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Is Bitcoin Real Capitalism?

Discussion in 'Topical Discussions (In Depth)' started by Bigfoot, Oct 31, 2013.



  1. Bigfoot

    Bigfoot Gold Member Gold Chaser

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    Last edited by a moderator: Dec 26, 2015
    phideaux and TimoneX like this.
  2. QuantumQrack

    QuantumQrack New Member

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    Good, short take on bitcoin. However, he was wrong on the value of bitcoin two years ago...which hit around $2.22. Hasn't been under a buck for a long time now. The only control an agency could exert over bitcoin is possibly infiltration of some core developers (unlikely--and in the event that happened, it would probably be found out rather quickly), control of most of the mining network (also unlikely, I think the network is at 4 peta hashes now...and yes..that is a lot in case anybody is wondering), or maybe...time machines (thats for all you guys living in Rio Linda), lol. :s9:

    All in all, the "no central control" aspect of bitcoin still seems to hold true after a good four hard years out in the financial wild west.
     
  3. oldgaranddad

    oldgaranddad Gold Member Gold Chaser Site Supporter ++

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    One concern about BitCoin that I have not seen discussed is that since it is backed by an algorithm, what is to stop the original creators, or anyone else, from creating a BitCoin-II or a BitCoin-III?
     
  4. JustPassinThru

    JustPassinThru Gold Member Gold Chaser

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    Nothing, really.

    Which demonstrates bitcoin's REAL backing: a lot of bullsh!t aimed at those who can't sort it out but won't admit to not understanding.

    The Emperor's New Clothes in virtual reality.

    Oh, and bitcoin-pumpers? No need to respond. I understand all of this I need to, to know to stay far away. Sure, one guy did amazingly well. Scammers and those who buy in early, always do.

    Their money isn't magic - it comes from the LOSSES of OTHERS. Meaning in these cases, those who come in later.

    Just ask someone who's bought into Amway or any of these other MLM scams.
     
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  5. QuantumQrack

    QuantumQrack New Member

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    There are already many bitcoin II's and III's etc. They are called alt coins. None have really caught on in the way bitcoin has. Their market cap is super tiny compared to bitcoin's market cap. The one that has probably caught on the most is Litecoin, but again, market cap very small. Most of these alt coins are modeled directly from bitcoin, so in my view, they don't have much use except to explore new ideas about cryptocurrencies (which, by the way, are here to stay long term).

    However, this (new crypto-coins) is the beauty of an open cryptocurrency market. Anybody is allowed to participate with new ideas, programming, etc.
     
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  6. GOLD DUCK

    GOLD DUCK Mother Lode Found Mother Lode

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    QWAK,bitcoin is for SUCKERS who want to get rich fast with little or no effort!:lollypop::thumbs_down:

    GOLD is for the wise who know and understand the history of MONEY!:idea::thumbs_up::cheerful:

    the DUCK :s9:
     
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  7. ds_mustang

    ds_mustang Silver Member Silver Miner

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    There are already dozens of alt-coins that have been started but none have gone much of anywhere... bitcoin already has the action. It's like trying to get silver or platinum or some other metal to replace gold... yeah in theory if everyone switched it could happen but in practice people don't switch. People are already invested in the leader and the incentives rest with supporting the market choice not moving to an alternative copycat where nobody is.
     
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  8. TimoneX

    TimoneX Gold Member Gold Chaser Site Supporter

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    Good vid by Ben, though it's hard to believe he only heard of Bitcoins a few months ago. He generally seems well informed.

    Exchange rates have risen roughly 50% to $300 since the video was produced.
     
  9. phideaux

    phideaux Mother Lode Found Mother Lode

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  10. phideaux

    phideaux Mother Lode Found Mother Lode

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    Good quick vid, but I don't get his line of thinking: "Is Bitcoin Real Capitalism?"

    Bitcoin is a pseudo-currency, not an economic system.
     
    Last edited by a moderator: Dec 26, 2015
  11. TimoneX

    TimoneX Gold Member Gold Chaser Site Supporter

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    Bitcoin is much more than a digital currency. It's also a self regulated, peer-to-peer, deflationary, global transaction system. The algorithm tightly controls distribution of the currency over time and polices itself to ensure against double spend attacks. Bitcoin has the potential to eliminate the need for banks entirely.
     

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