Bitcoin Forum

what i dont understand is that Bitcoin was created to elimite the control of money that banks have which is a "good Idea...."
But... what is the difference between Bitcoin  webmoney, Paypal and other exchangers?

where does this Currency gets its value? why do we still need Money to get them? Because of the high demand??
and talk about Pyramid: who is on top of this Bitcoin money chain?

Bitcoin encrypted value

Lol so who is benefiting from it? obviously not the person that buys this "currency"
 1btc (made up money) = $383 (real money)
 So why invest your hard earned real money into something like BTC?
 because it will never lose value (the demand value) ?

if this is the way to go;  anyone  can create an agreement  a digital currency and use this currency among people you know hmmm. thats the way every bank note started.. lol..
  ??? ??? ???

 

What makes you think that the Dollar isn't made up money? Educate yourself about the origins of money then you'll understand.

All money derives its value from the shared consensus among people that it has value - it's belief, nothing more.

The key difference between Bitcoin and fiat currencies like the Dollar is that the Dollar is subject to political influence, is backed by nothing, and can be inflated without restriction. Bitcoin is controlled by math and can't be inflated at will. Bitcoin is natural money that people decided to be valuable out of free will - the Dollar is forced on people by government (legal tender).

You can think of Bitcoin like it's digital gold. Gold is also not backed by anything, but people still have decided that it's valuable out of free will.

ya.ya.yo!

you should know  btc is the first crypto currency! not the copied !

I think you didnt read my last few lines...LOl..I think I am educated enough to understand this agreement between major companies who has
hooked the poor again into believing and investing into something that will never benefit but drain their hard earned "real money"

as much as you will try to explain it doenst take much to understand

what was created
who created
why was created

-------------------------------------------------

you just mentioned it

Sorry, but you obviously understand nothing. You should read more before posting such nonsense.

Bitcoin is no company. It's a protocol, a software, and a currency.

ya.ya.yo!

not nonsense...I think you are delusional.

keep dreaming. If you own any BTC you need real money to give its value..No one will accept your btc if they are not backed up by a true value.

Trade among your selves and see how it will benefit your wallets. YOu are certainly delusional

It's just because what you call "real money" came first.

+----------+
|  PLEASE  |
|  DO NOT  |
| FEED THE |
|  TROLL   |
+----------+
    |  |   
    |  |   
  .\|.||/..

Keep dreaming... LOL

BTC was created (and/or originally supported) by "radical libertarians" who want to free us from the current system, but...
The actual creator could (possibly) be intending a massive "One-World" currency which makes us all slaves to the "all-seeing, always visible" blockchain.  :o
http://www.youtube.com/watch?v=aBQalkIeE7s

What is the real truth about BTC?

What you say has a point but it is not 100pct true.
Fiat even though is not fully backed by gold but it is at least determined by the strength of the economy, military to certain extent, availability of natural resources etc...of the issuing country based on iou trust

Bitcoin although is not backed by anything but it gets its value based on acceptance. .. the acceptance by the community who believes in its protocol and decentralization concept..
Based on these factors it creates demand... and the demand assigns it a value, something which the other party will agree on in exchange for products, services, etc and that's how it goes

Real money dates back to ancient Greece


Paypal dates back to 1998 @ $13 per share
BTC dates back to 2008 @ lucratively $383 per share

 :-\

exactly..we are on the same path.. value of acceptance  the demand is what gives its value...

It seems like BTC was a clever social experiment. fuck it Lets all make our own monopoly money..

Welcome to Bitcoin!

Bitcoin was created to eliminate all sorts of bank and substitute these with a new decentralized system. Imagine a world where you don't pay any taxes or fee to transfer your money, and no one know nothing about your shopping.

Yet this thread only reminds me on the lack of moderation that this forum has. This is obviously a troll/FUD attempt. One should be able to recognize such bad attempts at the first glance.
Bitcoin is not made up money. If you say that it is, so it the dollar. The money stopped being back by gold long ago.
Theoretically we could somehow make 'paper-like' bitcoin notes and say that it is real money (to those that said that it was not). But what is the real definition of 'real money'?  A currency that is on paper and coins? A currency that is backed by a government? I'd say no to both.

Go create your own "bitcoin" and join in long list of bitcoin-wannabees. We all know how that will work out.
fork it here: https://github.com/bitcoin/bitcoin

Also, Welcome to the Internet and we hope you enjoy your stay.  :D

if you go to Europe or Asia nobody will accept you USD. So, USD is also not real money?

I think that you're a troll. Anyway, bitcoin is the best compromised for the people which use to spent their money on internet. Why? Because nobody wants to let know to the other paypal his shopping (in much case). Only thing that I don't like of bitcoin is that it is totally anonymous.

