The Problem with Digital Currency | |
Oyster
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Oyster
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Oyster
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Oyster
(OP) User ID: 18401048 United States 01/30/2014 11:51 AM Report Abusive Post Report Copyright Violation | all currency is only worth what you can get for it in trade. Quoting: Anonymous Coward 2226485 there is no failsafe currency. gold is as close as you can get but in SHTF you'll trade gold coins for cans of beans if your family is hungry. yes but gold has real value and is a physical currency bitcoin and the dollar are just 1s and 0s in a computer |
PIR
User ID: 52263025 United States 01/30/2014 11:54 AM Report Abusive Post Report Copyright Violation | well maybe it's just MY problem and not THE problem but... Quoting: Oyster it's just all based on confidence like the BS fiat system we already have. so what is the motivation? i dont get it. why trade one made up bullshit number for another? i mean, i like the desire and innovations put forth to break free from the current system but when it really comes down to it Bitcoin and the others are no better IMO. feel free to convince me otherwise because I am intrigued by it, i just dont get it. Answer...profit. Bitcoin profit in 7 months 8,000% Dogecoin profit in 7 weeks 600% Litecoin profit in 6 months 2,000% Namecoin profit in 6 months 3,000% So...what's in your wallet? Buy Dogecoin and soon MaxCoin here: [link to www.coins-e.com (secure)] Snooze ya lose! Last Edited by PIR on 01/30/2014 11:55 AM |
Oyster
(OP) User ID: 18401048 United States 01/30/2014 11:58 AM Report Abusive Post Report Copyright Violation | well maybe it's just MY problem and not THE problem but... Quoting: Oyster it's just all based on confidence like the BS fiat system we already have. so what is the motivation? i dont get it. why trade one made up bullshit number for another? i mean, i like the desire and innovations put forth to break free from the current system but when it really comes down to it Bitcoin and the others are no better IMO. feel free to convince me otherwise because I am intrigued by it, i just dont get it. Answer...profit. Bitcoin profit in 7 months 8,000% Dogecoin profit in 7 weeks 600% Litecoin profit in 6 months 2,000% Namecoin profit in 6 months 3,000% So...what's in your wallet? Buy Dogecoin and soon MaxCoin here: [link to www.coins-e.com (secure)] Snooze ya lose! i totally understand that aspect. get in on the ground floor and profit off the confidence of a bunch of tards |
Anonymous Coward User ID: 53232218 United States 01/30/2014 12:01 PM Report Abusive Post Report Copyright Violation | well maybe it's just MY problem and not THE problem but... Quoting: Oyster it's just all based on confidence like the BS fiat system we already have. so what is the motivation? i dont get it. why trade one made up bullshit number for another? i mean, i like the desire and innovations put forth to break free from the current system but when it really comes down to it Bitcoin and the others are no better IMO. feel free to convince me otherwise because I am intrigued by it, i just dont get it. Answer...profit. Bitcoin profit in 7 months 8,000% Dogecoin profit in 7 weeks 600% Litecoin profit in 6 months 2,000% Namecoin profit in 6 months 3,000% So...what's in your wallet? Buy Dogecoin and soon MaxCoin here: [link to www.coins-e.com (secure)] Snooze ya lose! i totally understand that aspect. get in on the ground floor and profit off the confidence of a bunch of tards Yep same game, different name. it's not a currency at all. |
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Oyster
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Oyster
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Anonymous Coward User ID: 40358710 Canada 01/30/2014 12:17 PM Report Abusive Post Report Copyright Violation | all currency is only worth what you can get for it in trade. Quoting: Anonymous Coward 2226485 there is no failsafe currency. gold is as close as you can get but in SHTF you'll trade gold coins for cans of beans if your family is hungry. yes but gold has real value and is a physical currency bitcoin and the dollar are just 1s and 0s in a computer look at it this way. gold is rare - it would take you years to take a shovel and go dig it up. bitcoin is rare - it would take you years to mine bitcoins. hell, most people here pay their bills and buy shit from amazon online. with what? zeros and ones. rare = value in peoples minds . |
Oyster
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*Rhombus*
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PickPocket
