coretex666 said: There will be many amazing things coming out of crypto which is why I consider it very wrong and kind of ignorant to paint them with one brush and just say its all ponzi.
I'm often wrong and ignorant.
Your explanations are appreciated and the detail and patience is kind. I'm content to sit on the fence and watch.
When nearly 99% of all cryptocurrencies are some form of ponzi scheme, the prudent mindset is to approach *all* cryptocurrencies as ponzi schemes. And it's safe and very much statistically valid to say 99% is close enough to 100%. Exceptions don't generally make the rule.
There may be some actual use for crypto someday, but currently, any beneficial uses appear to be drowning in the fabricated hype.
Logic, my dear, merely enables one to be wrong with great authority.
coretex666 said: There will be many amazing things coming out of crypto which is why I consider it very wrong and kind of ignorant to paint them with one brush and just say its all ponzi.
I'm often wrong and ignorant.
Your explanations are appreciated and the detail and patience is kind. I'm content to sit on the fence and watch.
When nearly 99% of all cryptocurrencies are some form of ponzi scheme, the prudent mindset is to approach *all* cryptocurrencies as ponzi schemes. And it's safe and very much statistically valid to say 99% is close enough to 100%. Exceptions don't generally make the rule.
There may be some actual use for crypto someday, but currently, any beneficial uses appear to be drowning in the fabricated hype.
Crypto is just as much of a scam as our money we use every day. Was a time each dollar was backed by a dollars worth of gold. Money today, governments just print more when they need more. Sure they are careful how much they do that vs their GDP not to make their currency bottom out. Our money todays has value because we believe it does.
If Crypto can find a way to keep things stable, it could replace things many rich people do not want to see happen. Why do you think companies like Walmart are making moves to embrace accepting Crypto? Sure is unstable and scary but its gaining traction. And many people are sick of being controlled by the mainstream.
coretex666 said: There will be many amazing things coming out of crypto which is why I consider it very wrong and kind of ignorant to paint them with one brush and just say its all ponzi.
I'm often wrong and ignorant.
Your explanations are appreciated and the detail and patience is kind. I'm content to sit on the fence and watch.
When nearly 99% of all cryptocurrencies are some form of ponzi scheme, the prudent mindset is to approach *all* cryptocurrencies as ponzi schemes. And it's safe and very much statistically valid to say 99% is close enough to 100%. Exceptions don't generally make the rule.
There may be some actual use for crypto someday, but currently, any beneficial uses appear to be drowning in the fabricated hype.
Crypto is just as much of a scam as our money we use every day. Was a time each dollar was backed by a dollars worth of gold. Money today, governments just print more when they need more. Sure they are careful how much they do that vs their GDP not to make their currency bottom out. Our money todays has value because we believe it does.
If Crypto can find a way to keep things stable, it could replace things many rich people do not want to see happen. Why do you think companies like Walmart are making moves to embrace accepting Crypto? Sure is unstable and scary but its gaining traction. And many people are sick of being controlled by the mainstream.
The idea that the ones and zero's on your bank account are more "real" than the ones and zero's of crypto is funny to me. Or that the silly shaped pieces of metal and pieces of paper with cute prints on them in your wallet are actually worth something. It is 100% faith of the masses and support systems. And those two is exactly what the world of crypto is gaining at breakneck speed, for better or for worse.
/Cheers, Lahnmir
'the only way he could nail it any better is if he used a cross.'
Kyleran on yours sincerely
'But there are many. You can play them entirely solo, and even offline. Also, you are wrong by default.'
Ikcin in response to yours sincerely debating whether or not single-player offline MMOs exist...
'This does not apply just to ED but SC or any other game. What they will get is Rebirth/X4, likely prettier but equally underwhelming and pointless.
It is incredibly difficult to design some meaningfull leg content that would fit a space ship game - simply because it is not a leg game.
It is just huge resource waste....'
Gdemami absolutely not being an armchair developer
coretex666 said: There will be many amazing things coming out of crypto which is why I consider it very wrong and kind of ignorant to paint them with one brush and just say its all ponzi.
I'm often wrong and ignorant.
Your explanations are appreciated and the detail and patience is kind. I'm content to sit on the fence and watch.
When nearly 99% of all cryptocurrencies are some form of ponzi scheme, the prudent mindset is to approach *all* cryptocurrencies as ponzi schemes. And it's safe and very much statistically valid to say 99% is close enough to 100%. Exceptions don't generally make the rule.
There may be some actual use for crypto someday, but currently, any beneficial uses appear to be drowning in the fabricated hype.
If you are in the particular use case for a particular cryptocurrency, and investigate that particular cryptocurrency to ensure that it actually makes sense to use for your particular use case, there's nothing wrong with proceeding to use that one particular cryptocurrency without having to understand all of the rest. Similarly, I can use US Dollars without having to know anything about most of the other currencies in the world.
Buying a random cryptocurrency that you know little about and thinking it's a serious investment is madness, however.
coretex666 said: There will be many amazing things coming out of crypto which is why I consider it very wrong and kind of ignorant to paint them with one brush and just say its all ponzi.
I'm often wrong and ignorant.
Your explanations are appreciated and the detail and patience is kind. I'm content to sit on the fence and watch.
When nearly 99% of all cryptocurrencies are some form of ponzi scheme, the prudent mindset is to approach *all* cryptocurrencies as ponzi schemes. And it's safe and very much statistically valid to say 99% is close enough to 100%. Exceptions don't generally make the rule.
There may be some actual use for crypto someday, but currently, any beneficial uses appear to be drowning in the fabricated hype.
Crypto is just as much of a scam as our money we use every day. Was a time each dollar was backed by a dollars worth of gold. Money today, governments just print more when they need more. Sure they are careful how much they do that vs their GDP not to make their currency bottom out. Our money todays has value because we believe it does.
