Thread 61085944

So can anybody answer what a bitcoins actually is yet?

>>61085944 (OP)
It is digital gold

>>61085944 (OP)
software.

>>61085949
what is gold?

>>61085987
what is your iq?

>>61085997
>this thing is digital [thing]
>>what is [thing]?
>Wow, like, omg, really..?
It's okay if you can't answer

>>61085944 (OP)
at least it won't dip like yesterday btc did, but it can swap on houdini to usdc there's a thing

>>61085944 (OP)
They are proof of work. You can straight up print money from thin air if you can reasonably answer where the demand for that currency comes from. This is the real problem with Bitcoin, since the demand outside speculation is questionable.

>>61086130
> This is the real problem with Bitcoin, since the demand outside speculation is questionable.
It's like a ponzi scheme but worse. Even the original scheme involved proof of working to arbitrage, bitcoin is pure greater fool

>>61085944 (OP)
Can you answer what money actually is?

>>61085987
Physical BTC

>>61085944 (OP)
I visualize bitcoin as casino chips. Impossible to counterfeit and only so many will ever be made.

So basically I can say here take this casino chip in exchange for your car, you can take the chip to germany and my friend will recognize it and trade you a car for it.

Basically facilitate the hawala system.

Certainly not money in itself, imo.

>>61085944 (OP)
Damn, this looks sexy.

>>61085987
nobody knows really

>>61085949
>digital gold
kek

>>61085944 (OP)
Yes it an electrical signal sequence encoded in binary stored on a either floating gates or a magnetic strip that receives it value based on human consensus. If the memory gets corrupted by more than a certain amount of bits that the ECC circuit can't correct then you no longer hold the correct electrical sequence to have a bitcoin. Gold on the other hand is necessary for any sentient being requiring a necessary material for high technology thereby receiving its value outside of human consensus.

>>61086214
>you can take the chip to germany and my friend will recognize it and trade you a car for it.
- Germans sold.
- I am not your friend.
- I would never trade a car for internet money.

a miserable pile of lies

>>61085944 (OP)
zeros and ones

>>61085944 (OP)
an abstraction.

>>61086259
Du wierdest eine krankenshwester brauchen!

>>61086244
a lot of clever words but a midwit take really
bitcoin is a value assigned to a hash of a public key of a cryptographic key pair, such that:
- this assignment is stored in an output of a bitcoin transaction stored in the blockchain database
- blockchain conforms to the rules of the bitcoin code/whitepaper
in other words, your bitcoin is stored in every copy of the blockchain, and it is very unlikely it will ever be lost
and your bitcoin is a number in a database
and the private key of the cryptographic pair allows you to submit a transaction to the blockchain network that allows you to decrease the number assigned to the hash of the public key of your cryptographic pair, and increase the value assigned to some other number (a hash of the public key of the cryptographic pair of the recipient if you entered it right, or nothing if you fat-fingered the address)
some FUCKING MORONS pay $110k dollars to be able to change the number in the database by 100000000 (bitcoin network operates in integer satoshis, bitcoin is arbitrarily set to be 10^9 satoshis)

>>61086334
>a lot of clever words but a midwit take really
Touché

>>61085944 (OP)
>So can anybody answer what a bitcoins actually is yet?

A ledger entry unit, that's it. It's convenient for accounting, but it has no intrinsic value, only the value that people subjectively assign to it, which has been significant as of lately.
That value, obviously, depends on reputation and artificial desirability, both subjective measures that must be kept alive in everyone's mind as to sustain its price. If that cultural phenomenon ever fades, the asset drops in price, just as it did many times during bear markets, when everyone thought that "BTC is dead".
Bitcoin is literally one of the stupidest inventions of mankind, ever.
Do I hold it though? Yes
Why? Exactly because people are stupid, and you can always count on that.

>>61086439
>That value, obviously, depends on reputation and artificial desirability, both subjective measures that must be kept alive in everyone's mind as to sustain its price. If that cultural phenomenon ever fades, the asset drops in price, just as it did many times during bear markets, when everyone thought that "BTC is dead".

so basically the same as all other money?

>>61086157
Try learning English before posting next time.

>>61086448
all other money is equal, you can't say "money that comes from wells fargo is worth 10x than money that comes from bank of america", you can try but the government will fuck you in the ass
you can say with bitcoin "bitcoins originating from kyc treasury address are worth $1, but crimecoins originating from any other dark address are worthless and will land you in jail"

>>61085944 (OP)
cia scam.

>>61086469
you could say that dollars ending in odd serial numbers are worthless if you wanted
you could do anything you want. the information is there

>>61086479
the term "legal tender" guarantees that you legally cannot do that, and if try, you will be enforced to accept dollars ending in odd serial numbers, whether you like it or not

>>61086448
>so basically the same as all other money?
Basically? Not really: it's a fixed supply asset, issued in a regular, scheduled way. In that sense, it is scarce and not under any particular entity's control, like a central bank.

