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The Problem with Digital Currency

 
Oyster
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User ID: 18401048
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01/30/2014 11:26 AM
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The Problem with Digital Currency
well maybe it's just MY problem and not THE problem but...

it's just all based on confidence like the BS fiat system we already have.

so what is the motivation? i dont get it. why trade one made up bullshit number for another?

i mean, i like the desire and innovations put forth to break free from the current system but when it really comes down to it Bitcoin and the others are no better IMO.

feel free to convince me otherwise because I am intrigued by it, i just dont get it.
Oyster  (OP)

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01/30/2014 11:28 AM
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Re: The Problem with Digital Currency
certainly there must be some digital currency users here that can explain the value in it.

even if that value is just that it is an alternative.
Oyster  (OP)

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01/30/2014 11:30 AM
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Re: The Problem with Digital Currency
bump
Oyster  (OP)

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01/30/2014 11:36 AM
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Re: The Problem with Digital Currency
bump
Anonymous Coward
User ID: 2226485
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01/30/2014 11:49 AM
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Re: The Problem with Digital Currency
all currency is only worth what you can get for it in trade.

there is no failsafe currency.

gold is as close as you can get but in SHTF
you'll trade gold coins for cans of beans if your family
is hungry.
Oyster  (OP)

User ID: 18401048
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01/30/2014 11:51 AM
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Re: The Problem with Digital Currency
all currency is only worth what you can get for it in trade.

there is no failsafe currency.

gold is as close as you can get but in SHTF
you'll trade gold coins for cans of beans if your family
is hungry.
 Quoting: Anonymous Coward 2226485


yes but gold has real value and is a physical currency

bitcoin and the dollar are just 1s and 0s in a computer
PIR

User ID: 52263025
United States
01/30/2014 11:54 AM
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Re: The Problem with Digital Currency
well maybe it's just MY problem and not THE problem but...

it's just all based on confidence like the BS fiat system we already have.

so what is the motivation? i dont get it. why trade one made up bullshit number for another?

i mean, i like the desire and innovations put forth to break free from the current system but when it really comes down to it Bitcoin and the others are no better IMO.

feel free to convince me otherwise because I am intrigued by it, i just dont get it.
 Quoting: Oyster


Answer...profit.

Bitcoin profit in 7 months 8,000%

Dogecoin profit in 7 weeks 600%

Litecoin profit in 6 months 2,000%

Namecoin profit in 6 months 3,000%

So...what's in your wallet?

Buy Dogecoin and soon MaxCoin here: [link to www.coins-e.com (secure)]

Snooze ya lose!

5a

Last Edited by PIR on 01/30/2014 11:55 AM
Oyster  (OP)

User ID: 18401048
United States
01/30/2014 11:58 AM
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Re: The Problem with Digital Currency
well maybe it's just MY problem and not THE problem but...

it's just all based on confidence like the BS fiat system we already have.

so what is the motivation? i dont get it. why trade one made up bullshit number for another?

i mean, i like the desire and innovations put forth to break free from the current system but when it really comes down to it Bitcoin and the others are no better IMO.

feel free to convince me otherwise because I am intrigued by it, i just dont get it.
 Quoting: Oyster


Answer...profit.

Bitcoin profit in 7 months 8,000%

Dogecoin profit in 7 weeks 600%

Litecoin profit in 6 months 2,000%

Namecoin profit in 6 months 3,000%

So...what's in your wallet?

Buy Dogecoin and soon MaxCoin here: [link to www.coins-e.com (secure)]

Snooze ya lose!

5a
 Quoting: PIR


i totally understand that aspect. get in on the ground floor and profit off the confidence of a bunch of tards
Anonymous Coward
User ID: 53232218
United States
01/30/2014 12:01 PM
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Re: The Problem with Digital Currency
well maybe it's just MY problem and not THE problem but...

it's just all based on confidence like the BS fiat system we already have.

so what is the motivation? i dont get it. why trade one made up bullshit number for another?

i mean, i like the desire and innovations put forth to break free from the current system but when it really comes down to it Bitcoin and the others are no better IMO.

feel free to convince me otherwise because I am intrigued by it, i just dont get it.
 Quoting: Oyster


Answer...profit.

