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3 fatal flaws with digital crypto currencies in their present form....

 
Anonymous Coward
User ID: 75167138
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12/10/2017 12:40 PM
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Re: 3 fatal flaws with digital crypto currencies in their present form....
With cryptos you can only directly 'buy' but a fraction of the 'things' you can buy with cash

converting cryptos to cash costs money, and is not easy, no matter how many ways cryptards try to explain it

so if you are 'rich' in crypto but can't use it to buy much, this severely devalues a crypto's worth
Anonymous Coward
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12/10/2017 12:43 PM
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Re: 3 fatal flaws with digital crypto currencies in their present form....
The biggest problem is that crypto aren't scarce. There is no limit to the number that can be invented.
Anonymous Coward
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12/10/2017 12:46 PM
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Re: 3 fatal flaws with digital crypto currencies in their present form....
What good is a digital wallet if there's no electricity to access it?
 Quoting: Anonymous Coward 75955956


One perfectly placed emp and nuke
 Quoting: Chugiakian


Yes and that goes for your bank account and your data kept on a computer about the gold and silver you owned.
Anonymous Coward
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France
12/10/2017 12:46 PM
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Re: 3 fatal flaws with digital crypto currencies in their present form....
What good is a digital wallet if there's no electricity to access it?
 Quoting: Anonymous Coward 75955956


This is an exhausting argument used over and over again. We are all f*cked if the grid goes down. Your cash will not be good either. If it gets too bad, people won't want gold or silver either. Food, water, and shelter will be the currency.
Anonymous Coward
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United States
12/10/2017 12:47 PM
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Re: 3 fatal flaws with digital crypto currencies in their present form....
What good is a digital wallet if there's no electricity to access it?
 Quoting: Anonymous Coward 75955956


One perfectly placed emp and nuke
 Quoting: Chugiakian


Yes and that goes for your bank account and your data kept on a computer about the gold and silver you owned.
 Quoting: Anonymous Coward 73445540


but...my gold and silver was lost in a boating accident :)
Anonymous Coward
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France
12/10/2017 12:48 PM
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Re: 3 fatal flaws with digital crypto currencies in their present form....
Op is spot on and did a good report to clarify this.
If the masses stream one way,you must swim the other in this day and age.
For the stream flows towards the abyss!
Go against the flow to survive!
And the currently needed exercise,it keeps you healthy,physically and mentally!
 Quoting: Anonymous Coward 75955616


Tell us more oh wise one...

Less than 1% of the world's population is currently using crypto currencies. We are the ones fleeing the abyss, but keep telling yourself you're smarter than everyone else...
Anonymous Coward
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United Kingdom
12/10/2017 12:49 PM
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Re: 3 fatal flaws with digital crypto currencies in their present form....
With cryptos you can only directly 'buy' but a fraction of the 'things' you can buy with cash

converting cryptos to cash costs money, and is not easy, no matter how many ways cryptards try to explain it

so if you are 'rich' in crypto but can't use it to buy much, this severely devalues a crypto's worth
 Quoting: Anonymous Coward 75167138


Really hard yes, you get a crypto debit card you load your BTC, LTC, ETH onto it and you spend it or use a ATM for cash.
Anonymous Coward
User ID: 74717285
United States
12/10/2017 12:49 PM
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Re: 3 fatal flaws with digital crypto currencies in their present form....
#1. The Global Elite are already moving towards block chain technology please see Ripple (xrp) who just partnered with American Express and 75 other financial institution

There is also Stellar Lumens which is partnered with IBM.

These currencies are not just currencies but are communication protocols that will do away with swift transactions making transactions on a global scale instantaneous. It's a game changer.

The second problem with your concern is that there is no way to shut cryptocurrency down without shutting down the internet. These bankers can cry all they want but now they will suffer. Instead of charging me to store my money in the bank maybe I'll store it in something that will give me some value back.

The cat's out of the bag on this. They can't stop it.

