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Author Topic: My challenge to bitcoin  (Read 1066 times)
binting
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February 03, 2018, 02:13:58 AM
 #21

I created a 6 minute youtube video to explain why I don't like bitcoin, but let me sum it up.  I see the us dollar as a debt backed currency.  Banks create money through loans, which are in turn backed by houses, cars, and people's incomes.  Everybody seems to think the us dollar is a faith based, or something, but I don't see it that way.  I see it as a fully backed currency, not too much different from being a gold backed currency.  Where am I wrong?

https://www.youtube.com/watch?v=jujwQkhnoU8

Well my challenge in bitcoin to answering a lot of questions and investing, to earning more coins so that bitcoin is the best challenging that your answers other thrades and different questions so bitcoin is the best challenging to overcome your poverty
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February 03, 2018, 04:20:15 PM
 #22

We have to be careful posting. You need knowledge in bitcoin.
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February 03, 2018, 04:27:36 PM
 #23

I created a 6 minute youtube video to explain why I don't like bitcoin, but let me sum it up.  I see the us dollar as a debt backed currency.  Banks create money through loans, which are in turn backed by houses, cars, and people's incomes.  Everybody seems to think the us dollar is a faith based, or something, but I don't see it that way.  I see it as a fully backed currency, not too much different from being a gold backed currency.  Where am I wrong?

https://www.youtube.com/watch?v=jujwQkhnoU8


You really forgot that Bitcoin is backed with blockchain technologies. Bitcoin serves as the leader in promoting technological improvements. Bitcoin was the start-up of everything, the beginning . and you cannot tell the investors to back out because Bitcoin already took the scene and lots and lots of people are really aware of what bitcoin and all the other crypto currency could bring to them.
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February 04, 2018, 11:55:17 AM
 #24

Its really surprising to see some one preferring USD instead of bitcoin.We all know that USD is almost in its final stage of enjoying global reserve currency.Its value is mainly due to OPEC nations decision to only sell crude oil in dollars.If all of a sudden,they stop accepting USD,then USD would face a huge crash.Also,USD being printed infinitely is subject to deflation out of which is bitcoin is totally free due to its limited supply.

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February 10, 2018, 05:31:50 PM
 #25

Yes....
 
My challenge to bitcoin because I'm investing bitcoin and maining and eran money.
Crypto currency market Price bitcoin level up and i trust bitcoin 500$ up
My challenge bitcoin but i am interest and all people follow them bitcoin.

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February 10, 2018, 06:15:08 PM
 #26

I created a 6 minute youtube video to explain why I don't like bitcoin, but let me sum it up.  I see the us dollar as a debt backed currency.  Banks create money through loans, which are in turn backed by houses, cars, and people's incomes.  Everybody seems to think the us dollar is a faith based, or something, but I don't see it that way.  I see it as a fully backed currency, not too much different from being a gold backed currency.  Where am I wrong?

https://www.youtube.com/watch?v=jujwQkhnoU8


I think that it's precisely because of that reason (fiat being backed by debt), that puts the hole system at risk. The financial crisis back in 2007-2008, was caused by the US housing bubble burst. Banks were giving risky loans, everyone was buying a house, the prices of the houses kept going up, people start investing in the house market at huge prices, and when it burst, the houses were worth less than the loans that were previously offered, and everyone lost money. Since banks can print money at will, they can then make risky loans. If their money were backed by something real, and not the debt itself, then they would not have loaned so much money, and maybe the house bubble wouldn't have been created, because people weren't buying so much houses in the first place.
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February 10, 2018, 08:04:30 PM
 #27

USD is not backed by houses and assets as you just stated.
Of course USD can buy assets and houses, but the US government don't need to have X amount of assets/houses in order to produce and print more dollars, that's actually the reason that people afraid of.
We afraid that the national debt will become so high that the US government would need to print more and more money and we will enter hyperinflation mode- a situation where the country's financial system is out of control and it has to override the fixed inflation rate in order to survive.
Gold-backed fiat could be the solution for everything, as it would be impossible to enter such debts, as the country would need to own gold stocks at the same amount of money.

