Rank: Elder Joined: 7/11/2012 Posts: 5,222
|
alma1 wrote:Spikes wrote:Swenani wrote:wukan wrote:Swenani wrote:whiteowl wrote:How do you ban a currency that's not controlled by any central bank?  BTC enthusiasts have failed to answer me one question. Is BTC; 1. a payment system like Mpesa, visa, etc 2. A currency like USD, KES, 3. Investment product like stocks 5. Property like land, gold etc? 6.... 7... What is BTC and why is the value of BTC skyrocketing this much? BTC is a payment system much like Mpesa but differs in two areas:- 1. BTC is decentralized-unlike mpesa which is centralized by the cellular network it can therefore be shut down by govt but BTC is not under control of govt authority so it can't be raided by govt. If a govt put in capital control to stop forex leaving a country you can use BTC to avoid the capital controls and transfer your capital out of the country. 2. BTC is deflationary-the amounts of BTC is fixed to 21 million so it becomes like electronic gold limited in supply therefore people use it to store value which is the reason for the 'skyrocketing'. If it is a store of value then you can use it as a currency to exchange goods and services. Kenyans before mpesa were using airtime as a quasi-currency so during 2008 PEV airtime was more exchanging beyond its intrinsic value so 100 airtime could sell for 250. 3. BTC was conceived after the 2008 global financial crisis when fiat currency(debt backed) was facing a crisis. To get out of the GFC and to stop deflation central banks decided to inflate using QE. BTC skyrocketing is being seen as hyper-inflationary collapse of fiat currency. Lastly @swenani in behavioral-economics you learn to see things as they are happening not as they should happen in theory. You missed this point with the GDP during brexit remember how you were long instead of going short. You must stay ahead of the curve. If it's payment system, why is it valued? What does a 1 BTC imply? Why does it keep on fluctuating in price/value. If it's a payment system, what are people mining? Of what value would it help you to get a historical transaction trail of a currency? Do you usually check the historical transaction trail of the notes you have? Good questions to provoke deeper thoughts on crypotcurrency. Thumbs up though! Everytime Kenyans talk about Bitcoins, it reminds me of a pyramid scheme I started years ago. Nyinyi kaeni hapo na bitcoin. The day it shall threaten Donald Trump, mtafunga hiyo kasheshe. I have 20 bitcoins. I was paid by some mutherf***er who couldn't pay his bill. I can assure you. I'm not telling my kids that they are millionaires. Simply because I know it is bullshit and I shall never get that money. It is somewhere in a block something. It was in 2011. 3 years after madoff. It was after Enron. Like the way Obiero love KQ and everyone loved Uchumi. My fren, shit happens. It was a time after people had lost hope in companies. Perfect time for scammers. Listen...You can mine as much as you wish. You can buy as many as you wish. But this road is a road that has been travelled before. A currency that depends on fear, and hope. Where's DECI? Then they use words like Crypto..Mutherf***er you shall be hacked. Then they say it's the real currency. Listen, currency is. If I have 5 chicken, you can agree to give me a goat. This one, is about the hope, that one day, every human being shall dump a dollar...HOPE..That's not currency, that's hope and another pyramid scheme. Wacha mimi nijaribu kununua kabroti with my 5 bob kenyan shilling. Hii ingine, I leave to the IT fellas. Ujinga mamabo leo. Can you go farm please? Wheat farmers in Narok have horny malayas every year. Na wewe uko hapo na bitcoin mamayako. Mimi kama mmoja wa wajinga niko na proposition... What was the debt back then? We can calculate what the value of 20 BTC was. Nitakulipa hio pesa unipatie hio Bitcoin jiga. Vitu kama hizo za kijinga hakuna haja kusumbuana nazo. mmuukkiirrii at gmail
|