Fri, 2017-12-22 13:12 — skeptoid Remy: Bitcoin Billionaire Video of Remy: Bitcoin Billionaire I'm concerned all of these bitcoin fanatics are going to be feeling pretty foolish after the CME, and hungry! 3.285715 Average: 3.3 (7 votes)
I have an acquaintence-friend who's convinced he's going to make tons of real life off of Bitcoin. I want to link him this video and he and I have a laugh but he's dumped real life money into it and we've all mocked him for it and I think he's a bit salty.
The whole thing seems like the height of foolishness, but I haven't fully explored what all this block chain business is about which seems somehow linked to this bitcoin business.
I actually made some money at the beginning of bitcoin speculation two years ago but got out completely and had people screaming they were geniuses and I was stupid recently. Honestly it of course looked that way with the increases in value but when people who worked at the grocery store started getting into it, it started to sound like Tulip Mania 2.0.
Suddenly all of Asia tries to trade bitcoin simultaneously.
That's not by coincidence.
That's a fucking war move man.
And its recent plunge is probably artificial, as retaliation.
I mean consider this:
Unlike traditional currencies, Bitcoin operates without central authority or banks and is not backed by any government.
Law enforcement officials may have difficulty seizing or freezing illicit proceeds held in bitcoins. Bitcoin wallets are encrypted and unlike money held in a bank or brokerage account, bitcoins may not be held by a third-party custodian.
Would be a great way to circumvent financial sanctions, as no bank or government body would have the power to freeze transactions or bank accounts.
SHIET. I SHOULD WRITABOOKABOUDIZHEH'.
Okay but it's also a fantastic way of front-loading a massive economic collapse. Correct me if I'm wrong, but all that would be required to render bitcoin worthless would be an internet shutdown, correct? Or does it work offline. Honestly this is one subject I have not explored thoroughly - all I really know is that this is virtual currency that you can invest in and somehow buy stuff with that is completely dependent on information technology.
An internet shutdown would damage all the other currencies as well, and lets not forget that the entire world is reliant on the internet. If it was shut down for a day you would see a lot of terrible things, not just for us in the Western world, but by people using the opportunity with no oversight to overthrow governments or use their power as dictators to hurt their population.
An internet shutdown for a longer period of time would be as close to armageddon we could achieve without nuclear war. We are too dependent on it, thereby not an option to hurt a single currency.
Edit: But I admit I know too little about Bitcoin to know if it would survive a catastrophic event like the internet shutting down, intentionally or otherwise.