Something weird about BTC (or any other cryptocurrency)

Burnblaze
Burnblaze

Something weird about BTC (or any other cryptocurrency) :

people who lost their key or password
people who lost their HDD
owner who died

All of these coins are lost forever.
Cryptocurrencies are the only form of wealth that can't be retrieved.

Bidwell
Bidwell

@Burnblaze
All of these coins are lost forever.
Cryptocurrencies are the only form of wealth that can't be retrieved.
only form of wealth that can't be retrieved

Have cash
Gets burned to ash in fire, you lose it, hide somewhere without telling anyone then you die.
Lost wealth.

Have gold
You lose it, hide somewhere without telling anyone then you die
lost wealth

Have money in bank
Bank run
Lost wealth

Op literally has the mental capacity of a teenager.

Methnerd
Methnerd

@Burnblaze

Wow you are a faggot

RumChicken
RumChicken

@Bidwell
All of these coins are lost forever.
Cryptocurrencies are the only form of wealth that can't be retrieved.
only form of wealth that can't be retrieved
IF YOU LOOSE YOUR PRIVATE KEY, SHITS GONE GONE FOREVER NEVER COMING BACK DOESN'T EXIST ANYMORE.

Have cash
Gets burned to ash in fire, you lose it, hide somewhere without telling anyone then you die.
Lost wealth.
GOVERNMENT PRINTS MORE

Have gold
You lose it, hide somewhere without telling anyone then you die
lost wealth
SOMEONE FINDS IT

Have money in bank
Bank run
Lost wealth
YOU LOSE IT, THE WORLD DOESN'T

Fuzzy_Logic
Fuzzy_Logic

@Bidwell
The mint can print more money asshole, BTC is gone forever.

You missed the point you fucking mongoloid.

Spazyfool
Spazyfool

@RumChicken
this

Supergrass
Supergrass

@Burnblaze
hck the password. easy as pie.

Lord_Tryzalot
Lord_Tryzalot

@Bidwell
Dumb fuck, kys.

Boy_vs_Girl
Boy_vs_Girl

@Bidwell
Lose cash?
Print more

Lose gold? Someone will find it eventually, not to mention near infinite supplies in space

Banks?
FDIC insured

Bitcoin?
Crush up a harddrive and forget the key? No more can be printed after a certain amount

cum2soon
cum2soon

@Burnblaze

it's not lost forever , there's just an infinitesimally small chance that someone will ever be able to access it , just like if you put some gold on a rocketship and shot it off into space

Playboyize
Playboyize

@Burnblaze
sounds good to me. that would just make the coins I'm holding more valuable

Snarelure
Snarelure

@cum2soon
This you homos

VisualMaster
VisualMaster

@Boy_vs_Girl
Yes good luck mining those asteroids.
Bitcoin can be multiplied by anyone with development skills, and that is actually what most alt-coins are, clones of Bitcoin.

Need_TLC
Need_TLC

@VisualMaster

Currency has value because people believe it has value
Networks have value that rises exponentially with the number of users on those networks

Facebook can be multiplied by anyone with development skills, doesn't mean a billion people are going to switch over and use the clone.

Sir_Gallonhead
Sir_Gallonhead

@VisualMaster
Bitcoin can be multiplied by anyone with development skills, and that is actually what most alt-coins are, clones of Bitcoin.
Those are not Bitcoins as they cannot be used on the Bitcoin blockchain.

Altcoins are just a way to accumulate more Bitcoin.

Methnerd
Methnerd

@Sir_Gallonhead
They are intrinsically the same.
We shouldn't fool ourselves into thinking Bitcoin is rare in any way.

PurpleCharger
PurpleCharger

@Need_TLC
BTC relies on it's brand, once that is tarnished (by repeated forking or other circumstances) or when another crypto with far superior qualities begins to be adopted BTC will be dumped.

Sir_Gallonhead
Sir_Gallonhead

@PurpleCharger

If another crypto with superior qualities is designed BTC can just incorporate its features as necessary. Truth is the vast majority of alts are useless memes, we don't need anything beyond one for smart contracts and one for privacy, at most.

