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Thread: Hello! Bitcoin doesn't deal with $. It only deals in BTC.

  1. #1

    Default Hello! Bitcoin doesn't deal with $. It only deals in BTC.

    Quote Originally Posted by ynot2k View Post
    http://fortune.com/2017/08/22/bitcoin-coinbase-hack/

    Long article that speaks, among other things, to the dangers of leaving large sums of crypto and money in exchanges, or in any wallet for that matter.
    Coinbase account holders lose up to $5 million annually to theft by hacking, according to a person close to the company.
    Hello! Bitcoin doesn't deal with $. It only deals in BTC. The exchanges operate in the Fed-o-sphere, NOT in the free market.

  2. #2

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    Quote Originally Posted by AnotherDave View Post
    Hello! Bitcoin doesn't deal with $. It only deals in BTC. The exchanges operate in the Fed-o-sphere, NOT in the free market.
    And what percent of bitcoin exchanges not involve frn, or some other currency? one in a billion or less?

    since the vast majority of bitcoin transactions are cash linked, then it sounds stupid to assess a technicality that tries to show the opposite of the reality.

  3. #3

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    Quote Originally Posted by shades View Post
    And what percent of bitcoin exchanges not involve frn, or some other currency? one in a billion or less?

    since the vast majority of bitcoin transactions are cash linked, then it sounds stupid to assess a technicality that tries to show the opposite of the reality.
    Shades, since you are the one who brings up stupid, tell us what the exchanges do OTHER than trading in and out of currencies.

  4. #4

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    Quote Originally Posted by AnotherDave View Post
    Shades, since you are the one who brings up stupid, tell us what the exchanges do OTHER than trading in and out of currencies.
    then why did you 3 posts ago post "Hello, bitcoin doesn't deal in $, only other bitcoin"? and now in this post take a reverse position?

  5. #5

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    Isn't it true all "currencies" need to be relatable to ALL other currencies in order to fit into the title of "currency"?

    If that's not the case, than it isn't a currency

    That's the point, right? If I want a candybar, I need to offer something that has some value in relationship to what it took for that merchant to buy that candy bar
    Whether or not it was paid for in sand, sea shells, FRN's or gold is irrelevant
    What is relevant, is what the merchant will accept for it in relationship to what he needs to recover that value he spent to get it, just for you!

    It would seem to me the statement that Bitcoin value is only relevant to the value of Bitcoin kinda cornholes it as a currency or barter instrument

    "Here take this Bitcoin for your candybar"
    What's the value of Bitcoin?

    "It's worth what Bitcoin is worth"
    What's Bitcoin worth?

    "Bitcoin is worth what Bitcoin is worth"


    That doesn't even make any sense
    LOL

  6. #6

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    Quote Originally Posted by shades View Post
    then why did you 3 posts ago post "Hello, bitcoin doesn't deal in $, only other bitcoin"? and now in this post take a reverse position?
    Between your ears, maybe. In the rest of the world, Bitcoin is Bitcoin. Not one line of its code is about FRN, JPY, CNY, EUR, or mudpies.

    Oh, and post #3. You didn't answer, did you?

  7. #7

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    Quote Originally Posted by AnotherDave View Post
    Between your ears, maybe. In the rest of the world, Bitcoin is Bitcoin. Not one line of its code is about FRN, JPY, CNY, EUR, or mudpies.

    Oh, and post #3. You didn't answer, did you?
    here is my answer to post 3:
    all currencies always are relatable to all other currencies, as soon as there occurs an exchange event between them to establish a history of exchange rate.

  8. #8

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    Quote Originally Posted by AnotherDave View Post
    Between your ears, maybe. In the rest of the world, Bitcoin is Bitcoin. Not one line of its code is about FRN, JPY, CNY, EUR, or mudpies.

    Oh, and post #3. You didn't answer, did you?
    how many people who own and have sold bitcoin even care about its code, when all they care about is how it can work as a currency(like it was mainly used as before the bubble phase), pr as a speculative instrument(like it practically exclusively is now)

    what percent of those who own bitcoin, or other currencies have even looked at the code? Practically zero percent.

    So, to me, your pushing the statement that bitcoin code has no relation to $ is a duh. Neither does gold or silver have any atomic relation to $, but that doesnt stop the fact that it is intimately unseparatable from$.

  9. #9

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    Quote Originally Posted by shades View Post
    here is my answer to post 3:
    all currencies always are relatable to all other currencies, as soon as there occurs an exchange event between them to establish a history of exchange rate.
    The question, in case you need reminding, is "Shades, since you are the one who brings up stupid, tell us what the exchanges do OTHER than trading in and out of currencies."

  10. #10

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    Quote Originally Posted by AnotherDave View Post
    The question, in case you need reminding, is "Shades, since you are the one who brings up stupid, tell us what the exchanges do OTHER than trading in and out of currencies."
    the other thing they do other than charge a significant fee for money exchange /remittance services, is provide a big ripe target on their backs to digital brigandage, insider illegal activity, high transaction fees, bankruptcy, get shut down by governments, "lose" wallets, willing to take any amount of deposit from you per day/but suddenly restrict your cashout daily to a paltry sum, etc

    wild west!!! Yahoo!!!
    Last edited by shades; 12-27-2017 at 05:48 PM.

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