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What do you think of cryptocurrency?

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It requires huge amounts of resources. But I assume the get rich or die trying crowd care two nothings about that.

Bitcoin consumes 'more electricity than Argentina'

https://www.bbc.com/news/technology-56012952

1 ( +2 / -1 )

It has all the markings of an overinflated bubble. Whether it is fools gold or really is the future.... Time will tell.

1 ( +1 / -0 )

The problem is there is no underlying asset....it's literally 100% speculation. Okay to gamble with if you have money to lose, but not a safe investment by any means.

4 ( +4 / -0 )

The problem is there is no underlying asset.

Nor is there an underlying asset on FIAT currencies anymore. They are pegged to gold, but there is not an underlying value of gold to back the currencies. So if this is a problem for cryptocurrencies, it's one that is also for FIAT currencies, and yet, we still use FIAT currencies.

...it's literally 100% speculation.

No, this is incorrect. The value of a currency, whether it be a FIAT currency, a cryptocurrency, or some other that hasn't yet been devised, is in the confidence people have in its value. With FIAT currencies, the value is based in confidence in the government issuing the currency. As long as people have value in that government and their ability to back the currency, the currency has value. If that confidence is lost, the value of the currency drops out. This is what we saw in Greece a few years back, and in Argentina a few years previous to that.

The value of cryptocurrencies is based in confidence in the system. Cryptocurrencies offer an unhackable system that allows management of large quantities of money, across border, without paying fees to a bank or government. It also allows for privacy, as transactions are anonymous. The people who buy cryptocurrencies are doing so with the confidence that the system is unhackable, private, and not manipulated by a government or bank.

Many, if not most, cryptocurrency purchasers are doing so for speculative reasons, trying to make money. But that is only a temporary state as the actual value is determined and stabilizes. Once the fluctuations in value decrease, and the rates stabilize, the only people speculating off cryptocurrency prices will be Forex traders, who are doing it with FIAT currencies already.

Okay to gamble with if you have money to lose, but not a safe investment by any means.

I agree. It's a high-risk, high-reward investment, which means the potential for high-loss.

1 ( +1 / -0 )

Let's see, an asset that has unlimited supply, with new supplies increasing exponentially, backed by no assets at all and often manipulated, and one that will lose at least 90% of its value over the course of your life.....

That describes the US dollar, and a few other currencies. With trillions being printed as a matter of course, is it any wonder people are seeking an alternative store of value?

4 ( +5 / -1 )

Money is a rubbish concept, whatever the form.

-1 ( +2 / -3 )

It’s a pyramide system in a semi-professional and energy intensive gray zone. You can also much easier and without stress say goodbye to your money and transfer it directly to North Korea, Africa and Latin America, without all that hype. And like with official spending of your helping or supporting money via UN , NPO or NGO organizations the virtual coin money goes mostly to their elites, gangs or hacker groups. But of course, a few can also get extraordinarily rich, just to keep the flow with that money vacuum cleaner alive...lol

1 ( +1 / -0 )

For me, it still seems like a SF items. I cannot imagine using that since cryptocurrency is used people who specialize in financial fields.

1 ( +1 / -0 )

it's a facade. If it's only defined by what it costs in another currency then it's not a currency.

It's a coupon that only few people can even use

No protection no insurance like what banking systems in other countries have. Supporing CCP and criminals, really really dumb.

Also there is not enough electricity on the planet to support using it for everyone. It would take the electricity of the entire USA to support only about 20million people using it for daily transactions, which is the ultimate in 1% thinking.

You can't be an environmentalist nor can you fight climate change and have bitcoin.

https://digiconomist.net/bitcoin-energy-consumption

1 ( +1 / -0 )

A single transaction footprint is 657.60 kWh, equivalent to the power consumption of an average U.S. household over 22.54 days.

It's literally insane to believe it will replace currency

0 ( +0 / -0 )

As compared to 100,000 VISA transactions that takes 149 kWh, you get.... 1 bitcoin transaction at 657.6 kWh

How is this even remotely practical?

0 ( +0 / -0 )

A single transaction footprint is 657.60 kWh, equivalent to the power consumption of an average U.S. household over 22.54 days.

That doesn't sound right.

It's literally insane to believe it will replace currency

Yes, because it will always be in this form, and will not improve over time whatsoever.

The fact that it cryptocurrencies weren't perfected before humanity heard of them means it's a failed concept.

-1 ( +1 / -2 )

Look it up

0 ( +0 / -0 )

Meh, I doubt it's accurate. People always be making stuff up and distorting it with cryptocurrencies.