If Crypto can find a way to keep things stable, it could replace things many rich people do not want to see happen. Why do you think companies like Walmart are making moves to embrace accepting Crypto? Sure is unstable and scary but its gaining traction. And many people are sick of being controlled by the mainstream.
One thing I like about some crypto assets is the limited and in some cases even (very) slowly decreasing total supply.
On the contrary from fiat that has unlimited total supply and you have absolutely no control over its amount. If you think about this, it is a pretty scary system for individuals who are forced to participate in it.
By holding fiat, you are just holding an asset that keeps losing its value constantly due to the never ending printing and thus ever increasing total supply. Meanwhile, the price of real capital that has a potential to increase in value has been skyrocketing - real estate or land for instance. Combine all this with the concept of accredited investors preventing people who are not already rich from participating in investments which have a potential for major gains (various IPOs, etc.) and you have a perfect financial prison for regular people who will most likely never have enough capital to live a decent life without having to work 40 hours a week.
Shrinking middle class, the majority of the wealth used to be held by the 1% but that gap has gotten worse. Its now the 0.70% that hold the majority of the worlds wealth. Most people are stuck in a rat race that they cant get out of, all hoping one day they will find the trick that will make them part of that 0.70% and thats why they dont buck about this systems failings.
Quiz at this point I'm not sure if it's a lack of understanding why crypto currencies... or a underlying fear that your world is changing. A refusal to come to grips with being behind. AMD is cool glad you caught that bus. You are missing this one though and your knowledgeable stature is in peril.
You will look back on these post a couple years from now and be embarrassed.
Proof by assertion, apparently. I've been predicting that mined cryptocurrencies would go bust for a lot longer than a couple of years. Just because a bubble hasn't popped yet doesn't mean that it never will.
The dot-com bubble of the late 1990s lasted a number of years, even though it was incredibly obvious at the time that it was a bubble and a lot of companies with stupidly high valuations should have properly been worth $0, or perhaps rather, whatever someone could get by scavenging and selling their meager assets. Saying that it's obvious that it was a bubble isn't just hindsight, either. I knew it at the time well before it popped, as did a whole lot of other people. Then-Fed chairman Alan Greenspan famously (and accurately) called it "irrational exuberance". And ultimately, it did pop and a whole lot of companies went bust.
Your own rhetoric echoes that of the dot-com enthusiasts at the height of the bubble. "You don't get it" was a common line. Even without a rational basis for the high valuation of a lot of companies that had no plausible way to ever turn a profit, people insisted that stock prices were only going to keep going up and up anyway. And they did for a while--until they didn't.
The dot-com crash may have cost the NASDAQ about 2/3 of its value, but the Internet didn't go away. A lot of companies that had absolutely no business being in business sure did, though. Similarly, in the aftermath of the inevitable cryptocurrency crash, blockchain and cryptocurrencies aren't going to vanish entirely. A whole lot of particular cryptocurrencies will lose basically all of their value, however, including all of the mined ones.
Suppose that at some point in the future, the United States decides to abolish the US Dollar in favor of a cryptocurrency. (Or substitute any other country here if you want, as it doesn't change the argument, at least for countries that have their own currency.) Do you think that they will adopt Bitcoin or Ethereum or whatever and start massively in debt to the mining locusts and speculators who have done a lot of harm in the world? Or do you think that they'll start fresh with a newly minted cryptocurrency that isn't mined at all? I say that it's foolish to bet that either the government or the general population will prefer the former over the latter.
You're frame of refrence is stock... stocks quizz.
You do not understand at this time. Most don't. They believe in a dream of some wonderful world where all they have to do is hold (not even hodl) a magical "coin" and they will become rich and the world will change.
I believe most do not have the time to learn, nor the questions to ask. If you can take the time this weekend and go through the link read the documents. I think you'll enjoy it.
After if you are interested, download a metamask wallet. I'll send you 10 MATIC, I swear. From there I can point you to a number of applications. You wil be able to understand the use case for matic.
edit - you have been doing some skimming, awesome keep going.
coretex666 said: There will be many amazing things coming out of crypto which is why I consider it very wrong and kind of ignorant to paint them with one brush and just say its all ponzi.
I'm often wrong and ignorant.
Your explanations are appreciated and the detail and patience is kind. I'm content to sit on the fence and watch.
When nearly 99% of all cryptocurrencies are some form of ponzi scheme, the prudent mindset is to approach *all* cryptocurrencies as ponzi schemes. And it's safe and very much statistically valid to say 99% is close enough to 100%. Exceptions don't generally make the rule.
There may be some actual use for crypto someday, but currently, any beneficial uses appear to be drowning in the fabricated hype.
Crypto is just as much of a scam as our money we use every day. Was a time each dollar was backed by a dollars worth of gold. Money today, governments just print more when they need more. Sure they are careful how much they do that vs their GDP not to make their currency bottom out. Our money todays has value because we believe it does.
If Crypto can find a way to keep things stable, it could replace things many rich people do not want to see happen. Why do you think companies like Walmart are making moves to embrace accepting Crypto? Sure is unstable and scary but its gaining traction. And many people are sick of being controlled by the mainstream.
One thing I like about some crypto assets is the limited and in some cases even (very) slowly decreasing total supply.
On the contrary from fiat that has unlimited total supply and you have absolutely no control over its amount. If you think about this, it is a pretty scary system for individuals who are forced to participate in it.
