Why Bitcoin is ultimately doomed to fail (not today or tomorrow)

[nicked]

1 Bitcoin is divisible by 100,000,000 I think, more if needed. So what is the problem?

[1713441507]

1713441507

[1713441507]

1713441507

[MICRO]

1 Bitcoin is divisible by 100,000,000 I think, more if needed. So what is the problem?

Yap for small transactions we will just switch to mBTC uBTC or satoshi .

[Slingshot]

Correction:
Re: Why Central Banks and Debt-Based Fiat is ultimately doomed to fail (maybe today, or tomorrow!)
===============================================================

 Of course dimwits only half decent at merely memorizing what their told to memorize and whom brown nose their masters would even come up with such a notion as the title of this thread. (Re: Why Bitcoin is ultimately doomed to fail (not today or tomorrow)

 Next this clown will suggest we buy government bonds? Don't even think about it.


 Bitcoin is a vastly superior store of value than any traditional fiat currency over the long term.

 Get over it Losers.

 You all failed, and had to resort to raiding the treasury for your own Bailouts. Ten's of Trillions in bailouts.

 Real Capitalism NEVER rewards failure. Much less offer bonuses for any failures.

 Losers it's almost 'claw back time' and 'prison time'. Get used to that. Sleep well.

[deisik]

Correction:
Re: Why Central Banks and Debt-Based Fiat is ultimately doomed to fail (maybe today, or tomorrow!)
===============================================================

 Of course dimwits only half decent a merely memorizing what their told to memorize and whom brown nose their masters would even come up with such a notion as the title of this thread. (Re: Why Bitcoin is ultimately doomed to fail (not today or tomorrow)

 Next this clown will suggest we buy government bonds? Don't even think about it.


 Bitcoin is a vastly superior store of value than any traditional fiat currency over the long term.

 Get over it Losers.

 You all failed, and had to resort to raiding the treasury for your own Bailouts. Ten's of Trillions in bailouts.

 Real Capitalism NEVER rewards failure. Much less offer bonuses for any failures.

 Losers it's almost 'claw back time' and 'prison time'. Get used to that. Sleep well.

Well, dollar seems to be still alive and kicking, USDX now at 80.61 and been growing recently, gold and silver prices stagnant with somewhat downward trend, oil going down right now...

[jeffersonairplane]

I know for a fact it will not be accepted as a legal tender due to the limit supply.

[Ron~Popeil]

I know for a fact it will not be accepted as a legal tender due to the limit supply.

How exactly is an infinitely divisible currency limited?

It doesn't need to be considered legal tender to be used. There are businesses taking bit coin right now in exchange for goods and services.

[deisik]

I know for a fact it will not be accepted as a legal tender due to the limit supply.

How exactly is an infinitely divisible currency limited?

It doesn't need to be considered legal tender to be used. There are businesses taking bit coin right now in exchange for goods and services.

Attaining a status of legal tender would allow Bitcoin to be used for paying taxes. Limited supply in this case would obviously limit the government abilities for imposing an inflation tax on its citizens. Being an infinitely divisible currency has little to do with this (if at all)...

[Ron~Popeil]

I know for a fact it will not be accepted as a legal tender due to the limit supply.

How exactly is an infinitely divisible currency limited?

It doesn't need to be considered legal tender to be used. There are businesses taking bit coin right now in exchange for goods and services.

Attaining a status of legal tender would allow Bitcoin to be used for paying taxes. Limited supply in this case would obviously limit the government abilities for imposing an inflation tax on its citizens. Being an infinitely divisible currency has little to do with this (if at all)...

I think we agree here. Limited in the sheer number of single units absolutely. The divisibility allows it to be used in smaller and smaller units as necessary. The limit on inflation tax is one of my favorite features of this currency. 

[rafamadeira]

They say that right now there are about 12 million bitcoins in total, some part of which stashed away. Eventually the production of new coins will stop, so only around 21 million of them will be available, and no more... Now, what will happen next if it ever comes to that, and Bitcoin is finally accepted as a legal tender?

I think that nothing life-changing is actually going to happen. We have already been there. And by there I mean a time period in the 19th century, commonly referred to as a Free Banking Era, when banks could issue bank notes against specie (gold and silver coins). It was during those times when the term inflation began entering into widespread usage and emerging in literature, though not as a reference to price changes but as something pointing to disproportions between paper representing money and the amount of specie actually available in the bank

So, this time instead of gold, we will have Bitcoin (which will be hoarded as per Gresham's law), and all kinds of "paper" derivatives inevitably entering the circulation as a means of exchange. These "papers" allegedly backed up by Bitcoin will in fact leave behind them only inflation, even despite Bitcoin intrinsic deflationary nature...

