Conservative Politics & Daily Events Discussion

    I think that Biden is definitely in the first stages of dementia. If you notice he appears to do better earlier in the day but his cognitive abilities decline as the day goes on which is known as sun downing. It ain’t gonna do nothing but get worse from here !!

    I might not be right but I can sure sound like it

    Quote from Edward Neal

    Biggest problem I have with digital currency is that it relies on technology and the grid - - one EMP could shut it all down and then you have nothing - not even paper - - - - using technology as the bank to store wealth just seems incredibly vulnerable if the SHTF - - - EMP, hacking, natural disaster - it doesn't take much to pull the plug on everything digital and considering whats going on right now in the world I sure as hell would never want to put all or even most of my eggs in that basket

    All currency runs on the Internet - all centralized banks too.
    No one is taking down the Internet - even the EMP strike would only impact a section if it, as the redundancy is crazy.

    The net is very complex and isn't going anywhere.

    I agree 100% of not placing all eggs in any one basket and if the Internet /power goes down - we all have much bigger concerns - than money. Keep Brass on hand at all times ;)


    Also - there are apps today that that allow people to exchange digital currency w/o Internet.

    1 example


    Just sharing...

    .::. Knowledge, like air, is vital to life. Like air, no one should be denied it .::.

    Okay so then tell me this - - - who or what backs digital currency?


    Back in the day the U.S. dollar was backed by gold, these days its backed by the U.S. Government


    When you buy stock in a company the stock is backed by the value and assets of that company


    So what exactly backs bitcoin? what is there behind it that gives people a reason to trust it?


    It has no assets behind it that I am aware of, there is nothing behind it that produces goods and services that I am aware of, other than simply trusting that people will keep wanting bitcoin what is there to insure it doesn't simply evaporate?


    Seriously what would happen if some future administration or perhaps the security and exchange people decided it was no longer a valid thing - - is there anything behind it that makes this impossible?


    I am not trying to be a trouble maker I am just trying to understand - if bitcoin is simply a currency then I would expect it to have some kind of backing either something tangible like gold or if not that the backing of a government or insurance or something - - - - and if its not just a currency and is more of an investment like a security then I would expect some type of service or production or asset base behind it to provide potential growth


    I will admit I haven't spent any time bothering to look into investing in bitcoin it just always seemed like the only thing giving it value is the trust that others will want it - - and for me that's not enough, too many things in the economy that could make that evaporate


    So am I wrong? educate me, please tell me what other that trust that people will continue to want digital currency gives that currency value - what backs it up and makes it secure?


    Edit: right after I finished typing my questions above I decided to look at how bitcoin has done in the last year - on Oct 15 a year ago it was just under 61k - - today a year later it is under 19.5k - - - - that is a very substantial loss if it had been something someone thought was an investment

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    Quote from Shadrac

    I would encourage the reading of The Bitcoin Standard -

    It's been adopted by 2 countries and is ever growing....

    Far from illusion... and unstoppable IMO

    Perhaps so, however it will leave the dock without me. The United States dollar has the United States behind it that’s why everybody rushes to it in a crisis. We all know what happened to bitcoin in this crisis. It’s an idea in cyberspace with no country no entity and no one behind it except those who choose to invest in it .


    and the anonymity which I believe was behind it in the first place is quickly evaporating…

    We’ll get there when we get there and not a minute before. 😎

    isn't this just typical


    Biden begged Saudis to delay oil production cuts until after midterms


    more worried about the election than they are about Americans being financially ruined at the pump

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    What has the Biden Administration done to lower fuel prices (in a long term and meaningful sustainable way)?


    What has the Biden Administration done to lower the out-of-control crime?


    What has the Biden Administration done to control the boarder surge and curb the flow of illegal drugs including the fentanyl destroying the country?


    What has the Biden Administration done to fix the lingering supply chain issues?


    How long did the Biden administration wait to take action for out-of-control inflation and the looming increase in energy for home heating?


    Anyone aware of the continues process used for years to control political opposition against President Trump?

    Quote from Edward Neal

    Okay so then tell me this - - - who or what backs digital currency?

    Back in the day the U.S. dollar was backed by gold, these days its backed by the U.S. Government

    When you buy stock in a company the stock is backed by the value and assets of that company

    So what exactly backs bitcoin? what is there behind it that gives people a reason to trust it?

    Bitcoin is backed by a public blockchain ledger that contains proof of all the transactions on the network.

    Bitcoin is limited in its supply, making it rare, just like precious metals like gold. There are only 21 million coins that can be mined. The main attraction to Bitcoin is the fact that is is decentralized. This prevents governments, persons or computers from inflating it, augmenting it, or hacking it.


