web genius
BANNED
- Jul 24, 2012
- 496
- 222
is this your way of promoting crypto currency
A Glimpse into the Future of Bitcoin
- Thread starter Toz
- Start date
- Oct 24, 2011
- 3,227
- 3,631
My way of promoting Cryptocurrency will be much different than this.
Lol,Seriously mate you need some medical help. Its all corrupt what are you on about?
about bitcoin owner stealing coins, thats impossible, Bitcoin is open source and even though it still has minor bugs there is nothing that "bitcoin owner" (there is no owner, there is the creator, who has dissapeared few years ago) will be able to steal coins.
sonicpunk32
Regular Member
- Dec 22, 2009
- 331
- 475
Thank you for choosing Starbucks. Here's your coffee. That'll be point zero zero zero zero zero zero zero zero four five six bitcoin, please. Please place your eyeball into the retina scanner for payment.
- Oct 24, 2011
- 3,227
- 3,631
ha... Funny, funny guy.
artizhay
BANNED
- Nov 21, 2010
- 1,867
- 1,340
This is an absurd post that makes tons of presumptions that don't make any sense, at least not without any basis, which hasn't been presented.
For example, the post presumes BTC would become a fiat currency. If no government supports BTC or any cryptocurrency, businesses like the grocery stores and major corporations you mention would have absolutely zero reason to accept BTC. Doing so would create cash flow hardships for themselves by always having to find a buyer for their income in order to convert it to a currency that the government says can be used to pay debts.
The Federal Reserve, for example, would never let a decentralized currency that's out of their control - and thus preventing them from regulating the money supply - be the fiat currency. They would have no way to lend money to the government or alter the value of the currency if needed.
Secondly, why would the fact that BTC being worth a substantial amount ruin any fiat currency? That's like saying because there are hundreds of thousands of homes worth at least $1,000,000, these homes will become a new form of currency where volume or square foot ownership in a home is used to settle debts rather than paper currency. For example, the wealthiest could own whole rooms of these homes, whereas most of us could own 1 square foot or perhaps 1 cubic foot. To pay debts, you would sell or lease a piece of your ownership in that home.
That's essentially what you are saying. Alternatively, perhaps on a more relatable level, I could make 21 million files on my computer, sell them to someone for $21,000,000,000,000,000 and say, "Here, take these. If someone else wants to accept them as payment, they are each worth $1,000,000,000 since you just paid that amount for them, but you can also split them up for smaller amounts." By your logic, by doing that one trade and essentially creating a currency by selling computer files, I have destroyed the world economy, people will start hoarding paper currency, and businesses will suddenly begin accepting these files I just created even though they have no logical reason to do so.
For example, the post presumes BTC would become a fiat currency. If no government supports BTC or any cryptocurrency, businesses like the grocery stores and major corporations you mention would have absolutely zero reason to accept BTC. Doing so would create cash flow hardships for themselves by always having to find a buyer for their income in order to convert it to a currency that the government says can be used to pay debts.
The Federal Reserve, for example, would never let a decentralized currency that's out of their control - and thus preventing them from regulating the money supply - be the fiat currency. They would have no way to lend money to the government or alter the value of the currency if needed.
Secondly, why would the fact that BTC being worth a substantial amount ruin any fiat currency? That's like saying because there are hundreds of thousands of homes worth at least $1,000,000, these homes will become a new form of currency where volume or square foot ownership in a home is used to settle debts rather than paper currency. For example, the wealthiest could own whole rooms of these homes, whereas most of us could own 1 square foot or perhaps 1 cubic foot. To pay debts, you would sell or lease a piece of your ownership in that home.
That's essentially what you are saying. Alternatively, perhaps on a more relatable level, I could make 21 million files on my computer, sell them to someone for $21,000,000,000,000,000 and say, "Here, take these. If someone else wants to accept them as payment, they are each worth $1,000,000,000 since you just paid that amount for them, but you can also split them up for smaller amounts." By your logic, by doing that one trade and essentially creating a currency by selling computer files, I have destroyed the world economy, people will start hoarding paper currency, and businesses will suddenly begin accepting these files I just created even though they have no logical reason to do so.
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prab1996
Elite Member
- Jan 8, 2013
- 3,492
- 2,044
lol , seriously you need some medical help.
i have manipulate peer to peer torrents many times , and i am a noob @ hacking.
if a hacker can hack and steal bitcoins then why not owner ?
just think how much money us govt spends on making dollar safe so that people can not copy it.
can bitcoin maker spend so much money on making it safe ? if yes then from where will he get that money ?
it's biggest back drawback "all transitions are controlled by a server"
it's something like a tracker of torrents , coins are tracker by a online tracker and manipulating it is not easy but also not impossible.