Bitcoin profit in 7 months 8,000%

Dogecoin profit in 7 weeks 600%

Litecoin profit in 6 months 2,000%

Namecoin profit in 6 months 3,000%

So...what's in your wallet?

Buy Dogecoin and soon MaxCoin here: [link to www.coins-e.com (secure)]

Snooze ya lose!

5a
 Quoting: PIR


i totally understand that aspect. get in on the ground floor and profit off the confidence of a bunch of tards
 Quoting: Oyster


Yep same game, different name. it's not a currency at all.
Anonymous Coward
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United States
01/30/2014 12:02 PM
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Re: The Problem with Digital Currency
all currency is only worth what you can get for it in trade.

there is no failsafe currency.

gold is as close as you can get but in SHTF
you'll trade gold coins for cans of beans if your family
is hungry.
 Quoting: Anonymous Coward 2226485


LOTS of cans of beans.
Oyster  (OP)

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01/30/2014 12:02 PM
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Re: The Problem with Digital Currency
Yep same game, different name. it's not a currency at all.
 Quoting: Anonymous Coward 53232218


that is basically how i feel about it

i do admire the systems they put into place though
Anonymous Coward
User ID: 53622175
United States
01/30/2014 12:04 PM
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Re: The Problem with Digital Currency
Also, unlike physical currency, it is worth ZERO, if the electrical grid goes down.
Oyster  (OP)

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01/30/2014 12:05 PM
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Re: The Problem with Digital Currency
Also, unlike physical currency, it is worth ZERO, if the electrical grid goes down.
 Quoting: Anonymous Coward 53622175


ding ding ding

we have a winner
Anonymous Coward
User ID: 536288
United States
01/30/2014 12:08 PM
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Re: The Problem with Digital Currency
How about you can't touch it...Is it real??? Or shit it probably will be hacked and they;ll stael all of the poor peoples Money - what little they have...
Anonymous Coward
User ID: 40358710
Canada
01/30/2014 12:17 PM
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Re: The Problem with Digital Currency
all currency is only worth what you can get for it in trade.

there is no failsafe currency.

gold is as close as you can get but in SHTF
you'll trade gold coins for cans of beans if your family
is hungry.
 Quoting: Anonymous Coward 2226485


yes but gold has real value and is a physical currency

bitcoin and the dollar are just 1s and 0s in a computer
 Quoting: Oyster


look at it this way.

gold is rare - it would take you years to take a shovel and go dig it up.
bitcoin is rare - it would take you years to mine bitcoins.

hell, most people here pay their bills and buy shit from amazon online. with what? zeros and ones.

rare = value in peoples minds

.
Oyster  (OP)

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01/30/2014 02:31 PM
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Re: The Problem with Digital Currency
bump
*Rhombus*

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01/30/2014 02:37 PM
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Re: The Problem with Digital Currency
I don't get it either. If anything, it seems even more risky.
I don't know where you get your delusions, laser brain.
PickPocket

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Vietnam
01/30/2014 02:45 PM
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Re: The Problem with Digital Currency
It is important to remember that Bitcoin is NOT a fiat currency. To create Bitcoins, you have to mine them, and there is a limit to how many can be created, I think it is 22 million, and the closer we get to the 22 million, the more difficult it is to mine them. The dollar on the other hand, can be printed at will, Yellen wants to increase QE instead of taper, by fiat she can buy another 10, 20, 30 billion a month in bonds or mortgage backed securities. The same is true with paper gold, that is how they are driving down the price...I feel like these currencies have a future.
Author, esotericist and blogger. Just released my latest novel, Your Love Incomplete, a story replete with conspiracy theory which tells how a man finds his way out of the Matrix.

