Topic: My challenge to bitcoin (Read 1629 times)

Any fiat can be just printed regardless of economic situation.  Bitcoin the total supply is known and is/will be a scarce supply.  What happens when block rewards are essentially zero, and the demand is there?  In most fiat the endless creation ensues and causes hyper inflation like what has been seen in Venezuela.  The dollar you own today will undeniably be devalued.

The only distinction between Bitcoin and the US dollar is that, as you said, the US dollar is supported by debt, whereas Bitcoin is backed by supply and demand laws. The more people that want it, the higher the price. The lower the supply, the higher the price will increase. The supply of the US dollar is not constrained, it is regulated by the central bank and the government. In a nutshell bitcoin is far superior.

That means it's not a challenge because you still choose the currency that you believe in because you say it's all about the support that exists about the currency itself just as gold has a lot of support in the world. Different if you still choose bitcoin with less support then basically it will be a challenge in itself. So, I just believe everything we choose at least has its own challenges because it all depends on how you see and treat something that must be fought for all the time.

Yes that is right. Actually were just like playing gambling here and trying our luck. In order to gain success should do so many trials. You have to invest time, effort and most especially MONEY because that is business. You cannot earn anything without investment. And most especially you have to be observant and be careful when it comes to decision making in order to prevent regrets because of false decisions.

To participate and invest in Bitcoin you also face many challenges. My challenge with Bitcoin is how to choose the right investment currency. Determine exactly when to buy, sell and retain. This is not easy. I have made mistakes.I used to sell large amounts of bitcoins that I own. After the sale of Bitcoin price jumped to the peak. By the time I tried to hold it back, its price dropped unexpectedly.

Newcomers would say the latter but experienced traders/investors (holders) would say otherwise.

I would also lean on holding. Not that I have a large amount or anything; back then when Bitcoin wasn't mainstream many people have already given up because they've been influenced by media and other people who didn't believe in the first place. Can't blame them actually, between 2009 and 2013, it's market value wasn't that impressive so many people already abandoned it. Between 2014 and 2016 it's market value went up considerably and new investors have taken notice and immediately jump into the train, they are what we can call now "HODLers". Though what happened in 2017 was a fluke--a bubble, (but it's messed up when some investors bought Bitcoin at a really high value) HODLers probably keep on holding, and even if they sell their Bitcoin now they would still gain a massive amount of profit, but I doubt they will anytime soon.

It could be that OP think that bitcoin's price was being manipulated by dollars, that is why he came up that he doesn't like bitcoin. OP was just confused about bitcoin and its functions as a digital currency, we can't put the blame on them because the Government never stops creating false statement about bitcoin, and the recent bitcoin ETF was rejected again. We are all having a hard time predicting what is going to happen to us if this bearish market continue, it is worth holding bitcoin or not anymore.

I also agree with you. Even though bitcoin has a high value, do people want to keep it in their pockets or want it to be a common asset for living? People don't worry about it's fluctuating?
Many people believe that bitcoin should be a common currency while the basics of becoming a common currency are also not achieved. So people are delusional or deification of Bitcoin?

I actually like how well you put that, in a true Orwellian way

I refer to that last piece about "everything the government needs you to do". Needs you to do, huh. In real life, it is more like "do it or otherwise". I leave it to you what kind of punishment you can bring on yourself if you don't


That's another interesting example

Well, if you ask me (since you ask me anyway), I wouldn't call that "fairness" as it is actually a complete reinvention of the term ("we are 35 years late, but we are well on our way"). Fairness assumes somewhat equal conditions (at least, that's how it feels) but the idea of a government pretty much excludes this assumed equality

Seriously, why should I care about being fair to someone who is supposed to be inferior to me by my own definition and volition? Wouldn't it be a sadistic turn to ask for fairness in these very unfair circumstances? Regarding anonymity, I don't think it is so much an anonymity issue when you just want to move your wealth around hassle-free


I can't prevent you from thinking that (but you are on your own here)

So the fud is back again to bitcoin ? Good , good , let me buy more as I watch guys like you having no idea of what bitcoin really us. Are you upset because you haven't got the chance to buy back in 2013-2014 ? Cause it seems like. In your video , you really don't know what to tell anymore in order to put Bitcoin into a bad spot. If you don't believe in bitcoin , don't speak about it , simple as that and most important don't come to the Bitcoin community to post your video , thanks.

I'm really starting to think that you don't like everything that the government requires you to do, and everything about the government trying to do to you.

In the topic "Taxless society idea", we argued about whether society needs to have taxes and a government or not to survive/exist.
Taxless society idea
Taxless society idea
Well, obviously, you said that a society CAN survive/exist without these two elements. But I have something in mind.

