Bitcoin,Bitcoin & Bitcoin... Want to really understand how bitcoin works? Here’s a gentle primer

swatkats

Skilled
The soaring price of bitcoin—the virtual currency is now worth more than $250 billion—has gotten a lot of attention in recent weeks. But the real significance of bitcoin isn't just its rising value. It's the technological breakthrough that allowed the network to exist in the first place.

Bitcoin's still anonymous inventor, who went by the pseudonym Satoshi Nakamoto, figured out a completely new way for a decentralized network to reach a consensus about a shared transaction ledger. This innovation made possible the kind of fully decentralized electronic payment systems that cypherpunks had dreamed about for decades.

As part of our recent efforts to shed light on the mechanics of the popular cryptocurrency, today we'll provide in-depth explanation of how bitcoin works, starting with the basics: how do digital signatures make digital cash possible? How did Nakamoto's invention of the blockchain solve the double-spending problem that had limited earlier digital cash efforts?

... Read more: https://arstechnica.com/tech-policy/2017/12/how-bitcoin-works/
 
Its just fools running after fools gold. Countless people will lose money in this when it gets burned to the ground by govt around the world.

I even see countless idiots on reddit saying its a virtual currency. It lost its meaning of currency when it does not have a base value and the price keeps rising. Plus all the hurdles one has to buy this or save this. Wallet changing address the moment you take or put anything into it does not help too. They say its for security. But its just hog wash. They just chaged the target thats all. Its like changing your physical wallet every time you take or put money into it and saying its more secure. I don't understand that logic one bit.
 
Its just fools running after fools gold. Countless people will lose money in this when it gets burned to the ground by govt around the world.

I even see countless idiots on reddit saying its a virtual currency. It lost its meaning of currency when it does not have a base value and the price keeps rising. Plus all the hurdles one has to buy this or save this. Wallet changing address the moment you take or put anything into it does not help too. They say its for security. But its just hog wash. They just chaged the target thats all. Its like changing your physical wallet every time you take or put money into it and saying its more secure. I don't understand that logic one bit.

It would have burned IF Controlled by Govt.

which is not the case here
 
Its just fools running after fools gold.

Bitcoin and all other altcoins are an elaborate and controlled scheme by private banks to eventually introduce a one world currency. That being said it isn't foolish to make money if you understand how it works as long as you don't get too greedy and know when to pull out of the market.

Countless people will lose money in this when it gets burned to the ground by govt around the world.

Indeed, but it's not going to happen until mid 2018 at least and won't be burned by governments, maybe our own govt. yes but what doesn't our govt. like to burn anyways lol.
Also, once Russia/China release their gold backed cryptos they've been working on for the last 2 years the current crypto market will go poof along with the US economy.

It lost its meaning of currency when it does not have a base value and the price keeps rising.

Just like fiat then, INR value keeps increasing or decreasing against the USD which again is pretty much backed by bonds issued against debt owed to the Federal Reserve, debt that can never be paid off at this point so it's already a ponzi scheme we have all agreed to.
All fiat currency is worthless anyways because they aren't backed by gold or silver which is pretty much all fiat.
In that sense cryptos are the pinnacle of fiat currency, at least with fiat you can hold a piece of paper or metal, here you don't even have that lol.

Wallet changing address the moment you take or put anything into it does not help too.

Depends on what service/wallet you're using, in fact what you're saying is an exception, most wallets don't work like that apart from some exchanges maybe.

It would have burned IF Controlled by Govt.
which is not the case here

But they can shut down exchanges and criminalize its use, having ones and zeros in digital wallets is of no use if you cannot use it anywhere or exchange for cash.
BTC value especially is already rigged, just google BTC tether and BTC futures. It's a casino for the super rich at this point and they'll take it much higher before they bring it down.
 
Scary... So you also believe that federal reserve of USA controlled by elites?

Absolutely, in fact the Federal Reserve act was signed by the traitor Woodrow Wilson in 1913 after several failed attempts by the bankers over decades. From there on out the FD has only tightened its grip over the US through the great depression and other multiple and planned economic collapses engineered by the bankers. It's also Federal only in name just to confuse the masses, it's more of a private institution owned by banks that have shareholders that the US govt. has little control over.

