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I would like to hear your thoughts on John Mcafee. Do you respect him and do you believe he has done more harm or good for the crypto world?
i dont care what he says, he is just one of those americans that used the central bank of the united states to get rich.
John Mcafee is not an American he was born in the United Kingdom.
Re: Dr.Craig Wright talking about the end of bitcoin next year. [No FUD here]
Craig Wright is a Psychopath. He displays all the classic symptoms. He uses fear to manipulate peoples emotions to get what he wants. I wouldn't be caught supporting anything this person is associated with.
He basically said, if I cannot get "my" version of BCH I am willing to take everything down - SAMSON OPTION
https://en.wikipedia.org/wiki/Samson_Option
Pretty sure mental institutions are full of people who made similar threats and did not have nuclear submarines for self protection LOL
And that is why I would not want to own BCHSV, even if it wins the hashwar, because I would never feel safe. If he is successful now, he can do anything to BCHSV in the future. Blacklisting, freezing, enforce KYC, haircut, risk of going to zero in a mad hashwar, ?,?,? ........ really the idea of investing into a CSW coin gives me the willies, literally
He's also filing patents for his version of the block chain and lawyering up to sue anyone he can. He is trying to take over and control BCH by force and call himself the creator of the true bitcoin. If you take a look at his twitter posts you can clearly see this person is an angry hate filled psychopath. After watching his BBC interview I don't understand how anyone can get behind this guy. He is clearly a lier, angry, and evil. He is one of the most unlikeable people I have ever seen.
https://www.youtube.com/watch?v=5DCAC1j2HTY
Psychopathy: Symptoms, Signs and Causes
1. Superficial charm and glibness
2. Inflated sense of self-worth
3. Constant need for stimulation
4. Lying pathologically
5. Conning others; being manipulative
6. Lack of remorse or guilt
7. Shallow emotions
8. Callousness; lack of empathy
9. Using others (a parasitic lifestyle)
10. Poor control over behavior
11. Promiscuous sexual behavior
12. Behavioral problems early in life
13. Lack of realistic, long-term goals
14. Being impulsive
15. Being irresponsible
16. Blaming others and refusing to accept responsibility
17. Having several marital relationships
18. Delinquency when young
19. Revocation of conditional release
20. Criminal acts in several realms (criminal versatility)
He checks off just about every thing on this list.
Re: Dr.Craig Wright talking about the end of bitcoin next year. [No FUD here]
Craig Wright is a Psychopath. He displays all the classic symptoms. He uses fear to manipulate peoples emotions to get what he wants. I wouldn't be caught supporting anything this person is associated with.
The greed of miners is causing serious problems for the Earth's climate. The amount of electricity supplied to the mining plant is enormous. We need new solutions to minimize this. Perhaps the plant operators should look for green energy sources to protect the environment and reduce pollution.
Again 1/10th of 1% of the worlds electricity is not something to worry about and is not causing any type of temperature change on this planet.
That's not a low amount when we consider the costs and the effects it can have on environment.
BS what exactly is the effect and cost of 1/10th of 1% of electricity on the planet? Exactly how much does that raise the temperature of the earth by?
The greed of miners is causing serious problems for the Earth's climate. The amount of electricity supplied to the mining plant is enormous. We need new solutions to minimize this. Perhaps the plant operators should look for green energy sources to protect the environment and reduce pollution.
Again 1/10th of 1% of the worlds electricity is not something to worry about and is not causing any type of temperature change on this planet.
Global warming is mostly a leftest political ideology and there is plenty of fake news out there about it. There is also a lot of evidence suggesting we are heading the opposite direction towards another ice age cycle.
Bitcoin mining is seriously impacting the environment as the Bitcoin price increase has increased the demand for electricity to exploit the world's largest electronic money. Bitcoin's performance is much better than regular e-commerce. This is partly due to the fact that the price of the Cryptocurrency is directly affected by the amount of electricity used to mine it. 77 KWH is the minimum power for a virtual currency transaction. In addition to energy consumption, Bitcoin also has a significant impact on the environment because of carbon emissions. According to data obtained from a Bitcoin mining facility in Mongolia. When mining a BTC, this facility will emit about 8,000 to 13,000 kilograms of carbon dioxide, nearly 24,000 to 40,000 kilograms of CO2 for one hour of mining. Thus, on the road to becoming the most valuable currency and payment system. Credible decentralization, BTC is challenging the increasingly scarce and seriously damaged energy sources.
1/10th of 1% of the worlds electricity is not a concern. It is laughable that anyone is even concerned about this.
Anyone that believes global warming is a man made phenomenon doesn't understand what the earth has went through for the last 300,000 years. I would recommend watching Joe Rogans podcast episode 606 with Randall Carlson who is someone that knows what they are talking about when it comes to climate change. The greenland ice core project proves global warming is BS. Global warming is just a political ideology. Big business and lots of money.
