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So I recently took an interest into the crypto-currency BitCoin. Making an account, got a wallet on my laptop, and one on my mobile. This all is so broken for me but it looks like a cool concept. Though obviously this won't ever be as desired as a US dollar. What do you think of it?

Let's just say that there's a reason currency is usually regulated and leave it at that.

dlgn wrote:Let's just say that there's a reason currency is usually regulated and leave it at that.

This is actually the point of bitcoin. The Bitcoin Project is actually a government operation to force the currency dergulators to experience running a currency. Slowly, they are experiencing problems and setbacks that force them to come up with regulations to handle each of the problems. The end goal is for them to learn the value of government regulation.

Alternatively, you could just say bitcoin is a scam. Many people claim it is a pyramid scheme, but this is flat out wrong. Bitcoin is a pump and dump scam. A pyramid scheme has you funneling money up to higher up people directly. A pump and dump is where you purchase up a commodity (which is what bitcoin acts as, not a currency), hype up how amazing it is, and when the price goes up you sell it all, leaving the newcomers holding a bunch of now worthless items.

kerovon wrote:

dlgn wrote:Let's just say that there's a reason currency is usually regulated and leave it at that.

This is actually the point of bitcoin. The Bitcoin Project is actually a government operation to force the currency dergulators to experience running a currency.

Source for that?

It reminds me of an episode of star trek where two civilizations fight a virtual war against one another. Computers would work all day long strategically determining where and when to attack the enemy with nuclear weapons. Of course, no weapons fall, so their civilization -- all of the things they've built -- stay standing. And that's why they do it, because it's better than using actual weapons which also deplete resources. Still, when your city is "virtually" destroyed, everyone there is forced into incineration chambers and dies anyway. It was produced during the cold war and, I think, tried to poetically show how pointless it was.

Using computation to verify currency transactions is stupid. It's a waste of electricity and it's a waste of production power to build faster and faster computers to get ahead of the competition. And when the competition catches up with you, you're back at square one because the bitcoin system allows only a certain number of bitcoins to be produced per unit time no matter how fast the computers are. It's like a virtual arms race.

kerovon wrote:

dlgn wrote:Let's just say that there's a reason currency is usually regulated and leave it at that.

This is actually the point of bitcoin. The Bitcoin Project is actually a government operation to force the currency dergulators to experience running a currency. Slowly, they are experiencing problems and setbacks that force them to come up with regulations to handle each of the problems. The end goal is for them to learn the value of government regulation.

Alternatively, you could just say bitcoin is a scam. Many people claim it is a pyramid scheme, but this is flat out wrong. Bitcoin is a pump and dump scam. A pyramid scheme has you funneling money up to higher up people directly. A pump and dump is where you purchase up a commodity (which is what bitcoin acts as, not a currency), hype up how amazing it is, and when the price goes up you sell it all, leaving the newcomers holding a bunch of now worthless items.

Which government? I'm not sure what to think of it. It's apparently not backed by any metals unlike American money and I can't get any miners working on my computer. Also faucets and ads are a giant scam. I'm not watching a 14 minute video for 140 satoshis. Also it is somewhat of a pyramid scheme to the few that try to make it out that way. I found a site where it has you watch ads for satoshi but you can also earn more by sharing referral link to friends, which they will get a referral link, and so on, and so forth.

MindlessInsanity wrote:

kerovon wrote:

dlgn wrote:Let's just say that there's a reason currency is usually regulated and leave it at that.

This is actually the point of bitcoin. The Bitcoin Project is actually a government operation to force the currency dergulators to experience running a currency. Slowly, they are experiencing problems and setbacks that force them to come up with regulations to handle each of the problems. The end goal is for them to learn the value of government regulation.

Alternatively, you could just say bitcoin is a scam. Many people claim it is a pyramid scheme, but this is flat out wrong. Bitcoin is a pump and dump scam. A pyramid scheme has you funneling money up to higher up people directly. A pump and dump is where you purchase up a commodity (which is what bitcoin acts as, not a currency), hype up how amazing it is, and when the price goes up you sell it all, leaving the newcomers holding a bunch of now worthless items.

Which government? I'm not sure what to think of it. It's apparently not backed by any metals unlike American money and I can't get any miners working on my computer. Also faucets and ads are a giant scam. I'm not watching a 14 minute video for 140 satoshis. Also it is somewhat of a pyramid scheme to the few that try to make it out that way. I found a site where it has you watch ads for satoshi but you can also earn more by sharing referral link to friends, which they will get a referral link, and so on, and so forth.

The American Dollar is no longer backed by anything, just so you're aware.

TechnoProdigy wrote:

MindlessInsanity wrote:

kerovon wrote:

dlgn wrote:Let's just say that there's a reason currency is usually regulated and leave it at that.

This is actually the point of bitcoin. The Bitcoin Project is actually a government operation to force the currency dergulators to experience running a currency. Slowly, they are experiencing problems and setbacks that force them to come up with regulations to handle each of the problems. The end goal is for them to learn the value of government regulation.

Alternatively, you could just say bitcoin is a scam. Many people claim it is a pyramid scheme, but this is flat out wrong. Bitcoin is a pump and dump scam. A pyramid scheme has you funneling money up to higher up people directly. A pump and dump is where you purchase up a commodity (which is what bitcoin acts as, not a currency), hype up how amazing it is, and when the price goes up you sell it all, leaving the newcomers holding a bunch of now worthless items.

Which government? I'm not sure what to think of it. It's apparently not backed by any metals unlike American money and I can't get any miners working on my computer. Also faucets and ads are a giant scam. I'm not watching a 14 minute video for 140 satoshis. Also it is somewhat of a pyramid scheme to the few that try to make it out that way. I found a site where it has you watch ads for satoshi but you can also earn more by sharing referral link to friends, which they will get a referral link, and so on, and so forth.

The American Dollar is no longer backed by anything, just so you're aware.

Backed by the fact it's "Legal Tender" apparently.

MindlessInsanity wrote:

TechnoProdigy wrote:

MindlessInsanity wrote:

kerovon wrote:

dlgn wrote:Let's just say that there's a reason currency is usually regulated and leave it at that.

This is actually the point of bitcoin. The Bitcoin Project is actually a government operation to force the currency dergulators to experience running a currency. Slowly, they are experiencing problems and setbacks that force them to come up with regulations to handle each of the problems. The end goal is for them to learn the value of government regulation.

Alternatively, you could just say bitcoin is a scam. Many people claim it is a pyramid scheme, but this is flat out wrong. Bitcoin is a pump and dump scam. A pyramid scheme has you funneling money up to higher up people directly. A pump and dump is where you purchase up a commodity (which is what bitcoin acts as, not a currency), hype up how amazing it is, and when the price goes up you sell it all, leaving the newcomers holding a bunch of now worthless items.

Which government? I'm not sure what to think of it. It's apparently not backed by any metals unlike American money and I can't get any miners working on my computer. Also faucets and ads are a giant scam. I'm not watching a 14 minute video for 140 satoshis. Also it is somewhat of a pyramid scheme to the few that try to make it out that way. I found a site where it has you watch ads for satoshi but you can also earn more by sharing referral link to friends, which they will get a referral link, and so on, and so forth.

The American Dollar is no longer backed by anything, just so you're aware.

Backed by the fact it's "Legal Tender" apparently.

....legal tender just means it is recognized as currency by the United States government.

What I mean is the American Dollar used to be backed by gold (as most first-world countries' currencies used to be), but is no longer backed by anything.