first before posting, google.com

It's pretty popular and easy to use

checkem

inflation is about to get out of control. all markets going to the moon. absorb and destroy is effective in combatting inflation. these btc geniuses already know this from reading a white paper 5 years ago.

>implying SHA256 isn't a SHA2 family function
You normies make me rage.

ETH can't even handle crypto-kitties. Which, by the way, are also skyrocketing in value.

lol,
as if a government cannot ban a cryptocurrency. Is cp legal?

governments dont ban it because we are ruled by incompetent idiots. thats why

A modern day pyramid scheme

It's a bubble. It's not a scam though, and there is absolutely no telling when this bubble is going to pop.

it scaled just fine. and miners profitted when cost went up. win win in my book.

impossible on btc. too slow too expensive.

I'd say as soon as it begins to stagnate everyone will lose confidence and sell as quickly as possible

...

Bullshit, you can't use bitcoin as collateral so you can't use as much leverage on it as you can with a house or FX trading or stocks.

Why do people who get simple facts wrong give their opinion about something complicated like bitcoin. It's the dunning kruger effect I think.

...

or normies who purchased with their mastercard will cash out when the bill comes.

wow. Yet another American who doesn't have the capacity to contribute anything.

The goal is a cashless society. Thats EXACTLY what bitcoin is. Tell me whats wrong about that

oh look another good goy brainlet boomer thread about the big scary bitcoin

holy fucking cringe

I no almost nothing about btc, but from my understanding, yes they want a cashless society, no, they dont want btc.

(((They))) would prefer credit or keeping your $ with banks.

(((They))) cant control your bitcoin.

If I am mistaken, please correct me. I am a nocoiner but am looking to invest as I can see a future where they can seize your accounts based on personal and political beliefs, so btc interests me.

using a credit card to buy btc isnt leverage? moreso look at koreans and japs leveraging. lol wsj had an articcle about people morgaging their homes to buy btc

you are an idiot

I know*

damn it

>Japs
>terrible at currency trading
Lolwut?

They can absolutely control bitcoin - easier than cash. Every transaction is viewable and recorded. You also have to register your social security number to "cash out" and state any gains you get from bitcoin.

If you want to keep wealth outside of their control buy gold or silver bullion. Bitcoin is a set up to ruin those who get involved.

youtube.com/watch?v=j-9Js7aaeJo

bitcoin.tax/faq

Hmm interesting. Thanks for the info

So I have to give a presentation in French about this tomorrow. Bitcoin is great, no jews etc but it all relies on the miners. If in 2040 or something the last bitcoin is given to the miners, technology must be advanced enough to have high ration in calculation power to power consumption. Because miners would only have litle fees on transaction. Personnally I think its not gonna succeed in this and bitcoin will crash. However its a great fucking idea and might be a good payment tool in the future. Its not a scam.

...

Stfu kike, give me one valid reason why?

yes every transaction is viewable, and that is the point of a decentralised network. If you make new bitcoin adresses, no one knows its you, so stop spreading these lies

If the 2 main exchanges merge - it becomes centralized.

You HAVE TO register your social security number on the exchanges.

BTC is totally (((their))) solution to anonymous wealth exchange. BTC is 100% traceable and trackable.

Also,
Not backed by anything
Satoshi Nakamoto is not a real person and is probably a pseudonym for Alan Greenspan.
BTC users mentioned how useless it was in recent hurricanes in Houston and Puerto Rico.

Digital money and Digital identity are the beast system

>Some (((anonymous))) japanese corporation creates a FINITE amount of DIGITIAL currency and people make lines to buy that shit!
Shitcoins are as valuable as your cosmetic MMO gear

>Bitcoin is used to buy drugs, child pornography and hire assassins
So what? People carry drugs inside sandwitch bags, put child porn on usb thumbsticks and use telephones to communicate with assassins.

How much are you paid per post?

Well, there's a long way to go still. The printed dollars are in the trillions and if the IOUs get cashed out, dozens of trillions.
Crypto are not in the trillion number yet.

