ParkMusic Posted January 11, 2021 Share Posted January 11, 2021 Today there was news 'World’s richest man Elon Musk wants to be paid in bitcoin – yes because this monumental fraud knows it’s designed to lead to the Great Reset one-world digital currency' David Icke commented that Bitcoin is designed to lead to the Great Reset. I am confused and would be grateful if someone could explain. Thank you. Quote Link to comment Share on other sites More sharing options...
HistoryIsComplex Posted January 11, 2021 Share Posted January 11, 2021 Bitcoin is designed to get younger people hooked on screwing around with completely digital cash. Bitcoin would then be replaced with a Govt created digital currency. And physical cash as we know it would be phased out. You would be forced to use digital cash to pay for everything - even a can of softdrink. 3 Quote Link to comment Share on other sites More sharing options...
Gabriel Huber Posted January 11, 2021 Share Posted January 11, 2021 Do you think that Bitcoin and things like Apple Pay will be combined at some point? Quote Link to comment Share on other sites More sharing options...
ParkMusic Posted January 11, 2021 Author Share Posted January 11, 2021 How will Bitcoin be replaced with a Govt digital currency? I understand Bitcoin is de-centralised and this is the puzzling part. Thank you! Quote Link to comment Share on other sites More sharing options...
HistoryIsComplex Posted January 11, 2021 Share Posted January 11, 2021 You would get something like a DigitalDollar, which is government issued and regulated. Bitcoin and such would be OUTLAWED, with claims that too many CRIMINALS and TERRORISTS use it. It would be trivially easy for Govts to simply block anything to do with Bitcoin on the Internet. Decentralized won't matter when the Internet itself blocks the data transfers. 1 Quote Link to comment Share on other sites More sharing options...
Gabriel Huber Posted January 11, 2021 Share Posted January 11, 2021 1 minute ago, HistoryIsComplex said: You would get something like a DigitalDollar, which is government issued and regulated. Bitcoin and such would be OUTLAWED, with claims that too many CRIMINALS and TERRORISTS use it. It would be trivially easy for Govts to simply block anything to do with Bitcoin on the Internet. Decentralized won't matter when the Internet itself blocks the data transfers. Or they just combine Bitcoin and the DigitalDollar if somehow possible. 1 Quote Link to comment Share on other sites More sharing options...
ParkMusic Posted January 11, 2021 Author Share Posted January 11, 2021 If bitcoin is combined with Digital Dollar, will the Govt loses control since it is decentralized? Thanks. 1 Quote Link to comment Share on other sites More sharing options...
ParkMusic Posted January 11, 2021 Author Share Posted January 11, 2021 What happens to the big financial institutions who has invested in Bitcoins? Will they get the information before the bitcoin is blocked? 1 Quote Link to comment Share on other sites More sharing options...
ParkMusic Posted January 11, 2021 Author Share Posted January 11, 2021 8 minutes ago, HistoryIsComplex said: You would get something like a DigitalDollar, which is government issued and regulated. Bitcoin and such would be OUTLAWED, with claims that too many CRIMINALS and TERRORISTS use it. It would be trivially easy for Govts to simply block anything to do with Bitcoin on the Internet. Decentralized won't matter when the Internet itself blocks the data transfers. What happens to the big financial institutions who has invested in Bitcoins? Will they get the information before the bitcoin is blocked? Quote Link to comment Share on other sites More sharing options...
Guest Gone Fishing... Posted January 11, 2021 Share Posted January 11, 2021 24hr massive down turn for Cyptocurrencies.. Bitcoin and other digital coins tumbled on Monday, wiping some $190 billion from the entire cryptocurrency market. The sell-off could signal some profit-taking by investors, experts say. The value of the cryptocurrency market was $932.20 billion as of 8:10 GMT, down from $1.1 trillion a day earlier, according to Coinmarketcap. The world’s largest cryptocurrency, bitcoin, collapsed by over 17 percent from a day earlier to $34,654.39. https://www.rt.com/business/512107-crypto-market-bitcoin-losses/ Quote Link to comment Share on other sites More sharing options...
HistoryIsComplex Posted January 11, 2021 Share Posted January 11, 2021 1 hour ago, ParkMusic said: What happens to the big financial institutions who has invested in Bitcoins? Will they get the information before the bitcoin is blocked? I'm guessing that they would get 60 days to get off Bitcoin. Of course Bitcoin's value would collapse if this were announced. Quote Link to comment Share on other sites More sharing options...
