Topic: Bitcoin is a game of conviction - page 2. (Read 2604 times)

I think it still goes back to what you believe. If the person sees there's a future in bitcoin, he will hold on to it no matter what. For those who bought at $1 and sold at $10, what they believe in might not be as strong as those who continue to hold on to it until today.

http://s21.postimg.org/wfvwxe7fb/cure1.jpg

actually there are professional gamblers... they're called casinos.

And of course there are poker players as well.

linking prices to main natural resources? that does not happen.

the reality is that the central banks calculate something called the CPI and it consists of a bunch of consumer products.
the central banks then manipulate the money supply so that no matter what the supply and demand are prices will go up about 2% a year.

im not even gonna go into how the central banks print money to save failed companies and how as a side effect that distorts the prices of everything.

the world was built on a gold standard without this "stability", its only in the last 40 years that money became paper.

the "speculators" don't have any power, what your talking about is a bunch of cronies who are in bed with the government, that's just one more reason why bitcoin is so good as money, the government can't bailout the cronies if it can't print money.

there is no such thing as a "professional gambler" and there is no such thing as a "stock market shark".
both are just gambling blindly.

Well yeah I agree to quite a big extent, but it's a very thin line between blindly believing in something (and being a bag-holder if things go wrong), and being simply persistent and wait for things to blow over.

It's not about faking the price of resources, but about linking prices to main natural resources that's supply and demand is relatively stable and predictable.

The supply and demand for important natural resources are stable, and that is what counts. The rest is up for the free market, and the prices for consumer products etc. do fluctuate together with changing supply and demand.
Without this stability, the entire economy would be in total chaos. You couldn't even sign a simple employment contract without having to gamble on what your salary actually is worth in a month.

Nothing is wrong with speculation if it's done in moderation. Right now, the speculators already have too much power in this modern public/private (costs go to public, and gains go to private) financial relationship. Bitcoin would make things a lot worse for the reasons I described in my previous post.

"Stock market shark" is a person who knows more about speculation then you do. He knows that speculation is not only about investing into profitable business ventures, but about manipulation and scheming. He knows how to abuse the existing system to his advantage to gain wealth without contributing anything significant in return. He is basically a glorified professional gambler. A gambler that would be rewarded a lot higher if something as simplistic and dumb as bitcoin would actually replace fiat.

I recommended to read more, since your point of view is naive at best. You can't even seem to comprehend the importance of stable valued currency, and how it is essential for even the most simple financial deals.

if the only way a business plan is profitable is with fake stable prices then in reality that plan is a waste of resources, doesn't actually create value, and shouldn't exist.

money should tell business men what the real price of the resources their business is using so that they know if their business is still creating value.

the manipulated USD prices don't actually reflect real supply and demand becsuse they are being doctored to be "stable" when in reality neither supply nor demand are stable.

whats wrong with people speculating? speculators are just people who invest their money in what they believe to be a profitable business venture.

whats a "stock market shark"? sounds like something out of a fantasy book.

and whats a "professional speculator"? is that a speculator with a crystal ball? 

Stable prices allow to make plans. You can't make large long-term plans by leaning on a low quality currency, that's value is highly unpredictable. A good quality currency gives the necessary support needed for large scale projects, that are the foundation of modern economics.

In the world of bitcoin, everything would suddenly become extremely fragile against speculation. The stock market sharks would have control over every economic aspect. It would be cowboy capitalism on steroids. The only winners would be the professional speculators, who have the funds and the experience to outplay everyone else. The doctors, the engineers, the teachers and the police - everyone who earns their money by something other then speculation, would be on the losing side.

That's the thing with bitcoiners. They shout slogans of freedom and anti-oppression, but actually the only thing they want is to be in the place of the oppressors, while having even more power to oppress everyone else.

If this is a cult then its the cult of sound economics and truth of which i'm proud to be a member.

anyone who uses "money" that Janet Yellen just prints out of thin air is the real lunatic, although unfortunately lunacy is the current mainstream.

the people who bought at 1000$ will win out in the end just like the people who bought at 11$ did.
i don't know how long it will take, but eventually the fiat money lie will collapse and people will move back to real money.

and just like any other successful venture anyone who is on the boat from early on will be rewarded massively.

what about those guys that bought at $1000?


too bad. this is turning into a cult slowly but surely. 

not a cult, not a cult, not a cult

90% of all the gold in the world is owned by the Vatican. Buying gold just gives them more power. They literally own 10x as much gold as all the rest of the worlds gold supply. -source: assasinated ex Jesuit Priest Roberto Rivera

not to a piece of shit, but to something that is losing value, that's the funny thing, it is as if you eat your vomit

you see the no sense, that the government has build in all those years? completely stupid

maybe because the majority of people are blind...
and the bitcoin community will educate to this new currency protocol,

then people will understand.

neither supply nor demand of anything are predictable and stable why should prices be?
prices need to reflect the change in supply and demand, thats why any attempt to make prices stable is nothing but a distortion of the market and the will of consumers.

its exactly because bitcoin's supply is completely predictable and not dynamic that its such a good form of money, things priced in bitcoin reflect exactly the balance between supply and demand without anyone manipulating it by increasing or decreasing the amount of money.

Your "honest money" is something that lacks dynamic supply. Dynamic supply that is ESSENTIAL for any currency to have stable and predictable value in a dynamic economy.


I agree that the rules of the economy should be neutral from politics and corrupts that goes with politics. But if bitcoin would actually replace fiat, then those same corrupt politics would have a lot more power then they had before. Bitcoin is valued almost purely on speculation, so in the Game of Bitcoin, the winners are those who have more and those know how to manipulate the markets. Bitcoin wouldn't solve the problem of concentrated power, but it would make it a lot worse. If you are currently unhappy how the sharks of the stock markets are getting rich at others expense, then these sharks would be the absolute rulers of the economy.



Gold has always been a terrible way to store value or transfer value.
Gold has been good for several things, like: 1) Electronics 2) Jewellery 3) Speculation
Because bitcoin lacks the mechanism to keep a stable and predictable value, it's a very low quality currency, that is only good for one thing - speculation. Gold will remain valuable because of 1) and 2), and speculation will still last over this metal through centuries. Bitcoin will get old and boring pretty fast though. New practical forms of digital currencies will come out, and they will attract people with it's easy and safe use, not by it's promises of easy riches. These currencies will spread fast because of their practicality. No cults will be needed and no promises will be made for the lazy, that by joining, they would become rich without working.

>Re: Bitcoin is a game of conviction

As in "becoming a convict" you mean?  Like Charlie Shrem, the Vice Chairman of Bitcoin Foundation?

Don't quote the trolls unless you want to end up on ignore lists with them.

honest money is a type of money where you can't just print more of it and redistribute the purchasing power arbitrarily.

you have to understand that an economy can not function properly when capital is allocated according to the whims of politicians and bureaucrats at a central bank.
it has to be allocated according to supply and demand so that production of what people demand can occur.

in particular the interest rate has to be set by the market according to the supply and demand of savings.

the people who understand these basic truths and understand why bitcoin is more functional than gold will make a fortune.

Let me ask you one thing:

Who is that gives value to a "thing"? I think we are giving value to each thing in our life. The problem with the fiat value is that people are giving value to a piece of sheet so Why can't we give value to a byte (data)?