Bitcoin ----- what is it EXACTLY???

[the other mike]

Nope.

Bitcoin shit not for moi.

I'm old fashioned

Smart lady. Invest in timberland and a place with clean well water, someplace where property taxes aren't too high.

 

[fncceo]

Fiat is created by Government, with no supply cap, no utility, is completely centralized, and is only used due to Government force.

Crypto is secure, decentralized, has a supply cap, and is used voluntarily.

They are absolutely not the same thing.

Fiat literally means "let it be done", something created by decree. Traditionally issued by a government or financial institution, it applies to any non-valuable asset used as a means of exchange.

Bitcoin creators set a supply cap of 21 Million bitcoins ... however, that limit could be rescinded by changing the source code and pushing that change out to service nodes. Doing so would severely impact the perceived value of Bitcoin, but government issued currencies face the same risk from over issue as well.

 

[Baron Von Murderpaws]

I'm not saying I'm completely obtuse about Bitcoin, I understand SOME things about it, like the places you can keep it. I plan to keep it in a "personal wallet" which is saved on a flash drive. Or so they claim. Which is the safest way, as it can't be altered or stolen that way.

I learn in weird way. I can be given a ton of info, like being given a box of puzzle pieces.......but if the pieces don't fit together, then it just doesn't make sense to me. I have to be shown how, at least, some of the pieces fit together......then all the other pieces start connecting in my head. But if all I'm given is pieces and not shown how they are put together, then I'm not going to "get it". I might eventually figure it out on my own, but when I'm ready to learn something, I need to learn it THEN, not later.

I don't intend to buy much, only about $100.00 worth. I plan to buy about $1800.00 in gold Canadian coins, as online info seems to claim Canadian gold is the most pure gold on the market. I may buy more, or I may invest in some stock somewhere.

Lots of good points you guys have made, lots of interesting things I can research further..........
BUT........

None of it answers my question(s).

 

[Godboy]

Governments can do jack-shit about Crypto, several have made it completely illegal, and that has done nothing to prevent people from exchanging in it. Most people have multiple Crypto wallets, so that even if they are EXTREMELY careless with their information and the Government somehow gets a hold of it, they can only try to seize a small amount of their Crypto assets(In which case, it's their fault for giving out information that people shouldn't actually have). Secondly, Crypto HAS to be decentralized, so big companies can't actually make it, since their involvement would mean that they MUST be able to control it. Additionally, if a company is intending to actually involve themselves in Crypto, they have to make it taxable, in which case it's not Crypto, because that means it's not secure. Facebook already tried making fake Crypto, called Ripple, which nobody seems to exchange in.

"International Crime Syndicates" may exchange in Crypto, however if you're referring to the recent 'oil hacking', the supposed purchase that took place didn't actually affect the Crypto market, so I'm pressing X to doubt.

I recommend researching into Crypto more, since you don't seem to actually know anything about about it. I'm not trying to be rude, but there's too much false information going around about crypto that comes entirely from people wanting to comment without actually knowing what it is, and it's extremely irksome.

China CAN and DID do shit about cryptocurrency, which is why it took a big hit in its value. As more countries join China, it will begin to crumble.

Governments dont need to seize crypto if they simply make it worthless.

Big companies CAN and WILL make it. Youre delusional.

Who said "oil hacking" effected the market? I said they are going to crack down on crypto because of crime, and when they do it will crush its value.

Your thoughts on this subject are silly.

 

[dblack]

China CAN and DID do shit about cryptocurrency, which is why it took a big hit in its value. As more countries join China, it will begin to crumble.

Governments dont need to seize crypto if they simply make it worthless.

Big companies CAN and WILL make it. Youre delusional.

Who said "oil hacking" effected the market? I said they are going to crack down on crypto because of crime, and when they do it will crush its value.

Your thoughts on this subject are silly.

We'll see. Like I said, governments (and their corporations) will fight Bitcoin with everything they can muster. But I think the notion that they can "replace" it misunderstands what crypto is all about. The whole point is to remove the ability of governments and bankers to manipulate the economy through control of currency. A crypto currency controlled by a government, or JP Morgan, won't fly.

