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 Replies: 32 / Views: 3,166 |
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Pillar of the Community
United States
2829 Posts |
Quote:
There is no need for crypto. .... The newer generations disagree, which is why crypto will most likely become dominant form of payment. I guess if the power goes out, they can always make temporary IOU Wood Dollars until the power is restored.  |
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Pillar of the Community
United States
2023 Posts |
There's a difference between "crypto" (as in "Bitcoin" or any of the thousands of other digital currencies) and the technology used to support digital transactions (which could be used to support an actual government-backed currency). Let's not conflate the two.
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Moderator
 United States
187446 Posts |
Quote:
I guess if the power goes out... My power does not go out for long. Like, around 30 seconds at most.  Quote:
There's a difference between "crypto" (as in "Bitcoin" or any of the thousands of other digital currencies) and the technology used to support digital transactions (which could be used to support an actual government-backed currency). Let's not conflate the two. Indeed.  |
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New Member
United States
3 Posts |
I like the "idea" but not really at the same time. I like the parallel-economics, I like the privacy of Monero; but I'm not sure if I'm a fan of blockchain, needing power to access my money and how easy it's becoming to track / tax. It seems like the younger generation is a fan, so: How do we adapt (do we even need to?)? How do we convince them to join the physical parallel-economy?
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Pillar of the Community
United States
9792 Posts |
Buffalo soldat -  A friend of mine is a top security officer at one of the largest crypto exchanges, I can tell you even with all they do they are still getting hacked and infiltrated daily I don't trust the crypto market at all. On the other hand, I am a bit bitter that I decided not to take the plunge and order the 5 Bitcoin deal for only $75.00 I was offered back around 2011, DOH! Now it trades over $100,000 per bitcoin, which was a half a half-million-dollar mistake on my part. Though to be honest I'm sure if I had purchased it back then I would have sold it at either $200 or $20K and would never had held it so long as to make the $100K point of value. Here is an interesting look at it's price history: https://www.bankrate.com/investing/...ice-history/"Buy the Book Before You Buy the Coin" - Aaron R. Feldman - "And read it" - Me 2013! ANA Life Member #3288 in good standing since 1981, ANS, Early American Coppers Member (EAC), Colonial Coin Collectors Club member (C4), Conder Token Collector Club member (CTCC), Civil War Token Society (CWTS) member, Liberty Seated Collectors Club (LSCC) & Numismatic Bibliomania Society member (NBS), USMex, Member in good standing, 2˘ variety collector. See my want page: http://goccf.com/t/140440Edited by westcoin
06/19/2025 5:01 pm
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Moderator
United States
187446 Posts |
Quote:
On the other hand, I am a bit bitter that I decided not to take the plunge and order the 5 Bitcoin deal for only $75.00 I was offered back around 2011, DOH! Now it trades around $120,000 per bitcoin, which was a half a half-million-dollar mistake on my part.  |
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Pillar of the Community
United States
2829 Posts |
Quote:
On the other hand, I am a bit bitter that I decided not to take the plunge and order the 5 Bitcoin deal for only $75.00 I was offered back around 2011, DOH! Now it trades around $120,000 per bitcoin, which was a half a half-million-dollar mistake on my part. .... Similarly, I had the chance to buy BTC in 2012 or 2013, I watched the price go from $1,200 to around $180, I thought to myself it would keep going lower & passed on the opportunity.... I feel your pain. |
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Pillar of the Community
United States
1780 Posts |
@Buffalo soldat: Quote:
Personally, I'd rather invest in tulips ...Tulips are nice ...crypto is a flat-out ponzi scheme fraud ... |
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Pillar of the Community
 United States
2001 Posts |
I'll stick with gold and silver, the only real money recognized worldwide since Moses wore short pants. It may not offer the lofty returns of this make believe investment but gold and silver has never been worth zero and has gotten more people out of a jam than I can imagine.
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Moderator
United States
187446 Posts |
Quote:
...Tulips are nice ...crypto is a flat-out ponzi scheme fraud ...  |
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Pillar of the Community
United States
2829 Posts |
By definition Ponzi Scheme: Quote:
a form of fraud in which belief in the success of a nonexistent enterprise is fostered by the payment of quick returns to the first investors from money invested by later investors. .... I don't believe that argument applies to BTC, ETHE or XRP anymore, IF that were in fact true.... they would have failed over a decade ago. The tulip bubble only lasted a few years. Its healthy to be skeptical but at some point, if the implementation & adoption of something new is taking place right in front of our eyes.... at some point you'll be forced acknowledge its validity. You may not like it but.... it is what it is. Edited by coin rejector
06/20/2025 12:19 pm
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Moderator
United States
187446 Posts |
From one point of view, the "nonexistent enterprise" could be applied to the proof of work that gives crypto its value. I am not declaring whether or not this is correct, as I am still looking into all aspects. However, it is a position held by some detractors who claim the proof of work is not the same as proof of value.
And yes, I am aware that there are many other ways to generate value, like proof of space—I have x amount of hard drive storage available. I believe the future depends on finding a value store that does not have as much environmental impact, even if that means clean energy eroding the argument against proof of work.
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Pillar of the Community
 United States
8724 Posts |
I know zero about crypto but wish I had bought a few shares when bitcoin was $200 a share.... just sayin.
-makecents-
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Valued Member
New Zealand
188 Posts |
Bernie Madoff operated a thriving investment business for a fair few years. Until he didn't.
Do not read this sentence.
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Valued Member
United States
311 Posts |
Have to hand it to Bernie for being a genius at manipulating greedy people. His AUM was roughly 65 billion. Just he and his brother pulled it off. Market cap of BTC is about 2000 billion.
This is breakdown of who controls BTC:
Central managers. None (decentralized).
Core developers (key coders). About 5 highly influential individuals, who can only suggest updates which the network has to agree to adopt.
Major institutional holders. 216 entities hold over 6 million BTC
Individual Bitcoin owners. 100+ million globally (all amounts)
Economically active wallets. ~25 million
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Posted 06/15/2025 12:17 pm
