Read this carefully and try to understand the magnitude of its implications.
From Wikipedia:
"Bitcoin (₿) is a cryptocurrency, a form of electronic cash. It is a decentralized digital currency without a central bank or single administrator that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries.[7]
Transactions are verified by network nodes (anyone running the bitcoin program) through cryptography and recorded in a public distributed ledger called a blockchain. Bitcoin was invented by an unknown person or group of people using the name Satoshi Nakamoto[9] and released as open-source software in 2009.[10] Bitcoins are created as a reward for a process known as mining. They can be exchanged for other currencies,[11] products, and services. Research produced by the University of Cambridge estimates that in 2017, there were 2.9 to 5.8 million unique users using a cryptocurrency wallet, most of them using bitcoin."
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[–] mf2525 0 points 1 point 1 point (+1|-0) ago
It’s so funny to me that the majority of people still believe Satoshi Nakamoto was just some fag who created the entire crypto movement...
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[–] a47y2b5598 ago
Just guessing here, but maybe bitcoin has value as a short-term lock box for cash someone is taking, or sending out of the country without the IRS knowing?
TSA won't find thousands of dollars hidden in a suitcase like they did with the Awan family if they had converted to bitcoin here, then converted it to Pakastani money when they arrived.
[–] Piroko 1 point 0 points 1 point (+1|-1) ago (edited ago)
An intangible commodity which exhibits two traits:
The problem with bitcoin is that it misinterprets the entire history of precious commodities as currency. Yeah, the African caliphates exclusively traded salt for gold, but why did they desire gold? Well, I'll tell you why they desired gold.
Since antiquity, shiny rare things have been exchangeable for sex.
....
That's it.
The basis, of all value and exchange must be found in maslow's hierarchy of needs, and the top three items in the pyramid (self-actualization, esteem, belonging) are basically just sex when we're talking about men (and safety can be dismissed as a need if doing so leads to sex).
[–] newoldwave ago
Funny money
[–] Iron_from_Ice ago
A very long term bubble that will burst eventually.