What Backs Bitcoin CryptoCoins Info Club

What backs Bitcoin?

I know other investments are backed by securities (i.e. liquid assets). With bitcoin the only thing I see backing the currency is the value people put into it (speculation). My question is how does Bitcoin amass value without it being based on something?
submitted by Ace_Marine to Bitcoin [link] [comments]

WHAT BACKS BITCOIN?

submitted by evenfound to EVEN_Foundation [link] [comments]

What backs Bitcoin? (very amateur opinions inside that may go nowhere)

It has been said that Bitcoin is backed by math. Opinions may differ on the value of that math but to sum it up... Bitcoin backs up its self with its own properties and its own characteristics.
What backs up USA dollars? Dollars are created by a bank when it assesses a borrowers ability to pay back the dollars to be lent and then lends those dollars. The loan is a promise by the borrower to pay it back. How does one obtain dollars in order to pay back the loan? One usually works to obtain dollars or one may find a way to use other peoples work to pay back the loan.
So dollars are work. Dollars are backed by a promise to do work. Work is a useful product and when you can have work performed only your imagination and the laws of reality are your limits. Truely valueable indeed.
Possessing dollars allows one to determine what type of work will be done by the worker in order for the worker to obtain the dollars. The bank accepts dollars as loan repayment not work. Thus the possessor of the dollars can choose to pay someone to work towards a cancer cure or pay someone to create an exciting movie.
Why should one want to perform work? Motivations such as hunger, shelter, entertainment, and the ability to provide these things to loved ones are te reasons why. Also the repay the debt.
At this moment I lack in none of these motivations die to my tiny taste of money from selling of some of my small amount of Bitcoin. Thank you newcomers! As a result my motivation to perform work for these things is greatly diminished at the present moment. Thus I am performing no work. Money or at least the amount of money that I could obtain by performing work is of little motivation to me. Money has become worthless to me and has no value.
Without motivations money has no value and is worthless. Motivations provide value to money. What are motivations again? Food, shelter, entertainment, and the ability to provide these things to loved ones. So motivations to work are a lack of these things.
What are a lack of these things? Misery and suffering are what result from a lack of these things. Thus the value of money depends on varying degrees of misery and sufering. For without misery and suffering there is no motivation.
At best a balance can be achieved but certain amounts of misery and suffering can never be eliminated.
Possible solutions. 1. An automated workforce which does all of the work shifting the need for motivation to the machines. 2. Change the humans in some way so that they are not afflicted by the motivations. 3. Accept the balance. Accept some misery and suffering.
Currently some might argue that misery and suffering are unevenly distributed among humanity.
Do we really want Bitcoin to be money? Being money entails misery and suffering.
So what backs Bitcoin? At present Bitcoin is not backed by a promise to perform future work such as dollars are. Bitcoin is entirely dependant on its own properties for its value.
What are the properties of Bitcoin?
weightless, invisible, has no volume, very hard to steal, and can be sent around the world in minutes in large or tiny quantities
Even someone in the middle of nowhere beyond the reach of the internet can still recieve Bitcoin. They can hash their own address and key on paper, send some product of work out with the public address and recieve Bitcoin to it.
Im done ive got nothing and might never had had anything to begin with.
submitted by attemptno452 to Bitcoin [link] [comments]

What backs Bitcoin? (very amateur opinions inside that may go nowhere) /r/Bitcoin

What backs Bitcoin? (very amateur opinions inside that may go nowhere) /Bitcoin submitted by BitcoinAllBot to BitcoinAll [link] [comments]

[uncensored-r/Bitcoin] What backs Bitcoin?

The following post by Ace_Marine is being replicated because some comments within the post(but not the post itself) have been silently removed.
The original post can be found(in censored form) at this link:
np.reddit.com/ Bitcoin/comments/7i0q0z
The original post's content was as follows:
I know other investments are backed by securities (i.e. liquid assets). With bitcoin the only thing I see backing the currency is the value people put into it (speculation). My question is how does Bitcoin amass value without it being based on something?
submitted by censorship_notifier to noncensored_bitcoin [link] [comments]

A simple answer when people ask you what backs bitcoin. /r/Bitcoin

A simple answer when people ask you what backs bitcoin. /Bitcoin submitted by HiIAMCaptainObvious to BitcoinAll [link] [comments]

[uncensored-r/Bitcoin] What backs Bitcoin? (very amateur opinions inside that may go nowhere)

