Absolutely nothing backs Fiat paper its completely worthless

[bargainbin]

@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?

I better call all the stores and service owners where i purchased with bitcoin then , and tell them that i have transacted them no value at all.
My god man, you are really ignorant. You are staring facts in face, but still yappin' around like a cave man.

So I guess texting my PIN to my GF also transfers value, only faster & easier
Start reading and stop being retarded, my good man.

Who accepts a PIN for goods and services? And you're calling people names?.?.

>Who accepts a PIN for goods and services?
My GF does. Why else would I send her my PIN? Try to read more carefully.

>And you're calling people names?.?.
I respond in kind.

[Jordan23]

Where will your GF spend the PIN?

Try to actually think before posting. You call people names because you know your "argument" is weak. Just because you and your BF play silly value games doesn't mean they have actual value.

Thanks for playing!

[Jordan23]

Just because your BF accepts Monopoly money for blowjobs doesn't mean Monopoly money has value.

i can go on and on......

[Kevin77]

Government power backed fiat money but that won't be here forever. We'll go to the way of one nation world, called new world order. 20-50 years later there will be no government than one nation. It's not hard to say they use a digital currency for controlling people.

No Government. That's not possible but I do believe there will be digital currency along with the physical one. If not bitcoins, the currency may have a new name but fiat won't be worthless. There are still many who use coins instead of notes so the barter system will remain the same.

[bargainbin]

Where will your GF spend the PIN?

Try to actually think before posting. You call people names because you know your "argument" is weak. Just because you and your BF play silly value games doesn't mean they have actual value.

Thanks for playing!

She will spend the PIN at an ATM machine, exchange it for USD, and buy goods and services with those.

Just like a typical Bitcoin-accepting merchant relies on a payment processor like BitPay, to turn your BTC into USD, so they could buy goods and services with those.

[bargainbin]

Just because your BF accepts Monopoly money BTC for blowjobs doesn't mean Monopoly money BTC has value.

i can go on and on......

FTFY
Do go on

[mirana12345]

Where will your GF spend the PIN?

Try to actually think before posting. You call people names because you know your "argument" is weak. Just because you and your BF play silly value games doesn't mean they have actual value.

Thanks for playing!

She will spend the PIN at an ATM machine, exchange it for USD, and buy goods and services with those.

Just like a typical Bitcoin-accepting merchant relies on a payment processor like BitPay, to turn your BTC into USD, so they could buy goods and services with those.

I don't think you know what PIN is ..

Where will your GF spend the PIN?

Try to actually think before posting. You call people names because you know your "argument" is weak. Just because you and your BF play silly value games doesn't mean they have actual value.

Thanks for playing!

That's what i am trying to explain to him the whole time, but he's either too dumb to understand or just an annoying troll.
He lacks the understanding of basic terminology and facts, but that doesn't stop him from trying to undermine other people's opinions.
Anyways, the title is about fiat not having anything to back it, so at the least we agree about that one.

[bargainbin]

^^The Personal Identification Number for the bank card, which is in my wallet, which, in turn, is in her basket.

And *of course* fiat isn't backed by anything other than the issuer's word. By definition.
I know it's an amazing revelation to you, but most people learn this in grade school.

[Jordan23]

Just because your BF accepts Monopoly money BTC for blowjobs doesn't mean Monopoly money BTC has value.

i can go on and on......

FTFY
Do go on

According to multiple exchanges Bitcoin has value. I hate to call names but you're either a troll or have the IQ of a gnat.

[bargainbin]

Just because your BF accepts Monopoly money BTC for blowjobs doesn't mean Monopoly money BTC has value.

i can go on and on......

FTFY
Do go on

According to multiple exchanges Bitcoin has value. I hate to call names but you're either a troll or have the IQ of a gnat.

According to multiple exchanges, bitcoin has value. To the people *buying* it.
Just like my PIN has value to my GF.
Just like Beanie Babies have value to Beanie Finance enthusiasts.
Get it?
Exchanges don't buy your coins, they simply let you sell them to other, more gullible lunatics.
Just like eBay doesn't buy Beanies, it lets you sell them to other lunatics who think they're worth it.
That's how value is established -- free market.
When you sold a Beanie, and USD shows up in your PayPal, you haven't revolutionized the payment industry by transacting with Beanies.
Capiche?

[Zarathustra]

its not backed by anything solid.. but it is backed by legislation..

EG the minimum wage laws make it so that a bank note is the equivelent to atmost X.X hours
for instance in california a $10 bank note has the belief that its back atmost 1 hour of sweat labour ($10 minimum wage)

yes i know people get paid more than $10 an hour.. hense why i said atmost..

also
tax that requires to be paid only in fiat is another reason that fiat holds value as it forces people to handle dollar. rather than choose a better currency to use.

inshort:
fiat is backed by legislation and the weak belief that it has value of sweat labour. but is not backed by anything of real value/substance.. which some say that paper bank notes are backed only by other pieces of paper (laws)

FIAT Money is debt/credit, and debt/credit is backed by deposits. I can't get credit out of hot air.

