Author Topic: BIT coin  (Read 1662 times)

imrankhawaja

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BIT coin
« on: November 29, 2017, 12:29:39 PM »
hey guys
peace upon all of you my brothers and sisters

from last couple of weeks i was thinking to play bit coin thingie

its a digital currency started a decade ago with face value less than one cent/penny but within this year alone the value of bit coin jumps from 600 $ to 10000 $ thats something dodgy about all this seems like how banking start from the real value of Gold to the value reserved for gold

i dnt even know how it become valueable when there is nothing valueable which determine the value of anything

is this the start of new legal robbery or the big crocodiles of economy increase so they are introducing new forms of money collecting

REAL worth in REAL time
i remember a story of qaroon who believed to b the richest person ever live on the planet of earth the keys of hid treasures are loaded on 700 camels and one key mean a door to massive treasure

in the end days of his life it appears to people he crying infront of his money and ask from somebody wise.

can i buy one more day of my life with all my money ?

answer : you cant even buy a second more of your life even if u double the treasure that the value of real time in the planet of earth

from historian till today we earn build develope everything which did not belong to us in the first place

NOTE so get understanding on it before u buy a bit coin

Blessing in the name of God

Jafar

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Re: BIT coin
« Reply #1 on: November 30, 2017, 07:13:17 PM »

its a digital currency started a decade ago with face value less than one cent/penny but within this year alone the value of bit coin jumps from 600 $ to 10000 $ thats something dodgy about all this seems like how banking start from the real value of Gold to the value reserved for gold

Even Gold has no real value..
The Blockchain technology and digital currencies as it's product is the next evolutionary phase of "Token For Exchange".

https://en.wikipedia.org/wiki/Distributed_ledger

It is disruptive as it eliminate the role of Central Currency Authority / Central Bank which usually performed by Government replaced by a network of distributed currency authority dubbed 'miner'...
A threat for Central Banks and their currencies worldwide...

Quote
i dnt even know how it become valueable when there is nothing valueable which determine the value of anything

Just like 'beauty' it truly depends on the eye of the beholder..

Quote
is this the start of new legal robbery or the big crocodiles of economy increase so they are introducing new forms of money collecting

I don't think so.. see above...
Blockchain based digital currencies is a threat for Central Banks worldwide and their government backed currency..
On contrary: It is 'network of people based currencies' and not backed by any government central bank.

The technology itself can be applied by a government for it's own uses..
Estonia is a good example of such government...



Abdun Nur

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Re: BIT coin
« Reply #2 on: July 12, 2021, 12:11:13 AM »
Peace,

bit coin is a fiat currency, unlike government imposed fiat, bitcoin is self imposed fiat. but all fiat functions similarly to a ponzi scheme.

The danger with bitcoin is the same as all fiats, the owners can buy bitcoin taking a position as the dominant market holder, this drives the price very high, which encourages people to believe it gives free money, then when the "investors" are ripe to be pundered, the owners dump large amounts of bitcoin onto the market and the price plunges, effectively punishing those that bought at high prices, the owners then slowly build up their holding again, and at a future point will continue the cycle.

Bitcoin has no intrinsic value, no guarantee of value, no protection from fraud, theft or loss, it is fiat.

You can make a cryptocurrency that can be structured as the world first "true" medium of exchange, this requires the cryptocurrency is held within a closed bond, which allows the exclusion of those dishonouring agreement. The currency is created only when it is advanced, to be repaid interest and fee free, when linked to an external guarantee of repayment, the guarnatee has three basic forms. When the cryptocurrency is traded for any fiat, the value of the fiat is determined by its purchasing power, not by speculative manipulations. In this way the cryptocurrency has intrinsic value, and all transactions can be checked against a zero balance.