the Bitcoin network just split in half

Discussion in 'Financial Cents' started by sec_monkey, Aug 3, 2017.


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  1. sec_monkey

    sec_monkey SM Security Administrator

    the Bitcoin network just split in half

    Why the Bitcoin network just split in half and why it matters



    foosed yet?
     
    Last edited: Aug 3, 2017
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  2. duane

    duane Monkey+++

    I have a very hard time understanding the validity of a monetary unit backed by nothing, that only exists in some 0's and 1's format on a server somewhere and that has no fixed value. Sounds like a dream project created by Ponzi's ghost and ranks right up there with derivatives, the stock market, and bad bundled loans as securities for bond sales. The whole thing reminds me of the old musical chairs game, but in the end they don't just remove one chair, they remove them all and everyone loses. In the long run the only way to win is not play and in the short run you can only win if enough new suckers enter the game to create a profit for those drawing their money out..
     
    Last edited: Aug 3, 2017
  3. Dunerunner

    Dunerunner Brewery Monkey Moderator

    And, if it disappeared tomorrow, then who would authorities go looking for? We should start a system called Monkey Dollars! :D
     
  4. duane

    duane Monkey+++

    Dunerunner, a monkey dollar might make more sense as there are a few people in the group that I would trust to honor it, I trust no one in the banking, stock market or internet hype game.
     
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  5. 3M-TA3

    3M-TA3 Cold Wet Monkey Site Supporter++

    At least a fiat currency has fiat behind it... Still not convinced that BTC is anything more than nothing.
    Twice as much, or half as much, of imaginary is still imaginary. IMO BTC is an even greater risk than our current fiat currency.
     
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  6. oil pan 4

    oil pan 4 Monkey+++

    Most US dollars are ones and zeros on servers now.
    Remember M1, M2 and M3 from macro economics?
    M1 is cash, checking accounts and savings account with less than 100,000 in them.
    M2 is retirement accounts, savings accounts with greater than 100,000 in them, stuff such as that.
    M3 is like the value of your home, the value of the business you work for, things that are not usually traded or cashed out.
    Only a portion of M1 is cash.
    Bitcon is kind of like M1 with out the paper component.
     
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  7. azrancher

    azrancher Monkey +++

    Monkey dollars are redeemable in bananas, I think we got something here, no 1's and 0's, just monkey faces, and butts...

    Rancher
     
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  8. chelloveck

    chelloveck Diabolus Causidicus

    Bonobos have a trading system...I believe its called affection, and mutual sexual enjoyment. biglaff

    I would like to think that if the monkey tree were operating a LETS (local exchange trading system) Local exchange trading system - Wikipedia that each would honour their obligations to their fellow monkeys. Within a moderately sized physical community, reneging on the system would not be without consequence....the community knows where you live, and living without that community's good will would not be pleasant.
     
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  9. BTPost

    BTPost Stumpy Old Fart Snow Monkey Moderator

    Monkey Dollars are a Great Idea, just do NOT try and snitch only of @Falcon15 's Bananas, in Trade.... That can get you DEAD...
     
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  10. VisuTrac

    VisuTrac Ваша мать носит военные ботинки Site Supporter+++

    I love [btc] ok, I hate it too
    as for it not being backed ... that is correct. But it has value because someone is willing to trade you fiat currency or goods/services for it just like the USD.
    The USD is not backed by anything except the threat of violence if you don't accept it ;)
     
  11. Falcon15

    Falcon15 Falco Peregrinus

    Dead as a monkey on a live wire.
     
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  12. Mindgrinder

    Mindgrinder Karma Pirate Ninja|RIP 12-25-2017

    This is wise actually....
    Bitcoin Cash will split in another digital commodity....
    Like Gold, Silver, Copper....except..
    01100111 01101111 01101100 01100100
    01110011 01101001 01101100 01110110 01100101 01110010
    01100011 01101111 01110000 01110000 01100101 01110010
     
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  13. VisuTrac

    VisuTrac Ваша мать носит военные ботинки Site Supporter+++

    Funny thing is, when it split .. half the value didn't go to each block chain .. BitCoin dipped briefly and returned to 2700USD (now at 2800+) and the new BitCoin Cash went from basically nothing to 400.

    So if you had 10 coins pre-split (worth 27k), today you'd have 32k. (10 Bitcoin and 10 BitCoinCash)

    Just craziness.
     
  14. BTPost

    BTPost Stumpy Old Fart Snow Monkey Moderator

    Sounds like a bunch of Currency Speculators, pulling a fast one to increase their Holdings, in a "Quick Increase" way.... to my way of thinking...
     
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  15. chelloveck

    chelloveck Diabolus Causidicus

    The question is whether [btc2] investors will be throwing themselves off high buildings when the Bit Coin bubble bursts / crashes??
     
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  16. VisuTrac

    VisuTrac Ваша мать носит военные ботинки Site Supporter+++

    They can but hope they publish their private keys first!
     
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  1. BTPost
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  3. Asia-Off-Grid
  4. oil pan 4
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