[franky1]

FIAT Money is debt/credit, and debt/credit is backed by deposits. I can't get credit out of hot air.

you can..

you do know that credit is a credit agreement.. the primary way banks "create money"..

you do realise that its not money movement from one account to another to give you credit.. the banks magic the money out of nowhere and you sign a credit card contract to hand them funds + a fee..

same goes for mortgages. the funds dont come from other peoples accounts.

when you realise that its created by nothing more then laws allowing them to create it under the use of credit agreements .. you will see that fiat is only backed by laws..

[btcprospecter]

It is only worth anything because we believe in it. We all use it without even thinking. Same goes for bitcoins worth, we believe in it. We use it therefore that has created value in it. If we were to all dump our coins it would become worthless.

[BruceLee007]

It is only worth anything because we believe in it. We all use it without even thinking. Same goes for bitcoins worth, we believe in it. We use it therefore that has created value in it. If we were to all dump our coins it would become worthless.

fiat is worth something not just because we believe its worth something, countries governments say that it has a worth and it means that it has to have it as people listen to them, with bitcoin everything is different as people control the price themselves

[Amph]

Not only do you not understand Bitcoin, but you seem generally confused.
>there will be no two competing chains ever.
Wrong.
>only one there can be at any given time
Wrong.
>one of the two is not bitcoin it's an alt
"there will be *2* Bitcoins -- core, with ~25% of the hashpower (if that), and Classic."
Yes, you can call one of them an alt. Which one is entirely up to you.
>and wrong again for the sha256 and bitcoin, because bitcoin without merchants is useless, miners are beholden to bitcoin not to the algo
Wrong. The core alt will be without merchants exchanges, the only merchants that matter. Unless the merchants exchangesare insane, and go with the core forklet (which could, and will, be attacked and re-forked with the massive hashpower of Classic)

So now you know

you clearly do not know how consensus work, the majority of the vote through the node will determine what the new chain will be the real bitcoin and what will be only an alt, no coins will be lost

there were multiple hard fork, hard forking it's nothing new, learns about the history of bitcoin

>the majority of the vote through the node will determine what the new chain will be
That makes no sense. What are you trying to say?

As far as history goes, chances are I sold you your first coin. Enjoy

here how consensus work

if the majority(in %, i don't remember if it was 51% or 90%+, i believe 90%+) of the node has chosen a path, simply that path is the new bitcoin, the minority are now mining an altcoin, if the % is 50/50, then nothing happened they are still mining on the old fork

basically the majority is always bitcoin and the minority is an altcoin, there is no "two bitcoin" ever, that was a false info, that was spread during the Xt era

[Drekavac]

Bitcoin is such a nightmare for fiat!

[franky1]

Not only do you not understand Bitcoin, but you seem generally confused.
>there will be no two competing chains ever.
Wrong.
>only one there can be at any given time
Wrong.
>one of the two is not bitcoin it's an alt
"there will be *2* Bitcoins -- core, with ~25% of the hashpower (if that), and Classic."
Yes, you can call one of them an alt. Which one is entirely up to you.
>and wrong again for the sha256 and bitcoin, because bitcoin without merchants is useless, miners are beholden to bitcoin not to the algo
Wrong. The core alt will be without merchants exchanges, the only merchants that matter. Unless the merchants exchangesare insane, and go with the core forklet (which could, and will, be attacked and re-forked with the massive hashpower of Classic)

So now you know

wrong..

the only time there there would be gavincoin and bitcoincore coin as 2 separate distinctive coins. is if they never interact with each others miners.

EG lets say we have 3 miners.. A, B, C... where C is the miner that has >1mb block limit and a,b are normal <1mb block limits..

imagine "classic" gets a block from C, and then the very next block is from B... the node will see that B does not include header data of the C block. and would render the previous block(c) orphan
some people say i dont articulate my laymans descriptions well.. (i do try to not use technical waffle on purpose)
so here is a gif that shows it better, enjoy



C miners would only be accepted without orphan if A,B accept blocks over 1mb.. causing a consensus upgrade
or if classic nodes only communicated with C miners and ignored other miners who have not upgraded.. causing a fork and altcoin..
those are 2 different outcomes and should not be mis-interpretted as one..

meaning as long as the majority of miners dont upgrade.. the ones that do try to force the issue will get orphaned.

and the only way that C will survive while other miners dont upgrade, and the only way to create a new alt. is if classic nodes only accept C blocks and totally avoid other blocks from other miners.

so as long as nodes accept blocks from all mining pools, the system is safe and there is only one chain. as those pushing outside the limits will get orphaned.

[bargainbin]

the only time there there would be gavincoin and bitcoincore coin as 2 separate distinctive coins. is if they never interact with each others miners.
...
C miners would only be accepted without orphan if A,B accept blocks over 1mb.. causing a consensus upgrade
or if classic nodes only communicated with C miners and ignored other miners who have not upgraded.. causing a fork and altcoin..
those are 2 different outcomes and should not be mis-interpretted as one..
...

But of course the Classic miners won't interact with Core miners, isn't that the definition of a hard fork?
Classic nodes reject Core blocks, Core nodes reject Classic blocks.

[quadriple7]

of course fiat money is worthless, its just a paper, but i dont think that it causes any problems as bitcoin is just a code too that has value just because people think its valuable

[calkob]

At the minute men with guns back fiat........