Do you think cryptocurrencies are the future?

[damian246]

That doesn't mean you can't make money off it, of course. But its not a very healthy environment altogether.

Exactly and that is the reason for the contradiction. You write a contradiction and some people will get it.
You can make money with cryptocurrency, but you need to be aware of the risk. IMHO Trades with crypto are more secure than forex trades.
Internet without scam would not be the same. It is not so difficult to spot scam, no social networks i.e. Always rushing to get to the money etc.

 

[Salty_sandwich]

Bitcoin was not invented to be an investment, it was put out to give people their own non state controlled way to trade, but as with anything when it becomes of cash value, it's being abused, example, large short term profit gains, it was never meant to be used for this, and just proves it wont work, it will be abused as long as money can be made from it and has to be state regulated, which is what it was meant to avoid.

 

[damian246]

Bitcoin was not invented to be an investment, it was put out to give people their own non state controlled way to trade,

Yes and kinda meant to replace the world's currencies which is quite crazy. Crazy because why would someone replace world currencies which need to grow in size or mass with a currency which is meant to be restricted to 21 million pieces? And that is what supports speculation even more.

 

[R-T-B]

21 million pieces

It supports far more decimal precision than that and there is no reason one could not one so called satoshi as a unit. There are 100 million satoshis in a single bitcoin. I'll let you do the math and see how it can easily support a two decimal system like the USD.

Not that I believe it will, I am simply stating it is mathmatically doable.

 

[FordGT90Concept]

Most fiat currencies grow volume with demand stabilizing per-unit value. Cryptocurrencies have no such stabilizing mechanism.


How many satoshis does an apple cost? Imagine printing that on product labels, then having BTC jump up $1000 USD overnight, and suddenly all of your labels are bad for business.

 

[R-T-B]

Most fiat currencies grow volume with demand stabilizing per-unit value. Cryptocurrencies have no such stabilizing mechanism.

I was only commenting on the math of the idea that you couldn't do enough currency with it, which is wrong. You certainly could. I said nothing about it being well designed (it isn't). But you do seem content to keep going there, eh?

 

[John Naylor]

Today's Ponzi scheme .... enough people will be allowed to make money to make the scheme sell, but fir the most part, the only real winnfers will be those manipulating the market

 

[damian246]

Today's Ponzi scheme .... enough people will be allowed to make money to make the scheme sell, but fir the most part, the only real winnfers will be those manipulating the market

Bitcoin is no poncy scheme, neither are about 25 % of the Altcoins which are connected to bitcoin because they are so aloft they believe it to be unnecessary even creating a pay with xxxcoin button. Bitcoin without FIAT could almost survive, Most others cannot. The bitcoin slaughter of Nov. 2018 will cleanse and lowered the price for some people with an excess of money.

For the many people critical to the Blockchain you should use telegram. in telegram you have access to many start up Coiner Groups which teaches you a lot about the human factor in the Crypto Environment. I'm pretty sure if there are marketing guy here that they could tell a story or 2 about start ups without any money to make it.

 

[ZenZimZaliben]

Most fiat currencies grow volume with demand stabilizing per-unit value. Cryptocurrencies have no such stabilizing mechanism.
How many satoshis does an apple cost? Imagine printing that on product labels, then having BTC jump up $1000 USD overnight, and suddenly all of your labels are bad for business.

This is inherently flawed logic. How much does an apple cost in Gold? Oil? Gas? Silver? Salmon? King Crab? Everything has a perceived value. Value is based on market perception + Mining/Development/Creation Costs.

"Fiat currencies grow volume with demand stabilizing per-unit value." Except they don't. Is 1 USD worth 1 Euro? Why is 1 Euro worth more than a dollar then? Why is 1USD worth 20 Pesos?

Fiat only works like you say on a micro level, at the country of origin. Bitcoin works on a global/macro level. There is no exchange rate for Bitcoin. 1 BTC in USA is = 1 BTC in Mexico.

 

[Deleted member 158293]

Funny thing about gold... on an average 1 pair of shoes/sandles costs roughly the same in gold today as it did thousands of years ago in the Roman times.

Same goes with Bitcoin as it is not inflationary either.

 

[trog100]

Funny thing about gold... on an average 1 pair of shoes/sandles costs roughly the same in gold today as it did thousands of years ago in the Roman times.

Same goes with Bitcoin as it is not inflationary either.

would that be cheap chinese sandals or proper roman sandals.. he he

trog

 

[mtcn77]

Funny thing about gold... on an average 1 pair of shoes/sandles costs roughly the same in gold today as it did thousands of years ago in the Roman times.

Same goes with Bitcoin as it is not inflationary either.

We'd see about that if there was such a credit crunch. What security is there against a virus attack, costing the total wallet count?

 

[FordGT90Concept]

This is inherently flawed logic. How much does an apple cost in Gold? Oil? Gas? Silver? Salmon? King Crab? Everything has a perceived value. Value is based on market perception + Mining/Development/Creation Costs.

