Bitcoin !! i dont get it !!

dill786 · Post by **dill786** » Wed Mar 27, 2024 8:53 pm

i really hope that DR Craig white isnt satoshi nakamato because he comes across as a right cunt.

dill786 · Post by **dill786** » Mon May 20, 2024 3:21 pm

Well looks like he isn't satoshi according to the Uk judge...

https://www.wired.com/story/craig-wrigh ... or-ruling/

Post by **roller24** » Tue May 21, 2024 12:55 am

Prawn Connery · Post by **Prawn Connery** » Tue May 21, 2024 1:07 am

roller24 wrote: ↑
Tue May 21, 2024 12:55 am

What a load of shit. The Brtish Pound has been in circulation for 1200 years. Bitcoin is no different to any other fiat currency. And Hillary is a fuckwit.

In total, another stupid tweet from a permanent tinfoil douche (not you roller – you may have a tinfoil hat but you're only a part-time douche).

Post by **roller24** » Tue May 21, 2024 1:20 am

The banking system is already developing cyber coins. BTC and the alt coins will become counterfeit currency once these have become established. At least that's my hypothesis.

Post by **roller24** » Tue May 21, 2024 1:22 am

https://www.rba.gov.au/payments-and-inf ... -currency/

smokebreaks · Post by **smokebreaks** » Tue May 21, 2024 2:44 am

People tell me the look at XRP

Prawn Connery · Post by **Prawn Connery** » Tue May 21, 2024 3:37 am

roller24 wrote: ↑
Tue May 21, 2024 1:20 am
The banking system is already developing cyber coins. BTC and the alt coins will become counterfeit currency once these have become established. At least that's my hypothesis.

OK, I wasn't very clear. When el douche points out that "paper money always fails" I point to the British pound. That point being, it doesn't matter how you trade fiat currency –paper, rocks, shells, digital bits – it is STILL fiat currency. The British pound wasn't always fiat currency – it was backed by the Sterling system (gold and silver) – but all currencies rely on one thing: percerved value.

A rock, a piece of paper, an ounce of gold, a digital byte – none of these things have intrinsic value until humans attach value to those things.

The only reason bitcoin has value is because we attach value to it. That value may be as simple as having a currency that operates outside the normal banking system, but people are fooling themselves if they think the value in bitcoin is because it is untraceable – it's not. Cash is untraceable – all digital currencies leave a footprint. If they didn't, they could easily be forged.

Prawn Connery · Post by **Prawn Connery** » Tue May 21, 2024 3:42 am

smokebreaks wrote: ↑
Tue May 21, 2024 2:44 am
People tell me the look at XRP

You mean the new stable coin Ripple is supposedly brining out soon? It will be pegged 1:1 with the USD. I wonder where I've heard that before?

Post by **roller24** » Tue May 21, 2024 8:40 am

wasn't it the failure when the Sterling Pound crisis post ww2 that led to the Dollar becoming the global reserve currency? 30% devaluation.
I could see from some perspectives that it could certainly be viewed as such.
Fiats fail due to inflation and debt, which will always occur eventually. Why? because the interest to pay the debts never really exists.
So more principle has to be created and loaned to new debtors. This is why bankruptcy is a legal maneuver to discharge the debts.
If a theoretical bank loans out 10 dollars to 10 people at 10% interest, and then stops, 1 of those 10 people will not be able to repay their debt.
Not unless the bank loans out another 10 loans in which the 10th debtor can obtain through commerce. So the banks have this elaborate system to attempt at keeping a steady flow of newly loaned currency into the system. Eventually it will fail or have a crisis of sort in which is loses it's value.
Is there a fiat currency that has not experienced this occurrence? Prior to the Pound, I believe the Dutch held the reserve currency status.
Once the backing for the money is removed or ignored, the failure begins, Fiat is a bankers dream of creating wealth out of thin air.