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cariadon   Estonia. Feb 11 2015 13:35. Posts 4019

Love how nothing has happened from between now and when a bunch of posters were looking to get in cheap (300) when it was rallying (850), prophesying of promised lands... also buying gold cause of potato.

all these experts came out of the woodwork with an "opinion" ... wishful thinking rather

I encourage you to objectively and critically evaluate what you read and think you know with regards to bitcoins to be "true".

Maybe read the articles on bloomberg.com and other reputable sites about bitcoin for starters. Then perhaps read about the technical aspects of a bitcoin, how it started, how is a bitcoin mined, how do transactions work etc.


RiKD    United States. Feb 11 2015 19:08. Posts 8445

I understand the technical aspects of bitcoin, how it started, how it is mined, how transactions work but that was a while ago and it was from very pro-bitcoin sources. Most of my knowledge came from a Joe Rogan podcast with some guy named like Andrei A something something. It was great information but he had invested basically all his time and energy into bitcoin so while it was good to understand how it works it was likely not very good in getting an unbiased opinion on downsides + pitfalls.

It is probably tricky to find good sources of information. Corporate sponsored media is not going to give a positive spin on it unless the banks can get a piece and profit. People who have invested all of their time, energy, and money for the last 5 years into bitcoin are not going to give any negatives or will be self-justifying and rationalizing the negatives away.

The stories about hacking, corruption, stealing, currency manipulation all make sense. If it happens in the real world, if it happens in online poker, if their is an edge to be had, if their is a mark to be stolen from someone will find out how to do it very well. Hopefully, these opinions are based in truth and not fear based but it certainly makes sense and is a shame.

Can anyone give some bullet points for why bitcoin is not capable of becoming a better option than the current banking systems?

What is holding it back?


Forrest Gump   Argentina. Feb 11 2015 20:23. Posts 1217

I just talked with a former computer scientist who followed (but not invested in) btc in the technical side since it was valued $5. He says the currency has some flaws and is not invulnerable to future problems or inapropiate use like double spending. The way btc is mined may change to prevent an evil use, but there's so much money invested in it that it wont be easy. I dont think btc will be useless. Just the future not written, so embrace the variance...

ADZ124: why do people put pictures of their child in stars.. its like please help feed my child im a fish i cant play? 

AndrewSong    United States. Feb 11 2015 20:44. Posts 2355


  On February 11 2015 18:08 RiKD wrote:
Can anyone give some bullet points for why bitcoin is not capable of becoming a better option than the current banking systems?

What is holding it back?



Too many reasons why bitcoins won't work. first and foremost, it has no intrinsic value. The people who own bitcoins hoard them rather than using them. one cannot overthrow a corrupt government and get rid of illumaniti bankers when no one uses the currency for anything useful. Merchants tripled since last year with big companies like dell, microsoft joining in but reality is that they aren't really accepting coins but dollars using middle man exchange. At this point, bitcoin is dead and will not exist in mainstream without two major exchange (Bitpay/Coinbase). There's also too many bad press surrounding bitcoin(Mt gox, China, Ulbricht) recent events showed government can end bitcoin in matter of seconds. Only thing great we can get out of bitcoin is the potential block-chain has.


jchysk   United States. Feb 12 2015 03:20. Posts 435

The reason why Bitcoins aren't going anywhere is the intrinsic value they have. The blockchain is the first time in human history where we've had a ledger that increases its own security and is publicly and equally accessible. The largest and most prominent blockchain is Bitcoin's and you need Bitcoins in order to use it. Bitcoin's blockchain will continue to get larger and more powerful as many of the other popular blockchains such as those supporting Litecoin and Dogecoin are brought on as sidechains.

Bitcoin itself is not great as a currency, so it may not end up being treated like one, but many of the systems that are being built on top of it will be very important. Increasingly new systems will be built on top of Bitcoin's blockchain. The reason is because the security is already established with the billions of dollars invested in the hardware to keep mining.

w00t 

TianYuan    Korea (South). Feb 12 2015 05:57. Posts 6817


  On February 11 2015 19:44 AndrewSong wrote:
Show nested quote +



Too many reasons why bitcoins won't work. first and foremost, it has no intrinsic value. The people who own bitcoins hoard them rather than using them. one cannot overthrow a corrupt government and get rid of illumaniti bankers when no one uses the currency for anything useful. Merchants tripled since last year with big companies like dell, microsoft joining in but reality is that they aren't really accepting coins but dollars using middle man exchange. At this point, bitcoin is dead and will not exist in mainstream without two major exchange (Bitpay/Coinbase). There's also too many bad press surrounding bitcoin(Mt gox, China, Ulbricht) recent events showed government can end bitcoin in matter of seconds. Only thing great we can get out of bitcoin is the potential block-chain has.

Don't know much about bitcoin, but there's no intrinsic value to fiat money either... The US$ hasn't been backed by gold since 1971.

Hm.. Off-suite socks.. 

bigredhoss   Cook Islands. Feb 12 2015 06:48. Posts 8646

Truck-Crash Life 

Mariuslol   Norway. Feb 12 2015 08:35. Posts 4742

You might find this one interesting:


cariadon   Estonia. Feb 12 2015 14:02. Posts 4019


thewh00sel    United States. Feb 13 2015 08:09. Posts 2734

Intrinsic value isnt a real thing. All things are subject to the price some one will pay. So all value is subjective.

A government is the most dangerous threat to man’s rights: it holds a legal monopoly on the use of physical force against legally disarmed victims. - Ayn Rand 

diggerflopboat   . Feb 14 2015 00:24. Posts 241

Bitcoin has intrinsic value (obviously haha), and is a currency and a commodity. Anyone that suggests otherwise does not know the subject they are discussing.

