I can hear them seething. I was stupid enough to wait until BTC got to 55K. It's never too late to admit you were a fool and invest into the future of decentralized limited supply money and the only viable alternative to CBDC.
In 2013 I did some preliminary research into building a bitcoin mining rig. I determined it would have taken a year to pay off the hardware, and that it would've been cheaper to just buy the bitcoin directly instead of buying the hardware.
So I just said "fuck it" to the whole thing. Cause I didn't want to invest in bitcoin, I wanted a computer that printed money. I would've sold off all the BTC as soon as I got it if I did.
Yes, I'm retarded. Now, I'm still not invested in BTC (probably a bad time to buy RN anyways) and I have all my holdings in a handful of shitcoins and meme tokens I'm hoping take off this cycle. So I'm probably still retarded.
How do you know that bitcoin itself is not CBDC already, under the guise of being created by some mysterious Satoshi Nakamoto who might not even be a real person?
Have you converted your bitcoins back into U.S. dollars? Or you still hold the bitcoin?
it doesn't matter who built it. you can audit the source code and have verifiable certainty that you're dealing with a decentralized network beyond anyone's control.
Every transaction is permanently recorded in a public ledger. That seems centralized. Also you have no idea who centrally controls it or how much bitcoin is still in circulation. It's not actually used as currency for daily transactions. It's a fraudulent store of value and is worthless in a crisis. no one is going to give you ammunition or guns or food or gasoline or electricity or land in exchange for your bitcoins unless they are fools. Now that bitcoin is on the jewish stock exchanges it will become more speculative and fraudulent than ever.
You will own nothing (digital make believe bitcoins) and be happy.
It's a distributed ledger though. So yes it's public to view it, but in order to update or make changes to that ledger (send a transaction) you need cumulative approval from a bunch of independently owned and operated computers around the world to check and verify that your transaction is legit (ie... Has the mathematical signatures necessary to prove ownership of the sending account).
It's not actually used as currency for daily transactions. It's a fraudulent store of value
It's value lies in the fact that nobody can control it, gate-keep, halt, or reverse transactions on the ledger. Anyone can create a new bitcoin account without needing to register or provide ID, and nobody can stop them from using the network.
That feature is valuable enough to create a consistent userbase willing to spend money on it, which is what gives it monetary value. And from there speculation adds more value of course, and there's gonna be ups and downs in the price for sure due to the specualtion.
and is worthless in a crisis.
Actually it's EXTREMELY valuable in a crisis. When Venezuela had their hyperinflation crisis Venezuelans were all over the internet begging strangers to send them $20 in Bitcoin because they can't get USD into the country, and food sellers didn't want to take their dogshit native currency with a plummeting value.
Next, another thing that makes it EXTREMELY valuable in a crisis is the fact that bitcoin can be smuggled in your mind with zero physical evidence, and nothing that can be seized from you.
All you gotta do is set up a wallet, transfer funds to it, and memorize your 12 word seed phrase. Then you can cross any check point or border in the world with nothing but the shirt on your back and still have access to your funds as soon as you acquire a computer on the other side.
And BTW.... The reason the ledger is public is because without it being public and transparent, you'd have to have a central authority maintaining it's trustworthiness.
Like imagine we're in a payment dispute.
"I already wired you the $500!"
"No you didn't, I never got it!"
"Ohh yeah?! Here's a receipt from the bank proving it went through and landed in your account!"
In this case the trustworthiness of a central authority provides authentication and settles the dispute.
Now imagine it like this...
"I already sent you 0.005 bitcoin!"
"No, you didn't, I never got it!"
"Ohh yeah, Here's the public ledger and it's saying my 0.005 btc is sitting in your account."
In this case the trustworthiness of the network's source code provides authentication and settles the dispute. But it doesn't work if both of us can't see the ledger, and that's why it's public.
u/XxxRDTPRNxxX already explained it - it's anonymous, decentralized and most of all has limited supply which means no monetary policy to manipulate money value and cause inflation-deflation boom busts. The only thing in common between BTC and CBDC is that they both are encryption based digital money. Monopoly money is more like real USD - both of them being fake printed money with an unlimited supply - than BTC is to CBDC.
As for Satoshi Nakamoto, he probably doesn't exist and the blockchain technology comes from the same place as all other groundbreaking tech comes from - DARPA and the military agencies. Just like any tech, it's just a tool that can be used for good or for evil. In this case BTC is the good and CBDC is the evil, and yes this is what they're shooting for and they probably use BTC as a stepping stone. That still doesn't make BTC bad though. It's the same as with the internet.
As if owning cash fiat money is any different? You don't even own the banknotes themselves - only the value they represent. It's the same with BTC - you own the value stored in BTC which is in your digital wallet. The difference is BTC is not issued by the Fed.
Yall are just mad you didn't buy bitcoin when it was $3 just like the rest of us are.
I can hear them seething. I was stupid enough to wait until BTC got to 55K. It's never too late to admit you were a fool and invest into the future of decentralized limited supply money and the only viable alternative to CBDC.
