patrick.net

Can't you buy a fraction of a bitcoin? If so I don't know how they claim there is a finite supply. The supply is virtually limitless if you can purchase it at ever smaller fractions.

There are no physical coins. Just hashes on a server that get longer and longer. At some point computing power needed to verify transaction will be too great.

Yes Fortwayne but if your BC purchase isn't tied to a bitcoin, then it's just glorified fiat money, idinit?

It also backs up my claim about Gold backing the US dollar. I have always said when Gold is used to back the dollar. Then people hord it, but they don't break you off a piece of the Gold, they keep it for themselves and pay you in rations and coupons, redeemable at the company store.

If every bitcoin purchase isn't tied to a portion of a coin, meaning that several hundred people could own a portion of the same coin. But then how do they reconcile the worth of each fraction as the value goes up and down? Or when you make a large transaction that would require several of your unique BItcoins to process, what is the reconciliation method that says, Serial Numbers x, x and x were used in that transaction? All of x, and x were used up but you still have 40% left on the portion of what you own of the bitcoin with serial number x?

Ponder all of these questions, and you'll quickly realize what a Ponzi scheme Crypto Currency really is, and just how full of shit the whole process is.

stfu says

Can't you buy a fraction of a bitcoin? If so I don't know how they claim there is a finite supply. The supply is virtually limitless if you can purchase it at ever smaller fractions.

This. You don't have to buy a whole coin. It's based on fiat and what people "think" it's worth. It's similar to a stock split where you still have the same value, just more shares.

The tech could be beneficial in the future for transacting in real currency. But it literally is worthless as a "currency" or whatever it's being marketed as. Which is all it is. Creators of coin take all your money and run. Put this way, Bill Gates or Warren Buffet are not the richest people on the planet. There is a person behind BTC that literally could be worth a trillion from this con (not coin). This will probably go down as the biggest scam of most of our lifetimes. Bernie Madoff will be a joke in comparison.

I do think it’s fiat, could be just me, but I see it as candycrush points.

Crypto is definitely fiat currency.

"It can't be fiat, it took energy to create."

What, paper money doesn't take electricity, pulp, engraving plates, etc. to create?

It's a relief valve place for printed money to go to to die.

WookieMan says

This will probably go down as the biggest scam of most of our lifetimes.

Not even close! In just the last year we have the reaction to the CCP virus and the stolen election.

I feel like the guy that knows he has been robbed and knows who did it and is just waiting for the police to do something about it.

You can buy a hundred Satoshis from the vending machine down at your local convenience store for about 4 cents plus a $40 transaction fee.

Transaction fees must be paid in fiat dollars.

If fiat get printed at this rate, rich finds a ways to grow or preserve at best rather than losing with inflation. Crypto is one form of play though its not believable to most at this time. Paper currency, paper metals, even some bonds went through this phase.

Tenpoundbass says

Yes Fortwayne but if your BC purchase isn't tied to a bitcoin, then it's just glorified fiat money, idinit?

It also backs up my claim about Gold backing the US dollar. I have always said when Gold is used to back the dollar. Then people hord it, but they don't break you off a piece of the Gold, they keep it for themselves and pay you in rations and coupons, redeemable at the company store.

That's what happened historically. You deposit real gold, you get a banknote. You take that banknote to another bank, and they want to give you 10-15% less than the value on the banknote. You could deposit 100 Gold Florins as Count d'Monet, go to the bank later in the week, and ask for 10 back, they'd give you a bank note for 10 florins. They'd do anything, everything, not to give you just 10 physical florins back.

Silver is a bit more flexible. But with Gold, only the very Rich and Banks possessed it in any quantity.

Fiat, by definition, can be printed at will and the money supply can be manipulate. Whether you like the idea of Bitcoin or not, fiat it is not.

theoakman says

Whether you like the idea of Bitcoin or not, fiat it is not.

Fiat squared.

You spend fiat plus a fiat transaction fee to buy it and then you get fiat minus a transaction fee to sell it.

Nobody is buying pizza with it.

theoakman says

Fiat, by definition, can be printed at will and the money supply can be manipulate

Kind of like crypto's new coin offerings and hard forks?

theoakman says

Fiat, by definition, can be printed at will and the money supply can be manipulate.

If everyone is just buying Bitcoin at random quantities not equaling a full bitcoin, and the purchase is not actually tied to a serial number that is tracked in said ledger.
Then it's worse than Fiat, as nothing has to be printed. They can just keep selling bitcoin forever even if no one ever is selling any of the bitcoins they mined or bought through an exchange.
Justifying Bitcoin by saying it's different in Fiat money in that regard is just word salad, that's not what's happening in reality. They only way, and I mean the only way, it could ever be on the up and up as Bitcoiners would have you believe. Then every Bitcoin transaction would have to tie back to a verified bone fide bitcoin with a unique serial number. Even if many many people also own a chunk of that bitcoin as well. And large purchases, would require reconciling as many segment of serialized bitcoins as required.
Unless you bought a whole bitcoin before they hyper inflated or you bought one for $33K.