By holding fiat, you are just holding an asset that keeps losing its value constantly due to the never ending printing and thus ever increasing total supply. Meanwhile, the price of real capital that has a potential to increase in value has been skyrocketing - real estate or land for instance. Combine all this with the concept of accredited investors preventing people who are not already rich from participating in investments which have a potential for major gains (various IPOs, etc.) and you have a perfect financial prison for regular people who will most likely never have enough capital to live a decent life without having to work 40 hours a week.
Shrinking middle class, the majority of the wealth used to be held by the 1% but that gap has gotten worse. Its now the 0.70% that hold the majority of the worlds wealth. Most people are stuck in a rat race that they cant get out of, all hoping one day they will find the trick that will make them part of that 0.70% and thats why they dont buck about this systems failings.
Reason why I went into crypto over five years ago. I did have a good job, but it was crypto that set me truly free.
My first year of freedom. I definatly "paid my tuition", I'm sure you have too. Feels good using my mind and taking back my time. I'm up at 5:30 every morning because I want to be. I take a walk at 7, take in the fresh air. I see all the people rushing by. I wonder what they think when they look at me, while they drive off to work in their luxury sedans... Probaly don't think at all.. no time to.
The idea that the ones and zero's on your bank account are more "real" than the ones and zero's of crypto is funny to me. Or that the silly shaped pieces of metal and pieces of paper with cute prints on them in your wallet are actually worth something. It is 100% faith of the masses and support systems. And those two is exactly what the world of crypto is gaining at breakneck speed, for better or for worse.
/Cheers, Lahnmir
The ones and zeros of a bank account are tied to the assets of the bank such as real estate.
...or didn't you watch "It's a wonderful life".
Maybe learn about how banks work before jumping into crypto?
loosely tied... very loosely.
Mind showing me what individual assets your bank claims to hold? How the evaluations of those assests were made. How many times those assest have been leveraged. How much yeild those assests are earning. What portion of the fees you are accuring if any.
You can't, no one has been able to since the invent of banking, since the Guilder. Until now.
Yeeah movies on how things work are cool. I prefer to see it and know down to the .00001c in real time.
The idea that the ones and zero's on your bank account are more "real" than the ones and zero's of crypto is funny to me. Or that the silly shaped pieces of metal and pieces of paper with cute prints on them in your wallet are actually worth something. It is 100% faith of the masses and support systems. And those two is exactly what the world of crypto is gaining at breakneck speed, for better or for worse.
/Cheers, Lahnmir
The ones and zeros of a bank account are tied to the assets of the bank such as real estate.
...or didn't you watch "It's a wonderful life".
Maybe learn about how banks work before jumping into crypto?
Just trying to live long enough to play a new, released MMORPG, playing New Worlds atm
Fools find no pleasure in understanding but delight in airing their own opinions. Pvbs 18:2, NIV
Don't just play games, inhabit virtual worlds™
"This is the most intelligent, well qualified and articulate response to a post I have ever seen on these forums. It's a shame most people here won't have the attention span to read past the second line." - Anon
The idea that the ones and zero's on your bank account are more "real" than the ones and zero's of crypto is funny to me. Or that the silly shaped pieces of metal and pieces of paper with cute prints on them in your wallet are actually worth something. It is 100% faith of the masses and support systems. And those two is exactly what the world of crypto is gaining at breakneck speed, for better or for worse.
/Cheers, Lahnmir
The ones and zeros of a bank account are tied to the assets of the bank such as real estate.
...or didn't you watch "It's a wonderful life".
Maybe learn about how banks work before jumping into crypto?
I guess you are missing the point I am trying to make. There is a LOT more digital money in the world then there is physical, your ones and zero's don't always link to an actual product, they are just as "unreal" as crypto in many cases. Roughly ONE TENTH of all the money in the Netherlands for instance actually exists, the rest is nothing more then ones and zero's on bank accounts. Of course it was all tied to gold, is tied to real estate etc. etc. But these are all artificial ways and user cases to give something without intrinsic value actual value, something that for roughly 90% doesn't even exist. It has value because we decided to give it value, all of it is fabricated and most of it is only digital. And it works, don't get me wrong. But it also isn't THAT different to crypto in many ways.
There is one huge difference though, time. The evolution and revolution of fiat money has taken centuries being refined (roughly 7000 years if history is to be believed), lots of problems conquered, many mistakes made etc. Crypto hasn't been around that long and is still in its infant stages. Mistakes will be made, regulations will come, 90% of the projects out there won't survive and in a year or 10-20 the crypto landscape will be completely different to how it is now. I guess pretty similar to when fiat money was introduced. What I do know for sure is that it won't be taking 7000 years to come up with a new system, at this speed it won't even take 70. If it happens that is, crypto in general could indeed simply fail. I do prefer less crystall ball opinions though, we don't know for sure if it will, or if it won't.
/Cheers, Lahnmir
'the only way he could nail it any better is if he used a cross.'
Kyleran on yours sincerely
'But there are many. You can play them entirely solo, and even offline. Also, you are wrong by default.'
Ikcin in response to yours sincerely debating whether or not single-player offline MMOs exist...
'This does not apply just to ED but SC or any other game. What they will get is Rebirth/X4, likely prettier but equally underwhelming and pointless.
It is incredibly difficult to design some meaningfull leg content that would fit a space ship game - simply because it is not a leg game.
It is just huge resource waste....'
Gdemami absolutely not being an armchair developer
coretex666 said: There will be many amazing things coming out of crypto which is why I consider it very wrong and kind of ignorant to paint them with one brush and just say its all ponzi.
I'm often wrong and ignorant.
Your explanations are appreciated and the detail and patience is kind. I'm content to sit on the fence and watch.
When nearly 99% of all cryptocurrencies are some form of ponzi scheme, the prudent mindset is to approach *all* cryptocurrencies as ponzi schemes. And it's safe and very much statistically valid to say 99% is close enough to 100%. Exceptions don't generally make the rule.
