NickyLouse Posted December 20, 2021 Group: Advanced Member Followers: 1 Topic Count: 18 Topics Per Day: 0.00 Content Count: 268 Content Per Day: 0.04 Reputation: 82 Days Won: 0 Joined: 04/30/2005 Status: Offline Birthday: 02/25/2004 Share Posted December 20, 2021 (edited) 5 hours ago, Sparks said: Bitcoin is backed exactly like that fiat currency in your pocket right now, only government cannot inflate Bitcoin nor can they stop it. Fiat is not backed by anything... except perhaps faith in men and government. Blockchain-based digital ledger technology is backed by the fact that a majority of independent miners agree on the accounting. To me, that is actually better than faith in a centralized entity. It was bad enough when the US government handed over the minting to a private corporation (the Federal Reserve), who controls the money supply through fractional lending to stimulate a false version of capitalism and the raising of interest rates to banks to whom they lend their money. However, when they remove the rare earth metals from even being required in any part, they took control of the entire economic system. Speculations run wild and bubbles come one after another in order to make insiders rich and fleece the public who is trying to scrape out their living. Edited December 20, 2021 by NickyLouse grammar Link to comment Share on other sites More sharing options...
Sparks Posted December 20, 2021 Group: Worthy Ministers Followers: 23 Topic Count: 28 Topics Per Day: 0.01 Content Count: 6,159 Content Per Day: 2.04 Reputation: 2,512 Days Won: 8 Joined: 01/20/2016 Status: Offline Share Posted December 20, 2021 1 hour ago, NickyLouse said: Fiat is not backed by anything... except perhaps faith in men and government. Blockchain-based digital ledger technology is backed by the fact that a majority of independent miners agree on the accounting. To me, that is actually better than faith in a centralized entity. Both the dollar and Bitcoin are fiat currency. Neither are backed by precious metals, or anything else, but the appeal to BitCoin is that it cannot suffer inflation as there is a set amount that will exist and you cannot make more of it, and also that no government can prevent it's use. Bitcoin exists 100% by faith, just like the dollar or any other fiat currency. 1 Link to comment Share on other sites More sharing options...
Hobie_ Posted January 5, 2022 Group: Seventh Day Adventist Followers: 6 Topic Count: 11 Topics Per Day: 0.00 Content Count: 1,786 Content Per Day: 0.33 Reputation: 717 Days Won: 0 Joined: 07/24/2009 Status: Offline Share Posted January 5, 2022 On 12/19/2021 at 3:58 PM, Sparks said: Bitcoin is backed exactly like that fiat currency in your pocket right now, only government cannot inflate Bitcoin nor can they stop it. My question would be who is behind it, as one of the young people in our church got mixed up in in, and when it dipped, he lost all his money. Just curious as the stock market bankers did that to our software firm..... Link to comment Share on other sites More sharing options...
Sparks Posted January 5, 2022 Group: Worthy Ministers Followers: 23 Topic Count: 28 Topics Per Day: 0.01 Content Count: 6,159 Content Per Day: 2.04 Reputation: 2,512 Days Won: 8 Joined: 01/20/2016 Status: Offline Share Posted January 5, 2022 2 hours ago, Hobie_ said: My question would be who is behind it, as one of the young people in our church got mixed up in in, and when it dipped, he lost all his money. Just curious as the stock market bankers did that to our software firm..... Bitcoin, specifically (not talking about other startup cryptocurrencies that might crash shortly after startup) is effectively like investing in the stock market, now. As I type this, a single coin is worth $46,491.13 dollars, US and there will be 21 million coins total. A person investing in a coin would be fractionally investing, much like a stock market investment. That is, you could buy a percentage of a coin. You could also buy a whole coin for $46,491.13, and if it went down in value, you would lose some money, but unless the whole system crashed, you would not lose it all. Bitcoin fluctuates in value, much like a stock. Not sure who your friend invested with, and lost with. No one really knows who started Bitcoin. Satoshi Nakamoto is a fictional alias of the inventor who wrote the white papers (more likely a group). 1 Link to comment Share on other sites More sharing options...
WilliamL Posted April 22, 2022 Group: Royal Member Followers: 10 Topic Count: 99 Topics Per Day: 0.03 Content Count: 5,111 Content Per Day: 1.48 Reputation: 2,551 Days Won: 4 Joined: 11/06/2014 Status: Offline Birthday: 09/01/1950 Share Posted April 22, 2022 On 1/5/2022 at 10:21 AM, Sparks said: unless the whole system crashed, you would not lose it all. That is a mighty big "unless." 1 Link to comment Share on other sites More sharing options...
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