Bitcoin is not just an abstract number it means something. The same way a math problem is not just an abstract number. It has information attached to it. In this since it can be a utility also.
In the bitcoin world, when you transfer your dollars, goods or services to someone all that has happened is numerical marking of the transfer. That is all. After the transfer you didn't become the owner of some right, claim, good, service, etc., but a visible trace is created in the database that you gave something for nothing. In the real world, when you transfer your dollars, goods or services to someone, this can also be marked numerically, for accounting/bookkeeping purposes for e.g., but you will also receive something of the same kind in return - euros, rights, claims, goods, services, etc.
So the only information attached to bitcoin is mark of the fact that you gave something of value and received nothing in return.
The transaction contains information. When you transfer bitcoin you are the owner of that information. Information itself can be valuable and also a utility.
If you buy or earn BTC and sell it for fiat you are suppose to pay tax on the profit even though the majority of people do not. If you earn BTC and pay for stuff in BTC how can this ever be taxed when it is not converted to fiat? BTC is only taxable when turned back into fiat. On top of that if you use a privacy coin like xmr, dash, ect. like you mentioned these are completely invisible on both ends of the transaction and there is almost nothing that can be done. Even if people used a non privacy based coin and everyone did it there is really nothing anyone can do to stop it. The manpower simply does not exist to handle a situation like this. It is like trying to stop the internet itself. A police officer can not stand on every corner in the world.
From any country in the world you can open a bitcoin wallet located on a computer in any other country in the world using a tor browser and send that bitcoin to a wallet on a computer in any other country in the world. It can not be stopped or regulated. It is the people that have the power not the governments. This is also exactly why bitcoin was created in the first place, to be an alternative way of doing things and give the financial power back to the people not banks, big business and governments.
Actually, if someone earns BTC and are a US citizen, that person is supposed to pay income tax on it. Also, if someone purchases goods or services with a cryptocurrency, that person is responsible for any capital gains tax that may be due. Depending on what the BTC was worth when someone acquired it, that person could also claim a capital loss as well. Also, it is true that privacy coins are rather obfuscated when checking the blockchain. However, if someone is purchasing goods over the internet, the records on where they will be shipping the goods will not be anonymous.
The chances are pretty good that a person can get away without paying taxes. Also, the guidance is scant and the recording requirements are ridiculous. Chances are pretty good that if a person at least made the effort to pay their taxes on their cyrptocurrency transactions, the government will probably be forgiving if it wasn't perfect. However, if someone makes no effort at all to pay the taxes, they stand the risk of being one of the unlucky few that the government will make an example out of. If someone wants to take the small chance of living in back taxes hell, that is up to them. The government could literally take the shirt off someone's back if they wanted. Furthermore, they could take it a step further and take away that person's freedom after convicting them of tax evasion.
This is a little off topic and maybe I am wrong about that fact but I think if two people use xmr as a payment in a private party sale its going to be hard to get taxes from that. I also find it ironic that the government would throw someone in jail for not paying taxes on something another person says is just an arbitrary number and has zero value.
This is true, and I think BTC probably can only achieve a high dollar value if everyone starts using it. The more people that find use for it the higher the dollar value will be.
I think some things might change moving forward in the future for this to happen. If people realize that they do not have to pay income taxes if they get paid in BTC this might be a strong incentive for more people to want to get paid in BTC. The easier it becomes to pay for things with BTC the more people might use it. The most convent way I have seen people actually use BTC to pay for things is by loading BTC onto a prepaid credit card and use it just like any other card to fill their gas tanks or buy groceries ect.. but I think online shopping is where it will really thrive in the future. I think this will be a gradual change in the future as more people use it the volatility will gradually change also.
I live in the US and you are expected to pay taxes on your Bitcoin earnings. True, you may fly under the radar for your whole life. Much like people who work by getting paid under the table get away with it. However, if you get caught, prepare to have the government extract their pound of flesh from you. You can increase your chances by using an anonymous coin like XMR or ZEC. However, if you are buying goods and services or exchanging them for fiat, there is a good chance there will be a record of the transaction that isn't anonymous. I suppose you can uproot yourself and find a jurisdiction that won't tax you. However, how many people are really interested in moving to these jurisdictions? There is also going and living on a seastead.
If you buy or earn BTC and sell it for fiat you are suppose to pay tax on the profit even though the majority of people do not. If you earn BTC and pay for stuff in BTC how can this ever be taxed when it is not converted to fiat? BTC is only taxable when turned back into fiat. On top of that if you use a privacy coin like xmr, dash, ect. like you mentioned these are completely invisible on both ends of the transaction and there is almost nothing that can be done. Even if people used a non privacy based coin and everyone did it there is really nothing anyone can do to stop it. The manpower simply does not exist to handle a situation like this. It is like trying to stop the internet itself. A police officer can not stand on every corner in the world.
