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#41
Mar 10 2014 02:05am
Quote (LulzSec @ Mar 10 2014 12:41am)
That value is only valued based on choosing to not print more, the fact that they can without any work... Bitcoins can't be printed without the work to back it. Legal tender in us works like forum gold, instead of fed or bankers, it's Paul ;)

Would you agree that fg holds value just as our tender does? Only worth what it's worth based on how many fgs have been created (aka back when it was 1fg per post) Because no one can print bitcoins without the work to prove it

You said you want to use a non-fiat currency. I pointed out there is no such thing.

You said the dollar has no value. I pointed out it does have value.

You said the dollar has value. I pointed out your contradiction.

That is all I have to say on the matter for now.
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#42
Mar 10 2014 02:07am
Lol, this thread .. .
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#43
Mar 10 2014 06:12am
This thread is awful.
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#44
Mar 10 2014 08:36am
Quote (killgoreisleet @ Mar 9 2014 11:54pm)
Yes, considering most people compare them all the time when they're trading their Bitcions for USD, or buying Bitcoins with USD. Look, I'm willing to be nice to people who are new to Bitcoin, not everyone has been around for as many years as me, some of the new people do not really understand it. If you have any questions you can PM me man.


We are debating the potential of bitcoin being widely accepted, aka replacing the fiat monetary system which holds no true value to a consumer or a network of consumers, it only holds the hypothetical value that is set by a centralized third party (can't get into detail here as it's irrelevant). It cannot be compared by saying that others do during exchanges, exchanges are based on bitcoin value and whatever the $ is currently inflated to, but we assuming that they don't print out 3.5 trillion over night and lend it out or spend it lol. Something that can't happen with bitcoin.

If you have questions, you can pm me

Quote (Azrad @ Mar 10 2014 12:05am)
You said you want to use a non-fiat currency. I pointed out there is no such thing.

You said the dollar has no value. I pointed out it does have value.

You said the dollar has value. I pointed out your contradiction.

That is all I have to say on the matter for now.


I noticed you 2 don't understand it's protocol, hence you can't understand it's real value, they could print the $ down to 1 cent over night (the value of the paper and ink)... Something that cannot happen with bitcoin, much dif.

This post was edited by LulzSec on Mar 10 2014 08:41am
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#45
Mar 10 2014 10:19am
Quote (LulzSec @ Mar 10 2014 09:36am)
We are debating the potential of bitcoin being widely accepted, aka replacing the fiat monetary system which holds no true value to a consumer or a network of consumers, it only holds the hypothetical value that is set by a centralized third party (can't get into detail here as it's irrelevant). It cannot be compared by saying that others do during exchanges, exchanges are based on bitcoin value and whatever the $ is currently inflated to, but we assuming that they don't print out 3.5 trillion over night and lend it out or spend it lol. Something that can't happen with bitcoin.

If you have questions, you can pm me



I noticed you 2 don't understand it's protocol, hence you can't understand it's real value, they could print the $ down to 1 cent over night (the value of the paper and ink)... Something that cannot happen with bitcoin, much dif.


Please explain to me how the USD has no inherent value but BitCoin does? Your explanation about printing out money doesn't address the inherent value of currency at all.

Quote (LulzSec @ Mar 10 2014 09:36am)

I noticed you 2 don't understand it's protocol, hence you can't understand it's real value, they could print the $ down to 1 cent over night (the value of the paper and ink)... Something that cannot happen with bitcoin, much dif.


The protocol has nothing to do with it's value unless you can come up with a better explanation. Tell me what about the protocol gives this currency more inherent value than any other currency.

This post was edited by rockonkenshin on Mar 10 2014 10:20am
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#46
Mar 10 2014 12:24pm
Quote (rockonkenshin @ Mar 10 2014 08:19am)
Please explain to me how the USD has no inherent value but BitCoin does? Your explanation about printing out money doesn't address the inherent value of currency at all.