"Fiat currencies grow volume with demand stabilizing per-unit value." Except they don't. Is 1 USD worth 1 Euro? Why is 1 Euro worth more than a dollar then? Why is 1USD worth 20 Pesos?

Fiat only works like you say on a micro level, at the country of origin. Bitcoin works on a global/macro level. There is no exchange rate for Bitcoin. 1 BTC in USA is = 1 BTC in Mexico.

Markets are always relative. An advantage of fiat is that money supply can be eased and constricted relative to the economy. An apple's cost in USD is relative to the cost of virtually everything else USD is used for. There's no market cap on fiat currencies because it's subject to change.

1 USD is not worth 1 EUR because they are not pegged to each other and each fiat currency moves relative to its economy that powers it. EUR has more purchasing power than USD because the EU has lower supply of EURs thereby each EUR having more value than each USD.

Exchange rates aren't fixed even when pegged (because pegged currencies are allowed to float).

 

[Deleted member 158293]

would that be cheap chinese sandals or proper roman sandals.. he he

trog

I'd say genuine Italian leather

We'd see about that if there was such a credit crunch. What security is there against a virus attack, costing the total wallet count?

If the wallet is lost/destroyed/erased there is 24 word passphrase wallet reconstruction, on top of regular wallet password.

Stolen is stolen, like anything.

 

[moproblems99]

Why is 1USD worth 20 Pesos?

Please tell me the dollar is worth more than 20 pesos.

 

[mtcn77]

I'd say genuine Italian leather

Currently reading up on leather tanning and finding it ironic how google won't help me with a lead on 'ecoltan'(some miracle tanning agent us Turks found?).

If the wallet is lost/destroyed/erased there is 24 word passphrase wallet reconstruction, on top of regular wallet password.

Stolen is stolen, like anything.

Count as in everyone's, in an instant, but thanks for the heads up!

 

[Gorstak]

I think blockchain has a definite future, but I wouldn't bet my money on cryptocurrencies. I only invested about 10$ into this whole coin bussiness, about 5 or 6 years ago @ cex.io website. They held 50% of all hashing power in the world and found a block every 8 seconds. I haven't logged in there since I've invested. I think I sold or lost the cellnumber that I used to authenticate myself there. Don't really care, but still receive emails from them occasionally.

 

[ZenZimZaliben]

Please tell me the dollar is worth more than 20 pesos.

Ok it is actually worth 20.23 pesos. lol.

 

[Deleted member 158293]

Currently reading up on leather tanning and finding it ironic how google won't help me with a lead on 'ecoltan'(some miracle tanning agent us Turks found?).
Count as in everyone's, in an instant, but thanks for the heads up!

That would theoretically require every copy of the public ledger be erased worldwide.

Every ledger in cold storage has the possibility to restore every wallet ever made following the passphrase update and before its timestamp.

 

[mtcn77]

That would theoretically require every copy of the public ledger be erased worldwide.

Every ledger in cold storage has the possibility to restore every wallet ever made following the passphrase update and before its timestamp.

That's where it targets? I know its fiction, but stuxnet? This heist is worth 10% US debt at one time, mind you, so there is incentive for it.

 

[Deleted member 158293]

That's where it targets? I know its fiction, but stuxnet? This heist is worth 10% US debt at one time, mind you, so there is incentive for it.

1 public ledger can rebuild the entire bitcoin network. The more individual non-mining & non-pruned nodes there are, the more the copies of the ledger exist worldwide (and offworld since the ledger is also now broadcast from satellite) and the more robust the network.

That's the backbone of a decentralized blockchain vs. a much, much, much, more efficient centralized database, but which is also much more prone to hacking, failure, and centralized control.

 

[mtcn77]

1 public ledger can rebuild the entire bitcoin network. The more individual non-mining & non-pruned nodes there are, the more the copies of the ledger exist worldwide (and offworld since the ledger is also now broadcast from satellite) and the more robust the network.

That's the backbone of a decentralized blockchain vs. a much, much, much, more efficient centralized database, but which is also much more prone to hacking, failure, and centralized control.

Okay, but isn't running a non-mining node expensive?

 

[Deleted member 158293]

Okay, but isn't running a non-mining node expensive?

A non-mining full node can run on a Raspberry Pi and a 1TB hard drive (500gb + years of extra space).

Edit: 500gb, not 500mb

 

[moproblems99]

Ok it is actually worth 20.23 pesos. lol.

I only asked because I remember when the dollar used to be worth a lot of pesos. So, it means the dollar sucks now. Didn't mean anything about the accuracy of your post.

 

[mtcn77]

A non-mining full node can run on a Raspberry Pi and a 1TB hard drive (500gb + years of extra space).

Edit: 500gb, not 500mb

Is that with or without the computational validity predication? Say, I topple the wallet count of >99% of the computational powerload. Would the rest of the 1% take enough time to reload the rest of the blockchain until I double spend? I have no incentive to do this, but debt deflation might be enticing to some...