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24540150 No.24540150 [Reply] [Original]

What actually is bitcoin?

Is it a currency, like a competitor to the USD/ FIAT currency? Is it just a store of wealth, like gold, precious metals or real estate? Is it an investment, like stocks, real estate, etc? Is it a product, a decentralised, anonymous way of paying someone or being paid? Or is it all of these things? I can’t tell what bitcoin wants to be. Does it even matter?

>> No.24540163

What it wanted to be was peer to peer cash.
What it wants to be is 100k eoy.

>> No.24540169

>>24540150
>Is it a currency
It's just another way of saying fuck kikes, fuck niggers, and fuck jannies

>> No.24540183

just like there is market price discovery there is market identity discovery.
Only time will tell what it is used for in the end

>> No.24540188

>>24540163
Basically this. The dream of the whitepaper is dead, at least for BTC. That doesn't mean you shouldn't buy any though. Boomers love the digital gold meme

>> No.24540189

>>24540150
fap id, I am blessed.

>> No.24540225

>>24540163
You can do peer to peer cash transactions through paypal and stuff. With actual currency that is 15x more stable than btc. I don't get it.

>> No.24540281

>>24540183
so people are buying it without really knowing what it is and why they are buying it. Just that other people are also probably going to buy it and increase its value.

>> No.24540315

it's financial freedom from the centralized monetary system that has been enslaving us all for the past 200 years.

>> No.24540338

Best suited as a store of value

>> No.24540345

>>24540281
Exactly. It's a lot like pokemon cards. Almost exactly like pokemon cards in fact.

>> No.24540351 [DELETED] 

>>24540225
Read the whitepaper newfren. It's literally in the introduction.
>Commerce on the Internet has come to rely almost exclusively on financial institutions serving as trusted third parties to process electronic payments. While the system works well enough for
most transactions, it still suffers from the inherent weaknesses of the trust based model. Completely non-reversible transactions are not really possible, since financial institutions cannot avoid mediating disputes. The cost of mediation increases transaction costs, limiting the minimum practical transaction size and cutting off the possibility for small casual transactions, and there is a broader cost in the loss of ability to make non-reversible payments for non- reversible services. With the possibility of reversal, the need for trust spreads. Merchants must be wary of their customers, hassling them for more information than they would otherwise need. A certain percentage of fraud is accepted as unavoidable. These costs and payment uncertainties can be avoided in person by using physical currency, but no mechanism exists to make payments over a communications channel without a trusted party.
>What is needed is an electronic payment system based on cryptographic proof instead of trust, allowing any two willing parties to transact directly with each other without the need for a trusted
third party. Transactions that are computationally impractical to reverse would protect sellers from fraud, and routine escrow mechanisms could easily be implemented to protect buyers. In
this paper, we propose a solution to the double-spending problem using a peer-to-peer distributed timestamp server to generate computational proof of the chronological order of transactions. The
system is secure as long as honest nodes collectively control more CPU power than any cooperating group of attacker nodes.1

>> No.24540359

>>24540315
How has the centralized monetary system enslaved us all for the past 200 years?

>> No.24540366

>>24540150
>what exactly is water?
>is it ice?
>is it liquid?
>is it vapor?
>what is it????

depends doesnt it. same with btc

>> No.24540368

>>24540351
Sorry this was formatted fucked up. I'm phoneposting. Just read the whole thing here https://bitcoin.org/en/bitcoin-paper

>> No.24540417

>>24540281
some do, some buy it because its a decentralized, deflationary, limited supply asset, that cant be counterfeited
If you dont see the value in owning something with this characteristics then what are you doing here?

>> No.24540419

>>24540368
>Commerce on the Internet has come to rely almost exclusively on financial institutions serving as trusted third parties to process electronic payments. While the system works well enough for most transactions, it still suffers from the inherent weaknesses of the trust based model. Completely non-reversible transactions are not really possible, since financial institutions cannot avoid mediating disputes. The cost of mediation increases transaction costs, limiting the minimum practical transaction size and cutting off the possibility for small casual transactions, and there is a broader cost in the loss of ability to make non-reversible payments for nonreversible services. With the possibility of reversal, the need for trust spreads. Merchants must be wary of their customers, hassling them for more information than they would otherwise need. A certain percentage of fraud is accepted as unavoidable. These costs and payment uncertainties can be avoided in person by using physical currency, but no mechanism exists to make payments over a communications channel without a trusted party.

>What is needed is an electronic payment system based on cryptographic proof instead of trust, allowing any two willing parties to transact directly with each other without the need for a trusted third party. Transactions that are computationally impractical to reverse would protect sellers from fraud, and routine escrow mechanisms could easily be implemented to protect buyers. In this paper, we propose a solution to the double-spending problem using a peer-to-peer distributed timestamp server to generate computational proof of the chronological order of transactions. The system is secure as long as honest nodes collectively control more CPU power than any cooperating group of attacker nodes.

>> No.24540424

>>24540150
>fapcBIS
fap see biz

>> No.24540432

>>24540359
by printing money and unloading the debt onto the lower classes of this ponzi scheme called fiat.
Salaries are the last part that adapts to inflation, with every generation we keep losing wealth, look at the stats of wealth per person in this generation and the previous ones.