If you seriously wants to know give bitcoin whitepaper a full read right now lol

^ 100% Right

Bitcoin = Peace/Security/Harmony

How do I know? I read the Bitcoin white paper.  https://bitcoin.org/bitcoin.pdf

The first credit to Bitcoin in the white paper was a citation to Wei Dai's "bmoney".

The fist paragraph in "bmoney" is:

“I am fascinated by Tim May’s crypto-anarchy. Unlike the communities traditionally associated with the word “anarchy”, in a crypto-anarchy the government is not temporarily destroyed but permanently forbidden and permanently unnecessary. It’s a community where the threat of violence is impotent because violence is impossible, and violence is impossible because its participants cannot be linked to their true names or physical locations”. ~Wei Dai

No one really pays attention or even cares but "THIS" is really what Bicoin is about:

The Internet and Bitcoin was created to allow people to solve social problems in a novel way: Instead of the ancient formula of “the strongest wins and then beats the crap out of the loser” we can all achieve a peaceful society where both rich and poor, strong and weak can protect their property and freedom on more equal grounds without relying on violent institutions like governments.

Note: If you read the white paper and then read the credits/citations, you will know just about everything Bitcoin related. It's all in there, and if it's not, it's in Satoshi's posts(with the exception of information about using Stratum Proxy. That's a Slush thing).

Update: corrected to include the internet.

Reading through this whole thread I have not seen one post that even comes close. (the OP is almost certainly trying to create FUD and does not know what he is talking about).

BItcoin was created as a way for people to send money in a P2P fashion (similar to paypal) without any central authority keeping track of each users' balance and to prevent people from spending their money more then once (double spend)

Really?  Even with a quote from the first citation and adding a link to the Bitcoin white paper written by Satoshi?  Explain how this is wrong?  But please read the pfd and it's referenced citations first before answering.

This is a direct quote from the first citation on the Bitcoin white paper:

 "the government is not temporarily destroyed but permanently forbidden and permanently unnecessary. It’s a community where the threat of violence is impotent because violence is impossible, and violence is impossible because its participants cannot be linked to their true names or physical locations”. ~Wei Dai "bmoney"

Please explain how this was not a main reason that Bitcoin was created and how I did not get that directly from Satoshi's first citation on the Bitcoin pfd.

If you still don't get it, lookup the other names on those credit citations and Google what groups they belong to and what the core statements and faq's are about those groups.

Note: p2p is a very small part of "what" Bitcoin was created for(that includes PipeNet 1.1). Bitcoin is a lot more than just another Usenet or Napster. And it certainly is not like PayPal, which is nothing more than a bank account.


*The same thread question:

Bitcoin.......was created for?

*My same answer:

The Internet and Bitcoin was created to allow people to solve social problems in a novel way: Instead of the ancient formula of “the strongest wins and then beats the crap out of the loser” we can all achieve a peaceful society where both rich and poor, strong and weak can protect their property and freedom on more equal grounds without relying on violent institutions like governments.  

Update: corrected to include the internet.

 I dont consider myself a Troll
just because this is the Bitcoin forum and I started a topic that it seems offensive to  BTC fanatics. It wasnt my intention to offend or
degrade its reputation. I think it is a clever idea and believe that it works flawlessly.
I am aware that Bitcoin was generated from nothing. A few computers decided to start trading a few million hashes and promoting its bogus values by giving them for FREE- Hey I just got 10,000 BTC in return for ordering a Papa Johns Pizza.  So now I  have to make others believe it has a value by promoting it. SIMPLE.. It became popular after LR got shutdown so we had no other anonymous currencies to do our "Anonymous Anon trades"... telling me welcome to the internet; I should tell you WELCOME to the Internet.
 
All I can say is some are delusional. Now tell me why are you Mining for the fun of it or for the value inflation that has most
hustling their way into it...After you mine a coin what do you do with it? TRADE for $$$ correct..

LOL...Really?  You can't even spell "eliminate" or construct a coherent sentence.  Are you a product of the public education system?

Just stick with fiat and you'll be fine.

It is created for the internet. There is no universal money on internet before bitcoin appears, only state digital money circulation at limited scope, mostly inside bank's network, not internet

I should have really used internet in my answer also. I'm going to add it. Thanks

Bitcoin has no company. It's a protocol, a software, and a currency.

lol.... feeling superior because of your auto corrections? THIS is the INTERNET F OFF with you BS trying to feel smarter by pointing out a simple grammar error... OFF topic!

