CrazyCoder Posted February 13, 2018 Member ID: 21114 Group: **- Inactive Registered Users Followers: 1 Topic Count: 26 Topics Per Day: 0.01 Content Count: 70 Content Per Day: 0.02 Reputation: 17 Achievement Points: 634 Solved Content: 0 Days Won: 0 Joined: 05/27/14 Status: Offline Last Seen: March 18, 2018 Share Posted February 13, 2018 (edited) Going to give you an example of government money vs Bitcoin to put it in perspective: In an alternative Universe I became the Living Prophet of Southern New Jersey. Population is around 2 Million people. Jersey Dinars (our money) is total of 40 Million Jersey Dinars. 1 Jersey Dinar (JD) = 2 Bitcoin (BTC) in February 2018 Now the value of the Jersey Dinars are worth how valuable the Country's economy is. Another-words, If the Living Prophet orders his Country to annex Northern New Jersey and New York State in the winter time and looses the war badly then 1 JD = 0.001 BTC. If the Living Prophet dies and a dummy takes over deciding to increase money supply to 40 Trillion Jersey Dinars then 1 JD = 0.00001 BTC. Bitcoin unlike Jersey Dinars is not backed by anything at all. It's like using stocks as virtual money. Stocks are extremely volatile. The company stake of stocks can increases to major amounts. There is no limit to have many kinds of Crypto Currencies can be in circulation. Currently there is around 1 thousand different Crypto Currencies and a maxmuim of 21 Million Bitcoins. Bitcoin much like stocks are very vulnerable to speculation and insider trading. Top Crypto Gurus can decided to spread rumors about Bitcoin or Litecoin demise due to Sewit or other changes. The sheeple will go along and mass sell, Crypto Gurus mass buy at rock bottom prices. The mass buying drives the prices up and the Crypto Gurus make big return. Nevertheless, Bitcoin has attracted opposition from the other side. Most governments are taking steps to stonewall it. There want a centralized Crypto Currency, why would European Union or Uncle Sam (US Gov) allow people to do financial transactions without getting a piece of the pie? You'd be living in a fools paradise if you really think the International Bankers are going to allow an decentralized entity be traded to evade taxation and replace their paper money that has no melt value. The governments are shutting down Mining Farms in droves. China, Egypt (Fatwa against Bitcoin: Gambling), India (possibility), USA (Anti Crypto Laws), Canada et al. If no one mines or only a select few, Bitcoin will fail for sure. It's going to fail if the powers to be are fully against it. Edited February 13, 2018 by CrazyCoder Link to comment Share on other sites More sharing options...
Timmah! Posted February 13, 2018 Member ID: 26443 Group: *** Clan Members Followers: 35 Topic Count: 466 Topics Per Day: 0.20 Content Count: 5952 Content Per Day: 2.52 Reputation: 10335 Achievement Points: 50922 Solved Content: 0 Days Won: 118 Joined: 11/01/17 Status: Offline Last Seen: 1 hour ago Birthday: 09/26/1971 Device: Android Share Posted February 13, 2018 I think it will have it's viable niche vis a vis anonymity. Link to comment Share on other sites More sharing options... Awards
Recommended Posts