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Author Topic: The ideology of Bitcoin  (Read 380 times)
Desmong
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August 15, 2021, 09:25:32 AM
 #41

The volatility is the beauty of bitcoin, if bitcoin was not volatile it would have just existed like fiat. The volatility is what create the ability of people to make profit which is the main point of attraction, Though the main ideology was for decentralization of money globally.

In my opinion, you are mistaken. If Bitcoin was not volatile it still isn't the same as fiat. This is because fiat is managed by centralized authorities while one can have their Bitcoin to their self. At least, you are sure that the money will be fully under your own control.
The volatility of Bitcoin makes it very interesting to trade because there will be constant participants entering the market every single seconds knowing that the market must surely move will great activities. The Bitcoin market can never be compared to Fiat with so many differences that segregate them.
✓ Fiat is controlled by government while Bitcoin is not.
✓ Fiat is stable with tiny movement in price while Bitcoin is versatile.
✓ Fiat can not be used as an asset purposes because it doesn't appreciate in price compared to Bitcoin.
✓ETC.

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GeorgeJohn
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August 15, 2021, 10:50:02 AM
 #42

The first ideology belongs to entrepreneurs who see Bitcoin as a tool and predict the use of Bitcoin applications that will drive adoption. What is clear is that bitcoin gives us freedom in all fields, we cannot deny that the presence of bitcoin makes us more comfortable to store our own assets without any third party. who can manage it..
Really you are making a point, it's very clear to everyone that bitcoin management can't be compare to Fiat management through banking system whereby before you can assess it you most passed through someone as you said initially, bitcoin is a currency that only you have access to penetrate into it when you purchase it or when needful is required, the freedom we exercise via cryptocurrency entrepreneurs is not the same via manual entrepreneurs, because right now and through my observation I'm seeing that bitcoin is becoming the hope of a man.

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DooMAD
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August 15, 2021, 11:26:46 AM
 #43

To me, this all sounds like the ideology of a speculator.  Not the overall ideology of Bitcoin.  When satoshi conceived this, I sincerely doubt their first thought was "how much fiat could people sell this for?"

Greed was an element within satoshi's thought process, because they recognised the incentive to secure the chain would be a vital component.  But I don't personally recognise 'gambling on the price of Bitcoin in your preferred national currency' as a crucial part of the formula.  Even if you weren't actively buying and selling for fiat profits, I'd still be able to send transactions that cannot be blocked or reversed.  

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mrongos
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August 15, 2021, 01:47:55 PM
 #44

Bitcoin is a decentralized digital currency, without a central bank or one administrator, that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries. [7] Transactions are verified by network nodes via cryptography and recorded in a public distributed ledger called a blockchain. The cryptocurrency was created in 2008 by an unknown person or group of people using the name Satoshi Nakamoto. [8] The currency came into use in 2009 when its implementation was released as software

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August 15, 2021, 03:26:10 PM
 #45

To me, this all sounds like the ideology of a speculator.  Not the overall ideology of Bitcoin.  When satoshi conceived this, I sincerely doubt their first thought was "how much fiat could people sell this for?"

Greed was an element within satoshi's thought process, because they recognised the incentive to secure the chain would be a vital component.  But I don't personally recognise 'gambling on the price of Bitcoin in your preferred national currency' as a crucial part of the formula.  Even if you weren't actively buying and selling for fiat profits, I'd still be able to send transactions that cannot be blocked or reversed.  

Satoshi first created BTC because he wanted to get people's fiat by offering different things and being a solution to the rotten centralized economic system.  The intelligence of using blockchain is one of the advantages that until now has bothered financial authorities in every country and finally made their version of the rival, the CBDC.  Speculative ideology is one part of it because the function of currency is speculative.

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