What is a bitcoin actually? A line of code? A big fat nothing? A math problem?
I dont get it, i mean dont browse Veeky Forums at all, nor do i make money sitting on the computer, so dont get mad at me for being ignorant, i just want to see what it is.
The way i see it now, bitcoin and all the other similar non existent coins are something many people bought with real money, so its value rises. If its more valuable than the electricity you spend with a lot of computers mining it, or generating it, why not only mine it instead of spending real money buying it already?
I do realize that its just a large pile of cash getting bigger when people are buying it, but its going to be carnage when selling starts, thats when the fall will occur. Lets say, one bitcoin is worth 50 000, someone has hundreds of them and wants to be a millionaire now, and sells it for real money. Then another one does it, then it creates a ripple effect, its value starts to go down and in the end, there has to be ultimate winners that made their wealth on the sad and pathetic losers that didnt sell on time, and if you want complete fairness in that game, everyone gets exactly what he invested, which is impossible like in any investment business.
The more the majority clings on to it, the more it will rise in value.
Have you considered the time when to cash in?
I think this is the biggest scam ever recorded in history, but there will be a few major winners involved, with a lot of losers in the end.
What is a bitcoin actually? A line of code? A big fat nothing? A math problem?
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what is a dollar? a paper with some ink on it?
exactly, with an america breathing down your neck if you use anything else when you sell oil
So in light of the non-consensual violence backed status of the USD, can you possibly imagine why people might value a decentralised, peer-to-peer global form of value?
nobody takes usa seriously anymore
Interesting, no fees for transactions, no banking and fast transfer.
I viewed it as a stock. But i still dont understand WHAT the bitcoin is, a line of code or a math problem.
nice blog, nor leave.
no
>Interesting, no fees for transactions, no banking and fast transfer.
Except none of those are true.
Basically just think of it as a number in a database. The difference is, instead of the bank holding a database of how much everyone owns - the blockchain acts as a distributed ledger so EVERYONE has access to this database, and can keep track of who owns at what address. It's basically just a piece of data.
I have a bitcoin, a piece of data stored on the block chain that can only be accessed with my private key. I send it to you, now the ledger updates and shows that I have zero bitcoin and you have 1, and only YOU can access it with your private key.
tl;dr it's just numbers in a giant peer-to-peer database, and people associate those numbers with a value.
thank you
that wasnt hard to explain in the end
still, i rather stick to my gold buried in a chest, its too late for me to get into all that, i dont like the internet transactions or having my computer plugged into a large network chain that is unknown to me
Good luck on your crypto currency endeavors
>I dont get it
>I think this is the biggest scam ever recorded in history
Makes me think.
I think it's important you don't turn your back on it now just as it's starting to get big. Bitcoin itself is a bit of a shitcoin, but there's plenty of others that have a potential future. Gold has a value because we all agree that it is, and a lot of cryptos have a value because we agree it does. The tangibility of your asset doesn't really matter, it just matters what everyone agrees it is worth.
The blockchain network isn't really something to be worried about. All it is is just a list of transactions, "to", "from", and "how much" and that is it.
The blockchain can do a lot more than just transfer numbers around - more advanced blockchains such as as the Ethereum blockchain lets code run on the blockchain to perform tasks to solve problems that were kind of tricky before.
For example, "FunFair" makes gambling decentralized in such a way so that "the house" doesn't cheat against players. Because It's a decentralized ledger that EVERYONE can see and has to computationally verify, there's no "secrets" on the blockchain. That's just one example anyway.
good luck getting your chest with gold when there are men with machine guns and dogs chasing you.
good luck carrying your chest of gold when a flood washes away half you county
good luck hiding your chest of gold when a tyrant comes to power and decides to give everyone a 50% haircut to build another palace to himself.
basically, youre an idiot clinging to an outdated technology without any real justification.
>hurr durr, fuck the "intrenets", ill stick to snail mail hurr durr
You're a fucking faggot if you think that is the best way to introduce people to cryptocurrency who don't know anything about it
>good luck getting your crypto when the government shuts down the electricity grid
>good luck getting your crypto when your internet connection goes out
>good luck getting your crypto when they decide to bring heavy handed laws into place
You're a delusional cunt if you don't think crypto doesn't have both pros and cons
My family survived trough a shitstorm and learned the hard way what is of value and what is not in those times you speak of.
Im not ready to give raw money for a value number on some internet place i dont fully understand.
I could get into it, but only if i mine it, only if i can generate it myself, which still means investing in hardware and electricity. I heard graphic cards do the mining or something, i will look into it sometime.
>Im not ready to give raw money for a value number on some internet place i dont fully understand.
