Well, putting your faith in fedzilla be good enough for you, but for many others, not so much.
Posted on 02/14/2018 7:44:46 AM PST by SeekAndFind
www.openbazaar.org
www.overstock.com
These sites let you buy anything with bitcoin.
Your story sounds like somebody that won the lottery bragging about how good an investment lottery tickets are.
I hope that Lightning ends up working, but I have serious doubts. In any case, it's still very alpha software (even the Lightning developers are saying its premature to put it on the main network) and its gonna be years before the crypto economy integrates it, assuming it works.
That's not correct.
If one holds cryptocurrencies, it is for speculative reasons, not as a store of value.
That's not correct either.
There are many things I don't get, but I have put some effort into understanding the mechanics of cryptocurrencies.
It's not evident from the article. He doesn't understand the aesthetics of various CCs. He thinks it's a Chinese plot to take over. He doesn't understand how CCs store value: it is temporary since the underlying ciphers will be cracked in decades. A CC store of value has to be monitored and managed, can't just throw it in a mattress and forget about it like gold. There will always be better and longer-lasting CCs and it is up to hodlers to figure that out or pay someone else to manage their CCs.
Other points in the article are more correct although exaggerated. The fees about $3-4 although they peaked above $50. I realize bitcoin has not been successful for day-to-day transactions, but real world transactions requiring dollar conversions will fade as virtual world transactions denominated in CC take over.
This was exactly my first thought.
Not correct. CCs are backed by the algorithms. There's now a multibillion dollar bug bounty on those algorithms that has yet to be claimed.
Crypto refers to PKI, or signing with a private key. When you own a CC you own a private key with value alloted to the corresponding public key (converted to an address). Nothing is hidden, and you say, they are not hidden from the government.
No, that's nonsensical. Exchanges are compeltely antithetical to mining. Miners are CC purists. Sure they like the money and some will cash out through an exchange.
In contrast, exchanges are for the weak and stupid. People who want to speculate go to an exchange and let the exhange keep their value in their own private keys. All those people get is an entry in a centralized database at that exchange. That's completely opposite of how CC's work.
Well, putting your faith in fedzilla be good enough for you, but for many others, not so much.
The author makes some very good points. But this....
“Fiat money issued by a credible modern central bank is vastly superior to money based on real assets like gold, not least because the supply of fiat money can be adjusted to best serve the economy, rather than be dominated by the production of some natural resource.”
This is where he lost credibility.
Who wrote this? some apparatchik at the Federal Reserve?
It wasn't the bulbs. It was the new varieties. The boom came about from new imported varieties. The bulbs in quantity killed the boom.
CC's are in the beginning stages of the variety phase. Think of bitcoin as a plain red tulip that is incredibly overpriced. If you have some there are continually new opportunities to trade those in for new varieties. Many of those will fail to gain traction, but speculation is always risky.
Bitcoins etc are just made up money like er... our dollar or the yen or the EU funny looking money. The Feds want to control the dollar. I just wish they would do a better job of it. If they did there would be no bitcoin.
They’re to provide some stability and protect us against the ravages of “official” currencies.
The love of money
Is the root of all evil
Money is NOT real
Only love is real
Ammo will be the currency of the new economic order....
I am never suggesting anyone “invest”, “speculate” or buy any crypto currency.
I am suggesting that instead of sitting around talking down other people’s decisions or inventions that the same amount of time could be spent on learning something new. Something that may provide value—and developing the critical analysis skills that can allow you to see potential.
Most of the people I see shitting all over bitcoin have no idea—and want to learn nothing—about how any of this works.
I hope you don’t buy any. I use the dollar amounts to show how a minimal investment early gets you leverage that a late adopter will never manage.
Its comments like that which indicate you are speaking about things (crypto currencies AND tulips) that you’ve read about in headlines, but you know nothing about.
But that’s OK.
I could not care less if anyone ever bought another BTC or tulip.
Respectfully, folks love comparing 'cryptocoins' to tulip bulbs. Other than both can be "bought and sold", they are completely different in usefulness, how they are reproduced, transported, divided up, hidden, stored, maintained, longevity, ...
'Cryptocoins' are the most useful means of exchange yet invented. When distilled down, 'means of exchange' are simply means of accounting for human transactions (whatever they may be). In this, distributed ledger technology (DLT, i.e., 'cryptocoins') can't be beat when occurring beyond a local/face to face level.
Actually, a year ago you would have been absolutely correct. Curiosity got the best of me last fall and I started reading up.
I understand that a lot of folks really get into this and buy these things, and think the rest of us don’t know what we are talking about.
I compare it to a person who sells Amway and thinks that if only people really understood it, they would jump in with both feet.
And you are right that tulip bulbs and Cryptocurrency are not the same thing. Tulip bulbs have actual intrinsic value. Once cryptocurrency runs out of “greater fools”, it has even less value than an antique ferry token, because it doesn’t really exist.
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