Crypto currencies

[Rianne]

I'm more interested in block chain technology. Crypto gives you privacy using block chain exchanges that are secure, right? Plus, I don't understand it. Not in my practical world. Can I go to the grocery store and buy my groceries with crypto? Or do I have to be in some mysterious club that cloaks itself in secrecy and anonymity?

[OldShooter]

Quote:

Originally Posted by Rianne I ... do I have to be in some mysterious club that cloaks itself in secrecy and anonymity?

Well, probably not mysterious but it is a club where 100% of the members are speculators. The price of these things varies so much that no one would seriously consider them to be a store of value or a medium of exchange, characteristics of real money.

[Shedir]

Quote:

Originally Posted by Spock Crypto is a means of exchange (wannabe currency) that is being treated by most as an investment (ala fx speculation). At the moment its too bush league to be a currency. * If china pulls the plug in a trade war or jiggles electric rates, a bunch of the transaction processing farms are suddenly off-line. * "exchanges" that just magically go poof. * wild swings driven by who-knows-what Technologically it has promise, but TPTB don't like the competition and their inability to control it. If they can't keep it bottled up as little more than a curiosity, the central banks will come out with their own (and maybe force you to use it) to maintain control of the system.

I don't believe people will be okay to be forced to use a crypto currency.
They're forced to use the actualy currency like $ for example, but i think people wouldn't accept a changement that huge without protesting against something.

But that's only a matter of opinion at this point ...

[Chuckanut]

Some person who threatens to ruin my reputation insists I pay him or her $1400 in crypto currency. So, why would I support a currency that is used by criminals to extort money out of me?

[armor99]

I did some research into BITCOIN. And I would not invest in it for this one reason. It has all the earmarks of what is known in the con man world, as the “long con”. Or a scam that takes a very long time. Let me explain why.
Technically, no one really knows who invented bitcoin. They think it is a man named Satochi (pardon my spelling), but no one actually knows. Bitcoin is completely anonymous, and everyone can see how many bitcoins are in anyone’s “electronic wallet”. But it is anonymous, who owns which wallet (it’s just a long series of numbers and letters from what I understand).You also need the right codes to input and get out bitcoins to/from your wallet, and to someone else’s electronic wallet.
Back in the very early days of BITCOIN. It was very easy to “mine” for bitcoins. There is a known electronic wallet out there, that has several billion dollars worth of bitcoins in it. It was not worth anything in the beginning, but now is enormous.
So here is the long con. What happens to the value of all Bitcoins if someone tries to liquidate all of their holdings quickly back into US dollars? Is it even possible to do that? Would the price of all Bitcoins drop so quickly that no one would try, because it would be counter productive? Or would someone walk away with billons of dollars, while all other Bitcoins become worthless overnight? No one really knows... sort of uncharted territory there.
So remember that electronic wallet I mentioned before? None of the bitcoins in it have ever moved since bitcoin was created. (No transactions at all)They think it belongs to whoever Satoshi actually is, but again, no one really knows, or could ever know for sure. One theory is that the person who owns that electric wallet might have just lost the codes to access the account. (Once that happens, no one can reset your account codes) so those bitcoins are in limbo forever. Personally I do not buy it...
I think there is a person out there In the world waiting for the right time to cash out and wonder the world as an unknown billionaire.... Just my take... feel free to do the research on it that I did...

[NYEXPAT]

There is a very good chance that the bottom was put in today and we can start to rally to 65k now?

[VFK57]

Any currency in the world is attached to a country economy (GDP size, growth / recess, money supply etc.). Then what cryptocurrency tied to or backed with? If nothing then it is pure speculation. If hackers could penetrate and steal valuable info from big companies researches, Pentagon and other security offices in different countries, how difficult it should be to steal this type of currency?

[Spock]

Quote:

Originally Posted by VFK57 Any currency in the world is attached to a country economy (GDP size, growth / recess, money supply etc.). Then what cryptocurrency tied to or backed with? If nothing then it is pure speculation. If hackers could penetrate and steal valuable info from big companies researches, Pentagon and other security offices in different countries, how difficult it should be to steal this type of currency?

Fiat currencies are not attached to a countries economy.
If it were, the GDP to debt ratios would be relatively flat.
https://www.macrotrends.net/1381/deb...storical-chart

[sakowitzm]

A few posts back the OP noted that as the first crypto out there, it would have more users. Possibly, but the history of the internet is literally littered with "first ones" that died horrible deaths. Google wasn't even among the first two dozen search engines; remember Northern Lights? Pretty much all of the MS Office products were preceded by long-gone products. Remember VisiCalc? WordStar? And the list of auction sites around prior to eBay is too long to even list.

"Might" be different with a currency... but I doubt it.