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This is a common fallacy in the Bitcoin community. The fact is banks could work almost the same with Bitcoin as with the US dollar. Yes, that includes creating more Bitcoin from nothing. Keep in mind: Banks don't actually print more dollar bills, but they do put new "dollars" in circulation. Likewise, Bitcoin banks wouldn't mine Bitcoin into existence, but they would create new "bitcoins." There is nothing to prevent fractional reserve banking.
Also, remember that banks work with cash. There is no built in mechanism to force a borrower to repay a cash loan, but there is a legal structure, which works just as well with Bitcoin.
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simply put what will happen when dollar has lost 100% of it's value and is as such worthless?
This is called a "debt jubilee". Debts contracted in a currency under jubilee are forgiven. People use other exchange commodities when they are necessary. There are plenty to choose from. Some people panic about this but there is nothing frightening about it; it has happened many times and is cause for great celebration. Not if you are the lender. That might sound nice until you consider that borrowers tend to be people like me who are young and have many years of income ahead of them while lenders tend to be people in their later years saving for retirement. |
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dollars never had any value, was always a toilet paper, but you are forced to use it
You are not forced to use it. You give up your freedom voluntarily. we kind of are forced to use fiat man You're not 'forced' to do anything. You could live off the land and just barter, though if you want to exist in mainstream society you're very likely going to have to use it. Maybe look to join a libertarian hippie commune or something? Not true, because the government will take your land if you don't pay property taxes and put you in jail if you don't pay income taxes on items acquired in barter. |
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thanks for the answers, i got confused with the % for some reason i thought it was limited but actually it's not, the value could decrease by 150% ,300% or even 10000 %.
Actually, no, it couldn't decrease by 10,000% because then it would have a negative value. The way it works is that if you start at 100% and lose 10% a year, that 10% get's smaller every year. For example, if inflation is 10%: 2014 $1 - 10% ($0.10) = $0.90 2015 $0.90 - 10% ($0.09) = $0.81 2016 $0.81 - 10% ($0.081) = $0.73 2017 $0.73 - 10% ($0.0729) = $0.66 2018 $0.66 - 10% ($0.0656) = $0.59 So you are losing 10% every year, but 10% of the deflated, not the original, value. So after 5 years you've lost 10% 5 times, but that's only 41%, and the 10% will keep getting smaller and smaller. In 2018 in my example, 10% of $0.66 (rounded) is 0.066 (also rounded) which is only 6.6% of the original $1 in 2014. It's like compound interest, but in reverse. I hope that helps. |
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Can't see it going over $400 at all. 2015 will be a big year for Bitcoin. Microsoft just busted down the door for merchant adoption which should ramp up quickly. This in turn gives legitimacy to Bitcoin as not just a currency for dark markets. When more and more BIG companies start accepting Bitcoin, mainstream will start to take notice and wonder more about Bitcoin. As soon as I actually learned what Bitcoin was, I was sold as I believe many more will be as well.
People said exactly this last year and I'm sure will be saying it about every new year. That's true, but in their defense, they've been right every single year. |
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Yes, and that's also why a federal minimum wage is an even worse idea than a state minimum wage. A wage of $10.10 in Texas would equate to something like $12.50 based on the nationwide PPP (purchase price parity) while in California it might only be $8.50 or so.
If I remember correctly, the current $7.25 rate is equivalent to around $6.70 in California and $9.50 in Texas.
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Most people have enough money to pay the bills and that's that. The middle class is slowly disappearing, at the end we'll have only lower and upper (then the mega elite rich 1% that live off everyone else doing shit nothing while pretending they are doing something).
You know, income inequality is a problem, but I don't know a single person, including those who are upper class, who fit into this category. My network is full of hard working people across the income spectrum. I currently work for a little more than minimum wage myself, but you know what? That's okay. I am young and have few marketable skills, I will keep building those, and chances are, I have a good shot long term just as almost any non-lazy, able bodied person does. Maybe all of the 500+ people I know who are hard working members of the middle class are just lucky, or maybe people should spend less time complaining and more time working hard to build skills and provide value to their clients and/or employers. If I was a manager or business owner, the guy moping around complaining about how poorly paid he is would be the last to receive a raise. Most wealthy people are hard working, and I know several who you wouldn't even know are high-income because they bust their backs and live modest lifestyles (they are also kind, generous people). Now, thanks to the Federal Reserve, there are people who sit around making millions from the artificially high stock market, but that's the exception (and you can take advantage of the stock market too). |
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I just created 100 pennies and I loaned them out to you + interest… How is it possible for you to pay me the 101 pennies you now legally owe me if only 100 pennies are in circulation?
Because that's not how it works. There are far more "pennies" in circulation. It's true that debts exceed the money supply but that's not neccissarily a problem since each "penny" can be spent more than once. In fact, if I remember correctly, the velocity of money in the US (how often each unit of currency is spent in a year) is around 4. |
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Most of the people who don't like Bitcoin don't care enough to do anything about it. I think we overestimate how much sleep the so called "evil bankers" and governments lose over this very small market.
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i've watch a video where someone says dollar lost 97% of it's value, this would mean that there is only 3 % left ? is 0 % when i can use it as toilet paper?
I can tell when USdollar has lost value because my purchasing power has decreased (prices of good increases), so how can the dollar value have a limit when the price of a good can be increased in an unlimited fashion?
simply put what will happen when dollar has lost 100% of it's value and is as such worthless?
