I have a suggestion for the geeks in this SS forum. To start a crypto coin back by silver coin. Called it Sscoins or Agcoins or whatever..... Is this a workable idea?
Digital currency doesn't need backing and in general backing a digital currency will implode. Ie to back it, it would mean one need to phyically deposit an equivalent amount in asset. Think about bitcoins, tens billions of fiat dollars have been used to buy hardware and pay electricity to mine for bitcoins. Has there been tens of billions of dollars of withdrawals of bitcoins into fiat. What will happen to bitcoin when the last bitcoin is mined, and all the miners who haven't used the coin yet wants their bitcoin converted to fiat. The founder has 1 million bitcoins how can he cash out? The current mining of currency is a pyramid scheme. Right now more people are interested in holding btc, and many more people jump in than out but when more people want to trade out than buy in, it will tank. Like any pyramid scheme "The idea of money for nothing" is driving the btc, once there is no more mining all those beople will want to sell. Ever had a girlfriend start selling Avon, Amway or Herbalife?
But if you keep track and use it as a money maker, it's a good money spinner. Having the complexity of having it backed by value just makes it harder to attract the vast army of people who needs to hold so few people can extract value.
I have been reading the websites of Digix and Goldguard and got me thinking about the idea of linking PM and blockchain. Are these scheme legit? https://www.digix.io/ https://goldguard.com
The argument you pose here Ipv could be used for any market, could it not? Of course if everyone was to sell then ANY market would collapse, and has done. With the last bitcoin not being available for many many years to come i do not see this as an issue and people will keep mining even if there is just a few coins left if their value is high enough. I do not think this is just a flash n the pan (though i am no expert , not even close) this is the birth of a new way of doing things. Evolution if you like, and at the beginning of every evolutionary branch is something that it not easily recognized as the founder of what lies at the end of that same branch.
More misinformation spreading FUD. https://en.wikipedia.org/wiki/Pyramid_scheme Please explain how mining crypto currency fits this definition.
In time I am sure this will happen. It requires a centralised body to hold the deposited silver (like an old school bank) and then issue tokens that are then traded on a blockchain. It doesn't have the benefit of the decentralised nature of free-floating crypto currencies, but it does provide a trade-able asset on a public ledger blockchain with the fast/cheap transaction times and transaparency that entails. Not too dissimilar to an existing unnallocated digital silver fund, nor the existing Tether USDT currency - but instead of being backed by the US dollar it's backed by physical silver. I think it takes some time for demand to justify setting something like this up. Maybe in 5-10 years we might see it.
I should add that this is already being done with gold. The only reason it might take time for it to happen with silver is that it's less popular/common asset to hold/trade IMHO.
The recruits are miners that mines and holds on to bitcoin (of course they hold on to some and sell some) but in main must btc coins are not converted to fiat, hoping for increasing value, these are what I called recruits. Like in all pyramid scheme, everyone makes money till no one does. BUT as long as I make money on it, I have no issues with it. I have made 20K on digital this year, likely could have made 30K, but didn't time the exit, THAT doesnt stop me looking at it digital as pyramid scheme and telling everyone that it is.
You can look at it any way you want. But when you start spreading misinformation that is factually incorrect...well I have an issue with the ethics of that. Considering you admit your happy to profit from something you consider a pyramid scheme (which are illegal) then I guess ethics is not something too important to you.
can you prove bitcoin is ethical? Not that it matters, as my views of bitcoins is correct as long as I am concerned. The fact that you have a different view, is not a big concern to me.
Bitcoin is a technology, it does not have a consciousness. So it is a fools errand to try and prove whether it is ethical or not. It is an open-sourced tool that can be owned, used, understood, copied or adapted by anyone who is smart enough. It can be used for good, it can be used for evil. Like any technology - including the internet. Is the internet ethical? Asking that question is just as pointless and stupid.
BuggedOut>From your last couple of exchanges with Ipv it reads like your cruising for an argument when there is none to be had. You do not have to be a crypto defender as you pointed out yourself "it does not have a consciousness". You two are on the same team playing the same game just with different ideologies
With all due respect, I'm not cruising for an argument. I just saw someone posting misinformation and called him out on it. There are a lot of people here trying to learn the facts about crypto technology and having people in here spreading rubbish undermines that effort.
I agree with this. With a pyramid scheme a person is falsely guaranteeing a high return, while knowingly offering nothing else then taking money from a new person to give to the person before. So the initial intent is deceptive and is a scam. Bitcoin and it's creator doesn't guaranty or even suggest to make you money, but it does offer something new and useful. Now if compulsive people only view it as a quick way to make money then that's up to them, but it's got nothing to do with bitcoin. Now if you want to talk about most ICO's being a scam then sure. As most of them are deceptive saying you will make money and pretend to offer you something while they have no intent to do anything other then take your money and run. But like the tech bubble, some were legit, but most were not. Same goes with all these ICO's
"cruising" was probably a bad choice of words BuggedOut, passionate may have been better but would have required me to completely rewrite the post I can easily see both points that are coming across. Lets face it to those of us that have not taken the time (as you clearly have) to study blockchain indepth it does seem like it could be a ponzi scheme or some other rip to suck money from some and to hand it to others. I am treating it like gaming at the moment and hitting some sub penny coins in the hope one takes off ,but at the same time learning about the tech behind it. I see someone here even mentioned one of the coins i have intentionally not named yet referred to cryptically a few times (chaincoin) . Just a few months ago it was plodding along at all of $0.0003 per unit and now it is $3.50 and change.