There may be some actual use for crypto someday, but currently, any beneficial uses appear to be drowning in the fabricated hype.
Crypto is just as much of a scam as our money we use every day. Was a time each dollar was backed by a dollars worth of gold. Money today, governments just print more when they need more. Sure they are careful how much they do that vs their GDP not to make their currency bottom out. Our money todays has value because we believe it does.
If Crypto can find a way to keep things stable, it could replace things many rich people do not want to see happen. Why do you think companies like Walmart are making moves to embrace accepting Crypto? Sure is unstable and scary but its gaining traction. And many people are sick of being controlled by the mainstream.
One thing I like about some crypto assets is the limited and in some cases even (very) slowly decreasing total supply.
On the contrary from fiat that has unlimited total supply and you have absolutely no control over its amount. If you think about this, it is a pretty scary system for individuals who are forced to participate in it.
By holding fiat, you are just holding an asset that keeps losing its value constantly due to the never ending printing and thus ever increasing total supply. Meanwhile, the price of real capital that has a potential to increase in value has been skyrocketing - real estate or land for instance. Combine all this with the concept of accredited investors preventing people who are not already rich from participating in investments which have a potential for major gains (various IPOs, etc.) and you have a perfect financial prison for regular people who will most likely never have enough capital to live a decent life without having to work 40 hours a week.
Shrinking middle class, the majority of the wealth used to be held by the 1% but that gap has gotten worse. Its now the 0.70% that hold the majority of the worlds wealth. Most people are stuck in a rat race that they cant get out of, all hoping one day they will find the trick that will make them part of that 0.70% and thats why they dont buck about this systems failings.
Reason why I went into crypto over five years ago. I did have a good job, but it was crypto that set me truly free.
You just said you used it as a get rich scheme too. Which is the whole point I'm saying.
I find crypto just like card collection. Nothing wrong with it. You can get rich with it. And congrats on making money.
The idea that the ones and zero's on your bank account are more "real" than the ones and zero's of crypto is funny to me. Or that the silly shaped pieces of metal and pieces of paper with cute prints on them in your wallet are actually worth something. It is 100% faith of the masses and support systems. And those two is exactly what the world of crypto is gaining at breakneck speed, for better or for worse.
/Cheers, Lahnmir
The ones and zeros of a bank account are tied to the assets of the bank such as real estate.
...or didn't you watch "It's a wonderful life".
Maybe learn about how banks work before jumping into crypto?
loosely tied... very loosely.
Mind showing me what individual assets your bank claims to hold? How the evaluations of those assests were made. How many times those assest have been leveraged. How much yeild those assests are earning. What portion of the fees you are accuring if any.
You can't, no one has been able to since the invent of banking, since the Guilder. Until now.
Yeeah movies on how things work are cool. I prefer to see it and know down to the .00001c in real time.
There are numerous regulations that govern banks as far as assets to debits and so forth. Furthermore, deposits are guaranteed by the US Govt. (up to a certain point). Two salient points entirely absent in crypto currency.
Banks are audited and credit unions will show you their books.
If you like crypto, that's fine - I hope you make millions. I'm not much of a gambler tho and I have a natural distaste for schemes.
How'd those regulations go during the housing/economic crisis?
Can you name 1 of those regulations? Have you ever even read one?
You just trust they're following "the rules", so they can't be sneaky huh? Rules that you have never read or even heard of...
No wonder...
Hey look! Decentralized Insurence. Every penny accounted for shown to you in an instant.
What is the point of using blockchain in a game if not for Crypto and NFTs?
The point would be to support gaming features blockchain would enhance, which needn't involve genuine transfer of ownership of the asset to players.
For example, a lock could keep track of how many times a particular person tries to pick it. Perhaps it would give a small accumulating bonus with failed attempts, simulating increasing familiarity with the lock.
That bonus would be "remembered" by the lock should that person give up and then return later to try again. It would also remain if that lock was removed from one container and put on another, as the person would still be familiar with the mechanism inside it regardless.
If too many became overly familiar with the lock it may lose it's protective value and need to be replaced with a new one.
While you could do that with blockchain, you could also do it more easily without blockchain. There are plenty of non-blockchain forms of databases.
coretex666 said: There will be many amazing things coming out of crypto which is why I consider it very wrong and kind of ignorant to paint them with one brush and just say its all ponzi.
I'm often wrong and ignorant.
Your explanations are appreciated and the detail and patience is kind. I'm content to sit on the fence and watch.
When nearly 99% of all cryptocurrencies are some form of ponzi scheme, the prudent mindset is to approach *all* cryptocurrencies as ponzi schemes. And it's safe and very much statistically valid to say 99% is close enough to 100%. Exceptions don't generally make the rule.
There may be some actual use for crypto someday, but currently, any beneficial uses appear to be drowning in the fabricated hype.
Crypto is just as much of a scam as our money we use every day. Was a time each dollar was backed by a dollars worth of gold. Money today, governments just print more when they need more. Sure they are careful how much they do that vs their GDP not to make their currency bottom out. Our money todays has value because we believe it does.
If Crypto can find a way to keep things stable, it could replace things many rich people do not want to see happen. Why do you think companies like Walmart are making moves to embrace accepting Crypto? Sure is unstable and scary but its gaining traction. And many people are sick of being controlled by the mainstream.
One thing I like about some crypto assets is the limited and in some cases even (very) slowly decreasing total supply.
On the contrary from fiat that has unlimited total supply and you have absolutely no control over its amount. If you think about this, it is a pretty scary system for individuals who are forced to participate in it.