And welcome back to fiat!

Good point.

The thing is, people have to accept this derivate as a mean of exchange. If we continue to trade bitcoins and only bitcoins, we won't have that problem. Thus, the whole idea is about not having a third party, such as banks.

[Ron~Popeil]

They say that right now there are about 12 million bitcoins in total, some part of which stashed away. Eventually the production of new coins will stop, so only around 21 million of them will be available, and no more... Now, what will happen next if it ever comes to that, and Bitcoin is finally accepted as a legal tender?

I think that nothing life-changing is actually going to happen. We have already been there. And by there I mean a time period in the 19th century, commonly referred to as a Free Banking Era, when banks could issue bank notes against specie (gold and silver coins). It was during those times when the term inflation began entering into widespread usage and emerging in literature, though not as a reference to price changes but as something pointing to disproportions between paper representing money and the amount of specie actually available in the bank

So, this time instead of gold, we will have Bitcoin (which will be hoarded as per Gresham's law), and all kinds of "paper" derivatives inevitably entering the circulation as a means of exchange. These "papers" allegedly backed up by Bitcoin will in fact leave behind them only inflation, even despite Bitcoin intrinsic deflationary nature...

And welcome back to fiat!

Good point.

The thing is, people have to accept this derivate as a mean of exchange. If we continue to trade bitcoins and only bitcoins, we won't have that problem. Thus, the whole idea is about not having a third party, such as banks.

I think some alt coins will have some staying power. Lite coin and Peer coin seem to have some potential.

[deisik]

They say that right now there are about 12 million bitcoins in total, some part of which stashed away. Eventually the production of new coins will stop, so only around 21 million of them will be available, and no more... Now, what will happen next if it ever comes to that, and Bitcoin is finally accepted as a legal tender?

I think that nothing life-changing is actually going to happen. We have already been there. And by there I mean a time period in the 19th century, commonly referred to as a Free Banking Era, when banks could issue bank notes against specie (gold and silver coins). It was during those times when the term inflation began entering into widespread usage and emerging in literature, though not as a reference to price changes but as something pointing to disproportions between paper representing money and the amount of specie actually available in the bank

So, this time instead of gold, we will have Bitcoin (which will be hoarded as per Gresham's law), and all kinds of "paper" derivatives inevitably entering the circulation as a means of exchange. These "papers" allegedly backed up by Bitcoin will in fact leave behind them only inflation, even despite Bitcoin intrinsic deflationary nature...

And welcome back to fiat!

Good point.

The thing is, people have to accept this derivate as a mean of exchange. If we continue to trade bitcoins and only bitcoins, we won't have that problem. Thus, the whole idea is about not having a third party, such as banks.

In this case we will inevitably run into a deflationary circle which is not much of a problem in an expanding economy with the labor productivity quickly growing, but as soon as the economy begins to slow down, we will have a whole bunch of problems multiplying...

[deisik]

They say that right now there are about 12 million bitcoins in total, some part of which stashed away. Eventually the production of new coins will stop, so only around 21 million of them will be available, and no more... Now, what will happen next if it ever comes to that, and Bitcoin is finally accepted as a legal tender?

I think that nothing life-changing is actually going to happen. We have already been there. And by there I mean a time period in the 19th century, commonly referred to as a Free Banking Era, when banks could issue bank notes against specie (gold and silver coins). It was during those times when the term inflation began entering into widespread usage and emerging in literature, though not as a reference to price changes but as something pointing to disproportions between paper representing money and the amount of specie actually available in the bank

So, this time instead of gold, we will have Bitcoin (which will be hoarded as per Gresham's law), and all kinds of "paper" derivatives inevitably entering the circulation as a means of exchange. These "papers" allegedly backed up by Bitcoin will in fact leave behind them only inflation, even despite Bitcoin intrinsic deflationary nature...

And welcome back to fiat!

Good point.

The thing is, people have to accept this derivate as a mean of exchange. If we continue to trade bitcoins and only bitcoins, we won't have that problem. Thus, the whole idea is about not having a third party, such as banks.

I think some alt coins will have some staying power. Lite coin and Peer coin seem to have some potential.

And here comes Gresham's law...

[Slingshot]

Correction:
Re: Why Central Banks and Debt-Based Fiat is ultimately doomed to fail (maybe today, or tomorrow!)
===============================================================

 Of course dimwits only half decent a merely memorizing what their told to memorize and whom brown nose their masters would even come up with such a notion as the title of this thread. (Re: Why Bitcoin is ultimately doomed to fail (not today or tomorrow)

 Next this clown will suggest we buy government bonds? Don't even think about it.


