By using this site, you agree to our Privacy Policy and our Terms of Use. Close

Forums - General Discussion - Cryptocurrency is crashing, are you in or out?

Ljink96 on 16 January 2018
palou said:
Ljink96 said:

Yes...I do know how bitcoin works. This isn't a new concept either, there are a lot of places that already accept bitcoin as payment. I don't think they'll hold you at a restaurant until the transaction goes through. (it has to be delivered I think) This is also another reason why Ethreum is also becoming more mainstream because it can handle transactions much faster. So Bitcoin is a first step but Ethreum should almost negate this conversation. 

Besides...it does work...

https://www.thesun.co.uk/tech/5343653/kfc-bitcoin-bucket-cryptocurrency/

https://www.theregister.co.uk/2018/01/15/kfc_bitcoin_bucket/

The wait times suck, but it works. 

Etherum already had several issues handling transactions stemming from mobile gaming.

 

If the transportation can be ignored, all advantages of a crypto currency can be equivalently found in any physical object. Buying your kfc with bitcoins is in no way superior to buying it with gold, if that happens to be practical, for example.

 

And the decentralization certainly has strong disadvantages. Despite how rare the actual use of crypto currencies currently is, more energy is wasted into their maintenance than would be needed to power all of Ireland. You may dislike banks, but they HAVE succeeded in allowing much, much, much greater volumes of transactions, and much lower fees and much higher speed than ANY current cryptocurrency would be able to. And there ARE benefits to a more direct control over a currency's price. The economy wouldn't be able to function under the current volatility that Bitcoin/etc... are seeing. 

True, bit I see these as the first steps. The first necessary steps, the ones that every major advancement has to take.  Just by studying who will support Bitcoin, I think it's here to stay. I've underestimated Bitcoin, once I'm not one to underestimate something twice but we'll see where it goes. 



Around the Network
Kerotan on 16 January 2018

I'd rather keep my money in my bank account. Feels safer there.



noagenda on 16 January 2018

A necessity to being a viable Fiat Currency is stability.  Not one of these cryptocurrency have, or will ever have, stability.  It's total BS based on what people "believe" the value should be.  It also absolutely requires power!  Power to mine, and power to process payment.  Good luck with that when you are in a state of emergency and can't trade the silly stuff because the power is down.

I find it fascinating that people that hate the Fiat Money already in circulation because it's not backed by gold, accept another form of currency which also isn't backed by gold.  What people don't understand is Fiat Money doesn't need to be backed by gold, it only needs to be backed by the population of the nation issuing the currency.  Cryptocurrency have NO BACKING at all, except for rarity.  Pretty dumb to count on that as your store of value.

 

However, if you like gambling - it's perfect!



fatslob-:O on 16 January 2018
noagenda said:

A necessity to being a viable Fiat Currency is stability.  Not one of these cryptocurrency have, or will ever have, stability.  It's total BS based on what people "believe" the value should be.  It also absolutely requires power!  Power to mine, and power to process payment.  Good luck with that when you are in a state of emergency and can't trade the silly stuff because the power is down.

I find it fascinating that people that hate the Fiat Money already in circulation because it's not backed by gold, accept another form of currency which also isn't backed by gold.  What people don't understand is Fiat Money doesn't need to be backed by gold, it only needs to be backed by the population of the nation issuing the currency.  Cryptocurrency have NO BACKING at all, except for rarity.  Pretty dumb to count on that as your store of value.

 

However, if you like gambling - it's perfect!

@Bold That's pretty much just about what every currency is including gold itself. All currency is only backed in belief of how much value people have in it. Tomorrow the value of gold could plummet and toilet paper could surge in value thus we'd be trading with toilet paper instead of gold so this scenario demonstrates that there exists a "social" aspect to currency or commodities itself ... 

Whether fiat money or cryptocurrencies are not necessarily inferior or superior to each other or other forms of currency ... 



OdinHades on 16 January 2018

I mined 1.6 Bitcoins way back before it was cool.

But I forgot the password for my wallet, lol. I don't even know if my coins are worth anything or if they are Part of some fork that nobody uses anymore or something. I'm Not really into all that stuff. I just tried it out because I had a beefy PC and way too much time on my hands.



Official member of VGC's Nintendo family, approved by the one and only RolStoppable. I feel honored.

Around the Network
JRPGfan on 16 January 2018
fatslob-:O said:
noagenda said:

A necessity to being a viable Fiat Currency is stability.  Not one of these cryptocurrency have, or will ever have, stability.  It's total BS based on what people "believe" the value should be.  It also absolutely requires power!  Power to mine, and power to process payment.  Good luck with that when you are in a state of emergency and can't trade the silly stuff because the power is down.

I find it fascinating that people that hate the Fiat Money already in circulation because it's not backed by gold, accept another form of currency which also isn't backed by gold.  What people don't understand is Fiat Money doesn't need to be backed by gold, it only needs to be backed by the population of the nation issuing the currency.  Cryptocurrency have NO BACKING at all, except for rarity.  Pretty dumb to count on that as your store of value.