Snarelure
Snarelure

@Sir_Gallonhead
Possibly. But in the end since it can be multiplied at will, it comes down to peoples belief in the brand which is very fragile.

Skullbone
Skullbone

@cum2soon

inb4 someone equates small with 0 and says its impossible

TechHater
TechHater

@Burnblaze
Cryptocurrencies are the only form of wealth that can't be retrieved.
When you take money out of the bank, and shred it, that money is lost forever.

New_Cliche
New_Cliche

@RumChicken
GOVERNMENT PRINTS MORE

Wow, great feature. Guess fiat is better after all, time to dump btc lads.

Nojokur
Nojokur

@Burnblaze
It simply increases the value of the remaining supply. Take some econ 101.

Illusionz
Illusionz

@Burnblaze

It doesn't matter, it just means the value of the other coins in circulation will be higher. You've got to remember that BTC isn't like fiat cash, it's more like gold with the way people treat it at the moment.

w8t4u
w8t4u

@Nojokur
Like seriously
btc sucks because at any time there's a chance of other people's stupidity increasing the value of your holdings

Op seems to be mentally handicapped which indicates he might have the brain disease known as nocoinerism.

idontknow
idontknow

@PurpleCharger

And, history does show with most things that it is not the inventor/invention that is most successful, rather the 1st innovator/innovation that is.

hairygrape
hairygrape

@Methnerd
then gold is the same as anything by that logic as well

LuckyDusty
LuckyDusty

For all the coins that get lost the value of other coins will rise
Economics 101

VisualMaster
VisualMaster

@idontknow

Bitcoin isn't a static thing. There's a huge community working on improving it all the time.

Stupidasole
Stupidasole

print paper wallets or have a contingency plan for when you pass on your btc.

it's not that difficult.

Raving_Cute
Raving_Cute

@Nojokur
thats why its terrible as a currency.
any currency needs to have stable prices and enough supply. the two are related if there supply is constant.
once enough coins are lost you have so few coins that you get a depression because no one can trade anymore

Boy_vs_Girl
Boy_vs_Girl

@Playboyize
Yep.

Bidwell
Bidwell

@VisualMaster
Thats true, and this why i said most of the time, bitcoin came out of nowhere created by a ghost, whos to say someone else isnt working on a better idea?

Flameblow
Flameblow

@Raving_Cute
Bingo

Supergrass
Supergrass

True but there are 21x10^12 units of Bitcoins. Even if half of it disappears, There's still enough to go around for the entire world.

Fried_Sushi
Fried_Sushi

@Bidwell

Anyone anywhere could be working on an improvement to anything that exists. Does that mean we should all just exist in a constant state of paralysis and uncertainty?

farquit
farquit

@Supergrass
eventually btc might rise to the point where everyone is trading purely in sats.
but btc is way too old to be the future

Bidwell
Bidwell

@Burnblaze
imagine if a virus was created that erases your private keys.

Sharpcharm
Sharpcharm

@Methnerd
gold is made of atoms
shit is made of atoms
mfw gold is literal shit

Really overstressed my synapses

Evilember
Evilember

@Bidwell
he keeps his private keys on an insecure terminal connected to the internet

deserved it

Spazyfool
Spazyfool

@Raving_Cute
People will just trade smaller amounts not stop trading idiot. It has this incredible thing called denominations.

Soft_member
Soft_member

@Fried_Sushi
Isnt this what life is already? Only thing thats certain is tax and death. So youre certain that btc will not drop? Youre pretty sure that numbers on a screen are a safe store of value?

haveahappyday
haveahappyday

@Sharpcharm
no. gold atoms are different than the atoms that make up shit. what actually is unnerving though that we are all built from atoms that once were part of shit, probably countless times. rat shit, dog shit, jew shit, you name it, it's all part of you.

iluvmen
iluvmen

@Soft_member
So youre certain that btc will not drop?

i'm not certain about anything

Youre pretty sure that numbers on a screen are a safe store of value?

it's the best bet we've got right now, in my estimation

Emberburn
Emberburn

@Soft_member
numbers on a screen

wow! literally every bank account.

