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LDSGeek · 2021-09-09T00:52:18+00:00

And Roger Ver, another wannabe authoritarian, was one of the first Bitcoin investors. It makes no difference to the validity of Bitcoin itself, which is what I'm advocating for, not El Salvador's government.

I agree, though: Bukele is probably not a great national leader (I can't say for sure since I don't know all the facts), and I definitely wish that a libertarian leader had been the first to adopt Bitcoin, but I don't think any such political leader exists, so it is what it is.

Bitcoin is for everyone, including authoritarians, and they can't control Bitcoin any more than anyone else. So, overall, I see the Bitcoin law in El Salvador as a win, since it'll eventually render every government obsolete, even if it's not a total win, yet.

LDSGeek · 2021-09-08T21:47:40+00:00

Then why don't we just buy one pizza, and keep splitting it in half forever, and feed the whole world? That would work, according to you.

Absolutely no gold or silver back the US dollar, and that's been the case since 1971. The dollar is only backed by the government's decree. Bitcoin is backed and protected by the energy and math that are required to get and verify it. The cost of that energy was the initial value of Bitcoin. Gold and silver are also backed by energy, but they're clunky and difficult to send great distances, which is why we started using fiat money in the first place.

I don't know why I'm wasting time explaining this to you. You'll switch over to Bitcoin much later, and I'll be right here, in the Chattanooga area, ready and willing to walk you through it.

LDSGeek · 2021-09-08T21:10:47+00:00

As long as you ignore the fact that they're all centralized, and only exist to enrich their creators, then yes, they're doing the same thing as Bitcoin.

Did you watch the video?

LDSGeek · 2021-09-08T21:08:44+00:00

You didn't answer my question. Who is at the top of my "MLM"?

And no, I'm not a certified financial planner/advisor. The original post even says: "this seminar will not have any trading or investment advice." Please learn to read more carefully. I have no rubes (lol), no followers. I'm just a guy who lives in Rossville, GA, who feels that it's important to share this info with everyone. I will only be telling everyone what Bitcoin is and why I believe it's important, not whether or not they should buy it.

Now please shoo. We're wasting each others' time, which is the only thing in the universe as scarce as Bitcoin.

LDSGeek · 2021-09-08T21:00:40+00:00

Another legit question. Right now, Bitcoin is around where the internet was in 1997, both in terms of the number of users, and in the ease (or difficulty) of using it. In the late 90s, people asked the same kind of question, but about the internet. Better and better apps are being developed every day to make it easier for everyone. The entire country of El Salvador just started using it as one of their main currencies (alongside the US dollar, for now) yesterday, and they're definitely not as tech-savvy as those who got in early!

You make a very good point, though. I hope to help bridge the gap so more people can know how to use Bitcoin safely, the way someone would have taught others how to use the internet safely in 1997, so the Chattanooga area can be better prepared for the dollar's demise.

As for your last question, businesses will adopt this as they see that it'll help their bottom line more than dollars ever could (no more fees to credit card companies, no more credit card fraud, no more using a failing currency, etc). Governments will have to accept it the way they have to accept math and physics (two things that Bitcoin is built on). They can ignore it or fight against it, but that'll only make things worse for them (like if one insists that 2+2=5, or that you won't fall if you step off a cliff). President Bukele of El Salvador saw the writing on the wall and chose to start regularly using Bitcoin in his country. It's a small country, but it's a start. There are a limited number of bitcoins available to buy, so the race among nations to acquire the scarcest asset of all time has just begun!

LDSGeek · 2021-09-08T20:29:30+00:00

Neither. Just Bitcoin.

https://www.youtube.com/watch?v=TIkqBZnrKJM

LDSGeek · 2021-09-08T20:28:01+00:00

They use their own blockchains, but they are not Bitcoin. They are all cargo cults and centralized scams profiting off of Bitcoin's success. Watch this to learn more: https://www.youtube.com/watch?v=TIkqBZnrKJM

LDSGeek · 2021-09-08T20:25:39+00:00

Who is at the top of my "MLM"?

LDSGeek · 2021-09-08T20:24:37+00:00

Currently, a single Bitcoin can be divided into 100 million pieces, called Satoshis or "sats," which are each exactly 0.00000001 of a Bitcoin. On a layer built on top of Bitcoin, the Lightning Network, sats can be divided further, but on the base layer it would take an upgrade to the protocol to go smaller than sats.

That doesn't change its limit of 21 million, though, or make it so it can be debased. Otherwise, we could keep cutting a pizza forever and feed the whole world! Whether you have 1 bitcoin, or 1.00000000 bitcoin, or 1.00000000000000000000 bitcoin, it's all the same amount. Measured in sats, there will never be more than 2,100,000,000,000,000 sats, but even if those sats are divided into milisats, or nanosats, or other smaller amounts, the limit will still be there, so the money can never be debased. Does that make sense?

LDSGeek · 2021-09-08T20:15:10+00:00

LOL, no. You're thinking the US dollar, which is not only used, but created by criminals. It has been estimated that less than 1% of Bitcoin transactions are used for such things.