0 ( +0 / -0 )

The problem is there is no underlying asset..

I guess the same could be said for most regular currencies. But with regular currencies there is a kind of trust as we generally share the currency with our neighbors. If I'm stuffed, so is everyone around me. I don't think digital currencies give that same reassurance.

Regarding power consumption, it seems to be an issue.

https://www.bbc.co.uk/news/technology-48853230

1 ( +1 / -0 )

I won't touch it. Too risky. To me, it is some rogue ponzi scheme. Take for instance, Bitcoin. Bitcoin has no real legitimacy with its origins and background. It was developed with unknown software developers under the name of Satoshi Nakamoto. Australian entrepreneur Craig Wright has claimed he is Satoshi Nakamoto, but there is still no proof of that.

If people make money on cryptocurrencies or find some useful value with them, good on them, but I'm sure a lot of people lost their shirts playing with it. I will say it is likely less risky than gambling at casinos.

0 ( +0 / -0 )

I guess the same could be said for most regular currencies. But with regular currencies there is a kind of trust as we generally share the currency with our neighbors. If I'm stuffed, so is everyone around me. I don't think digital currencies give that same reassurance.

They don't. They give different reassurances (see my earlier posts for examples).

0 ( +0 / -0 )

I won't touch it. Too risky. To me, it is some rogue ponzi scheme. Take for instance, Bitcoin. Bitcoin has no real legitimacy with its origins and background. It was developed with unknown software developers under the name of Satoshi Nakamoto. Australian entrepreneur Craig Wright has claimed he is Satoshi Nakamoto, but there is still no proof of that.

Why does it matter beyond a point of interest? Do you know who invented FIAT currencies? Who invented cheques? Who invented credit cards? If the system works (and it's been working over a decade), then how would the name of the inventor change that?

0 ( +0 / -0 )

The problem with many no-coiners is that they think all crypto currencies are the same without even taking their time to research the different real life use cases individual coins have. I give it to you, there are quite a few projects that are destined to fail after their initial pump and dump, however if you do your own diligent research, don't get greedy and learn to read charts you can make serious money.

1 ( +1 / -0 )

As compared to 100,000 VISA transactions that takes 149 kWh, you get.... 1 bitcoin transaction at 657.6 kWh

How is this even remotely practical?

Early 1900s - Airplanes will never be practical. The can't carry much weight, and can only manage to fly a few hundred meters at a time.

Late 1800s - Automobiles are not practical, and will never replace horses. They burn too much gas, there is no infrastructure of roads and gas stations, and they are slower than horses.

1950- TV is not practical - Too expensive, very few programs, and people prefer movies and live shows.

1980s- Mobile phones are not practical. Nobody wants to lug around an expensive device the size of a shoebox that weighs several pounds.

1990 - Home computers are not practical. Except for the word processor function, nobody will need one. And it takes hours to download the simplest file.

Cryptocurrency - see above.

Technology progresses and adopts - it never comes out of the box perfectly.

-3 ( +1 / -4 )

Uses more electricity than the total used by some countries like Argentina or Holland. 60% owned by the Chinese.

2 ( +3 / -1 )

Feels like a pyramid to me, but its possible that the underlying rationale (blockchain? currency free from state interference - for now? Some other yet to be figured out benefit?) does give it an inherent value. Although pretty much anything that shows the hyperbolic appreciation that it has in the last few years (and especially months) ends in tears.

0 ( +0 / -0 )

Sigh... it's never easy to educate a fearful mob. Don't worry - it's technology, not witchcraft.

0 ( +1 / -1 )

Another investment opportunity in a time of zero interest rates, If you have the stomach for it. Here to stay. Learn about it, its going to be a big part of the future. Ridiculous comments about how electricity it uses are just for the tree huggers.

-3 ( +0 / -3 )

Technology progresses and adopts - it never comes out of the box perfectly.

Bitcoin is specifically designed to require greater and greater processing power to "mine" the coins, and therefore requires greater and greater energy.

This isn't a bug. It's a feature.

Money is a rubbish concept, whatever the form.

I think it's good to have a universal exchange commodity. Otherwise, you run into the risk of barter, which introduces the serious problem of the coincidence of needs, or you run a purely debt/favor based economy. This is better than barter, obviously, but in the globalized world of today, it's hard for me, living in Japan, to effectively owe a favor to someone in the USA, whom I am ordering a good or service from.

1 ( +1 / -0 )

It’s great, but I don’t have any.

1 ( +1 / -0 )

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