Explain Crypto Currency

[GypsmJim]

And you could have done the same with Bitcoin.

Does the local gas station and mom/pop restaurant accept bitcoin?

 

[The.Tumbleweed]

It IS make believe currency. You pay your hard earned dollars for something that you can't see or touch and that can be taken away from you more easily than anything else you own. But, hey, the big $$$$ boyz play with it all day long on their laptops; I guess that's how they make their money ????? Buy yoself some REAL estate....... and live well.
IMHO,
J.

It's very similar to our own fed. Our money isn't based on anything either.
We've been off the gold standard for many decades.

 

[Taterman]

Pyramid scheme?

 

[Johnnu2]

And you could have done the same with Bitcoin.

Not at my deli or gas station....

J.

 

[Laserbait]

 

[TestEngineer]

What gives Bitcoin value is simply that it is worldwide and not controlled by any government.

If I have a million US dollars in the bank, the US government controls my wealth. They can say how much value I move out of the US. They can tax it. They can and do devalue it. If they should choose to, they could confiscate all of it and leave me destitute.

If I own a number of Bitcoins, the US government can't do anything if I choose to move to another country and take the value with me. They can't tax it (in real terms) nor can they devalue it. They cannot confiscate it. They are powerless over my financial security.

It's the desire of people around the world to not be controlled that drives the desire to own some. The value is derived from the demand vs the limited supply.

Governments hate the stuff and have created their own crypto currencies to try to take back wealth control. They absolutely HATE Bitcoin. I wish I had bought into it when it was new, but I didn't trust it or understand it. I would never buy any of the government made/controlled crypto currencies.

 

[bobski]

its a form of gambling since you have no control of the outcome.
someone else does.

 

[mirglip]

The value is derived from the demand vs the limited supply.

Who or what limits the supply and why would you trust them? (What could possibly go wrong?)

 

[The.Tumbleweed]

Pyramid scheme?

That would actually define Social Security. Of course, giving money to those that never contributed, eventually it is killed off by the non-contributors.

 

[old breed]

If you don't hold it you don't own it.

i'm with you ,if the lights go out tomorrow, you will not be able to access anything that is remotely controlled stocks bank accounts, your social security ck., etc. our faith in our portfolio, our inflated money, now the fog in the cloud ponsi scheme that is bitcoin. ask an amish guy what he's going to do if the lights go out.

 

[old breed]

The 33 year old son of a very good friend of mine retired as a multi-multi millionair dealing specifically in crypto-currency. No idea whatsoever how he did it but I understand he was one of the fore-runners in the field.

Dan

sam bankman-fried-conspiracy to commit commodities fraud

 

[mirglip]

i'm with you ,if the lights go out tomorrow, you will not be able to access anything that is remotely controlled stocks bank accounts, your social security ck., etc. our faith in our portfolio, our inflated money, now the fog in the cloud ponsi scheme that is bitcoin. ask an amish guy what he's going to do if the lights go out.

I'm not a religious guy, but I think the Amish are a lot smarter than people give them credit for. They aren't poor or hungry and don't need guvmint assistance. They didn't get Covid because they don't watch teevee.

 

[old breed]

Here's how I understand it. You take Monopoly money, or those gold foil-covered "coin" candies, or even your imagination, and you say, this is worth X number of dollars today. Tomorrow, someone declares that the "value" of it has gone up or down. You make money when you sell it to someone else, when it supposedly goes up. The trick is to buy it or sell it still takes "real" money. Understand? ('cause I don't).

want to buy some time shares? they are a great investment! everybody is snatching them up don't be left behind.

 

[old breed]

I'm not a religious guy, but I think the Amish are a lot smarter than people give them credit for. They aren't poor or hungry and don't need guvmint assistance. They didn't get Covid because they don't watch teevee.

everybody thinks they are strange and backward until we are put back into the stone age if our grid goes down . amish is a lifestyle not a religion. they train their kids to work . they learn a trade at an early age, they are excellent craftsmen ,pay in cash and they can deal. they voted for trump because the democrats were messing with their food/milk production. meat processing , gun collecting etc. yeh , might be strange because they're honest.

 

[Sam Summey]

Monopoly money has more value, so does play money that your children play "store" with.

 

[bergmen]

sam bankman-fried-conspiracy to commit commodities fraud

You have no idea how he made his fortune. I do somewhat but I will not divulge here. Straight up above board.

Dan

 

[vito]

I don't really worry about society totally collapsing, because if it did we would all perish, probably sooner rather than later. Watch the movie "The Road" to get an idea of what it would be like. The "preppers" with huge stockpiles of food, meds, guns and ammo and the will to use those guns to defend their food would last the longest, but I'm too old to become a "prepper" so I don't think about it. I am assuming that the fake money that I have in my bank accounts, and in the stock market, will survive as things that I can exchange for real goods and services at least for the remainder of my lifetime.

I have more ammo stockpiled that I likely will use in the years that I have left, even if I stop buying totally. Most likely when I die my family will get rid of the ammo at pennies on the dollar at best. The chances that I can ever use it to barter for food to survive is likely close to zero, so I will keep shooting it and ideally use up the last batch just before I croak.

 

[ole442]

And just how many Bitcoins and other crypto coins do you think the ChiComs can produce? They have the ability to produce near perfect counterfeit coins. Just saying.....they will be there if they already aren't! Are the cryptos serialized or do they have some way of quickly detection fakes! I do not like crypto myself but then, I'm old school!

 

[Fox Mike]

What denominations do these "coins" come in? This is a lot, in my opinion, as buying a pig in a poke.

 

[pie]

its a form of gambling since you have no control of the outcome.
someone else does.

So is the stock market.

 

[Sugar River]

its a form of gambling since you have no control of the outcome.
someone else does.

Oh you mean just like paper money.......

 

[Sugar River]

This article has a pretty good explanation for the original question.
Highly recommend the videos, first one is about 12 minutes.

https://99bitcoins.com/cryptocurrency/bitcoin/