I am sure many people are keen to understand the difference between bitcoin and the 1400 other cryptos.
If the difference is that it is the first, so enjoys a unique brand advantage, that is one proposition. Are there other differences?
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If the difference is that it is the first, so enjoys a unique brand advantage, that is one proposition. Are there other differences?
psionl0
Skeptical about skeptics
Are all precious metals the same?
If you place an order for bitcoin and you are just as happy to receive litecoin instead then you are a very unique individual.
The odd thing is I see totally genuine curiosity on the thread.
How does bitcoin differ from the other cryptos?
psionl0
Skeptical about skeptics
Already explained. The fact that you don't believe that there is any difference whatsoever between
You drove me to research, the gold silver price ratio was 50 to one, but lately closer to 80. And allo allo the ratio in earth's crust is 70 to 1. How platonic is that??
Some ratios
63 53 iodine I 0.14 0.490 0.450 31,600
64 48 cadmium Cd 0.11 0.15 0.15 23,000
65 47 silver Ag 0.070 0.080 0.075 27,000
66 80 mercury Hg 0.05 0.067 0.085 4,500
67 34 selenium Se 0.05 0.05 0.05 2,200
68 49 indium In 0.049 0.160 0.250 655
69 83 bismuth Bi 0.048 0.025 0.0085 10,200
70 52 tellurium Te 0.005 0.001 0.001 2,200
71 78 platinum Pt 0.003 0.0037 0.005 172
72 79 gold Au 0.0011 0.0031 0.004 3,100
73 44 ruthenium Ru 0.001 0.001 0.001
74 46 palladium Pd 0.0006 0.0063 0.015 208
75 75 rhenium Re 0.0004 0.0026 0.0007 47.2
76 77 iridium Ir 0.0003 0.0004 0.001
77 45 rhodium Rh 0.0002 0.0007 0.001
78 76 osmium Os 0.0001 0.0018 0.0015
https://en.wikipedia.org/wiki/Abundance_of_elements_in_Earth's_crust
63 53 iodine I 0.14 0.490 0.450 31,600
64 48 cadmium Cd 0.11 0.15 0.15 23,000
65 47 silver Ag 0.070 0.080 0.075 27,000
66 80 mercury Hg 0.05 0.067 0.085 4,500
67 34 selenium Se 0.05 0.05 0.05 2,200
68 49 indium In 0.049 0.160 0.250 655
69 83 bismuth Bi 0.048 0.025 0.0085 10,200
70 52 tellurium Te 0.005 0.001 0.001 2,200
71 78 platinum Pt 0.003 0.0037 0.005 172
72 79 gold Au 0.0011 0.0031 0.004 3,100
73 44 ruthenium Ru 0.001 0.001 0.001
74 46 palladium Pd 0.0006 0.0063 0.015 208
75 75 rhenium Re 0.0004 0.0026 0.0007 47.2
76 77 iridium Ir 0.0003 0.0004 0.001
77 45 rhodium Rh 0.0002 0.0007 0.001
78 76 osmium Os 0.0001 0.0018 0.0015
https://en.wikipedia.org/wiki/Abundance_of_elements_in_Earth's_crust
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psionl0
Skeptical about skeptics
So?
psionl0
Skeptical about skeptics
I don't know what a "crypto soap opera" is. (I suspect that is the name you gave to crypto currencies because your TA doesn't work on them).
I know that most of the crypto currencies each have a hard limit so that when fully mined, there will be a fixed ratio between them.
Now let's see your next excuse for why differences in precious metals matter but differences in crypto currencies don't.
PartSkeptic
Illuminator
No. When people can make gold from lead without using massive amounts of power then there will be gold clones.
Diamonds have clones because they can now be manufactured artificially. That decreases the value.
Oil has clones such as natural gas, shale oil and oil from coal. They have stopped the price of oil from getting too high. Oil can be replaced by solar and nuclear also.
Gold is easy to check because of it's mass and it's properties.
PartSkeptic
Illuminator
They (whoever "they" are) already forked (??) the bitcoin, and are talking about modifying the rules. Modifying the rules means that bitcoin is a program that is subject to change. Change the rules and make the limit 21 billion coins and then 21 trillion coins. All it takes is for the "rules" to change.
Give me Kruger rands rather that a bit of paper saying I have so many bitcoins. If the global economy crashes, I am very certain my gold will have value and that cryptos will not. The main Sunday newspaper spoke about a bear market being overdue, and said that cryptos will be sorely tested and probably not survive.
I support Samson in what he says.
As noted above, in 1873 in the USA and Europe it was 15.5 to 1. Thereafter silver started to decline sharply as advancing technology made poorer and poorer quality ore available for refining. Silver never recovered its former purchasing power, and was generally demonetised. Britain in fact went over to a monometallic gold standard as early as 1717.
psionl0
Skeptical about skeptics
So all crypto currencies are the same and all precious metals are distinct and different. Massive FAIL.
