I will NEVER "buy into" Bitcoin because of about 10,000 reasons--here are a few:
TOR--controlled by ONI.
BITCOIN--Anon creator--who knows what power he could have?
BTC MUST HAVE three things to be used as payment--an internet connection, a computer, and power. These are the LAST things you can count on having if/when TSHTF.
Bitcoin is, right now, being destroyed. It's being run up artificially (probably by Fed agents buying) and then they're gonna crash it...or "engineer" a crash through a well-placed hack.
It's a great idea, it really is...for me (a UNIX guy and Python programmer) it just does NOT have the transparency that I want in a crypto-currency.
Your second point is true, but when you realize that your cell phone can run a Bitcoin client on battery power using your mobile phone's data Internet connection, some of that is deflated. Theoretically, you don't need Internet, but a group of users facilitating the system do. You could make a transaction via paper and snail mail or carrier pigeon, assuming you can get that to a willing party to enter it into an active network + computer Bitcoin system.
Your third part of the Feds buying is pretty infeasible. Bitcoin is not a small pot of $50,000 that the Feds can afford to manipulate. Bitcoin is going mainstream. It will be a long and tough road that may require a redesign or restart. The value and volume is being increased, not by Fed pumping, but by worldwide adoption. The value is extremely volatile, like most new investment (things), and could have significant crashes all on its own, with no nefarious help. The world wide adoption does help mitigate this by disconnecting any one country's influence from the whole. Manipulation is a concern, but the more users it gains, the less likely most hypothesized manipulations have of being feasible.
Being an open protocol with many open source clients and a public blockchain, I can't see how one could claim it wasn't the hallmark of transparency. If you want lack of transparency, check out your US dollar, its secret Fed overseers and black box of banks.
I'm not Bitcoin expert, but this is how I understand the situation.
How? The destruction of the global internet? The corruption of over 50% of its network nodes? Any currency or commodity can be devalued. Your job as an intelligent individual is to gauge the risk and make appropriate decisions. How have you gauged the risk that "bitcoin can be taken offline"?
Bitcoin can possibly be made difficult to work across the public Internet.
The thing about the public Internet, is the public can create their own. Their own darknet, sneeker net, mesh network groups, etc. Blocking of something on the Internet is typically able to circumvented.
what? clearly this person doesnt know how bitcoins work.
While yes, if there is a "power out" sort of scenario, one would NOT be able to access their bitcoins. however, that does not mean your bitcoins evaporated from existence. theyre still there, you just cant get to them. Think of it as not having a road to drive to the bank; the bank didnt burst into flames because the roads gone, you just cant get to it.
Secondly, your bitcoins arnt stored on a "website" theyre stored in a digital wallet. A wallet you can duplicate many times and have backed up in many places. a phone. a computer. a flash drive. a DVD. an Xbox. almost anything that has digital storage
in a SHTF scenario, would bitcoins be an acceptable alternative currency? no. but theyd be perfect for after the fact and no doubt worth more than when you originally purchased them as the dollar is no longer the reserve currency (ie people will scramble and decentralized currency is most appealing).
Secondly, in a SHTF scenario is money really your real concern? Bullets and canned food would be the new currency for a time, then itll slip towards gold as some stability arises.
PS. The entire worlds internet go down at the same time? never happened, never will happen. You can still send data with the right radio setup, though only a couple of kilobytes at a time.
please explain, if all your money is on a webpage and there is no way for you to use the internet, what would you have to do to access your wealth, go to a FEMA camp?
talk about invalid, your jumping to so many conclusions you need to worry about gravity slamming you to earth from your head in the clouds pointlessness.
but "no" seems to show depth of your understanding on the issue.
18 comments
10 MaxActivist 2013-11-20
and that is the biggest reason I will not be involved in bitcoin.
7 [deleted] 2013-11-20
[deleted]
3 MaxActivist 2013-11-20
ya, and you will not be buying anything else if there is no internet.
6 [deleted] 2013-11-20
EXACTLY.
I will NEVER "buy into" Bitcoin because of about 10,000 reasons--here are a few:
TOR--controlled by ONI. BITCOIN--Anon creator--who knows what power he could have?
BTC MUST HAVE three things to be used as payment--an internet connection, a computer, and power. These are the LAST things you can count on having if/when TSHTF.
Bitcoin is, right now, being destroyed. It's being run up artificially (probably by Fed agents buying) and then they're gonna crash it...or "engineer" a crash through a well-placed hack.
