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Message
re: Why bitcoin is worse than a Madoff-style Ponzi scheme
Posted on 12/22/21 at 10:04 pm to KCRoyalBlue
Posted on 12/22/21 at 10:04 pm to KCRoyalBlue
quote:
My conversation with crypto owners ends when I ask them how much their coin/crypto is worth.....and they answer in X dollars.
The fact that there are so many people that still have this mentality leads me to know I am still early in crypto. Like top of the second inning early.
This post was edited on 12/23/21 at 8:22 am
0
Posted on 12/22/21 at 10:15 pm to Shankopotomus
quote:
How would you like them to answer?
I can tell you how much that dollar in your pocket is in satoshis, if you’d like.
I'd like for them to answer in a way that doesn't include any commonly trading currency that the rest of the world uses.
Now, I'm sure your rebuttal would be...."OK, so how much is that dollar in your hand worth?". My rebuttal to your rebuttal would be, "I can exchange that dollar for a variety of things agreed upon myself and another person."
There's not a facet of my life where it's incumbent on me to use crypto as a currency. I've asked many other people these questions offline. So far no one has been willing to exchange anything of value to me for any of the hundreds of different meme coins, crypto, or NFTs that keep popping up. They want cash and/or the equivalent for goods or services rendered (credit card, check).
I'm not saying these things aren't the future, but they sure aren't the present and don't anticipate that changing in the near future. I'm 47 and really don't see it changing in my life time.
Again, make crypto stand on its own as an exchangeable currency for goods or services rendered.
Posted on 12/22/21 at 10:24 pm to KCRoyalBlue
quote:
So far no one has been willing to exchange anything of value to me for any of the hundreds of different meme coins, crypto, or NFTs that keep popping up.
Have you asked them if they would accept your Monopoly money because that is the same comparison to real US dollars as the hundreds of meme coins are to Bitcoin.
You are going to regret this or I will. In five years you probably think Bitcoin will be exposed and worthless. I think it will be $250k per coin. One of us is going to have major regret. I think crypto is the third waive of generational wealth creation behind the combustion engine (and commodities that it takes to power them), computer/internet and now crypto. Time will tell.
This post was edited on 12/22/21 at 10:27 pm
Posted on 12/22/21 at 10:40 pm to go ta hell ole miss
$250k of what?
Posted on 12/22/21 at 11:10 pm to KCRoyalBlue
quote:
So far no one has been willing to exchange anything of value to me for any of the hundreds of different meme coins, crypto, or NFTs
I will gladly sign over the title to my home for 15 bitcoin right now. You are out of touch.
Posted on 12/22/21 at 11:43 pm to KCRoyalBlue
quote:
So far no one has been willing to exchange anything of value to me for any of the hundreds of different meme coins, crypto, or NFTs that keep popping up. They want cash and/or the equivalent for goods or services rendered (credit card, check).
I will sell you my car for 1 Bitcoin.
Posted on 12/23/21 at 12:22 am to Dawgfanman
Bitcoin has historically hit all time high, surpassed it to set new all time high, and then retraced that by about 80%.... chopping up and down all over the place taking most people's money along the way
It will end when FedGov steps in and regulates the shite out of it until it turns into Gold, which moves in single digit percentages each year rather than 70-80% swings like crypto currently does
It will end when FedGov steps in and regulates the shite out of it until it turns into Gold, which moves in single digit percentages each year rather than 70-80% swings like crypto currently does
Posted on 12/23/21 at 12:44 am to KCRoyalBlue
quote:
$250k of what?
It’s going to take $250k of USDT. Your dollars to buy one of my Bitcoin, if anyone is even accepting your fiat by that time. With inflation it will probably be better to just use Yuan, though.
Posted on 12/23/21 at 1:29 am to KCRoyalBlue
I don’t own any bitcoin but am heavily invested in stocks of miners and exchanges with small bets on some altcoins.
My true view on crypto is that we are witnessing the next evolution in currency. Currency always evolves. Human kind has went from trading items and services to countless currencies throughout history. In my lifetime, and I am still in my 30s, we have went from everything cash or check to a mainly cashless society. You can’t even attend major sporting events and use cash in the venues any more. Now we are even more of a society that is getting more away from using cards and using our phones and apps.
