Thread: Bitcoin
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Old 05-21-2015, 01:02 AM  
kazbalah
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Join Date: Jun 2007
Posts: 1,215
Quote:
Originally Posted by Barry-xlovecam View Post
Fist of all my geeky pseudo elitist friend, you don't even know what a peasant is : https://www.google.com/search?q=peas...m=50&newwindow
Or, perhaps by peasant you meant the more contemporary condescending connotation? Urban Dictionary: Peasant

Either way, city dwellers in Nigeria, a country that has one of highest standards of living in sub-Saharan Africa are hardly peasants.

I could give a rats-ass about the ''printing,'' now referred to as mining of Bitcoin -- I am not interested in buying ''printing presses'' to ''print'' currency -- I am in the business of global trade and not numismatics. A currency is a medium of exchange -- a storehouse of value to an end user. Currencies are not investments but can be used a hedge in future transactions.

Only a fool buys the Bitcoin song and dance. A digital currency, like any other currency, is only worth what it will buy. Currencies are all fiat and not redeemable today INCLUDING Bitcoin! Bitcoin cannot be surrendered to any central issuer for gold or any other real "money". Bitcoin is not backed by any nation's assets either. There is no sovereign land of ''Bitcoin''. Bitcoin are a theoretical 'scrip' see: scrip - definition of scrip by The Free Dictionary Bitcoin is a form of script, embellished with the story of blockchains backing and limiting Bitcoin issuance -- little more than the rules of the video game "World of Warcraft." It's interesting, the crypto aspect, based on CBC https://www.google.com/search?q=cbc+encryption+bitcoin and that is old as dirt, see: CBC-MAC - Wikipedia, the free encyclopedia . Like I say, it's just a song and dance -- and CBC ciphers are hacked over time and updated. So, it is no end all, be all -- but transitional.

There may be a digital currency of some type in the future but it will not be the alt coins of today -- it may be some ''World Bank'' issued common currency that is agreed to by sovereign states, never printed physically but issued digitally by some agreed formula. You are naive to think governments will surrender control of money to some ''peoples currency'' -- not going to happen.
Have you actually used it before, seen all the things it can do, and will do in the future?
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