Additionally, fiat currencies represent value that will be created in the future to repay the debt issued in the present. It is a fallacious system, as it assumes that there will always be value found somewhere on a finite planet, and it is therefore unrealistic.
Bitcoin doesn't represent anything as such.
At best, it represents the amount of electricity that was lost to verification. Energy which will never again be used for any useful.

It truly is the dumbest invention ever.

Otherwise, yes, it's a unit of account with no intrinsic value, just like any fiat currency. They are accounting tools.

Still holding though.

>>61086490
okay and so what?
the government isn't the only way to enforce a rule
lots of things are legal but people don't do them because of other consequences or the threat of them

>>61086467
kek. + failed number-agreement in the OP
>a bitcoins
>but as long as i throw in a few fancy terms i can cover myself right?

>>61086510
I deliberately use ESL english in OPs because it gets me more replies

>>61086510
You're right I should have said bitcorns

>>61086497
maybe where you live cartels can enforce their own rules, but here in the civilized world government has a monopoly on rule enforcement; if the rule doesn't originate from the government, you can ignore it, obey it, or, if it annoys you, you can involve the government and it will fuck up the wannabe vigilante rule enforcer

>>61086517
why not butt corns saar?

>>61086522
okay, say nigger on your linkedin then

>>61086525
I choose not to say nigger on my linkedin, but I can choose to try paying with odd-numbered dollars for your products against your will, and if you refuse to accept them, I can sue you for refusing to accept legal tender
no such enforcement exists with bitcoin, I can say that I won't buy bitcoins from addresses that end in 0 and nobody can do shit about it

>>61086531
>I choose not to say nigger on my linkedin
can you choose to say it?
not without consequences
niggers and liberals enforce the "don't say nigger" rule as harshly as a government could
law is just what people choose to enforce and punish as a law and isn't limited to government in practice
and not all government laws are enforced either
people break traffic laws and go over the limit all the time

>>61085944 (OP)
>>61085949
>>61086157

Its a scam kinda

In 2008 the banks and goverments realised that Fiat couldnt go on Like it did thats why Basel 3+4 were created btc is a beta test coin and fullfills multiple purposes

Test if crypto money is not only a thesis but can also work in the realworld

Create trust in its value by pumping it compared to Fiat.

By competing with gold so central banks can stack beceause people arent fleeing into precious metals.

Create Huge computing centers they can then use for ai.


The Dollar dying is a managed decline thats why Trump is bringing back so many blue collar Jobs etc because those fake.Jobs will be replaced by ai and only real Jobs will be left

>>61086536
I can't even imagine where would I say that because it's internet funny money kek
but that already happens on kyc exchanges with blacklisted addresses, if your address is tainted and has coins that originate from criminal addresses - they won't do business with you and will report you

it can happen again when the governments decide to decriminalize crypto
have traceable coins from good boy kyc exchanges? can use them
sent your coins through a tumbler? good job retard you made them worthless

>>61086130
Gold is also proof of work. Except work is only needed once to mine, refine, and shape it.

After gold is in its final form, you don't need to constantly pollute the planet to maintain its integrity.
Also gold doesn't become useless if power and/or internet is gone.

>>61086546
so you're saying aml applies to crypto? and?

i've been through much worse kyc and aml from banks over accepting cash than i've ever been from a crypto exchange or banks receiving crypto

>>61086556
>random fireball hits one random town
>world wide web shuts down with no hope of recovery

>>61086585
>he doesn't understand what the Carrington Event was

>>61086578
I'm saying that there are legal consequences for not accepting dollars with odd serial numbers, and there are social consequences for saying nigger nigger nigger on linkedin, but there are no consequences for tracing the blockchain and refusing to accept coins originating from addresses you don't like, or valuing coins from some addresses differently than from some other addresses
therefore it's not "the same as all other money" >>61086448

>>61086597
there are also no consequences for demanding aml on clients
try bringing a sports bag full of dollars into your bank and depositing it without explanation and see what happens

>>61086592
wow 19th century technology was interrupted for 2 whole days

>>61086612
that doesn't change the value of your cash, it's always fixed at 1 dollar = 1 dollar
but mr. saylor can say tomorrow "I'm opening online saylor shop where you can buy coolest shit ever, but it only accept saylorcoins"
and he can start selling saylorcoins for $1m per 10^9 satoshi, that are literally bitcoins that originate from saylor's address
you can't do that by selling dollars for more than a dollar and storing a database of serial numbers, government will fuck you up because 1 dollar = 1 dollar, but 1 bitcoin = whatever value you assign to it, it has no value that is enforced by anyone

>>61086556
Nice cartoon strip. It's a legit risk, but it would so be as well for paper gold or silver.

>>61086622
Yeah now imagine that happening to 3/4 of the globe's transformers in the interconnected electric grid now. I think you'll be in the dark a little longer than 2 days.

