Thoughts on Cryptocurrency?

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Gojira

Guest
#21
#21
Chilidogs said:
What do you think about Cryptocurrency? Good or Bad?
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I don't know enough about it. but I do have an opinion. A virtual currency seems like a perfect way to usher in a cashless society. There would be no cash to ever be able to turn to. And, it allows the powers that be to ultimately be in charge of it. After all, physical cash we can control. Digital dollars we would have a much harder time controlling.
 
Dude653

Dude653

Senior Member
#22
Mar 19, 2011
13,040
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#22
Another problem with cryptocurrency is that it takes outrageous amounts of energy to run all the computers that mine bitcoins so it's bad for the environment
I remember there was a guy on Dr Phil who claimed to be making a million dollars a month mining Bitcoin but since it's a talk show, he may have been a paid actor
 
ZNP

ZNP

Well-known member
#23
Sep 14, 2020
37,516
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#23
Dude653 said:
Another problem with cryptocurrency is that it takes outrageous amounts of energy to run all the computers that mine bitcoins so it's bad for the environment
I remember there was a guy on Dr Phil who claimed to be making a million dollars a month mining Bitcoin but since it's a talk show, he may have been a paid actor
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I thought that was the funniest part of the whole story. You have this complete vanity of a currency, little bits on a computer that we just made up. It rises up to billions and then trillions in value and then just as easily collapses back down to millions. Yet it isn't "nothing" is it? It represents incredible amounts of energy. Suppose that same energy had gone into mining gold or silver, we would still have something for our labor.
 
Billyd

Billyd

Senior Member
#24
May 8, 2014
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#24
How does bitcoins effect inflation and recession? Who actually creates them? How? Who controls the actual supply of them? I was brought up believing that you can't get something from nothing unless you steal it. Am I now to believe that I can get something from nothing, or am I a victim of thievery?

Just a few simple questions that I have.
 
ZNP

ZNP

Well-known member
#25
Sep 14, 2020
37,516
6,933
113
#25
Billyd said:
How does bitcoins effect inflation and recession? Who actually creates them? How? Who controls the actual supply of them? I was brought up believing that you can't get something from nothing unless you steal it. Am I now to believe that I can get something from nothing, or am I a victim of thievery?

Just a few simple questions that I have.
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Bitcoin exploded in price because it was ideal for doing transactions that were not able to be tracked. Things like the dark web. You weren't getting something for nothing you were profiting off of criminals and intelligence agencies trying to move money for things that they didn't want to be tracked on.

The idea that a currency that the government couldn't control was always a joke. They use it while it makes sense for them and then burn it to the ground to destroy all pests that were also feeding on their field.
 
Plowman

Plowman

Member
#26
Feb 15, 2014
86
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#26
Dude653 said:
It's a Ponzi scheme
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Absolutly.

Like all Ponzi schemes, a few will get rich but millions will loose and hundreds of thousands will loose everything they have.

Real wealth can only come from real assets. Gold, Silver, precious stones or marketable goods and services.

The only wealth that can come from thin air is that which suckers invest in empty promises.
 
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persistent

Guest
#27
#27

Metro
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Third crypto boss dies after Russian billionaire's helicopter crashes
Story by Josh Milton • Yesterday 7:04 AM
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A Russian billionaire has become the third top cryptocurrency trader to die suddenly in recent weeks.

Vyacheslav Taran and his wife Olga Taran (Picture: HelloMonaco)© Provided by Metro
Vyacheslav Taran, 53, the co-founder of trading and investing platform Libertex, died after his helicopter mysteriously crashed in a resort town near Monaco.
The vehicle plummeted on November 25 afternoon, killing Mr Taran, who had lived in Monaco for a decade, as well as a veteran pilot.
Libertex said in a statement: ‘It is with great sadness that Libertex Group confirms the death of its co-founder and Chairman of Board of Directors, Vyacheslav Taran, after a helicopter crash that took place en route to Monaco on Friday, 25 November 2022.
‘The Board of Directors of Libertex Group and company employees extend their most heartfelt condolences and sympathy to the Taran family.”
 

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persistent

Guest
#28
#28
FTX CEO >>>>>>CRYPTOCURRENCY>>>>SCAM OR REAL POTENTIAL?

BAD DECISIONS. THE LESS GENEROUS VIEW IS THAT

I didn't ever try to commit fraud on anyone: Sam Bankman-Fried
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