Crypto Currency

Laodicean60

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Laodicean60

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Why buy something with zero inherent value?
Because people think it has value. I have family that talks about it and I am skeptical but I was also skeptical of the internet back in the day. I hear blockchain technology is a thing.
 
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Tuur

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Crypto currency reminds me of a classic bubble. Worldly value is always assigned by how much someone is willing to pay for it, but some things are bought and sold for higher than their intrinsic value. The problem is when the price is way higher than the intrinsic value, there's a risk of being left holding the bag when things sour. That's what's happened with every recorded financial bubble.
 
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Paulos23

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Because people think it has value. I have family that talks about it and I am skeptical but I was also skeptical of the internet back in the day. I hear blockchain technology is a thing.
It is a technology searching for a problem, and crypto is not the problem. I don't know what blockchain would be good for, but not what they are using for now.

Crypto is worth only what people think it has, there is no material attachment. And while the U.S. dollar is in the same boat, it does have the U.S. government and economy backing it up. Crypto doesn't even have that. It is a fool's game and the average investor should stay away.
 
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Hans Blaster

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It is a technology searching for a problem, and crypto is not the problem. I don't know what blockchain would be good for, but not what they are using for now.
It's been around for 15 years or so and no use cases so far. Nothing proposed is better than the alternatives. Seems pretty useless to me. Sort of like a train in a vacuum tube, or city-to-city rocket travel.

Crypto is worth only what people think it has, there is no material attachment.
I'm putting my bid in at zero, willing to go lower.
And while the U.S. dollar is in the same boat, it does have the U.S. government and economy backing it up. Crypto doesn't even have that. It is a fool's game and the average investor should stay away.

The Dollar has a key advantage non-state currencies don't have. It is the only thing the US Treasury will accept for payment of taxes.
 
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Tuur

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I'm putting my bid in at zero, willing to go lower.
Since crypto currency is dependent on technology, what happens if that technology is disrupted? I fear it wouldn't take much for the bubble to pop.
 
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Hans Blaster

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Since crypto currency is dependent on technology, what happens if that technology is disrupted? I fear it wouldn't take much for the bubble to pop.

Though there have been fears of a massive popping of the bubble, several large chunks of the "crypto-space" have collapsed including a couple "stable" coins and crypto exchanges. The NFT bubble seems to have largely collapsed as well.
 
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Laodicean60

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Since crypto currency is dependent on technology, what happens if that technology is disrupted? I fear it wouldn't take much for the bubble to pop.
It seems blockchain is used for ledger transactions and how they get coins out of this is beyond me. The big players bitcoin and Ethereum seem solid as a technology the rest I don't know. Seems that there are A LOT of scams like the dog coin.
 
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Paulos23

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It seems blockchain is used for ledger transactions and how they get coins out of this is beyond me. The big players bitcoin and Ethereum seem solid as a technology the rest I don't know. Seems that there are A LOT of scams like the dog coin.
How they get coins is an interesting study, and I know of a few who made a living for a short while before the market was flooded with coin farms. It changes based on the coin, but it depends on having a fast computer and a bit of luck processing the bit chain to get that coin. And it is taking more and more computing power to process that bit chain as it gets longer.

But once you have that coin, what can you spend it on? Instead of becoming the new currency, it has become the new black market currency. Which is not what you want when you are trying to become a legitimate currency.

And since there are no regulations, scams are frequent. Lots of pumps and dumps, and lots of exchanges that are not run well and losing money.

The best thing is to stay away.
 
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