User ID: 53465357 Vietnam 01/30/2014 02:45 PM Report Abusive Post Report Copyright Violation | It is important to remember that Bitcoin is NOT a fiat currency. To create Bitcoins, you have to mine them, and there is a limit to how many can be created, I think it is 22 million, and the closer we get to the 22 million, the more difficult it is to mine them. The dollar on the other hand, can be printed at will, Yellen wants to increase QE instead of taper, by fiat she can buy another 10, 20, 30 billion a month in bonds or mortgage backed securities. The same is true with paper gold, that is how they are driving down the price...I feel like these currencies have a future. Author, esotericist and blogger. Just released my latest novel, Your Love Incomplete, a story replete with conspiracy theory which tells how a man finds his way out of the Matrix. Here is the link to download it as a free ebook: [link to www.smashwords.com (secure)] |
Anonymous Coward User ID: 47048941 United States 01/30/2014 02:57 PM Report Abusive Post Report Copyright Violation | Most currencies are digital now but currencies like the USD are centralized and can be created non stop with little effort. The majority of cryptocurrencies are decentralized and have a cap on the number of coins minted and they are created by using electricity and hardware. Lots of labor had to be done to acquire the materials to manufacture all the devices that make up the cryptocurrency networks. Now anyone can have their own digital printing press and can even create their own currency instead of that kind of power only being in the hands of a few. |
Oyster
(OP) User ID: 18401048 United States 01/30/2014 02:58 PM Report Abusive Post Report Copyright Violation | It is important to remember that Bitcoin is NOT a fiat currency. To create Bitcoins, you have to mine them, and there is a limit to how many can be created, I think it is 22 million, and the closer we get to the 22 million, the more difficult it is to mine them. The dollar on the other hand, can be printed at will, Yellen wants to increase QE instead of taper, by fiat she can buy another 10, 20, 30 billion a month in bonds or mortgage backed securities. The same is true with paper gold, that is how they are driving down the price...I feel like these currencies have a future. Quoting: PickPocket it's not a fiat currency in that there is a cap to how much will be created but it is fiat in that it is backed by only confidence if that makes sense |
Anonymous Coward User ID: 48231413 United States 01/30/2014 03:08 PM Report Abusive Post Report Copyright Violation | all currency is only worth what you can get for it in trade. Quoting: Anonymous Coward 2226485 there is no failsafe currency. gold is as close as you can get but in SHTF you'll trade gold coins for cans of beans if your family is hungry. LOTS of cans of beans. More like the other way around. Lots of gold for a can of beans... |
ssle
User ID: 44553387 United States 01/30/2014 03:12 PM Report Abusive Post Report Copyright Violation | all currency is only worth what you can get for it in trade. Quoting: Anonymous Coward 2226485 there is no failsafe currency. gold is as close as you can get but in SHTF you'll trade gold coins for cans of beans if your family is hungry. ^^ this Currency is only meaningful if there is a functioning society to value it. Gold is meaningless if everyone is starving. Everyone is worth knowing. Everything is worth learning. You're never too good. You're never not good enough. |
Anonymous Coward User ID: 46617826 United States 01/30/2014 03:16 PM Report Abusive Post Report Copyright Violation | well maybe it's just MY problem and not THE problem but... Quoting: Oyster it's just all based on confidence like the BS fiat system we already have. so what is the motivation? i dont get it. why trade one made up bullshit number for another? i mean, i like the desire and innovations put forth to break free from the current system but when it really comes down to it Bitcoin and the others are no better IMO. feel free to convince me otherwise because I am intrigued by it, i just dont get it. Answer...profit. Bitcoin profit in 7 months 8,000% Dogecoin profit in 7 weeks 600% Litecoin profit in 6 months 2,000% Namecoin profit in 6 months 3,000% So...what's in your wallet? Buy Dogecoin and soon MaxCoin here: [link to www.coins-e.com (secure)] Snooze ya lose! You just described the classic Ponzi scheme. "Operators of Ponzi schemes usually entice new investors by offering higher returns than other investments, in the form of short-term returns that are either abnormally high or unusually consistent. The perpetuation of the high returns requires an ever-increasing flow of money from new investors to sustain the scheme." [link to en.wikipedia.org] |