Bitcoin is 100% faith | Bitcointalksearch.org

MoparMiningLLC

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Quote from: Velkro on February 14, 2021, 05:43:26 PM

Just another prophet that want people to listen to him for personal gain.
How Bitcoin is 100% faith when there is revolutionary code behind it? Its value, not fairy tale.
Recently this whole GME fiasco showed people that FIAT system is rigged.

paying back the stolen funds from your website yet?

Renampun

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*without 'faith' you would not be here...
I still remember the words 'you don't know what will happen tomorrow' and this also applies to Bitcoin, just imagine if you bought Bitcoin in 2010 and then still hodl it until now, you really seem to have got 'faith' in Bitcoin.

Ucy

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"100% faith" not consistent with Bitcoin/crypto Ideal of "don't trust but verify". Faith in the system sounds like what centralized and opaque systems would encourage
I will only have that kind of faith in a Perfect BEING. And you can't have faith in things made by humans... they can't be perfect no matter how well built.
I'd expect problems and hope it get solved when necessary. I believe that is part of the reasons it's transparent, immutable, encourages checks & balance, etc for the security , monitoring and verification of things that happen within the network by participants.

Alert31

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Everyone of us has a different opinion and perspective about bitcoin and I think everyone has the right to believe what they think is right. If they think "Bitcoin is 100% faith" then, let them believe on their perspective. It doesn't matter as long as it doesn't affect negatively in bitcoin. For me, if you believe in bitcoin, you also have faith on it but I think not all 100% is just for faith. Bitcoin is a digital currency that was created because of new technology and not by faith alone.

dothebeats

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Faith is a part of the mix, though obviously not the bulk of it considering that the concept of blockchain itself was used a lot of times to augment into several systems that are in need for high-speed, high-integrity data processing and whatever usage they may find on the said tech. We believe that bitcoin is capable on practical applications because we know it works as it should be, and we believe that the price will rise because it simply works and other people just found it to be a good hedge on their assets. That's as much faith as I can round up on bitcoin.

mezzaluna

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Its can also depend on the person's mindset or upbringing since most people within the Cryptocurrency Industry that started from small beginnings treats it like a blessing since it became as an income generator for them and would lift them into another style of lifestyle. On the other hand, if you are coming from an middle class family and the kind of family that has this great capital that can be invested then I guess that is what you can call faith since instead of creating another source of income, they are investing it on Cryptocurrencies.

Coinsfera

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Quote from: DapanasFruit on February 13, 2021, 10:02:43 PM

This is an interview by Erik Schatzker on Bloomberg’s “Front Row” with Jeremy Grantham the co-founder and chief investment strategist of Boston’s GMO, explaining why U.S. stocks have become an epic bubble and will burst in a collapse rivaling the crashes of 1929 and 2000. At the same time, he also touched on gold and Bitcoin, emerging markets and climate change.
The interview can be found here: https://www.youtube.com/watch?v=RYfmRTyl56w
What are the lessons we can get as takeaways from this man or should be categorized him as just another prophet of gloom especially in an expanding and exciting Bitcoin bull run?

Firstly, everything begins with trust at first. Without trust, you cannot do anything or rely on anything. What people trust in Bitcoin is the programming that relies on its back. The decentralized bank-free peer-to-peer network is the thing that makes people trust bitcoin. Secondly, what do other people trust other financial instruments? Because they think that their company stocks will do better in the future. And other financial statements. All those are also relevant to Bitcoin. We believe that bitcoin will do better in the future than now. And the financial statements are the statistics that make bitcoin a leader in cryptocurrencies. Increasing volume, new addresses, price peaks are all we decide upon whether we should buy to sell. But no one talks about the false financial statements in the financial system to fool investors. Buy and Hodl!

MCobian

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Everyone has a difference of opinion, I have no problem with the opinion that says Bitcoin is 100% faith. Because I also have faith in Bitcoin, even though
it's not 100%. The most important thing for me Bitcoin has started to be accepted by many people, I am very happy now that many rich people
prefer investing in Bitcoin over other assets. Therefore, the current increase in the price of Bitcoin is extraordinary, maybe more and more people are
starting to believe in Bitcoin, after the Bitcoin dump in 2018 and finally able to recover in 2021.

