"Bitcoin is a Fraud" and "Worse than tulip bulbs"

Discussion in 'Currencies' started by TreasureHunter, Sep 15, 2017.

  1. TreasureHunter

    TreasureHunter Well-Known Member

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    JPMorgan CEO Jamie Dimon made some interesting points about Bitcoin:

    https://www.cnbc.com/2017/09/12/jpm...es-20-percent-fall-for-the-third-quarter.html


    To me, Bitcoin is a speculative pseudo-currency. Although, it is a great invention and I missed the boat, so I did not invest.

    It looks like romantic sci-fi money that "could be, but just can't be"... real money/currency.

    My main arguments are:
    *the speculative part is far greater than its use as a means to trade/pay/transact etc.
    *just watch how much it falls whenever some government bans it or when some crypto-exchange gets closed down
    *most people are buying it believing "it will go up", as if that's what Bitcoin would have to normally do (just go up by itself)
    *it's terribly unstable
    *there is no wide use for Bitcoin (still too few ways to transact) and it's a bit difficult to use

    I think someone could come up with a new sort-of Bitcoin to replace the FIAT currencies of the World.

    That could be the IMF's new global reserve currency in the form of digital cryptocurrency.

    What do you think?
     
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  2. Seven of nine

    Seven of nine Active Member

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    You have to understand it first before you invest. Yeah I agree missing the boat won't help much, but even I had bought years ago I wouldn't know what to do with it, or where to spend, I'd probably ending up losing on it.
     
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  3. Big A.D.

    Big A.D. Well-Known Member Silver Stacker

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    The blockchain is the interesting part. Bitcoin itself is kind of a neat way to test the theory behind blockchain by transferring information across it, but the unique string of characters that make up a bitcoin is completely meaningless. Okay, it means a computer somewhere did some really complex calculations at some point that generated the unique string of characters but I can generate the SHA256 hash 0F380EF2AB17A0523E619CB6E396A0A2833B9267A45EDEEBF7B6E9A0CF63585E, write it down on a piece of paper and you can pick it up in five years time and then spend as long as you like going though every possible combination until you turn it back into the plaintext "Big A.D. blows goats" and all we've proved is that computers can do sums. That's kinda why we invented them. It's not particularly mindblowing.

    Having a decentralized ledger of transactions that can update itself in close to real time however, is a significant advancement in how we've been doing it up until now.
     
  4. Stoic Phoenix

    Stoic Phoenix Well-Known Member Silver Stacker

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  5. SilverDJ

    SilverDJ Well-Known Member

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    There are attempts at making a stable crypto currency, Corion.io is one example.
     
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  6. TreasureHunter

    TreasureHunter Well-Known Member

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    It's a fantastic invention (technically), but it was so many flaws I doubt it could survive for long.

    I'm not against it, I'm just observing. Bitcoin is

    I'd be surprised if the IMF/Fed/ECB wouldn't come up with their own design for cryptocurrency.

    Russia is already working on their own national cryptocurrency:
    https://spb.blockchainconf.world/en...rf-sozdayot-natsionalnuyu-kriptovalyutu-69513
    https://www.coindesk.com/bank-russia-time-develop-national-cryptocurrencies/

    In fact, a cryptocurrency could take the place of the dollar and the euro. The new SDR-based currency could in fact be a cryptocurrency.
     
  7. mmm....shiney!

    mmm....shiney! Well-Known Member Silver Stacker

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    Not much to celebrate there. The intention of the originators of crypto-currencies was to decentralise the concept of money. Therefore any moves by national governments to design their own cryptos is just meh, and more of the same shit we've got.
     
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  8. JulieW

    JulieW Well-Known Member Silver Stacker

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    Our tendency is to see the world masters as only a bit smarter than us. They're actually incredibly much smarter than us. They would know all about crypto and probably have the plan in place to shut down all but SDR backed goldchain or whatever.

    This sort of thing.

     
  9. mmm....shiney!

    mmm....shiney! Well-Known Member Silver Stacker

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    I'm happy for private companies to develop cryptos for general use.
     
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  10. TreasureHunter

    TreasureHunter Well-Known Member

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    Cryptos are interesting inventions, but the more they create, the more bubbles there will be and they will be mostly "fool's gold", as Peter Schiff says.
     
  11. TreasureHunter

    TreasureHunter Well-Known Member

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    ^
    Small cryptos could be like local currencies.

    The problem is that with so many cryptos the market becomes cluttered.
     
  12. Golightly

    Golightly Well-Known Member Silver Stacker

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    And the day after he said that JPM Europe became the 3rd largest holder in BTC trade trackers.
    Even Dimon FUD's
     
  13. mmm....shiney!

    mmm....shiney! Well-Known Member Silver Stacker

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    Amongst the clutter of cryptos, one or two will evolve as the preferred commodity of exchange.
     
  14. Silverling

    Silverling Well-Known Member Silver Stacker

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    I don't pretend to understand cryptos all that well but to have one payment system that is accepted between countries around the would without exchange rates or government interference's and fees sounds like a great idea. But if I get paid by a crypto currency for my goods and services from an overseas buyer and I can not withdraw cash in my home currency out of an ATM or bank then it will be nothing but a waste of time I'm afraid. No use having a crypto bank account with money in it if I can't buy a loaf of bread, pay for my medicines, petrol or other day to day expenses. Until that happens I have no interest.
     
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  15. Altima

    Altima Well-Known Member Silver Stacker

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    \

    Which is why there are some companies rushing to create a debit card that lets you spend crypto, just like a normal debit card. That way you don't even have to convert it back to fiat.

    Check out https://www.tenx.tech/index.html
     
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  16. JOHNLGALT

    JOHNLGALT Well-Known Member

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    "I'm happy for private companies to develop cryptos for general use."


    Thanks @mmm....shiney! ,


    I'm sure that everyone will be happy to note your endorsement, lol, being such an 'EXPERT ON EVERYTHING' _JLG.
     
  17. mmm....shiney!

    mmm....shiney! Well-Known Member Silver Stacker

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    Thanks JLG, or should I say _JLG. I can’t begin to tell you how much that means to me. But I’m no expert on cryptos, I have more more an economics/philosophy bent.
     
  18. JOHNLGALT

    JOHNLGALT Well-Known Member

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    Sorry, was the emphasis on bent?. and you in your knit-picking way My sign off is _JLG.

    I left school @13 years & 10 months of age, so I'm sure that you could flog that for another 20 posts in your (alleged) nit-picking manner. _JLG.

    p.s. Now you have me confused whether you are an (alleged) knit-picker, or an (alleged) nit-picker.
     
  19. mmm....shiney!

    mmm....shiney! Well-Known Member Silver Stacker

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    You’re obviously having a ball this afternoon. :D
     
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  20. JOHNLGALT

    JOHNLGALT Well-Known Member

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