Discussion in 'Digital Currencies' started by tozak, Sep 23, 2017.
And hopefully now, you've learned more.
no one with a conscience should ever push crypto's as legit, as its not.
While I dont have a problem with bitcoin, when people push this stuff onto regular people its like telling some one to bet on a certain horse at the Melbourne cup and saying its a sure thing.
Its to volatile for it tobe a true mainstream currency, they tried and it failed, but its found a new place as a gambling platform. nothing more nothing less.
and thats how pushers of bitcoin should sell it, so the person going into knows full well. because other wise they are scamming those they are pushing it to
@Jason1 , true, I have a problem with pushers of all persuasion, whether it's crypto-pushers, silver-pushers, drug-pushers, real estate-pushers or pushers-of-misinformation eg:
Why aren't cryptos legit? That is an example of pushing misinformation. There is no reason why they aren't legitimate.
Yes it is too volatile at the moment to replace fiat currency. We may have to wait until the year 2140 to be sure, assuming of course that it's not replaced or undermined by new advances in technology. But then it is possible as it gains more mainstream adoption that much of the volatility in price may be non-existent well before then. In the meantime yes it's traded, gambled and speculated on, but no one has tried to make it a true, mainstream currency to this date. Be careful you don't inadvertently push misinformation @Jason1.
The biggest problem I have is with Statist-pushers.
i think wikileaks or edward snowden may disagree it has no value.
its not Legit for the simple fact its easy to manipulate, Its sold as a sure thing and it is not mainstream, over the years Ive read of deals with leading cryptos and big corporations and will be their next way as a payment gateway, all never happened many turned out tobe garbage that pushed up prices, there is no regulation to it and could be setup by any joe blow who can spread any sort of garbage about it with out any sort of repercussions from any regulators.
Ive messed around with cryptos made a few bucks, nothing big but played it for a while so I could find out for my self, and thankfully manged to hold back that FOMO. the point is, its found its place as a gambling platform albeit a gambling platform that is easily manipulated like an under ground horse race where all rules are off.
Its not legit and cant be because its to volatile and if you dont agree with what i said above you cant dispute the part about the volatility as to why this can never be legit currency and lets face it, the big guys who make all the money want it to be volatile, they make more money that way, so it being a legit,steady currency is something they wont ever let happen because letting it settle down wont help them make money from smucks who get told this is a great market.
Ive been a believer and Im not any more, in fact I feel like a fool admitting Ive been a believer.
Not only that, this lives 100% online, if a government wanted to shut this shit down, they could do it at any time, and we have seen it done a number of times.
I have no problem with people playing with crypto's, I do have big problem with people pushing it as legit and sucking in people, because yes some people make allot of money but allot more people have lost allot, and how many times have you heard a Crytpo fan boy tell people that? almost never
Ps, could block chain be useful? yes, that can certainly be legit, but not in the application its currently being used in with these cryptos.
lucky fiat, gold and silver is not easy to manipulate, i feel so much better with my "legit" currency.
Manipulate the technology referred to as bitcoin or the price of Bitcoin? Interesting, it can’t be the price you’re referring to because the price of government issued fiat currency is manipulated and yet it is “legit”.
So it’s the technology that’s not “legit”? Distributed ledger technology is designed to legitimise the recording of transactions, so it can’t be the technology.
Or do you mean the get-rich-schemes behind pushing cryptos? Those schemes don’t make crypto illegitimate any more than fiat or gold or real estate is when it’s used as a tool in get-rich-schems. You’ll have to define what you mean by “legit”.
I didn’t disagree with what you said about volatility, but there are plenty of volatile things in the world that are “legit”, take acetone as an example. And once again, just because some dodgy types push it doesn’t mean it’s not “legit”, or gold would remain permanently “illegit”.
Here’s some advice, for the moment don’t measure the value of BTC in $, then notions of manipulation and illegitimacy of the technology becomes irrelevant.
they definitely can be, But damn its allot easier when you have way less cryptos and a majority of the crypto is owned by a small percentage of people and have No regulations what so ever.
the difference between our current fiat that is yes Manipulated vs crypto manipulation is a few cents on the dollar for fiat., vs $10k over night on cryptos lol
Extreme Volatility when talking currency is not a good thing.
and again, the government can easily manipulate Crypto's they have and the likes of north korea have done that
but not only that, a government could simply shut it down, and they have done that also and that was a good wack on prices in 2018.
and if more governments did thats even more of a wack on prices.
The real great thing about being a crypto-believer is that “aha moment” when it all just suddenly makes sense. It’s the trustless bit that was my “aha moment”.
so you have enough trust that a government couldnt or wouldnt shut this shit down if they wanted to? oh wait thats right they have in a number of countries and the price has never recovered because of just a few countries doing this.
All it will take is a government that thinks they arent getting their share of this money for this to be shut down.
unless you think a government wouldnt, then maybe the believers need that aha moment.
“Trustless" has nothing to do with governments.
It means no third-party acting as an intermediary, whether it’s sending cash, voting or achieving milestones in a previously agreed contract.
And what about a definition of “legit” before we proceed further?
how many times have the government already shut down cryto? how much success have they had?
“Trustless" has nothing to do with governments.
It does when a government could stop financial institutions from allowing it to be turned into Fiat, and has been done so By other countries. Damn that dropped the price quick last time, Your certainly not foolish enough to think those countries banning cryptos had nothing todo with the crypto crash of 2018 even though they line up pretty well with the 2018 cryto crash.
Do you buy PMs?
I’ll point you to Part IV of the Banking Act 1959 then.
Don't buy. It's going to crash.
O.K. here goes:
Value Value.............................TRUE DAT.
I read that Masayoshi son lost $130 million in bitcoin when he sold it all off.
The more I learnt about crypto, the less I liked the idea.
Digital wallet .. no thanks
Lost your password .... goodbye investment.
Suddenly becomes illegal....
Suddenly vanishes into thin air and nobody knows who the CEO is .... great.
And much more.
There's just too much potential downside.
I'll just keep well clear thanks.
If the idea makes money why not? But one must understand the risks first. Crypto not backed by a real company or government is basically a virtual asset - virtual means it doesn’t exist in the first place.
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