It's a great idea, it really is...for me (a UNIX guy and Python programmer) it just does NOT have the transparency that I want in a crypto-currency.
Just my $.02
3 madethisaccount2say 2013-11-20
+bitcointip xanaxinator $0.02
1 [deleted] 2013-11-20
HA!
Thanks so much for the BTC "tip"--so a random stranger just gave me like $12?
Now I have to "get into" this new currency. Thanks.
(No really! Thanks a lot!)
1 SoCo_cpp 2013-11-20
First, Tor has nothing to do with Bitcoin.
Your second point is true, but when you realize that your cell phone can run a Bitcoin client on battery power using your mobile phone's data Internet connection, some of that is deflated. Theoretically, you don't need Internet, but a group of users facilitating the system do. You could make a transaction via paper and snail mail or carrier pigeon, assuming you can get that to a willing party to enter it into an active network + computer Bitcoin system.
Your third part of the Feds buying is pretty infeasible. Bitcoin is not a small pot of $50,000 that the Feds can afford to manipulate. Bitcoin is going mainstream. It will be a long and tough road that may require a redesign or restart. The value and volume is being increased, not by Fed pumping, but by worldwide adoption. The value is extremely volatile, like most new investment (things), and could have significant crashes all on its own, with no nefarious help. The world wide adoption does help mitigate this by disconnecting any one country's influence from the whole. Manipulation is a concern, but the more users it gains, the less likely most hypothesized manipulations have of being feasible.
Being an open protocol with many open source clients and a public blockchain, I can't see how one could claim it wasn't the hallmark of transparency. If you want lack of transparency, check out your US dollar, its secret Fed overseers and black box of banks.
I'm not Bitcoin expert, but this is how I understand the situation.
3 danxmason 2013-11-20
Bitcoin can be taken offline.
1 brizzadizza 2013-11-20
How? The destruction of the global internet? The corruption of over 50% of its network nodes? Any currency or commodity can be devalued. Your job as an intelligent individual is to gauge the risk and make appropriate decisions. How have you gauged the risk that "bitcoin can be taken offline"?
1 danxmason 2013-11-20
Offline wallets are common knowledge.
https://en.bitcoin.it/wiki/How_to_set_up_a_secure_offline_savings_wallet
2 brizzadizza 2013-11-20
Ah I see, you meant offline as in you can maintain the contents of your wallet offline, not as in the bitcoin network will be taken offline.
1 SoCo_cpp 2013-11-20
FTFY
The thing about the public Internet, is the public can create their own. Their own darknet, sneeker net, mesh network groups, etc. Blocking of something on the Internet is typically able to circumvented.
2 fredman555 2013-11-20
what? clearly this person doesnt know how bitcoins work.
While yes, if there is a "power out" sort of scenario, one would NOT be able to access their bitcoins. however, that does not mean your bitcoins evaporated from existence. theyre still there, you just cant get to them. Think of it as not having a road to drive to the bank; the bank didnt burst into flames because the roads gone, you just cant get to it.
Secondly, your bitcoins arnt stored on a "website" theyre stored in a digital wallet. A wallet you can duplicate many times and have backed up in many places. a phone. a computer. a flash drive. a DVD. an Xbox. almost anything that has digital storage
in a SHTF scenario, would bitcoins be an acceptable alternative currency? no. but theyd be perfect for after the fact and no doubt worth more than when you originally purchased them as the dollar is no longer the reserve currency (ie people will scramble and decentralized currency is most appealing).
Secondly, in a SHTF scenario is money really your real concern? Bullets and canned food would be the new currency for a time, then itll slip towards gold as some stability arises.
PS. The entire worlds internet go down at the same time? never happened, never will happen. You can still send data with the right radio setup, though only a couple of kilobytes at a time.
-1 marikc0 2013-11-20
No.
2 MaxActivist 2013-11-20
please explain, if all your money is on a webpage and there is no way for you to use the internet, what would you have to do to access your wealth, go to a FEMA camp?
-4 marikc0 2013-11-20
Quite an invalid point considering all of your money is already digital, even if you had a point in the first place.
1 MaxActivist 2013-11-20
how would you know where my money is at?
do I have a bank account?
talk about invalid, your jumping to so many conclusions you need to worry about gravity slamming you to earth from your head in the clouds pointlessness.
but "no" seems to show depth of your understanding on the issue.
-2 marikc0 2013-11-20
Your lack of intelligence is remarkable.
2 MaxActivist 2013-11-20
no
2 MaxActivist 2013-11-20
no