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A thought and question about bitcoin

so what makes bitcoin so revolutionary? just because you’re the first to do something, does not mean you will be the best at it. see the history of major league baseball, where the cincinnati reds were the first professional team, yet the new york yankees have far and away the most championships.

so why should it be valued so much higher than other imitators or other cryptocurrencies? what makes it the best? is it pure speculation? or is there more value im missing? i read about cryptocurrency and bitcoin nearly 10 years ago and told all my friends about it, when i was interested in the idea of currency competition. i never invested in it, but if i had i would have sold it all when it hit $1000 a coin and laughed my way to the bank, with what i would consider to be a wealth transfer, from a rich speculator, to me.

Bitcoin has first mover advantage. As a currency it’s pretty inadequate, kind of an artificial scarcity thing going on with it, like a suboptimal amount of that. It’s an imperfect idea executed perfectly, basically.

Lots of room for improvement. The true innovations in the crypto front are few and far between though. Just a lot of rehashes and pump and dumps. It’s kind of a sketchy sphere, but it has lots of potential.

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I think bitcoin is the best because it’s the first big one I think.

I watched a few documentaries about it. Most were positive. They say it’s the technology behind bitcoin that is bigger and truly revolutionary: the blockchain. Business and companies are using it. There’s some concern about criminals, but the regulations fall behind innovation always. I think some of it should be regulated, but bitcoin was designed to be de-centralized unlike our money system and supposed to not be controlled by one entity or several entities like the federal reserve banking system.

It uses a lot of advanced math. It’s sort of like gold mining and gold.

Pretty much what I learned.

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The code is open source too. It can be seen by everyone. Sort of like Linux. I think there are huge advantages to open source technology.

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The blockchain technology can be used for fair voting and can even be used for secure, and more fair, and better trades.

The bitcoin thing is supposed to help poorer people and more disadvantaged people too. It might not be mainstream for a while. They said in the doc that it’s like mid-hype right now.

Imagine a poor farmer in Africa trying to get money. He can use bitcoin because it’s easier.

I watched a store owner in one documentary and realized how the Visa/Mastercard fee structure charges 2-3% per transaction and even more fees when using your card in the store. For a medium sized store, that can be 10k a month in fees to the banks.

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so it’s the technology that is valuable, well it must be under patent or something then, how long does it take for a patent to expire? isn’t it true that technology often times become cheaper as time goes on? i was wondering maybe it’s an expensive technology to produce, but i just googled it and investopedia says you could buy bitcoin for a few dollars the first few years so the original price wouldnt reflect that it’s incredibly rare or something or so valuable. or i guess there was little demand for it initially, what’s driving the new demand? it’s the technology of the future or something? plus it has no protection from new technologies and creative destruction, is it something that will be here to stay? for how many years? i ask these questions because i haven’t read up much about the technology nor would i consider myself a techie. im behind the times when it comes to technology.

im more interested in currency competition more than technology i guess, that is how i ended up going down the rabbit hole and discovering cryptocurrency and wildcat banks of the past all those years ago when i was taking micro and macro economics and i started to think about those things such as decentralized currency.

Bitcoin is digital gold farming, its basically* a secure way to attribute value to a nearly pointless task a computer can do, while working.

Its basically a way to make up, a fake resource, attribute value on its production, and trade with it.

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There is no patent for the bitcoin software. There is some conflict of the bitcoin trademark though, but that’s irrelevant to the open source software that comprises the currency.

The main threat to bitcoin is quantum computer based brute force on the encryption algorithm that protects the shared ledger that transactions are recorded on.

I imagine they’ll revert to a visibly unhacked snapshot of the ledger, when they upgrade the encryption to something quantum hardened. So I’m pretty sure bitcoin will be around for ages.

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If I knew anything about how to keep earned bitcoins secure I would’ve tried mining them while I was asleep or something, but it still costs electricity, so eventually I would’ve been priced out of the market by very expensive rig. At that point it would’ve been sort of gambling electricity, and my hardware’s life span on the value of coin being worth enough.

The fact that I didn’t know how to keep it secure when trading meant that it was literally worthless to me, and I still don’t know enough about how to keep it secure, to think it will ever be a thing I try to put money into. People have lost their bitcoins due to the trading companies losing passwords etc. From the trading companies “losing” it to hackers etc. I just don’t trust digital trading to be secure. Not at this stage of development.

Especially because funding terrorism, illegal stuff, and nation states needing ways to earn money illicitly to fund sanctioned programs…all these reasons why I don’t trust it to be worth it as an average bum.

Now rich chinese people are pushing bitcoin hard because of the market manipulation their government does…or at least that was the last bit of news I heard about bitcoin.

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I might start buying fractions of bitcoins. Maybe $100 a month. Its at 11k now. I suspect it will reach over 100k in 3 years.

I’m more worried about quantum computer attacks. I think bitcoin vastly undermines the threat.

I dont think bitcoins are useless. That’s an opinion. People buy and use them even invest. 70% correlation with gold prices.

If people don’t like bitcoin, don’t invest in it. Its simple.

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Its not worth it anymore, last time I mined Monero, the fastest profitable, was a couple years ago. I made 100$ in like 2 months but I had cheap hardware. I paid 100$ for a videocard that paid itself in two months. There’s Antminer for bitcoin but its $$$. I bought 2000$ bitcoins back when it was worth 200-300$, wanted to cashout later the 80 000$ but I lost my password :frowning:

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Bannksters are worse. Since they are privileged and white collar they rarely if ever go to prison for money laundering, crime, extortion, war, poverty, currency manipulation, etc.

To blame it on bitcoin, is wrong. Sure there are problems, but the news media, governments, and banks hate it because they view it as a threat to their profits.

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Its not useless because the mining is used to solve complicated math equations. No different than accounting. It uses resources and provides a service and a value to the work and gives you a product. You are verifying transactions.

Just because high end equipment can do it, doesn’t mean its easy.

It gets harder over time to mine a bitcoin.

Sure it’s digital. No one controls it. No one can deflate it.

The trend is toward digital currency and transactions. Whether, it succeeds in the end, i dont know.

I dont claim to understand it at all or whatnot. I dont own any.

I hope to someday even if its just 1 coin. I dont know or care about the stock market that much. I always lose money.

I had a chance to make 2k on vaxart but blew it because I sold it at a loss for energy drinks.

I lost a few grand on Washington mutual during the banking crisis in 2008.

I’m terrible at investing.

Only reason why I bought vaxart because of norovirus vaccine. It went up 1200% because of operation warspeed, which i had no clue about. I thought i was psychic. Same thing with bitcoin going up.

I thought i got dreams about it.

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in a past life i was a sun kissed god who spread his seed to all nations, sword fighter, musician, herbalist, and grounds operative for the highest reaches of government. i suspect im 4-6 life times when i really focused on my past and was unmedicated and had the ability to do so. sometimes i think im telepathic, other times i think sz was punishment for combat on the battlefield when i was younger and had less of a developed conscious and cultural norms allowed me to be a conquering soldier.

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