Bitcoin - Peer to Peer currency

[matty77]

I think this aspect of cryptocurrencies is what will probably lead to its undoing in the long term. There are so many scams and ripoffs around and no protection for the average person. No checks and balances. No recourse to a higher authority. I imagine that cryptocurrency scams will only proliferate given that people are powerless once the funds have been transferred. The perfect theft is one where the victim cannot do anything about it.

There is a real downside to anonymity. The wild west it most certainly is.

This is why bitcoin and the blockchain are so good, its because you cannot change what has happened in the past - its impossible. The amount of computer power required to even make one change would make it impossible. My whole point is this - if you have sent bitcoin to an unknown address etc then too bad too sad - its gone. If somehow you can work out WHO owns that address which is highly unlikely then you may be able to get your bitcoin back - which is highly unlikely anyway. The whole point of the blockchain is that it is checking itself constantly so it pretty much is unhackable. I think that makes sense. What you are seeing as a weakness is in fact one of its biggest strengths.

 

[greggles]

Bizarre news in recent days about child abuse images being found in Bitcoin's blockchain: http://www.abc.net.au/news/2018-03-...-has-been-linked-to-child-pornography/9571384

 

[jjbinks]

News about btc is often exaggerated

 

[Tim_54321]

Why is fiat currency worth anything? All it is is a bit of paper? I'd rather have bitcoins than USD where politicians and bankers are destroying the currency.

There will only ever be 21 Bitcoins. ATM there are around 6 million bitcoins in existence so the value of all bitcoins in existence is only around 50 million despite them trading at 8USD each, in the scheme of things they are very scarce. If everyone in Australia wanted a bitcoin right now there would only be enough for ~.25 each.

If you think of how many countless billion there are floating around the world not much needs to go into bitcoin for the price to continue to rise.

Just thought I'd bump this thread for posterity. Hope someone got in back when I originally posted and Bitcoin were $8.

 

[moXJO]

Just thought I'd bump this thread for posterity. Hope someone got in back when I originally posted and Bitcoin were $8.

You end up being a billionaire Tim?

 

[Tim_54321]

You end up being a billionaire Tim?

It bought me a house and investment property but sold most too early like everyone. I always thought the government cracking down on it was the biggest risk especially in the early days which would have just wiped it out as an investment. Sold a lot when the scaling issues appeared too and the block size debate happened, never thought the pivot to digital gold would work, still skeptical about it long term. I think ETH will surpass it eventually with ETH2 and the digital gold narrative will gradually fade, but I've been wrong about that so far so probably will be again (I thought ETH was going to surpass Bitcoin in 2017, it got very close then Bitcoin had a massive rally and hasn't looked back).

 

[noirua]

Survey shows that 62% of Canadians want to get paid in crypto by 2027

The survey results also showed that crypto use is more prevalent in younger demographics.

cointelegraph.com

 

[noirua]

Belgian MP becomes first European politician to accept salary in Bitcoin

Not just politicians, some of the biggest names in the sports have also come forward to accept Bitcoin salaries

cointelegraph.com

Bitcoin (BTC) craze among lawmakers has reached the Belgian parliament now, as Brussels member of parliament Christophe De Beukelaer became the first European politician to convert his salary to Bitcoin.

 

[noirua]