Bitcoin Q&A, YouTube Style

I address the comments from my Bitcoin for Big Dummies video and bust some long standing myths in not just P2P networks but economics and the Central Banking system as well.

[peleuno]

"Looks bubblelicious at times". I love it.

Appreciate your analysis and insight!

[dumpsterplayer]

the conditions to redeem bitcoin function sounds like a fantastic idea actually, I can imagine it helping out amazon and ebay a lot

[BoomBustBlog]

Dispelling myths about Bitcoin, the US Federal Reserve and Global Macro

[Carnivore]

Woooah Reggie - where do you get Gold's intrinsic value is a few dollars an ounce? Even as a commodity (which it is, essentially, not) or simply as jewelry - it has USD value worth 100s of multiples of 'a few dollars'... and a history. If you look up "Intrinsic" def; "belonging to the essential nature or constitution of a thing". You can hold Gold in your hand - it is a noun (a thing) - a BTC is simply an idea. I am not saying it won't go up. It will go up as did Pets.com did. Look at your definitions of money - Unit of Account, Store of Value and Medium of Exchange. As far as BTC peer-to-peer - the government could also shut down the Internet (improbable but possible). Also what about only 1/7th of people on planet can use it?

[yekcidmij]

Is BTC really a scarce commodity if it's perfectly divisible?

[dumpsterplayer]

i'm fairly pro bit-coin, but as i don't know enough about the mechanism of it, I'm still cautious. While i can follow that it can't be directly regulated because it's a p2p network, what happens when governments make it a crime to transact in bitcoin, which I think could be an endgame scenario if it becomes significant enough to challenge the nations currency. Business' wouldn't transact in it out of fear, people can still send money to each other anonymously, but then if you can't spend it in a shop it's only a quasi-currency.

This is my main fear with bitcoin, that because it's obviously the way forward, and that the state will do anything to stop the rise of unprintable money,

If you have any arguments why this can't happen or why it isn't a significant risk i'd like to hear your views on it

[DJBremen]

Audio Reg, cmon you gotta run these joints through audacity or something before you upload em. Its free man, heck Id even do it for ya if youd like. Gotta give your insight the technical attention it deserves.

[truth]

So... Are u buying Btc ? And at what price and for how long ?
Many thx

[MWCstream]

Can you turn the mic up or mix the volume higher please, i can barely hear you, but i like your videos. Cheers

[BoomBustBlog]

+ to one why are you comparing 1 fiat currency (USD) to an entire basket of cryptocurrency to prove your point. Compare currency to currency, not currency to concept.

[thodal]

Contrary to what most believe, bitcoin had intrinsic. Simply, without a bitcoin in your wallet you can not alter the blockchain. It is a network access token with permission to append information to a secure data stream. Plain old text messages can be sent with each transfer. The message will exist unaltered, nearly forever. Even simpler, the value is the network continously verifying the integrity of the data and changes made to it.

[Alex_Plante]

W.E. Pollock claims that Bitcoin is a form of numbered account, and is therefore illegal.  What is your opinion?  Also, would Bitcoin miners have to pay capital gains tax?

[KarlBrkr]

China is the future of the world and China recently declared it "illegal" for any of their banks to transact or hold bitcoin. So for the theory of bitcoin being globally accepted is out of the question, as China is a major player in the world economy and growing in the future and they have banned it. 

[unclescam]

sorry reggie, but gold has intrinsic value of economics, in that time and energy had to expended to mine it. in fact at the current depressed price, it is not viable to mine, therefore supply and demand market principles would value it far higher than it is now, let alone at just a few dollars. digital technology has its place along side, but will never replace real work, energy, or thousands of years of human know how, in other words real value

[millomagno]

sorry reggie, i would have listened to the whole lot but the sound is terrible.

[yekcidmij]

Reggie,

It seems to me that one marketable feature BTC is incorrect, namely that the supply of BTC is finite.  In fact, the supply of cryptocurrencies is infinite.  There are no less than 64 in existence today.  Though they all operate under the different labels (bitcoin, litecoin, peercoin, or whatever), they are all algorithms solving some math problem.  There is no limit to the supply of problem-solving algorithms.  In this sense, BTC is no better than the USD  If BTC becomes too scarce/pricey, I create a new peer/crypto currency, such as Litecoin.  The supply of crypto currencies is infinite.

[michbushi]

Haha, Reggie, this video is NOT "YouTube style" at all - WAY too much reasoning & analytical mindset& fact finding for that particular style to apply :-)

[idarwish]

Stop! Stop! This self promotion makes me want to throw up. It's garbage and trash. People want information not a constant history leason who Reggie is. No one cares dude.

[thodal]

Contrary to what most believe, bitcoin had intrinsic. Simply, without a bitcoin in your wallet you can not alter the blockchain. It is a network access token with permission to append information to a secure data stream. Plain old text messages can be sent with each transfer. The message will exist unaltered, nearly forever. Even simpler, the value is the network continously verifying the integrity of the data and changes made to it.