When money goes into your bank account, all that it is is a value in a database on a network of computers. The difference is, those computers are all owned by the banks and they fuck with your money and invest with it. Bitcoin was originally created in response to the financial crisis in 2009 because the banks are a mess. With a distributed blockchain, your money is yours and yours alone - no one can touch it, invest it, lose it, etc until you say so. Your only concern would have to be the volatility of whichever cryptocurrency you own.
tl;dr, you can trust your money with fat cats in suits who will fuck you over completely to gain pennies, or invest in some cryptocurrencies now that is indiscriminately verified by millions of computers world wide, and may even become the basis of how we use currency in the future.
Dont overlook the more recent development of blockchain startups that solve real world problems. Its early days but these offer a far tangible value when compared to currencies
Do you use credit cards? You think the bank is paying in cash to the company that you purchase goods from?
Those "dollars" on you spend on a credit card are nothing but numbers in a database either, a centralized database for that.
this is why bitcoin cash wins
>please leave
you mind is so fucking narrow that you couldnt fit your midget dick through it.
>if theres no electricity crypto is the least of your worries
>if theres no internet anymore, crypto is the least of worries
>there are heavy handed laws against mj, doesnt stop millions from growing/ smoking/ selling it
i never said ccs dont have their problems, but implying that a chest with gold is better is grade a retardation. good luck to you and op in your lala land, faggots
i was going to, but now i wont because you told me to
Yeah, and if there's a massive flood or a mad dictator is out to kill people, a bar of gold is going to be the least of his worries. You fucking mongoloid.
in case of a war, there is no bitcoin transactions among people, only ammo, antibiotics and medicine, bic lighters, food, guns, buckets, cigarettes, booze, equipment of all sorts, fuel, chemicals and GOLD.
All paper money is pretty much useless unless there is a foreign convoy still in contact, then you use the money of that country from which those people are.
Gold will also be useless in such dire circumstances. I know that I wouldn't accept gold in such a climate, I would only accept things that I could use - and I am sure there would be many other people who would feel the same way. I don't feel like any sort of currency would have much standing in a post-WW3 earth, or some other similar scenario.
>gonna make a rough comparison here but bare with me
>remember how a while ago you vould buy property on the moon?
>well crypto is like that
>you can buy it buy you'll never get your hands on it
On the radio just an hour ago
>another amerifat cuck doesnt realize the world is a lot larger then his backyard.
get fucked, brainlet
>What is a bitcoin actually
miserable pile of secrets!
I'm not a burger you shit cunt, can't wait for someone to whollop you over the head with a bar of gold and then steal your shitoshis at the same time
Die, Dollar! You don't belong in this world!
The ones you give your gold for services or merchandise in those times, are the ones that are able directly or indirectly to leave and enter the zone in which you are in.
My family mixed, Serb father, Bosniak mother, our town was under attack from Croatians and houses needed to be fortified and streets defended. Dad already had 3 AK's but not enough ammo, guess who he bought the ammo from?
The croatians no less, smugglers, but those smugglers cooperated with enemy smugglers as well, had a pass trough their own territory and had goods to sell.
The bosnian serb entity in the country has a president that was a cigarette smuggler, sold to everyone.
There was a muslim town that survived the siege because the serb smugglers sold mortar shells for GOLD.
Silver is more or less useless in those situations.
Cigarettes and ammo are the main currency still, gold is reserved for the big deals with big cats that prefer it.
Not to downplay such awful circumstances user (sorry to hear about all that), but wouldn't the gold in that case still have a value since the warzone was localized to that area? What I mean is, gold still means something to the rest of the world so gold is a great asset to have in such circumstances.
I was more talking about if the entire world got fucked and the world economy went down the shit chute, I don't think gold would get you very far.
...
Greed is what will keep the golds value forever, especially in those times. Gold is for hoarding, and no matter how far the entire world goes to shit and the world economy is dead, gold will still shine and there will be people that have more merchandise than they need that will want to sell.
Think of it like this, if you live in a long street, you and your neighbors have different merchandise that you need to trade, but a few have a fuckton of it ready to sell.
You can bet your ass they will take gold, especially for luxury items, as i mentioned booze, fuel and cigarettes. It will pass trough many hands, it will circulate a lot.
In the end, when the situation is somewhat calm, the ones that still have the gold and have the most of it, will go out further to buy.
Even in that small enclave, gold has value, not the same as it has in peace, but still value.
It still shines, and you bet your ass there will be merchants and smugglers, in fact they will be thriving. The value of gold will go down no doubt, but you will always be able to trade with it.
Diamonds and gems are pretty useless, unless they are enormous, but i wouldnt go into that since i think diamonds are a scam from the start.
The only value and use diamonds have for me is in industry, which in those times is basically tough glass shards. Fucking drill bits are more valuable than a gem inch in diameter
He never said he buried the chest you fucktard. You should stick around, we need someone like you to help us feel better about ourselves
I actually did, so... i mean not a huge one, but many smaller ones scattered in places only i can calculate to find, but... have some with me as well