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Something is worth what someone is willing to pay for it.
Crypto currency is a none existent thing that is based on a pump and dump philosophy. It is a currency, no one wants it, they want its value. And its value is based on nothing.
When it collapses prepare for another economic crisis like 2008.
Actually in some ways crypto is better than government fiat currency. The cryptographically driven mining process (which is well understood mathematically, open source, and independently verified), restricts the number of coins that can be minted. What restricts the amount of government fiat currency produced? Answer: nothing.
Quote:
Originally Posted by branDcalf
To my simple understanding, cryptocurrency is little different than government approved money. Nothing is backed by gold or silver anymore. It's all play money, in a sense.
However, I'm a little amused that cryptocurrencies values are still based on what they are "worth" in terms of a government currency.
What restricts the amount of government fiat currency produced? Answer: nothing.
Exactly the reason central banks are terrified of such decentralized transactions; they cant control or inflate their way out of. Governments will have challenges taxing it; all sound like good reasons to be involved.
Crypto currency is a none existent thing that is based on a pump and dump philosophy. It is a currency, no one wants it, they want its value. And its value is based on nothing.
When it collapses prepare for another economic crisis like 2008.
Nope, housing is a whole different ballgame. Collapse in cryptocurrencies won't start a chain reaction. It will probably even encourage people moving into more productive assets. My problem with cryptocurrencies is it potentially reduces capital investments
Nope, housing is a whole different ballgame. Collapse in cryptocurrencies won't start a chain reaction. It will probably even encourage people moving into more productive assets. My problem with cryptocurrencies is it potentially reduces capital investments
When a lot people invest money into something and the value depreciate that is bad news for banks.
Actually in some ways crypto is better than government fiat currency. The cryptographically driven mining process (which is well understood mathematically, open source, and independently verified), restricts the number of coins that can be minted. What restricts the amount of government fiat currency produced? Answer: nothing.
What is this mining process?
Nothing, it mines nothing. Mining is just an appropriating of a word involved with actual extraction to trick people into thinking something is going on.
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Quote:
Originally Posted by Winterfall8324
What is this mining process?
Nothing, it mines nothing. Mining is just an appropriating of a word involved with actual extraction to trick people into thinking something is going on.
Did you learn that from google --- ? they lied, you know that right? They sell your data, mined it, then sold it to the highest bidder, you told them they could make money off of you when you said yes at the bottom of that long agreement, that you probably didn't know you were saying yes to, but you did and there's a lot going on you don't know about.
Currency from math --- I don't pretend to understand it, but then again I don't need to, to know there is something going on with digital mining.
When a lot people invest money into something and the value depreciate that is bad news for banks.
Mildly bad news in this case.
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