Bitcoin vs. Paper Fiat


By James Corbett

On a long enough timeline the value of all fiat drops to zero. Joining us today for a quick tour of the history of monetary devaluation and how it can be avoided is Ken Shishido of the Tokyo Bitcoin Meetup Group.


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16 Comments on "Bitcoin vs. Paper Fiat"

  1. Bit coin was the pioneer of digital currency but ONE COIN has revolutionized the industry with their coins being backed by gold and their superior blockchain. One Coin has in less than two years accomplished more than bit coin did in five years and is impervious to theft.

    • Are you daft!?!? Onecoin has ZERO merchants and has not “accomplished” a single thing!!! It is “VAPOR-WARE” and for NOT even have a blockchain!! You will soon see first hand how “impervious” it is to theft as all of your money and take coins become nothing more than a memory of your naivety on a frozen screen in your back office. I promise you that much.

      So, I’ll say in advance: I’m sorry for your loss.

      • No, I’m not daft, I’m Mark and One Coin has made several thousand millionairs and people I know are drawing up to 42,000,00 each Monday so I wouldn’t say they haven’t accomplished anything. And since Bit Coin has been robbed of millions twice and One Coin hasn’t I would say that’s another accomplishment. By the way One Coin has a 100,000.00 euro reward out for anyone who can hack their blockchain.
        And as far as my lose, my account is many fold what I started with.
        In fact One Coin is accepting Bit Coin to sign up, maybe you should buy into One Coin if y Pou have any left after the last hack.

        • …right where you infer that the bitcoin blockchain was in some way “hacked” or that any blockchain can be “hacked”, is when I realized you haven’t a clue what you’re talking about.

          • @ Mark Belk – ^^^That^^^

          • Milly Bitcoin | August 11, 2016 at 4:52 pm |

            Of course blockchains have been “hacked.” Chains with low hash rates have been hacked in many ways. One way is to point a lot of mining equipment to a chain, get the difficulty high, and then pull those hashers off and the system is then unable to process transactions. there have also been 51% attacks on low hash rate chains. of course ethereum chain was rolled back by a hard fork which some consider a “hack” but that depends on your definitions.
            In this specific case someone just got private keys (maybe a hacker, maybe an inside job … who knows?) so it was not a “hack” of the blockchain.

          • John Michaelson | August 26, 2016 at 1:31 pm |

            Right, definitions. A 51% attack is not a “hack.” For that mater, the attack on the DAO was not “hack.” That was my only point. I understand if you were using the terminology loosely as not everyone understands the difference in these cases. But it is also good not to spread confusion.

  2. Scam Coin

    • Nice troll. A classic. Don’t forget tulipmania. I’ll just keep mining.

      • I’m not a troll. I believe the whole crypto-currency thing is pure nincompoopery. Hence my first comment of “scam coin” because that is what all of them are.

        • Yet, I and many other miners, traders, and speculators have legitimately made a lot of money – which I personally have invested partly in crypto and partly in other things like PMs. I don’t see the scam! Tell me, who is being scammed by whom? It is silly to make random non-specific criticism of things you really don’t understand just to get a reaction.

          Your comment was a troll, whether you think so or not.

        • Lol. When you said “scam coin” I thought you were speaking about the US mint, which unlike bitcoin, can print more whenever they want. So, yeah, no thumbs up for you. Go recommend a Paul Krugman article or something.

          • Pyra Gorgon | August 11, 2016 at 8:42 pm |

            The US mint is also a scam. You have that right. But past that, I think we diverge on understanding of what money really is.

  3. Bitcoin system hacked a few weeks ago and 65 million dollar impact. No details.

    • Wrong. The equivalent of a “bank robbery” happened at a private company (exchange called Bitrex) and due to improper security protocols, the thief was able to heist a ton of bitcoin.

      The “Bitcoin system” (ie., Protocol and Platform) has NEVER been hacked, and most likely will never be hacked, as it is more robust than 100x all the Google Data Centers in the world.

      With all due respect, saying the “bitcoin system (was) hacked” displays your lack of knowledge about what bitcoin is or how it works. To someone who understands this, your statement is as comical to see an armed robber steal someone’s wallet and respond, “The US Dollar stystem was hacked (again).” Just Lol.

      • The Bitcoin has been hacked several times. in one instance Billions of Bitcoins were produced. in another incident anyone could have spent anyone else’s Bitcoins. These were well documented security issues fixed when Satoshi ran the project. Bitcoin also requires “checkpoints” to prevent people from hacking Bitcoin by feeding others bad chains so proof of work is not really used up to a certain point in the blockchain, you are depending on developers. there are also things like penny flooding which could be considered a hack and caused fixes to the software.

        The claim “Bitcoin has never been hacked” is usually used by cultists who misrepresent the Bitcoin technology to fit their political agenda. the comparison to large data centers is not only wrong, it has nothing to do with whether the protocol is hacked except for maybe a 51% attack. As for comparing mining to some other computer network that is another cultism because each miner is working on individual problems and the computers they use cannot do anything other than mine Bitcoin.

        Why don’t you spend some time understanding the actual benefits of Bitcoin instead of repeating those stupid cultist sayings over and over.

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