#2 No guarantees

When have we ever had guarantees? To me there is more guarantee with cryptocurrency as it has more to do with math and logic then the global elite playing with the money supply and using politics to get us to accept conditions that benefit them. Your concern with security is valid. That's why you don't store your wallet on a website. Get a wallet.

Check out Ledger or Trezor.

#3 No inherent Value?

Why is a Spiderman # 1 worth whatever some collectors price guide says?

It's only worth that much if someone buys it for that much.

It is that simple.

So this gets back to what is required for currency work.
Acceptance, faith, and stability which right now the volatility is my only concern with bitcoin but I see it more as a "reserve currency" in the future. The volatility we see now are the growing pains.

The only way it tanks is people stop using it. No more faith. Why would that happen?

These are great times. Fuck the banksters!
Anonymous Coward
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12/10/2017 12:49 PM
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Re: 3 fatal flaws with digital crypto currencies in their present form....
I felt extremely safe putting my life saving in Crypto.
Anonymous Coward
User ID: 75193661
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12/10/2017 12:50 PM
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Re: 3 fatal flaws with digital crypto currencies in their present form....
It's God's work taking money away from fools.
Anonymous Coward
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United Kingdom
12/10/2017 12:51 PM
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Re: 3 fatal flaws with digital crypto currencies in their present form....
What good is a digital wallet if there's no electricity to access it?
 Quoting: Anonymous Coward 75955956


One perfectly placed emp and nuke
 Quoting: Chugiakian


Yes and that goes for your bank account and your data kept on a computer about the gold and silver you owned.
 Quoting: Anonymous Coward 73445540


but...my gold and silver was lost in a boating accident :)
 Quoting: Anonymous Coward 75167138


Indeed it was! hehe
NRVNAFAN

User ID: 75457070
United States
12/10/2017 12:52 PM

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Re: 3 fatal flaws with digital crypto currencies in their present form....
Good post.

For me it is the complete lack of security of cryptocurrencies. Just yesterday some $70M was stolen and good luck figuring out who it was or ever getting anything back.

Cryptocurrencies might well be the wave of the future but in the current form I just don't see it.
 Quoting: DARTH SILIOUS


Wild Speculation= the wild west.


Crypto Fever is the new Gold Fever....Thar's Gold in dem der hills!

At least with Gold, you actually have something of value
gold
 Quoting: Chugiakian


I personally have no use for gold at all.

It used to be good for making jewelry to make a woman happy but these days i dont even need a woman.

Last Edited by messagehalted on 12/10/2017 12:54 PM
All my post are theatrical artistic writing .
Anonymous Coward
User ID: 75756784
Canada
12/10/2017 12:52 PM
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Re: 3 fatal flaws with digital crypto currencies in their present form....
A few people get lucky and get rich and people want to scream about how awful it is.

LOL
Anonymous Coward
User ID: 75869834
Brazil
12/10/2017 12:56 PM
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Re: 3 fatal flaws with digital crypto currencies in their present form....
While you have been thumping your bible I've made more than 40X my initial investment.

Praise the Lord and pass the collection plate!
Anonymous Coward
User ID: 75167138
United States
12/10/2017 12:57 PM
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Re: 3 fatal flaws with digital crypto currencies in their present form....
With cryptos you can only directly 'buy' but a fraction of the 'things' you can buy with cash

converting cryptos to cash costs money, and is not easy, no matter how many ways cryptards try to explain it

so if you are 'rich' in crypto but can't use it to buy much, this severely devalues a crypto's worth
 Quoting: Anonymous Coward 75167138


Really hard yes, you get a crypto debit card you load your BTC, LTC, ETH onto it and you spend it or use a ATM for cash.
 Quoting: Anonymous Coward 73445540


Card price $15.00

Domestic ATM Transaction $2.50 (after finding an ATM that accepts it)

