Posted on 02/04/2018 3:49:25 AM PST by C19fan
Well, except so are tulips. And rocks. Where is the VALUE?
Second value is aesthetics
Beauty, eh? ROTFLMAO!
Third is the utility of digital currency in a digital world.
Really? There is not a criminal out there that will refuse cash in favor of bitcoin.
Fourth is how easy it is to keep from losing your asset.
Two bitcoin traders charged with fraud - Jan. 19, 2018 - CNNMoney
Bitcoin Theft: 5 Common Threats, Hacks, and Scams | Fortune
NiceHash: More than $70 million stolen in bitcoin hack - Dec. 7, 2017
Not ignoring it at all. I actually mentioned that the list was growing. All that does is give the banks more opportunities and obfuscation. Most of the cryptos on that list I linked to are NOT minable. Meaning the creator gets to control first possessor. Think about that.
Banks don’t care if the kids get richer, because they too will get richer. On both sides, the banks are making money on the pump and dump and eventually those kids are sticking those dollars in the bank so they can buy houses and stuff.
The key to that future as liquid assets. If I blow my timing on moving from BTC to Ether I could pop my nut and I’m out of the game. The banks won’t have more than 1% of their assets in any crypto, if they blow 1% on bad timing they’ll get it back tomorrow. The playing field is never level, the bigger nut always wins because they can take more risks and walk away from losses with less damage.
Finally: loss. You truly have no idea how easy it is to keep from losing a private key. Millions of people do it day and night. If someone shows up at my door with a gun, even someone with a government badge, they will take (by value) very few if any of my private keys. They will confiscate some devices with hot keys, but won't break in without the usual difficulty, and my ability to protect gets better with every new Apple or other vendor invention to protect personal data. They won't get the cold keys since those can be hidden anywhere. At best they will deny some access by confiscating and destroying and burning my house down. But I'll have plenty left in the cloud.
LOL. Mineability is the first thing I think about. That is foundational. Without a network of miners a CC has to be propped up by a third party, like a bank. The bigger the third party, the better the propping, but propping means nothing if there is no other demand.
Banks don’t care if the kids get richer, because they too will get richer. On both sides, the banks are making money on the pump and dump and eventually those kids are sticking those dollars in the bank so they can buy houses and stuff.
All true and all good.
If I blow my timing on moving from BTC to Ether I could pop my nut and I’m out of the game
That's true too. If you don't you are not. All you are really saying is the banks have more good money to throw after bad than I do. Makes no difference to me.
“Your lack of knowledge is a great teaching moment.”
Like your inability to identify any ACTUAL value behind your weird mania. Zip. Nada. This is why, from times ancient, we have always known that “a fool and his money are soon parted...”
Q.E.D.
It's not the greatest thing since sliced bread.
It's the greatest thing since BREAD.
That’s funny. They’ll let people literally eat their seed corn by buying groceries and all manner of consumables or throwaway items with no residual value and run up their cards to the credit limit all they want, and that’s no problem.
I’m no fan of Bitcon by the way, anybody who didn’t get out two months ago is either stupid, not paying the least bit of attention or have fallen in love with their “investment” like a gold bug.
You didn’t bother to read it all. They don’t NEED demand. Self issued untracable currency is entirely for money laundering. The other stuff they just buy and sell in the same way they’ve been buying and selling currency for hundreds of years.
What I’m saying is that anybody that thinks this hurts the banks is a fool. Nothing about crypto poses a threat to anything about banks. It’s mostly just another commodity for them to buy and sell, and when it isn’t that it’s cover for money laundering. The whole thing makes banks MORE profitable, and MORE powerful. Crypto not only gives banks to ability to issue their own currency, it gives them the ability to do it anonymously with zero accountability.
Self issued untracable currency is entirely for money laundering.
Otherwise known as freedom. Your obsession with criminal money laundering as almost as bad as the other commenters. The fact I can move my wealth anywhere without relying on a third party is a good thing. The fact that I don't need the third party makes any third party less powerful. Banks can leverage that same cfreedom but they have no more power than the rest of us. It' a level playing field.
I took 1/3 or less off the table in December. I have no good reason to get out. Not only am I way way up, but it's money I simply and truly do not care about. The same is true for many other hodlers. You are quite correct to point out these are not investments.
Money laundering != freedom, it’s enabling felons. It’s not an obsession it’s recognizing reality. All the major banks have been heavily involved in money laundering for a long time. And with crypto currency it gets easier, turning drug money into crypto into clean currency will be a major profit center for banks. Laundering already is, but the effort and risk levels will drop dramatically, and the profitability will climb. There are whole countries that have built their entire banking industry around enabling money laundering (Curacao being a very comfy example, great weather), it’s a major portion of the industry, failing to pay attention to it is wilful ignorance.
You can’t move your wealth without the involvement of a third party. The whole concept of moving wealth involves third parties.
And I’ve already debunked the even playing field myth. JPMorgan will have more crypto than you, more power in the crypto market than you, and will have more influence in how the crypto market works than you. The playing field will never be even and thinking it will is just stupid.
You have not debunked anything. Your all-powerful bank myth has been debunked by reality. By billions for ordinary people and crumbs for the banks. Youj claim they secretly own billions without so much as a handwave about evidence. The crypto market works from many drivers of which you only look at a few. You ignore the biggest, the mining network. That has given Chinese entrepreneurs enormous power. The Chicomms want that power and are thrashing around trying to get it. The will literally shoot miners in the head if they have to.
