Bitcoin, Cryptocurrency, and the Future of Global Finance

#1
SWIL

SWIL

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#1
Given the recently events in China and Great Britain, I figured I'd throw a post up concerning a topic I've been keenly interested in over the past few months.

I'm convinced we are headed toward a global currency in the near future; a decentralized system that removes government/organization tampering and manipulation. And, I believe bitcoin has a very real chance to being that currency.

If you look into a part of the technology behind bitcoin, blockchain, you'll see the whose-who of the financial and corporate world heavily investing in this tech and desperately trying to bring their own (controlled) versions of bitcoin to the market before it's too late.

Anyone else following and investing in cryptocurrency?
 
#3
#3
As long as someth in ng is on a computer, there will be hackers that can get it. Always.

I don't think there will ever be a currency that you can't hold in your hand and trade like money...for that reason and others. An EMP device at the right location could halt all commerce for the entire world...that will never happen. Also hackers will also be able to defeat defenses. Back and forth, back and forth with the powers that be. As long as humans are the top of the food chain and not robots or ai, we will have real currency.
 
#4
#4
Not knocking your post btw...I am absolutely fascinated by bit coin ...and similar stuff . How it works I don't really understand though , how can someone "mine" for bitcoin?
 
#5
#5
marcusluvsvols said:
Not knocking your post btw...I am absolutely fascinated by bit coin ...and similar stuff . How it works I don't really understand though , how can someone "mine" for bitcoin?
Click to expand...

It involves powerful computers crunching serious numbers. Like the normal person couldn't afford the electrical bill needed to run said computers.
 
#6
#6
marcusluvsvols said:
As long as someth in ng is on a computer, there will be hackers that can get it. Always.

I don't think there will ever be a currency that you can't hold in your hand and trade like money...for that reason and others. An EMP device at the right location could halt all commerce for the entire world...that will never happen. Also hackers will also be able to defeat defenses. Back and forth, back and forth with the powers that be. As long as humans are the top of the food chain and not robots or ai, we will have real currency.
Click to expand...

I haven't carried cash in at least 7 years. I'm not sure many people use cash anymore. In fact, if you look at our current monetary system the ones and zeroes vastly outnumbers the hard cash.
 
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#7
#7
red butler said:
I haven't carried cash in at least 7 years. I'm not sure many people use cash anymore. In fact, if you look at our current monetary system the ones and zeroes vastly outnumbers the hard cash.
Click to expand...

I was like that, but I'm taking cash for eating out on vacation when we go. I only use cash now for eating out here at home. I've seen to much on the news about restaurant incidents involving fraud/stealing customers info. We had a gas station here in my town where someone had something on the card swipes and got people's information. I know that sounds paranoid, but oh well.
 
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#8
#8
red butler said:
I haven't carried cash in at least 7 years. I'm not sure many people use cash anymore. In fact, if you look at our current monetary system the ones and zeroes vastly outnumbers the hard cash.
Click to expand...

I think I saw where less than 2-3% of the M1 money supply is actually "money" in physical form .
 
#9
#9
marcusluvsvols said:
As long as someth in ng is on a computer, there will be hackers that can get it. Always.

I don't think there will ever be a currency that you can't hold in your hand and trade like money...for that reason and others. An EMP device at the right location could halt all commerce for the entire world...that will never happen. Also hackers will also be able to defeat defenses. Back and forth, back and forth with the powers that be. As long as humans are the top of the food chain and not robots or ai, we will have real currency.
Click to expand...

A valid concern and a real threat this early on in crypto currency. There are full proof ways to protect your virtual money; it's called cold storage. There are devices that ensure your bitcoin key never even touches the Internet, making hacking attempts non existent.

Bitcoin, what it is and what it's for, is not easily understood. At the most basic level, the creator(s) of bitcoin, Satoshi Nakamoto, has created a mathematical theorem that successful creates scarcity and decentralization on a digital platform. Like the Pythagorian theorem, it can only be solved one way.

The Regression Theorem in Light of Bitcoin — Dan Sanchez
 
#10
#10
SWIL said:
Given the recently events in China and Great Britain, I figured I'd throw a post up concerning a topic I've been keenly interested in over the past few months.

I'm convinced we are headed toward a global currency in the near future; a decentralized system that removes government/organization tampering and manipulation. And, I believe bitcoin has a very real chance to being that currency.

If you look into a part of the technology behind bitcoin, blockchain, you'll see the whose-who of the financial and corporate world heavily investing in this tech and desperately trying to bring their own (controlled) versions of bitcoin to the market before it's too late.

Anyone else following and investing in cryptocurrency?
Click to expand...

I had a buddy that mined some BTC in 2010. He bought a car in 2014 when he cashed out. It was good then. Now, however, there are entire computer systems set up in Asia that mine the currency continuously. Eventually by 20~whatever they will be mined out. Recently, there were forecast that crypto could account for up to 10% of currencies by 2027 or so. That doesn't necessarily equate to a $50,000 BTC but it doesn't hurt. BTC is sitting at $667 right now, and will generally rise as time goes by because confidence will naturally build for it. I rode the wave from 5-12 in 2014, and then saw the wave come back down to 350 by the last half of 2014-2015. It's headed up imo.

Also, it's ridiculous to believe that someone will hack the blockchain. Now could they hack the account where you keep the blockchain you purchase? Yes. Although those services, like Coinbase, are growing ever more reliable because of their immense financial backers. They have made security a priority since Mt. Gox.

Cold storage? That's just a hard drive loaded with the block chain and then taken off line, yes?
 
