What do you think of bitcoin and cryptocurrency?

[anon82948922]

@anon39015889

i think its more fun to gamble at the casino

I avoid the chance only games, don’t see the point. I’m very partial to blackjack, but casinos are too good at spotting card counters. You don’t win much before you get the boot and then you’re not welcome back.

[crimby]

I know very little about them, but they seem dicey to me, judging with my limited knowledge of them. What do they represent? Some kind of clout on the internet?

[anon17326926]

I’m not an expert but bitcoin is a digital coin that works without a central bank and tried to form an alternative currency.

[yinyang]

@John_Raven

But personally, I love the idea of a currency outside of government control. Unfortunately, as the government does with everything else, they’re trying to get their messy hands on it.

Name one country where their currency is not under the control of that respective government. Who is going to print all those paper currencies (aka fiat money)? You? The government of a country regulates its financial & banking system with law & rules. Without government rules, laws and regulations there would be chaos and no currency to start with.

@anon67051439

Its better to invest in stocks.

That’s if you can afford to purchase the expensive stocks in a stock exchange otherwise those penny stocks are going nowhere.

@anon84461028

I’m not an economist, but I think cryptocurrency is better than conventional currency that is currently considered legal tender. I really want our money to not be based on quantity of trade on good services and capital etc. in the economy (per Adam Smith). That is really consumerist and traps people in a life of meaningless production just to buy crap they dont need. Bitcoin seems to be based on the supply / demand of the currency itself, which I don’t completely understand, but seems to be a better basis of currency value. Although I have a feeling it might not have any inherent value, and that what is really going on is that the value is inflated by the sheer amount of actual legal tender currency that gives it value and the tendency / rational economic behavior of people to save both. Another factor is the value of bitcoin can be divided infinitely so the value of each coin is backed by the demand of a huge number of buyers.

Cryptocurrency cannot replace conventional currency because no small or large business will accept cryptocurrency as a method of payment for the goods & services that small or large business sells. Difference currencies of different countries are valued based on a country’s GDP and exchange value in a currency exchange. The Wealth of Nations is a good book, yes and does have fundamentals in economics whether it be microeconomics or macroeconomics but the world economic system is changing and Adam Smith’s theories are no longer applicable. Supply & Demand is a microeconomic topic that does apply to Bitcoin where the consumer market buys more Bitcoin as more cryptocurrencies are mined.

Bitcoin is backed by a belief that the cryptocurrency will make those buyers wealthy and serves some non-proven theory of financial backing. This is not how a real currency of a country’s government operates. You need a banking system, a government system and an economic system that supports a currency which all 3 support and exchange. Bitcoin & cryptocurrencies do not have any of these 3 supports.

@anon17326926

I’m not an expert but bitcoin is a digital coin that works without a central bank and tried to form an alternative currency.

A country’s population still uses paper fiat money to buy groceries for their families. This paper fiat money is printed by the central bank so that all smaller tiered banks can use interchangeably. You cannot buy gasoline or food with Bitcoin.

[LevelJ1]

Cryptocurrency may still get used in the future just in a more centralized form.

The Fed - What is a Central Bank Digital Currency?

[anon17326926]

I know the ECB is also studying the creation of a digital euro.

[yinyang]

@LevelJ1

Cryptocurrency may still get used in the future just in a more centralized form.

“May” is the word here. Not “is” used.

[LevelJ1]

Well for now. You cannot predict the future lol.

[LevelJ1]

You might mix the idea of a decentralized cryptocurrency like bitcoin versus a centralized cryptocurrency that banks may use

We already use digital forms of money it’d just another form

[yinyang]

@LevelJ1

Well for now. You cannot predict the future lol.

I cannot predict the future but there are forecasts that hypothesize that Bitcoin & Cryptocurrencies are here to stay. The purpose is to scam all those uneducated victims of their money because of a false belief that Bitcoin & Cryptocurrencies will make them rich.

[LevelJ1]

Yes but you are still referring to the decentralized cryptocurrencies. Those yes indeed can be a big scam.

The cryptocurrency technology that banks want to use is not that. If a country can get off paper money then they can track every dollar.

[yinyang]

@LevelJ1

The cryptocurrency technology that banks want to use is not that. If a country can get off paper money then they can track every dollar.

Tracking every dollar when that unit of currency switches hand is a good thing. Putting a history tag on each dollar and its transaction history makes for good business. There is a reason why the Fortune 500 companies or even Global 500 companies would be in favor of tracking dollar history transactions. The black market economy which Bitcoin & Cryptocurrencies are a part of represent less than 5% of a country’s economic output.

[anon22322466]

Big returns are in in development. Smart contracts especially.

Basically you make a large amount of tokens and reward them to people for doing something, while comissioning some to yourself. You list them on a decentralized exchange, then enjoy an income stream as long as your service is running!

You can keep reminting coins as needed.