Crypto – Separating the gullible from their cash!

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This topic contains 5 replies, has 2 voices, and was last updated by  James Mitchner 4 months, 1 week ago.

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  • #19884

    James Mitchner
    Participant

    I have no idea what any of you think about Bitcoin and the other “crypto” currencies bouncing around out in cyberspace.  I think its looney.  Regardless of the increases in supposed value some of these invisible currencies have made, Bitcoin is likely the best example, banking (no pun intended) on some imaginary wealth of no more substance that 1s and 0s out in cyberspace seems a lot like the tulip craze in Holland where fortunes were made then totally lost on a whim.  With respect to crypto currencies, I think P.T. Barnum was on target.

    https://www.zerohedge.com/news/2019-06-10/crypto-startups-have-found-new-way-separate-gullible-their-money

  • #19896

    namelus
    Participant

    It depends on when you got in, I mined bit coon when it first came out and was selling them at $10 a coin or buying items on dark Web with it. I stopped and had a wallet with 10 coins left in it forgot all about it hit 20,000 a coin and traded them in….. got some cool stuff for just running a background program while I did not use computer.

     

    Banks use a coin system to get around swift and usa currency controls. Looking at it as investment is stupid, looking at it as a negotiable instrument like gold or silver is a reasonable thing when you buy certain coins…. CERTAIN ONES ONLY if you don’t know anything about coins and their function for God sakes don’t buy as you will.get fleeced. Just like in stock market pigs get slaughtered.

     

    It’s  nice to know the currency controls impemented by countries all over the world are no barrier at all you can have financial freedom without supervision in any modern 1 and 2nd world countries… 3rd well what do you expect?

     

    As for acceptance well https://www.zerohedge.com/news/2019-05-19/bitcoin-tags-8k-whole-foods-now-accepts-crypto

    Bit coins transaction speed and cost make it more like going and getting a large sum of cash at bank then paying smaller items as too slow and expensive to to individually though most new coins avoid that quandary. You can get free coins too just have to watch listen to bs ads think time share pitch for vacation.

     

    mining is beyond normal computing now as mining right dominate and your computer is way too slow to make a dent.

     

    Also coins are not retrievable….. you lose password you are f@#&!d so be careful no password retrival. You can also store on small key chain drives.

     

     

     

     

     

     

     

     

     

     

     

     

    • #19900

      James Mitchner
      Participant

      I’ll have to pass on all that.  I know some made out well with Bitcoin… those who went for it early.  While crypto avoids central bank intrusions and the usual national banking regulations, accessing your ‘stash’ still requires electrical power, computers, and the internet… all which can be shut down… and then what?

  • #19903

    namelus
    Participant

    You use the key and a cell phone… if those don’t work permanently shft has hit and well bean bullets and bandaid. … nothing else of value till the shooting stops.

  • #19907

    namelus
    Participant

    If you think about it you already use crypto, how many times have you paid with credit or bank cards electronic iou.  With the push for cashless society so government can cheat more and no need to print fed iou even more saving on what a dollar?  It too like crypto only holds value because someone had faith in it has zero intrinsic value.

     

    Only advantage in crypto is jo theft by inflation as no more coins can be made once algorithm is set and so far no one has found way to introduce fake algorithms the systems will except…. better than cash. Lots of fakes. Usd endless inflation by government crypto zero possible. Usd heavily controlled crypto catch me if you can. Usd move anything over 2 k and get a probe crypto you need to find someone to accept 2k worth (exchanges but once back into account see first problem. .

    Crypto may go to zero usd heading to zero through inflation.

    Usd accepted everywhere crypto not so much, new visa and Mastercard issued in Hong Kong you can pay in crypto.

     

     

    I am not saying go full crypto as that would be stupid but you need to examine and compare system

  • #19911

    James Mitchner
    Participant

    I use a CC most of the time unless I want to be stealthy.  Then  I use cash.  I use it because its convenient.  But I know its weaknesses and thats why I have other sources of “wealth” that will be available to plug the gaps, depending on circumstances, including those fiat pieces of paper to use until I can’t any longer.

    With crypto, I think its like having a bag containing what some will accept as currency as you move those one’s and zero’s around as payment for goods and services, but that is hanging by an electronic string that can be cut without notice that same way a bank can lock it doors and keep us from assessing our savings.  Crypto is certainly another resource, just one I’m not sold on.

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