bitcoin 101: https://youtu.be/Bhe61JaNFLUhistory of money/centralbanks: https://vimeo.com/8757743 or link2
https://youtu.be/UrJGlXEs8nITo any intelligent observer, it has been apparent that bitcoin’s primary use has emerged to be store of value/investment. Yes, bitcoin’s decentralized/permissionless solution to creating an immutable cryptographically secured database brings a vast array of different potential revolutionary applications not seen since the advent of the internet but again, the primary use has emerged to be store of value/investment. and bitcoin has been so good at this store of value thing that it has become
detrimentally successful - enter the (well-funded) hacks and puppets…attacks from the outside and from within - some of which via spread of (FUD) tangent ideas with coders, media, investors, and within bitcoin community to maybe start an idea of even ‘slight’ change.
First, please realize no other tool in modern-day finance has been so successful at being an
effective savings mechanism which unlike traditional ‘savings accounts’ this bitcoin actually keeps up in value for you to be able to afford higher cost of rent, education, healthcare, vacations, etc. (due to its beautiful combination of scarcity, a ceiling of 21mill coins, immutable, permissionless->not controlled/influenced, secure, and being established/developed). This effective savings tool of bitcoin is made accessible to the 99% of us and cuts to the core of exposing the flaw of the central bank fiat system with its funny-money creation out of thin air paper/credit-currencies benefiting the privileged institutions and then last to benefit would be the rest of us. it can also expose flaws of fraudulent funneling of extra paper-currencies created by central banks…now think, even those privy to any fraudulent funneling of funny-money will see what’s going on and understand something like bitcoin as an alternative being effectively immune to these games that even these bad-actors themselves would buy bitcoin! Bitcoin changes the paradigm of central-bank funny-money (Bitcoin is the anti-funny-money warrior: open & mechanism)….and it has taken off….and will catch the attention of the central banks who by definition, have nearly unlimited systemic resources and influence (think governments, telecoms ISP providers, hardware/chip manufacturers, software developers, search engines, exchange conartists).
Even if a hard-fork doesn’t happen anytime in the next couple of years, it’s the threat that an attack on this pure beautiful store of value system to something even slightly different that can actually gain a noticeable percentage raises the question…is it possible that someday that the groups influencing bitcoin (those controlling mining or those involved with coding development, or the rest buy/transacting in bitcoin) would (either out of ignorance/misunderstanding
or out of vested-interest to undermine bitcoin) start demanding (even slight) changes that may contradict the store-of-value that bitcoin is???
That is the big question that if the answer starts looking like yes…then value would plummet as bitcoin no longer be seen as a store of value but would eventually turn into another app coin (i.e. Ethereum) that can do many amazing things but not the one store-value amazing thing that it has done these past few years. the price would be
zero-bound (compared to what we’ve been accustomed to with bitcoin today).
If the answer to that question is no (that you reading this, this community, software coders, mining operators, investors, everyday folk, work to stay educated on the above and act to keep the integrity of this bitcoin system)…then even a $50 billion market cap would still be seen as
trivial in the financial assets arena where one bitcoin can easily go above $5,000 USD. But really, as the years pack on and integrity remains intact, the price would be
infinity-bound.
It is appropriate at this point to bring back some old-school sentiments: proudhon song: link1 (
https://vid.me/Jvql) or link2 (
https://youtu.be/A7TuFy0fcuw)
How can a $50 billion market cap be trivial or seen as under-the-radar?
see here: link1 (
http://i1.wp.com/money.visualcapitalist.com/wp-content/uploads/2015/12/all-the-worlds-money-and-markets.png?w=1346) or link2 (
https://s-media-cache-ak0.pinimg.com/736x/75/9b/63/759b63f98e8569498bee62738fda954b.jpg)
These ideas are kinda interesting (or i think you’re a paranoid idiot), can you point me to better presentable information about bitcoin i can share with others?
bitcoin 101: link1 (
https://youtu.be/Bhe61JaNFLU)
What about bigger block-size?
If there were attackers spamming transactions, it is a lot more digestible to withstand 1mb blocks, but bigger blocks could open door for bigger spam, larger bloat of the blockchain - hindering small folk and consolidate power to the well resourced.
Also, say if most the mining competition were to go-away for some reason, you or myself can take a standard computer and internet connection and be able to mine-away with a 1mb block.
..if you were to double this to 2mb block, or even larger, this becomes a lot more difficult over time and our standard internet connections would begin to be much less adept for throughput required.
such a move in block-size would again consolidate power to the well-resourced.
hack.What about “scalability” doing many many fast-transactions/lightning network?
there are many options and none of them have to involve changing bitcoin. with fiat you have outside counterparties assigning responsibility for fast coffee transactions, i.e. Visa network or MasterCard network. Come up with a counterparty solution or let another coin become a credit-card or have a startup either become a trusted solution or develop a sidechain or some trustless solution.
