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Cryptocurrency is crashing, are you in or out?

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

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 ... 



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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?



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



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

Stocks are the best store of value

No matter what you use as an exchange of value, the capability of production will still have value. Microsoft will break the bank, regardless if they're banking dollars or Bitcoin



OdinHades said:
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.

A common tale. Estimates of ~8 million bitcoin inaccessible at this point.

In any case, you would never lose in a hard fork...you would just get 1.6 forked coins in addition to your 1.6 bitcoin.

OT: Buying cheap coins of course!



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I know the recent Asian news was a cause for the crash, but at the same time seeing this mass panic just reminded me of how little people truly know about Bitcoin. For them, it's simply some random currency that can get you money.

If people are viewing cryptocurrency as investing money to make money, then I'd be a bit concerned about its future. Hopefully people become more educated and study cryptocurrencies before making a boneheaded move. At this point it feels more like gambling than an actual currency to many people



Ultr said:
Ganoncrotch said:

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?

Unless every single person on the planet agrees that the currency has a value then it is worthless, it's the same value as monopoly money or something you print out on your own PC and printer unless global banks and retailers agree that it has a value.

As for educating myself? I know that "mining" these things now consumes an equal amount of electricity as a medium size country,  the one group who are making a very clear and real world amount of money are the electric companies of the world as well as sellers of AMD graphics cards / coolers / PSUs, they are producing a massive carbon footprint for effectively doing completely inane computations to "mine" these things which has a finite amount which can ever be made but at an increased cost per coin generated.

I'm aware of the fact that they're is far more out there than just bitcoins but they all have the same caps in their design by default and they also all suffer from the fact that the majority of the planet doesn't deem them to have any actual value.



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monocle_layton said:
I know the recent Asian news was a cause for the crash, but at the same time seeing this mass panic just reminded me of how little people truly know about Bitcoin. For them, it's simply some random currency that can get you money.

If people are viewing cryptocurrency as investing money to make money, then I'd be a bit concerned about its future. Hopefully people become more educated and study cryptocurrencies before making a boneheaded move. At this point it feels more like gambling than an actual currency to many people

I am treating it as a gambling avenue. I have no interest in a digital currency future. 



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Too risky for me. Regulation is really hurting it.



I did not bought any. But I am interested in the developments.



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