J.L.W Posted July 27, 2016 Share Posted July 27, 2016 By Dominic Frisby... I mean holy hell... Sounds like such an eccentric potentially pyramid scheme idea but the technology and know how here is really advanced. The economic discussion is worthy of a stand alone piece. Link to comment Share on other sites More sharing options...
J.L.W Posted July 27, 2016 Author Share Posted July 27, 2016 Good, moderator decided I wasn't a troll so did not have to wait an extra few days to post any more. Well, I mentioned the book by Dominic Frisby, Bitcoin... Perhaps I should not explain every part of the book, although I suspect it scarcely matters... Bitcoin uses technology where the creation of its currency is decentralised, and is reliant on the solving of certain advanced mathematics... Therefore, it is immune to quantitative easing and other such manipulations in currency. Its code is so advanced that it resists any and all hackers or bugs thus far known; and since the banking establishment has a lot of potential losses from bitcoin we can be sure there have been worse attempt at hacking than that known in the bitcoin community. It is also kept as a file that can be transferred and does not need any fees for transactions between companies or third parties to transfer cash... Making it beyond the scope of taxation for many people. The author of this book also goes on a long and somewhat boring explanation of the supposed creator of bitcoin, who was anonymous for many years. This is a little boring for someone who has no interest in this side of it... And an explanation of how inflationary economic currency works. Bitcoin has a cap of the amount of currency that can be created at 21 million. It is a very deflationary currency. It mostly rises in value and in the long term, if it does not fail, will rise steadily. Link to comment Share on other sites More sharing options...
scottm Posted July 27, 2016 Share Posted July 27, 2016 Ok... how is this related to #Bitcoin being a pyramid scheme? Can you use an argumentative format such as: Link to comment Share on other sites More sharing options...
J.L.W Posted July 28, 2016 Author Share Posted July 28, 2016 While I have just gotten into bitcoin I would not know yet enough about step 4... I did go down to the bookshop looking to continue reading on this subject about cryptocurrency's... But all the books on the subject had disappeared in the intervening days. If I say 'it sounds like a pyramid scheme but'... Obviously I am not saying it is a pyramid scheme since the use of the word (adverb?) 'but' disqualifies the first half of the sentence. A judge has recently declared bitcoin is not money because it can't be stuffed under a mattress... However, in digital form it surely can be? Link to comment Share on other sites More sharing options...
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