What is Bitcoin for?

[Justin Passing]

JD, do you have anything to contribute?

 

[Dork Lard]

I'm glad you explained why you fail to grasp the question.

Nobody invented water for a particular purpose.

The very basis of any structured society, the very moment we invented what we now call a society all those years ago..
, is based upon the need to make water safe to drink. Where water isn't safe to drink, then no society can possibly exist.

I think you are very ill in your mental health JohnD'ski, I also think you are very very stupid.

You have demonstrated that you are not open to any opinion other than that which you have already formed in your tiny little mind.

 

[transam]

AS far as I know the concept came about from some Japanese bloke ? other than that I dont have a scooby about the caper

apart from some people have made a fortune out of it

probably came about so crims like drug dealers and other such people can trade ???????????

 

[JohnD]

you are not open to any opinion other than that which you have already formed in your tiny little mind.

that's because you are a blinkered troll.

if somebody puts forward a sensible answer to the question "what are bitcoin for?" I will read it with interest.

you, however have shown yourself not only unable to provide a sensible answer, but unable even to comprehend the question.

 

[transam]

AS far as I know the concept came about from some Japanese bloke ? other than that I dont have a scooby about the caper

apart from some people have made a fortune out of it

probably came about so crims like drug dealers and other such people can trade ???????????

just had a look japanese blokes name was Nakamoto although that may well not be his real name

 

[fillyboy]

just had a look japanese blokes name was Nakamoto although that may well not be his real name

There was a Jap geezer called Ryuchi Sakamoto, he had nothing to do with crypto currencies but he wrote a couple of good tunes.

 

[motorbiking]

Lets start by breaking it down.
Bitcoin is a crypto currency.
Crypto currencies are digital currencies that use block chains to protect the integrity.
Crypto Currencies have a role to play, as do blockchains.
Other than the benefit of the chain in the block, the security is weak. They can be easily stolen and there is no audit of where the "money" has come from or goes. Even a bank note has a serial id.

JohnD is correct on 2 out of 3 of the arguments. Lots of Bitcoin transactions are used to launder money and move proceeds of crime. Digital currencies have a role to play in society. It probably wont be bitcoin.

Proceeds from Bitcoin profits are hard to spend. Lawyers are reluctant to allow them in property transfers as there are obligations regarding money laundering that cannot be satisfied. At the moment the value is based on the hype and the "value" it has to criminals as a money laundering vehicle.

 

[fillyboy]

Lets start by breaking it down.
Bitcoin is a crypto currency.
Crypto currencies are digital currencies that use block chains to protect the integrity.
Crypto Currencies have a role to play, as do blockchains.
Other than the benefit of the chain in the block, the security is weak. They can be easily stolen and there is no audit of where the "money" has come from or goes. Even a bank note has a serial id.

JohnD is correct on 2 out of 3 of the arguments. Lots of Bitcoin transactions are used to launder money and move proceeds of crime. Digital currencies have a role to play in society. It probably wont be bitcoin.

Proceeds from Bitcoin profits are hard to spend. Lawyers are reluctant to allow them in property transfers as there are obligations regarding money laundering that cannot be satisfied. At the moment the value is based on the hype and the "value" it has to criminals as a money laundering vehicle.

The term 'blockchain' confuses me and I don't understand it meaning or relevance. I might be wrong but I believe the term 'block chain' is far more recent than crypto currencies.

 

[noseall]

The term 'blockchain' confuses me and I don't understand it meaning or relevance.

Ditto. All sounds like a right load of bowlacks to me.

 

[Odds]

The President of El Salvador is investing in a project called 'Bitcoin City' where his government plans to build a new city around a volcano and use geo-thermal energy to power heating and electricity. I caught the last ten minutes of a BBC news report which appears to show how bitcoin is being used to regenerate El Salvador's economy. Apart from that project and an enclave called 'Bitcoin Beach', where real estate is being sold at inflated prices, nowhere else in the country will accept Bitcoin.
It has the appearance of an economic bubble. Entrepreneurs love it. The people do not trust it.

 

[motorbiking]

Ditto. All sounds like a right load of bowlacks to me.

Imagine bricks were a rare commodity worth thousands of pounds, but only costing a few pence to make. To stop people making fake bricks, each brick has a serial number. To stop people cloning a brick, each legitimate brick's serial number and location is stored in thousands of places, lets call that a ledger. To create a new brick requires the ledgers to be updated with the new bricks ID - adding to the chain. The ledgers are distributed and duplicated. If someone wants to create a fake brick they have to insert it in to the chain on many 1000s of ledgers. This becomes hard.

That is block chain. As crypto currencies have grown, smaller off-shoots have come about. Where the network is small, the risk of fraud increases. Those in group 1 of JohnDs list don't care about the network, they just want their digital money, which they will sell for millions. Meanwhile others are printing their own.

The term 'blockchain' confuses me and I don't understand it meaning or relevance. I might be wrong but I believe the term 'block chain' is far more recent than crypto currencies.

Bitcoin is a type of Crypto Currency. Blockchain is the technology used to create the distributed ledger that underpins the security. All digital money uses a blockchain network. Those that don't, tend to be small and insecure. Blockchain is basically a trust network.

I know bob and bob knows you, therefore with my connection to bob, I can verify you.

 

[JohnD]

JohnD is correct on 2 out of 3 of the arguments.

which statement (not argument) do you believe to be incorrect?

 

[Deleted member 292770]

Imagine bricks were a rare commodity worth thousands of pounds, but only costing a few pence to make. To stop people making fake bricks, each brick has a serial number. To stop people cloning a brick, each legitimate brick's serial number and location is stored in thousands of places, lets call that a ledger. To create a new brick requires the ledgers to be updated with the new bricks ID - adding to the chain. The ledgers are distributed and duplicated. If someone wants to create a fake brick they have to insert it in to the chain on many 1000s of ledgers. This becomes hard.

That is block chain. As crypto currencies have grown, smaller off-shoots have come about. Where the network is small, the risk of fraud increases. Those in group 1 of JohnDs list don't care about the network, they just want their digital money, which they will sell for millions. Meanwhile others are printing their own.



Bitcoin is a type of Crypto Currency. Blockchain is the technology used to create the distributed ledger that underpins the security. All digital money uses a blockchain network. Those that don't, tend to be small and insecure. Blockchain is basically a trust network.

I know bob and bob knows you, therefore with my connection to bob, I can verify you.

Are these bricks you can hold and build things with. And sell to other people who can see them , or imaginery bricks that you build imaginery houses with to sell to other people who want imaginery houses? The flaws in the crypto concept soon become blatantly obvious.

 

[motorbiking]

@Godwasaplasterer What is money, beyond a piece of paper and ink. It has value if someone will trade goods and services?
@JohnD point two and three of your Original post are fact, point one is opinion.

 

[JohnD]

point 1 might be a fact, if it's true. or it might not be a fact if that was not a conscious objective of the people wishing to use bitcoin, and just occurred as an unintended consequence.