Monthly service fee $1.00

Loading fee 1%

Third-party loading fee 1.99%

Single ATM transaction limit $200 / $1000
Unverified / Verified

Max single top-up value $1000 / $10000
Unverified / Verified

Max lifetime load $1000 / Unlimited
Unverified / Verified

Max lifetime unload $1000 / Unlimited
Unverified / Verified

ATM transactions per day 2 / 5
Unverified / Verified
ThePaleOne
traded his horse for a white van

User ID: 75562434
Austria
12/10/2017 12:58 PM

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Re: 3 fatal flaws with digital crypto currencies in their present form....
Op is spot on and did a good report to clarify this.
If the masses stream one way,you must swim the other in this day and age.
For the stream flows towards the abyss!
Go against the flow to survive!
And the currently needed exercise,it keeps you healthy,physically and mentally!
 Quoting: Anonymous Coward 75955616


Tell us more oh wise one...

Less than 1% of the world's population is currently using crypto currencies. We are the ones fleeing the abyss, but keep telling yourself you're smarter than everyone else...
 Quoting: Anonymous Coward 73587915


From experience .. the spam pro-BTC is pretty much the same as we had during the crash of the New Economy, the busting of the housing bubble or the great Pacific crisis when Japan that was threatening to take over the world .. broke.

So .. nothing new, another time "get rich quick" schemes are sold to the masses except this time the media transporting the schemes is not newspapers and TV but the internet.

I bet the same losers (that I know) that fell for the scams above are already invested in or considering investing into BTC.

In my view there is only one asset class today not completely overbought ... PMs, which is exactly where my annual bonus will go this year.
Life is a 100% deadly sexually transmitted disease.
Life is to short to be a slave, leave the plantation, go: [link to www.goingyourownway.com]
FeraNenem

User ID: 75963112
Brazil
12/10/2017 01:00 PM
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Re: 3 fatal flaws with digital crypto currencies in their present form....
#3 No Inherent Value

Surely you have no idea what you are talking about and what blockchain is.
If you think blockchain only serves to send and receive coins, then you have not even scratched the surface.
Gloria Fortis Miles
Adversor et Admorsus
Anonymous Coward
User ID: 75167138
United States
12/10/2017 01:02 PM
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Re: 3 fatal flaws with digital crypto currencies in their present form....
The only way it tanks is people stop using it.

 Quoting: Anonymous Coward 74717285


OR:

When technology catches up to the encryption algorithm and poof! it's all gone
Anonymous Coward
User ID: 63492018
United States
12/10/2017 01:03 PM
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Re: 3 fatal flaws with digital crypto currencies in their present form....
Think Beanie Babies
Anonymous Coward
User ID: 73587915
France
12/10/2017 01:03 PM
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Re: 3 fatal flaws with digital crypto currencies in their present form....
Op is spot on and did a good report to clarify this.
If the masses stream one way,you must swim the other in this day and age.
For the stream flows towards the abyss!
Go against the flow to survive!
And the currently needed exercise,it keeps you healthy,physically and mentally!
 Quoting: Anonymous Coward 75955616


Tell us more oh wise one...

Less than 1% of the world's population is currently using crypto currencies. We are the ones fleeing the abyss, but keep telling yourself you're smarter than everyone else...
 Quoting: Anonymous Coward 73587915


From experience .. the spam pro-BTC is pretty much the same as we had during the crash of the New Economy, the busting of the housing bubble or the great Pacific crisis when Japan that was threatening to take over the world .. broke.

So .. nothing new, another time "get rich quick" schemes are sold to the masses except this time the media transporting the schemes is not newspapers and TV but the internet.

I bet the same losers (that I know) that fell for the scams above are already invested in or considering investing into BTC.