When discussing bitcoin make sure you are talking with people that are well read and know what they are talking about, not peoples make random guesses based on religious assumptions and beliefs. Lots of people on the internet like to give opinions about things they know nothing about as if they are speaking facts.

Here is everything you need to know about bitcoin in relation to poker: https://thewealthofchips.wordpress.com/


Santafairy   Korea (South). Feb 14 2015 01:33. Posts 2224


  On February 13 2015 23:24 diggerflopboat wrote:
Bitcoin has intrinsic value (obviously haha)


okay just suppose hypothetically that i knew someone who thought that fact wasn't obvious, can you give me a way to explain it to them?

It seems to be not very profitable in the long run to play those kind of hands. - Gus Hansen 

TalentedTom    Canada. Feb 16 2015 01:33. Posts 20070


  On February 12 2015 04:57 TianYuan wrote:
Show nested quote +


Don't know much about bitcoin, but there's no intrinsic value to fiat money either... The US$ hasn't been backed by gold since 1971.



True, but US money is backed by the US government, which in itself has a lot of value.

Our deepest fear is not that we are inadequate. Our deepest fear is that we are powerful beyond measure. It is our light not our darkness that most frightens us and as we let our own lights shine we unconsciously give other people permision to do the same 

diggerflopboat   . Feb 17 2015 05:21. Posts 241


 
okay just suppose hypothetically that i knew someone who thought that fact wasn't obvious, can you give me a way to explain it to them?

Its revolutionizing every system our civilization has, starting with financial. Observe.


Santafairy   Korea (South). Feb 17 2015 20:05. Posts 2224


  On February 17 2015 04:21 diggerflopboat wrote:
Show nested quote +

Its revolutionizing every system our civilization has, starting with financial. Observe.

why does it have intrinsic value though?

It seems to be not very profitable in the long run to play those kind of hands. - Gus Hansen 

diggerflopboat   . Feb 18 2015 10:24. Posts 241


  On February 17 2015 19:05 Santafairy wrote:
Show nested quote +


why does it have intrinsic value though?

You are just repeating your question after already getting your answer:
http://dictionary.reference.com/browse/intrinsic

 
belonging to a thing by its very nature



It is the most valuable thing on this planet and in our society. You don't know what it is, you don't know what intrinsic is, you don't know what you are asking. I cannot teach you these things I don't have time. You must study and learn for yourself, not live as a skeptic but SEEK! But whatever you do, don't keep asking the same question repeatedly, because you was ALL of our time!

Stop making silly arguments and LEARN!

 Last edit: 18/02/2015 10:27

Santafairy   Korea (South). Feb 18 2015 20:57. Posts 2224

i'm not an expert in the nuances of BS in philosophical literature but it seems to me something with intrinsic value would be like wood which you can use to make fires and build houses, or flour which you can use to make delicious food, or fresh water. but something with conditional value would be like a currency which is an abstract construct and only has value insofar as people share it and exchange it for other things. or do you also think USD has intrinsic value? what's a characteristic about bitcoin compared to any other crypto currency that makes it so valuable? the fact that it's more popular? you think that's an intrinsic property?

actually mercy I surrender, I'm sorry for being skeptical, I learned for myself and now I understand, bitcoin is the most valuable thing on the planet. I mean really, come on dfb

It seems to be not very profitable in the long run to play those kind of hands. - Gus Hansen 

diggerflopboat   . Feb 19 2015 09:24. Posts 241


  On February 18 2015 19:57 Santafairy wrote:
i'm not an expert in the nuances of BS in philosophical literature but it seems to me something with intrinsic value would be like wood which you can use to make fires and build houses, or flour which you can use to make delicious food, or fresh water. but something with conditional value would be like a currency which is an abstract construct and only has value insofar as people share it and exchange it for other things. or do you also think USD has intrinsic value? what's a characteristic about bitcoin compared to any other crypto currency that makes it so valuable? the fact that it's more popular? you think that's an intrinsic property?

actually mercy I surrender, I'm sorry for being skeptical, I learned for myself and now I understand, bitcoin is the most valuable thing on the planet. I mean really, come on dfb

You don't understand what you are saying here but in the future you will. You don't understand bitcoin, and you have to learn about it in order to understand it.

I'm not an idiot because you haven't done your homework. Do you notice I have read the literature and I understand and you have not read the literature and you don't understand?

Is it intelligence to argue about things you know nothing about? I am asking you to not argue but learn!

You are spending time in your life arguing about things you dont understand. Think about your mentality here...

 Last edit: 19/02/2015 09:24

diggerflopboat   . Feb 19 2015 09:50. Posts 241

any idiot can argue

User was warned for this post.


diggerflopboat   . Feb 20 2015 14:05. Posts 241

Santa I'll meet you halfway. By what you mean to point out perhaps bitcoin has no intrinsic value. But I mean to say in today's reality, our economic climate of Keynesian and central banking, btitcoin plays the roll of stabilizing our economies in relation to our currencies. So the giant inefficiency that we have grown over time and especially in the last 100 or so years.

So I don't mean to break your definition of intrinsic. I mean to point out because there is the "need' for some thing that can harness the value of this inefficiency there is a kind of Intrinsic value. Bitcoin might not be valuable on mars, or 200 years in the past or future. But in this reality is come with a natural value because our economy is so f-ed.

Thats what I mean. If it doesn't fit your definition of intrinsic i understand, but its not so relevant you see?


 
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