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Author Topic: My challenge to bitcoin  (Read 1090 times)
kifumi
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October 13, 2018, 01:59:20 AM
 #101

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 know it have a risk inventation some ur money for a bitcoins like buy high tech for mining and something place for mining like a company. because some peaople had lost the money and get dismiss the company. it more save for me to gold invest. well im agree with u dude.
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October 13, 2018, 03:01:13 AM
 #102

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



That's is you own opinion sir we respect that because all people has the right to choose and to decide what is their aims their life, but I don't really don't know why you don't want to use bitcoin were as many people witness the good result if you adopt and embraced of bitcoin. many people here until now enjoyed and continuously being active member because of a  trusted platform willing to serve by bitcoin.

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Lumi3004
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October 13, 2018, 03:22:10 AM
 #103

I just heard this time someone doesn't like bitcoin,
But that is the opinion of each person that surely bitcoin is currently still the priority of all people throughout the world, especially America, even though the price of bitcoin is currently falling.
But I still believe that bitcoin can someday be a for many people.

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DaftAjax
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October 13, 2018, 03:44:39 AM
 #104

~snip~

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?

I think you've misunderstood what the OP is saying. True he did not mentioned anything about him hating the bitcoin and 'the challenge', its just the summary, have you watched his video (probably not)?

What he's saying is a comparison of the US Dollar as debt back currency vs Bitcoin as not. As we all know, US dollar is a powerful currency it may not be the most valuable but it definitely is.

For the entirety, most people tend to Banks when buying an expensive item for instance a house, so the debt back system of banks comes into play. In fact successful people/companies always tends to banks for their financial matters. Well the simplest way to explain that system is: "take a debt and get the item NOW and pay later".

So as for Bitcoin, he didn't see this currency that way (but its decentralized, that's a big difference). Because of having a big down rate of the bitcoin price, he sees it not as a debt back (well its really not) but more of a failed 'pay $3 and get $30 later' kind of vibe.

So to conclude, if you invest in bitcoin you will be in debt (only) while if you invest to banks you might have a slight interest (not really) and pay later but will still get the item.


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October 17, 2018, 03:21:30 AM
 #105

I really respect your view ib the matter but i totally disagree. Crypto currency is backed bu the age old principle of of supply and demand. Where people want to have it and are willing to pay for it wil get a higher price. Then again, I'm no economist so i doubt that I'm completely right about this. This is just my interpretation of it.

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Chicksteen
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October 17, 2018, 05:31:48 AM
 #106

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

Hopefully your video would not be the thing which contributes to the global bitcoin dump, because I am strictly persuaded that the more we have those videos or those rumours, the lower the price came.
Even this video support on negative view, we have to study it right. I hope that it won't change the mindset of everybody and still accept the used of bitcoin. We have not change and leave bitcoin because of this video, there is still big potential from it which we benefit no matter what as we accept it. It is additional knowledge about bitcoin and how it really risk.
LieTOme
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October 17, 2018, 06:55:17 AM
 #107

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.
the challenge of investing in crypto currency is the risk itself if we can get past the risk that we will get, of course it goes through the challenges given to the investment through challenges with confidence and patience
breathlessz
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October 17, 2018, 07:20:15 AM
 #108

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.
the challenge of investing in crypto currency is the risk itself if we can get past the risk that we will get, of course it goes through the challenges given to the investment through challenges with confidence and patience
think the toughest challenge is personal self. with high price fluctuations, of course it is not uncommon to become greedy, or panic because prices decline. so it needs to be psychologically strong to join

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October 17, 2018, 09:14:37 AM
 #109

I think that currency or cryptocurrency has a faster exchange rate than gold. However, not all countries accept cryptocurrency as a normal exchange.
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October 17, 2018, 05:36:29 PM
 #110

BTC is always a big challenge in today's trading market. With the speed of technological development has made the BTC more and more known. By participating, we have to understand the rules and follow the rules, understand the market today and it will be the money that brings you the most profit possible.
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October 18, 2018, 03:51:20 AM
 #111

