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  1. resident_evil

    resident_evil Senator

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    We regularly are told by the purveyors of bitcoin that there are only 21,000,000 bitcoins that will ever be in circulation. That value won't be inflated away by indiscriminate printing. And yet apparently you can buy a fractional value of bitcoin and that bitcoin is "infinitely divisible".... ;0) Do you see that? ha ha

    Read more at: https://www.vanguardngr.com/2017/11/can-buy-sell-send-receive-fractions-bitcoin/
     
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    Last edited: Jan 12, 2018 at 7:16 PM
  2. Arkady

    Arkady The Departed

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    I'm not sure what your point is. How would the possibility of fractional bitcoins change the fact there can only be a fixed maximum number of total bitcoins?

    If it helps, think of it in terms of gold. There's a fixed amount of gold on earth. Yet, that gold can be effectively infinitely divided (not truly infinitely, since the irreducable size of an atom would eventually stop you, but there are so many atoms in even a billions of a gram of gold, that's a non-issue in practice). The value of a given amount of gold should not be diminished by the possibility of subdividing other units of gold, and similarly the value of a bitcoin shouldn't be diminished by the possibility of dividing bitcoins.
     
  3. Raoul_Luke

    Raoul_Luke Mayor

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    It's a ponzi scheme, but then, so is gold...
     
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  4. resident_evil

    resident_evil Senator

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    If you have an infinite number to the left of a decimal point what is the difference if you have an infinite number to the right of it?

    Difference is that gold traded at the atom level is not as trivial as trading bitcoin on a quantum computer (ha ha, do you think everybody will have a quantum computer? ;0). What happens if you want to run a world economy on bitcoin and there isn't enough bitcoin to go around? Will government price fix goods and services downward? How will you pay people in bitcoin if you don't down divide it to spread it around. Do you think that a down pressure on price is a good idea because salaries are coming from divided down bitcoin? Does bitcoin deflation sound like a good idea?

    I don't know really. I just find it very curious.
     
  5. redtide

    redtide Mayor

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    true but gold at least has some practical uses unlike the smoke and mirrors of bitcoin.
     
  6. Raoul_Luke

    Raoul_Luke Mayor

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    Somewhat, because you can wear it. But the value is completely unhinged from its utility. I recommend real estate, guns and, well, maybe drugs...
     
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  7. redtide

    redtide Mayor

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    ammo too! I am only about 7% in the stock market the rest is in Real estate. Guns too but more of a tool than an investment for me
     
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  8. PhilFish

    PhilFish Moderator Staff Member

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    Not if you own some
     
  9. resident_evil

    resident_evil Senator

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    And sell it fast to get your real money and buy real assets.
     
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  10. georgephillip

    georgephillip Governor

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    "Bitcoin vs history's biggest bubbles: They never end well"

    http://money.cnn.com/2017/12/08/investing/bitcoin-tulip-mania-bubbles-burst/index.html


    "The digital currency's massive surge this year -- it's up more than 1,400% -- has all the hallmarks of a huge speculative bubble, according to people such as Warren Buffett.

    "And if it bursts, the results are likely to be spectacular.

    "In terms of how it ends, bubble history suggests it will be with a bang, rather than a whimper," said Sharon Zoller, an economist at ANZ. 'I can't think of any reason why this time would be different.'

    "To better understand what may lie ahead, here's the lowdown on four famous financial bubbles in history..."
     
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  11. redtide

    redtide Mayor

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    only if you sell before it goes away
     
  12. PhilFish

    PhilFish Moderator Staff Member

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    Yes
     
  13. make speed limit 45

    make speed limit 45 Council Member

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    Remember this one thing about bitcoin. THERE ARE NO BARRIERS TO ENTRY. Anyone can start a cryptocurrency and hundreds of people and institutions have. So this talk about only 21 million bitcoins is crap. There will be BILLIONS.

    Yes it's all a scam. No one is "mining" bitcoin on the internet by solving math problems. It's fake news.
     
  14. Caroljo

    Caroljo Governor

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    There's a guy on FB that posts a lot about Bitcoin, and has gotten many people interested in it (no idea how many actually buy into it). He offers to send them each 1 coin, and talks about how much he's made, shows he supposed statements. I don't understand ANY of it. It all seems like a bad scheme to me. But even some sites accept bitcoins as payment now! Guess I should study up on it. From what I've heard it confusing o_O
     
  15. redtide

    redtide Mayor

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    it is smoke and mirrors just like the tulip craze in Holland several hundred years ago
     
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  16. worldlymrb

    worldlymrb Obey

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    Not as big a scam as the Federal Reserve Note.
     
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  17. PhilFish

    PhilFish Moderator Staff Member

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    One Bitcoin will cost you some $14k. Doubt some dude is handing them out on FB
     
  18. redtide

    redtide Mayor

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    true, when we were taken off the gold standard and then taken off the silver standard it was the beginning of the end. Now we are on the petrodollar standard and are forced to go to wars to keep that standard.
     
  19. resident_evil

    resident_evil Senator

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    I don't know. I've been buying my bread and butter with that note for decades now. What do you use?
     
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  20. ObamacareForever

    ObamacareForever Mayor

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    Bitcoin are not infinitely divisible. You can only divide 1 bitcoin by 100 million.
     
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