Once you have control of the money supply anything becomes possible, they also got Nixon to move away from the gold standard enabling them to print an infinite supply backed by nothing. The last individual to go up against these people was JFK who wanted to return to the gold standard as well as restructure the FD, we all know how that ended for him.
Now we have Donald Trump whose cabinet is filled with ex Goldman Sachs executives and he's gone and done the same thing by increasing the defense budget by another 150 billion dollars while continuing these mindless wars in the middle east.
These moves are going to continue to hurt and bankrupt the US economy, their national debt has already crossed 20 trillion dollars which is the big elephant in the room.

Cryptos are just another trap by the bankers that people are falling into, they are enticing more people to jump in by providing high gains in a short period of time to the point where people in the US are taking out mortgages to buy cryptos.
What exactly is the goal ? Total power and control, there's going to be another US financial collapse in the near future bigger than the dotcom bubble and the 2008 sub-prime crisis and they'll use that as an excuse to roll out the new currency.
They spun a fake story regarding the non existent Satoshi Nakamoto to sell the idea that it's a legit attempt to provide a decentralised alternative to the Central banking system that people are fed up of.

I've held multiple cryptos and tokens over the last couple of years and I cannot shake off the feeling that it's just a fragmented beta test that people have unconsciously become a part of. Gotta hand it to these people though, not only are they testing their final product for free, they are also capitalizing by pumping and dumping their massive amounts of cryptos time and again.

Newer cryptos are being launched continuously and each new iteration seems to improve one thing or another over its predecessor, in that way Bitcoin is really version 0.1 and inferior to a lot of the others but it's worth more just because it has become a recognizable brand.
There's good money to be made if you can read the warning signs but one should proceed with caution.

This is a magazine cover from an issue of The Economist from 1988. The phoenix is rising from the ashes of other currencies, the 10 represents binary digits and the year is 2018.

Zf42HUy.jpg
 
Absolutely, in fact the Federal Reserve act was signed by the traitor Woodrow Wilson in 1913 after several failed attempts by the bankers over decades. From there on out the FD has only tightened its grip over the US through the great depression and other multiple and planned economic collapses engineered by the bankers. It's also Federal only in name just to confuse the masses, it's more of a private institution owned by banks that have shareholders that the US govt. has little control over.

Once you have control of the money supply anything becomes possible, they also got Nixon to move away from the gold standard enabling them to print an infinite supply backed by nothing. The last individual to go up against these people was JFK who wanted to return to the gold standard as well as restructure the FD, we all know how that ended for him.
Now we have Donald Trump whose cabinet is filled with ex Goldman Sachs executives and he's gone and done the same thing by increasing the defense budget by another 150 billion dollars while continuing these mindless wars in the middle east.
These moves are going to continue to hurt and bankrupt the US economy, their national debt has already crossed 20 trillion dollars which is the big elephant in the room.

Cryptos are just another trap by the bankers that people are falling into, they are enticing more people to jump in by providing high gains in a short period of time to the point where people in the US are taking out mortgages to buy cryptos.
What exactly is the goal ? Total power and control, there's going to be another US financial collapse in the near future bigger than the dotcom bubble and the 2008 sub-prime crisis and they'll use that as an excuse to roll out the new currency.
They spun a fake story regarding the non existent Satoshi Nakamoto to sell the idea that it's a legit attempt to provide a decentralised alternative to the Central banking system that people are fed up of.

I've held multiple cryptos and tokens over the last couple of years and I cannot shake off the feeling that it's just a fragmented beta test that people have unconsciously become a part of. Gotta hand it to these people though, not only are they testing their final product for free, they are also capitalizing by pumping and dumping their massive amounts of cryptos time and again.

Newer cryptos are being launched continuously and each new iteration seems to improve one thing or another over its predecessor, in that way Bitcoin is really version 0.1 and inferior to a lot of the others but it's worth more just because it has become a recognizable brand.
There's good money to be made if you can read the warning signs but one should proceed with caution.

This is a magazine cover from an issue of The Economist from 1988. The phoenix is rising from the ashes of other currencies, the 10 represents binary digits and the year is 2018.

Zf42HUy.jpg
I did expect a world currency. But I never thought crypto currency is a disguised demon. I even thought crypto currency will challenge the "new world order'... From where you got the idea, /information, that this is the initiative by elites group... Absolute eye opener..!! So what do you think about investing in MUTUAL FUNDS? is it safe for 2018? I think gold is the best way of investing
 
I even thought crypto currency will challenge the "new world order'.

