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re: .
Posted on 9/15/17 at 7:39 am to PhifeDogg
Posted on 9/15/17 at 7:39 am to PhifeDogg
You made my point with your link
"More than 75 banks are now on Ripple's blockchain network"
In the end the Global Banking system is not going to allow independent use of cryptocurrencies without ultimately controlling the digital fiat currency. It would be the antithesis of what their existence is based on.
So of course the Global/Multinational Banks are quite interested in cryptocurrencies, they know if there is independent usage of this fiat currency it will hurt their bottom line so they will eventually find a way to control cryptocurrencies with government assistance.
"More than 75 banks are now on Ripple's blockchain network"
In the end the Global Banking system is not going to allow independent use of cryptocurrencies without ultimately controlling the digital fiat currency. It would be the antithesis of what their existence is based on.
So of course the Global/Multinational Banks are quite interested in cryptocurrencies, they know if there is independent usage of this fiat currency it will hurt their bottom line so they will eventually find a way to control cryptocurrencies with government assistance.
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Posted on 9/15/17 at 7:44 am to The Baker
I think it all depends on gen2 crypto currencies.
Over $500million worth of Bitcoins have been stolen in some form so far. Once they are gone, you have no way to get them back.
You combine this with China and NK absolutely hoarding bitcoin through both mining and hacking and you have to be cautious at least about bitcoin. Maybe other cryptos have figured it all out already.
Over $500million worth of Bitcoins have been stolen in some form so far. Once they are gone, you have no way to get them back.
You combine this with China and NK absolutely hoarding bitcoin through both mining and hacking and you have to be cautious at least about bitcoin. Maybe other cryptos have figured it all out already.
Posted on 9/15/17 at 7:48 am to Bass Tiger
quote:
It won't be long, Bitcoin and the other cryptocurrencies will be dealt with. You actually think the Global Banking system is going to allow true competition to frick up their fiat currencies? Come on man.
Not sure if you are serious or not but crypto currency is the absolute definition of fiat currency. There is literally nothing backing the value of the currency.
True currency is backed with something of value that is inherent like gold, silver, etc.
Posted on 9/15/17 at 7:51 am to PhifeDogg
quote:
It won't be long, Bitcoin and the other cryptocurrencies will be dealt with. You actually think the Global Banking system is going to allow true competition to frick up their fiat currencies? Come on man.
quote:
More than 75 banks are now on Ripple's blockchain network
Big Business Giants From Microsoft to J.P. Morgan Are Getting Behind Ethereum
You can do a Google search to find hundreds/thousands of other links like these. I'm just using these 2 to prove that you're remedial and talking out of your arse.
Why is it that people who talk the most shite about crypto have zero knowledge on the subject
Posted on 9/15/17 at 7:53 am to notsince98
quote:
value that is inherent like gold
i'm not sure gold has had much inherent value for a long, long time. it's relatively rare, but not all that inherently useful these days (and, compared to the "golden age," there are many alternative materials).
This post was edited on 9/15/17 at 7:56 am
Posted on 9/15/17 at 7:55 am to McLemore
quote:
i'm not sure gold has had much inherent value for a long, long time. it's relatively rare, but not all that inherently useful these days.
That couldn't be more wrong. It is very valuable for the electronics world and some super high energy applications.
Posted on 9/15/17 at 8:04 am to notsince98
quote:
That couldn't be more wrong. It is very valuable for the electronics world and some super high energy applications.
ok, but is it universally and irreplaceably so inherently valuable as to legitimately back the world's major currencies? I am not claiming it has no valuable use, and I really don't know the answer.
I just can't buy the gold standard's even theoretical viability these days, with all the alternative materials. it seems somewhat arbitrary among materials now, and thus would still be "fiat" to a degree (less so than just printing or digital mining i guess).
I don't have an agenda, and I've made more money off of gold coins by far than any other investment (besides silver coins--close). Educate me (not being sarcastic).
This post was edited on 9/15/17 at 8:08 am
Posted on 9/15/17 at 8:13 am to McLemore
Yes it is that valuable.
Posted on 9/15/17 at 8:20 am to notsince98
quote:
Yes it is that valuable.
because people think it's that valuable? or it's truly inherent?
If an alien spaceship sucked all the gold from the earth with a giant gold-magnet, what would we be unable to do without it, say 200 years down the road (assuming our current technology base), that we do with it now?
I get the argument that we need SOMETHING to fix value (I'm not sure I really agree with it these days), but why gold and not something else? Isn't it ultimately arbitrary, except to the extent that it's based on having done it for thousands of years?