>>61086635
but if your cash can't pass aml it's actually worthless isn't it?
if you started selling saylorcoins someone else would also have to agree they had more value than other satoshis, and that's a non starter
like i said, government rules are paper only unless there's some social agreement they need to be enforced, and it goes in reverse too, the way people behave is not reducible to rules on paper
bitcoin is an end run around nation state enforcement but so are lots of other things

>>61085944 (OP)
A perfect hermetically sealed, mathematically guaranteed ledger of gold 2.0

>>61086655
Though it would take several years to replace the electric infrastructure, the fact is that the powers that be would eventually restore it to original functionality. The elite class has no interest in living in the stone age, they'd step in, and yes, more fiat would be printed to guarantee that outcome. Eventually you would have enough connectivity to restore most of the internet and so would the bitcoin network be restored.
Obviously, until that outcome could be realized, some bullion might come in handy for some bartering, if needed.
Nonetheless, the point is that infrastructure is restorable, the internet is restorable, and so is the bitcoin network as well.

Rockfags can never answer how you can order something online by paying with gold. Should amazon switch to gold payments only? They could easily use btc but gold would be a logistical nightmare of massive proportions

>>61086197
Pmg didn't like when I said that.

>>61086699
he better not say it again

>>61086661
maybe not? idk, it's for the government to decide
>>61086685
mailboxes will be made out of solid gold, deliverymen will file off a bit after leaving the package

>>61086685
This retard shops on Amazon, I bet this is the same retard that took four Pfizer vaccines and a booster just to be safe. Your cheapie chink-shit won't even be cheap very soon, so what does it matter? There goes your online consumerism argument, slamdunked into le trash.

>>61086729
>online consumerism
>tranime

>>61086685
how about a new crypto that is backed by physical gold in a vault somewhere? did anyone do this?

>>61085944 (OP)
A psychological operation to divert gullible people from real assets, including the indispensable physical gold and silver, and allow Saylor and Blackrock to make billions at their expense. It also does not resist quantum and can go to 0 in a fraction of a second at any moment. In short: you are laughed at in high offices.

>>61085944 (OP)
The "utility" value of anything is practically nothing. The value of most things is it's monetary premium (price beyond it's utility due to people trying to use it as a store of wealth). Look at your own life, only literal homeless people are scrounging for money to get food on a day to day basis. 99.9% of humanity creates WAY more value than they consume in a day. THEY HAVE TO STORE THAT VALUE SOMEWHERE. WHEN YOU TRY TO STORE YOUR EXCESS LABOR IN A COMMODITY (plastic cups, oil, buildings, metals, Pizza Huts), IT RAISES THE DEMAND AND PRICE FOR THAT COMMODITY. NOW IT IS MORE PROFITABLE FOR OTHER HUMANS PRODUCE MORE OF THAT COMMODITY. So they do, and siphon wealth away from you by inflating the supply of what you're trying to store your wealth in. Thus, it makes the most sense to store your money in the scarcest things.

On top of this, the only reason you are storing your excess wealth in these things is for promises of future labor and services from other humans. Nobody needs 100M plastic cups. Fuck, nobody even needs 2 houses. So you store your wealth in something that can't be inflated and that someone else desires. When you buy BTC (or fiat) you're essentially doing real labor for free (i.e. building someone a house) for something with 0 utility (digital value) solely for future goods and services. It is frequently the case that these goods and services you desire don't even exist yet. With the supply (and functionality) of all commodities increasing exponentially, the value of any commodity you buy today continuously plummets the second you buy it (used cars, used iPhones). Bitcoin is the only thing that is fungible and gets harder to acquire as time goes on, not easier.

Obviously, this works in reverse too. That's why when commodities become harder to make (China not withholding rare earth metals), BTC's value crashes. Obviously these disruptions are generally very short lived. It's really fucking simple when you understand it.

>>61085944 (OP)
A save haven for pleb "assets".

>>61085949
>it's digital gold
>ignore the fact it's in a bear market when priced in gold
>that's irrelevant
>it's digital hecking gold

>>61085944 (OP)
NSA open Beta test with rewards mechanism for open-sourced troubleshooting of government digital currency

>>61087875
>it's in a bear market when priced in gold

>>61085944 (OP)
"A republic, if you can keep it,"

>>61086647
That's the magic of boomer rocks. You don't need the internet to tell people you own it.

Cartoon was also edited by someone to trash crypto bros. This is the original

>>61085987
a relatively limited resource people agree holds value

>>61085987
It’s what Jews like which is why it has value,

>>61085944 (OP)
>>61085987
>>61086005
do you have aspergers?

>>61085987
Every gold piece you save is a slave to work for you. Every copper it earns is its child that also can earn for you.

Gold comes gladly and in increasing quantity to any man who will put by not less than one-tenth of his earnings to create an estate for his future and that of his family

Gold labours diligently and contentedly for the wiser owner who finds fir it profitable employment, multiplying even as the flocks of the field

Gold clings to the protection of the cautious owner who invests it under the advice of men wise in its handling

Gold slips away from the man who invests it in business or purposes with which he is not familiar or which are not approved by those skilled in its keep

Gold flees the man who would force it to impossible earnings or who follows the alluring advice of tricksters and schemers or who trusts it to his own inexperience and romantic desires in investment