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Anonymous Coward
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01/30/2014 02:57 PM
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Re: The Problem with Digital Currency
Most currencies are digital now but currencies like the USD are centralized and can be created non stop with little effort. The majority of cryptocurrencies are decentralized and have a cap on the number of coins minted and they are created by using electricity and hardware. Lots of labor had to be done to acquire the materials to manufacture all the devices that make up the cryptocurrency networks. Now anyone can have their own digital printing press and can even create their own currency instead of that kind of power only being in the hands of a few.
Oyster  (OP)

User ID: 18401048
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01/30/2014 02:58 PM
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Re: The Problem with Digital Currency
It is important to remember that Bitcoin is NOT a fiat currency. To create Bitcoins, you have to mine them, and there is a limit to how many can be created, I think it is 22 million, and the closer we get to the 22 million, the more difficult it is to mine them. The dollar on the other hand, can be printed at will, Yellen wants to increase QE instead of taper, by fiat she can buy another 10, 20, 30 billion a month in bonds or mortgage backed securities. The same is true with paper gold, that is how they are driving down the price...I feel like these currencies have a future.
 Quoting: PickPocket


it's not a fiat currency in that there is a cap to how much will be created

but it is fiat in that it is backed by only confidence

if that makes sense
Anonymous Coward
User ID: 48231413
United States
01/30/2014 03:08 PM
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Re: The Problem with Digital Currency
all currency is only worth what you can get for it in trade.

there is no failsafe currency.

gold is as close as you can get but in SHTF
you'll trade gold coins for cans of beans if your family
is hungry.
 Quoting: Anonymous Coward 2226485


LOTS of cans of beans.
 Quoting: Anonymous Coward 3091292


More like the other way around. Lots of gold for a can of beans...
ssle

User ID: 44553387
United States
01/30/2014 03:12 PM
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Re: The Problem with Digital Currency
all currency is only worth what you can get for it in trade.

there is no failsafe currency.

gold is as close as you can get but in SHTF
you'll trade gold coins for cans of beans if your family
is hungry.
 Quoting: Anonymous Coward 2226485

^^ this

Currency is only meaningful if there is a functioning society to value it. Gold is meaningless if everyone is starving.
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You're never too good. You're never not good enough.
P. Henry

User ID: 46617826
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01/30/2014 03:16 PM
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Re: The Problem with Digital Currency
well maybe it's just MY problem and not THE problem but...

it's just all based on confidence like the BS fiat system we already have.

so what is the motivation? i dont get it. why trade one made up bullshit number for another?

i mean, i like the desire and innovations put forth to break free from the current system but when it really comes down to it Bitcoin and the others are no better IMO.

feel free to convince me otherwise because I am intrigued by it, i just dont get it.
 Quoting: Oyster


Answer...profit.

Bitcoin profit in 7 months 8,000%

Dogecoin profit in 7 weeks 600%

Litecoin profit in 6 months 2,000%

Namecoin profit in 6 months 3,000%

So...what's in your wallet?

Buy Dogecoin and soon MaxCoin here: [link to www.coins-e.com (secure)]

Snooze ya lose!

5a
 Quoting: PIR


You just described the classic Ponzi scheme.

"Operators of Ponzi schemes usually entice new investors by offering higher returns than other investments, in the form of short-term returns that are either abnormally high or unusually consistent. The perpetuation of the high returns requires an ever-increasing flow of money from new investors to sustain the scheme."


[link to en.wikipedia.org]
P. Henry
"There is no retreat but in submission and slavery...Our chains are forged...The war is inevitable --and let it come... Gentlemen may cry, "Peace! Peace!" -- but there is no peace. The war is actually begun ...Is life so dear, or peace so sweet, as to be purchased at the price of chains and slavery? ...I know not what course others may take; but as for me, give me liberty, or give me death!"
--Patrick Henry, March 23, 1775





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