>Georgia

W T F? why?

Bitcoin is capable of being free and anonymous. They need control.

>Tell me whats wrong about that

a cashless society where every single transaction can be seen by the kikes = total slavery

dumb. fuck.

The government own the vast majority of it. Consider it as a form of tax on the stupid and greedy.

petrodollar is the only answer to this question...do your research

My dude, those things are already illegal and those kinds of transactions are already happening with cash or other shady methods of covering payments. The federal police who are going to be investigating that kind of stuff aren't looking for cash trails. If they are pursuing a criminal organization, they building evidence from the bottom to the top so that they can flip low people on the upper people, until they can take out the top. If they're pursuing an individual, they're trying to find evidence on you through other things, like your data or witnesses that saw you assassinate a guy, or whatever.

Basically, they're already pursuing those people. "Regulating bitcoin" won't get them any closer. If you are a big drug dealer who is transferring money to your bank account on the regular from bitcoin wallets, the FBI might already be going to coinbase and asking for information on what wallet you transferred BTC to with their company, and then track where it traveled on the blockchain.

They can control bitcoin through the normal channels of banking and finance. It would still be a thing, but the big bitcoin holders would have cut out state interference in their financial power. Right now the United States controls the money, so assuming it actually isn't corrupt sometimes (which it actually isn't SOMETIMES. Political interests obviously intersect with big financial interests, but they can sometimes diverge. Politicians are people after all, they want their own glory and they sometimes have to clamp down on business's excesses in order to seem powerful and useful) it can actually do things that limit the power of business. It's particularly corrupt at the moment, and it was in 2008, but it has slapped business for acting out of line before, and it can do that because it controls the money.

But if bitcoin was suddenly the world currency, redeemable as taxes, then the state would likely start to incur a debt in bitcoin. That would be a disaster for state sovereignty, because they can't print bitcoin. So the state would be rendered in the same position as eurozone countries with debt denominated in euros. It would be forced to capitulate to the demands of the financial interests or else it would default on its debts, and so finance would be able to tell the government directly, exactly what they have to do in order to maintain credit with them. That could be anything if the big financial players felt comfortable enough, which could be the case if the whole world owed them such debts.

It will remain legal until developers make the block chain secure (why pay coders when the free market will Just do it for you). Then government will ban it and install the fiat replacement currency system.

Ayy, does this mean Bitcoins are Commie coins.

yeah - thats what Im saying.

Honestly - there are WAY TOO MANY Americans with ZERO comprehension here.

Look. This is my original post: Im saying BTC is (((their))) ideal system for total control.

Jesus FUCKING Christ America. You need to control the number of clueless ZERO comprehension dumbfucks you have loose on the internet. The ONLY country that posts without having the slightest idea what they are responding to is ALWAYS AMERICA.

Honestly, everytime I come here, some American embarrasses their whole country AGAIN with some reactionary post that grasps the wrong end of the stick EVERYFUCKINGTIME.

No wonder you are always at war. You are being brainwashed into ZERO comprehension of others and reactionary off the cuff retort.

>What is backing bitcoins?
Capital. E.g. everyone buying bitcoin, everyone running the bitcoin network, everyone developing bitcoin software, everyone proselytizing, etc.
>Who created it?
Originally no one knows. Since inception, hundreds, if not thousands of talented developers and hackers.
>Why isn't the government trying to regulate it?
It is. Transactions in bitcoin are taxable events in the US and exchanges are being required to report them.

Saged. Low quality bait but I love answering questions.

Lol bro, look at the absolute state of your cucked country. Murica bitch.

Look at the absolute state of that post and your attitude. Yes - UK is a shit country, but America is no more free than any other western country - worse in fact. More rules, regulations, restrictions, laws and social stigma.

Just better at brainwashing as evidenced by your post.

Nocoiner FUD is always fun to read. You've been told about Bitcoin for MONTHS and you still refused to print money.

Please stop. You're an embarrassment.