What used to take a day to create now can take months. Basically after 18mil they stop so you can only use what's left. They are basically One big Giant math problem that only a computer can solve. But if you make a error you have to start all over again. I wish I could explain it better but it's not simple to explain
@Coinosaurus said:
I'm trying to figure out why Bitcoin is "worth" more than any other crypto currency.
It was first and has the biggest mind share, more users equals more liquidity.
Regarding its staying power, the government could make a case that only the Feds have the right to "create" money, and shut it down on that basis.
The US government has the exclusive power to create currency in the US. Bitcoin isn't being created in the same way as some militia printing their own currency. The US government can't "shut down" the creation of Bitcoin, they can only try and prevent its use by US citizens.
If you start getting substantial criminal activities related to crypto currency, you can easily see "law and order" politicians speaking out against it.
There already is substantial criminal activity linked to Bitcoin and cryptocurrency in general. The guy who created a website that became widely used for, among other things, international drug and human trafficking just lost his appeal of a life sentence.
"Mountain Goat? Something like that...."
MtGox. "Magic The Gathering Online eXchange".
Crap, even at Boston Tech we though folks that played "Magic the Gathering" were nerds.
@topstuf said:
Oh, I am TRYING to "learn about it."
And.... the more I learn, the more I am convinced that NO government will let an untraceable "currency" be used for long.
It would surprise the gold out of me to think that the Treasury and the IRS is not at this moment, trying to figure out how to word the legislation to ...um.... deal with it.
In my very aged and simple mind, I believe Bitcoin will die with **LEGISLATION.""
Agree, and I cite the example of Black Friday in the world of online Poker... April 15, 2011
Cost gamblers millions of dollars when the online casinos folded shop with gamblers deposits going unrefunded.
Missing from that pictorial is the biggest "money" aggregate of all......over-the-counter, Too Big To Fail, bank originated, debt-money. They are basically keyboard entries without any oversight, without any backing, and without any regulation. The banks treat it as an earning asset acting like money. Those are 10X the biggest balloon on that pictorial.
The US banks carry about $175 TRILL in declared otc derivatives/debt money. If one included the World Banks under BIS reporting, the number is on the order of $500-$700 TRILL. If we include the methodology of how these were reported in Sept 2008 (ie the correct way), they would number in the $900 TRILL - $1 QUADRILLION range today
Debt-money is the monetary system the big banks created back around 1987-1989 to control the world's finances, interest rates, credit defaults, and even mortgages. Since creation, debt money has grown by 1,000X. In 2000 the banks scored big when they got the Commodities Modernization Act through the Clinton Congress, which kept otc derivatives away from any accounting or regulation standards. That's when they went into orbit. The big banks could care less about M0, M1, and M2 when they have a version that is above the old M3 (that was retired in 2006 when the accounting got too sticky for them)....call it M4. The banks can create their own money independently of congress....and in doing so have control of the world's interest rates (for now). If one domino in the interest rate derivative daisy chain breaks, they could all go down together. What central bank(s) can pony up $100 TRILL+ if they go down?
Debt-money costs in real assets and real lives as we found out in 2008-2010 when the US Govt/FED bailed out AIG and the big banks to the tune of approx $30 TRILL. That money was paid out into the system to reward the winners of otc derivative's bets (mortgage backed securities and credit default swap failures).
After the 2008 banking crisis, the big banks changed the laws to put themselves ahead of checking and savings accounts at all banks in the hierarchy of payouts. Italy was the first country to test that. If those big banks default, then OTC derivative bets (numbering up to $175 TRILL in the US) get paid out before your missing savings/checking/brokerage accounts. Banks have head of the line privileges. Welcome to the new world of "money."
Regarding its staying power, the government could make a case that only the Feds have the right to "create" money, and shut it down on that basis.
The US government has the exclusive power to create currency in the US. Bitcoin isn't being created in the same way as some militia printing their own currency. The US government can't "shut down" the creation of Bitcoin, they can only try and prevent its use by US citizens.
You are correct the US can't shut it down at the computing level. But they can declare it illegal for US citizens (or instead make onerous reporting requirements), and if they did the price of bitcoins would fall substantially.
Didn't someone recently misplace quite a few (quite a few!) million bucks worth a few years ago. Mountain Goat? Something like that.... Sounds more like a potential black hole
I think that the guy didn`t misplace them. He just bought like a 1000 bitcoins and stored them on a hard drive which he later threw away. Later he gave an interview admitting that he tried to find it by contacting the local authorities to gain some information it could have been sent.