The problem is that it makes you appear uneducated.  Add that to your questions and it appears that you have not done any research into Bitcoin (or money in general) and are asking some very elementary questions.

What gives money or Bitcoin or backed beans value is very basic stuff, you nearly got it in your first post though when you mentioned demand, try googling "supply and demand".

lol simple questions need simple answers.. Right?... In fact I was been sarcastic with the question marks. I was affirming its origin and its function.  pointing out how this "currency" opened the eyes of investors as a new money making business. Why was it created? The answer is clearly there. The creator knows how the internet spreads communication. It just takes one person to belief and make other belief. The rest will follow. Like I said i am not against it  at all..  All I said was that the ones on the top of the pyramid are the only one benefiting from this ponzi

YOu people are so sensitive........................



I should of just "mine" my own business..

>> TRADE for $$$ correct..
There is nothing wrong with trading bitcoin for dollar just as there is nothing wrong with ppl trading dollar for bitcoin. Some need dollar, some need bitcoin.

>> ones on the top of the pyramid are the only one benefiting from this ponzi

Same goes for dollar. Guys who control dollar printing factory are the only ones benefitting from ponzi that is us dollar. In case of bitcoin early adaptors and early investors benefit - people who saw bitcoin as revolutionary tech that it is.

This is one aspect of Bitcoin, but there are many advanced features that nobody is using properly yet, for example contracts.
Bitcoin can be used for all sorts of things like property contracts, business contracts, voting, and multisig transactions.
It even allows for scripting to be processed on the network enabling as yet undefined features to be implemented without needing to modify the code base.  Think of Bitcoin as a service, not money, because the money aspect is only a small part of Bitcoin.
Perhaps you should read the Bitcoin whitepaper first.  Hope this clears up your understanding of Bitcoin.

lol the currency gets its value lol from the protocol and the network lol.
Bitcoin is the most lol sophisticated, decentralized, secure payments lol network the world has ever lol seen. lol.
The base unit in which lol transactions happen over that lol network must worth something lol right? lol?
lol.  ;D

Its value from "the protocol" ooooh ok.. Real Money gets it value from- Secured trade
Bitcoin is Sophisticated and also a fad. This is what it is.... one virtual BTC will be trade for $391.58 dollars
If the $391.58 isn't secured to you why give it a dollar value next to it. Why don't just give the BTC for free like it started to be.

THe only reason you are so delusional is because it has a trading value..... PONZI.

Now try with LMAO! ANd still Laughing OUT LOUD! 

I am a supporter to the extent that normal users benefit from it.. But when we have hundreds of company trading bitcoins demanding lucrative amount of money for its virtual coin it just dont make any logical sense... you guys must be kidding..

hashes are getting harder to mine....
they are draining your wallet..
Snap out of it..

Paper money is dumb money.  It can only just be a token of value and one token.  Same for the other services like Paypal that were mentioned above.  Bitcoin is programmable money.    The possibilities of how it can be used and how it can reform the financial system is amazing.  

https://www.youtube.com/watch?v=YIVAluSL9SU&feature=share

No no no.......this reminds me of those promising job opportunities offered by Amway, Herbal Life and $h!t like that...
Bitcoin has more advertisement than what my grandma will ever need to run for president..

Every investment is a ponzi, if the definition of ponzi is, that the early adopters benefits the most from it.
If you buy stocks and the stocks increase in value, than the ones who bought early benefits the most.
But that is just half of the truth, since buying stocks mean, that the company gets money it can use to invest. If a miner sells it's BTC it means he can use the money to pay his electrical bills and buy new hardware for future. Sure, there are also people who just cash out, but that is nothing special in economy. There are also people who buy stocks low and sell them high and don't really care about the company involved.
That's just some basic stuff you learn in every economy class at University(like I did)

Furthermore, mining btc to convert to fiat and pay your bills(or cash out) is just the first step in Bitcoin and we are over that, since a lot of merchants already accept Bitcoin as a currency. Sure, a lot of them just convert them into fiat instantly, but not all of them. Some keep at least a fraction of it in Bitcoin and even pay their employees with Bitcoin. This will also increase over time.

I think, you problem with bitcoin is, that it's utility has to develop over time and wasn't just there, when it was invented. But again, that is nothing uncommon. Just look at how the internet was used 20 years ago and how it is used now.
Btw. I am from an Euro-country and the utility of the euro also grew over time, when more and more countries would accept it(I am making holidays in spain in december and I don't have to exchange fiat for that). There are some similarities to BTC.

