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Re: Embattled Crypto Exchange FTX Files for Bankruptcy

By: Zimbler0 in 6TH POPE | Recommend this post (0)
Sun, 13 Nov 22 2:10 AM | 21 view(s)
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Msg. 37390 of 58641
(This msg. is a reply to 37374 by Decomposed)

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All of what you typed is True, De.

But if one uses BitCoin to buy groceries . . .
denominated in Dollars . . .
Might be fun to watch the number of 'crypto-bucks' the cash register has to pull out of your 'crypto-wallet' change as the 'value' changes.

If you buy a new car with bit-Coin, and the value of a bit-coin goes up nicely the next day . . . Does the car dealer have to give you some cash back? (Or if the bit-coin goes down, does one have to come up with some extra cash to give the dealer?)

Zim.




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Mad Poet Strikes Again.


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The above is a reply to the following message:
Re: Embattled Crypto Exchange FTX Files for Bankruptcy
By: Decomposed
in 6TH POPE
Sun, 13 Nov 22 12:26 AM
Msg. 37374 of 58641

Zimbler0:

Re: “Are you SURE that that isn't what is going on right now?”
The code is published. The best mathematicians have scrutinized it and found it sound. If you wanted, you could download or even type in the code, compile it yourself and link into the blockchain. If there WAS a flaw, somebody or some nation would have exploited it by now and taken bitcoin's hefty net worth to zero. They haven't done that.

So, yes. I'm sure bitcoin is secure.

As for wanting a currency to not having big swings in value... well, that's your prerogative and preference. You prefer stability over risk. That's fine. But in so doing, you also forgo any chance at large returns and expose yourself to all the flaws that exist in an easily counterfeited (by foreign powers) and debased (by our own federal government and the private bankers who own the Federal Reserve) fiat currency. Keep that in mind.






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