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/biz/ - Business & Finance

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12104298 No.12104298 [Reply] [Original]

Bitcoin is literally just a distributed, non centralized ledger where people verify other people nonsensical transactions of “currency” that only exists because the ledger exists. So the ledger basically is the currency, you can’t have a “Bitcoin” independently of the ledger we currently call Bitcoin, it’s literally nonsensical. A ledger can track who has how many dollars or gold blocks, but the ledger is not the currency, it’s just a bookkeeping tool. With cryptographic currencies, there’s no such item to even speak of, there’s no currency independent, it’s just a distributed spreadsheet that adds more made up currency to the spreadsheet every time you dump electricity into updating the ledger.

Who in the fuck fell for this shit? There’s literally nothing there, it’s all a conceptual thing, you say “Bitcoin” and you picture that orange circular coin as if it’s a physical thing you can own, but it’s literally not real, it’s literally nothing. It’s just a really long ledger accounting for a currency that only exists because the ledger exists.

>> No.12104306

bait thread? regardless i don't think you understand what the word nonsensical means.

>> No.12104316

>>12104306
It’s not bait. There’s no currency there. We’re just adding lines to a ledger trading nothing. People are literally paying thousands of dollars to get their name on a ledger.

>> No.12104320

There is no such thing as "dollars" too, OP. Those bills are a representation of your share in the ledger.

>> No.12104353

>>12104320
Yes there are, you can hold dollars. If there was no bookkeeping you could still have dollars.

>> No.12104389

>>12104316

ok then. how is it not a currency? how can someone not/never own bitcoin (provided they secure it)? you've described bitcoin but i don't buy into the negatives

>> No.12104421

>>12104298
There will always be demand for BTC at low levels let's say 5 - 10$
Your best option is to sell asap and wait for the big dip to 0,01 - 1$ and then buy as much as you can. In a couple of years who knows

>> No.12104427

Tell me more about how your fractional reserve fiat is derivatives market are any more than a ledger?

>> No.12104429

>>12104353
the "dollar" is just an idea, a piece of paper that represents the imaginary ledget

>> No.12104456

>>12104298
OP I don't think you grasp FIAT...Please read the link below, 14 pages...without ledgers FIAT would not exist

Read this by the ppl that actually 'create' money.

Notice that it is just number on a piece of paper...the dollar only has about 2% in cash...you can print your bitcoin how is this not currency?
read it carefully!
https://www.bankofengland.co.uk/-/media/boe/files/quarterly-bulletin/2014/money-creation-in-the-modern-economy

>you can’t have a “Bitcoin” independently of the ledger we currently call Bitcoin,
All fiat is debt money...with out a debt on the ledger it doesn't exist...