From any country in the world you can open a bitcoin wallet located on a computer in any other country in the world using a tor browser and send that bitcoin to a wallet on a computer in any other country in the world. It can not be stopped or regulated. It is the people that have the power not the governments. This is also exactly why bitcoin was created in the first place, to be an alternative way of doing things and give the financial power back to the people not banks, big business and governments.
Bitcoin always has a value the 0. The current value is the result of the development that Bitcoin has experienced over time. Bitcoin continues to grow and is accepted by many traders and investors as the real value of Bitcoin, and everyone agrees with that value.
Apparently there is not much "agreement" since the BTC market is highly volatile. However, the fixed supply is "supposed" to mitigate this. Only time will tell if this actually continues to work. I'm still a skeptic. That's why I currently own less than 1 BTC and a few shitcoins.
I think that BTC is currently like a small raft floating in the ocean, as the ship grows larger the waves will have less effect on it. I can imagine if BTC ever grew to 200k or 300k and jumped up and down by 5k every day it would be a lot less volatile. But you are correct only time will tell.
No, the only way BTC will get less volatile is if it actually starts having a real economy develop using it. Right now, only a few get paid in BTC for their work and can purchase all of their wants and needs with BTC. Even many people who manage to cover most of their expenses with BTC alone, actually rely on some method which converts the BTC to fiat. I am not convinced that BTC can really sustain an actual economy. Since it is limited in supply, this encourages hoarding. If too many people HODL, that is not much money flowing and makes for a poor economy. BCH and Lightning network claim to solves this by making the scaling better. However, if you just build bigger pipes, but you only have a trickle worth of water; you are still going to get only a trickle.
This is true, and I think BTC probably can only achieve a high dollar value if everyone starts using it. The more people that find use for it the higher the dollar value will be.
I think some things might change moving forward in the future for this to happen. If people realize that they do not have to pay income taxes if they get paid in BTC this might be a strong incentive for more people to want to get paid in BTC. The easier it becomes to pay for things with BTC the more people might use it. The most convent way I have seen people actually use BTC to pay for things is by loading BTC onto a prepaid credit card and use it just like any other card to fill their gas tanks or buy groceries ect.. as you say turn it back into fiat but I think online shopping is where it will really thrive in the future. I think there will be a future where we may not solely rely on cryptocurrency but there maybe a balance between crypto and fiat. I think this will be a gradual change in the future as more people use it the volatility will gradually change also.
Bitcoin always has a value the 0. The current value is the result of the development that Bitcoin has experienced over time. Bitcoin continues to grow and is accepted by many traders and investors as the real value of Bitcoin, and everyone agrees with that value.
Apparently there is not much "agreement" since the BTC market is highly volatile. However, the fixed supply is "supposed" to mitigate this. Only time will tell if this actually continues to work. I'm still a skeptic. That's why I currently own less than 1 BTC and a few shitcoins.
I think that BTC is currently like a small raft floating in the ocean, as the ship grows larger the waves will have less effect on it. I can imagine if BTC ever grew to 200k or 300k and jumped up and down by 5k every day it would be a lot less volatile. But you are correct only time will tell.
Bitcoin is not just an abstract number it means something. The same way a math problem is not just an abstract number. It has information attached to it. In this since it can be a utility also.
Value of everything is subjective not objective. The value is zero to some people and a lot to others it depends on who you ask. Everything is only worth what someone else will give you for it and true value is only determined at that moment.
Bitcoin value depends on the demand. When the number of people, who want to invest in this cryptocurrency grows, BTC price is going up, and as I see, vice versa.
This is true. The point I am trying to make is some people do not even know or understand what bitcoin is to these people it is worth zero. People that have use for bitcoin and understand what it is the value is different.
Personally I think the value should be equal to or greater then the cost to mine it. Some of the cheapest electrical rates in the USA are around .08 per kWh for homes. At this price for electricity it takes some substantial investment in equipment, a bit of time (months), and over $5000 in energy costs to mine 1 bitcoin. Most industrial mining operations pay roughly .02 - .06 per kWh. Bitcoin has historically traded for roughly 2.5 times the mining cost. Why would someone invest lots of money for equipment to mine, spend months of their time working on it and sell it for less then the cost to mine it. That wouldn't make since. I feel that the market is very under valued currently.
