Bit coin what going to happen to it.

[Ripmany]

Is it going to go to a million. See like some just made it up out think air and dealing with it not average person. It almost like a Ponzi scheme that other keep track who owns what.

[Strokey_McDingDong]

A lot of people are buying it right now, hence the value is sky rocketing.
I don't understand what crypto currency is at all, so I'm not really into it, but many are passionate about it.

Since you have to buy bitcoin, its value seems like it would be correlated to the value of the dollar, but I'm sure somehow that's incorrect. I mean, it's value is going up because more people are buying it. You spend 100 dollars and get 0.0037 bitcoin in return.

I guess the value goes up because there is a finite amount of bitcoins while more and more people are buying them. I don't really get it. It doesn't seem as though bitcoin is valuable in itself, but depends on how much money you convert to bitcoin, and where does that money go?

I don't understand any of it.

[gnadfly]

I have a very small amount of bitcoin. Supposedly there's a fixed amount of it, kinda like gold. Whenever the US and other countries go into hyperinflation mode, people will make the switch over from the dollar, the euro and other major currencies to a "stable" one.

The Red Chinese have bought a huge amount of gold in the last decade and they've been famously mining bitcoin with huge bitcoin farms for the last five years.

Then again, it could all go to shit tomorrow. My brother is invested in gold and commodities. He's not a prepper, doesn't own a gun but believes in about a year there's going to be huge shortages. You can't eat gold and bitcoin will have little use without a dependable electrical grid.

I thought the USGovt would make BTC illegal or somehow strangle it. I believe you can pay your US taxes with it now.

[Strokey_McDingDong]

What is bitcoin based off of? What gives it value, other than exchanging dollars for it? And after you buy bitcoin, where does the money you used to purchase it go? Does it go in some kind of bitcoin vault or something ... if no one bought any bitcoin, would it have any value? Aren't we by exchanging money for bitcoin, giving it value, which is then based on the dollar?

[gnadfly]

Its basically based off computing power and electricity.

You are asking a good question. You can't eat it, buy a car, power your lights, etc from it "by itself". With dollars you can at least burn them. Like the dollar that was taken off the gold standard, it has no intrinsic value. But like I said, there's supposedly a fixed amount of it, unlike the US Dollar which they'll keep printing.

Download the Paypal app and you can buy BTC and put it in your wallet. So far I haven't heard of many recent security issues.

Would Captain Midnight like to chime in?

[dilbert firestorm]

Originally Posted by gnadfly

Its basically based off computing power and electricity.

You are asking a good question. You can't eat it, buy a car, power your lights, etc from it "by itself". With dollars you can at least burn them. Like the dollar that was taken off the gold standard, it has no intrinsic value. But like I said, there's supposedly a fixed amount of it, unlike the US Dollar which they'll keep printing.

Download the Paypal app and you can buy BTC and put it in your wallet. So far I haven't heard of many recent security issues.

Would Captain Midnight like to chime in?

its based on blockchain code. supposedly its more secure. problem is if you lose part of it, you just lost your money.


bitcoin is based on mining bits from the so-called computer "mines" (servers). bitcoin is subject to software manipulation. in other words, they're making stuff up as to what makes a bit.

[royamcr]

Bitcoin is about transferring money and verification that it has been transferred. The verifiers are the miners that get paid for doing the verification. A bitcoin transfer is successful when 6 or 7 random mining pools verify the transfer. The transfer is then logged into the blockchain that ownership of the bitcoin has been transferred.

[dilbert firestorm]

what do you suppose happens when virtual mines have been mined out?

[royamcr]

Originally Posted by dilbert firestorm

what do you suppose happens when virtual mines have been mined out?

Someone in the year 2140 will have to figure that out. When all bitcoins are mined miners will still get transaction fees for each transfer/verification.

[gnadfly]

And the tour guide pointed out a group of yatchs and said "Those are the lawyers' yatchs."

Later on the tour guide pointed out another groups of yatchs and said "Those are the brokers' yatchs."

A squeeky voice from the back said "Where are the clients' yatchs?"

[Ripmany]

Thank you good post.

[DesWad]

Just like Tulips

[DesWad]

Originally Posted by Strokey_McDingDong

What is bitcoin based off of? What gives it value, other than exchanging dollars for it? And after you buy bitcoin, where does the money you used to purchase it go? Does it go in some kind of bitcoin vault or something ... if no one bought any bitcoin, would it have any value? Aren't we by exchanging money for bitcoin, giving it value, which is then based on the dollar?

Biggest scam running. That is your description.