Matt Damon has to science the shit out of Crypto.com...

[NoahA]

Nah, just rely on anonymous cryptocruisers. It's those strangers who got your back.

You're missing the whole point of crypto, the fact that you aren't relying on any intermediary to settle anything. The FED just creates money out of thin air. With bitcoin, miners have to mine it, and every last satoshi is accounted for.

Its not strangers that have your back, but rather the robustness of the network that 100% relies on determined rules and outcomes. It cannot be rigged, unlike everything to do with the government.

 

[GlobalMacro90]

Bitcoin is just another commodity with its value based on everybody using it. Once it's banned and cannot be exchanged to legal tender, it would have no value.

look at what the US has repeatedly said man … they have no interest in banning bitcoin. Everyday that goes by, more people (including politicians) will own it and a ban becomes even less likely

you are literally just hoping it’s banned to make ya feel better. It’s pathetic.

 

[Frederick Foresight]

The FED just creates money out of thin air.

At least that money backed by the US government.

miners have to mine it, and every last satoshi is accounted for.

Mining: solving puzzles. Yeah, makes all the sense in the world.

 

[GlobalMacro90]

At least that money backed by the US government.


Mining: solving puzzles. Yeah, makes all the sense in the world.

This hysterically shows you have no idea what’s going on and haven’t even tried to understand this

 

[Frederick Foresight]

This hysterically shows you have no idea what’s going on and haven’t even tried to understand this

Apart from social media pump and dump, how is "value" created. How does "mining" create a store of value so that it can legitimately be used as a medium of exchange? Please inform me. But keep it simple. Use baby terms so that I can follow your train of logic.

 

[deaddog]

At least that money backed by the US government.

LOL
Have you taken a close look at the government. They went broke running the Mustang Ranch.

 

[GlobalMacro90]

Apart from social media pump and dump, how is "value" created. How does "mining" create a store of value so that it can legitimately be used as a medium of exchange? Please inform me. But keep it simple. Use baby terms so that I can follow your train of logic.

There are plenty of resources to show you how the bitcoin network works. How miners validate every transactions in a block (allowing for trustless peer to peer transactions), how new bitcoin is created, how the sha256 algo works (or as you say, “solving puzzles”), etc.

im not going to sit here and explain it. It’s painfully obvious you don’t actually want to learn and you have your old ass mind made up.

 

[Frederick Foresight]

There are plenty of resources to show you how the bitcoin network works. How miners validate every transactions in a block (allowing for trustless peer to peer transactions), how new bitcoin is created, how the sha256 algo works (or as you say, “solving puzzles”), etc.

im not going to sit here and explain it. It’s painfully obvious you don’t actually want to learn and you have your old ass mind made up.

Because I cannot comprehend the basic premise: how the mining process actually creates value. Without that in place, everything else to me is just so much fluff and fold.

I don't care how miners validate transactions. I just want to know how the mining process itself creates tangible value beyond hype. Tell me in a few simple sentences. I would really like to know without having to read a book about it. Just the broad strokes in a few simple sentences. Thanks.

 

[GlobalMacro90]

Because I cannot comprehend the basic premise: that the mining process actually creates value. Without that in place, everything else to me is just fluff and fold.

I don't care how miners validate transactions. I just want to know how the mining process itself creates anything beyond hype. Tell me in a few simple sentences. Otherwise I will assume you are just following blindly.

I don’t know why I do this to myself…

Miners work to solve the sha256 algo (solve puzzles) for the right to write the next block of transactions onto the bitcoin blockchain. The transactions are then compared with the record of all other miners and node operators to make sure it is right. If a miner tries some funny business (for example saying they have bitcoin they don’t have) or won’t match the record of the thousands of other miners/node operators and will be rejected.

As Saylor says “an incorruptible bank in cyber space”

this allows for a perfect record keeping system / ledger. It allows for a network with essentially no credit risk, since you know your transaction will be validated by all network participants (as opposed to trusting the counterparty or a trusted third party)

this has several revolutionary effects, including but not limited to - allowing trustless peer to peer transactions, creating a network with built in perfect record keeping (by definition), creating a network outside the banking system that can’t be shut off, allowing for an unconfiscatable asset (bitcoin) thus giving the roughly 4 billion people living under authoritarianism property rights, and much more.

it’s a lot to wrap your mind around. Here is the catch, you need to want to learn. You need a open mind. This is a new thing, it’s challenging to learn but I certainly wouldn’t just dismiss it

I mean you could but your going to continue to miss out.

 

[deaddog]

I mean you could but your going to continue to miss out.

Everything you said makes some sense. Except for the last sentence.
It is what makes me skeptical. When I ask why I should buy, I get the answer that I'm missing a great opportunity.

The ads in the media are all about fortune favors the brave, don't be left behind, get rich quick.
If Crypto isn't going away then it will be here for a while and present opportunities in the future. I realize that I should have bought some years ago but at the same time I'm glad I didn't jump on the bandwagon last November.