Bitcoin is definitely here to stay. In one form or another. It has already made it`s way to industries like e commerce, bitcoin gambling and so on. It will not go nowhere but will become a main stream currency I think.
Comments
What used to take a day to create now can take months. Basically after 18mil they stop so you can only use what's left. They are basically One big Giant math problem that only a computer can solve. But if you make a error you have to start all over again. I wish I could explain it better but it's not simple to explain
It was first and has the biggest mind share, more users equals more liquidity.
The US government has the exclusive power to create currency in the US. Bitcoin isn't being created in the same way as some militia printing their own currency. The US government can't "shut down" the creation of Bitcoin, they can only try and prevent its use by US citizens.
There already is substantial criminal activity linked to Bitcoin and cryptocurrency in general. The guy who created a website that became widely used for, among other things, international drug and human trafficking just lost his appeal of a life sentence.
"Mountain Goat? Something like that...."
MtGox. "Magic The Gathering Online eXchange".
Crap, even at Boston Tech we though folks that played "Magic the Gathering" were nerds.
And that's saying something...
Agree, and I cite the example of Black Friday in the world of online Poker... April 15, 2011
Cost gamblers millions of dollars when the online casinos folded shop with gamblers deposits going unrefunded.
Next step is characterizing those samples with something similar to a National Instrument 43-101 "verification."
NASA has an Instrument that can actually measure black holes?
The East Is Buying Gold. The West Is Buying Time.
Missing from that pictorial is the biggest "money" aggregate of all......over-the-counter, Too Big To Fail, bank originated, debt-money. They are basically keyboard entries without any oversight, without any backing, and without any regulation. The banks treat it as an earning asset acting like money. Those are 10X the biggest balloon on that pictorial.
The US banks carry about $175 TRILL in declared otc derivatives/debt money. If one included the World Banks under BIS reporting, the number is on the order of $500-$700 TRILL. If we include the methodology of how these were reported in Sept 2008 (ie the correct way), they would number in the $900 TRILL - $1 QUADRILLION range today
Debt-money is the monetary system the big banks created back around 1987-1989 to control the world's finances, interest rates, credit defaults, and even mortgages. Since creation, debt money has grown by 1,000X. In 2000 the banks scored big when they got the Commodities Modernization Act through the Clinton Congress, which kept otc derivatives away from any accounting or regulation standards. That's when they went into orbit. The big banks could care less about M0, M1, and M2 when they have a version that is above the old M3 (that was retired in 2006 when the accounting got too sticky for them)....call it M4. The banks can create their own money independently of congress....and in doing so have control of the world's interest rates (for now). If one domino in the interest rate derivative daisy chain breaks, they could all go down together. What central bank(s) can pony up $100 TRILL+ if they go down?
Debt-money costs in real assets and real lives as we found out in 2008-2010 when the US Govt/FED bailed out AIG and the big banks to the tune of approx $30 TRILL. That money was paid out into the system to reward the winners of otc derivative's bets (mortgage backed securities and credit default swap failures).
After the 2008 banking crisis, the big banks changed the laws to put themselves ahead of checking and savings accounts at all banks in the hierarchy of payouts. Italy was the first country to test that. If those big banks default, then OTC derivative bets (numbering up to $175 TRILL in the US) get paid out before your missing savings/checking/brokerage accounts. Banks have head of the line privileges. Welcome to the new world of "money."
I'm a buyer of Rainbow Toned Bitcoins, let me know what you have to offer. Anyone know what the PCGS Grading Standards are for these?
You are correct the US can't shut it down at the computing level. But they can declare it illegal for US citizens (or instead make onerous reporting requirements), and if they did the price of bitcoins would fall substantially.
Understanding The Cryptocurrency Boom
and
Visa is now working on Blockchain technology
The East Is Buying Gold. The West Is Buying Time.
I think that the guy didn`t misplace them. He just bought like a 1000 bitcoins and stored them on a hard drive which he later threw away. Later he gave an interview admitting that he tried to find it by contacting the local authorities to gain some information it could have been sent.
Bitcoin is definitely here to stay. In one form or another. It has already made it`s way to industries like e commerce, bitcoin gambling and so on. It will not go nowhere but will become a main stream currency I think.
There is a very simple answer to this question: NO.
An authorized PCGS dealer, and a contributor to the Red Book.