 

However, if you like gambling - it's perfect!

@Bold That's pretty much just about what every currency is including gold itself. All currency is only backed in belief of how much value people have in it. Tomorrow the value of gold could plummet and toilet paper could surge in value thus we'd be trading with toilet paper instead of gold so this scenario demonstrates that there exists a "social" aspect to currency or commodities itself ... 

Whether fiat money or cryptocurrencies are not necessarily inferior or superior to each other or other forms of currency ... 

Yeah but its backed by the country, and state.
That makes it alot easier to believe in, because the state/country make sure it works, and you can trade with it.

There isnt a garentee like that for a cryptocurrency.
It could all be worthless tomorrow. The same I doubt you could say for a US dollar bill.



Ganoncrotch on 16 January 2018
GProgrammer said:
Ljink96 said:

There are some establishments that take bitcoin, like the KFC in Canada that is going to be taking Bitcoin this year. And it's only going to become more wide spread as the mainstream jumps on.

I highly doubt anyone will do this, Do you know how bitcoin works?

Heres sort of how such a transaction will take place

person goes into KFC

Can I have 3 pieces of chicken cost $10,

cashier : OK that will be $30

person: but it says $10

Cashier: yes but add $20 extra for transaction costs

person: fine heres $30 bitcoin

Cashier: OK come back in 48 hours once the transaction has gone through and been approved and then we will give you your 3 pieces of chicken

you left out the part where you come back in 2 days and find your $30 of bitcoin is now worth 30c and you need to get your wallet out anyway.

As for bitcoin to me the things are like Pogs, some people will try to convince you that it has a $ value, even though you cannot spend it like you can $'s those same people try to suggest that dollar value has increased... but really it's based on nothing more than a fad of people who do not understand why a real currency has value as it's guaranteed by a bank rather than a currency based on code.

It can crash and burn along with everyone who thinks it's the next coming of christ for all I care.



Why not check me out on youtube and help me on the way to 2k subs over at www.youtube.com/stormcloudlive

fatslob-:O on 16 January 2018
JRPGfan said:

Yeah but its backed by the country, and state.
That makes it alot easier to believe in, because the state/country make sure it works, and you can trade with it.

There isnt a garentee like that for a cryptocurrency.
It could all be worthless tomorrow. The same I doubt you could say for a US dollar bill.

@Bold They said the same thing about the German Mark just after WWI, Zimbabwean Dollar or the Hungarian Pengo just after WWII ... 

The truth of the matter of fact is that ALL currency could become worthless tomorrow and we wouldn't be able to know because of the so called "social" aspect of currency ... 

A nation or a state is not needed to back a currency for reasons of stability since gold and silver itself has demonstrated themselves as viable currency that is also stable and not backed by any governments whatsoever because we the people just straight up believe that those things have value and can be traded for ... 

If people truly cared so much about "protecting" (not even gold itself is safe) their account value then they wouldn't be saving and instead be using it to consume since we all know how the story ends in failure with just about every fiat money ever since the start of civilization LOL ... 



Ultr on 16 January 2018
Ganoncrotch said:
GProgrammer said:

I highly doubt anyone will do this, Do you know how bitcoin works?

Heres sort of how such a transaction will take place

person goes into KFC

Can I have 3 pieces of chicken cost $10,

cashier : OK that will be $30

person: but it says $10

Cashier: yes but add $20 extra for transaction costs

person: fine heres $30 bitcoin

Cashier: OK come back in 48 hours once the transaction has gone through and been approved and then we will give you your 3 pieces of chicken

you left out the part where you come back in 2 days and find your $30 of bitcoin is now worth 30c and you need to get your wallet out anyway.

As for bitcoin to me the things are like Pogs, some people will try to convince you that it has a $ value, even though you cannot spend it like you can $'s those same people try to suggest that dollar value has increased... but really it's based on nothing more than a fad of people who do not understand why a real currency has value as it's guaranteed by a bank rather than a currency based on code.

It can crash and burn along with everyone who thinks it's the next coming of christ for all I care.

But Crypto and the Tech behind it can be huge for the world.

 

You should really educate yourself a bit on this topic because its not going anywhere. Yes the value will fluctuate but that is just speculation. But the technology behind it is here to stay.

Also Bitcoin is not the only thing out there

 

There is even a coin that tries to provide universal basic income to everyone on this planet :D its insane. But hey, what else are humans here for if not for testing new things?



I officialy know too much now.

<a href="http://eu.playstation.com/psn/profile/Ultranza/"><img src="http://mypsn.eu.playstation.com/psn/profile/Ultranza.png" border="0" /></a>

numberwang on 16 January 2018

Everything that is not based on physical entities (stocks, precious metals...) is speculation.