Crypto Currencies

[Immortality]

Watching the fire or stoking the fire? Nope, your watching the fire you're help to stoke.....

 

[Skydrol]

I am watching the fire to see where I need to move away from it. There is always a business opportunity on every debacle and only one chance to get it right.

Is like the Titanic, either stay in the boat, jump in the water or get one of the life boats that are already filled. What about finding some stuff that can float, tie it together and improvise a raft. Is that cheating? (Is a metaphore)

The people that wishes to stay on the ship are living the Post 2020 era. Waiting for White Star to send a rescue ship.

 

[Skydrol]

Looks like if you want to go for a holiday at El Salvador you can pay with Bitcoin.

With 62 Vs 22 vote count in favor to use Bitcoin as legal tender for all intends and purposes.

Is upto the people to adopt it, but as of today is all legal. In my view, is a move to ditch the Dollar.

Interesting years ahead.

 

[Immortality]

Bitcoin is way to unstable to use as a regular currency as it currently stands.

 

[the_boozer]

I still fail to understand How database points or what ever bitcoin is has any real value at all? With some mobs saying generating power creates pollution then bitcoin is using more electricity than some small country' s all in aid of what?
Rich people swindling the middle classes wealth, its a Ponzi scheme. How does one buy something when the network is down?
Do you invest in things you find morally wrong if the returns are great?

 

[Pollushon]

Crypto is no different to a punt on the horses. Your win is someone else's loss and vice versa. Play with beer money and there's no tears to be shed

 

[Skydrol]

I still fail to understand How database points

We use some sort of "cryptos" on our daily lives. Each time we use the Phone, Card or even auto withdrawal we use electronic forms of payment. The twist is, that a Bank holds those numbers on their database and they use those numbers to do what they please. As far paper, is just a physical representation of those numbers. So what gives its value? People is what give the value to currencies. On this case, the Bank is out of the equation, the owner of the currency hold the Private Keys. You can lose the hardrive, or your phone, if you have the "Seeds" you can retrieve the numbers. They are never destroyed, what you loose is the password that proves the ownership and nobodyelse can take posesion unless it has the Seed or the Password.

Also, we use Dollars because is forced upon us by law, hence the name Fiat Currency. In El Salvador, became Fiat because is legal to use, still, no official currency, but is legal to use.

I say, keep your eyes open and understand how they work, does not hurt to learn. We are on the edge of a technology that is going to hit meanstream. Is going to be a period of adjustment, people are scary animals, they fear the unknown.

 

[Pollushon]

Yeah thats not even close to what blockchain is. No matter what paranoid delusion you put on Fiat it has a spine of bricks and mortar behind it. Crypto does not. It is worth whatever someone values it at and whilst it has a bright future ahead, right now a billionaires tweets can inflate or devalue a currency. That inflation or devaluation comes from folk like you and I pumping in or pulling out. That is not the case at all for Fiat. Vechain is a great example of a crypto with an amazingly solid technology behind it, widely adopted and in heavy use for logistics and fraud management by many large corporations - this has zero bearing on the blockchain token value

People are right to be afraid of crypto as it currently stands

 

[Skydrol]

All I can say is that do not dismiss the tech as worthless, does not hurt to learn. I own some Litecoins and betting on Doge for a quick cash. In the USA are talks about a "Fed Coin", so that tells me the Fed Reserve is messing around with the idea.

 

[Immortality]

A lot of the Bitcoin mining is currently happening in China. China could easily crash Bitcoin.....

Crypto's are also totally reliant on a free internet, don't be surprised if that also falls over, China can close of their "net" to the rest of the world, Russia has also experimented with completely blocking the internet from their soil and having their own independent system.

If (or when) the next WW hits you can bet your arse that our free and open internet access will quickly disappear as it becomes another front in the war making your crypto's useless.

Crypto's are in their infancy and I have no doubt will be involved in the world financial system but not as they stand right now. Hell, give it another few years and quantum computers will completely change computing and blockchain will have to adapt.