2 problems with Bitcoin

[cryptomining]

1. Carrington type event
2. no intrinsic value

comments?

[1715412452]

1715412452

[1715412452]

1715412452

[1715412452]

1715412452

[1715412452]

1715412452

[1715412452]

1715412452

[yatsey87]

1. Carrington type event
2. no intrinsic value

comments?

Why does something have to have intrinsic value? And I don't know what the first one is.

[mgio]

1. Carrington type event
2. no intrinsic value

comments?

1. I think in the event of a solar flare large enough to take out the whole internet, we will have bigger things to worry about than bitcoin being unavailable for a little bit. Credit card processing, telephones, money transmitting, the stock market, cell phones, television, and radio would all be unavailable.

2. So? You need to provide a better explanation as to why this is a problem.

[qfdev]

The "No intrinsic" value argument has been discussed to death.

I believe the "Carrington event" relates to a solar storm that would knock out most electronic means of communication. How is the current banking system protected from the same event? If anything Bitcoin is more resilient as the blockchain (public ledger) is replicated across 1000s of PCs.

http://en.wikipedia.org/wiki/Solar_storm_of_1859

Thinking about this...Maybe we should go back to using an abacus??

[rammy2k2]

LOL .. some people ...

[Barek]

Bitcoin is going to face challenges. Those two are not very high on the list. 

[cryptomining]

so if a carrington event happens bitcoin = 0

people wake up to the tulip mania and realize bitcoin has no intrinstic value = 0


it was a nice experiment.  but not real money, by defintion.


this WoW of warcraft, linden buck, facebook coin experiment will end badly.

[yatsey87]

The "No intrinsic" value argument has been discussed to death.

I believe the "Carrington event" relates to a solar storm that would knock out most electronic means of communication. How is the current banking system protected from the same event? If anything Bitcoin is more resilient as the blockchain (public ledger) is replicated across 1000s of PCs.

http://en.wikipedia.org/wiki/Solar_storm_of_1859

Thinking about this...Maybe we should go back to using an abacus??

Oh, then in that case I think everything would be fucked not just Bitcoin.

[guybrushthreepwood]

so if a carrington event happens bitcoin = 0

people wake up to the tulip mania and realize bitcoin has no intrinstic value = 0


it was a nice experiment.  but not real money, by defintion.


this WoW of warcraft, linden buck, facebook coin experiment will end badly.

Looks like ya'll are posting in a troll thread.

[cryptomining]

The "No intrinsic" value argument has been discussed to death.

I believe the "Carrington event" relates to a solar storm that would knock out most electronic means of communication. How is the current banking system protected from the same event? If anything Bitcoin is more resilient as the blockchain (public ledger) is replicated across 1000s of PCs.

http://en.wikipedia.org/wiki/Solar_storm_of_1859

Thinking about this...Maybe we should go back to using an abacus??

Oh, then in that case I think everything would be fucked not just Bitcoin.

nope, land wont disappear, gold wont go poof, cows wont disappear, just btc.

[cryptomining]

so if a carrington event happens bitcoin = 0

people wake up to the tulip mania and realize bitcoin has no intrinstic value = 0


it was a nice experiment.  but not real money, by defintion.


this WoW of warcraft, linden buck, facebook coin experiment will end badly.

Looks like ya'll are posting in a troll thread.

no trolling, just making some hard to hear points.

[pungopete468]

1. Carrington type event
2. no intrinsic value

comments?

1. More of the bitcoin network would survive than the existing financial network due to it's widespread verification process. A few Faraday cages can protect and backup the entire blockchain. The servers can be rebuilt and the transmission cables would be unharmed in such an event. How do you protect the electronic verification of your fiat?

2.

Definitions:

in·trin·sic
inˈtrinzik,-sik/Submit
adjective

belonging naturally; essential.

val·ue
ˈvalyo͞o/Submit
verb

estimate the monetary worth of (something).

Placing those two words together is actually an oxymoron. How can you have a guaranteed and yet simultaneously estimated value?

Please tell me what in the world has actual intrinsic value with the exception of your body and mind? Nothing else on the planet has a guaranteed value. I've decided that people who ask about intrinsic value are repeating a popular "buzz phrase" like "that's cool" or "awesome dude!"

[mgio]

so if a carrington event happens bitcoin = 0

people wake up to the tulip mania and realize bitcoin has no intrinstic value = 0


it was a nice experiment.  but not real money, by defintion.


this WoW of warcraft, linden buck, facebook coin experiment will end badly.

1) I also suppose if a giant meteor hits the earth and the human race is wiped out, then bitcoin = 0, too.

2) What definition of money are you using?? Obviously not one the rest of us are using.

[cryptomining]

you guys hate the idea of intrinstic value because btc has none and its a requirement of real money.


you guys have created your own fiat, way to go, we already had fiat.

[cryptomining]

so if a carrington event happens bitcoin = 0

people wake up to the tulip mania and realize bitcoin has no intrinstic value = 0


it was a nice experiment.  but not real money, by defintion.


this WoW of warcraft, linden buck, facebook coin experiment will end badly.

1) I also suppose if a giant meteor hits the earth and the human race is wiped out, then bitcoin = 0, too.

2) What definition of money are you using?? Obviously not one the rest of us are using.

the correct one, look it up.

[FenixRD]

The "No intrinsic" value argument has been discussed to death.

I believe the "Carrington event" relates to a solar storm that would knock out most electronic means of communication. How is the current banking system protected from the same event? If anything Bitcoin is more resilient as the blockchain (public ledger) is replicated across 1000s of PCs.

http://en.wikipedia.org/wiki/Solar_storm_of_1859

Thinking about this...Maybe we should go back to using an abacus??

Oh, then in that case I think everything would be fucked not just Bitcoin.

nope, land wont disappear, gold wont go poof, cows wont disappear, just btc.

Neither will BTC. The way BTC works is better than the incumbent system because of the internet. I have no idea how even a Carrington event would cause this the permanent loss of any internet-like global communications network -- science is vast, and necessity is the mother of all invention; I'd bet we can quickly find a means of at least relativistic communication that is not interrupted by solar activity... give me ten minutes and I'll propose at least three, one of which will be viable. Similarly, I already have an EMP-case solution for mining, so all that remains is the actual propagation to be solved. Perhaps I'll spend a few minutes, but I suspect you won't be satisfied unless someone goes, "shit! so, BTC is dead then! Thank god for that new fellow for telling us. Can't believe we didn't think of this in the last five years. Good try, gents..."

[Lauda]

Stop crying because you didn't get in on time, that's why most people talk about it not having real value..

[pungopete468]

Since I already answered your questions and you didn't reply you either didn't understand my post or chose not to respond. I'll simply ask a series of questions...

1. With the exception of your body and mind; what do you believe has actual intrinsic value?

2. Do you believe the current fiat is perfect?

3. Do you align more with the political beliefs of capitalism or communism? Which has more benefits in your opinion?

[prezbo]

no trolling, just making some hard to hear points.

Has already been discussed countless times, I suggest you learn to use the forum search function in the future.

[cryptomining]

no trolling, just making some hard to hear points.

Has already been discussed countless times, I suggest you learn to use the forum search function in the future.

yeah you discussed it, but no answers. sorry, but you got none.