The protocol has nothing to do with it's value unless you can come up with a better explanation. Tell me what about the protocol gives this currency more inherent value than any other currency.


Refer to my first post, the quote of shadyparadox, he sheds light on bitcoin value in a world of no scarce:

Quote
Bitcoin is a solution to the Byzantine Generals problem, a puzzle that had stumped computer scientists for 35 years. The proof-of-work algorithm solves the double-spending issue while maintaining decentralization, thereby creating scarcity in the otherwise non-scarce digital world for the first time. Obviously this can't be a Ponzi scheme because, well, it's decentralized and the transaction ledger is public.


Until you can understand the protocol and it's fail-safes, u cannot comment in comparison to the US $

This post was edited by LulzSec on Mar 10 2014 12:28pm
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#47
Mar 10 2014 12:46pm
Quote (LulzSec @ Mar 10 2014 01:30pm)
Quote (rockonkenshin @ Mar 10 2014 08:19am)
Please explain to me how the USD has no inherent value but BitCoin does? Your explanation about printing out money doesn't address the inherent value of currency at all.



The protocol has nothing to do with it's value unless you can come up with a better explanation. Tell me what about the protocol gives this currency more inherent value than any other currency.


Refer to my first post, the quote of shadyparadox, he sheds light on bitcoin value in a world of no scarce:

Quote
Bitcoin is a solution to the Byzantine Generals problem, a puzzle that had stumped computer scientists for 35 years. The proof-of-work algorithm solves the double-spending issue while maintaining decentralization, thereby creating scarcity in the otherwise non-scarce digital world for the first time. Obviously this can't be a Ponzi scheme because, well, it's decentralized and the transaction ledger is public.


Until you can understand the protocol and it's fail-safes, u cannot comment in comparison to the US $


And this, like your other posts, fails to explain why BitCoin has more inherent value than USD. It was your assertion, not mine so I would expect you to back it up with something. You are making conflicting assertions in every one of your posts as Azrad pointed out.
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#48
Mar 10 2014 01:00pm
Quote (rockonkenshin @ Mar 10 2014 10:46am)
And this, like your other posts, fails to explain why BitCoin has more inherent value than USD. It was your assertion, not mine so I would expect you to back it up with something. You are making conflicting assertions in every one of your posts as Azrad pointed out.


USD did hold scarce aka real value when we had gold/silver standard exchange, simply printing a note with nothing backing it obviously holds no scarceness, so for me to prove anything, u first need to define true value as rarity or scarceness, I cannot dance around semantics. Once this is accomplished, u then can compare USD to bitcoin.
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#49
Mar 10 2014 01:04pm
Quote (LulzSec @ Mar 10 2014 02:00pm)
USD did hold scarce aka real value when we had gold/silver standard exchange, simply printing a note with nothing backing it obviously holds no scarceness, so for me to prove anything, u first need to define true value as rarity or scarceness, I cannot dance around semantics. Once this is accomplished, u then can compare USD to bitcoin.


This is a massively simplistic view on how fiat currency works. Just because there isn't gold/silver backing a USD doesn't mean it's valueless. There are other measures of currency worth. In fact the mechanism under which bitcoin derives value from is one of the factors that US currency derives from: There is a largely held consensus about the worth of the currency in question. The difference is that USD has an entire first world government and it's citizens giving the required consensus whereas bitcoin's value comes from a consensus between people that feel bitcoin has value. One is a much smaller power than the other.

This post was edited by rockonkenshin on Mar 10 2014 01:05pm
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#50
Mar 10 2014 01:07pm
Quote (rockonkenshin @ Mar 10 2014 11:04am)
This is a massively simplistic view on how fiat currency works. Just because there isn't gold/silver backing a USD doesn't mean it's valueless. There are other measures of currency worth.


But if you can't define true value, this is just semantics, I'm trying to help u understand scarceness in a digital world, something that has never existed till recently*. You must learn the protocol to comment on comparison, is what I am repeating.

This post was edited by LulzSec on Mar 10 2014 01:07pm
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