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emanjun
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February 11, 2018, 06:10:00 AM
 #28

           Cripto money now. Trust no challenge dibitcoin, all goes in line with the hope that we know that we only follow the approved rules. Given for the assessment of ourselves how often we can follow the contract that we do. We are given a big reward so we have to prepare an agreed task. Running a contract job is an obligation of all that has been approved, because this is a business trip with a large corporate contract in cripto.
If we are looking for assets in the market of cripto money we jga must meet, so that our investment efforts are going well. I see a lot of the procedures that apply in the rules of cripto money market.


Yeah, in bitcoin we do have to follow the approved rules, it might be simple but we always have still to consider
it..our invested efforts soon will be paid off. Lets just add some hardworks to this...

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Polipog
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February 11, 2018, 07:23:23 AM
 #29

The person made on this particular question is not totally believe on bitcoin, and they mentioned and talking about U.S dollar as a debt back currency. Well sounds like good. But talking about the value, bitcoin is more higher compare to U.S dollar and what is wrong that someone did not believe the life cycle of bitcoin as the number one cryptocurrency around the world.
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February 28, 2018, 01:37:45 PM
 #30

Bravo. A debt backed currency. I 100% agree. Now are you trying to make this sounds like a good thing? Because in reality it's a clusterfuck in a hurricane. Nothing will ever survive by having more and more debt as time goes on. You can only print so much money until your currency and debt is completely worthless and you get liquidated. Maybe you should switch over before that happens. Either way idc, I'm in. If you don't understand it then we'll just see you in 10 years when you have to understand it to survive.

My 5 cents: that if the government sharply reduces its debt with the help of high inflation, bitcoin can not have this.
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March 03, 2018, 05:21:34 AM
 #31

Dude what I have to say to you is that all you have said now makes no absolute sense. Yes, it makes no sense to me at all. What do you mean the US dollar is a debt backed currency, do you even think at all before saying all these nonsense. Money is a medium of exchange and if it’s backed by debt, then what is that debt? Explain what you mean by debt and how the US dollar is being backed by debt. Do you even know the meaning of debt, cause it seems like you don’t. Yes, I like Bitcoin but that doesn’t mean I should be saying rubbish.

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March 03, 2018, 10:20:08 AM
 #32

Dude what I have to say to you is that all you have said now makes no absolute sense. Yes, it makes no sense to me at all. What do you mean the US dollar is a debt backed currency, do you even think at all before saying all these nonsense. Money is a medium of exchange and if it’s backed by debt, then what is that debt? Explain what you mean by debt and how the US dollar is being backed by debt. Do you even know the meaning of debt, cause it seems like you don’t. Yes, I like Bitcoin but that doesn’t mean I should be saying rubbish.

My most challenge in bitcoin on how to prevent negative trust, if you got negative trust it's hard to apply in all types of campaign because no one would trusted you. My other challenge in bitcoin is too hard to get merit because I'm at developing stage in terms of quality post. I use my patients until I've learned more about bitcoin.
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May 01, 2018, 12:49:39 AM
 #33

I hope that every country follows the rule of printing their national currencies based on the value of gold they hold as reserve except US.It's said that if all of the USD returned at once and asked to pay for it in return as gold,US would go bankrupt.So it's quite natural that in such a case,people would chose a better currency which they could hold themselves and which could not be neither controlled by the government nor could be devalued.That's why,people chose bitcoin which could neither be even hacked unless private keys revealed.Being a decentralized currency,it's value is totally based on the trust which people keep over it.
Yes, it is so true. Dollar and other fiat money are backed up by gold, and that the bank prints money in accordance to the country's value of gold. But for bitcoin, it is backed by people supporting it. The more people use it, the more and the higher will be its value and the more valuable it is.
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May 01, 2018, 03:57:15 AM
 #34

