Re:The day someone created 184 billion Bitcoin (2020)
by mathiaspoint on Friday July 11, 2025 @03:08PM
(#44535847)
It's the same as any currency. If the place you want to spend it only accepts currency y then you must trade for currency y to spend money there.
Since Bitcoin is software anyone can fork it and create a currency y with the same ledger up to the fork but few people do because convincing other people to trade for it without a very strong argument is hard.
Re:The day someone created 184 billion Bitcoin (2020)
by drexlspivey on Friday July 11, 2025 @04:28PM
(#44536500)
What do you think "Iran" can do if they controlled 51% of processing power?
Re:The day someone created 184 billion Bitcoin (2020)
by daveguy on Friday July 11, 2025 @06:21PM
(#44537361)
Double spend any bitcoins in their possession?
Or just announce and prove that they are doing it, thereby causing a run on bitcoin and all the other bozobucks.
Re:The day someone created 184 billion Bitcoin (2020)
by DaSHacka on Saturday July 12, 2025 @03:32PM
(#44544472)
> All it would take is a significantly effective worm to destroy bitcoin. But hypers gonna hype.
As opposed to any other modern financial system with significant liquidity in digital assets?
I fail to see how substantial private ownership distributed amongst those countries makes it significantly vulnerable.
With something like 45% of processing controlled by entities in Iran, China, and Russia, it seems like an absolute fools game to put any significant wealth in Bitcoin. All it would take is a significantly effective worm to destroy bitcoin. But hypers gonna hype.
You couldn't pay me to hold a Bitcoin.