/tech/ - Technology★

sage for baito threadu

stop killing perfectly useful threads

The value people give them, of course. It's the same with the scraps of paper we use daily.

It's been proven that the scraps of paper aren't easily reproducible, and thus reliable. The same with bitcoin. This has allowed people to put trust in it, and the market gave it the value.

Jesus, this is basic economics.

>scraps of paper aren't easily reproducible, and thus reliable

t. kike

Bitcoin is based on cracking hashes (((extracted))) from blockchain. Basically, it is NSA's password cracking botnet with low payment fees.

>>810158 (OP)

>What makes a bitcoin """"worth"""" anything?

The belief of others that it's worth something.

>>810186

oy gevalt the goyim know!

>>810196

Hashcash does nothing useful for the NSA. sha256 sums are not "extracted" from somewhere magical, they are in the block headers.

>>810158 (OP)

Meme magic. It was an experiment by the government to see how gullible the average tard was.

Even in this thread along you see tards trying to compare bitcoin to actual money not actually understanding how money holds value.

>>810250

*thread alone

>>810166

>it's the same with the scraps of paper we use daily.

Not at all. Originally, money was backed up by really valuable shit (gold mostly) and some countries still use that stuff to give value to their currency.

Right now the value of currency is decided by a lot of factory, and in the specific case of the USA, it's influenced by it's value as a trade partner.

BTC is only backed up by the people's trust, which is why the price goes down whenever something bad happens to the coin itself (a big wallet provider dissapears and 'steals' the coins from their users, a big country passes a law against BTC, etc.)

Right now the hype around the BTC is what's inflating its price. Which is why every single cryptocurrency 'news' source wants to up the hype.

When BTC becomes too expensive or takes too long to mine (as it was 2~ years ago) the price will lower and stagnate.

If anything cryptocurrency values are more akin to stock exchanges than real money. Real money doesn't vary as wildly as BTC and other cryptocurrencies do.

>>810258

>gold is valuable

found the jew!

>>810258

/thread

>>810296

Yeah, fuck medicine and electronics

>>810250

What's "real" money? Fiat currency loses its value during economic collapse scenarios. And even in somewhat "normal" times like today (only normal if we ignore the fact that Bernanke pumped out trillions to keep the whole market from going tits up and waking up the goyim), the value of a dollar gets lower year by year. In contrast, precious metals are fairly constant. You can basically buy the same amount and quality of "stuff" today with one ounce of gold as you could 100 years ago or earlier.

>>810309

Wow, a nation's economy collapsing changes value of said economy's currency, whodathunk

>You can basically buy the same amount and quality of "stuff" today with one ounce of gold as you could 100 years ago or earlier.

source?

>>810316

Use a historical gold chart and inflation calculator, stupid nigger.

But what are the work algorithms actually doing? Is the equation that miners solve useful in any way at all or does the miner just solve an arbitrary difficult math problem just to show that it used cpu cycles to heat the room for x duration?

Wouldn't it make more sense to solve something like a folding-at-home problem where the solutions are actually usable in the real world?

>>810300

Electronics need very small amounts of gold for anti-corrosion coating, most gold is still (((jew)))elry and ingots.

faith

>>810407

The byproduct of the work being done is integrity of the network. The more work that is being done by all the miners, the more integrity the bitcoin network will have.

>What makes a bitcoin """"worth"""" anything?

Faith, like any other currency. The moment people lose faith in it it'll crash down like the Zimbabwe dollar.

>>810338

So nothing, Thought so.

God read a first year economics book you retarded missed abortion.

>>810413

sure, but it's bound to run out eventually

>>810532

not b4 we can mine a gold asteroid

>>810540

>rare space mineral meme

most of that shit is contaminated with radioactive material.

>>810436

Read a history book nigger. The only way gold fails is if the coin's alloy purity is degraded, like happened during the late stages of the roman empire. Funny enough, this is exactly what happened when the US went completely off the gold standard. You're living in the final stages of an empire. Crash is coming, but the jews will fuck you over anyway, because you're brainwashed and proud of it.

>>810631

>Doesn't know shit about economics

>But I read something about needing to buy gold and silver on /pol/ and on infowars!

kys

>>810632

Once again, read a history book, stupid nigger. You're brainwashed by your (((economics))) professors who are all jews and shabbos goyim. You're so dumb you think other people need (((sites))) to tell them what to think. You've never had an original thought your entire life. You never actually existed.

>>810635

>lmao so what if you have a double honor degree in economics and history, I browse /pol/ and know everything!

kys

Bitcoin has inherent value in that it has an immutable transaction ledger that is mirrored by thousands of reliable servers, and you can store messages in these. Even with Bitcoin at thousands of dollars, it's still a trivial amount of money to save a message with no chance of it being falsified. That in itself has worth, even if it's nowhere near what it's worth now.

You have to also consider the value of convenient, universal, virtual transactions. While not unique to Bitcoin, as any altcoin can do the same in theory, it is the most common and established. After all, what good is a currency that nobody accepts? Wide acceptance for international transactions multiplies the value greatly, same as the petrodollar.

>>810407

Welcome to the thought process of hundreds of failed altcoins. Nobody cares what their computer is doing if it makes them money.

>>810186

Counterfeiting doesn't cause significant inflation, it's the fact that they print so much of it that causes inflation. Once upon a time you could exchange that paper dollar for gold. The main thing keeping it stable is that it's the official currency of oil transactions. (For now.)

>>810642

>have a double honor degree in economics and history

wow very impressive, how many units of diversity ethics did you take?

>>810645

None, why haven't you removed your shitty genes from the gene pool yet?

Bitcoin has value because Chinese billionaires are using it to funnel their wealth out of China.

