On 28/02/2018 at 12:31 AM, Don’t fear the Future said:
Bit Coins: Who made Bit Coins? Was it an individual? Was it a Government agency? Was it a Terrorist Group? No one knows do they.
How do we know the Individual or Group who made bitcoins doesn’t have the ability to supply themselves with an infinite amount of Bitcoins? (Registry hack if you will)
What really are we mining with bit coins? We are told it is x, y, and z. But is it really x,y, and z; or is it really using the publics computing power to do something else; like find passwords of your bank accounts, find back-doors into voting machines, figure out the launch codes to nukes, or how many licks it takes to get to the center of a tootsie pop?
I admit, I don’t know much about Bitcoins; but this I much know: How can anything have a value if you can’t even hold it? How can it be a currency when you cannot even prove that you earned it? How can it be a currency when it is digital, in a world where anything digital can be hacked?
Yep, you guessed it: I’m not a fan of Bitcoin. I see a lot of uncertainty there.
If someone can prove to me it is completely legit, please do so.
Until then, I agree with Bill Gates here.
You have no effing clue. Bitcoin is by definition limited in quantity. All that can fluctuate is the value. The more people try to mine it, the harder it gets to find one and fewer and fewer are left to find.
I guess someone could fork it, but that has proven not to work, repeatedly.
There are talks that someone holding the majority of a limited crypto like could do transaction signing shennaniggans, but has yet to be proven true.
You also have no effing clue about what most hacking is relying on these days. Banks should never rely on a password only, and most don’t. Voting machines need no brute forcjng since hacks have easily been found otherwise.
In essence, bitcoin is more legit than other currencies because it is not controlled by entities that can print them at will or can ask countries lkke Saudi Arabia to flood the market with a commodity that can influence the value of money of a country or a country’s competitors.
Essentially, this post has taught me,or anyone else here, anything.
There are only a finite amount of them: Yep, so we hear; so we have been told.
But how do we know there is no back-end to all of this.
Example: I used to play a game called Age of Empires. In the game, there are only a finite amount of resources.
So as you expand in the game, the resource start to become scare. For example, maybe I make 1000 pieces of wood from the forest. But the more pieces of wood I make, the less forest there is.
The wood then starts to become scarce and becomes a premium to collect.
This is the same concept of Bitcoin.
However, I could save, exit the game and proceed to the initiation file of the saved game. I could then change the value of the amount of wood I had from 1000 pieces to 1 pieces of wood. So when I started that game back up, sure enough, I had 1 pieces of wood.
Tell me why this cannot happen with Bitcoin.
The problem I have with Bitcoin is that there are so many unknowns. A currency in which computers are used to make the money from essentially nothing; just like in Age of Empires. And using this money from a essentially a “Video Game” as real currency. What also bothers me it is not knowing if their is an “initiation file” that the inventors of Bitcoin can edit to give them an infinite amount.
So, maybe, just maybe, I’m not the only one that has “No Effing Clue”.
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