Author Topic: Cryptocurrency - "21st-century unicorn – or the money of the future?"  (Read 126 times)

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Offline shnozzola

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I don't understand the concept yet, but people are paying attention to it.

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“It’s the entire world reorganizing itself,” Mr. Fickel said. “We could get rid of our armies because for the first time you’ll have people saying, ‘I want to vote for a global order.’ It’s the internet waking up — it’s the internet grabbing its pitchfork. That’s the blockchain.”

https://www.nytimes.com/2018/01/13/style/bitcoin-millionaires.html

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To understand the revolutionary impact of cryptocurrencies you need to consider both properties. Bitcoin as a permissionless, irreversible and pseudonymous means of payment is an attack on the control of banks and governments over the monetary transactions of their citizens. You can‘t hinder someone to use Bitcoin, you can‘t prohibit someone to accept a payment, you can‘t undo a transaction.

I expect that within two years, we’ll be in a place where people can shove their money under the virtual mattress through cryptocurrency, and they’ll know that wherever they go, that money will be there.” – Sarah Granger, Author, and Speaker.

https://blockgeeks.com/guides/what-is-cryptocurrency/

Anyone understand what it is?   Anyone try it yet?  I guess what I do not understand, is, what service have you performed to receive your payment, and how does the recipient benefit from your service?  Is it total digital cloud investment with no concrete product?
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Offline screwtape

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Re: Cryptocurrency - "21st-century unicorn – or the money of the future?"
« Reply #1 on: January 15, 2018, 07:59:29 PM »
As I understand, it is “money” in that people accept it as trade for goods and services.  It is only as good as the confidence people have in it, just like government issued currency.  One of the early attractions of it was, it wasn’t taxed.  But now it is.  It is treated like a stock by the government. 

I’ve not tried it because I have no confidence in it.  It seems like a dumb idea.  But lots of people have become rich on dumb ideas...

What's true is already so. Owning up to it does not make it worse.

Offline shnozzola

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Re: Cryptocurrency - "21st-century unicorn – or the money of the future?"
« Reply #2 on: January 15, 2018, 08:13:10 PM »
I posted the question on reddit.  Sounds like nothing more than worldwide "casino in the sky" currency.
We have guided missiles and misguided men.  ~ Martin Luther King, Jr.

“Who cares if Kim Jung-Un gets a nuke. Nukes don’t kill people, people kill people.”

Offline jdawg70

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Re: Cryptocurrency - "21st-century unicorn – or the money of the future?"
« Reply #3 on: January 15, 2018, 08:13:44 PM »
My current favorite primer on cryptocurrency:



Everything 3Blue1Brown does is gold.  Utter fucking gold.

And I'm not sold on cryptocurrency as a viable standard for value exchange, as I don't see a decentralized currency growing from nothing into something fair and reasonable and being the basis for any structured economy.  I just don't.
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Offline Basset Hound

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Re: Cryptocurrency - "21st-century unicorn – or the money of the future?"
« Reply #4 on: January 16, 2018, 05:29:31 PM »
I have tulips.  I will take your cryptocurrency in exchange for my tulips.

Offline Nick

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Re: Cryptocurrency - "21st-century unicorn – or the money of the future?"
« Reply #5 on: January 16, 2018, 06:11:58 PM »
Money you never see or touch...sounds risky.  Is it FDIC insured?
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Offline One Above All

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Re: Cryptocurrency - "21st-century unicorn – or the money of the future?"
« Reply #6 on: January 17, 2018, 06:28:54 AM »
All in all, cryptocurrency just seems like the basic principle of currency (in the sense that it has value only because people agree it does), without any government's involvement. I wouldn't say that it's the "money of the future". There's a reason the EU has a single currency, as opposed to multiple ones that you'd have to exchange every single time you wanted to do business elsewhere - exchange rates are a pain in the ass. And if you can't find someone to exchange your money, you're fucked. I understand that it being digital kinda eliminates that issue, but the big problem is agreeing on the value of a currency.

Disclaimer: I'm not 100% sure about what I said above, as I don't understand this subject well enough to make any statement with certainty.
« Last Edit: January 17, 2018, 06:51:03 AM by One Above All »
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