If crypto currency is the future? | |
Tubbs User ID: 73881150 United States 01/12/2018 09:50 PM Report Abusive Post Report Copyright Violation | |
Anonymous Coward (OP) User ID: 73101555 United States 01/12/2018 10:25 PM Report Abusive Post Report Copyright Violation | Yes but this stuff is new, and trust me more exchanges will come out that will use an app on your phone to transfer funds to your bank. Quoting: Tubbs So it can never replace traditional currency as it will always need a standard such as $usd to give it a value or current market price? It will never be a true currency system unless you are payed with crypto, can pay bills and make purchases with crypto, and it’s regulated and stable in its value? It seems it won’t be able to ever replace the current system as a “true” usable everyday money system. Not really a currency, but an investment that can be used to trade for “some” other products of value. It seems it’s only value then is that someone wants to use it, as they perceive it is of benefit to them, and the only way you will see a profit on your investment into cryptos is if others are willing to pay more for the same thing you paid less for. Sounds like it’s total reliant on people wishing to profit off the loss of others. I mean, everyone who invests in a particular crypto can’t make a profit on their investment. I can’t see how this could ever take over the current system, as many proponents insist. |
Anonymous Coward User ID: 74514248 United States 01/12/2018 10:33 PM Report Abusive Post Report Copyright Violation | Yes but this stuff is new, and trust me more exchanges will come out that will use an app on your phone to transfer funds to your bank. Quoting: Tubbs So it can never replace traditional currency as it will always need a standard such as $usd to give it a value or current market price? It will never be a true currency system unless you are payed with crypto, can pay bills and make purchases with crypto, and it’s regulated and stable in its value? It seems it won’t be able to ever replace the current system as a “true” usable everyday money system. Not really a currency, but an investment that can be used to trade for “some” other products of value. It seems it’s only value then is that someone wants to use it, as they perceive it is of benefit to them, and the only way you will see a profit on your investment into cryptos is if others are willing to pay more for the same thing you paid less for. Sounds like it’s total reliant on people wishing to profit off the loss of others. I mean, everyone who invests in a particular crypto can’t make a profit on their investment. I can’t see how this could ever take over the current system, as many proponents insist. Everything doesn't make a transition all at once. Theoretically, you could pay with everything with cryptocurrency if the price were more stable. Once more people start to invest and see the utility of paying with cryptos, the more demand there will be to pay with cryptos. This also means cryptos will become more stable. Stability is achieved by more holders. Give it 20 - 30 years and digital currency will be the only form of payment. |
Anonymous Coward User ID: 76112283 United States 01/12/2018 10:46 PM Report Abusive Post Report Copyright Violation | there a several types of crypto, with new ones coming out built to go up in value like tools. some meant to go up in bitcoin, sent meant to go up in usd. Check out wau coin and AAMU / usd on wavesdex exchange. these are new store of value tools that can only exist as crypto, these are some of the ways crypto or digital currency can be a tool and a convenient store of value accessible and transferable from any cell phone or computer |
Anonymous Coward User ID: 74012101 United States 01/12/2018 10:56 PM Report Abusive Post Report Copyright Violation | fiat will never go away. Once the bankers stop laughing at crypto long enough to think, it will be owned. Hell you don't even own whatever's in your bank account, they do. You think some fake ass non currency currency is going to just supplant the quadrillions in the world economy? Haha thats a good one. Yeah, they'll just give all that up. Bankers always give in. Thread: Youu crypto TARDS are all in for a rude awakening! |
DRGONZO User ID: 52360584 United States 01/12/2018 11:02 PM Report Abusive Post Report Copyright Violation | fiat will never go away. Once the bankers stop laughing at crypto long enough to think, it will be owned. Hell you don't even own whatever's in your bank account, they do. You think some fake ass non currency currency is going to just supplant the quadrillions in the world economy? Haha thats a good one. Yeah, they'll just give all that up. Bankers always give in. Quoting: Anonymous Coward 74012101 Thread: Youu crypto TARDS are all in for a rude awakening! Ok dude how many threads you gonna Troll tonight? Here's the deal...none of us are going to change our minds...OK? None of us are listening to you Your wasting your time |