In 2013 I did some preliminary research into building a bitcoin mining rig. I determined it would have taken a year to pay off the hardware, and that it would've been cheaper to just buy the bitcoin directly instead of buying the hardware.
So I just said "fuck it" to the whole thing. Cause I didn't want to invest in bitcoin, I wanted a computer that printed money. I would've sold off all the BTC as soon as I got it if I did.
Yes, I'm retarded. Now, I'm still not invested in BTC (probably a bad time to buy RN anyways) and I have all my holdings in a handful of shitcoins and meme tokens I'm hoping take off this cycle. So I'm probably still retarded.
How do you know that bitcoin itself is not CBDC already, under the guise of being created by some mysterious Satoshi Nakamoto who might not even be a real person?
Have you converted your bitcoins back into U.S. dollars? Or you still hold the bitcoin?
CB stands for central bank.
Bitcoin is designed from the ground up to be decentralized.
How do you know for sure that bitcoin is a bottom's up movement?
Why hasn't the federal government and other world governments done more to shut it down if it was a true ground up movement?
Is it possible that bitcoin itself is a federal or CIA op? You guys already admitted the ledger is public.
Quantum computing gets developed and suddenly AI will have processing power to trace every transaction back to you.
it doesn't matter who built it. you can audit the source code and have verifiable certainty that you're dealing with a decentralized network beyond anyone's control.
Every transaction is permanently recorded in a public ledger. That seems centralized. Also you have no idea who centrally controls it or how much bitcoin is still in circulation. It's not actually used as currency for daily transactions. It's a fraudulent store of value and is worthless in a crisis. no one is going to give you ammunition or guns or food or gasoline or electricity or land in exchange for your bitcoins unless they are fools. Now that bitcoin is on the jewish stock exchanges it will become more speculative and fraudulent than ever.
You will own nothing (digital make believe bitcoins) and be happy.
It's a distributed ledger though. So yes it's public to view it, but in order to update or make changes to that ledger (send a transaction) you need cumulative approval from a bunch of independently owned and operated computers around the world to check and verify that your transaction is legit (ie... Has the mathematical signatures necessary to prove ownership of the sending account).
It's value lies in the fact that nobody can control it, gate-keep, halt, or reverse transactions on the ledger. Anyone can create a new bitcoin account without needing to register or provide ID, and nobody can stop them from using the network.
That feature is valuable enough to create a consistent userbase willing to spend money on it, which is what gives it monetary value. And from there speculation adds more value of course, and there's gonna be ups and downs in the price for sure due to the specualtion.
Actually it's EXTREMELY valuable in a crisis. When Venezuela had their hyperinflation crisis Venezuelans were all over the internet begging strangers to send them $20 in Bitcoin because they can't get USD into the country, and food sellers didn't want to take their dogshit native currency with a plummeting value.
Next, another thing that makes it EXTREMELY valuable in a crisis is the fact that bitcoin can be smuggled in your mind with zero physical evidence, and nothing that can be seized from you.
All you gotta do is set up a wallet, transfer funds to it, and memorize your 12 word seed phrase. Then you can cross any check point or border in the world with nothing but the shirt on your back and still have access to your funds as soon as you acquire a computer on the other side.
And BTW.... The reason the ledger is public is because without it being public and transparent, you'd have to have a central authority maintaining it's trustworthiness.
Like imagine we're in a payment dispute.
"I already wired you the $500!"
"No you didn't, I never got it!"
"Ohh yeah?! Here's a receipt from the bank proving it went through and landed in your account!"
In this case the trustworthiness of a central authority provides authentication and settles the dispute.
Now imagine it like this...
"I already sent you 0.005 bitcoin!"
"No, you didn't, I never got it!"
"Ohh yeah, Here's the public ledger and it's saying my 0.005 btc is sitting in your account."
In this case the trustworthiness of the network's source code provides authentication and settles the dispute. But it doesn't work if both of us can't see the ledger, and that's why it's public.
u/XxxRDTPRNxxX already explained it - it's anonymous, decentralized and most of all has limited supply which means no monetary policy to manipulate money value and cause inflation-deflation boom busts. The only thing in common between BTC and CBDC is that they both are encryption based digital money. Monopoly money is more like real USD - both of them being fake printed money with an unlimited supply - than BTC is to CBDC.
As for Satoshi Nakamoto, he probably doesn't exist and the blockchain technology comes from the same place as all other groundbreaking tech comes from - DARPA and the military agencies. Just like any tech, it's just a tool that can be used for good or for evil. In this case BTC is the good and CBDC is the evil, and yes this is what they're shooting for and they probably use BTC as a stepping stone. That still doesn't make BTC bad though. It's the same as with the internet.
I liked that recent thread that someone copied from 4chan
About owning digital currency being "you will own nothing and like it."
As if owning cash fiat money is any different? You don't even own the banknotes themselves - only the value they represent. It's the same with BTC - you own the value stored in BTC which is in your digital wallet. The difference is BTC is not issued by the Fed.