Bitcoin - Reality check for the naives out there

Anybody here to know the history of bitcoin? It is selling computer power for unknown calculations for unknown projects. Who use this power and for what? What make the price so high?

If anyone really thinks governments are going to allow the legal use of bit coin without being able to control it then you are on drugs. Probably the ones you bought on silk road with your bit coins...

Look at Japan. The government is looking at how to allow the use of bit coin. Basically, they are looking at if they can control it and monitor it. Then maybe they will allow it.

Bitcoin position is slowly becoming clear and people have started accepting it as a mode of payment. You can also refer to this link : (https://calvinayre.com/2017/03/31/bu...ethod-payment/)

It's like gold, but virtual. Time by time bitcoin will hard to 'mining' and that will make price high

The bottom line here is that if Bitcoin becomes counter productive for governments they will find a way to STOP/Block it. Simple.

Governments earn tax on peoples money..... Money in its current form are "controlled/managed" If Bitcoin is going to have an impact on a governments ability to collect income tax or VAT ( Value added tax) they will simply stop its usage or interfere in such a way that they can benefit from it.

Governments CAN and WILL control it if they have or want to. Make no mistake.....

Just a very small opinion of mine. I am not a fan of Bitcoin anyway, however, this doesn't mean that I don't find merits in it, but that's something else, still I don't believe in it or that it can be a widely used currency alternative (Or a currency in itself).

Second, governments can indeed shutdown internet without effectively crippling their economies or business activities overall. Private networks are all over the place, and though some of those private networks do use the internet, the existence of internet is not mandatory for those private networks to operate.

Do you really think that armies, intelligence services & defense departments rely on the internet? Do you really believe that large banks and stock exchanges are slaves to the internet and can not operate without them? Power companies, can they fully rely on the internet? Water Companies? And the list goes on.

The world is full of leased lines, closed networks (Which are by far much much larger than the internet) and satellite connections cross borders that a LOT of governments & institutions can actually fully operate without the need of the internet.

So the premise that a government can not shutdown internet because it would be shooting itself in the foot is not practically correct.

Finally, bitcoin is non physical and non regulated. Which means that nothing prevents the whole thing to disappear overnight (For whatever reason, doesn't really matter how solid or robust it is) and if this happens, there no one than Bitcoin owners can go to for help. De-centralization has it's evils exactly as it has it's charm & advantages.

Gold & Silver on the other hand are physical stuff, that you can own and store yourself. The same goes for real estate. These are physical stuff that you can see, tough & use if needed.

Let's get a step back and think of a fundamental question. What is money and what is a currency?

Well, money is a commodity with a store of value. Currency is sort of an acceptable form to be used in exchange of goods & services.

Some money are currencies, and some currencies are money but not all currencies are money.

Bitcoin is a currency, since it's considered as an acceptable form to be used to exchange goods & services against, but Bitcoin is NOT money as it has no value in itself.

The USD is a currency, but it's not money since by itself it's just a piece of paper with a number printed on it.

Gold and Silver are not currencies but they are money. They are not currencies because they are not accepted to be used in exchange of goods & services, but they do have value by their own, so they are considered money.

A bag of wheat is money, but not a currency of course, since it has value by it's own, although it's value is time limited.

And this time limit is what gives Gold & Silver their appeal & edge. It's because Gold & Silver stay the same without any natural chemical changes to their composition over thousands of years that give them their store of value (Not because they are rare, there are so many other metals that are rarer than Gold & Silver).

So because all of the currencies (Perceived as money) we hold are literally worthless, the best course is to always invest in physical assets & diversify and only keep the amount of cash needed to pay the bills + some extra reserve. This is how real wealth is created.

Sounds good! Such an incredible talk. Thank you for the post dude.

LOL

What makes the price of Ferrari so high???

You are confused .

Same crazy story about Government Will Ban Internet...

Ohhh all crybabies get ignored

Thanks

Been 5 years... Or 11

Still waiting

Been from 0 to 20000.

Tell us when zero again

Ignored

You're confused a lot.

Bitcoin does not cause hyperinflation!
Bitcoin exist because Banksters created super inflation and bubble

After EACH Bitcoin halving....people get smart.
Our thread:

https://www.cryptocraft.com/showthre...0#post12769170
It's Never too late

Iwhat luno wallet about pls