Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion

So you think there isn't any difference between bitcoin and a random coin

None of them remove middlemen or counter party risk, therefore have 0 fundamentals. Or to put it differently, whether you like or dislike him, Martin Armstrong defines metals as being a hedge against government. Something that doesn't remove middlemen is obviously not a hedge against government, because as I stated before, transactions are not blinded and the govt can just walk into the mining buildings and claim anyone who doesn't worship them is a terrorist and has their transactions blocked.

Entities like the G20 will obviously form such policies. This makes it a permissioned ledger or tyranny by default. What is bitcoin a hedge against? NOTHING. It operates on the govt's infrastructure and it costs virtually nothing to run a police state in the digital world like when Iran supposedly shut off access to Telegram recently. On the other hand, the cost to run a police state covering the physical planet is almost infinite orders of magnitude higher, and thus not possible.

You have no idea what you are talking about. I've sold stuff for bitcoin and bought stuff with bitcoin. It doesn't need a middleman to work.

Just because you're too stupid to know that bitcoin has built-in middlemen, doesn't mean they don't exist. They're called transaction validators, aka miners. They also demand a ransom usury fee to to allow you to spend your own money. Another permissioned ledger trait. This is why most PoW coins die when the mining reward runs out. Nobody is willing to pay the usury ransom they demanded that was subsidized by block reward (an unsustainable ponzi in practice).

If the bitcoin block reward runs out, people will simply shift over to some other coin that still has a block reward going so the miners are temporarily subsidized and they don't have to pay it, or someone will just start a new coin with block reward so the ponzi starts all over again. That is the point in which you would be forced to switch to some shoddy bullshit like proof of stake so the thing doesn't instantly collapse. But proof of stake is also useless being a closed entropy system. Checkmate metals.

Have you ever heard the Lightning Network you ignorant shit? Do you have any idea when will the block rewards run out? Do you think all the bitcoins will be mined in the next 3-4 years? Do you even understand why we are against any miner centralization? (to keep it permissionless in case you are too stupid to understand)

Now go back to school.

Quote from: mindrust on January 17, 2018, 06:37:41 AM

I hold Bitcoin because Bitcoin is a hedge against the whole banking system.

Keeping money out of baking system, being able to transfer your money no matter what. These 2 are enough to make bitcoin a thing. When I transfer money to some other country banks ask too many questions. They can seize your money for no reason. I know the Bitcoins I send will make it to the other side no matter what. I know no government can steal my money from my BTC account.

If you think these are unimportant why are you even here? Gtfo to where you came from.