 Bitcoin is a vastly superior store of value than any traditional fiat currency over the long term.

 Get over it Losers.

 You all failed, and had to resort to raiding the treasury for your own Bailouts. Ten's of Trillions in bailouts.

 Real Capitalism NEVER rewards failure. Much less offer bonuses for any failures.

 Losers it's almost 'claw back time' and 'prison time'. Get used to that. Sleep well.

Well, dollar seems to be still alive and kicking, USDX now at 80.61 and been growing recently, gold and silver prices stagnant with somewhat downward trend, oil going down right now...

 deisik: that stuff your smoking has ruining your ability to think clearly!

 Correction: Oil has "trended" upwards in the long term, not downwards. Some clowns think a trend is any short term period they care to choose, which it isn't. Long term - oil has risen for 15 years. But to suggest they instead look at any long term charts is like trying to convince a crook to stop stealing. As for the 'fracking bubble', lol, it's grossly over estimated what will be extracted. Depletion rates are said to average 50%-60% in the first 12 months of the average oil well, and keep falling at that furious rate year after year. They must drill drill drill just to keep their flow rates up until they can't drill anywhere anymore. Long term - Oil will keep costing more as it continues to be more difficult to find enough oil.

 All while The BRICs such as China, Russia, India and a long list of others dump trading in dollars because they don't want to be left holding the bag like fools. Fools like other Losers.

 All while Central Banks, their member banks, and bullion banks, suppress and grossly manipulate gold prices.


deisik: your extremely misguided at best.

[Slingshot]

I know for a fact it will not be accepted as a legal tender due to the limit supply.

 What does it matter what currency any country chooses for it's 'legal tender'. That's irrelevant. That's simply by decree.
 Legal tender is by decree. Irrelevant to this threads discussion.

 It's NOT Bitcoin that is ultimately doomed to fail because it's grossly flawed by it's very nature, but instead fiat based currency.
Especially DEBT-based fiat such as Federal Reserve Notes (FRN's) falsely known as US dollars. Their hopelessly and extremely flawed concepts, on purpose, by their very design. All to enslave peoples of this world. But you shills are too dumbed down to know that?

 For clowns like jeffersonairplane,

 We all are still forced to borrow from the FED all our dollars, our very legal tender, we pay debt-interest payments on into perpetuity for each and every dollar in existence. And that is mathematically impossible to ever pay off the principle debt. Hey, not nice at all folks.

=============================================================================
 Currently that costs nearly half a trillion dollars this year alone just for our "legal tender" dollars. And rapidly rising in costs.
=============================================================================

 Just for our currency. Just to borrow it from Banksters at the fed. That's bankster-shit. As in bullshit. No more. Never again.
--------------------------------------------------------------------------------------------------------------------------------------------
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 THIS MEANS WAR.
============

On Banksters and their shills.
===================


 Of course for whatever reasons either jeffersonairplane doesn't care to mention or address the truth, let alone want to dare go near these sub-topics.


 Long term chart of the dollar is down, down, down, down, down, down. Since 1913 it's consistently falling in value over the longer term.

 Today it's merely default by stealth - by way of inflating their way out. The only politically acceptable way.

long term dollar chart.
http://1.bp.blogspot.com/-Om0I7Ta8rS8/TmamLcW0ZBI/AAAAAAAARxg/YmSR8quQMMk/s1600/DXVeryLongTerm311.PNG


My own correction: The banksters and wall street didn't merely raid the Treasury, but also resorted to printing up electronically ten's of Trillions of more dollars to reward their failures by way of at least 15 Trillion in hush hush secret loans from the FED to save themselves from themselves and their losing stupidities. It wasn't until 2012? that they finally admitted to these secret, interest free bailout loans.

 They also rigged the markets and rarely ever have any losing days anymore. They also resorted to ripping off and stealing everything in site.
But it wont ever be enough because banksters are stupid idiots. Their complete, object failures and they only know how to spend far too much, and merely steal, con, swindle, and hustle others for a living.

 Their all utter FAILURES. Losers. Idiots. Dressed up as slick willy, silk suited wise guys.
Forgetaboutit. The gig is up fellows. Your burnt toast. Your very soon HISTORY.

To add further insult they insisted on bonuses for their key employees to keep them quite so they didn't rat out the principle criminal banksters for their near countless crimes.