What you are missing is that it's like a half life. 100 years from now people might be saying that 97% of the dollar's value has been lost since 2014. That doesn't mean it will be worth less than $0, it would be worth $0.03 in today's dollars. Since we've lost $0.97 of every $1 already, that would equate to only $0.0009 (9 1/100 of a cent) of every dollar remaining. |
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I'm trying to create a coin from scratch (without using Bitcoins code), to see how far i can get. I was thinking a lot about how the clients work conceptually. What i do not understand is how all the clients , with one with say, only 4 connections, all know, at the same time, each block, as its created, without them all being connected to one another at the same time. How's it work? edit: unrelated question: how was my post viewed 4 times the time i posted?  You should try reading the original whitepaper: https://bitcoin.org/bitcoin.pdf |
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People who are in just for the money... prepare for another year of falling prices. And people asking the same questions everyday and the same answers, people saying the same thing over and over, on this subforum. be prepared.
I think this is not true if all learn this simple rule: DO NOT HOLD YOUR BTC ON THIRD PARTY EXCHANGES – BE YOUR OWN BANK
https://bitcointalk.org/index.php?topic=945881.0Very true. After Bitfloor and MtGox BOTH defaulted, I learned my lesson. (Although I actually am ok with real banks and trust them with cash). |
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I wouldn't trust Bitcoin over that term. It could be worth $100,000 or $0. Bitcoin should be a small part of your overall retirement plan.
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they don't want to see other people become rich by doing nothing, they feel this is unfair - which it is. To a certain extent you are right, but well though out investments should be, and are rewarded. The early Bitcoin adopters took a huge risk and deserve at least some of what they got. Just as investors in the stock market, who provide capital for innovation and investment, deserve to be rewarded for the risk they take and for allocating their capital to profitable endeavors. |
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There is nothing wrong with investing in something you believe in in the hope of profiting, but expecting to get rich is unrealistic and, yes, usually driven by greed. You might make some good money, many people have, but there are people taking out loans and abusing public benefits to buy Bitcoin. That's irresponsible and unwise.
If you really believe in Bitcoin, there is nothing wrong with putting some of your wages into it, as I do. But, it is very risky, so be careful and don't invest more than you are willing to lose.
People who are always trying to get rich without actually working will usually fail. I really feel that working and investing for the long term with an appropriate risk profile is a much better way of doing things than going "all in" as some in this forum have done.
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I'm pretty annoyed with Rand Paul right now. He's right that vaccinations should be a personal choice, but joining in with the anti-vaxxers claims that vaccines are unsafe?
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Freedomno made a good point.
I was actually fairly sympathetic to pushes for anti-discrimination laws for gays, until they started being abused. Just a few months after passing one in Houston, a baker was sued for refusing to make a cake that said "Support Gay Marriage." What about his freedom of concience? On one hand, I don't think McDonalds should be able to refuse to serve someone just because they are gay, but I do think they should be allowed to ban a gay pride party on their property.
The gay "rights" movement is so unforgiving and darn near oppresive to anyone who holds different views right now. The CEO of Mozilla was fired for a private political donation he made over 10 years ago, seriously? What about his freedom of speech? It's worth noting that this changed my mind about campaign transparency laws requiring that donor lists be public. I now entirely oppose them.
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By your logic, the states have no right to impose any law that a particular group finds unfavorable. So rich people could say they aren't equal under the law because they pay higher taxes. Should pedophiles have the right to marry a child? (I am not comparing pedophiles to homosexuals, I am only comparing the legal logic). By your logic yes! If I replace "a man not being allowed to marry a man demonstrates that he is not equal with straight men under the law" with "a man not being allowed to marry a child demonstrates that he is not equal with other men under the law," the logic should extend, no? You just did, the moment you bring peadophilia into an argument about homosexuality, you're being a fucking moron. This isn't a case of some particular group being bitchy for no reason, this is as global wide conspiracy by all religions to oppress homosexuals, it's just a fucking contract. Sure, a church can go ahead and declare that marriage between homosexuals isn't legitimate all they like, but they can't go around telling state and government what to do and yes, as someone from the UK I'm going to remind you about your own laws about seperation of church and state, we have the very same problem here where religion is constantly trying to impose it's doctrine on the rest of us. This 'social' issue is purely an invention of religion, no one else gives a fuck save for a few homophobic cunts and it's about time they got over it and stopped being such pussies, gay marriage has been legalised already in various parts of the world. The world has not descended into chaos, peadophilia and beastality have not suddenly become legal, it's all a load of scare mongering bullshit and there is no real argument you can make against it. If anything, I would argue that being religious is more likely to lead to peadophilia than being gay, since we all know how much Catholics like their choir boys, yes I fucking went there. Sorry for missing your post. There is only one argument here worth adressing, and that is the one regarding seperation of church and state. First of all, seperation of church and state does not prohibit religious influences of government, only church control of government and government regulation or funding of the church. Secondly, seperation of church and state is a misinterpretation of the first amendment. This is what is really says: "Congress shall make no law respecting an establishment of religion, or prohibiting the free excercise thereof." That's all it says. The thing to understand about the US is that we, theoretically, have rule of law. If you don't like the Constitution, change it. Otherwise, that's too bad. You can swear at me all you want, it doesn't suddenly undo the US Constitution. |
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The human nature. If scam people is easy and have no risk ,then why not?
You do realize normal people don't think this way, right? There are a lot of reasons why not. |
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You are right that Bitcoin was irrationally overvalued, and many people were blind to that fact (and treated anyone who saw the truth like a fool), but that doesn't mean that there isn't value. Overvalue does not equal no value. I think in a few months, or maybe longer, we'll be looking at all of these "Bitcoin is Dead" posts much as we were looking at The Rise and Fall of Bitcoin in 2013. I could be wrong, a security weakness could be uncovered, or a better option could be created, but it's hard to deny that Bitcoin at least has SOME value, and I happen to think that right now it's undervalued. |
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