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And now, you're also leaning on not having, as much as possible, any contact with everything the government needs you to do. Well, I can sympathize with that one (it's a pain in the ass). So, you really value anonymity that much? I was leaning on "transparency" by the government, so that fairness on both parties could be realized (more work for them).

Opinions vary on this one

For sure, Bitcoin is an asset, and a speculative one at that, for the most part. However, it is still a good value transfer vehicle, and still more so if you don't want to show your wealth to anyone, especially the prying eyes of the government and their greyhounds. It doesn't know borders, so you don't have to bother about ridiculous financial regulations (read, limitations) imposed on international money transfers (which could be a pain in the ass). This is where Bitcoin can be not just a substitute but often the only option available (say, for the unbanked)

Money is an abstraction of value. Bitcoin, gold, US dollar, they are the same in this regard.

Where bitcoin is better than USD is that it is independent of government control. Think about the last big financial crisis, caused by banks being irresponsible and greedy. And who suffered? Not the banks, because the governments bailed them out. Under the fiat system, the rich always benefit. There is risk and reward, but the reward goes disproportionately to the rich and the risk is taken by the poor. This is not remotely fair. And nothing really has been done about it to prevent it happening again. Governments have papered over the cracks, and the debt mountain slowly grows. A new financial crisis is coming, and it will be us ordinary people who suffer again.

So governments f**k up, due to a mixture of greed and incompetence. It has repeated time and time again throughout history. The system is corrupt, and needs to be replaced by something independent and borderless, a
proper grown-up source of value that is fit for the 21st century. In times of fiat crisis in the past, people rush to gold.

Bitcoin is better than fiat, but how is it better than gold? Plenty of reasons. I'll just give a couple. Bitcoin has a finite fixed maximum supply. Gold on the other hand has an unknown limit, and once we start mining asteroids etc, the supply could soar and the value plummet. This is not a risk for bitcoin. What else? Bitcoin is digital and so easily portable, it can't be counterfeited, it has an immutable permanent consensus record of its history. The list goes on. Bitcoin beats fiat and it beats gold. The only problem at the moment is its volatility. Once that eases off as the market matures, bitcoin is primed to replace both fiat and gold as the primary abstracted source of value.

I am also with you in this regard. Nobody owns bitcoin, nobody backs it up. If it was under someone’s control, there wouldn’t have been things like anonymity and freedom of control with the introduction of this asset. Though there are big whales but again they are investors and there actions lay greater impact on the market because there investment amounts are huge. Nothing about this coin can be controlled.

No, It does not help any economy at all, I'm pretty sure Bitcoin is an asset. It can not be a substitute(for now) but rather an alternative, I'm pretty sure you're using Fiat right now and still will for about 10 more years, even more.


Yes, there's no one backed it up, but there's someone who created it, naming Satoshi Nakamoto(forum username). I'm not sure about the middle part but yes, bitcoin is the most expensive currency (currently).


It's not per se "backed up" by someone, but rather it is being monitored by us, users. So the direction of its price is influenced by our actions, directly as well as indirectly.

I don't care with your opinion disagree with bitcoin, when getting profit I keep invest and trade with bitcoin without take care with situation around my self.

Bitcoin is really valuable, but in fact it's an empty business, it's really confusing to me and that certainly happens to you.
I clicked on the link but it seems the video has been deleted. But I think that anyone will have different views on investment. If you don't like bitcoin, focus on investing in alts, which are more valuable than Bitcoin.

Actually, I always here about this. The dislikes of the people and even the country in bitcoin is too normal for those people who have served in this forum for long time ago. But I know that all of us are also praying for the bitcoin to be accepted by all of institutions in the world. Yes, maybe someday. People and Government will realized that bitcoin is important.

It is still an enigma for many people. Nevertheless, I am sure that in a period of 3-6 years, Bitcoin will be adopted in many countries; Europe at least will start using BTC massively.

Now, different states have various policies regarding cryptocurrencies. In some countries, they are legal for payment, somewhere they are a special kind of goods, and somewhere transactions with cryptocurrencies are prohibited.

Finally, BTC will be legal everywhere, I suppose.

I fully understand those users of cryptocurrency who consider Bitcoin only as a very profitable investment.  Since Bitcoin has a very large volatility, this provides a huge opportunity for generating a large income.  Including even earn good money on the daily Bitcoin trade.  But when the situation with the cryptocurrency in the world changes, it is quite possible that Bitcoin will be used as a means of payment and then the approach to using Bitcoin will really change.