ParkMusic Posted January 11, 2021 Author Share Posted January 11, 2021 28 minutes ago, HistoryIsComplex said: I'm guessing that they would get 60 days to get off Bitcoin. Of course Bitcoin's value would collapse if this were announced. I see. Of course, by selling off Bitcoins of the insiders, the price will drop. And then further drop with the news arriving... Another way to wipe off the people while getting them used to digital currency. One stone two birds. What I am still puzzled is how the govt can block bitcoin. There is always a black market. Do you mean using an entirely different internet system, which Bitcoin can not operate? Thank you. 1 Quote Link to comment Share on other sites More sharing options...
HistoryIsComplex Posted January 11, 2021 Share Posted January 11, 2021 The internet functions by little data packets going through various relays and optical fiber cables. Deep packet inspection allows these systems to detect anything Bitcoin related and simply REFUSE to pass the data packet on. In this case, you would be able to browse the web, send emails and so on. But anything Bitcoin related would give you a 'transmission error'. Bitcoin is NOT truly decentralized because the Internet can block/filter data packets. Countries that own the internet data pipes going through their territory can easily monitor these data pipes and simply weed out Bitcoin related traffic. The effect would be like trying to play a multiplayer game when none of the multiplayer servers are online. You would find that the game 'cannot connect to server'. 1 Quote Link to comment Share on other sites More sharing options...
factJack Posted January 11, 2021 Share Posted January 11, 2021 My understanding of this subject is bitcoin is a bit too clunky to be used as everyday currency. It takes about 45mins to transact and validated 3 times? Other coins are faster with more validations such as xrp. Of course btc is the pioneer and the most famous and drives the market. If mass adoption by mainstream occurs, I think bitcoins role will be as a store of value similar to an isa or something. Quote Link to comment Share on other sites More sharing options...
Mr H Posted January 11, 2021 Share Posted January 11, 2021 7 hours ago, ParkMusic said: Today there was news 'World’s richest man Elon Musk wants to be paid in bitcoin – yes because this monumental fraud knows it’s designed to lead to the Great Reset one-world digital currency' David Icke commented that Bitcoin is designed to lead to the Great Reset. I am confused and would be grateful if someone could explain. Thank you. I think there is 0 chance that bitcoin is part of the reset. Central banks will be and already have (in China) bring out their own digital currencies. 1 Quote Link to comment Share on other sites More sharing options...
HistoryIsComplex Posted January 12, 2021 Share Posted January 12, 2021 On 1/11/2021 at 9:23 PM, Mr H said: I think there is 0 chance that bitcoin is part of the reset. Central banks will be and already have (in China) bring out their own digital currencies. Bitcoin may be a ALPHA TEST of whether the time of DIGITAL CASH has come. Of course the GOVT VERSIONS won't be ANONYMOUS or DECENTRALIZED. TRACKING ALL TRANSACTIONS is a INDUSTRIAL REVOLUTION 4.0 GOAL. I'm guessing that the CLOUD was BUILT FOR THIS GOAL. Quote Link to comment Share on other sites More sharing options...
Mr H Posted January 13, 2021 Share Posted January 13, 2021 15 hours ago, HistoryIsComplex said: Bitcoin may be a ALPHA TEST of whether the time of DIGITAL CASH has come. Of course the GOVT VERSIONS won't be ANONYMOUS or DECENTRALIZED. TRACKING ALL TRANSACTIONS is a INDUSTRIAL REVOLUTION 4.0 GOAL. I'm guessing that the CLOUD was BUILT FOR THIS GOAL. I don't think so at the moment. Bitcoin at the moment is being used two fold, a) speculation b) store of value and hedge against the dollar. Very few people use bitcoin as a utility. If you look at the cyrpto stable coins, they are pretty much akin to what the formal digital currencies will be imo. Quote Link to comment Share on other sites More sharing options...
Noctua Posted January 13, 2021 Share Posted January 13, 2021 Just make sure to write your password down and stick it to the bottom of your laptop Lost Passwords Lock Millionaires Out of Their Bitcoin Fortunes – DNyuz Stefan Thomas, a German-born programmer living in San Francisco, has two guesses left to figure out a password that is worth, as of this week, about $220 million. The password will let him unlock a small hard drive, known as an IronKey, which contains the private keys to a digital wallet that holds 7,002 Bitcoin. While the price of Bitcoin dropped sharply on Monday, it is still up more than 50 percent from just a month ago when it passed its previous all-time high around $20,000. The problem is that Mr. Thomas years ago lost the paper where he wrote down the password for his IronKey, which gives users 10 guesses before it seizes up and encrypts its contents forever. He has since tried eight of his most commonly used password formulations — to no avail. Quote Link to comment Share on other sites More sharing options...
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