 

[Mr Natural]

I have no idea what it is or how it works so I’ll stay far away from it and put my money into something I understand.

 

[Godboy]

We'll see. Like I said, governments (and their corporations) will fight Bitcoin with everything they can muster. But I think the notion that they can "replace" it misunderstands what crypto is all about. The whole point is to remove the ability of governments and bankers to manipulate the economy through control of currency. A crypto currency controlled by a government, or JP Morgan, won't fly.

Again, if nations ban bitcoin from being used in their banks and businesses, the value of Bitcoin will plummet. If you cant spend it, what is it worth?

 

[Idalia Ravenwood]

Fiat literally means "let it be done", something created by decree. Traditionally issued by a government or financial institution, it applies to any non-valuable asset used as a means of exchange.

Bitcoin creators set a supply cap of 21 Million bitcoins ... however, that limit could be rescinded by changing the source code and pushing that change out to service nodes. Doing so would severely impact the perceived value of Bitcoin, but government issued currencies face the same risk from over issue as well.

In this case, non-valuable would be referring to fiat because of its unlimited supply and forced utility. Its centralized nature is what makes it that way, as well as its lack of security. You can TRY to apply the same rules to a Crypto Currency, however it's still inaccurate because Crypto is not centrally controlled, so someone can't just go out and make a bunch of a Crypto, hand them out to people, and inflate it massively, it instead has to be obtained as a proof of work by lending out processing power, or through exchange.

Point being that you can compare them all you like, but it's apples to oranges.

 

[Idalia Ravenwood]

China CAN and DID do shit about cryptocurrency, which is why it took a big hit in its value. As more countries join China, it will begin to crumble.

Governments dont need to seize crypto if they simply make it worthless.

Big companies CAN and WILL make it. Youre delusional.

Who said "oil hacking" effected the market? I said they are going to crack down on crypto because of crime, and when they do it will crush its value.

Your thoughts on this subject are silly.

Ah yes, it traced untraceable Crypto Currency and did... oh wait, if you can't trace it, you can't do anything. A boot-licker walks up to you on the street and demands you hand over your Crypto... "What Crypto?". As much as you seem to like to imply that Government is omnipotent, Crypto is very much like 3D-printed guns in the sense that without psychic super-soldiers, you cannot prevent people from obtaining and exchanging with them.

They can't make it worthless, the black market will always exist, and will always provide. When fiat currency collapses, like it always does, those who are exchanging in Crypto will be laughing at you while you hold onto your worthless paper.

Your statement that big companies can and will make Crypto kind of proves my point that you don't understand what MAKES a Crypto Currency. If a business controls it, it is not Crypto, so they literally can't unless they're just making it for shits and giggles, and doesn't actually care to profit off of it, and the Government doesn't care that one of their corporations is exchanging in something it can't control or tax. So, stating that they can and will is ignoring the entire point of what a Crypto Currency is.

I mentioned the oil hacking as a reference to international crime organizations, but that appears to have flew over your head. I was pointing out that in that specific instance, I would have been able to see their effect on the market if that exchange actually took place, given its large scale, but didn't see any effect at all. I mentioned it, not because you directly referenced it, but because I thought that this specific incident is why you mentioned International Crime Organizations. Although, regardless of reason, as mentioned above, the idea that Governments can do anything about Crypto is outright laughable.

Again, if nations ban bitcoin from being used in their banks and businesses, the value of Bitcoin will plummet. If you cant spend it, what is it worth?

Russia and China both banned Crypto, and people in both geographical locations still exchange in Crypto. You really lack cause for your claim. I also doubt your knowledge on the subject even more, due to you specifically only mentioning Bitcoin, when there are NUMEROUS different kinds of Crypto.

If you really want an example, the newest Graphics Cards, think it was AMD, is attempting to prevent people from mining with their Graphics cards, and the best they can come up with is requiring something be placed in a specific port in order to use it. Solution? Plug in a dummy one. Yeah, there's no actual way to prevent mining or exchanging, people can and have even done it offline, such as when the power was out in Venezuela.

 

[Ridgerunner]

Smart lady. Invest in timberland and a place with clean well water, someplace where property taxes aren't too high.

Wise decision...