 Forever you clowns must now keep on inflating away the fiat (legal tender) currencies or witness systemic debt failures. All while you again trigger major wars if you don't get your way. Yet today the world is wagering major war against all of YOU LOSERS for once again destroying the worlds finances.

 Forever you profit off of massive inflation's while the masses grow poorer once more. Just another dirty trick up your crooked bankster noses.

 Your schemes are obvious. And your losers. Parasitical losers. Preying off the unsuspecting masses of this world. The gig is up, the world is on to your debt-based fiat currency schemes and your other fiat currency and banking schemes too. And we're not going to keep playing your crooked slight of hand, twist of fate games anymore.

 Get over it bankster shills: All of you shills, fools, and retards, not to mention useless, worthless financial parasites make the worst arguments, or merely misdirections, that only idiots would accept as anything but bankster-shit.  

In summary:

 Bankster shills just like their bankster masters are terrified of losing power and control. Banksters and their shills here are terrified of Bitcoin. And finally banksters and their shills want to get in on Bitcoin. No surprise their stupid enough to think they can control it too if only they keep scheming. Can't. Wont. Impossible. But they will almost surely try to con, cajole, sucker, swindle, de-fraud, and bamboozle everyone they possibly can, for as long as they possibly can. That's just what banksters and their scumbag shills do. That's who they are. That's all their merely capable of.


 CHECKMATE Bankster Losers.

 No more Bailouts for Losers, nor anyone else. Not even YOU.

 No more turning your losers back into winners.

 Real Capitalism doesn't reward Failures. And REAL MEN don't ever accept bailouts for their failures.

 Now I slingshot on your worthless faces. Get used to it. You bitches are going down for the count!

 You are soon going to be tossing yourselves and each other off of your highrise office buildings again & again. Wait, that's already happening.

 Jump Fuckers. JUMP. Just do it. Do the world a huge favor.

 Same for you worthless bankster shills. Jump Fuckers. And RIP knowing you did the world a huge favor.

 I end this by shitting again on all your worthless, criminal, evil faces. I am your worst nightmare. And it only grows far, far worse here out.

 So Just Do it. JUMP.

[deisik]

deisik: that stuff your smoking has ruining your ability to think clearly!

 Correction: Oil has "trended" upwards in the long term, not downwards. Some clowns think a trend is any short term period they care to choose, which it isn't. Long term - oil has risen for 15 years. But to suggest they instead look at any long term charts is like trying to convince a crook to stop stealing. As for the 'fracking bubble', lol, it's grossly over estimated what will be extracted. Depletion rates are said to average 50%-60% in the first 12 months of the average oil well, and keep falling at that furious rate year after year. They must drill drill drill just to keep their flow rates up until they can't drill anywhere anymore. Long term - Oil will keep costing more as it continues to be more difficult to find enough oil.

 All while The BRICs such as China, Russia, India and a long list of others dump trading in dollars because they don't want to be left holding the bag like fools. Fools like other Losers.

 All while Central Banks, their member banks, and bullion banks, suppress and grossly manipulate gold prices.

deisik: your extremely misguided at best.

Well, regarding oil prices I just looked at daily values, lol. Indeed, oil is becoming more expensive with years, but it is not that simple as you preach say. Suffice it to say, it is not yet proven that oil has organic origin. If it is not, all your considerations  are instantly rendered null and void (i.e. about overall oil reserves depletion)

[deisik]

Well, over 3 years have passed since the last post had been made in this thread. What changed since then? First, I changed, and this is arguably the most important change because we haven't even lived up to what was assumed in the OP. Then, during the years that passed Bitcoin turned into a vehicle for relentless speculation, and that's pretty much sums it up. It didn't become a full-fledged currency as many had envisioned back then, but it didn't fail either and there is still hope

That it will fail due to the reasons mentioned

[James_Spider501]

The thing is, individuals need to acknowledge this derivate as a mean of trade. On the off chance that we keep on trading bitcoins and just bitcoins, we won't have that issue. Accordingly, the entire thought is about not hosting a third gathering, for example, banks.

[deisik]

There is no other option

If we assume that Bitcoin actually becomes a substitute for fiat, of course. Even if transactions are instantly fast and infinitely cheap, there just won't be enough bitcoins to support future economic growth in a smooth, robust manner (i.e. without deflation negatively affecting this growth). That will first lead to FRB and ultimately to Bitcoin being completely decoupled from the promissory notes, which would be created to represent (some part of) real bitcoins. This already happened in the past (with gold), and as I'm inclined to think, this is what will happen in the future, again. And then we are back to square one, i.e. to our good old fiat money!