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Thread: Explain it to the willfully ignorant

  1. #1
    Sysop Ptah's Avatar
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    Explain it to the willfully ignorant

    That's right.

    I have been willfully ignorant of the whole cryptocurrency whatnot. Seems like a bunch of wishful thinking blown way out of proportion, even worse than fiat currency.

    Explain why I'm wrong.

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    凸(ಠ_ರೃ )凸 stuck's Avatar
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    Here's my ignorant understanding of the two things it is:

    1. the blockchain, which bears a public record of every transaction ever done with bitcoin, and which (afaik) is duplicated with every bitcoin. This could evolve into the so-called "internet of things", where people can exchange deeds to houses and whatnot, without brokers, titles, and fees. it is an interesting piece of technology which could have untold application.

    2. then there's the whirlwind of speculation and cuntbags trying to get rich and push the bubble of this promised technology before it matures, which could ironically kill it forever or turn it over to the hands of a few institutions. this is usually the realm of venture capital, which wears its intentions on its glossy sleeves but can also use deeper pockets to take slightly more stable risks. anytime joe public gets involved, it turns into a hilarious mess of expensive educations in the market as a herd of day traders are led around by their nose.

  3. #3
    Sysop Ptah's Avatar
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    rooted in what other than people's belief in it?

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    凸(ಠ_ರೃ )凸 stuck's Avatar
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    Quote Originally Posted by Ptah View Post
    rooted in what other than people's belief in it?
    nothing other than an intellectual understanding of its possibilities to revolutionize money- which is a huge deal for sure, as it could eliminate a great deal of middlemen and inefficiencies.

    that's how capitalism is supposed to work- money flowing into disruptive ideas that make something work better. the problem is that joe public has grabbed this for a cause-du-jour and inflated both production and value beyond what the tech could reasonably bear.

    my issue with it is that nations aren't going to sit around while buttcoin decimates their tax base. and governmental regulatory change… that's the realm of decades. bitcoin should have been inching up from 10 to 100 over the past 5 years, but instead it bloomed into like 20 billion dollars and then shrank back down to 5. Ouch!

  5. #5
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    Quote Originally Posted by Ptah View Post
    That's right.

    I have been willfully ignorant of the whole cryptocurrency whatnot. Seems like a bunch of wishful thinking blown way out of proportion, even worse than fiat currency.
    Ha. Glad I'm not the only one.


    People don't even know they're going to be worth anything.

  6. #6
    Global Moderator Polemarch's Avatar
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    Quote Originally Posted by Ptah View Post
    rooted in what other than people's belief in it?
    This is how all money works though. The money you spend now is essentially fiat - it's not backed by gold. The value of money is characterized by the willingness of parties to accept it in exchange for goods and services.
    We didn't land on Plymouth Rock. Plymouth Rock landed on us.

  7. #7
    Now we know... Asteroids Champion ACow's Avatar
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    Quote Originally Posted by Ptah View Post
    rooted in what other than people's belief in it?
    I don't know whether you've noticed yet, but that's what all money is "rooted in": gold, silver, fiat, paper, digital, salt, cigarettes (and indeed, society and practically all human endeavours).

    I don't think its worse than fiat per se.

    It is however, filled with speculators, get-rich-quick, and ideologues.

    There are, of course, vast areas of capitalism and our society whereby middle-men and market-makers have fair/unfair/profitable interactions (some would include early adopters of the digital currencies in this category, and indeed there seems to be a cottage industry of trying to turn money by being just that).

    There are also vast areas where these things have evolved/been put in because of past historical occurrences and shit that went wrong that society reacted against which many of the crypto-currency people are either ignorant of or want to ignore.

    Digital currency and the like is no doubt the future, and cryptos could play their part, but for now I can't help but point out that they're both slower, more volatile, and more expensive to use than regular currency (so in practice worse in just about all ways that currency can be....), and most of the spruikers are currently just self interested parties trying to make profits or ideologues...

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    凸(ಠ_ರೃ )凸 stuck's Avatar
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    Quote Originally Posted by ACow View Post
    I don't know whether you've noticed yet, but that's what all money is "rooted in": gold, silver, fiat, paper, digital, salt, cigarettes (and indeed, society and practically all human endeavours).
    Or cruise missiles!

  9. #9
    BeyondUrLatestAdCampaigns ciphersort's Avatar
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    While one can make 'real money' (whatever that means) in crypto currencies (and I know some that have)
    I think everyone should consider that the FBI (probably) now holds the largest Bitcoin wallet before getting too involved.
    Just a thought... 'cause like, that was quick.
    Last edited by ciphersort; 11-06-2014 at 12:19 AM.

  10. #10
    Tsundoku LordLatch's Avatar
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    Quote Originally Posted by Ptah View Post
    rooted in what other than people's belief in it?
    The value comes from the computational power required to produce it and of course the effect of supply and demand.
    That's my poop stirrin' stick- Don't touch it! You don't know which end is the handle..

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