In my view there is only one asset class today not completely overbought ... PMs, which is exactly where my annual bonus will go this year.
 Quoting: ThePaleOne


Sound money on a worldwide distributed trustless ledger is not a scam. A deflationary currency is not a scam. In fact, it's the opposite and encourages saving. Kind of like what you do with your PMs. Do people think or read anymore?!?!
Anonymous Coward
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France
12/10/2017 01:06 PM
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Re: 3 fatal flaws with digital crypto currencies in their present form....
Think Beanie Babies
 Quoting: Anonymous Coward 63492018


But but but....tulips and beanie babies! You dolts make my head hurt. I don't get why anyone would be against BTC usurping the control of the financial elite? We talk a lot on this forum about how bad they are and how they control everything there is to control.

Now BTC comes along and throws a wrench into their power structure, and the same people that complain about those elite now fight for them? Thank God my kids go to private school. Obviously our education system is failing people on massively depressing scale...
Duncan the destroyer

User ID: 75908809
United States
12/10/2017 01:07 PM
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Re: 3 fatal flaws with digital crypto currencies in their present form....
Op is spot on and did a good report to clarify this.
If the masses stream one way,you must swim the other in this day and age.
For the stream flows towards the abyss!
Go against the flow to survive!
And the currently needed exercise,it keeps you healthy,physically and mentally!
 Quoting: Anonymous Coward 75955616


Tell us more oh wise one...

Less than 1% of the world's population is currently using crypto currencies. We are the ones fleeing the abyss, but keep telling yourself you're smarter than everyone else...
 Quoting: Anonymous Coward 73587915


How are you fleeing when everything you do with crypto leaves a electronic footprint?

How will anyone be able to deal on the side/barter when it's all electronic,if anything this crypto basically ends all freedom to hide,barter,work undetected.

You're just buying in to make a quick $$ and haven't thought this through long term.
Duncan the destroyer
Anonymous Coward
User ID: 73587915
France
12/10/2017 01:10 PM
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Re: 3 fatal flaws with digital crypto currencies in their present form....
Op is spot on and did a good report to clarify this.
If the masses stream one way,you must swim the other in this day and age.
For the stream flows towards the abyss!
Go against the flow to survive!
And the currently needed exercise,it keeps you healthy,physically and mentally!
 Quoting: Anonymous Coward 75955616


Tell us more oh wise one...

Less than 1% of the world's population is currently using crypto currencies. We are the ones fleeing the abyss, but keep telling yourself you're smarter than everyone else...
 Quoting: Anonymous Coward 73587915


How are you fleeing when everything you do with crypto leaves a electronic footprint?

How will anyone be able to deal on the side/barter when it's all electronic,if anything this crypto basically ends all freedom to hide,barter,work undetected.

You're just buying in to make a quick $$ and haven't thought this through long term.
 Quoting: Duncan the destroyer


Says the guy leaving an electronic footprint...
Anonymous Coward
User ID: 75966557
Spain
12/10/2017 01:12 PM
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Re: 3 fatal flaws with digital crypto currencies in their present form....
A few people get lucky and get rich and people want to scream about how awful it is.

LOL
 Quoting: Anonymous Coward 75756784


Prolly Jealous.
Duncan the destroyer

User ID: 75908809
United States
12/10/2017 01:13 PM
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Re: 3 fatal flaws with digital crypto currencies in their present form....
Think Beanie Babies
 Quoting: Anonymous Coward 63492018


But but but....tulips and beanie babies! You dolts make my head hurt. I don't get why anyone would be against BTC usurping the control of the financial elite? We talk a lot on this forum about how bad they are and how they control everything there is to control.

Now BTC comes along and throws a wrench into their power structure, and the same people that complain about those elite now fight for them? Thank God my kids go to private school. Obviously our education system is failing people on massively depressing scale...
 Quoting: Anonymous Coward 73587915


Crypto hasn't thrown a monkey wrench in shit other than creating this get rich quick atmosphere which will end once the government regulates it should the masses start abandoning the dollar.

