Topic: My challenge to bitcoin - page 8. (Read 1593 times)

You sir clearly don't understand what Bitcoin is. You are correct about the dollar but bitcoin doesn't need to be backed by anything, it just needs to be adopted. And a currency that is decentalized, borderless, and a peer to peer payment system well you can be sure that will get adopted quick.

If you want to see the dollar as backed by all the material possessions of the US including everything in its territory including the people you are not wrong, but the reason it is not seen as such is the ability of governments of printing more of it without any backing, think about it in this way what if all the wealth of the US could be represented by a dollar, but then the government decides to print another dollar, the resources backing the dollar have not gone up but now there is an extra dollar so everything was devalued to 50% of its original value. 

Bitcoin systems are full of challenges, we must follow rules and guidlines to avoid total banned or with negative trust. It is also a big challenge on how being moving up to higher position.

Bitcoin challenge my life I'm getting more patient and aggressive  have interest for everythinh

I'm confused, what part of the summary explains why you don't like Bitcoin?

All you're talking about is the US Dollar and how the US has so much debt that the Dollar is backed by debt. You claim that people seem to ignore this fact. Which may be true, maybe not. The reason people see this debt-backed approach as dangerous is that it builds a house of cards that is so delicate that something as simple as people buying houses they cannot afford can nearly bring the entire system down. When all the banks are operating on debt, it doesn't take many of the debt owners to come collecting before a lot of people are left broke. The system is broken. Bitcoin is a good step toward a better option.

How does this have anything to do with your negative thoughts on Bitcoin? ...your challenge?

           Cripto money now. Trust no challenge dibitcoin, all goes in line with the hope that we know that we only follow the approved rules. Given for the assessment of ourselves how often we can follow the contract that we do. We are given a big reward so we have to prepare an agreed task. Running a contract job is an obligation of all that has been approved, because this is a business trip with a large corporate contract in cripto.
If we are looking for assets in the market of cripto money we jga must meet, so that our investment efforts are going well. I see a lot of the procedures that apply in the rules of cripto money market.

I don't want to flat out say you're wrong. You're trying to think critically, independently on your own. I strongly approve of that.

The best analogy I can think of is to cite how effective a automobile tire would be if it were made of glass. How efficient would a powerline be if it were made of wood? Our economic and financial systems have a certain degree of systemic efficiency or inefficiency. In cases where systemic inefficiency rises high enough, the system fails. Paying high taxes and having a large portion of that wealth be destroyed by inefficient budgeting/spending is the same as the Joker in the Dark Knight lighting a pile of money on fire.

This is an analogy for inefficient spending by big government.



Over the long run it doesn't matter if fiat is backed by physical goods or gold. Systemic inefficiency makes the status quo unsustainable. When the united states spends $6.5 trillion dollars on war, it needs positive tangible gains to show for it. Else, it could be categorized under destruction of wealth. The same with healthcare. Americans passed 20 tax hikes spending $2 trillion on the affordable care act. Were there many positive tangible gains to show for it? Spending trillions of dollars to fix things that never get fixed, catches up with even the richest nation on earth, eventually.

I created a 6 minute youtube video to explain why I don't like bitcoin, but let me sum it up.  I see the us dollar as a debt backed currency.  Banks create money through loans, which are in turn backed by houses, cars, and people's incomes.  Everybody seems to think the us dollar is a faith based, or something, but I don't see it that way.  I see it as a fully backed currency, not too much different from being a gold backed currency.  Where am I wrong?

https://www.youtube.com/watch?v=jujwQkhnoU8