    Bitcoin operates on a secure network that increases security daily, based on its unchangeable, unbreakable, and incorruptible mathematics. This secure network is known as the blockchain ledger. It operates independently without any human involvement.


    The blockchain ledger is entirely self-checking and closed. It is not controlled by any individual or any government or country- it is designed to operate this way, and the concept is complicated.

    I believe the Blockchain is the next "Internet".

    What I mean by that is - DO you remember far back when they first launched the Internet? No one understood it. No one understood e-mail. The concept of doing everything digital was absurd.

    Years later how many other topologies run over the Internet.... IP phones, multicast video, telnet, ssh, and the list in endless.

    The blockchain will be doing the same and is currently. There are folks out there today working on web3.0

    Most people don't know anything about that either, but it will radically change the way we all surf the web.



    Quote

    It has no assets behind it that I am aware of, there is nothing behind it that produces goods and services that I am aware of, other than simply trusting that people will keep wanting bitcoin what is there to insure it doesn't simply evaporate?


    Seriously what would happen if some future administration or perhaps the security and exchange people decided it was no longer a valid thing - - is there anything behind it that makes this impossible?

    Bitcoin has no physical assets like Cardano (another crypto) - you are correct in that statement.

    When you ask about a 'future administration or perhaps the security and exchange people decided it was no longer a valid thing' - it doesn't matter what they say because its a global currency, that is currently in place and being used more and more daily. It is not stoppable.



    Quote

    I am not trying to be a trouble maker I am just trying to understand

    Without meaning to be condescending or mean, etc... I really would encourage you folks who don't really get Bitcoin, to check out The Bitcoin Standard book. It's fairly inexpensive, not a huge book to read, and really does help people understand the vision and why it has, and will continue to succeed.


    Quote

    Edit: right after I finished typing my questions above I decided to look at how bitcoin has done in the last year - on Oct 15 a year ago it was just under 61k - - today a year later it is under 19.5k - - - - that is a very substantial loss if it had been something someone thought was an investment

    You are right that it's in the mid 19 thousands today and it might drop a little more. Great time to #BuyTheDip IMO.

    If you research the history -

    It's birthed in 2009 for $0

    In 2021 the value hits $68,500


    There is no other asset that has ever grown that much - it that timeline.

    Yes - like all good things - there needs to be corrections to the market - thus prices drop.

    As more countries adopt it - its value will continue to grow.

    El Salvador was the 1st country to adopt bitcoin as a national currency.

    Visa supports Bitcoin

    Microsoft supports it

    PayPal supports it (although they are a shit company IMO)

    Whole Foods supports it

    Etsy, Starbucks, Newegg, and the list goes on and on.



    I get it - it's weird and new - I also respect the 'not trusting' it - but my brain sees a world becoming a little more corrupt daily. I see governments doing things across the globe, that removes my faith or trust in them.

    Bitcoin takes all the power from them. Decentralized and unable to be screwed up by those or others.


    Here is a website (one of many) that allows you to see every transaction



    Anyways - I hope my post was informational and not, in any way, sarcastic or mean.

    My intent is to help understand and the book is a cheap way to get the big picture. :)






    According to Coin Market Cap, the all time high Bitcoin marketcap was $1.15 trillion ($1,146,313,771,235) US dollars on March 13, 2021

    .::. Knowledge, like air, is vital to life. Like air, no one should be denied it .::.

    being rare doesn't give something value if no one wants it - - seriously if I paint a picture it would be rare there would only be one do you think that gives it value?


    and why are you encouraging people to check out an investment that has lost 66% of its value in the last year? - - the performance of bitcoin has looked more like a pyramid scheme than a legitimate investment


    Brutal Truth about Bitcoin

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    Opinions - we will see ;)

    I have seen those articles and know that side - it's not understanding.

    I have no worries personally, but will respect your POV.

    .::. Knowledge, like air, is vital to life. Like air, no one should be denied it .::.

    I would love to debate the cryptocurrency thing but I hate to admit it but I am so ignorant about it I wouldn’t even know which side I would argue for. Even worse I don’t have enough interest to learn. Shadrac - thanks - I know more about it now from your description than I ever have and still don’t understand how it works. Till yet my broker has told me to stay away from it - if he ever says BUY - I’ll cross that bridge then 👍

    I might not be right but I can sure sound like it

    My Son and I ran a mining rig for quite some time till a lighting strike took out the whole setup. It was well protected but not enough for a direct hit. My son sold our coins when he had problems and it didn't look like they were going anywhere any how. WRONG never fails we both would be multi millionaires if we sold them now. I believe in that and have friends and relation doing well investing in them. Like all investing it helps to know what you are doing.

    If the music is to loud you are to old.