AniviaBtc

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Quote from: odolvlobo on February 13, 2021, 11:50:24 PM

Bitcoin is not a stock. So, I guess it doesn't matter what he thinks.

His opinion doesn't count if he think that bitcoin work that way.

Bitcoin can be profitable depending on how you manage it, depending on how you will make it profitable and effective for you. It is not about faith, this investment includes risks but there are factors which you can use to avoid losing at this investment and you have full control of you asset.

If his opinion is that bitcoin is not certain then he probably doesn't know the meaning of volatility in the market.

GreekCoiner

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Bitcoin is based on trust. If trust is lost then it will collapse. Trust depends on various things like mining, crypto exchanges solvency, Tether solvency and of course people.
It is like a trust token. If people trust to hold it and transact with it, they actually give it value.
The faith is about holding it and not selling it when its price increases. Still, a lot of people will take some profits when it goes very high. That's something normal.

okissabam

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Maybe he is really not that familiar with bitcoin and just tagged it as a 100% faith. He must’ve invested a huge amount when it was at its peak and crosses his fingers hoping it keeps on increasing its value, now that’s faith. Bit in my opinion though, it is a matter of self discipline and you have to educate yourself too on the coins you are investing. As they say, knowledge is power and so if you have enough knowledge; you have the power to control what coins you want to invest when the value is low. 😉

Vod

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Licking my boob since 1970

Quote from: Jating on February 14, 2021, 01:01:35 AM

People like Elon Musk or Mark Z becoming a billionaire is base on faith as well, Lmao.

Rocket science is as far from "faith" as you can get. Bitcoin is a great idea - just need to wait for the one coin with no CO2 emissions to make it global.

pixie85

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If it's code and he admits it, people have been trading code for decades. Somebody should tell him how much good code can be worth nowadays.

Software code is often stolen and traded on the darknet for millions of dollars like the code stolen from cdprojekt a few weeks ago.
It can make or unmake companies. Apple and Microsoft made billions with code.

This guy is laughable if he thinks code is nothing.

Velkro

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Quote from: DapanasFruit on February 13, 2021, 10:02:43 PM

prophet of gloom especially in an expanding and exciting Bitcoin bull run?

Just another prophet that want people to listen to him for personal gain.
How Bitcoin is 100% faith when there is revolutionary code behind it? Its value, not fairy tale.
Recently this whole GME fiasco showed people that FIAT system is rigged.

tinopener

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Nothing wrong with owing 100% faith as long as it isn't 100% of your portfolio

I've never heard of a single person who has 100% of their portfolio invested in their 100% faith in gold, for example.

BrewMaster

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this is not the first time that someone who is corrupt tries to undermine the vital utility that bitcoin has been providing to lots of people worldwide. they always use terms such as this to manipulate the minds of those who aren't yet familiar with bitcoin and make them think bitcoin is vaporware while their own existence and things they are involved in (usually bankers) are vaporware and based on false faith.

odolvlobo

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"Bitcoin is 100% faith" is a meaningless statement. It is nothing more than an admission of ignorance.

aoluain

legendary

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Because Bitcoin is not 'Physical' they have trouble understanding it. 100% faith is the same
as saying "where does it get its value" just a different way of saying it.

Faith is an essential part of everything we do, Satoshi had faith in his vision and ultimately his code.

OcTradism

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Stock, bitcoin, tulip bulbs get price from faith and speculations. Their prices change with belief from investors or speculators and manipulations.

The hilarious fact is not all participants on the market have faith in bitcoin that makes them shake their hands when fuds are on the news. They shake hands and don't buy back because of fear and lost of faith.

True bitcoiners will cut loss and buy back at lower price when they see opportunities to increase their bitcoin amount. Such true bitcoiners are not too popular on the market.

Fundamentals Of

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Quote from: Vod on February 14, 2021, 12:13:29 AM

Quote from: Fundamentals Of on February 13, 2021, 10:13:58 PM

If that is his description of Bitcoin then he knows nothing and should therefore shut his mouth up. Bitcoin is not 100% faith. Bitcoin is code.

So, 20% code and 80% faith?