By holding fiat, you are just holding an asset that keeps losing its value constantly due to the never ending printing and thus ever increasing total supply. Meanwhile, the price of real capital that has a potential to increase in value has been skyrocketing - real estate or land for instance. Combine all this with the concept of accredited investors preventing people who are not already rich from participating in investments which have a potential for major gains (various IPOs, etc.) and you have a perfect financial prison for regular people who will most likely never have enough capital to live a decent life without having to work 40 hours a week.
Shrinking middle class, the majority of the wealth used to be held by the 1% but that gap has gotten worse. Its now the 0.70% that hold the majority of the worlds wealth. Most people are stuck in a rat race that they cant get out of, all hoping one day they will find the trick that will make them part of that 0.70% and thats why they dont buck about this systems failings.
Reason why I went into crypto over five years ago. I did have a good job, but it was crypto that set me truly free.
You just said you used it as a get rich scheme too. Which is the whole point I'm saying.
I find crypto just like card collection. Nothing wrong with it. You can get rich with it. And congrats on making money.
It is not as black and white as you put it, in my opinion. I invested in couple of these assets because I believed and still believe in their use case. I still hold a seven figure position in crypto, so I have not just dumped everything on new comers and left forever. I still want to be a part of the revolution even if to a lesser degree.
Money is nice, but it does not buy you happinness. I lost my wife to cancer about three days ago. I would give up everything as you can imagine.
No wonder you have been somewhat terse, frankly I would not be able to post on here without sounding angry if something like that happened to me. Really sorry to hear that, don't worry about the posts, just try to weather the storm life is throwing at you.
Just trying to live long enough to play a new, released MMORPG, playing New Worlds atm
Fools find no pleasure in understanding but delight in airing their own opinions. Pvbs 18:2, NIV
Don't just play games, inhabit virtual worlds™
"This is the most intelligent, well qualified and articulate response to a post I have ever seen on these forums. It's a shame most people here won't have the attention span to read past the second line." - Anon
The idea that the ones and zero's on your bank account are more "real" than the ones and zero's of crypto is funny to me. Or that the silly shaped pieces of metal and pieces of paper with cute prints on them in your wallet are actually worth something. It is 100% faith of the masses and support systems. And those two is exactly what the world of crypto is gaining at breakneck speed, for better or for worse.
/Cheers, Lahnmir
The ones and zeros of a bank account are tied to the assets of the bank such as real estate.
...or didn't you watch "It's a wonderful life".
Maybe learn about how banks work before jumping into crypto?
loosely tied... very loosely.
Mind showing me what individual assets your bank claims to hold? How the evaluations of those assests were made. How many times those assest have been leveraged. How much yeild those assests are earning. What portion of the fees you are accuring if any.
You can't, no one has been able to since the invent of banking, since the Guilder. Until now.
Yeeah movies on how things work are cool. I prefer to see it and know down to the .00001c in real time.
There are numerous regulations that govern banks as far as assets to debits and so forth. Furthermore, deposits are guaranteed by the US Govt. (up to a certain point). Two salient points entirely absent in crypto currency.
Banks are audited and credit unions will show you their books.
If you like crypto, that's fine - I hope you make millions. I'm not much of a gambler tho and I have a natural distaste for schemes.
How'd those regulations go during the housing/economic crisis?
Can you name 1 of those regulations? Have you ever even read one?
You just trust they're following "the rules", so they can't be sneaky huh? Rules that you have never read or even heard of...
No wonder...
Hey look! Decentralized Insurence. Every penny accounted for shown to you in an instant.
It was regulations which saved the day during the housing and banking crisis, along with the combined efforts of centralized banks, governments and the private financial industry.
When / If a crisis ever comes to Crypto there won't be anyone coming to the rescue to pick up the pieces.
Also, if my bank account gets hacked and the money stolen, one or two calls and my money is put right back.
Pretty sure the same can't be said of Crypto, quite possible to have it lost or even stolen permanently with little recourse.
Just trying to live long enough to play a new, released MMORPG, playing New Worlds atm
Fools find no pleasure in understanding but delight in airing their own opinions. Pvbs 18:2, NIV
Don't just play games, inhabit virtual worlds™
"This is the most intelligent, well qualified and articulate response to a post I have ever seen on these forums. It's a shame most people here won't have the attention span to read past the second line." - Anon
The idea that the ones and zero's on your bank account are more "real" than the ones and zero's of crypto is funny to me. Or that the silly shaped pieces of metal and pieces of paper with cute prints on them in your wallet are actually worth something. It is 100% faith of the masses and support systems. And those two is exactly what the world of crypto is gaining at breakneck speed, for better or for worse.
/Cheers, Lahnmir
The ones and zeros of a bank account are tied to the assets of the bank such as real estate.
...or didn't you watch "It's a wonderful life".
Maybe learn about how banks work before jumping into crypto?
loosely tied... very loosely.
Mind showing me what individual assets your bank claims to hold? How the evaluations of those assests were made. How many times those assest have been leveraged. How much yeild those assests are earning. What portion of the fees you are accuring if any.
You can't, no one has been able to since the invent of banking, since the Guilder. Until now.
Yeeah movies on how things work are cool. I prefer to see it and know down to the .00001c in real time.
There are numerous regulations that govern banks as far as assets to debits and so forth. Furthermore, deposits are guaranteed by the US Govt. (up to a certain point). Two salient points entirely absent in crypto currency.
Banks are audited and credit unions will show you their books.
If you like crypto, that's fine - I hope you make millions. I'm not much of a gambler tho and I have a natural distaste for schemes.
How'd those regulations go during the housing/economic crisis?
Can you name 1 of those regulations? Have you ever even read one?
You just trust they're following "the rules", so they can't be sneaky huh? Rules that you have never read or even heard of...
No wonder...