Easiest way to understand bitcoin is to compare it to gold. Just like gold, bitcoin value is defined by trading and human belief in it as a store of value. People chose bitcoin, just like they chose gold over pink rocks. You can cry all you want, but bitcoin is here to stay.
Of course this is simple dumbed down comparison, but this way even my 80 year neighbor would understand.

to do business in the investment :)
terms of his worth as gold bullion, but the risk of investing in bitcoin is too large, because there are no laws that protect

Maybe it's the best idea to stop explaining Bitcoin to the thread starter. Everybody's free to choose the kind of money he wants to hold.

Most of those who chose Bitcoin know very well why they did so. If OP doesn't understand or doesn't share that opinion he's free to enjoy his fiat money.

It's a waste of time and energy trying to explain the advantages of Bitcoin to people that are not open to the arguments. I don't care if OP invests in Bitcoin or not.

ya.ya.yo!

You have lots of written on forum. Just read and learn and read and learn. And then ask and again read and learn.

I truly understand its advantages for its instant anonymous transactions. I said I support its idea and I think it is
a clever one. But we lose the reality that we need an actual currency to invest into BTC.. so we have to deal with reality one way or the other.
The reason I became furious in regards to investors/ big businesses becoming money hungry exploiting its values by
doing all sorts of crazy $#it. They just care to make money off from normal users..Like every moral to the story they are shut down just like LR was.


for the fact that Bitcoin's value has a Dollar or EURO sign next to it:
I believe this can work better if we just look at it as a cool anonymous "convenient" way to trade.  :)

Bitcoin is revolutionary technology, thats why it have big value.
It is bigger every day.

you are misleading information:
 

no no dont waste your sacred energy..everything is clearer now

\\
have you gave it a little thought in whats the difference BTC and what was of LR and other digital currencies before it.?
\\\
8) 8) 8)

BitCoin is good but it is not totally anonymous.

The reason we give gold value because its rare,  the reason its rare is because its heavy substance sucked to earthcore when molting. Gold we see now adays come from meorites crushing onto earth. Anyway it gold still holds value in the next hundred years we shall see robo meteorite gold mining which makes gold no scarce no more. It takes time but it will happen. Once ppl come to realize, btc is only make sense,  scarcity is by math and rewarding schedule.

early adopters do benefit as they are taking risk of new technology.  please read the FAQ on the wiki if you are interested.  also, yes anyone can create their own currency but Bitcoin will probably be much more successful because of the network effect.

no big mystery.

How can you say that? Maybe the best factor for me about BTC is the concept of anonymity. I got interested in it because of that. Why can you say that btc is not at all anonymous?

It's not totally anonymous but it is kinda when you compare it to a fiat bank account, but the level of anonymity it gives depends on how safe and careful you are with it.

Bitcoins are not anonymous unless you take a lot of precautions.
Everybody can see every transactions that was ever made on the blockchain, so if any transaction you ever made is linked to you(e.g. because an exchange or an online merchant has your data) other transactions in this chain can be linked to you.

Exactly. It all depends on how you protect yourself. If you post a wallet address on a status update or a tweet then it can be traced back to you, but obviously you can use it so you cannot be traced but this is all down to your usage and the precautions you take.

Those are some good questions. Fortunately they have all been answered years ago. Much can be understood if you know about "open source" software that is "distributed" over the internet.

Because it is open source, all code used to create the program is available to all. Totally different than almost all the software your used to. You wondered who was at the top of the Pyramid? In the code you can see that there is no pyramid, no bitcoin.inc., no official anything. Each of us is the bank, the customer, the payment processor, etc. When you use bitcoin there is no need for a 3rd. party, just the seller and the buyer. The tasks you used to use a bank for are distributed across the network of users.

The security of bitcoin is based on strong encryption. Because this makes bitcoin impossible to profitably counterfeit, there is growing demand for it as a store of wealth. Because it is the fastest, cheapest, and most secure way to pay anyone anywhere; there is growing demand for BTC as a payment system. So, demand is driven by utility.

You answered your own last questions. Why do people use "real" money to buy "made up" bitcoin money? Because all money is just made up. It's just fancy paper that people believe will hold value. And gold is just a shinny rock. Why do you believe in the made up numbers on your credit card?

again

I'm not feeding the trolls, I'm feeding the minds of those who legitimately want to know more about bitcoin. Shout out to the negative trolls for creating this opportunity to spread the positive news.  ;) 

how is this feeding a troll.. Comments like yours are totally unnecessary. If you dont like the post just skip it and carry on..

RodeoX i think you have made the most intellectual comments. Your explanation are very clear and truly demonstrate that you know what you are talking about. Most people who comment just seem to be repetitive but don't have a clue what they are repeating. Knowing something is understanding and been able to explain in your own words.  
Very clear. Thanks !!!!!!..