Burnblaze
Burnblaze

@iluvmen
@Fried_Sushi
You have answered your own question my friend.

Booteefool
Booteefool

@Emberburn
Yes, but the difference is what you have put in there will more or less be there next month. [email protected] today could be [email protected] fk all next month, depending on peoples perception/ hype/ economy/ weather and many other factors

PackManBrainlure
PackManBrainlure

@Burnblaze

There's no contradiction. You need to act even if you're not 100% certain about something, which you never can be.

BunnyJinx
BunnyJinx

@Spazyfool
true but can you imagine trading at .00000001 denominations? its shit

cum2soon
cum2soon

There's nothing wrong with this; if anything, it's a feature of Bitcoin. As more Bitcoin is lost, this will eventually mean the remaining Bitcoin is worth that much more.

Actually, it doesn't actually get lost. It will still be there in some wallet, just impossible to access.

eGremlin
eGremlin

@Raving_Cute
Can't type that much on the phone right now, but look up some Austrian Economics and see how you are wrong

BunnyJinx
BunnyJinx

@PackManBrainlure
I never said there was a contradiction. You asked me is we should live in uncertainty.... you then said you are not certain about anything.

New_Cliche
New_Cliche

@cum2soon
What you people fail to realise is that you are giving thin air value. Thin air actually has more value as you need to breathe it to live. If i were holding a large amount of bitcoin i would be counting my self lucky that i got this far and cashing it out to buy tangible assets. You will at least have something to show for your good fortune if this shit collapses. Buy a mc donalds franchise, real estate, do your research, something that will give you a constant income stream. Crypto is just another form of gambling

BinaryMan
BinaryMan

@Burnblaze
So what?

BinaryMan
BinaryMan

@cum2soon

But user small is zero because the chances become so insignificant that science has proven you are closer to telling a lie than the truth once you reach a certain point.

I bet you fags don't KNOW that .999_ = 1.0

inb4 high school level crash course vsauce argument

Get on my ascended level you homos

Methshot
Methshot

@Burnblaze
It only changes the value relatively to the demand in a negligible way every time some is lost, in the big picture it just raises the value a bit every time some is lost, will always balance in the end until its worth nothing

viagrandad
viagrandad

@Raving_Cute
Ok then, consider 1bitcoin is 100 million satoshis, 100 million that enuf for you?

Lunatick
Lunatick

@New_Cliche
and that's the beauty of it

what wins?
a better system
or
government power

Gigastrength
Gigastrength

Not forever. Just a very, very long time. There is a possibility that quantum computing developments will eventually, one day, lead to Bitcoin needing to increase to a different method of securing coins. When this happens, everyone who's still around will simply move their coins to whatever the newer, more secure system is. Then whatever is left on the old less secure system will be fair game for treasure hunters who use their powerful quantum computers to search for hidden treasure. Consider these old coins to be something like we regard gold onboard shipwrecks out at sea.

SniperGod
SniperGod

@Gigastrength
Of course, there is the possibly that, by then, we will have transcended the need for currency by then though.

Skullbone
Skullbone

@Burnblaze
You become an unwilling eternal hodler.
Your mad hodling skillz will push the value up for all the others.

PurpleCharger
PurpleCharger

@Gigastrength
except that a new hashing algo will just be hard-fork, cloning the BTC of the dead people onto the new chain while the unsecure chain will have 0$ value long before any attacks are feasable

Ignoramus
Ignoramus

@RumChicken
throw gold in volcano
throw gold out of airplane over deep ocean trench unreachable by man
shoot gold off into space

Lunatick
Lunatick

@BunnyJinx
They will just multiply the coins. So everyone that has 1 bitcoin will now have 1000 bitcoins. A stock split if you will

Deadlyinx
Deadlyinx

@RumChicken
cash gets burnt
government prints more

lose crypto
developers create new block chain

Crypto is just digital fiat. It's done, finished, over. Just sold everything. How hasn't anyone realised this before EVERYONE BTFO

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