The following post by attemptno452 is being replicated because the post has been silently greylisted(for 16.3 hours).
(It was approved by the mods at: 2018-01-14T09:30:42.000Z)
The original post can be found(in censored form) at this link:
np.reddit.com/ Bitcoin/comments/7pyeec
The original post's content was as follows:
It has been said that Bitcoin is backed by math. Opinions may differ on the value of that math but to sum it up... Bitcoin backs up its self with its own properties and its own characteristics.
What backs up USA dollars? Dollars are created by a bank when it assesses a borrowers ability to pay back the dollars to be lent and then lends those dollars. The loan is a promise by the borrower to pay it back. How does one obtain dollars in order to pay back the loan? One usually works to obtain dollars or one may find a way to use other peoples work to pay back the loan.
So dollars are work. Dollars are backed by a promise to do work. Work is a useful product and when you can have work performed only your imagination and the laws of reality are your limits. Truely valueable indeed.
Possessing dollars allows one to determine what type of work will be done by the worker in order for the worker to obtain the dollars. The bank accepts dollars as loan repayment not work. Thus the possessor of the dollars can choose to pay someone to work towards a cancer cure or pay someone to create an exciting movie.
Why should one want to perform work? Motivations such as hunger, shelter, entertainment, and the ability to provide these things to loved ones are te reasons why. Also the repay the debt.
At this moment I lack in none of these motivations die to my tiny taste of money from selling of some of my small amount of Bitcoin. Thank you newcomers! As a result my motivation to perform work for these things is greatly diminished at the present moment. Thus I am performing no work. Money or at least the amount of money that I could obtain by performing work is of little motivation to me. Money has become worthless to me and has no value.
Without motivations money has no value and is worthless. Motivations provide value to money. What are motivations again? Food, shelter, entertainment, and the ability to provide these things to loved ones. So motivations to work are a lack of these things.
What are a lack of these things? Misery and suffering are what result from a lack of these things. Thus the value of money depends on varying degrees of misery and sufering. For without misery and suffering there is no motivation.
At best a balance can be achieved but certain amounts of misery and suffering can never be eliminated.
Possible solutions. 1. An automated workforce which does all of the work shifting the need for motivation to the machines. 2. Change the humans in some way so that they are not afflicted by the motivations. 3. Accept the balance. Accept some misery and suffering.
Currently some might argue that misery and suffering are unevenly distributed among humanity.
Do we really want Bitcoin to be money? Being money entails misery and suffering.
So what backs Bitcoin? At present Bitcoin is not backed by a promise to perform future work such as dollars are. Bitcoin is entirely dependant on its own properties for its value.
What are the properties of Bitcoin?
weightless, invisible, has no volume, very hard to steal, and can be sent around the world in minutes in large or tiny quantities
Even someone in the middle of nowhere beyond the reach of the internet can still recieve Bitcoin. They can hash their own address and key on paper, send some product of work out with the public address and recieve Bitcoin to it.
Im done ive got nothing and might never had had anything to begin with.
submitted by censorship_notifier to noncensored_bitcoin [link] [comments]

What backs Bitcoin? /r/Bitcoin

What backs Bitcoin? /Bitcoin submitted by BitcoinAllBot to BitcoinAll [link] [comments]

What backs Bitcoin? /r/Bitcoin

What backs Bitcoin? /Bitcoin submitted by BitcoinAllBot to BitcoinAll [link] [comments]

what backs bitcoin? answer: the network

Hello I just wanted to remind everyone. I have seen alot of people talk about bitcoin detractors, and their claim that btc "isn't backed by anything." In-fact bitcoin is backed by something, its backed by the worlds largest computer network, whose entire purpose is to secure the public ledger and all transactions on it. So the next time some detractor tells you its backed by nothing, you can have a rebuttal.
submitted by chealsonne to Bitcoin [link] [comments]

Bitcoin mentioned around Reddit: Who actually uses Bitcoin? I never see it as a form of payment. What backs bitcoin? /r/finance

Bitcoin mentioned around Reddit: Who actually uses Bitcoin? I never see it as a form of payment. What backs bitcoin? /finance submitted by BitcoinAllBot to BitcoinAll [link] [comments]

what backs bitcoin? answer: the network /r/Bitcoin

what backs bitcoin? answer: the network /Bitcoin submitted by BitcoinAllBot to BitcoinAll [link] [comments]

The question that needs to be answered was never "what back bitcoin?" It should always have been, "what isn't backable with bitcoin?"