You're living in a fantasy world(probably your parents basement) if you think this country can still operate if no one uses dollars,believe me you are going to pay one way or the other to keep the wheels spinning.
Duncan the destroyer
FeraNenem

User ID: 75963112
Brazil
12/10/2017 01:14 PM
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Re: 3 fatal flaws with digital crypto currencies in their present form....
I'll try to explain in a very simple way the reason why bitcoin is worth so much.
The reason the value of bitcoin is worth so much is not in the bitcoin itself, but in the technology behind the bitcoin that is called blockchain.
Blockchain is basically the internet 2.0
Now go do your research on what the blockchain is because I will not be spoon feeding you.

That's the basics that a person should know before talking about it.

Now the question "Is bitcoin in a bubble?"
The answer is: Yes, it is possible that it is in a bubble simply because of the amount of people who are buying without even knowing what the blockchain is.
Gloria Fortis Miles
Adversor et Admorsus
Anonymous Coward
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12/10/2017 01:14 PM
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Re: 3 fatal flaws with digital crypto currencies in their present form....
dg
Affable Serpent

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12/10/2017 01:14 PM
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Re: 3 fatal flaws with digital crypto currencies in their present form....
Good post.

For me it is the complete lack of security of cryptocurrencies. Just yesterday some $70M was stolen and good luck figuring out who it was or ever getting anything back.

Cryptocurrencies might well be the wave of the future but in the current form I just don't see it.
 Quoting: DARTH SILIOUS


Wild Speculation= the wild west.


Crypto Fever is the new Gold Fever....Thar's Gold in dem der hills!

At least with Gold, you actually have something of value
gold
 Quoting: Chugiakian


I personally have no use for gold at all.

It used to be good for making jewelry to make a woman happy but these days i dont even need a woman.
 Quoting: NRVNAFAN


So, you're a fag?
- Do you really think you're free?
- Anything that requires a license, permit, or a tax makes you a serf/vassal to the entity that requires it of you.
FeraNenem

User ID: 75963112
Brazil
12/10/2017 01:15 PM
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Re: 3 fatal flaws with digital crypto currencies in their present form....
I'll try to explain in a very simple way the reason why bitcoin is worth so much.
The reason the value of bitcoin is worth so much is not in the bitcoin itself, but in the technology behind the bitcoin that is called blockchain.
Blockchain is basically the internet 2.0
Now go do your research on what the blockchain is because I will not be spoon feeding you.

That's the basics that a person should know before talking about it.

Now the question "Is bitcoin in a bubble?"
The answer is: Yes, it is possible that it is in a bubble simply because of the amount of people who are buying without even knowing what the blockchain is.
 Quoting: FeraNenem


This is not to say that bitcoin is not worth what it is worth now or more.
Gloria Fortis Miles
Adversor et Admorsus
Duncan the destroyer

User ID: 75908809
United States
12/10/2017 01:15 PM
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Re: 3 fatal flaws with digital crypto currencies in their present form....
Op is spot on and did a good report to clarify this.
If the masses stream one way,you must swim the other in this day and age.
For the stream flows towards the abyss!
Go against the flow to survive!
And the currently needed exercise,it keeps you healthy,physically and mentally!
 Quoting: Anonymous Coward 75955616


Tell us more oh wise one...

Less than 1% of the world's population is currently using crypto currencies. We are the ones fleeing the abyss, but keep telling yourself you're smarter than everyone else...
 Quoting: Anonymous Coward 73587915


How are you fleeing when everything you do with crypto leaves a electronic footprint?

How will anyone be able to deal on the side/barter when it's all electronic,if anything this crypto basically ends all freedom to hide,barter,work undetected.

You're just buying in to make a quick $$ and haven't thought this through long term.
 Quoting: Duncan the destroyer


Says the guy leaving an electronic footprint...
 Quoting: Anonymous Coward 73587915


Oh,so you figured a way around all the checks and will live life "off the grid" stop the crap,you're living in a fantasy world where you make your own reality,have fun playing with yourself.
Duncan the destroyer





GLP