Ignore the highschool dropouts in this thread who don't know what the fuck they're talking about.

>Hurr blockchains can't be forged and you can write some message in it durrrr

sage for shill thread

Not being owned by kike central bank.

Unable to be printed to oblivion.

>>810642

>I am so far up the butt of the system they pat me on the head

>"yea I trust in everxthing they tell to me through their APPROVED HISTORY(tm) books"

Kys shabbos goy

>>810649

How are those degrees working out for you in McDonalds?

>>810196

>Bitcoin is based on cracking hashes (((extracted))) from blockchain. Basically, it is NSA's password cracking botnet with low payment fees.

I can see where you get that idea, but it is a misguided belief. The goal isn't to find an input that when hashed produces a particular result. The reality is that the resulting hash only needs to meet certain criteria (ie. a certain number of leading zeroes) in order to solve the block.

>>810158 (OP)

>What makes a bitcoin """"worth"""" anything?

Google the CO2 production a single bitcoin causes. They're worth it simply to poison chinks.

>>810158 (OP)

What makes a balance sheet from your local bank worth anything? It's just pixels on a screen or ink on paper.

Bitcoin is actually more tangible than fiat currency since it is completely transparent and mathematically guaranteed to be in limited supply, not arbitrarily printed by a government institution whenever they feel like it.

>>810158 (OP)

What makes your (((eurobucks))) worth anything?

That's right, literally nothing.

You must be really shocked by this, huh?

plus it launders well and austrians pay good money for a safe spaces from statists

>>810158 (OP)

>What makes a bitcoin """"worth"""" anything?

Imagine being able to buy shit online without giving them your name, address, and credit card number.

>>810158 (OP)

What backs the US dollar? A military.

>>813985

This. People really need to think about how "money" works generally. A fiat's "worth" is fundamentally only backed by "concensus". I.e. that people agree that it is worth something.

Bitcoin, and cryptocurrency generally, is superior in that:

1. It's inflation is capped or fixed.

2. It is decentralized.

3. It is permissionless.

Not shilling for Bitcoin specifically, but anyone who counters crypto in general is a Fedcuck.

>>815037

Won't be good much longer though, because the BRICS have been accelerating their gold reserves and are going for a new currency to trade oil (and everything else) in. The US can try to have a war, but it's not one that can be won without total destruction of both sides. Ideally the US should also restructure themselves away from the Federal Reserve, IMF, and jew money system (this will be very hard though, with huge resistance). And it doesn't have to be gold-backed, something like the Third Reich had could work. Bitcoins or similar could work. But the idea of "cashless" is troublesome, because it allows a central government to easily rob you at any time for any reason, and they don't even have to send their goons on site to do it. That's why the NWO wants cashless. So digital currencies are ok only if the owner remains in control, like he does with cash in his possession (except of course when cash is pure fiat and it goes Zimbabwe or Weimar hyperinflation).

>>810158 (OP)

Hope.

>>815048

Metal backed currency is equally backed by consensus.

"I want to buy gold because I know that other people will be happy to pay for my gold".

>>810635

>>810631

You read a history book, nigger. Someone made it easy for you right here infact, >>810528

The value of a currency has nothing to do with the rarity of the mineral it's composed of and everything to do with debt and the faith in an entity to repay it. For most of human history this entity has been the state.

Nothing. Shitcoin is fake money.

>>810158 (OP)

>What makes a bitcoin """"worth"""" anything?

Bitcoin is more like an asset like Gold or Silver than a currency. Or at least that's how people treat it. Bitcoin is "backed" by mathematics in a sense. But it's really not right to say it's backed by anything. The value of bitcoin is what human beings attach to it for whatever reasons they want. The three big things bitcoin has going for it are: bitcoins are mathematically limited, the bitcoins that exist can't be counterfeited, bitcoin provides a method for anonymous transactions. Beyond that it's all how people think they can use these properties. My opinion is that people see it as a means to freeing themselves from regulation. Lots of people who want to do [[sketchy things]] free of government meddling have an incentive to make sure bitcoin is worth fiat money.

>What are the work algorithms solving

Since nobody wants to answer this question for him, I will. Bitcoin miners are the ones actually processing bitcoin transactions. So when you send bitcoin from your wallet to another waller, your transaction gets pushed on to a stack of other transactions that bitcoin miners then work on. When miners complete processing of some transactions, they are rewarded with bitcoin. This provides an incentive for people to process transactions for the network. Without such incentive people wouldn't bother and bitcoin's transaction system would be slower than molasses going up hill in January. On crutches.

>>810158 (OP)

Any object that has been socially accepted as money can take the place of money. So money is whatever a community has accepted as a means of exchange.

This is from my old highschool economics book(translation)

>>815230

There's nothing to "repay". You hold the coin and it has an intrinsic value from its metal content that will be accepted anywhere based on that alone. The state that issued the coin can go tits up and it doesn't change anything at all. It's only in today's jew system that the currency is worthless and relies on faith that the issuer will honor its value. And they don't even do that, because inflation robs you over time. That's the jew money swindle, they corrupt something simple and pure, then brainwash morons to believe it's fantastic. I got a good laugh when Bernanke flat out told the nation on TV that he can't explain to us why the 2008 crash happened and banks had to be bailed out with trillions of dollars. "It's much too complicated for plebs like you to understand!" was effectively what he said. So they take something simple, make it super complicated (which any nigger can do, and the jews excel at) so that all manner of shenanigans can be easily hidden, and then brainwash easily impressed morons to believe it's flawless. Meanwhile they exploit the hell out of the system and laugh all the way to the bank.

>>815017

Visa gift card, you can buy it with cash at a supermarket, Target, Walmart

>>810166

This.

/thread