Hey look! Decentralized Insurence. Every penny accounted for shown to you in an instant.
It was regulations which saved the day during the housing and banking crisis, along with the combined efforts of centralized banks, governments and the private financial industry.
When / If a crisis ever comes to Crypto there won't be anyone coming to the rescue to pick up the pieces.
Also, if my bank account gets hacked and the money stolen, one or two calls and my money is put right back.
Pretty sure the same can't be said of Crypto, quite possible to have it lost or even stolen permanently with little recourse.
Regulations were skirted due to no transparency buy banks and investment firms, credit default swaps. 700 billion came in the way of a government bailout TARP, paid for by taxes. In crypto we call it a rug pull. Homes were bought by citzens trusting that their value would maintain or increse. Credit dried up business closed down, you know the rest.
The rest I agree. Crypto is in a place where the biggest risk comes from where you place your money, how banks use to be. In a much broader since still are to some degree. All proticals are not created equal.
There is one you will be hearing about in the upcoming years called Aave. I trust Aave more than any bank. I'd feel comforatble placing a large some of money there, knowing that it cannot be seized. I've had 3 bank accounts over the last year and a half restrict my account and tell me I need to prove who I am and how I got my money before they can release my funds.
coretex666 said: There will be many amazing things coming out of crypto which is why I consider it very wrong and kind of ignorant to paint them with one brush and just say its all ponzi.
I'm often wrong and ignorant.
Your explanations are appreciated and the detail and patience is kind. I'm content to sit on the fence and watch.
When nearly 99% of all cryptocurrencies are some form of ponzi scheme, the prudent mindset is to approach *all* cryptocurrencies as ponzi schemes. And it's safe and very much statistically valid to say 99% is close enough to 100%. Exceptions don't generally make the rule.
There may be some actual use for crypto someday, but currently, any beneficial uses appear to be drowning in the fabricated hype.
Crypto is just as much of a scam as our money we use every day. Was a time each dollar was backed by a dollars worth of gold. Money today, governments just print more when they need more. Sure they are careful how much they do that vs their GDP not to make their currency bottom out. Our money todays has value because we believe it does.
If Crypto can find a way to keep things stable, it could replace things many rich people do not want to see happen. Why do you think companies like Walmart are making moves to embrace accepting Crypto? Sure is unstable and scary but its gaining traction. And many people are sick of being controlled by the mainstream.
One thing I like about some crypto assets is the limited and in some cases even (very) slowly decreasing total supply.
On the contrary from fiat that has unlimited total supply and you have absolutely no control over its amount. If you think about this, it is a pretty scary system for individuals who are forced to participate in it.
By holding fiat, you are just holding an asset that keeps losing its value constantly due to the never ending printing and thus ever increasing total supply. Meanwhile, the price of real capital that has a potential to increase in value has been skyrocketing - real estate or land for instance. Combine all this with the concept of accredited investors preventing people who are not already rich from participating in investments which have a potential for major gains (various IPOs, etc.) and you have a perfect financial prison for regular people who will most likely never have enough capital to live a decent life without having to work 40 hours a week.
Shrinking middle class, the majority of the wealth used to be held by the 1% but that gap has gotten worse. Its now the 0.70% that hold the majority of the worlds wealth. Most people are stuck in a rat race that they cant get out of, all hoping one day they will find the trick that will make them part of that 0.70% and thats why they dont buck about this systems failings.
Reason why I went into crypto over five years ago. I did have a good job, but it was crypto that set me truly free.
You just said you used it as a get rich scheme too. Which is the whole point I'm saying.
I find crypto just like card collection. Nothing wrong with it. You can get rich with it. And congrats on making money.
It is not as black and white as you put it, in my opinion. I invested in couple of these assets because I believed and still believe in their use case. I still hold a seven figure position in crypto, so I have not just dumped everything on new comers and left forever. I still want to be a part of the revolution even if to a lesser degree.
Money is nice, but it does not buy you happiness. I lost my wife to cancer about three days ago. I would give up everything as you can imagine.
thank you for sharing. I've neglected one a bit this year. Building our future. I think I'll find us something to do today.
Ok I will waste my energy on this forum one more time.
An inherent value of an asset does not need to come from it being tied to another hard asset like you describe with money and gold or silver in your example. It can come from its use case.
An example:
There is a blockchain called VeChain based on a dual asset model. One of these assets (crypto as you refer to them) is called VET and the other one is called VTHO.
This blockchain is currently used by corporations and governments in real production. For instance, Walmart China uses it to track its products (wine, meat, etc.), San Marino uses it to track Covid passes.
How this works and what the value is driven by:
Recording the product on the blockchain in order to make a permanent unchangeable trail of it, the blockchain requires that certain amount of VTHO, which serves as a gas on this blockchain, is burned. So every transaction which records the product on the blockchain burns some VTHO which means that if a corporation or government or whoever wants to use this blockchain to trace certain items / products, they have to somehow come into possession of VTHO. This drives demand for VTHO. VTHO comes into existence by holding the other asset called VET. There is a programmed number of VTHO generated every second from holding each unit of VET.
In order for the corporations / organisations / governments or whoever to be able to secure whatever items they want to secure on this blockchain, they have to somehow get VTHO. They either do it by buying and holding VET in order to generate VTHO themselves or they buy VTHO on an open market. Either way, there is a demand for these two assets which is not speculative, but is driven by the use case of that particular asset. This demand drives value into the assets, not speculation alone.
Before you start recommending books on popular delusions, you may want to do some research first. Thank you very much.
Ok I will waste my energy on this forum one more time.
An inherent value of an asset does not need to come from it being tied to another hard asset like you describe with money and gold or silver in your example. It can come from its use case.
