Very good advice!
What do you think about such cryptocurrencies as bitcoin?
- Thread starter Radiowave
- Start date
Very good advice!
You go to Vegas and win money. Did you win the house's money?
BUZZ!!!
Nope, you won the money that some poor slob lost. Same rules apply here. Nothing is being created other than a vehicle to move money from one person to another, and the person money is being moved away from will likely be you.
BUZZ!!!
Nope, you won the money that some poor slob lost. Same rules apply here. Nothing is being created other than a vehicle to move money from one person to another, and the person money is being moved away from will likely be you.
Cryptocurrencies have no intrinsic value so I will avoid them as investments. Blockchain technology appears to offer a better investment opportunity given that it actually provides something of value.
I can never seem to come up with exact change.
Winner-winner, chicken dinner. I'd sooner invest in practically anything else. As I'm hearing Bugs Bunny toss out his 'maroon' commentary....
Nope. Nope nope nopity nope nope.
I like investments that produce real goods or services and provide me with consistent cash flow. Crypto is simply monopoly money that has been bought into by a lot of people
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shavefan
I’m not a fan
IMO, crypto can be good for trading (massive swings) but it is not an "investment". Want to hold 3-5% in a portfolio or as a percentage of your total wealth? Knock yourself out.
When you are sitting at a poker table and you cannot identify the sucker, the sucker is you. Unless you think you have a special expertise in cryptocurrencies, I would stay away from them.
Just my two cents. Also, bitcoin and the like are associated, indeed enable, some very shady transactions. If you lie down with dogs, you get up with fleas.
Just my two cents. Also, bitcoin and the like are associated, indeed enable, some very shady transactions. If you lie down with dogs, you get up with fleas.
And that is the only attraction they hold for me. The ability to transact business without Big Brother looking over my shoulder (and looking for his "cut").
Fortunately, I can still use CASH for that.
Fortunately, I can still use CASH for that.
I think I have at least a rudimentary understanding of "cryptocurrency" as a medium of exchange. After all, "regular" money is still only virtual money, and even cash is just a bunch of IOUs.
What I cannot figure out is what "cryptocurrency mining" is, and how does the first bitcoin *poof* into existence?
Related to cryptocurrency, I suppose:
A few years ago there was a panic going on about earning "gold" in the online game "World of Warcraft" (aka "WoW"). People would be doing repetitive in-game activities that generated a lot of gold for their WoW game characters. This WoW gold could be traded for cool stuff like armour and weapon upgrades, extra powers and abilities, and so on. Then a cottage industry started up of people "gold mining" in WoW, and offering to sell their WoW gold for real money on eBay. Against the WoW Terms of Service, of course, but some folks still preferred to buy their way up the ladder of success. As the story goes, most of the WoW gold miners were students in Korea working long hours in "gold farm" warehouses filled with PCs and broadband data connections.
Then, supposedly, the U.S. IRS was looking at the notion of taxing the US WoW gold miners, even if they did not actually sell the WoW gold for real money. The reasoning was similar to the example given of winning a gold watch at a poker game in Vegas. The gold watch has an assessable value, which makes it taxable income, even before you sell it for cash.
I have no idea how this all turned out.
What I cannot figure out is what "cryptocurrency mining" is, and how does the first bitcoin *poof* into existence?
"Mining is a record-keeping service done through the use of computer processing power."
And, as near as I can make out, the record-keeping is all about "who has the money?"
Related to cryptocurrency, I suppose:
A few years ago there was a panic going on about earning "gold" in the online game "World of Warcraft" (aka "WoW"). People would be doing repetitive in-game activities that generated a lot of gold for their WoW game characters. This WoW gold could be traded for cool stuff like armour and weapon upgrades, extra powers and abilities, and so on. Then a cottage industry started up of people "gold mining" in WoW, and offering to sell their WoW gold for real money on eBay. Against the WoW Terms of Service, of course, but some folks still preferred to buy their way up the ladder of success. As the story goes, most of the WoW gold miners were students in Korea working long hours in "gold farm" warehouses filled with PCs and broadband data connections.
Then, supposedly, the U.S. IRS was looking at the notion of taxing the US WoW gold miners, even if they did not actually sell the WoW gold for real money. The reasoning was similar to the example given of winning a gold watch at a poker game in Vegas. The gold watch has an assessable value, which makes it taxable income, even before you sell it for cash.
I have no idea how this all turned out.
Do you never use a debit card?
There was a Radiolab podcast episode that sort of got into the details of launching a cryptocurrency:
The Ceremony | Radiolab | WNYC Studios
The biggest issue with cryptocurrency is that one still needs to convert into local government approved currency at some point to buy stuff. Even if it can be argued that it can function as a virtual gold, it is subject to political risk in addition to all the technical risks and trust issues.
The Ceremony | Radiolab | WNYC Studios
The biggest issue with cryptocurrency is that one still needs to convert into local government approved currency at some point to buy stuff. Even if it can be argued that it can function as a virtual gold, it is subject to political risk in addition to all the technical risks and trust issues.
I had my son try and explain it to me. After I few minutes I still couldn't grasp the concept so I told him to forget it and instead just had him reprogram my VCR.
This will go away over time . . . there are many legitimate (small) businesses that will now accept Bitcoin as payment. Usually, they are in the more "progressive" areas, but it is gaining traction. I am curious how they monitor the swings in Bitcoin's value closely enough to avoid getting screwed on pricing.
shavefan
I’m not a fan
And thats the thing. Stability. The U.S. dollar is relatively stable, which makes it attractive for conducting transactions.
So are $20s, $100s, and at one time $2 bills. People get creative when it comes to funding something illicit.
Nasty thought for the day:
Online commerce is based on public key encryption. Pick a big enough key, and cracking it becomes so time consuming as to be not worth it. Bitcoin seems to use public key encryption.
Now suppose a mathematician discovers a way to make cracking public key encryption much easier, or quantum computers actually come online. Suddenly, public key encryption is about as secure as the substitution cypher found near crosswords in newspapers. E-Commerce shuts down until it comes up with alternative means. But Bitcoin seems to have that key size "baked in" (corrections welcome). If it doesn't alter this, then it instantly becomes worthless.
Right, who is willing to bet that these things will be secure enough in another decade or two, given how fast computing power is increasing.
The paranoid think the NSA is behind bitcoin. https://www.ccn.com/4-reasons-to-believe-the-deep-state-or-the-nsa-created-bitcoin/
shavefan
I’m not a fan
Isn't that supposed to be the 'thing' about blockchain technology? The fact that it is impossible to crack? It would be worthless without that.