I wanted this to be true for several years but I always had my reservations, It was only until the start of this year when things started to get a bit ridiculous with its meteoric rise that I began to believe it's not what it's portrayed to be. In fact it jumped from 5k$ to 15$ in just 3 months. You know what they say, If it sounds too good to be true, it probably is.
Also by diversifying into multiple cryptos and tokens I was kinda able to figure out what is actually going on.
Here are some other cryptos and tokens, just take a look at their websites ( Zcash, Ripple, Humaniq, Cardano, Tron, NEM, IOTA, QTUM, Komodo, Neo, Verge, EOS, NXT), they offer more or less the same thing over each other and that's just scratching the surface, there are at least 300 and more in development and circulation as you can see here.

From where you got the idea, /information, that this is the initiative by elites group

I've always been a bit of a conspiracy theorist but I don't base my beliefs on youtube videos, more like news articles, history, current geopolitics and a bit of common sense. If people aren't too distracted they too will clearly realize that cryptos are an elaborate scam but currently they are too many people blinded by the opportunity to double their money.
I've been following BTC since the very beginning and these people have been making moves over the years that are meant to convince people of its legitimacy when in reality it's just controlled opposition.
Moves that are made to make it appear as if there's an effort to sabotage BTC, they do this by trying to make fundamental changes that leave the dev community divided and eventually end up resulting in hard forks which have already led to the creation of Bitcoin Gold and Bitcoin Cash, also CEO's of big banks come out quite frequently criticizing cryptos which leaves an impression amongst people that maybe BTC is legitimate after all.

This non existent Satoshi Nakamoto owns around a million bitcoins that have been lying unmoved in dormant addresses since years, bitcoins that are worth almost 20 billion dollars by today's exchange rates. There are also other addresses with significant amounts of bitcoin that haven't been moved in years.
If those coins start moving it'll probably rattle the entire market but I don't see them moving until price per BTC goes up significantly higher.
Another red flag is the SHA-2 hash functions that Bitcoin utilizes, these hash functions were designed by the NSA, anyone with half a brain should know by now that if a US alphabet agency is associated with something, nothing good will ever come out of it. Maybe they already have an exploit and waiting for the right time to unleash it on the network.

Here's how I think this will play out :
- Sell the idea that it's a legitimate alternative by attacking it from all directions.
- Make people believe that it's an organic movement against big banks.
- Pump the bitcoin value to attract more attention. (we are currently between this phase and the next).
- Bring it into the mainstream so that people who are desperate for money go all in by taking mortgages and loans.
- Encourage people to hold their coins instead of selling it off which continues the pyramid scheme by selling people false dreams of becoming millionaires.
- Pull the plug by unleashing the exploit or by co-ordinating and dumping the value of BTC by triggering a massive sell off by the people holding large amounts.
- Exchanges (some of which already engage in shady behavior) go down during the panic sell off providing an exit route only for the perpetrators.
- BTC value tanks to a fraction of what it was, people lose all their savings and borrowed funds and cannot pay back the loans leading to another financial crisis just like the one in 2008 when people with poor credit ratings were allowed to take huge mortgages leading to the housing bubble.
- Banks cover up all their frauds over the years once again and get to blame it all on cryptos which was the fall guy all along.
- Some irrelevant executives get thrown under the bus with only a slap on the wrist.
- Banks get bailed out by the US govt. once again.
- Govt. also comes out with strict laws and regulations banning any and all cryptos citing existential threats to economies.
- Banks themselves offer a solution and introduce a new currency, they will thus have solidified their grip even further and also quashed the rise of any potential alternatives for good.

They're laying the groundwork already - https://www.rt.com/usa/413411-trillions-dollars-missing-research/

I think gold is the best way of investing

Correct, gold and silver are the only things that have real value.
Reminds me of this quote - "Gold is the money of kings, silver is the money of gentlemen, barter is the money of peasants – but debt is the money of slaves."
 
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Govt warns against bitcoin trading, equates virtual currencies with ponzi schemes


“There has been a phenomenal increase in recent times in the price of Virtual ‘Currencies’ (VCs) including Bitcoin, in India and globally. The VCs don’t have any intrinsic value and are not backed by any kind of assets. The price of Bitcoin and other VCs therefore is entirely a matter of mere speculation resulting in spurt and volatility in their prices,” the ministry said in a statement.
The finance ministry warned that there is a real and heightened risk of investment bubble in VCs of the type seen in ponzi schemes which can result in sudden and prolonged crash exposing investors, especially retail consumers losing their hard-earned money. “Consumers need to be alert and extremely cautious as to avoid getting trapped in such Ponzi schemes,”
 
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