bobbartop
bobbartop
Joined: Mar 15, 2016
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December 13th, 2017 at 4:15:22 PM permalink
Interesting, as Ron Paul always is, but I'm still confused about "cryptocurrency".

http://www.ronpaullibertyreport.com/archives/market-update-the-cryptocurrency-craze

Naturally I have heard about Bitcoin. Don't understand it, but heard about it. But I'm so clueless I didn't even know there were hundreds of different "cryptocurrencies".

This gives me a headache.
'Emergencies' have always been the pretext on which the safeguards of individual liberty have been eroded.
speedycrap
speedycrap
Joined: Oct 13, 2013
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December 13th, 2017 at 4:32:45 PM permalink
It is just a plain scam.
gamerfreak
gamerfreak
Joined: Dec 28, 2014
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Thanks for this post from:
bobbartopDeMango
December 13th, 2017 at 4:54:07 PM permalink
Quote: bobbartop

Interesting, as Ron Paul always is, but I'm still confused about "cryptocurrency".

http://www.ronpaullibertyreport.com/archives/market-update-the-cryptocurrency-craze

Naturally I have heard about Bitcoin. Don't understand it, but heard about it. But I'm so clueless I didn't even know there were hundreds of different "cryptocurrencies".

This gives me a headache.


I think I understand the technical aspect of Bitcoin enough to where I could explain it in really basic terms. Iíve been meaning to write up a post or blog on it, Iíll try to do it soon if thereís enough interest.

Thereís so many different cryptocurrancies because the bitcoin protocol is open source, so anyone can make their own spinoff with fairly minimal effort. Most arenít worth anything, others like Etherum and Litecoin have gained some value.
MrV
MrV
Joined: Feb 13, 2010
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December 13th, 2017 at 4:56:27 PM permalink
Yes, an explanation would be helpful.
"What, me worry?"
bobbartop
bobbartop
Joined: Mar 15, 2016
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December 13th, 2017 at 5:07:48 PM permalink
Quote: gamerfreak

I think I understand the technical aspect of Bitcoin enough to where I could explain it in really basic terms. Iíve been meaning to write up a post or blog on it, Iíll try to do it soon if thereís enough interest.




Please do. I'll read it. Can't promise I'll understand it.
'Emergencies' have always been the pretext on which the safeguards of individual liberty have been eroded.
onenickelmiracle
onenickelmiracle
Joined: Jan 26, 2012
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December 20th, 2017 at 2:48:00 PM permalink
Crypto currency with regards to people with libertarian beliefs, just a sales pitch imo. It's not the money people are worried about, it's the governments. The cryptos are just able to sneak past borders.
I am a robot.
FleaStiff
FleaStiff
Joined: Oct 19, 2009
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December 20th, 2017 at 3:37:46 PM permalink
Quote: speedycrap

It is just a plain scam.

Plain scams are rarely profitable.
bobbartop
bobbartop
Joined: Mar 15, 2016
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December 20th, 2017 at 4:48:38 PM permalink
Quote: onenickelmiracle

Crypto currency with regards to people with libertarian beliefs, just a sales pitch imo. It's not the money people are worried about, it's the governments. The cryptos are just able to sneak past borders.



I still don't get it, One Nickel. I know, I'm simple, but where does the value come from?
'Emergencies' have always been the pretext on which the safeguards of individual liberty have been eroded.
bobbartop
bobbartop
Joined: Mar 15, 2016
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December 20th, 2017 at 4:50:45 PM permalink
Quote: gamerfreak

Iíve been meaning to write up a post or blog on it, Iíll try to do it soon if thereís enough interest.




What are you waiting for? Christmas?
'Emergencies' have always been the pretext on which the safeguards of individual liberty have been eroded.
RS
RS
Joined: Feb 11, 2014
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December 20th, 2017 at 5:23:32 PM permalink
Quote: bobbartop

I still don't get it, One Nickel. I know, I'm simple, but where does the value come from?


I don't quite understand it either, but I'd say the value comes from the same thing that gives our regular currency value -- it's worth whatever people say it's worth. If I have a coin X and I can trade it for Y, then that's how much it's worth. Sure it might be monopoly money, but all money is monopoly money, except currencies that can be used for other things (ie: you can silver, gold, platinum, etc. for building stuffs or something, whereas a $100 USD bill can really only be used as paper, outside of being used as a currency for trading).

Also, more and more cryptocurrencies are being able to be used for all sorts of different stuff, AFAIK. I believe Japan declared Bitcoin a legal currency in November. You can use it for funding online casinos, although that's a very niche market. I think you can use cryptos to buy games through Steam. Hell, there are restaurants that are accepting bitcoin now a days. I've never tried it but apparently BTC is accepted at some places. http://bitcoinrestaurants.net/

I think there are also airline companies where you can use bitcoin.

Supposedly marijuana stores are having a big problem -- they can't use banks because that's some federal law BS so they have to keep their money in actual cash, which means they have to spend money on security and also still get robbed.

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