An example:
There is a blockchain called VeChain based on a dual asset model. One of these assets (crypto as you refer to them) is called VET and the other one is called VTHO.
This blockchain is currently used by corporations and governments in real production. For instance, Walmart China uses it to track its products (wine, meat, etc.), San Marino uses it to track Covid passes.
How this works and what the value is driven by:
Recording the product on the blockchain in order to make a permanent unchangeable trail of it, the blockchain requires that certain amount of VTHO, which serves as a gas on this blockchain, is burned. So every transaction which records the product on the blockchain burns some VTHO which means that if a corporation or government or whoever wants to use this blockchain to trace certain items / products, they have to somehow come into possession of VTHO. This drives demand for VTHO. VTHO comes into existence by holding the other asset called VET. There is a programmed number of VTHO generated every second from holding each unit of VET.
In order for the corporations / organisations / governments or whoever to be able to secure whatever items they want to secure on this blockchain, they have to somehow get VTHO. They either do it by buying and holding VET in order to generate VTHO themselves or they buy VTHO on an open market. Either way, there is a demand for these two assets which is not speculative, but is driven by the use case of that particular asset. This demand drives value into the assets, not speculation alone.
Before you start recommending books on popular delusions, you may want to do some research first. Thank you very much.
This forum is gonna kill me one day.
What’s the point?
To try to stop corruption?
The only benefit I see is an inventory system that people can’t fuck with.
The idea that the ones and zero's on your bank account are more "real" than the ones and zero's of crypto is funny to me. Or that the silly shaped pieces of metal and pieces of paper with cute prints on them in your wallet are actually worth something. It is 100% faith of the masses and support systems. And those two is exactly what the world of crypto is gaining at breakneck speed, for better or for worse.
/Cheers, Lahnmir
The ones and zeros of a bank account are tied to the assets of the bank such as real estate.
...or didn't you watch "It's a wonderful life".
Maybe learn about how banks work before jumping into crypto?
loosely tied... very loosely.
Mind showing me what individual assets your bank claims to hold? How the evaluations of those assests were made. How many times those assest have been leveraged. How much yeild those assests are earning. What portion of the fees you are accuring if any.
You can't, no one has been able to since the invent of banking, since the Guilder. Until now.
Yeeah movies on how things work are cool. I prefer to see it and know down to the .00001c in real time.
There are numerous regulations that govern banks as far as assets to debits and so forth. Furthermore, deposits are guaranteed by the US Govt. (up to a certain point). Two salient points entirely absent in crypto currency.
Banks are audited and credit unions will show you their books.
If you like crypto, that's fine - I hope you make millions. I'm not much of a gambler tho and I have a natural distaste for schemes.
How'd those regulations go during the housing/economic crisis?
Can you name 1 of those regulations? Have you ever even read one?
You just trust they're following "the rules", so they can't be sneaky huh? Rules that you have never read or even heard of...
No wonder...
Hey look! Decentralized Insurence. Every penny accounted for shown to you in an instant.
It was regulations which saved the day during the housing and banking crisis, along with the combined efforts of centralized banks, governments and the private financial industry.
When / If a crisis ever comes to Crypto there won't be anyone coming to the rescue to pick up the pieces.
Also, if my bank account gets hacked and the money stolen, one or two calls and my money is put right back.
Pretty sure the same can't be said of Crypto, quite possible to have it lost or even stolen permanently with little recourse.
There is one you will be hearing about in the upcoming years called Aave. I trust Aave more than any bank. I'd feel comforatble placing a large some of money there, knowing that it cannot be seized. I've had 3 bank accounts over the last year and a half restrict my account and tell me I need to prove who I am and how I got my money before they can release my funds.
You ran afoul of the anti money laundering, Know Your Customer algos which are put in place at the request of government regulations, not because banks want to.
Every monetary authority in the world is currently taking a hard look at Crypto trying to bring more control to it.
Aave and others will not be immune from such scrutiny as those in control have no intention of letting go of it.
I actually work in sanctions screening and there's a revolution going on to better understand who to, how and where money flows to.
Next year's CBPR+ / ISO20022 migration programs will have far reaching impact on how finitely transactions can be tracked and blocked when government mandates say to do so.
Just trying to live long enough to play a new, released MMORPG, playing New Worlds atm
Fools find no pleasure in understanding but delight in airing their own opinions. Pvbs 18:2, NIV
Don't just play games, inhabit virtual worlds™
"This is the most intelligent, well qualified and articulate response to a post I have ever seen on these forums. It's a shame most people here won't have the attention span to read past the second line." - Anon
Comments
Logic, my dear, merely enables one to be wrong with great authority.
If Crypto can find a way to keep things stable, it could replace things many rich people do not want to see happen. Why do you think companies like Walmart are making moves to embrace accepting Crypto? Sure is unstable and scary but its gaining traction. And many people are sick of being controlled by the mainstream.
/Cheers,
Lahnmir
Kyleran on yours sincerely
'But there are many. You can play them entirely solo, and even offline. Also, you are wrong by default.'
Ikcin in response to yours sincerely debating whether or not single-player offline MMOs exist...
'This does not apply just to ED but SC or any other game. What they will get is Rebirth/X4, likely prettier but equally underwhelming and pointless.
It is incredibly difficult to design some meaningfull leg content that would fit a space ship game - simply because it is not a leg game.
It is just huge resource waste....'
Gdemami absolutely not being an armchair developer
Buying a random cryptocurrency that you know little about and thinking it's a serious investment is madness, however.
You do not understand at this time. Most don't. They believe in a dream of some wonderful world where all they have to do is hold (not even hodl) a magical "coin" and they will become rich and the world will change.
