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Bitcoin-based online gambling

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Boner gets it.

xpy, I'm sure you realize that Bitcoin is not a currency yet. It doesn't yet exist without traditional banking. You can't pay your mortgage or your taxes with it, which makes it totally reliant on the ol' fiat money platform.

As it stands, once bankers have had enough, they can kill Bitcoin overnight. (As a side note, I'm not convinced that repealing net neutrality doesn't have something to do with wanting to control and/or kill Bitcoin.)

There's this article saying that the creator of Bitcoin might become the first trillionaire. It's a ridiculous idea because the overwhelming majority of his e-fortune is stuck being just that, numbers in a ledger.
 
I redeemed it. Its a mostly-worthless piece of memorabilia now.

I woulda sold early no matter what. I guarantee you that no one is still sitting on coins they bought in 2011. If they do, they either lost their wallet or theyre dead.
 
Boner_18
Love that at the end of the day all people care about is the USD, AUS, CAD. BTC is just like any other speculative investment. Buy puts and calls, bet on sports. Same thing.

What is the true value of a BTC? If you got a job offer and they said, we'll pay you $89,325 or 5BTC which would you take? Obviously the $... but where would you flip... $75k, $60k, $40k?
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I actually get paid in bitcoin. Why would I want to work for lazy banker controlled Fiat when I can work for a currency that works for me?

I'm not saying bitcoin will take over but can see it working in conjunction with traditional existing currencies as a store of monetary value...

Only difference is that it's worth what the people say it's worth and not what the banks deem it as being worth. That's the beautiful thing about this as it's owned and controlled by its community and not some company that dictates its worth to us...
 
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Matty
Boner gets it.

xpy, I'm sure you realize that Bitcoin is not a currency yet. It doesn't yet exist without traditional banking. You can't pay your mortgage or your taxes with it, which makes it totally reliant on the ol' fiat money platform.

As it stands, once bankers have had enough, they can kill Bitcoin overnight. (As a side note, I'm not convinced that repealing net neutrality doesn't have something to do with wanting to control and/or kill Bitcoin.)

There's this article saying that the creator of Bitcoin might become the first trillionaire. It's a ridiculous idea because the overwhelming majority of his e-fortune is stuck being just that, numbers in a ledger.
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SO how do you propose the banks kill this without hurting their own currencies seeing as it's a independent decentralized form of monetary value?

I hear a lot about how the banks will kill this off without any kind of formal explanation. Let's say you're correct though and by some form of magic the banks do manage to kill this. What's then stopping some 14yo making a far superior form of Blockchain and implementing it on the web again, again and again? You think the banks can kill all those as well?

It's simply a matter of time before widespread adoption is taken up but I agree that that may not be in bitcoin. It will be in the form of another cryptocurrency if not bitcoin...

As humans we are trained to think in a linear manner. Go look at Amazon's growth chart and compare it bitcoins growth chart. They actually look extremely similar yet simply because it's Fiat you don't hear anything about a unsustainable bubble etc...
 
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xpansive
it's a independent decentralized form of monetary value?
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It's not! Talk to me when your employer starts paying you in Bitcoin or your banker loans you BTC. Until then it's just piggybacking on fiat money. Even if you're mining it, there's very little you can do with outside of buying drugs, funding a gambling account or buying a latte at a handful of hipster coffee shops. You need to convert it back to fiat to do anything significant with it.

Bankers can and probably will lobby against Bitcoin once they feel the banking system is being sidestepped. I think they're just humoring nerds at the moment. They could put pressure on ISPs to strangle the Bitcoin network traffic, for starters.

Another issue is the amount of power required to mine Bitcoin going forward. It's already staggering and at some point the utility companies are gonna have issues managing demand.

I love the idea of cryptocurrency and was into this shit way back in 2011. I'm just cynical about the establishment. Bankers will go to war with it.
 
Matty
In plain English: your purchasing power is still pegged to the AUD, not BTC. I'm sure you get that.
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Of course. I simply don't want to work for a currency that's controlled and manipulated by the top 0.1% of society that dictates to me what I can earn from it... They've let us down and it's time we as a community changed the game up...
 
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