Does the US government even have enough gold reserve to back the value of the currency?
No. That's why fiat money is called fiat money. That's what fiat means. So now you know. |
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@mirana12345
>Bitcoin can transact value from one point to another better than any fiat ever created.
No. Bitcoin can not "transact value from one point to another." It can send digital strings, which are anything but value.
digital strings... so wire transfers are different how?? wire transfers are digital strings too.. so i guess fiat is "anything but value" Do you like to read? Here: ...
A binary string can also be used to store and transmit value.
Banks do it all the time, that's how fiat money moves around. Surprised?
I can also send my PIN code to my GF as an ASCII string, and she can take money out of a cash machine.
This doesn't mean that ASCII strings send value -- merely send information. Parties on both ends need to agree on what that info means.
Do you understand better now?
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...
Personally I'm not discounting the possibility of satoshi returning to officially declaring it a failure and disassociating himself from the post-forking power grab.
Newsflash: Satoshi disassociated himself left this forum a long time ago, because thou eaten of the Altcoin Tree, whereof He commanded thee that thou shouldest not eat. So live now in eternal terror of your God, for God is jealous, and the LORD revengeth; the LORD revengeth, and is furious; the LORD will take vengeance on his adversaries, and he reserveth wrath for his enemies. Yes, that means you  |
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@mirana12345
>Bitcoin can transact value from one point to another better than any fiat ever created.
No. Bitcoin can not "transact value from one point to another." It can send digital strings, which are anything but value.
Bitcoin does transact value, it can also be used to store value, as well as many other things. Saying anything but is nothing other than ignorance, or intentional lying. So what is it in your case ? A binary string can also be used to store and transmit value. Banks do it all the time, that's how fiat money moves around. Surprised? I can also send my PIN code to my GF as an ASCII string, and she can take money out of a cash machine. This doesn't mean that ASCII strings send value -- merely send information. Parties on both ends need to agree on what that info means. Do you understand better now? |
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when Bitcoin takes over anyone left holding fiat will get done like a dogs dinner
Fiat is backed by jackbooted government thugs. Bitcoin is backed by ...nothing. Please understand what the word "fiat" means, and why BTC is simply another form of fiat. bitcoin is backed by its own usage and by the electricity used to mine, it's backed by its own technology far better than being backed by a printer that print with the sole purpose to increase inflation and make everybody poor, minus government... Bitcoin is backed by burnt (spent, turned into heat) electricity? That makes as little sense as fiat being backed by the billions of dead souls in cemeteries. Nonsense. "Backed by its own technology" makes equally little sense, what does that even mean? Do you understand what "backed" means, when talking about money? it make perfect sense instead, the electricity will force a minimum value because the halving otherwise will kill the miners, so there is an incentive to have a greater value in the future, for every new halving by its own tech i mean that with the blockchain you can actually expand your business by build something on top of it, which will increase the awareness of bitcoin thus making it more valuable but apparently you can not think outside of your fiat world contorlled by a greedy governmetn and a printer @mirana12345
>Bitcoin can transact value from one point to another better than any fiat ever created.
No. Bitcoin can not "transact value from one point to another." It can send digital strings, which are anything but value.
how a string has less value than a toilet paper, only because a certain centralized autorithy said so? don't make me laugh You clearly don't understand what "backed" means, let me educate you: [Backed currency is a form of money] whose value has a direct correspondence with the value of a commodity (such as gold), whether or not it is redeemable in that commodity on demand. Read more: http://www.businessdictionary.com/definition/backed-currency.html#ixzz3y5QIDCcvNow stop rehashing infantile pap like "toilet paper" & "you can not think outside of your fiat world contorlled [sic] by a greedy governmetn [sic] and a printer," and try to *understand* the shit you rage against. Otherwise, you come off as you do now -- ignorant & illiterate. |
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when Bitcoin takes over anyone left holding fiat will get done like a dogs dinner
Fiat is backed by jackbooted government thugs. Bitcoin is backed by ...nothing. Please understand what the word "fiat" means, and why BTC is simply another form of fiat. bitcoin is backed by its own usage and by the electricity used to mine, it's backed by its own technology far better than being backed by a printer that print with the sole purpose to increase inflation and make everybody poor, minus government... Bitcoin is backed by burnt (spent, turned into heat) electricity? That makes as little sense as fiat being backed by the billions of dead souls in cemeteries. Nonsense. "Backed by its own technology" makes equally little sense, what does that even mean? Do you understand what "backed" means, when talking about money? @mirana12345 >Bitcoin can transact value from one point to another better than any fiat ever created. No. Bitcoin can not "transact value from one point to another." It can send digital strings, which are anything but value. |
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rumor says that if classic succeeds big parts of core developers will switch to eth
Makes sense... Smart developers with any open source project prefer challenging and rewarding work that they can design without an angry mob demanding things against their conscience. ... So... RIP Bitcoin? Nope bitcoin will thrive, Three more likely possibilities -- 1) Core wins out or a compromise is reached and we move forward with an efficient an lean blockchain with a settlement that is more secure and resistant to attacks But you just echoed the thoughts of Blockstream's CEO by suggesting that Bitcoin Creating 'Toxic' Environment for Developers? Seems like the best & brightest would defect, as they are doing already  2) Classic takes control, there is a large drop off in development (at least temporarily ) bitcoin will grow at a much quicker rate of adoption than under core and investors will make more a return quicker, Node count will continue and escalate dropping off and mining will further centralize ... in 10 -20 years time expect all nodes to have AML/KYC/Blacklists and be controlled by large companies that can afford to maintain the large databases, and eventually the community decides to give up on PoW altogether for a PoS/DPoS because when mining is that centralized than what is the point?