Here's some research material.
https://polygon.technology/
https://polygon.technology/papers/
I believe most do not have the time to learn, nor the questions to ask. If you can take the time this weekend and go through the link read the documents. I think you'll enjoy it.
After if you are interested, download a metamask wallet. I'll send you 10 MATIC, I swear. From there I can point you to a number of applications. You wil be able to understand the use case for matic.
edit - you have been doing some skimming, awesome keep going.
Mind showing me what individual assets your bank claims to hold? How the evaluations of those assests were made. How many times those assest have been leveraged. How much yeild those assests are earning. What portion of the fees you are accuring if any.
You can't, no one has been able to since the invent of banking, since the Guilder. Until now.
Yeeah movies on how things work are cool. I prefer to see it and know down to the .00001c in real time.
"True friends stab you in the front." | Oscar Wilde
"I need to finish" - Christian Wolff: The Accountant
Just trying to live long enough to play a new, released MMORPG, playing New Worlds atm
Fools find no pleasure in understanding but delight in airing their own opinions. Pvbs 18:2, NIV
Don't just play games, inhabit virtual worlds™
"This is the most intelligent, well qualified and articulate response to a post I have ever seen on these forums. It's a shame most people here won't have the attention span to read past the second line." - Anon
There is one huge difference though, time. The evolution and revolution of fiat money has taken centuries being refined (roughly 7000 years if history is to be believed), lots of problems conquered, many mistakes made etc. Crypto hasn't been around that long and is still in its infant stages. Mistakes will be made, regulations will come, 90% of the projects out there won't survive and in a year or 10-20 the crypto landscape will be completely different to how it is now. I guess pretty similar to when fiat money was introduced. What I do know for sure is that it won't be taking 7000 years to come up with a new system, at this speed it won't even take 70. If it happens that is, crypto in general could indeed simply fail. I do prefer less crystall ball opinions though, we don't know for sure if it will, or if it won't.
/Cheers,
Lahnmir
Kyleran on yours sincerely
'But there are many. You can play them entirely solo, and even offline. Also, you are wrong by default.'
Ikcin in response to yours sincerely debating whether or not single-player offline MMOs exist...
'This does not apply just to ED but SC or any other game. What they will get is Rebirth/X4, likely prettier but equally underwhelming and pointless.
It is incredibly difficult to design some meaningfull leg content that would fit a space ship game - simply because it is not a leg game.
It is just huge resource waste....'
Gdemami absolutely not being an armchair developer
I find crypto just like card collection. Nothing wrong with it. You can get rich with it. And congrats on making money.
How'd those regulations go during the housing/economic crisis?
Can you name 1 of those regulations?
Have you ever even read one?
You just trust they're following "the rules", so they can't be sneaky huh? Rules that you have never read or even heard of...
No wonder...
Hey look! Decentralized Insurence. Every penny accounted for shown to you in an instant.
https://app.insurace.io/Insurance/BuyCovers
Yeah but instead of" Braaaiiinnnnsss" they'll be saying "ccrrryyypppptttooooo"
So it was said, earlier on in this very thread.
"True friends stab you in the front." | Oscar Wilde
"I need to finish" - Christian Wolff: The Accountant
Just trying to live long enough to play a new, released MMORPG, playing New Worlds atm
Fools find no pleasure in understanding but delight in airing their own opinions. Pvbs 18:2, NIV
Don't just play games, inhabit virtual worlds™
"This is the most intelligent, well qualified and articulate response to a post I have ever seen on these forums. It's a shame most people here won't have the attention span to read past the second line." - Anon
When / If a crisis ever comes to Crypto there won't be anyone coming to the rescue to pick up the pieces.
Also, if my bank account gets hacked and the money stolen, one or two calls and my money is put right back.
Pretty sure the same can't be said of Crypto, quite possible to have it lost or even stolen permanently with little recourse.
"True friends stab you in the front." | Oscar Wilde
"I need to finish" - Christian Wolff: The Accountant
Just trying to live long enough to play a new, released MMORPG, playing New Worlds atm
Fools find no pleasure in understanding but delight in airing their own opinions. Pvbs 18:2, NIV
Don't just play games, inhabit virtual worlds™
"This is the most intelligent, well qualified and articulate response to a post I have ever seen on these forums. It's a shame most people here won't have the attention span to read past the second line." - Anon
The rest I agree. Crypto is in a place where the biggest risk comes from where you place your money, how banks use to be. In a much broader since still are to some degree. All proticals are not created equal.
There is one you will be hearing about in the upcoming years called Aave. I trust Aave more than any bank. I'd feel comforatble placing a large some of money there, knowing that it cannot be seized. I've had 3 bank accounts over the last year and a half restrict my account and tell me I need to prove who I am and how I got my money before they can release my funds.
To try to stop corruption?
The whole crypto instead of cash thing is a joke.
"Be water my friend" - Bruce Lee
Every monetary authority in the world is currently taking a hard look at Crypto trying to bring more control to it.
Aave and others will not be immune from such scrutiny as those in control have no intention of letting go of it.
I actually work in sanctions screening and there's a revolution going on to better understand who to, how and where money flows to.
Next year's CBPR+ / ISO20022 migration programs will have far reaching impact on how finitely transactions can be tracked and blocked when government mandates say to do so.
"True friends stab you in the front." | Oscar Wilde
"I need to finish" - Christian Wolff: The Accountant
Just trying to live long enough to play a new, released MMORPG, playing New Worlds atm
Fools find no pleasure in understanding but delight in airing their own opinions. Pvbs 18:2, NIV
Don't just play games, inhabit virtual worlds™
"This is the most intelligent, well qualified and articulate response to a post I have ever seen on these forums. It's a shame most people here won't have the attention span to read past the second line." - Anon