After mining, factor number two is demand or lack thereof. There the banks have deep pockets which I have already acknowledged. Factor number three is utility which is neutral to banks. Another is aesthetics which derived some scorn above. The people who appreciate aesthetics are kids not bankers. Another is permanence which is still lacking. Banks are very fleeting requiring enormous governemnt bailouts from time to time as well as protection from competition like CC.
“Well you probably have not studied the block chain as much as I have.”
ROTFLMAO!
Block chain doesn’t matter. Of course you can hide the source of a large CC. This is the megacorp world, it’ll be 10 companies removed and obfuscated in every way the tech will allow and you’ll have no idea. Plus of course there’s the anonymity of the masses. With 1500 crypto currencies out there nobody knows the source of all of them. You CANNOT move wealth without a 3rd party, the whole nature of the concept means something has to be bought on one end and sold on the other.
Sorry but your idea of billions of ordinary people owning the crypto and the banks owning none is just laughably stupid populist bullshit. You think more than half the population of the planet owns crypto currency and the banks have somehow not gotten anything but crumbs?! Really. Come on, use your head. If bulk of the stake will be held in multinational megacorps, same as always. Not ignoring the mining network at all, who had the largest source of computers doing complex math in massive server room before crypto even showed up? Who do you think would have the shortest rev time to being able to put on massive mining operations? Chinas problems have nothing to do with this. We’re talking about the banks, organizations that have spent hundreds of years buying and selling stuff.
Utility isn’t neutral to the banks. Selling at a profit is why banks buy stuff, that is the whole utility for them and that is very much a positive.
Aesthetics derived scorn for a good reason. It’s a stupid factor, completely silly, and frankly proof you’re talking with mystic belief not with logic or facts. The fact that it appeals to kids not bankers really helps prove you wrong. It’s the bankers with the trillions able to buy entire known quantities of crypto currency in one day, kids don’t rate.
Banks aren’t fleeting. That’s a frankly stupid statement. JP Morgan traces its roots to 1799. They’re permanent. Much more permanent than any crypto, most of which already don’t exist in a meaningful way and will fade away in a few years as the signal to noise ratio figures itself out.
As far as utility, the hodlers who gained billions did not help utility. On the contrary they hurt it. CC are not being used as useful money to any significant extent. Instead the VCs use them to root trust, sell digital services, and create brand new services. Banks don't do any of those things, they can't financially benefit except when they hodl or skim money from accounts, transactions and sell their other narrow outdated services.
Finally on aesthetics, the banks can't predict which coin will gain enough mining critical mass without appreciating the aesthetics along with new functionality that new CC's provide. They will recognize the new functionality, although probably not before the kids do. But they will probably not appreciate the aesthetics.
Here's how it works for the benefit of those still reading. Some kids read some threads and hop onto some new CC. They mine without any competition although the CC is not tradeable at the beginning, They either create a critical mass for mining or they don't. If they do the bigger miners get involved the banks buy in, etc. The kids take their profit and hop to the next one. That's also how it will continue to work. The only significant exceptions are VCs and some banks creating their own CC which will have some defined business case or flop or both.
you’re doubling down on the deluded dupe sauce. Banks have trillions of dollars to buy and sell assets. You yourself admitted they can effect the value of a crypto currency.
When many of those holders are banks, there’s plenty of utility there.
Banks don’t need to predict which coins gain critical mass, they have the resources to DICTATE critical mass. Again YOU ADMITTED IT.
Here’s how it works for those not wanting to be deluded dupes: banks have enough money to prop up or tank any market. CC is just another market. Banks understand the buying and selling of currency, that’s literally what they were built to do. They will be better at buying and selling CC than the average person. They do not fear CC, they will profit from it.
Not critical mining mass, that's the kids with graphics cards. Critical demand, sure. At that point the kids exit. Do banks have rows of graphics cards and read reddit threads? LOL.
Here’s how it works for those not wanting to be deluded dupes: banks have enough money to prop up or tank any market. CC is just another market.
You're ignoring the 1500 CCs that you helpfully listed. The banks didn't make that list, the kids did. Banks can then manipulate any individual CC's that they wish to, up or down, although up is easier and has to come first. When did I ever say banks fear CC? Look through my comments, you will see I did not. Did I say they can't profit? No, I said they won't profit more than the kids will. They will trade and profit more than average persons in trading, except for the experts.
Let me ask you this. Are banks experts in natural gas? Predicting 2-4 week weather to predict the gas price fluctuations? Not really unless they hire experts. The firms that do gas market analysis are better. Why would you think CC is any different? Your answer: it's just money and banks are good at money. My reply: it's a new commodity.
Oh they can dictate critical mining mass quite easily. I’ve been in the regional server room of a major bank, if they decided it’s time for a particular CC to hit critical mass it will.
Actually I’m leveraging that list. The banks made some of that list. This idea that it’s all kids is frankly hokum. Kodak is in. Big tobacco is in. Some of the vape companies have pivoted. Digital Power created a mining division. The kids have been outbid, they aren’t running the game anymore.
CC isn’t natural gas. The second C is currency. Banks have been profiting on the buying and selling of currency for hundred of years. It’s not a new commodity, your answer is wrong. Of course even if it was, banks play in the commodities markets too. They buy and sell EVERYTHING we buy and sell. Because, when push comes to shove, banks are in the money business. They have a bunch of money, and they use it to make more. And there just aren’t enough loans out there to churn all that money, they churn is it by buying things. Money, stocks, commodities, real estate, bonds. Put CC in whichever of those categories you want, banks already buy and sell it.
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