While the crypto haters will obviously argue that the transactions are evolving not the currency, I agree but things take time. And I more believe in the technology and methods of crypto transactions than the actual tokens. I believe that the crypto technology we are seeing today will in some form be used in our next evolution of currency and/or transactions. We are still very early in this evolution, like the 2nd inning, and bitcoin will be the last token to collapse out of the ridiculous amount of tokens constantly being created.
I am single with no kids so my risk tolerance is extremely high so I am betting on getting into this next evolution still early while having some de risking that I would not have had in the first decade. We have major players already dabbling and pressures on politicians when they already came to put stuff in legislation this year.
My true view on crypto is that we are witnessing the next evolution in currency. Currency always evolves. Human kind has went from trading items and services to countless currencies throughout history. In my lifetime, and I am still in my 30s, we have went from everything cash or check to a mainly cashless society. You can’t even attend major sporting events and use cash in the venues any more. Now we are even more of a society that is getting more away from using cards and using our phones and apps.
While the crypto haters will obviously argue that the transactions are evolving not the currency, I agree but things take time. And I more believe in the technology and methods of crypto transactions than the actual tokens. I believe that the crypto technology we are seeing today will in some form be used in our next evolution of currency and/or transactions. We are still very early in this evolution, like the 2nd inning, and bitcoin will be the last token to collapse out of the ridiculous amount of tokens constantly being created.
I am single with no kids so my risk tolerance is extremely high so I am betting on getting into this next evolution still early while having some de risking that I would not have had in the first decade. We have major players already dabbling and pressures on politicians when they already came to put stuff in legislation this year.
Posted on 12/23/21 at 4:59 am to NoMercy
quote:somebody always spouts off about social security with no simple knowledge. Social security would have been fine if not stolen from by warmonger presidents. Social security is not the scam you think it is. It is and was always really intended to be a slush fund.
Let’s not forget shite like social security.
Posted on 12/23/21 at 5:30 am to Ping Pong
quote:This is driving the gov't crazy. It's all about power - and the thought of losing it. A modern-day Boston Tea Party.
They cant stand the thought of a competing fiat currency that they cant control.
Posted on 12/23/21 at 5:34 am to go ta hell ole miss
quote:Every Wall Street "expert" would sell their children to the zoo if they could match that.
Seems like a very drastic decline in Bitcoin gains based on that chart. Would next year’s expectations be in the 20-50% range?
Posted on 12/23/21 at 5:55 am to go ta hell ole miss
quote:
Seems like a very drastic decline in Bitcoin gains based on that chart. Would next year’s expectations be in the 20-50% range?
That’s not the annual return each year, it’s the cumulative return going back to each of those years. It makes sense that the returns are smaller over shorter time frames.
Posted on 12/23/21 at 5:55 am to tigerpawl
quote:
This is driving the gov't crazy. It's all about power - and the thought of losing it. A modern-day Boston Tea Party.
And there's the big problem. Government will get involved. It will be co-opted by those that many wish to subvert. Back to square 1.
Btw, I'll need to see the house and car that were offered to me. At that point I would then compare their DOLLAR VALUE to what crypto owners think Bitcoin/meme coin-of-the day is worth.
Then I'd almost assuredly turn both down, as I'm not going to give up my hard earned dollar to exchange for a wildly fluctuating meme coin that someone developed in their basement.
So, I have a question. There are only 21 million Bitcoin available. You can divide that down to 8 decimal places or Satoshi. What happens when everyone is using it? Will there be enough Bitcoin for the population? What happens when the population doubles?
Posted on 12/23/21 at 6:09 am to KCRoyalBlue
I'm not going to lie. It took me a while to warm up to the concept of bitcoin. My first interaction with it was using it to buy mushrooms. Back then a bitcoin was equivalent to $10-$15. I saw no use for it other than buying illegal things, and it was very clunk to use. I used it once, got what I needed, and forgot about the whole thing for seven years (Loved that I could read reviews on the mushrooms before buying them - what an awesome world).