Classic can not "take control" -- it can win, by popular demand, or lose, due to Blockstream's corporate coffers & miners getting blackmailed by Core devs. None of the other shit follows, either. See how that works? 3) A fork is created where a more libertarian/anarchist coin is created with the chain split and a few devs from core 5-10 contributing to it under an ASIC proof PoW algo (already discussed) that will be better suited for the grey /black market and long term stores of wealth . It will have a different sort of utility and supporters so could be valued at the same amount as the other fork.
An altcoin, then. RIP Bitcoin? Either way , Bitcoin (either version) has a bright history at least from an investment perspective...For ethical reasons I will stop Buying the Centralized coin and likely slowly sell it off .... I'm not going to attack it , just allow it to run its course.
What is it folks here used to say? don't let the door hit you on the way out?  Edit: You're obsessed with voluntary, non-mining full nodes. Being trivial to manipulate, they're irrelevant. Or, rather, far less relevant than wallets. Don't worry about teh nodes. |
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when Bitcoin takes over anyone left holding fiat will get done like a dogs dinner
Fiat is backed by jackbooted government thugs. Bitcoin is backed by ...nothing. Please understand what the word "fiat" means, and why BTC is simply another form of fiat. |
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rumor says that if classic succeeds big parts of core developers will switch to eth
Makes sense... Smart developers with any open source project prefer challenging and rewarding work that they can design without an angry mob demanding things against their conscience. ... So... RIP Bitcoin? wait so what are my gains if I own 200 eth and 5 bitcoins, if people switch to eth how much of a percentage do I gain? No idea. Your BTC will be worth ~0, your ETH will be worth however much people are willing to pay. Free market. @DunningKruger >That which does not kill us, makes us stronger. Tell that to a guy in a wheelchair. |
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rumor says that if classic succeeds big parts of core developers will switch to eth
Makes sense... Smart developers with any open source project prefer challenging and rewarding work that they can design without an angry mob demanding things against their conscience. ... So... RIP Bitcoin? |
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What kind of moron is still supporting Bitcoin classic?
 Like I said before, if you read my post again, you can see that I understand certain corporations have an interest in this, but not actual people that hope to have a censorship resistant Bitcoin long term. I guess you are one of those morons given your lack of reading comprehension. "Certain corporations" = Blockstream? Also mind your manners, faggot. |
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mayax like some other people has said, change the tittle, this is nothing but speculative FUD.
Educate yourself. What kind of moron is still supporting Bitcoin classic?
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What kind of moron is still supporting Bitcoin classic?
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Tim Draper says bitcoin will hit $10,000 each within 3 years, check out the video: http://chatwing.com/BITCOINVIDEOSWhat do you think the price of bitcoin will be in 3 years? Lowered Expectations ~ time passes ~  Surprise! |
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Forest friends! Bambi lost his bitcoins in the blockchain public ledger, and also his Dad. Can you help? Spot the woodland critter who don't belong!  |
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...
Some of the 45 would likely join classic. Some of the more talented ones , with much different principles and politics than the maintainers of classic are likely going to go elsewhere or start working on the new bitcoin chain. ...
And here ya are, and it's a beautiful day. Don'tcha know there's only one Bitcoin? Don'tcha know that? Well. I just don't understand it. I can still hear you saying You would never break the chain. [5x] Chain, keep us together Running in the shadows  |
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... There are many of us that will attempt to burn "The" bitcoin blockchain to the ground and restart if some basic principles are betrayed or it becomes too centralized (which make it vulnerable to becoming corrupt).
Don't forget to poison the wells & salt the fields. |
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Somebody will surely earn from this issue, a black propaganda against bitcoin community
Some men ...just want to watch the world burn.  |
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Last chance of corrupted government(s) to kill bitcoin using their puppets in core dev group. A major, major economic crisis is knocking on the door and their time to ruin bitcoin is running out fast.