-=-
drake_designer
Regular Member
- Jun 21, 2013
- 394
- 134
Yup.. not happening. Bitcoin recently went down from $800+ to $645.. I don't see how it will touch $1400+ by the end of this year. If it does i'll get in & send you a personal thank you note. 
- Oct 24, 2011
- 3,227
- 3,631
This is February.Yup.. not happening. Bitcoin recently went down from $800+ to $645.. I don't see how it will touch $1400+ by the end of this year. If it does i'll get in & send you a personal thank you note.
2014 just started.
That's so deja vu, I remember people telling me that bitcoin would never go from a measly $12 to $1000. Anyway, time will tell again.
But I do predict, that market cap will easily pass $1 trillion unless it dies due to some serious internal flaw that can't be fixed, which I think is highly unlikely.
Heck, remember spanish speaking people in the US' combined purchasing power is $1,5 trillion.
rlloydevans
Newbie
- Jan 23, 2014
- 36
- 23
Bitcoin is 100% secure?
This is BHW - populated by hackers galore. Has anyone seen a single system that can't be hacked?
This is BHW - populated by hackers galore. Has anyone seen a single system that can't be hacked?
Grizzy
Senior Member
- Nov 11, 2008
- 920
- 1,005
Please show me one example of Bitcoin being "hacked". Not an exchange, business or individual, but the actual protocol or cryptography itself. I'll wait while you look for a source, but I'm pretty sure you won't find one.
If/when the cryptographic technologies that Bitcoin relies on are broken, then all the computer networks that rely on that same technology will be vulnerable as well. All of our HTTPS and banking transactions will be up for grabs. The internet itself will be broken...
...but only for a very short period of time as we will all adapt and move on to the next level of cryptography. Then we'll basically just transfer our silly little virtual coins to a new address. So relax, it's unlikely that hackers with quantum computers will mean the end the world.
Execute
Supreme Member
- Aug 30, 2010
- 1,373
- 5,132
The main problem that I think Bitcoin has is the fact that the majority of the coins are owned by a small amount if people. Like 70% are owned by a small group so they have a crazy amount of influence on the price and if they suddenly see a flaw emerging and sell the whole thing could collapse pretty quickly.
uyuyuy99
Junior Member
- Jul 10, 2012
- 141
- 112
Am I the only one who thinks this is totally off-topic? Who the hell was talking about the fall of civilization? OP makes some predictions about how we'll use and you think he's talking about the apocalypse or something.
Yes... and so is the U.S. dollar, like you mentioned. It's no different. If people suddenly stop using the dollar to pay for goods, then its price will drop to zero.
wealthcreation
Newbie
- Mar 3, 2008
- 6
- 85
I think what we are seeing with the current state of crypto currency is more of a technical revolution rather than a financial revolution. For example, before the days that CompuServe users could talk to AOL users, there had to be a proper network in place. Well one did come into place or was already there, not sure about that. But that technology was SMTP. It turned a centralized network of users into one that was decentralized, and the proper protocol to administer that allowed for us to email anyone with a email anywhere in the world.
Likewise, the baby steps to take our current banking system out of technology from the 1950',60's and 70's is what is being developed right now. And all these different crypto coins are the baby steps of people or groups to invent this new system for not just Bitcoins, but a whole new way of transactions for people around the world no matter the currency. Crypto would be just an easier way with no paper or coins to mess with. And let it be as easy as email is to use to talk to your buddy next door or around the worked.
Just my 2 litecoins of info to ponder.
Take care everyone.
Likewise, the baby steps to take our current banking system out of technology from the 1950',60's and 70's is what is being developed right now. And all these different crypto coins are the baby steps of people or groups to invent this new system for not just Bitcoins, but a whole new way of transactions for people around the world no matter the currency. Crypto would be just an easier way with no paper or coins to mess with. And let it be as easy as email is to use to talk to your buddy next door or around the worked.
Just my 2 litecoins of info to ponder.
Take care everyone.
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Jobless
Junior Member
- Apr 10, 2012
- 146
- 187
That isn't how fiat currency works, brah. Every time a bank loans money, 9x the amount loaned is created. The money supply is technically infinite. So unless people stop lending money, there will always be dollars. And they wont stop lending, because usury (lending with interest that compounds on itself) is the most profitable form of business in existence.
Also, I'm sorry about your autism.