Flash forward, and my real introduction with cryptocurrencies came from a conversation with my brother in law, who is a successful tech entrepreneur. He introduced me to Ethereum and explained how the ecosystem works and how Ether is used as the transaction medium yada yada yada. He explained to me trust, decentralization, basic blockchain technological concepts, and elementary cryptography. I got deep into researching Ethereum, which brought me back to Bitcoin. I could now understand the usefulness of Bitcoin other than buying drugs
You need to think of it like this: We are only moving towards a more digital society. We will need ways to transact and prove ownership in a way that is accepted and trusted by all the users. Cryptography and blockchain technologies allow us to do that in a decentralized way that can't be changed at the whim of a government, thus creating more trust in the system. That's the value of bitcoin and other decentralized digital currencies.
Say our government wants to create a digital USD coin. Cool, whatever. It still has the same flaws as a physical dollar in that I don't trust that the government won't change it's value down the road or restrict how I can use that USDC. In the bitcoin world, it takes 51% consensus to change things. In the government world, it takes one slapidick president to change things.
Look, you don't have t accept it. That's fine. That's your right. I do accept it, though, and lots of other people accept it. It's volatility is still a major issue, though. It's not a mature enough of an asset to be gold. That doesn't mean it won't get there some day. It will, but right now is the time to make money with it before it becomes the thing to keep money with it.
End coffee-fueled post.
Flash forward, and my real introduction with cryptocurrencies came from a conversation with my brother in law, who is a successful tech entrepreneur. He introduced me to Ethereum and explained how the ecosystem works and how Ether is used as the transaction medium yada yada yada. He explained to me trust, decentralization, basic blockchain technological concepts, and elementary cryptography. I got deep into researching Ethereum, which brought me back to Bitcoin. I could now understand the usefulness of Bitcoin other than buying drugs
You need to think of it like this: We are only moving towards a more digital society. We will need ways to transact and prove ownership in a way that is accepted and trusted by all the users. Cryptography and blockchain technologies allow us to do that in a decentralized way that can't be changed at the whim of a government, thus creating more trust in the system. That's the value of bitcoin and other decentralized digital currencies.
Say our government wants to create a digital USD coin. Cool, whatever. It still has the same flaws as a physical dollar in that I don't trust that the government won't change it's value down the road or restrict how I can use that USDC. In the bitcoin world, it takes 51% consensus to change things. In the government world, it takes one slapidick president to change things.
Look, you don't have t accept it. That's fine. That's your right. I do accept it, though, and lots of other people accept it. It's volatility is still a major issue, though. It's not a mature enough of an asset to be gold. That doesn't mean it won't get there some day. It will, but right now is the time to make money with it before it becomes the thing to keep money with it.
End coffee-fueled post.
Posted on 12/23/21 at 6:16 am to BottomlandBrew
That would be one of the more rational posts on cryptocurrency. Thank you. I'm being legitimately sincere.
I did notice one of your last sentences, however.
What form of money (currency) are you suggesting to make with it?
I did notice one of your last sentences, however.
quote:
.....right now is the time to make money with it....
What form of money (currency) are you suggesting to make with it?
Posted on 12/23/21 at 6:45 am to KCRoyalBlue
I get the point you are trying to make. I don't disagree that we currently value BTC in USD. USD is what we know and what we pay taxes with. That said, I have never converted any of my BTC back to USD. Maybe I'll have to in the future, I don't know. I just "stack sats," as they say.
Posted on 12/23/21 at 7:02 am to BottomlandBrew
Your mushroom transaction is recorded forever on the Blockchain. The opposite of anonymous.
Posted on 12/23/21 at 7:13 am to Big_Sur
quote:
Your mushroom transaction is recorded forever on the Blockchain. The opposite of anonymous.
technically it's pseudonymous because what is recorded on the blockchain is that a transaction occurred with a wallet address. One has to be able to link that wallet address to a person for it to be completely transparent. Of course if you ever make contact with a KYC exchange, this is trivial without using a tumbler.
Posted on 12/23/21 at 7:29 am to Big_Sur
I don't care. If someone wants to go back through the transaction history and track me down for an ounce of mushrooms from almost 10 years ago, be my guest.
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