Folks genuinely believed that a decentralized, non-government controlled currency had a future. Pure naivety.
Folks genuinely believed that a decentralized, non-government controlled currency had a future. Pure naivety.
Looks like a great Buying Opportunity to me!
Your 2008 reference makes no sense. 1999 would have been an okay comparison but still.
bitcoinaire wrote:
Your 2008 reference makes no sense. 1999 would have been an okay comparison but still.
The Federal Reserve acts as a proxy for the large banks. The large banks control the currency. The large banks commit fraud on an unprecedented scale and NO ONE goes to jail (i.e. did you learn anything from 2008?). Yet the crypto deluders believe that somehow this system will be displaced.
Keep holding. Crypto is freedom.
Did you learn anything from 2008? wrote:
Folks genuinely believed that a decentralized, non-government controlled currency had a future. Pure naivety.
Not displace, but it will be incorporated with Block Chain technology, which is the tech behind crypto. It already has. Banks are already moving over to blockchain, and in 10 years all banks will be based on blockchain technology.
However, as far as digital currency replacing fiat. I'm not sure about that. However, there will be a time where legal tender become paperless. We went from coins to paper to plastic with currency, so the next form of currency will be in a digital state.
Now, crypto will be used to move liquidity, especially when banks need to move large sums of money. Doing it physically takes too long, and there is a huge security risk, so banks moving money by way of airplanes and armored trucks are going to become a thing of the past. And it still takes 2-3 days to electronically move funds. That is an eon in the business world. Money needs to move like emails and text messages, in milliseconds, and this is where crypto comes in. It will be used to move liquidity and it will be used as currency, but will it replace FIAT? I don't know
There are restaurants and stores that already except bitcoin, eth, litecoin, stellar, and ripple, so adaption has already happened, but on a small scale. Hell, I think some states are already excepting bitcoin as a form of tax payment, so governments are definitely testing the waters.
The government is going to always have control, as well as the banks, and they will regulate crytpo. We already have Bitcoin futures, Crytpo Indexes, and the Nasdaq will be releasing its Crypto exchange next year.
So Crypto is here to stay, but the question is will it totally replace FIAT, or will it be used as a sub-payment source and utility for Fiat?
gains from march till now have paid off my student loans ;)
take a dive into the masternode world.
Scorpion_runner wrote:
We already have Bitcoin futures, Crytpo Indexes, and the Nasdaq will be releasing its Crypto exchange next year.
I never said it wasn't a great vehicle to collect fees, spread, commission, etc. It's a great business for funds and investment banks. But don't confuse that with viability. They're only there to collect the fee.
Did you learn anything from 2008? wrote:
Folks genuinely believed that a decentralized, non-government controlled currency had a future. Pure naivety.
When the prime motivation of a currency is to make money on it's appreciation rather than to facilitate the exchange of goods and services, it isn't a currency.
Cryto is a neat stepping stone, but eventually the world will realise we don't need a currency. We will produce without being compelled by the physical necessity of selling ourselves as a commodity. I eagerly await this new renaissance.
Eventually wrote:
Cryto is a neat stepping stone, but eventually the world will realise we don't need a currency. We will produce without being compelled by the physical necessity of selling ourselves as a commodity. I eagerly await this new renaissance.
We already do that, it's called work.
Eventually wrote:
Cryto is a neat stepping stone, but eventually the world will realise we don't need a currency. We will produce without being compelled by the physical necessity of selling ourselves as a commodity. I eagerly await this new renaissance.
Okay comrade. Let me know how that works out.
I thought crypto currency was just used to buy illegal stuff on The Dark Web?
Scorpion_runner wrote:
Not displace, but it will be incorporated with Block Chain technology, which is the tech behind crypto. It already has. Banks are already moving over to blockchain, and in 10 years all banks will be based on blockchain technology.
Banks are investing a little of their pocket change in blockchain start ups and projects, but are so far from "moving to blockchain."
The weakness to Bitcoin's blockchain infrastructure is that it was not built to be able to scale to widespread usage. In other words the energy consumption required to verify transactions now are making it increasingly less cost effective and environmentally impactful to be a viable means of exchange. That's not to mention issues with security among many widely followed coins.
Blockchain as a general technology has staying power, but in what form and to what extent will take a long time to develop still.
All the bitcoin bros are going bankrupt. Back to their real job at tanning salons.
Too old to understand or care. Just going to retire comfortably with plain ordinary cash and stocks thank you.
Scorpion_runner wrote:
Not displace, but it will be incorporated with Block Chain technology, which is the tech behind crypto. It already has. Banks are already moving over to blockchain, and in 10 years all banks will be based on blockchain technology.
I'll never get tired of comments like this. As a professional software engineer going on 14 years of experience, do you want to know how many times the word "blockchain" has come up at work? Zero. It's zero.
Really Bro wrote:
Eventually wrote:
Cryto is a neat stepping stone, but eventually the world will realise we don't need a currency. We will produce without being compelled by the physical necessity of selling ourselves as a commodity. I eagerly await this new renaissance.
Okay comrade. Let me know how that works out.
We might not be alive when this occurs, but it is an inevitability given humans/earth survive long enough. Communism is the only terminally sustainable economic system given it is governed by a proper set of checks and balances that prevent dictators from abusing the system for their personal gain.
Who here has actually made money on this? As in, cashed out?
andydufresne2 wrote:
Scorpion_runner wrote:
Not displace, but it will be incorporated with Block Chain technology, which is the tech behind crypto. It already has. Banks are already moving over to blockchain, and in 10 years all banks will be based on blockchain technology.
I'll never get tired of comments like this. As a professional software engineer going on 14 years of experience, do you want to know how many times the word "blockchain" has come up at work? Zero. It's zero.
(1990s Sears exec laughing dismissively, "Amazon? Isn't that in the rain forest?")
metcalfe's law wrote:
andydufresne2 wrote:
I'll never get tired of comments like this. As a professional software engineer going on 14 years of experience, do you want to know how many times the word "blockchain" has come up at work? Zero. It's zero.
(1990s Sears exec laughing dismissively, "Amazon? Isn't that in the rain forest?")
Blockchain is nearly identical to the public key part you already know and understand. It just grows over time as transactions are enacted. Your private key allows you access to the parts of the 'blockchain' you are entitled to see.
This isn't it, of course, but it is.