Bitcoin

[Maddog]

Rumors that the US might create a federal bitcoin reserve...

Something was already approved by the legislature ??

https://www.congress.gov/bill/118th-congress/senate-bill/4912

 

[Ruffnd]

I just hate this stuff with no backing, security and or insured. Might as well go to casino. Plus bit coin is maxed out already on coins. Notice all crooked countries over seas it all starts. I know few who last some good money awhile back. Have fun.

Bitcoin will never be “maxed out”. If my memory serves me right there is a max of 23 million bitcoin available to be mined. As they are mined the requirements to mine one doubles at certain thresholds. So they will never all be mined. Similar to cutting a unit of measurement in half again and again. You would never reach the end. Correct me if I’m wrong.

 

[Maddog]

I just hate this stuff with no backing, security and or insured. Might as well go to casino. Plus bit coin is maxed out already on coins. Notice all crooked countries over seas it all starts. I know few who last some good money awhile back. Have fun.

What backing does the US$ have?

 

[CatDaddy]

The U.S. has kicked around the idea of a Bitcoin reserve. It isn't something that's been decided on yet. Seems like a possible hack to pay down the national debt given the Bitcoin track record. Tell me when it's actually gone back to zero - it hasn't. In the past year it's increased 148%. Seems like easy money to me. Forget morals.....You think the dollar is based in morals? Let's get rid of this debt and start over. Possibly Bitcoin is the answer and we've pissed away opportunity up to this point already.

 

[Traxion]

What backing does the US$ have?

It’s all fiat currency. It’s just a matter of who you trust more.

 

[CatDaddy]

XRP!

 

[Allen]

What backing does the US$ have?

The currency of every nation is backed by its economy and eventually, the taxpayers. In some regards, that's better than having it tied to a commodity.

 

[Allen]

Bitcoin will never be “maxed out”. If my memory serves me right there is a max of 23 million bitcoin available to be mined. As they are mined the requirements to mine one doubles at certain thresholds. So they will never all be mined. Similar to cutting a unit of measurement in half again and again. You would never reach the end. Correct me if I’m wrong.

I do believe the code is effectively going to prevent the mining of the last bitcoin.

What I want to know is what happens to the bitcoin that becomes inaccessible? You know, someone dies with the keys to their bitcoin wallets, etc.

The transaction fees on this stuff will be the death of it.

 

[Sum1]

Im definitely not a crypto genius by any stretch of the imagination. What happens if people start pulling money out of etherium and Bitcoin and start putting it into coins that actually have use like XRP? It seems like this could happen and drive the price of Bitcoin much lower. Are people actually using Bitcoin for anything other than a store a wealth? Etherium is slow and expensive, I don’t see it doing much.