Gordon Gekko
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Championing the 'free' world.
I was not commenting on the rights or wrongs of that, merely pointing it out. If governments work in tendem to destroy Bitcoin, nothing will happen. If they tried it with the Dollar, something would most definitely happen.
tecate, Bitcoin is allegedly a currency, the internet is a network. We may end up using digital currencies, but my best guess is that we’d be using crypto-Dollars (for example) and not 21 million units of unregulated nonsense dreamed up by some fella in his bedroom.
The US Dollar is most certainly backed by something: the largest and most powerful military force ever assembled.
this scam will have 21 million units in circulation...until it doesn’t.
Err, of course Bitcoin is a network!
I don't think so.Well nearly, somewhere between 2.8 & 3.8 million bitcoin have already been lost forever. Over enough time, the probability of all bitcoin being lost approaches certainty.
Ah well...Being pedantic it's an open ledger system and associated software running on nodes that rely on the internet for its network
An estimated of 1 million is rumoured to be Satoshi's coins. We do not know if and why Satoshi lost those but I doubt it was an accident.
Of course dementia or sudden death accidents will still cause coins to be lost but nothing that will significantly add to those 3-4 million already lost.
I think that's the gist of it too.Gordon Gekko said:The US Dollar is most certainly backed by something: the largest and most powerful military force ever assembled.
Technically speaking, there isn't anything that would prevent rule changes that nix all of Satoshi's holdings
Or to stretch it out a little more, rules that would nix all bitcoins that have not moved since X date (that's what FAIT currency does when new notes are issued).
Very unlikely that the rest of the network would agree; but technically possible.
Reminder: No one shown why Bitcoin has any monetary value at all or what that value should be.
Reminder: No one shown why Bitcoin has any monetary value at all or what that value should be.
The blind faithful will see this eventually.
The only resistance point is zero.
Brendan
Ah this reminds me, I came accross this a few days ago.
https://ftalphaville.ft.com/2018/02/01/2198292/nobody-puts-bitcoin-in-the-corner/
"Suppose for a moment bitcoin never existed. And ethereum never existed. And the whole crazy world of cryptocurrencies never happened.
Someone comes along and tells you to imagine an electronic network, for moving money anywhere in the world, that no-one owns. It’s an intriguing idea. It’s an unprecedented idea. In the entirety of human history such a thing has literally never existed.
Would your response really be: ‘lol the true value of bitcoin is zero’?"
Unlikely.But bitcoin isn't the network. I still haven't heard anyone confirm what drives the value of bitcoin other than pure speculation. If someone comes along and creates a cryptocurrency that is actually better than bitcoin, can be used for small transactions, have faster confirmation times, use less energy, remove the need for large mining operations etc etc, then what value does Bitcoin have? It will be defunct.
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