Anonymous Coward (OP) User ID: 73101555 United States 01/13/2018 12:08 AM Report Abusive Post Report Copyright Violation | Yes but this stuff is new, and trust me more exchanges will come out that will use an app on your phone to transfer funds to your bank. Quoting: Tubbs So it can never replace traditional currency as it will always need a standard such as $usd to give it a value or current market price? It will never be a true currency system unless you are payed with crypto, can pay bills and make purchases with crypto, and it’s regulated and stable in its value? It seems it won’t be able to ever replace the current system as a “true” usable everyday money system. Not really a currency, but an investment that can be used to trade for “some” other products of value. It seems it’s only value then is that someone wants to use it, as they perceive it is of benefit to them, and the only way you will see a profit on your investment into cryptos is if others are willing to pay more for the same thing you paid less for. Sounds like it’s total reliant on people wishing to profit off the loss of others. I mean, everyone who invests in a particular crypto can’t make a profit on their investment. I can’t see how this could ever take over the current system, as many proponents insist. Everything doesn't make a transition all at once. Theoretically, you could pay with everything with cryptocurrency if the price were more stable. Once more people start to invest and see the utility of paying with cryptos, the more demand there will be to pay with cryptos. This also means cryptos will become more stable. Stability is achieved by more holders. Give it 20 - 30 years and digital currency will be the only form of payment. So how do I assign a value to the products I sell in my store? There would have to be only one digital currency, and all items are valued based on it Or, If there are multiple cryptos as there are now, and the value of each fluctuates wildly, or has the potential to, a stable base currency must be utilised as the guide to value all others against, as in the $usd in the current system. As an employer I couldn’t pay wages in form of a crypto currency unless it is accepted everywhere. I also couldn’t pay someone a thousand dollars on a Thursday for it to be only worth $700 on Friday morning. I contend it can never replace the current system unless it is regulated and backed so as to give it a stable value. That would be replacing one system with another of the same, only the new can be monitored and controlled easier and quicker than the current system.... which can be a good and a bad thing |
Anonymous Coward User ID: 40553024 United States 01/13/2018 12:18 AM Report Abusive Post Report Copyright Violation | The thing about crypto is that an arbitrary UNIT can be pegged to an "oracle". By oracle, crypto people mean an outside source of data. So, let's say that you get all the shippers in the world to publicly present the average shipping rate paid within their zone. Let's say globally, its about $7. Then, let's say we call this value, "Little Coin". It not actually a coin, its a pegged value. So, then you can be paid EITHER in raw crypto, or in an average-global-shipping-rate tethered crypto currency. There are many, many examples of crypto's tethered to various things. NIMIQ (I think... I might have that wrong) even tethers to its own growth rate, or at least that's the proposed ideal. Bottom line is that you can either flow with the flux (which a lot of people would much rather do) or you choose a currency tethered to some oracle. Its going to happen, and not in 20 or 30 years. Complete conversion will happen in less than 5. |
Anonymous Coward User ID: 40553024 United States 01/13/2018 12:18 AM Report Abusive Post Report Copyright Violation | |
Anonymous Coward User ID: 40553024 United States 01/13/2018 12:43 AM Report Abusive Post Report Copyright Violation | |
Anonymous Coward User ID: 8038449 United States 01/13/2018 01:08 AM Report Abusive Post Report Copyright Violation | As an employee are you willing to be paid in crypto? Quoting: Anonymous Coward 73101555 The only way to eliminate using traditional fiat currency, and take the profits away from the traditional streams such as banks is if you are paid in crypto. If you were paid in a crypto and it’s value drops 10% overnight, you effectively lost 10% of your wages.... not a very stable income stream. If you have saved for the purchase of a car and the day you go to pay for it with crypto 15% has been wiped from the value of your crypto savings you now have to work a few more weeks to buy that car unless there is a quick rebound in market price. Are you willing to live with this uncertainty on a daily basis because you don’t want to line the pockets of the bankers? Will the price of goods need to be based on the value of one particular (base) currency? If crypto is the future and leads to the total downfall and collapse of traditional fiat, then surely items need to be priced using a standardised system for their agreed value. Making day to day purchases with a currency that fluctuates the way cryptos have done will be a nightmare, will it not? How can crypto become the future unless regulated and stable? A system similar to what we have for traditional currency would need to be in place, would it not? Those behind the new system, and the exchanges that deal with the transactions would then make profits similar to the current way our financial system does, wouldn’t they? How would this be any different from what we have now? It seems extremely complicated and unnecessary doesn’t it? Am I missing something, or is it actually going to be far less complicated than it sounds? I'm not working for some millenial idiot with a lambo |
