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Author Topic: My challenge to bitcoin  (Read 1160 times)
chowderhead1976
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November 28, 2017, 07:06:00 PM
 #1

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
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Hydrogen
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November 28, 2017, 08:05:08 PM
Last edit: November 28, 2017, 09:56:29 PM by Hydrogen
 #2

I don't want to flat out say you're wrong. You're trying to think critically, independently on your own. I strongly approve of that.

The best analogy I can think of is to cite how effective a automobile tire would be if it were made of glass. How efficient would a powerline be if it were made of wood? Our economic and financial systems have a certain degree of systemic efficiency or inefficiency. In cases where systemic inefficiency rises high enough, the system fails. Paying high taxes and having a large portion of that wealth be destroyed by inefficient budgeting/spending is the same as the Joker in the Dark Knight lighting a pile of money on fire.

This is an analogy for inefficient spending by big government.



Over the long run it doesn't matter if fiat is backed by physical goods or gold. Systemic inefficiency makes the status quo unsustainable. When the united states spends $6.5 trillion dollars on war, it needs positive tangible gains to show for it. Else, it could be categorized under destruction of wealth. The same with healthcare. Americans passed 20 tax hikes spending $2 trillion on the affordable care act. Were there many positive tangible gains to show for it? Spending trillions of dollars to fix things that never get fixed, catches up with even the richest nation on earth, eventually.

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January 13, 2018, 07:14:48 AM
 #3

           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.

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January 13, 2018, 07:19:56 AM
 #4

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?

I'm confused, what part of the summary explains why you don't like Bitcoin?

All you're talking about is the US Dollar and how the US has so much debt that the Dollar is backed by debt. You claim that people seem to ignore this fact. Which may be true, maybe not. The reason people see this debt-backed approach as dangerous is that it builds a house of cards that is so delicate that something as simple as people buying houses they cannot afford can nearly bring the entire system down. When all the banks are operating on debt, it doesn't take many of the debt owners to come collecting before a lot of people are left broke. The system is broken. Bitcoin is a good step toward a better option.

How does this have anything to do with your negative thoughts on Bitcoin? ...your challenge?

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January 23, 2018, 01:34:45 AM
 #5

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

Bitcoin challenge my life I'm getting more patient and aggressive  have interest for everythinh
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January 23, 2018, 03:23:32 AM
 #6

Bitcoin systems are full of challenges, we must follow rules and guidlines to avoid total banned or with negative trust. It is also a big challenge on how being moving up to higher position.
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January 23, 2018, 04:50:00 AM
 #7

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

If you want to see the dollar as backed by all the material possessions of the US including everything in its territory including the people you are not wrong, but the reason it is not seen as such is the ability of governments of printing more of it without any backing, think about it in this way what if all the wealth of the US could be represented by a dollar, but then the government decides to print another dollar, the resources backing the dollar have not gone up but now there is an extra dollar so everything was devalued to 50% of its original value. 
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January 23, 2018, 05:38:23 AM
 #8

You sir clearly don't understand what Bitcoin is. You are correct about the dollar but bitcoin doesn't need to be backed by anything, it just needs to be adopted. And a currency that is decentalized, borderless, and a peer to peer payment system well you can be sure that will get adopted quick.

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January 23, 2018, 06:04:57 AM
 #9

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.

andrei56
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January 28, 2018, 04:23:02 AM
 #10

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.
If that were to happen the US only has to back their dollars by the amount of gold they have, they cannot go bankrupt, this is what Nixon did in the seventies, the French government realized there were more dollars than gold, but the US government did not adjust the price, so they could buy gold for cheap until Nixon decided to stop the conversion of the dollars for gold and then it was decided the dollar was no longer backed by gold.
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January 28, 2018, 04:57:52 AM
 #11

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


This is way lot confusing post. I tried to read it thrive in real with my eyes wide open. I believe you don't like bitcoin  at all because you think that there is no competition of your USD with the bitcoin in terms of how they are backed up with different assets. Agree on that but it's not completely true. The way it seem easier to manage all those backed assets, but it's not the case in reality. The banks work on the principles of liquid money and it flows multi direction all the team. While on the other hand bitcoin is unidirectional and it just work on the principles of peer to peer transfers. The backing doesn't really matter here because what bitcoin has got is the money that we are pushing into it.

That's my understanding about it. There might be no comparison between to as they have different principle of working.


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January 28, 2018, 05:01:50 AM
 #12

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
Who's going to back it though? What is there to back beyond having something that requires a ton of electricity and computing hardware to use? There is no central authority to back Bitcoin in any way and the closest you can get to backing it is by having the computing labor back the value of Bitcoin. The debt made by central banks is unsustainable and there is never going to be any way to resolve it all since there is basically more debt in the world than can ever be paid off. It's backed by the constant labor of everyone else that can never really be cashed in either, similar to how Bitcoin will never let you cash in on the computing power used to make it. It's just a token of the energy required to produce a new unit of currency.
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January 28, 2018, 05:03:05 AM
 #13

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.
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January 28, 2018, 06:35:53 AM
 #14

Bitcoin systems are full of challenges, we must follow rules and guidlines to avoid total banned or with negative trust. It is also a big challenge on how being moving up to higher position.
you're not reading mate.  Op is talking about the currency not the circumstance of the forum, i think you should understand first what is op talking about before you complain. Cause there's a chance maybe the things you said will happen to you cause its seems you're post is not related on this thread.


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January 28, 2018, 08:35:25 AM
 #15

My challenge to bitcoin? Everybody sees tthing with eyes at different angles and perspectives. What some did successfull some peoples failed, there4 we are the challenge behind bitcoin
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January 28, 2018, 08:49:21 AM
 #16

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

Bitcoin challenges me fo r being more patient effort and be contented  what I have more interested .. Bitcoin gives everything in my life

E M M A R E S  ❍ .... Email as you know it, will never be the same.
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January 28, 2018, 03:52:40 PM
 #17

           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.

Bitcoin challenge me to have patience in all aspects. I challenge on how to be contented in all the things i have right now.
Leane Lee Natividad Cuenc
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January 28, 2018, 04:14:23 PM
 #18

           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.
I agree...as long as we follow the rules and regulation of bitcoin at the end we have reward if we continue our task...my challenge in bitcoin is to be patient in everything you do..as i can see a lot of procedures that to apply inthe rules of crypto money market.all we can do is just to trust Bitcoin..and just prepare for the risk.

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January 28, 2018, 04:26:43 PM
 #19

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

The bitcoin challenges for me is by having an effort and patient by posting in bitcoin, to be clearly by answering the questions.I'm a student so that I can't post everyday because I need to focus on my study just like 60% on my study and 40% by posting in bitcoin.
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February 03, 2018, 01:07:39 AM
 #20

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.
Correct, countries function under the same rules as regular people even if they do not want to believe it, if a person spends more money than he has then that person will eventually lose everything he has and will have to declare bankruptcy, governments are the same except the scale is bigger but the same principle applies so a debt based currency is doom to fail, it does not matter if it happens tomorrow or in a hundred years it will happen eventually.
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