BTC is always a big challenge in today's trading market. With the speed of technological development has made the BTC more and more known. By participating, we have to understand the rules and follow the rules, understand the market today and it will be the money that brings you the most profit possible.
even though it has a big risk, but with bitcoin can generate huge profits too. do not follow your will, but follow market flow that occurs, so you will remain profit consistent

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October 18, 2018, 03:57:03 AM
 #112

you are right, but how does the dollar manipulate the currencies of other countries with increasing inflation against the exchange rate against it? bitcoin comes as a solution to overcome it all. the country where inflation is even hyperinflation which makes the exchange rate against the dollar weak, can use bitcoin because the exchange rate of bitcoin is global!
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October 18, 2018, 05:00:56 AM
 #113

USD will get worse and worse, btc is present for the bad alternative of the USD and increasing debt that is charged to everyone. We must realize that we follow the system made by the authorities. There is nothing we can do except follow the system.
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October 18, 2018, 06:41:18 AM
 #114

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 backed by money from all around  the world. not only USD. the only way bitcoin fail is the world economy fail all together.
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October 18, 2018, 05:31:22 PM
 #115

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 are wrong about the part that dollar is backed by a government and a country and not banks.
Yes, banks are a big part of the dollar value however government is a bigger part of it. When america gives china or whoever papers that states they will pay their debt it has a value. Would you loand 1 trillion dollars to USA or to Venezuela right now ? I would highly think you would definitely prefer giving money to USA instead of most other countries.

Yes, UK seems like a better place to give your loan, yes France might be close, Germany definitely is a good place to loan as well (not like they would need it) and so forth but USA is high on that list. Which makes dollar valuable, plus all the oil trade is done thru dollar which means people all around the world need dollars for the oil trading, oil people get paid in dollars and buyers pay in dollars so that creates a demand for it as well. Combine all of this and you get yourself a not so bad currency.

Of course, you can still prefer euro or sterling but dollar will stay top 5 currency for a long time to come until USA starts to default on their debts which I doubt will ever happen.
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October 20, 2018, 08:00:28 AM
 #116

you are right, but how does the dollar manipulate the currencies of other countries with increasing inflation against the exchange rate against it? bitcoin comes as a solution to overcome it all. the country where inflation is even hyperinflation which makes the exchange rate against the dollar weak, can use bitcoin because the exchange rate of bitcoin is global!
Well, we can see something like that happening in some parts of the world already with the trade war declared by trump which is actually affecting the economy of some of the African countries. However, this is not about USD on its own, it is simply about most of these countries, as they simply do not have what it takes to be able to stand on their own without being too dependent on the use of dollar.

Considering high level of importation than exportation which would require a whole lot of USD to make transactions, and so many other reasons that would put pressure on the economy, which is why industrialization in most places would help.
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October 20, 2018, 10:50:34 AM
 #117

BTC is always a big challenge in today's trading market. With the speed of technological development has made the BTC more and more known. By participating, we have to understand the rules and follow the rules, understand the market today and it will be the money that brings you the most profit possible.
even though it has a big risk, but with bitcoin can generate huge profits too. do not follow your will, but follow market flow that occurs, so you will remain profit consistent
Everything in life is a risk and what is important as an individual is to understand the risk, analyze it and make decisions that would favor you at the end. That is the challenge I believe most people have as they find it difficult to even get used to their own environment in the first place, let alone, be able to even say they have the ability to be able to manage any risk at all.

Even if you want to do normal business in the real world, you will need to familiarize yourself with the things around that business, know all you need to and that would guide you in the decisions you end up making.
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October 20, 2018, 02:47:32 PM
 #118

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

And where is the challenge in your post? Perhaps i have missunderstand the title of the topic.
Globalbitcoinl
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October 24, 2018, 11:41:42 AM
 #119

bitcoin can also become a currency of debt, as many lose money and enter into debt in order to buy bitcoin. and this is not good
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