Anonymous Coward User ID: 8038449 United States 01/13/2018 01:14 AM Report Abusive Post Report Copyright Violation | Yes but this stuff is new, and trust me more exchanges will come out that will use an app on your phone to transfer funds to your bank. Quoting: Tubbs So it can never replace traditional currency as it will always need a standard such as $usd to give it a value or current market price? It will never be a true currency system unless you are payed with crypto, can pay bills and make purchases with crypto, and it’s regulated and stable in its value? It seems it won’t be able to ever replace the current system as a “true” usable everyday money system. Not really a currency, but an investment that can be used to trade for “some” other products of value. It seems it’s only value then is that someone wants to use it, as they perceive it is of benefit to them, and the only way you will see a profit on your investment into cryptos is if others are willing to pay more for the same thing you paid less for. Sounds like it’s total reliant on people wishing to profit off the loss of others. I mean, everyone who invests in a particular crypto can’t make a profit on their investment. I can’t see how this could ever take over the current system, as many proponents insist. Everything doesn't make a transition all at once. Theoretically, you could pay with everything with cryptocurrency if the price were more stable. Once more people start to invest and see the utility of paying with cryptos, the more demand there will be to pay with cryptos. This also means cryptos will become more stable. Stability is achieved by more holders. Give it 20 - 30 years and digital currency will be the only form of payment. "and see the utility of paying with cryptos" yeah, love paying fees to use the money, then paying taxes for the product and potentially capital gains taxes (after subtracting all the fees you pay to move it / buy it / sell it) what utility? |
Anonymous Coward User ID: 40553024 United States 01/13/2018 01:20 AM Report Abusive Post Report Copyright Violation | "and see the utility of paying with cryptos" Quoting: Anonymous Coward 8038449 yeah, love paying fees to use the money, then paying taxes for the product and potentially capital gains taxes (after subtracting all the fees you pay to move it / buy it / sell it) what utility? Bitcoin still has the spotlight because it was pretty much the first, and has a great name. The fees and slowness are ridiculous. That said, almost every other currency is almost free to transact, and latency is very small. Many coins now have almost instantaneous transaction speed. Obviously, bitcoin will die or solve its internal problems once alternatives begin to take off in the actual transaction space. |
Anonymous Coward User ID: 8038449 United States 01/13/2018 01:33 AM Report Abusive Post Report Copyright Violation | "and see the utility of paying with cryptos" Quoting: Anonymous Coward 8038449 yeah, love paying fees to use the money, then paying taxes for the product and potentially capital gains taxes (after subtracting all the fees you pay to move it / buy it / sell it) what utility? Bitcoin still has the spotlight because it was pretty much the first, and has a great name. The fees and slowness are ridiculous. That said, almost every other currency is almost free to transact, and latency is very small. Many coins now have almost instantaneous transaction speed. Obviously, bitcoin will die or solve its internal problems once alternatives begin to take off in the actual transaction space. yeah i told you this shit would happen and everyone wanted to argue with me ive been saying this would happen, and it has, exactly as I said it would blockchain is trash. |
Anonymous Coward User ID: 40553024 United States 01/13/2018 01:07 PM Report Abusive Post Report Copyright Violation | Bitcoin still has the spotlight because it was pretty much the first, and has a great name. The fees and slowness are ridiculous. Quoting: Anonymous Coward 40553024 That said, almost every other currency is almost free to transact, and latency is very small. Many coins now have almost instantaneous transaction speed. Obviously, bitcoin will die or solve its internal problems once alternatives begin to take off in the actual transaction space. yeah i told you this shit would happen and everyone wanted to argue with me ive been saying this would happen, and it has, exactly as I said it would blockchain is trash. No, bitcoin is the only coin that has these flaws. The only reason it has them is because some of the thought leaders in the coin are stubborn (somewhat like you) and do not see the changes that desperately need to be made. Many of us assume that Bitcoin Cash or possibly some dark horse will take the pole position from Bitcoin and that will solve the problem. In any case, the utility of Bitcoin is not just head-and-shoulders above the rest of the ways to exchange value, it is the invention of the aircraft in the metaphor of the financial world. It will change everything so fast that many kinds of exchange that we could not image 8 years ago have begun to come into being. Its not game-changing... its an entirely new game. |
Anonymous Coward User ID: 75716984 United States 01/13/2018 01:14 PM Report Abusive Post Report Copyright Violation | |