Last i checked, its been clear that many of us around the world have been able to send/receive bitcoin with no issue - as so many of our friends have been doing in Japan, India, Russia, Greece, America, China, Nigeria, various South American countries, the UK. all around the world bitcoin transactions have been happening for already for years and are happening even as i type this.
Fully On-chain “scalability” forced upon bitcoin would destroy bitcoin’s primary use of store of value.
hack.(Segwit is okay but not Seg2x or any other derivative fork)
Priceless info on how money and central banks work: the money masters: link1 (
https://vimeo.com/8757743) or link2 (
https://youtu.be/UrJGlXEs8nI)
competition is good. centralized control/monopolies are bad.
one random tidbit from this was
the last big country that successfully eliminated a central bank (and did this multiple times) has been…believe it or not, America. But the most recent establishment of a central bank in America, called the Federal Reserve has sunk its claws in for now over 100 years.
If you want more, listen to lectures or read from the great Murray Rothbard (
https://www.mises.org/profile/murray-n-rothbard)
What about ethereum with that ether?
ethereum is an amazing application/contract technology and funding tool for mainly scam ICOs, i'd suggest it not as a use for store of value like bitcoin. two different things. ethereum is permissioned allowing central-authority styled intervention at times…. but bitcoin is permissionless, decentralized control…pure to word immutable.
What about this other alt-coin or blockchain?
most are scams - lookup discussions on altcoins/scamcoins. I’m seeing an article title “99% of blockchain startups are bullshit”
WHERE ARE THE TRUSTLESS DECENTRALIZED EXCHANGES?
any others picking up ground besides locabitcoins? talk about lack of options!
[edit] ...or is decentralized exchange here?
https://cointelegraph.com/news/segwit-first-steps-to-ecosystem Cross-Chain Atomic Swaps (pick any two? LTC-DCR-VTC-BTC)
Who was Satoshi Nakamoto?
in my opinion the brains behind the team Satoshi Nakamoto lay in someone who was a very modest, gifted, and a generous handicapped man.
EVERYTHING makes sense if David Kleiman was Satoshi Nakamoto. Here’s why: (
https://seebitcoin.com/2016/05/everything-makes-sense-if-david-kleiman-was-satoshi-nakamoto-heres-why/)
Never trust another person or company or exchange with your bitcoin. see mt. gox, cryptsy, shutdown China-exchanges, many other scams.
hacks (these people may have been well-meaning previously...but people change...):
Mike Hearn : “the "Bitcoin experiment" has "failed." goes on to Ethereum an app coin.
Hearn - Big Bank Bitcoin Bully -
https://medium.com/@tradertimm/hearn-big-bank-bitcoin-bully-c61531c082e#.okh9viyzeCraig Wright - desperately claimed to be Satoshi & then flees fraud trying to file a bunch of IP patents! LOL!
Mark Karpeles
Paul Vernon
Josh Garza
Roger Ver
Jeff Garzik (2017 recent; hard forking BTC1 / segwit2x)
"Jeff Garzik wants you to connect to his Bitcoin transaction analytics (spy) company Skry, by default, in the SegWit2x fork. Jeff is a sneaky snake!":
https://www.reddit.com/r/Bitcoin/comments/6n9grc/jeff_garzik_wants_you_to_connect_to_his_bitcoin/Barry Silbert (and his DCG portfolio of companies-ie Coinbase, Bitpay, sponsoring ilk of Jeff Garzik characters)
Even if you never to touch a bitcoin, please consider keeping your deposits with a smaller community bank or credit union and NOT any of the larger banks in your country. a shift in deposits, go a long way in control and power.
BTC1HXUWBD28MgYs3iQzkbT5UkfteSrrYX7ng
Please feel free to copy/share this post in its
entirety.
Bitcoin reached escape velocity 4-years ago in 2013 which means it cannot be stopped - cannot make it illegal or legal - governments/banks do not matter. Bitcoin cannot be controlled.
On the opposite end of the spectrum the global fiat system broke a couple of decades ago.
Fiat currencies around the world is heavily infested with:
-regulatory burden on fiat banks & system (incredibly costly)
-unemployment & other welfare costs
-inflating fiat to keep stock market rising and to keep house-prices from collapsing
-financing conflicts, bombs, and "aid"
-stabilize regions after natural disasters
-insurance claims and insurance losses
-keeping monopolies with internet access centralized and search engine crawlers centralized
-money laundering
-chargebacks
-frivolous legal costs (lawsuits bogging the system down)
-state-sponsored corruption and unofficial corruption (governments and gangs, banks and conartists)
-retirement obligations (debasement in value to keep up with payments from government or other retirement-obligations)
-fake credit (goods being transacted with credit-loss, replaced by inflation of monetary base rather than bringing perpetrators & source to justice)
Bitcoin, systemically, is free from these burdens.
(longtime reader, first time poster)
Quote before my mid-2018 edits/corrections.