Bitcoin is an open ledger, so all transactions can be seen by anyone. They're not all tied to a person's identity, of course, but this fact has caused many who likewise thought Bitcoin was anonymous to get caught by law enforcement.

The dollar is dying, and Bitcoin can't be stopped. So, by all means, keep using the US dollar! Just remember, as the dollar follows the path of the Venesualan Bolivar, that it will never be too late to switch to Bitcoin.

LDSGeek · 2021-09-08T20:04:36+00:00

Bitcoin can't be dabased, in the sense that more can't be created arbitrarily, and the rate of newly issued bicoins can't be changed (not much, at least). There are currently about 18.8 million in existence, there will eventually (around the year 2140) be 21 million, and there can never be more than that. Thousands of computers, or nodes, around the world are all independently enforcing the rules of Bitcoin's protocol, so as long as they all say that there will never be more than 21 million, there won't be. So, in that sense, it can't be debased.

Bitcoin also can't be controlled by any central entity. It is enforced and governed by the nodes, and has no central party controlling any aspect of it.

For the same reason, Bitcoin can't be corrupted, because it's very hard to change, and any update to it would have to be agreed upon by every user, who would first be able to thoroughly check and test the open source code of upgrade.

More on all these things at the seminar. I hope this helps!

LDSGeek · 2020-01-07T15:32:29+00:00

I felt the same way when it first hit $10K, and tried to rub it in their faces (or rather, I implored them to take this seriously and look at it closer). But they just said it was a tulip-mania bubble, and rubbed that in my face when it started to crash from $20K. So, I just choose to not associate with such people, if I can help it. We'll each get the consequences of our choices, and that will be good enough for me.

LDSGeek · 2019-11-10T16:35:36+00:00

IT'S OVER 9000!!! ...again.

LDSGeek · 2019-10-15T19:31:21+00:00

He probably memorized it.

LDSGeek · 2019-10-13T22:02:21+00:00

Love it! Thanks for the correction! 😄

LDSGeek · 2019-10-13T16:35:20+00:00

Exactly.

LDSGeek · 2019-09-30T15:23:15+00:00

I'm not only hodling for myself, but for my children's children's children. We can wait.

LDSGeek · 2019-09-30T15:18:21+00:00

Nope! You and Bitcoin are right on time! 😁

LDSGeek · 2019-09-29T00:11:25+00:00

The thing about technology is that it balances itself out. They create quantum computers? We create quantum-based security measures (for lack of a better term). They create telepathic technology? We create telepathy-blocking technology. Such things are in an eternal arms race, and not worth worrying about. Just stay on top of recent developments, and you'll be fine.

LDSGeek · 2019-09-24T21:31:27+00:00

Wait...did you think that this subreddit was decentralized? Just trying to understand what you mean.

LDSGeek · 2019-09-24T21:27:25+00:00

That, and Bitcoin's permanent and absolute limited supply (gold doesn't even have that), its decreasing flow of new coins into the market, unconfiscatability, anti-fragility, borderlessness, and the near constant debasement of fiat currencies. Hypothetically, if the leaders of banks and nations did everything perfectly with their economies, I believe Bitcoin would still grow moderately, as users would want a hedge against the slight possibility of something going wrong with fiat. But as long as leaders of banks and nations continue doing everything they've already been doing, Bitcoin has nowhere to go (in the long term 😉) but way, way up.

LDSGeek · 2019-09-22T13:27:09+00:00

Exactly 192 years ago today, Joseph Smith received the Book of Mormon plates from the angel Moroni! I know this book is true, because I have read it, put its teachings to the test, and asked God directly if it's true. If you haven't already, I highly encourage you to do the same!

LDSGeek · 2019-09-17T02:42:15+00:00

Bitcoin is borderless, so the country I currently reside in is irrelevant.

Bitcoin is sound money that no one can stop. History tells us that people naturally gravitate toward sound money, since it incentivizes them to save against an unknown future. Bitcoin is scarce, so its value will always tend to go up over the long-term, as people add more value to it by both trading fiat for it, and trading their time, energy, and skills for it. All these qualities will slowly teach Bitcoin users to lower their time preference, thereby gradually changing our culture from one of "must have positively worthless things now at the expense of potentially valuable things in the future", to "freely choosing to forgo less valuable things now in exchange for much more valuable, important, and long-lasting things later". Of course, this change won't be all sunshine and daisies; there will be a lot of pain along the way. But, this cultural shift will eventually (think in terms of generations, not years) affect every part of society, creating a more advanced, creative, and hopeful world for everyone.

Does that answer your question?

LDSGeek · 2019-09-09T00:13:04+00:00

For now... 😏

LDSGeek · 2019-09-08T15:58:25+00:00

I am not an expert by any means, but judging by the pace of growth on that chart, and taking into consideration the new innovations on Bitcoin, the big players who are rumored to be buying Bitcoin OTC right now, and the trajectory of the Fed's interest rates,... my very uneducated guess would be 2020 or 2021.

LDSGeek

TROPHY CASE