This article explains it pretty well (simply)--sort of a mix of psychology and unique properties:
LINK
quote:
From a elemental perspective, gold is the most logical choice for a medium of exchange for goods and services. It is abundant enough to create coins, but rare enough that not everyone can make them. It doesn't corrode, providing a sustainable store of value, and humans are physically attracted to its color and feel.
Societies, and now economies, have placed value on gold, thus perpetuating its worth. It is the metal we fall back on when other forms of currency don't work, which means it always has some value as insurance against tough times.
This post was edited on 9/15/17 at 8:32 am
Posted on 9/15/17 at 8:35 am to McLemore
Just spend 15 minutes googling the value of gold. Every phone in the world has gold in it. Everything made to go out into space has gold in it. Gold is very valuable to the medical industry.
When you get into the more exotic technologies coming out in the next 5-10 years it gets even more valuable.
It will be a long time before gold isn't a valuable commodity on this planet.
When you get into the more exotic technologies coming out in the next 5-10 years it gets even more valuable.
It will be a long time before gold isn't a valuable commodity on this planet.
Posted on 9/15/17 at 9:31 am to notsince98
I get it, but none of that actually answers my question. i think the recipe that investopedia article lays out makes the most sense. there is some circularity to its value but also a good mix of qualities that made for good currency, then a currency backer, and now a safe-haven (whether real or perceived, or real because perceived).
Posted on 9/15/17 at 9:32 am to stelly1025
quote:It's backed by the economy that uses it.
What is crypto currency backed by?
quote:Math.
Who regulates it the users?
quote:Things can (and do) go wrong with any currency.
You have a decentralized currency which is essentially kept up by its users what could go wrong?
quote:Dish Network, Microsoft, Intuit...
Also this is all online so who else accepts this currency?
quote:There are and have been various bitcoin notes, but why would you want that?
Can you go and get it in the form of notes?
quote:Math. Bad things can and do happen, just like with other currencies. But all things considered, do you have more faith in government or in math?
Who regulates all of this to ensure no fraud is happening?
quote:It's not a scam, because the way it works is not a secret.
This is a scam and it is going to blow up just watch.
Posted on 9/15/17 at 10:01 am to McLemore
quote:
I get it, but none of that actually answers my question. i think the recipe that investopedia article lays out makes the most sense. there is some circularity to its value but also a good mix of qualities that made for good currency, then a currency backer, and now a safe-haven (whether real or perceived, or real because perceived).
Of course it answers your question you just didn't like the answer. There are still thousands of applications that there is no substitute for gold and that doesn't even get to the natural attractions humans have to gold for things like jewelry.
And I'm not sure why you keep this focused on gold. Currency can be backed with any precious metal or element as long as it has an inherent value. Gold isn't the only one.
Either way, I find it odd that the people who tout crypto currencies as the alternative to today's typical fiat currencies don't seem to realize nothing is more fiat currency than cryptocurrency.
In the end, I think we need to find a way to combine the concept of cryptocurrency with a precious metal/element backing of some kind. The technology is great.
Posted on 9/15/17 at 10:21 am to notsince98
quote:The main concern with fiat currency is it is centrally controlled and subject to the whims of whoever controls it. Cryptocurrencies don't have that problem, and that is part of their appeal as an alternative to "traditional" fiat currencies.
I find it odd that the people who tout crypto currencies as the alternative to today's typical fiat currencies don't seem to realize nothing is more fiat currency than cryptocurrency.
It's not the "fiat", it's who's backing it. A government, or the economy and its participants.
Posted on 9/15/17 at 10:23 am to The Baker
Governments try to get people to stop using it. People use it more because of this. Governments decide to incorporate it into the system in a way they can control and make interest off of it. The Fed will control it one day.
Posted on 9/15/17 at 4:59 pm to shspanthers
quote:
Govts blocking this tech is the only thing that really worries me. Any person or thing that is frightened usually reacts out of fear and usually that's a bad thing. Same for the governments.
If you're talking about the number of coins being a fixed amount, that is no different IMO than any other currency before paper. gold, silver, precious jewels, other metals, rocks on some pacific island have all been used to buy, sell and determine wealth at some point. All of them are finite in amount.
I'm not economist so take everything with a grain of salt.
Probably a good thing, most economist today are in the Keynesian camp and it's based on a debt based monetary theory controlled by central banks loosely coupled to the federal government, allegedly working for the good of society and not the private central banks......, draw your own conclusion.
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