⭐ Merited by pawel7777 (2)
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I have heard that bitcoin has no intrinsic value countless times from naysayers but I don't think that is the case. Correct me if I am wrong but the bitcoins that are printed on paper that come out of those bitcoin atm machines with the qr code on them have every bit of intrinsic value as paper money has. As in you can use them to write on, or start a fire with ect.. matter of fact you can just carve a wallet address or put a qr code on anything you want like a bar of gold or like those physical bitcoins they sell that you can load the amount of BTC you want on it. Bitcoin does not have intrinsic value because it doesn't need to have it but anyone can give bitcoin intrinsic value by turning it into something physical they can hold if they want to.
I have heard that bitcoin has no intrinsic value countless times from naysayers but I don't think that is the case. Correct me if I am wrong but the bitcoins that are printed on paper that come out of those bitcoin atm machines with the qr code on them have every bit of intrinsic value as paper money has. As in you can use them to write on, or start a fire with ect.. matter of fact you can just carve a wallet address or put a qr code on anything you want like a bar of gold or like those physical bitcoins they sell that you can load the amount of BTC you want on it. Bitcoin does not have intrinsic value because it doesn't need to have it but anyone can give bitcoin intrinsic value by turning it into something physical they can hold if they want to.
I prefer different argument - What if some wealthy, trusted person/entity publicly and legally obligated themselves to "back" Bitcoin by exchanging 1 paperclip for 1 BTC on demand, disregard of the $ price. Now, by law, every bitcoin effectively have intrinsic value.
What would it change in practice? Perfectly nothing. Significance of intrinsic value is widely overrated.
Alternatively you could argue that the Bitcoin network (with its ability to transfer bitcoins, send messages, files, verify signatures etc) has its own intrinsic value. But to me, it makes no difference.
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But what does he get with the 5-6 pages of replies on his thread? His inner satisfactory and that's it?
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But what does he get with the 5-6 pages of replies on his thread? His inner satisfactory and that's it?
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Could be a 'trolling' satisfaction. Could be a 'bear' trying to make his little impact in driving the price down. But if he starts a topic, shows some engagement, then go quiet, just to start same topic wrapped in different words - then I have my doubts about his intentions.
I agree 100% I do not think intrinsic value is what makes something inherently valuable. I have come across several people like the op and it seems that most of their entire argument rests upon this point and it is the cornerstone of their belief. My point is bitcoin doesn't have intrinsic value or need it to be valuable but it can have it. They don't seem to realize this fact. And yes I agree it makes no difference in this case.
These people seem to talk about stuff they don't really know or understand. They claim to know how economics work and what has value so that gives them an authority on the subject but they never sent a bitcoin to a wallet address.
Sadly I would probably feel better if this was a troll or a bear because that would make a lot more since. The truth is there are people that feel this way and the only thing I can relate these absurd statements that they make to is higher education.
It seems that most of the people I encounter with this type of arrogance are people that have spent their entire life in school. They go to school for 17 years then they become a teacher and stay in school for another 20 or 40 years and the next thing you know they have spent their entire life in the system and have no other vision of what society is. They can't relate. They think they are somehow morally superior to people that have not spent 30+ years in school. These people are highly dogmatic. They seem to like to tell other people how uneducated they are because they spent enormous amounts of their time and energy in school and it would seem that their life would be a waist if they didn't use their intelligence to show the world how smart they are and how dumb almost everyone else is. This is just how I see it.
These people always seem to align themselves with an ideology but the ideology ends up defining who they are instead of the other way around. They cease to be an individual and become group think. They seem to latch onto anything anyone else says that furthers their cause. Almost like a anti bitcoin religion. They are never wrong about anything, although this guy surprised me when he changed his mind from value being objective to subjective.
What I have also found is that these type of people seem to be very elitist and try to speak for everyone on their behalf but they let others define themselves and for some reason they care about how they are defined it's absolutely ridiculousness.
There are people that don't have to prove anything to theirselfs and there are people that need to prove something to theirselfs. This guy is the later he is a farce.
⭐ Merited by bones261 (1)
I think there's no proof that Bitcoin has zero value, how can be a great coin become have no value if many people are still want to buy this coin
If no one wants to
The OP didn't really make that distinction from the start. Now that the issue is intrinsic value, I'd agree. Bitcoin has no intrinsic value. Satoshi himself made that point in his early postings. What the market uses as money never boils down to its intrinsic value.
Whether it has value is another matter entirely. That determination is up to the market.
It appears the OP will never get it. Therefore, we will never have the time to explain it to him.
I suppose we all can try though. 
I couldn't care less about the op or trying to change his mind. My concern with the op is his arrogance and trying to spread his garbage way of thinking onto other people because that is just sad and sad people try to spread their sadness to everyone around them. I would only hope people in the future do not buy what this person is saying when they read it. Half truths are not whole truths. Think for yourself.