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#11
#11
Every Bitcoin account or "wallet" has two keys, a public key and a private key. The public is like your email address and is used to send a receive funds. The private is your unique identifier that shows your specific ownership of the bitcoins in the blockchain

Cold storage can be simply a hard drive on a computer that never has or will connect to any networks, a paper wallet where you manually store your coins using passwords, or you can go high tech with products like trezor
 
#12
#12
I have no freaking clue what you guys are talking about, yes I've heard of BTC but have no earthly idea how it works. So I'll just stay with the dollar.
 
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#13
#13
I read some of the articles above and learned a bunch. Very cool indeed. While the fact that there is a finite amount of bit coin guarantees that it will not be over printed like fiat currency, it also seems like it will guarantee complications later on..right now those computers that mine bitcoin...which is actually processing other people's bitcoin transactions for a very small fee..once bitcoin is "extinct" or has been completely mined...the folks who are using bitcoing for a transaction will have to pay the person processing the transaction. I found it very cool that bitcoing can be broken down into very small pieces, very small, with values as small as a t I NY fraction of a cent. Thanks for the info, I understand much better now.
 
#14
#14
SWIL said:
Given the recently events in China and Great Britain, I figured I'd throw a post up concerning a topic I've been keenly interested in over the past few months.

I'm convinced we are headed toward a global currency in the near future; a decentralized system that removes government/organization tampering and manipulation. And, I believe bitcoin has a very real chance to being that currency.

If you look into a part of the technology behind bitcoin, blockchain, you'll see the whose-who of the financial and corporate world heavily investing in this tech and desperately trying to bring their own (controlled) versions of bitcoin to the market before it's too late.

Anyone else following and investing in cryptocurrency?
Click to expand...

I follow. There is a new one...can't think of the name, but it is awesome because it ensures perfect transparency - meaning when politicians say, "we don't know what happened to $500M of the defense budget" there would be no way to pull that lie/error off. It's all recorded and if you mess with the records, the alteration is recorded, lol
 
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#15
#15
red butler said:
I haven't carried cash in at least 7 years. I'm not sure many people use cash anymore. In fact, if you look at our current monetary system the ones and zeroes vastly outnumbers the hard cash.
Click to expand...

Unless I have to order something online I pretty much always pay with cash.
 
#18
#18
marcusluvsvols said:
This. I don't carry cards. 1 in the truck for emergencies
..cash existence.
Click to expand...

Why pay someone to pay someone for you when you should be able to pay yourself?

But people won't. Then they pay someone (debt consolidation co.) to pay someone (credit card co.) to pay someone (the mall store) and they're still in debt.
Stupid really. Cash spends.
 
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#20
#20
Orangedogsrule said:
Why pay someone to pay someone for you when you should be able to pay yourself?

But people won't. Then they pay someone (debt consolidation co.) to pay someone (credit card co.) to pay someone (the mall store) and they're still in debt.
Stupid really. Cash spends.
Click to expand...

My pappaw, who is in UT icu right now, probably never made more than 50k a year his entire life. Retired 26 years usaf, msgt., retired again 20 years TVA. He's got over half a million in liquid assets, 2 houses paid for, etc.etc. he has no credit. Has never paid interest on anything. Paid cash for the last 15 or so vehicles he purchased, walk in a dealership pick out what h e wants...cut a check. Always told me the worst place you can live is beyond your means. Save for the things you want. Earn the things you need. Most people today don't know the difference between want and need. I haven't been nearly as good at saving as him, but I have no debts besides my mortgage. No credit card debt. No 2nd mortgage. If i died today at 39 years old my wife has about 50k in sweat equity in my house and 15k in my 401k. That's it..no debt. I am trying hard to live by his example.
 
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#21
#21
Orangedogsrule said:
Why pay someone to pay someone for you when you should be able to pay yourself?

But people won't. Then they pay someone (debt consolidation co.) to pay someone (credit card co.) to pay someone (the mall store) and they're still in debt.
Stupid really. Cash spends.
Click to expand...

I agree to an extent. But, IF you have some gumption and therefore pay off your CC every month, THEN you're not paying someone else. Actually, someone else will probably pay you at least 1% cash back to use their CC. You will also get some cheap year-end accounting, if you don't keep good records yourself.

Again, that is IF (BIG EFFING IF) you have some self-discipline and only buy what you have the cash to pay for when the monthly CC bill comes due.
 
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#22
#22
Many people seem to think Bitcoin will, at minimum, become the first digital "gold standard" and will be a viable alternative to gold itself.

Every 4 years, the difficulty of the equation miners solve to create new bitcoins is squared; which reduces the on going supply of the currency by half. (The industry calls it the "Halvening")

The next Halvening happens next month. Past halfing events, the value of BTC has skyrocketed- many are expecting the same this time as well

https://en.bitcoin.it/wiki/Controlled_supply
 
#23
#23
hog88 said:
I have no freaking clue what you guys are talking about, yes I've heard of BTC but have no earthly idea how it works. So I'll just stay with the dollar.
Click to expand...

Which dollar? The Constitutional dollar or the Fed Reserve dollar?
 
#24
#24
n_huffhines said:
I follow. There is a new one...can't think of the name, but it is awesome because it ensures perfect transparency - meaning when politicians say, "we don't know what happened to $500M of the defense budget" there would be no way to pull that lie/error off. It's all recorded and if you mess with the records, the alteration is recorded, lol
Click to expand...

I think I have more optimism and see more benefit in the block chain being used as a clear holder of title or ownership.
 
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