Amirite?
submitted by pimpsy to Bitcoin [link] [comments]

Bitcoin back at $12k! What is next?

Bitcoin back at $12k! What is next? submitted by intothecryptoverse to CryptoCurrencies [link] [comments]

maybe i can post my poorly written amateurish train of thought here...What is Bitcoin backed by?

It has been said that Bitcoin is backed by math. Opinions may differ on the value of that math but to sum it up... Bitcoin backs up its self with its own properties and its own characteristics.
What backs up USA dollars? Dollars are created by a bank when it assesses a borrowers ability to pay back the dollars to be lent and then lends those dollars. The loan is a promise by the borrower to pay it back. How does one obtain dollars in order to pay back the loan? One usually works to obtain dollars or one may find a way to use other peoples work to pay back the loan.
So dollars are work. Dollars are backed by a promise to do work. Work is a useful product and when you can have work performed only your imagination and the laws of reality are your limits. Truely valueable indeed.
Possessing dollars allows one to determine what type of work will be done by the worker in order for the worker to obtain the dollars. The bank accepts dollars as loan repayment not work. Thus the possessor of the dollars can choose to pay someone to work towards a cancer cure or pay someone to create an exciting movie.
Why should one want to perform work? Motivations such as hunger, shelter, entertainment, and the ability to provide these things to loved ones are te reasons why. Also the repay the debt.
At this moment I lack in none of these motivations die to my tiny taste of money from selling of some of my small amount of Bitcoin. Thank you newcomers! As a result my motivation to perform work for these things is greatly diminished at the present moment. Thus I am performing no work. Money or at least the amount of money that I could obtain by performing work is of little motivation to me. Money has become worthless to me and has no value.
Without motivations money has no value and is worthless. Motivations provide value to money. What are motivations again? Food, shelter, entertainment, and the ability to provide these things to loved ones. So motivations to work are a lack of these things.
What are a lack of these things? Misery and suffering are what result from a lack of these things. Thus the value of money depends on varying degrees of misery and sufering. For without misery and suffering there is no motivation.
At best a balance can be achieved but certain amounts of misery and suffering can never be eliminated.
Possible solutions. 1. An automated workforce which does all of the work shifting the need for motivation to the machines. 2. Change the humans in some way so that they are not afflicted by the motivations. 3. Accept the balance. Accept some misery and suffering.
Currently some might argue that misery and suffering are unevenly distributed among humanity.
Do we really want Bitcoin to be money? Being money entails misery and suffering.
So what backs Bitcoin? At present Bitcoin is not backed by a promise to perform future work such as dollars are. Bitcoin is entirely dependant on its own properties for its value.
What are the properties of Bitcoin?
weightless, invisible, has no volume, very hard to steal, and can be sent around the world in minutes in large or tiny quantities
Even someone in the middle of nowhere beyond the reach of the internet can still recieve Bitcoin. They can hash their own address and key on paper, send some product of work out with the public address and recieve Bitcoin to it.
Im done ive got nothing and might never had had anything to begin with.
here is what people who edit wiki think
https://en.m.wikipedia.org/wiki/Money_creation
submitted by attemptno452 to btc [link] [comments]

Bitcoin number go up big time today, anybody know whats happening? new whale? Grayscale bought 6,754 BTC yesterday, they coming back for more?

Grayscale bought 6,754 BTC yesterday and the price didnt move until today, what gives. is there a 3rd whale? is microstratgy grabbing a third load? whos buying the boat load???
submitted by atrueretard to Bitcoin [link] [comments]

What would you do if you woke up one morning and Bitcoin crashed back below $3,000?

What would you do if you woke up one morning and Bitcoin crashed back below $3,000? submitted by alliswell19 to CryptoCurrency [link] [comments]

[OC] When the pigs and bears with filthy money attack, the bulls and Bitcoin will fight back!!! I wanted to create a fun concept to tell the story of my small Bitcoin project (lastbit.io) What do you think?

[OC] When the pigs and bears with filthy money attack, the bulls and Bitcoin will fight back!!! I wanted to create a fun concept to tell the story of my small Bitcoin project (lastbit.io) What do you think? submitted by bm_bkly to comics [link] [comments]

Barstool's Dave Portnoy Says He May Pour $500,000 Back Into Bitcoin and Chainlink, Vows to Figure Out ‘What the F*ck’s Going On’

Barstool's Dave Portnoy Says He May Pour $500,000 Back Into Bitcoin and Chainlink, Vows to Figure Out ‘What the F*ck’s Going On’ submitted by ethereumflow to CryptoCurrency [link] [comments]

Bitcoin back at $12k! What is next?

