The chart showed “the historical total number of bitcoins which have been mined”[/quote]
Sorry about that, I wanted to show that it was a smooth curve which could show how often and in what quantity of bitcoin are created. Right now it is about 12 every 10 minutes and will go down to 6 once it reaches a certain quantity.
Nevertheless, it is predictable and every expert on it says as much. We know for certain that all BTC will be mined by 2140.
[quote]usmccds423 wrote:
Interesting take on bitcoin
[/quote]
I am skeptical of their stance. There are people who obviously disagree about its value because they actively trade it. Besides, “intrinsic value” is a red herring. A thing has value because people believe it does - not because of its “intrinsic” properties.
[quote]usmccds423 wrote:
Interesting take on bitcoin
[/quote]
I am skeptical of their stance. There are people who obviously disagree about its value because they actively trade it. Besides, “intrinsic value” is a red herring. A thing has value because people believe it does - not because of its “intrinsic” properties.[/quote]
The title was a bit sensational, but it made some good points. Bitcoin has value. That’s undeniable. However, I tend to agree that it will always be a sort of fringe wealth transfer system at most. I don’t expect digital currency in the form of bitcoin, or anything similar, to take the place of fiat currency. I think, if anything, we will revert back to something like the Gold standard, bit that too is unlikely imo.
[quote]usmccds423 wrote:
Interesting take on bitcoin
[/quote]
I am skeptical of their stance. There are people who obviously disagree about its value because they actively trade it. Besides, “intrinsic value” is a red herring. A thing has value because people believe it does - not because of its “intrinsic” properties.[/quote]
The title was a bit sensational, but it made some good points. Bitcoin has value. That’s undeniable. However, I tend to agree that it will always be a sort of fringe wealth transfer system at most. I don’t expect digital currency in the form of bitcoin, or anything similar, to take the place of fiat currency. I think, if anything, we will revert back to something like the Gold standard, bit that too is unlikely imo. [/quote]
When the World Wide Web first came on line nobody outside of academia saw a use for it.
It took 2 decades for email to go mainstream.
Bitcoin is similar. When I first read about it I was like, “who are these nerds?”
I try not to focus so much on the specific implementation of a crpyto-currency but rather the technologies that make them work and the implications they have on financial markets.
[quote]usmccds423 wrote:
Security is also an issue
[/quote]
Right, it can be stolen just like cash can; however, unlike cash it cannot just come into existence by central authority - the amount is fixed and its quantity is increased by a known rate up until it reaches 21 million.
The real innovation is the blockchain which prevents double spending. That piece is unbreakable - at least in the last 5 years, so far none have broken it.
[quote]LIFTICVSMAXIMVS wrote:
Sorry about that, I wanted to show that it was a smooth curve which could show how often and in what quantity of bitcoin are created. Right now it is about 12 every 10 minutes and will go down to 6 once it reaches a certain quantity.
Nevertheless, it is predictable and every expert on it says as much. We know for certain that all BTC will be mined by 2140.[/quote]
I know what you’re saying, nonetheless it is not certain but likely with a high probability. They engineered the system, to yield a hypothetical growth curve, however certain factors in their model may change.
[quote]usmccds423 wrote:
Security is also an issue
[/quote]
Right, it can be stolen just like cash can; however, unlike cash it cannot just come into existence by central authority - the amount is fixed and its quantity is increased by a known rate up until it reaches 21 million.
The real innovation is the blockchain which prevents double spending. That piece is unbreakable - at least in the last 5 years, so far none have broken it.[/quote]
And the Titanic was unsinkable… It’ll be broken. It’s not an if it’s a when.
If my money is stolen from ABC Bank it’s backed by the FDIC. If bitcoins are stolen they’re backed by, nothing. That was my point.
[quote]usmccds423 wrote:
Interesting take on bitcoin
[/quote]
I am skeptical of their stance. There are people who obviously disagree about its value because they actively trade it. Besides, “intrinsic value” is a red herring. A thing has value because people believe it does - not because of its “intrinsic” properties.[/quote]
The title was a bit sensational, but it made some good points. Bitcoin has value. That’s undeniable. However, I tend to agree that it will always be a sort of fringe wealth transfer system at most. I don’t expect digital currency in the form of bitcoin, or anything similar, to take the place of fiat currency. I think, if anything, we will revert back to something like the Gold standard, but that too is unlikely imo. [/quote]
When the World Wide Web first came on line nobody outside of academia saw a use for it.
It took 2 decades for email to go mainstream.
Bitcoin is similar. When I first read about it I was like, “who are these nerds?”
I try not to focus so much on the specific implementation of a crpyto-currency but rather the technologies that make them work and the implications they have on financial markets.
edited[/quote]
I suppose, but in the end it’s just a currency. There are only so many applications for a currency.
[quote]usmccds423 wrote:
I suppose, but in the end it’s just a currency. There are only so many applications for a currency. [/quote]
Actually, the application of the blockchain is much more than currency. Exchange is only one of its features.
In general it is just a ledger of account - keeping track of who owns what, historically accurate. This means it can be used to keep contracts, analyze credit risk, hold trust accounts, etc.
Currency is just the tip of the iceberg and the other possibilities are why I am interested in it.
[quote]usmccds423 wrote:
I suppose, but in the end it’s just a currency. There are only so many applications for a currency. [/quote]
Actually, the application of the blockchain is much more than currency. Exchange is only one of its features.
In general it is just a ledger of account - keeping track of who owns what, historically accurate. This means it can be used to keep contracts, analyze credit risk, hold trust accounts, etc.
Currency is just the tip of the iceberg and the other possibilities are why I am interested in it.[/quote]
I was referring to bitcoin not blockchain. Blochchain does sound interesting from what you’ve posted.