Types of Wood - American Hardwood Information Center

Lots of good points you guys have made, lots of interesting things I can research further..........
BUT........

None of it answers my question(s).

My son who is doing quite well for himself, his family and Company in the Money World thinks bitcoin is the next best thing since sliced bread... I don't have a clue...

 

[EvMetro]

There are several good crypto trading platforms out there, such as crypto.com , voyager, coin base, binance, etc. I use several crypto exchanges, since certain crypto currencies are only available on certain platforms. Right now, I am enjoying the Solana ride.

 

[fncceo]

however it's still inaccurate because Crypto is not centrally controlled, so someone can't just go out and make a bunch of a Crypto, hand them out to people, and inflate it massivelly...

Of course it's centrally controlled. More centrally controlled than any currency on Earth. The Bitcoin source code and blockchain was created, presumably, by a single person ... an anonymous person at that. The value of Bitcon rest solely on the idea that the person who controls that code and blockchain database will stick to the rules he (or she) devised.

There is no reason to believe that they will. It's just as conceivable that the inventor(s) of Bitcoin created it to destroy global commerce as it is that it was crated to promote global commerce.

 

[fncceo]

Crypto is very much like 3D-printed guns

In that 3D printed guns are totally useless and creating a gun from traditional materials at home is far simpler and more practical.

And yes ... people can steal your Bitcoin ... and never be prosecuted because there is no record that you ever owned it in the first place...

 

[dblack]

Of course it's centrally controlled. More centrally controlled than any currency on Earth. The Bitcoin source code and blockchain was created, presumably, by a single person ... an anonymous person at that. The value of Bitcon rest solely on the idea that the person who controls that code and blockchain database will stick to the rules he (or she) devised.

There is no reason to believe that they will. It's just as conceivable that the inventor(s) of Bitcoin created it to destroy global commerce as it is that it was crated to promote global commerce.

Any code changes have to be accepted by a majority of the nodes on the network or they won't fly. So, no, it's not controlled in the way you're suggesting.

 

[fncceo]

Any code changes have to be accepted by a majority of the nodes on the network or they won't fly.

The nodes operate autonomously... the person who controls the blockchain controls what is pushed out to them.

 

[dblack]

The nodes operate autonomously... the person who controls the blockchain controls what is pushed out to them.

Yep. And they can reject any transactions created with the new code. The only way someone could pull off what you're talking about is if they somehow gained control of more than half the nodes on the network, and even then, the best they could do is fork the network - ie break away and create an alternative currency.

 

[fncceo]

Yep. And they can reject any transactions created with the new code. The only way someone could pull off what you're talking about is if they somehow gained control of more than half the nodes on the network, and even then, the best they could do is fork the network - ie break away and create an alternative currency.

This is what you've been told. You haven't seen the source code (no one using it has) and you have no idea what it can do.

You're a missionary for Bitcoin ... you have faith in Bitcoin. Like any missionary, the more converts you make, the more your stock in your faith rises (in this case, the more users of Bitcoin, the more its potential value of your Bitcoin).

I believe there is only one fate suitable for missionaries of any faith ...

 

[dblack]

This is what you've been told. You haven't seen the source code (no one using it has) and you have no idea what it can do.

Actually, I have. It's completely accessible. It's here: GitHub - bitcoin/bitcoin: Bitcoin Core integration/staging tree

You're a missionary for Bitcoin ... you have faith in Bitcoin. Like any missionary, the more converts you make, the more your stock in your faith rises (in this case, the more users of Bitcoin, the more its potential value).

Nope, I'm not. I don't own any bitcoin at all. I do like its intent though. Government control over currency is huge.

I appreciate your skepticism, but it sounds like you just don't have the facts.

 

[Godboy]

Ah yes, it traced untraceable Crypto Currency and did... oh wait, if you can't trace it, you can't do anything. A boot-licker walks up to you on the street and demands you hand over your Crypto... "What Crypto?". As much as you seem to like to imply that Government is omnipotent, Crypto is very much like 3D-printed guns in the sense that without psychic super-soldiers, you cannot prevent people from obtaining and exchanging with them.

They can't make it worthless, the black market will always exist, and will always provide. When fiat currency collapses, like it always does, those who are exchanging in Crypto will be laughing at you while you hold onto your worthless paper.

