KITCO NEWS - Gold and BTC

[AurumArgenti]

https://cointelegraph.com/news/coinbase-data-shows-that-bitcoin-has-outperformed-sp-500-since-2013

 

Not bad for a gamble?

[HawkHybrid]

4 hours ago, AurumArgenti said:

You don't seem to understand the technology behind bitcoin? Many people consider it to be a stored value like gold.

 

The network the BTC runs on is decentralised, encrypted and unregulated technology. There's only a finite number of BTC that can ever exist.

 

BTC is created when complicated mathematical problems are solved by " miner's " who managed parts of the Blockchain and ledger that's stored across the network.

 

The costs associated with mining are in hardware, electrical energy and their time.

Roughly every 4 year's the rewards of the miner's are halved making it harder to create the remaining BTC.

 

It is possible to view the ledger and transaction but not the identity of the addresses.

 

There isn't a controlling company or government behind bitcoin.

 

Here's my basic understanding of how BTC works. 

 

There's are many different types of crypto currencies each with different applications. 

I'm quite the fan of XRP and the ripple network which is designed with cross border payments at a fraction of the cost of today's outdated methods.

 

Instead of peddling your own prejudice. Please do some research into the " rumours ".

 

 

 

 

no progress report, no figures, no time frame.

(I've heard the bitcoin propaganda before)

 

(I really like how you claim I know absolutely

nothing about bitcoin and cryptos, solely on

the fact that I'm stating the obvious that it is

providing no returns and no indication of a

return or a time frame. who's peddling their

own prejudice?)

 

5 hours ago, AurumArgenti said:

Many people consider it to be a stored value like gold.

is this actually your understanding or what

you've been told by those selling bitcoin?

(and have never questioned it because it

sounds plausible)

 

HH

[AurumArgenti]

5 minutes ago, HawkHybrid said:

 

no progress report, no figures, no time frame.

(I've heard the bitcoin propaganda before)

 

(I really like how you claim I know absolutely

nothing about bitcoin and cryptos, solely on

the fact that I'm stating the obvious that it is

providing no returns and no indication of a

return or a time frame. who's peddling their

own prejudice?)

 

is this actually your understanding or what

you've been told by those selling bitcoin?

(and have never questioned it because it

sounds plausible)

 

HH

Hilarious I'm out and I'll leave that one with you. 🤯🤯🤯

[HelpingHands]

10 hours ago, HawkHybrid said:

 

no progress report, no figures, no time frame.

It's not a company, it's a currency.   What currencies have progress reports?

 

There are some figures and time frames that can be considered though.

The capped maximum of 21 million btc.

The rate of adoption and increase of new wallets.

The production cost over time as the difficulty increases as does the cost to miners.

The every four year halving events cutting the rate of new supply.

The stock to flow ratio.

[HawkHybrid]

12 minutes ago, HelpingHands said:

It's not a company, it's a currency

 2:58

'the dollar is going like every paper money in history,

to zero' max keiser

currency meaning paper money?

 

if it's destined to reach zero then I suppose it doesn't

need yearly account updates.(why bother)

 

HH

[HelpingHands]

A currency with a fixed maximum supply.   There aren't many of those.

[HawkHybrid]

2:46

'crytocurrency... will be backed by gold' max keiser

 

like how the us dollar was backed by gold pre 1971?

if the dollar is as good as gold, it doesn't need to be

backed by gold?

if cryptocurrency is as good as gold it doesn't need to

be backed by gold?

 

as a currency that doesn't offer a return, any trade that

you gain is someone else's loss.

 

HH

[HelpingHands]

3 minutes ago, HawkHybrid said:

2:46

'crytocurrency... will be backed by gold' max keiser

 

That part is a discussion about a Chinese digital currency rumour.

Bitcoin isn't backed by gold.

It doesn't make any sense to me why a cryptocurrency would be backed by gold other than a way to tokenise ownership of gold in a vault somewhere.

Also that would be centralised so nothing like bitcoin at all.