I hope that every country follows the rule of printing their national currencies based on the value of gold they hold as reserve except US.It's said that if all of the USD returned at once and asked to pay for it in return as gold,US would go bankrupt.So it's quite natural that in such a case,people would chose a better currency which they could hold themselves and which could not be neither controlled by the government nor could be devalued.That's why,people chose bitcoin which could neither be even hacked unless private keys revealed.Being a decentralized currency,it's value is totally based on the trust which people keep over it.
Yes, it is so true. Dollar and other fiat money are backed up by gold, and that the bank prints money in accordance to the country's value of gold. But for bitcoin, it is backed by people supporting it. The more people use it, the more and the higher will be its value and the more valuable it is.
indeed price and existence of bitcoin is supported purely of supply and demand, and there is no such thing as gold. so now if bitcoin is legalized in many countries then price will also increase as demand increases

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May 01, 2018, 06:37:01 AM
Last edit: May 01, 2018, 06:09:24 PM by deisik
 #35

I created a 6 minute youtube video to explain why I don't like bitcoin, but let me sum it up.  I see the us dollar as a debt backed currency.  Banks create money through loans, which are in turn backed by houses, cars, and people's incomes.  Everybody seems to think the us dollar is a faith based, or something, but I don't see it that way.  I see it as a fully backed currency, not too much different from being a gold backed currency.  Where am I wrong?

https://www.youtube.com/watch?v=jujwQkhnoU8

A short answer is as follows:

Gold is a limited resource while fiat money can be created at will. So there are drawbacks with both gold and fiat in this regard. A limited resource (so-called hard money) can become more or less limited tomorrow independently from what monetary authorities think appropriate but fiat money is prone to excessive printing by these authorities as well. Technically, you can't equal these two forms of money in terms of their backup, though I partially agree with you that fiat is sort of backed up by debt (to a degree). The problem is when governments go nuts about printing more money, then this backup fails terribly. It is like miners discovering a Manhattan-sized gold nugget



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May 01, 2018, 06:44:37 AM
 #36

It is not very surprising that some people are not able to digest the huge price value of bitcoins as the concept is still new. With time, people will start believing it more.
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May 01, 2018, 06:50:26 AM
 #37

Bitcoin not dead, always some people will find a way to get profit from this cryptocurrency. Someway. Somehow. Always.
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May 01, 2018, 07:07:48 AM
 #38

I hope that every country follows the rule of printing their national currencies based on the value of gold they hold as reserve except US.It's said that if all of the USD returned at once and asked to pay for it in return as gold,US would go bankrupt.So it's quite natural that in such a case,people would chose a better currency which they could hold themselves and which could not be neither controlled by the government nor could be devalued.That's why,people chose bitcoin which could neither be even hacked unless private keys revealed.Being a decentralized currency,it's value is totally based on the trust which people keep over it.
Yes, it is so true. Dollar and other fiat money are backed up by gold, and that the bank prints money in accordance to the country's value of gold. But for bitcoin, it is backed by people supporting it. The more people use it, the more and the higher will be its value and the more valuable it is.
indeed price and existence of bitcoin is supported purely of supply and demand, and there is no such thing as gold. so now if bitcoin is legalized in many countries then price will also increase as demand increases
bitcoin in my country is still not officially legalized, I wonder what the reason the government still has not legalized bitcoin. whether there will be a negative impact from the bitcoin legality?

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May 01, 2018, 08:30:51 AM
 #39

The only difference between bitcoin and the US dollar is that the US dollar as you said is backed by debt while bitcoin is backed by the law of supply and demand. The more people wants it the more price goes up. The lesser the supply there is, the more the price will zoom up. The  US dollar supply is not limited, they are controlled by the central bank and the government.

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May 01, 2018, 08:54:51 AM
 #40

I created a 6 minute youtube video to explain why I don't like bitcoin, but let me sum it up.  I see the us dollar as a debt backed currency.  Banks create money through loans, which are in turn backed by houses, cars, and people's incomes.  Everybody seems to think the us dollar is a faith based, or something, but I don't see it that way.  I see it as a fully backed currency, not too much different from being a gold backed currency.  Where am I wrong?

https://www.youtube.com/watch?v=jujwQkhnoU8


As I see the government will try to print as many fiat as they can and that would lead to a global disaster someday.
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