Bitcoin back at $12k! What is next? submitted by intothecryptoverse to BitcoinCA [link] [comments]

What happens to Bitcoin when countries switch to their own gold-backed cryptos?

Every country will have their own gold-backed crypto soon (in order to maintain their sovereignty and purchasing power), so where does that leave the current cryptos?
I am not familiar with the reasons people invest in cryptos, but it looks like it's often a hedge against the financial system. I don't think people will see a need to hedge against the system if we have a system that is trustworthy and is better due to crypto technology.
So my prediction is that interest in Bitcoin will slowly dwindle once this change to the financial system is made. I'm investing in silver due to the increasing demand over the next years for industrial purposes. A lot of mines have been put on hold around the world this year, so it's a great opportunity to get in now. Once the price is no longer suppressed by banks (think draining the swamp), silver's going to skyrocket.
submitted by TranslucentGold to Bitcoin [link] [comments]

Bitcoin back at $12k! What is next?

Bitcoin back at $12k! What is next? submitted by intothecryptoverse to intothecryptoverse [link] [comments]

Is Bitcoin back? What this means for 2019 Bitcoin Code - How To Get Your Money Back - YouTube Bitcoin moves back to $12k! What is next? - YouTube What backs Bitcoin? Professor Reid Tymcio describes what ... Bitcoin Target + What Backs Bitcoin Price?

What “Backs” a Currency is Irrelevant, Perception is What Matters . Since the end of the Bretton Woods agreement, the idea that commodities are needed to back currencies has become irrelevant. Instead, public perception and economic policies are what matter. Money has value because we believe it has value. This is true of the dollar, the euro, the pound, and yes even bitcoin. We can trade ... What backs Bitcoin? 06.01.2017 11:36. Buying bitcoins may not seem to be the most attractive investment since it is not backed by anything ( like generic currencies ) nor is it intrinsically valuable. In the same time nowadays US dollar also has no real value and it makes things simple and complicated in the same time. What is important for you to understand when you start thinking about ... Bitcoin Pulls Backs from $10.9 to Trade Around $10.7k in 24 Hours. Mehak Punjabi Follow on Twitter Send an email 4 weeks ago. 1 minute read. Facebook Twitter LinkedIn Reddit Skype Telegram Viber Share via Email. Markets have been undoubtedly volatile over the past few weeks and the largest cryptocurrency by market capitalization—Bitcoin continues to consolidate below $11,000. Moreover, it ... The same questions on what backs or controls Bitcoin comes up. Confidence is critical when it comes to money. Nobody wants to risk owning crypto when not sure of the value. It might seem nothing is backing the coin. Follow through to understand everything about what backs the cryptos; The Evolution of the Fiat Currency . The fiat currency is the most used form of money. Transacting using money ... What Backs Bitcoin. Peter St Onge. As bitcoin goes mainstream, we’re seeing a rise in strong opinions about it. It’s the mac-vs-PC of the currency world. JP Morgan CEO Jamie Dimon, famous for scoring a 25 billion dollar taxpayer bailout, thinks bitcoin is a fraud. Nobel economist Robert Shiller thinks it’s a “fad” and a bubble. The always entertaining Paul Krugman thinks bitcoin is a ...

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Is Bitcoin back? What this means for 2019

Now that Bitcoin has completed the slow move back to the prior local top of $12k, what is next? In this video, we talk about what happened last market cycle,... A quick guide on the Bitcoin blockchain and how to buy BTC with a wallet. How to mine cryptocurrency: https://www.youtube.com/watch?v=U9JIanRXsfU Coinbase: h... ***UPDATE*** I've tested this scam with REAL MONEY in this vid: https://youtu.be/Ud9xN1VBTts BEEN A VICTIM OF A SCAM? GET YOUR MONEY BACK HERE: www.scamxpose... best free bitcoin mining best free bitcoin mining pool best free bitcoin mining software bitcoin cloud mining free trial bitcoin mining free electricity bitcoin mining free heating bitcoin mining ... Bitcoin Target + What Backs Bitcoin Price? BTCKYLE. Loading... Unsubscribe from BTCKYLE? ... Bitcoin Explained Simply for Dummies - Duration: 12:49. 99Bitcoins 264,612 views. 12:49 . Why I'm Not ...

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