They rend the money they pay us useless the second it leaves the counter. No not just jews, all the banks. And yes I realize if you keep following the trail you end up with jews again but idc, this is about explaining exploitation of everyone who's not in the absolute 0.1% and not about building up ethnoconspiracies.

>> No.24540450

>>24540359
Inflation is slavery

>> No.24540463

Why did bitcoin explode back in 2017 ?
It doesn't make any sense
It was literally literally unironically useless 4chan shitcoins a few years back from 2017 used to buy pizzas & weed
What the fuck ???????????

>> No.24540493

>>24540450
Doesn’t a very slow inflation help everyone? Not counting the fags at the bottom of course

>> No.24540525

>>24540463
There are a few reasons why and they're all interconnected.
>2016 halvening
>tether manipulation
>ICO bubble
>media attention and normie FOMO
>ponzi schemes like Bitconnect and USI Tech

>> No.24540570

>>24540432
but BTC will not solve any of these problems. The people behind the centralized money system will make sure that BTC will never be a threat to that system. And they are actually in a position to prevent that from happening.

>> No.24540780

>>24540570
It is not and was never intended to replace fiat. This is very explicit in the whitepaper. Bitcoin has very specific use cases. Read the whitepaper dude

>> No.24540917

>>24540351
Alright, hear me out... One of the main selling points is no mediation for P2P transactions right? Which means no added transaction fees, no transaction limits, etc.

So one guy gives someone else 1 BTC. He can't really buy anything with this BTC apart from maybe drugs off the internet and a few other things. So he wants to turn it into an actual FIAT currency he can buy his groceries and pay his rent with. But that now means he has to use some 3rd party, like coinbase, who will exchange his BTC for USD. As such that "no mediation" is immediately lost, he has to pay transfer fees. etc.

What am I missing?

>> No.24540958

>>24540150

bitcoin is bitcoin. simple as

>> No.24540984
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24540984

>>24540150
YES

>> No.24541000

>>24540359
>>24540315
49 years

>> No.24541066

>>24540419
Another thing. No refunds and no trusted third party does protect sellers from fraud. But does not protect buyers from being scammed. That's why the current system is in place. It makes more sense for amazon to use refund customers who get scammed than it does for customers to blindly trust that amazon will never fail to deliver the product as promised. Your system would protect the business at the expense of the customer, and if anyone needs protecting its the customer, not the billion dollar business. They can afford to have .1% of their refunds fraudulent.

No refunds is not a selling point. It's s step backwards in business and commerce. imo.

>> No.24541109

>>24540188
checked

>> No.24541401

>>24541066
Many people have uses for international remittances that can't be seized or charged back. If you don't have any need for it or see an emerging asset class as a good speculative play then don't buy any. I'm not here to try to convince you of anything. Simple as.

>> No.24541642

>>24541401
That's okay. Just seems like quite a niche usage. I'm trying to figure out is it's actually going to be adopted by big business/ the general public. Otherwise I don't see it going much beyond 20-30k. Provided it doesn't just get corrected straight down to like 3k lol.

Maybe this is a completely schizo idea but my theory is that it's way over valued, 4chan knows this but also knows it's useful enough that you can confuse boomers and the general public into thinking its valuable. They are like a few years ahead of MSM etc and will use this to trick people into buying/ holding it. It's actual, real world, pragmatic utility is not actually that awesome. It's like chess computer or something, it won't change much.

>> No.24542092

>>24540150
Do you follow what monetary policy is doing to the western world? In short, its a rich-get-richer scheme, where large corporations and banks benefit from being overleveraged because of artificially low interest rates. The only way to actively preserve wealth is by investing in equities or assets, because we have economies based on debt that must always grow. Fiat may be stable in the short term, but in the long term it is objectively trash. The wage gap will continue to rise as dollars become more and more useless, and schemes such as quantitative easing allow the rich to funnel liquidity into equities that keep rising up. The layperson who is in debt up to their eyeballs can only clock in and clock out, and over time their spending power decreases.
Bitcoin is an emerging asset class where it's value is derived from a decentralized p2p network. Bitcoin is a fixed monetary policy. There will only ever be 21 million bitcoin created. You will always be able to know how many Bitcoin exists, and how much Bitcoin is created every day. Bitcoin also has a lot of support -- a real lot of support. People around the world WANT Bitcoin to succeed. So if there is a market dump, many people who make meager wages will willingly invest in Bitcoin because they believe in it. With institutional money pouring in, Bitcoin will only grow stronger as the value will continue to rise and innovations like the LN finally start to see adoption.
I have some problems with Bitcoin. It has really awful privacy and it can't scale. But because of the first mover effect, Bitcoin is highly cherished and any innovations in the world of crypto will benefit Bitcoin primarily. Once micropayments are figured out then the meme of buying coffee with Bitcoin is now realistic, and suddenly the "highly volatile" Bitcoin will be seen as the standard for poor countries who are tired of having hyper inflated economies and instead wish to use an asset with serious long term growth potential.