No need 4 gubermints to step in here, you Crypto enthusiasts seem to be doing fine all on your own. "Embattled digital currency exchange Cryptsy is now claiming that it is insolvent. The exchange alleges in a newly released blog post that it was the target of a hack in July 2014, an incident that it said cost it approximately 13,000 BTC ($7.5m at then prices) and approximately 300,000 LTC (then $2.08m). "This of course was a critical event for Cryptsy, however at the time the website was earning more than it was spending and we still have some reserves of those cryptocurrencies on hand. The decision was made to pull from our profits to fill these wallets back up over time, thus attempting to avert complete closure of the website at that time."" Fractional reserve. Because it works  Cryptsy failed because Bitcoin works. Gee, I hope this post isn't deleted too. By "works," you mean "makes shit like Cryptsy possible"? Anything can be exchanged in a custodial exchange. Poor performance is no excuse for bailouts. Anything could be exchanged in an unregulated Magic: The Gathering sort of an exchange, you mean? Nonexistent shit for worthless shit & back again, in a frictionless market, due to plenty of tears & snot lubrication? Well, yeah you got me there. I'm not a fan of these exchanges. OTOH, the global stock market is crashing so, the bailouts didn't work there either. Sure. Last time DOW fell 10% in 24 hrs is when? Like I said, I'm not a fan of these exchanges. They should be regulated like Wall Street so they shut down during flash crashes like this. So what you're telling me is all this "trustless" bullshit is bullshit? Bitcoin commerce needs government oversight, just like conventional fiat commerce? So Bitcoin's basically, a fiat surrogate? only useless for 99.9% of IRL financial transactions? WTF does trusting MTGOX have to do with Bitcoin? We've moved past that. Yes, MTGOX type exchanges that use fiat should be regulated. If they don't allow fiat, then they seem to work fine. "We've moved past that"? Clearly we haven't, see: Cryptsy; Havelock. No fiat. Plenty of scam. Custodial exchanges. Try exchanging with crypto's advanced features instead of trusting non regulated anonymous entities. @ZephramC: its track record of empoverishing intrepid investors. You must be new. I am not new. But perhaps I missed something. You mean companies listed on Havelock empoverishing or the Havelock itself< I mean when you go to a store, and each and every time you buy a snack -- any kind of a snack -- you wind up in the emergency room, getting your tummy pumped, I'd say avoid the store. Regardless of whether it's the store or the store's suppliers who poison the food. So, technically no, it's not Havelock, it's their expertly curated offerings P.S. Which is not to say you should avoid it. P.P.S. still waiting for the answer re. boldface above. |
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Last chance of corrupted government(s) to kill bitcoin using their puppets in core dev group. A major, major economic crisis is knocking on the door and their time to ruin bitcoin is running out fast.
No need 4 gubermints to step in here, you Crypto enthusiasts seem to be doing fine all on your own. "Embattled digital currency exchange Cryptsy is now claiming that it is insolvent. The exchange alleges in a newly released blog post that it was the target of a hack in July 2014, an incident that it said cost it approximately 13,000 BTC ($7.5m at then prices) and approximately 300,000 LTC (then $2.08m). "This of course was a critical event for Cryptsy, however at the time the website was earning more than it was spending and we still have some reserves of those cryptocurrencies on hand. The decision was made to pull from our profits to fill these wallets back up over time, thus attempting to avert complete closure of the website at that time."" Fractional reserve. Because it works Cryptsy failed because Bitcoin works. Gee, I hope this post isn't deleted too. By "works," you mean "makes shit like Cryptsy possible"? Anything can be exchanged in a custodial exchange. Poor performance is no excuse for bailouts. Anything could be exchanged in an unregulated Magic: The Gathering sort of an exchange, you mean? Nonexistent shit for worthless shit & back again, in a frictionless market, due to plenty of tears & snot lubrication? Well, yeah you got me there. I'm not a fan of these exchanges. OTOH, the global stock market is crashing so, the bailouts didn't work there either. Sure. Last time DOW fell 10% in 24 hrs is when? Like I said, I'm not a fan of these exchanges. They should be regulated like Wall Street so they shut down during flash crashes like this. So what you're telling me is all this "trustless" bullshit is bullshit? Bitcoin commerce needs government oversight, just like conventional fiat commerce? So Bitcoin's basically, a fiat surrogate? only useless for 99.9% of IRL financial transactions? WTF does trusting MTGOX have to do with Bitcoin? We've moved past that. Yes, MTGOX type exchanges that use fiat should be regulated. If they don't allow fiat, then they seem to work fine. "We've moved past that"? Clearly we haven't, see: Cryptsy; Havelock. No fiat. Plenty of scam. Custodial exchanges. Try exchanging with crypto's advanced features instead of trusting non regulated anonymous entities. Which would you recommend? Let's say I want to sell 20 BTC for fiat/another coin? @ZephramC: its track record of empoverishing intrepid investors. You must be new. |
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