Quote:
Originally Posted by SDGT3
can i ask you please... Are your home or rentals any more secure than a piece of paper at the county recorders office with the full faith of the laws upholding those as yours?
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you just made my point... faith in value is all we have regardless of the asset class. not gold, not art, not real estate... nothing physical is truly immutable, physical assets being the basis of your personal idea of value.
what is immutable, is rarity. gold isn't rare, real estate isn't rare art can be rare but is still being generated to this day and into the future and that makes it dilutive.
Bitcoin is rare. there are 47 million millionaires in the world, that means there are not even enough bitcoin for each millionaire to own one full coin.
Quote:
Originally Posted by SDGT3
The real question is do I trust some guy in his basement working math equations for my medium of payment?
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that is a mischarictarization of the reality of what is happening on a proof of work blockchain because the mining community is not made up of some guy in his basement working math equations.
lets just take your idea of the functionality of bitcoin as being some guy in his basement, this is actually... a good thing.
that is called 'decentralization' and is the first order idea of what Bitcoin represents.
Some guy in his basement, can not generate coins, alter code or corrupt data. the data is immutable, the code is protected against 51% attack and the coins are limited to 21 million.
The bitcoin chain is the strongest most secure network ever designed.