Bitcoin, Blockchain and Cryptocurrencies

You keep repeating this, but in actuality, bitcoin has more inherent value than either the dollar or the euro, or any other fiat currency for that matter. 

The dollar for instance, used to be backed by a tangible commodity - gold, but it was decoupled from the gold standard in the early 1970's and like the euro and almost all other major world currencies, can now be printed at will to increase or decrease supply, in order to influence interest rates, or to stimulate economies through quantitative easing. This means it's quite literally backed by nothing. Not any more, anyway.

Bitcoin on the other hand, enabled by blockchain technology, is 'mined'. Once a new one is created, a brand new (even more) complex mathematical equation is created to enable the 'mining' of the next bitcoin - and this can only happen 21,000,000 times. Its capping at 21 million bitcoins is what lends (and maintains) its inherent value.

This means bitcoin is actually backed by something (ok, digitally) tangible, unlike the paper money in your wallet and the 1's and 0's on your computer screen.

And TJ, the reason banks are telling you to stay away from bitcoin and other crypto currencies, is that the technology is so massively, massively disruptive to them. It represents decentralised monetization, taking all the power out of the hands of them and the central banks and putting it in the hands of anyone with a smart phone and a coin wallet. 

Bitcoin is a young currency and as such, any outside effects on it such as the closing down of MtGox or attempts by wold's nations to control or outlaw it has massive ramifications on price. But that will change and level out as time goes by and it becomes adopted by more and more. At the moment fluctuations caused by an outside event can look like the ripples caused by someone throwing a brick in a garden pond, but as the currency ages and becomes used by more, those ripples will look more and more like those from a pebble in a lake. 

Also, historically speaking, fiat currencies have on average over the centuries, lasted about 25 years. Like empires, they all have a half-life. As long as there is the internet, Bitcoin will most likely be there long after the dollar completely collapses, either caused by the end of the petro-dollar hegemony, or the weight of all the debt, derivatives and easing it's been under for so long now.

no no no no no no no no no it is f****** nothing like the dollar. you will wake up once day and your magicbeancoins "sorry TJ i'm stealing the magic means quote" will be worth almost nothing. if you think central banks are going to even remotely let something interfere with the money system you are crazy. it is the biggest financial scam in history and you will be sorry you every invested in it. The fundamentals make no sense. Zero. fools, fools, everyone one of you. 

blockchain is brilliant and here to stay. but magicbeancoins () and their ridiculous "value" will bankrupt so many hard working people because they bought into this stupid and utterly ridiculous craze. we irish love a good tip but this horse is f**ked. it's not even a horse. it's show pony at best. 

i'm gone from this thread. too infuriating.