Your statement that big companies can and will make Crypto kind of proves my point that you don't understand what MAKES a Crypto Currency. If a business controls it, it is not Crypto, so they literally can't unless they're just making it for shits and giggles, and doesn't actually care to profit off of it, and the Government doesn't care that one of their corporations is exchanging in something it can't control or tax. So, stating that they can and will is ignoring the entire point of what a Crypto Currency is.

I mentioned the oil hacking as a reference to international crime organizations, but that appears to have flew over your head. I was pointing out that in that specific instance, I would have been able to see their effect on the market if that exchange actually took place, given its large scale, but didn't see any effect at all. I mentioned it, not because you directly referenced it, but because I thought that this specific incident is why you mentioned International Crime Organizations. Although, regardless of reason, as mentioned above, the idea that Governments can do anything about Crypto is outright laughable.

Russia and China both banned Crypto, and people in both geographical locations still exchange in Crypto. You really lack cause for your claim. I also doubt your knowledge on the subject even more, due to you specifically only mentioning Bitcoin, when there are NUMEROUS different kinds of Crypto.

If you really want an example, the newest Graphics Cards, think it was AMD, is attempting to prevent people from mining with their Graphics cards, and the best they can come up with is requiring something be placed in a specific port in order to use it. Solution? Plug in a dummy one. Yeah, there's no actual way to prevent mining or exchanging, people can and have even done it offline, such as when the power was out in Venezuela.

Youre just saying shit. You arent backing up any of it though with

Ah yes, it traced untraceable Crypto Currency and did... oh wait, if you can't trace it, you can't do anything. A boot-licker walks up to you on the street and demands you hand over your Crypto... "What Crypto?". As much as you seem to like to imply that Government is omnipotent, Crypto is very much like 3D-printed guns in the sense that without psychic super-soldiers, you cannot prevent people from obtaining and exchanging with them.

They can't make it worthless, the black market will always exist, and will always provide. When fiat currency collapses, like it always does, those who are exchanging in Crypto will be laughing at you while you hold onto your worthless paper.

Your statement that big companies can and will make Crypto kind of proves my point that you don't understand what MAKES a Crypto Currency. If a business controls it, it is not Crypto, so they literally can't unless they're just making it for shits and giggles, and doesn't actually care to profit off of it, and the Government doesn't care that one of their corporations is exchanging in something it can't control or tax. So, stating that they can and will is ignoring the entire point of what a Crypto Currency is.

I mentioned the oil hacking as a reference to international crime organizations, but that appears to have flew over your head. I was pointing out that in that specific instance, I would have been able to see their effect on the market if that exchange actually took place, given its large scale, but didn't see any effect at all. I mentioned it, not because you directly referenced it, but because I thought that this specific incident is why you mentioned International Crime Organizations. Although, regardless of reason, as mentioned above, the idea that Governments can do anything about Crypto is outright laughable.

Russia and China both banned Crypto, and people in both geographical locations still exchange in Crypto. You really lack cause for your claim. I also doubt your knowledge on the subject even more, due to you specifically only mentioning Bitcoin, when there are NUMEROUS different kinds of Crypto.

If you really want an example, the newest Graphics Cards, think it was AMD, is attempting to prevent people from mining with their Graphics cards, and the best they can come up with is requiring something be placed in a specific port in order to use it. Solution? Plug in a dummy one. Yeah, there's no actual way to prevent mining or exchanging, people can and have even done it offline, such as when the power was out in Venezuela.

Strawman argument after strawman argument. Why did you spend so much time on THAT ^ utter horse shit?

 

[fncceo]

I'm sure, if you have any familiarity with software, you're aware of the AN0N app. The app was available on the Google and Apple stores since 2018.

A hypersecure text-based communication app that would allow people to send highly encrypted instant messages whose content couldn't be read or the users identified. Like cryptocurrency, its a highly useful tool for those engaged in less than legal enterprises.

It was revealed earlier this year that the app was actually created by the FBI who could de-encrypt all the messages in real time and used the app to monitor the communications of thousands of users.

The FBI shared this data with law enforcement in the US and many countries overseas ... resulting in thousands of criminal indictments.