Where do you get this **** from? Your backside?
Anybody who has the slightest idea of what they are talking about knows that there is no central authority to modify bitcoin. It has to be a consensus among all of the users and miners. They couldn't even agree on a change to the blockchain size (hence the bitcash fork which is a completely different commodity) and you think that everybody is going to vote to dilute their BTC holdings by massively increasing the supply of BTC?
That is pure wishful thinking. It would take a zombie apocalypse or some other global disaster that destroys the internet (or puts it out of reach to the vast majority) to make some bulky medium you can easily be mugged for more attractive than crypto currencies.
Ooh! The main Sunday newspaper! Then it must be the absolute truth. Those journalists know more about this than everybody else.
PartSkeptic
Illuminator
(snip)
Like!
No. Just people wanting to cash out en masse. And I would be very careful carrying gold. Just a bit at a time. And why would they mug me - because it has value!!!
Ooh! The main Sunday newspaper! Then it must be the absolute truth. Those journalists know more about this than everybody else.
When the Sunday Times starts to worry about the next bear market when there are so many other things in SA to worry about, it must be a concern.
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When the zombie apocalypse comes then I suppose those with physical gold might be able to trade it for rice and beans, though I'd rather have plenty of rice and beans and be able to drive a hard bargain with the wealthy-but-starving. Unless they have well-armed goons, but that would be why I'd stashed my food well. No worries.
Post-apocalypse I'd trade my gold for mansions and fast cars. Bottom line - bitcoin would not be of use in the case of a zombie apocalypse. Physical assets might, however.
Post-apocalypse I'd trade my gold for mansions and fast cars. Bottom line - bitcoin would not be of use in the case of a zombie apocalypse. Physical assets might, however.
Lol. That's not why it was demonetized. Silver was demonetized by elites who had already hoarded most of the gold, and who benefited from the monetary crisis that they themselves created in 1873. It was the opposite tactic of what they're doing now, now that they have the capacity to create unlimited fiat money. The elite bankers will try to hoard and make money scarcer where it is already scarce, and will create unlimited amounts for themselves where it is fiat and they have the power to do so. This is basic human nature.
From the US Mint:
U.S. Mint History: The “Crime of 1873”
"Unbeknownst to many, the coinage policy had changed with the signing of the 1873 act. Once the bill passed, it was not until the miners took their silver bullion to be minted and were turned away that the public was truly aware of the power and the ramifications of the new bill. Silver had been demonetized.
The inability to “cash in” silver bullion had the greatest impact upon miners, farmers and those who had debts to pay. The working class now had no feasible means to do so. Greenbacks could be redeemed for silver, but with the passage of the Specie Payment Resumption Act of 1875, the legal tender limit could not be greater than five dollars. The Act caused silver prices to fall even more than they previously had (due to oversupply), resulting in an increase in gold prices. It also caused the silver mining western part of the country to be at odds with the gold counting eastern part. The country was divided yet again."
To understand what happened in more detail, read Coin's Financial School. It is a fairly long PDF, but it explains in detail the issues concerning the demonetization of silver, and how it led to the gold standard which ultimately led us to the current corrupt system.
The market price of silver was virtually irrelevant, as explained in the PDF, because silver was the unit of account (not gold!) and it was legal tender. And even if that weren't the case, the bi-metallic ratio could have simply been altered, as the French did prior to the crime of 1873.
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What you don't seem to grasp is that supply is only one half of the equation. There is also demand, and most of the demand for bitcoins on the original bitcoin ledger is based on the network-effect. While future bitcoin forks will slightly decrease the demand for bitcoin, unless they show great utility they probably won't overcome the network effect which essentially comes from being first. So while the theoretical supply of all crypto-currencies is infinite, the practical reality is that the original bitcoin ledger is where most of the value is in the crypto space, at least for now, and the supply of those bitcoins is quite limited, as evident by the $14,000 market price.
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MinnesotaBrant
Philosopher
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Well you can expect the price of a bitcoin transaction going up since apparently the difficulty of mining bitcoins is currently going up 15% a month. I guess Kodak has become a bitcoin mining company which is where I got the figures from.
I would beg to differ. there are some altcoins selling at less than a cent so if it moves up to 2 cents you can make money.
I would beg to differ. there are some altcoins selling at less than a cent so if it moves up to 2 cents you can make money.
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So what? In my country there are no legal tender bank notes, by the way.
Silver was demonetised because it was ceasing to function as a stable standard. Whether the monometallic gold standard was the best arrangement or not, its expansion at that time was rationally motivated, and was a response to a real and significant development, not purely the result of a conspiracy. According to you, the gold standard was introduced by plotters, and its end - replacement by fiat money, was likewise the result of a conspiracy.
As I've said before: it's impossible to argue with people who have this frame of mind.
Kennedy blew out his own brains to frame Oswald. Well, prove he didn't. Can you? No, there's no evidence to prove he didnt; so it must be true.
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