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Bitcoin Reaches All Time High Market Capitalization


I just whant to point out that bitcoin has reached a few days ago the all time high market capitalization


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This equates to users converting $115/minute into Bitcoin. Moreso if you consider that many bitcoins have been mined, but never exchanged for USD.

I like bitcoin because the process by which they are created

is less secretive than the process by which Federal Reserve Notes are created.

Pandacentricism will be our downfall.

Just a thought

New bitcons are created out of thin air and exchanged for dollars. But the dollars spent on bitcons do not disappear, they just change hands. RESULT: bitcons add to inflation (total money supply) and make those who produced bitcons rich. The system holds as long as there is trust in bitcons. If trust disappears, bitcon value goes to zero.

It's just another fiat, digital bernanke bills.

So what if it's produced by computers, costs electric to make and time from you..our fiat currency bears those same costs.

The concept of making money that's backed by nothing and solely relies on the trust of the people for it's power and has no other value sounds pretty damn familiar.

The fact that the users of this money can't wrap their head around it being a fiat also sounds very familiar.

Patriot Cell #345,168
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Those who make peaceful revolution impossible will make violent revolution, inevitable.

bitcoins are voluntary

as someone here on dp pointed out in another post fiat means "by decree". it is forced on the people.

Official Daily Paul BTC address: 16oZXSGAcDrSbZeBnSu84w5UWwbLtZsBms
Rand Paul 2016

Bitcoin is Fiat?

Fiat money is money that derives its value from government regulation or law. Bitcoin is nothing of the sort.

The ONLY characteristic that doesn't fit is Government mandate

It has all of the other fiat characteristics.

Created out of thin air..
No intrinsic value...

So it is not backed by Gold or Silver or anything.

Just because we are told anyway, that some average Joe created it doesn't negate it's fiat status.

Patriot Cell #345,168
I don't respond to emails or pm's.
Those who make peaceful revolution impossible will make violent revolution, inevitable.

And what are gold & silver backed by?

What are gold & silver backed by? They're just metal. They have very little functional intrinsic value aside from the propensity to be used as jewelry and over-priced HDMI cables. Big deal.

And Bitcoins aren't "backed by nothing." If you knew the technical details of the currency, every Bitcoin is backed by computing resources dedicated to validating the authenticity of the Bitcoin ledger. To me, that's some of the greatest intrinsic value possible. It ensures that no one is able to spend Bitcoins they are not entitled to.

"What are gold & silver

"What are gold & silver backed by? They're just metal. They have very little functional intrinsic value aside from the propensity to be used as jewelry and over-priced HDMI cables. Big deal."

Try 6000+ years of economic law. It is what the market has chosen and so be it. Metals like gold and silver are not only beautiful but rare, so supply is set but not limited as it can be mined. When a currency is backed by such a powerful force it cannot be inflated so your purchasing power will remain pretty much the same and in line with the true market value with any currency.

I like to use Diamonds as an example. They have about just as much function as gold. They are beautiful, can be used in some saws. They cost a pretty penny but when was the last time you have heard of someone making a diamond investment and not referencing spending high $$$ on a lucky lady? For one, Diamonds can be mass produced in factories, They really are not that rare at all, not an easy element to work with and divide, not as durable, and appraising requires gem knowledge unlike set value per/oz like metals.

in the natural world gold and silver have made their way to the top for a reason. not shells which can be crushed, not food and spices which expire definitely, not lumber because it can be grown, and not fiat because it can be grown or replaced or imagined. Metals cannot be synthesized in a lab or created without the help of high energy particle accelerators like the large hadron collider. gold and silver are among the least brittle of the precious metals making them the top choice for investors and circulation. Gold and silver will always be money on planet earth.

Bitcoins have all the same beneficial qualities of PMs

Bitcoins have all the same beneficial qualities of PMs. They are finite, they cannot be created or falsified, they cannot be destroyed, and they are divisible.

Unlike gold, not even a fusion reactor can create Bitcoins. BTC doesn't require a safe/guns/ammo to protect it. BTC is weightless and transactions travel at the speed of light, via the internet, from your "pocket" to your recipient's "pocket". No middlemen, port authorities, what-have-you.

Now, I'm not saying "don't own gold". Most of us pro-BTC folks think owning PMs is wise. What I am saying is that Bitcoin has some amazing properties that put PMs to shame. Most notably, that it can't be intercepted, controled or created by a third party. It is 100% compatible with the goals of the Liberty Movement: Sound Money, Free Markets. Nothing exists that is freer than Bitcoin.

Yes you are right

but you have to add why bitcoins are created out of thin air.. because it's an integral part of the Bitcoin money system and why it is sound.

See.. you can't just create bitcoins out of thin air as many as you wish, you can only do this as a reward for helping to validate the Bitcoin network and even then you're only taking part in a lottery where you might not even get anything in the short term..

So it's more like a chanced payment for a chore than free money, hence why people value bitcoins.


we finally mostly agree on something! :D

~wobbles but doesn't fall down~


It means our brains are not totally tofu :)

tick... tick... tick....

~80% of all bitcoins are held by a handful of parties, mostly the exchanges.

tick... tick... tick....

~wobbles but doesn't fall down~

How do you know this?

Given that Bitcoin addresses are pseudonymous, how do you know this? Magic?

frequency of data = value

+1 for transparency.

Pandacentricism will be our downfall.

Huh? is market capitalization even a valid measure here?

market cap is used to measure the value of companies. Bitcoin is not a company.it is a good. Specifically a medium of exchange good. I would much rather see a historical chart comparing the total historical price of bitcoin to the US dollar, and also bitcoin to gold!

It's not..

Market cap is a BS metric..

A lot more important is this graph:

It shows in dollars worth how many fees are collected making it a decent way of measuring the "pulse" on Bitcoin's life.

It shows the rate and quality

It shows the rate and quality of public adoption of Bitcoin as a means of exchange. The more individuals use Bitcoin as a means of exchange and the more producers of quality & valuable goods begin to accept Bitcoin which is most important the more valuable Bitcoins become overtime.

Market capitalization mostly works

Market capitalization mostly works if you look at a bitcoin as a share.

here is Gold vs BTC

and USD vs BTC

Tools of war are not always obvious. The worst weapon is an idea planted in the mind of man. Prejudices can kill, suspicion can destroy, and a thoughtless, frightened search for a scapegoat has an everlasting fallout all of its own.

for the second link,

is that the number of bitcoins it takes to buy a US dollar? Or the number of US dollars it takes to buy a bitcoin?

The latter.

The latter. $22USD / 1BTC

There will only be 21M BTC... versus the roughly trillion dollars in circulation. If every USD was converted into BTC, a single BTC would have the purchasing power of about $1M USD. Moreso if people using other currencies convert to Bitcoin.


per the first link, since April 2012, gold has been getting more expensive to buy in US dollars, and gold has been getting cheaper to buy with bitcoins