What I mean is that Bitcoin got its value not merely because people have faith in it. Surely, Bitcoin is not as shallow as that. It is not some religious dogma whose sole existential foundation is the faith that people have in it.

Quote from: ?? on ??

Quote from: Fundamentals Of on February 13, 2021, 10:13:58 PM

Bitcoin is not 100% faith. Bitcoin is code.

And it's more than code, there are many branch of knowledge involved such as math, cryptography and game theory.

Which are all compressed together into a code, right?

hatshepsut93

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Bitcoin investors have faith that it will be more useful, stock investors have faith that the company will do well, how is it really that different? Yes, you can crunch some numbers to get some idea how a company would perform, but if it worked 100% of the time, there wouldn't be any unpredictable market movements on stock markets.

Kittygalore

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I did have faith that bitcoin will go up during the 2018 price drop that sent many users into selling their bitcoin, does that count too? I mean, if faith is what we are talking about then they should know that everything in this world that has value is also 100% faith. One good example is the fiat currency, it's just a piece of paper in essence but how can it buy your food or get you into movie theaters? It's because the people on the other end of transaction has faith that it has a value in it, bitcoin did not introduce this kind of thing, it was happening ever since the dawn of civilizations, people putting value into something, gold, silver, copper, and gems are just minerals and ores in essence but because they are shiny, we have to put some value into it. The only difference is that bitcoin makes it obvious and right now, bitcoin is in the spotlight.

mk4

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He's right to a certain extent because "faith" is always a part of the picture, but 100% faith? It's the classic "Bitcoin has no use" the classic greater fool argument being thrown at it. It's the typical arguments of people stuck in their wall street bubbles without knowing much of the things happening outside their bubbles.

Jating

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His argument is flaw in the beginning, he already said that Stocks is also based on faith. So everything that involves money according to him should be based on faith. People like Elon Musk or Mark Z becoming a billionaire is base on faith as well, Lmao.

Anyhow, this is just one guy though, his statement might be controversial, but it doesn't mean that he is correct. Again, this is as a grain of salt.

Rruchi man

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Well, everyone is entitled to their own opinions, and as he has said -"Bitcoin is faith" and not so many have faith. Let's face it, not everyone has to be like Elon and Dorsey who are believers. Though his statement might desuave the interest in btc of some who see Mr Jeremy as mentor, it is good news that his statement has no total control effect on the market. Whatever he thinks, doesn't matter.

Vod

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Licking my boob since 1970

Quote from: Fundamentals Of on February 13, 2021, 10:13:58 PM

If that is his description of Bitcoin then he knows nothing and should therefore shut his mouth up. Bitcoin is not 100% faith. Bitcoin is code.

So, 20% code and 80% faith?

I don't see the long term viability of bitcoin mining given it's basically a lottery using more energy then the UAE. If there is another major depression and utilities are affected, the largest mining company will own everything when the Internet becomes global again. China used to be the bad boy polluter. Now it's us. Sad

odolvlobo

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Bitcoin is not a stock. So, I guess it doesn't matter what he thinks.

Fundamentals Of

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If that is his description of Bitcoin then he knows nothing and should therefore shut his mouth up. Bitcoin is not 100% faith. Bitcoin is code. Bitcoin is tamperproof code which fully guarantees its users that the supply is 21 million. Bitcoin is a set of codes which offers all the proof in the world that it is not owned nor controlled by any individual or entity. Bitcoin is 100% ownership. Bitcoin is 100% beyond the power of any powerful person or government which could change or control anything.

Jeremy Grantham needs to know his enemy first.

DapanasFruit

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This is an interview by Erik Schatzker on Bloomberg’s “Front Row” with Jeremy Grantham the co-founder and chief investment strategist of Boston’s GMO, explaining why U.S. stocks have become an epic bubble and will burst in a collapse rivaling the crashes of 1929 and 2000. At the same time, he also touched on gold and Bitcoin, emerging markets and climate change.

The interview can be found here: https://www.youtube.com/watch?v=RYfmRTyl56w

What are the lessons we can get as takeaways from this man or should be categorized him as just another prophet of gloom especially in an expanding and exciting Bitcoin bull run?

Topic: Bitcoin is 100% faith (Read 361 times)