Millionaire drug dealers all around Perth atm
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Bitcoin & Bitcoin Mining
- Thread starter kfc1
- Start date
- Tagged users None
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Advertising. News.com and other sites will often carry advertisements for it.
"Man in (insert stock photo and your suburb here) was paid 5 bitcoins 2 years ago, now a millionaire" type of thing.
Or alternatively, "Buy this and stick it to the man".
Unsettling thought, really... currency is now subject to advertising.
It isn't like currency trading is anything new, folks have been indulging in it for centuries. But I do feel it's one of the more insidious forms of trade, in that essentially you're buying and selling nothing with nothing. Contributing nothing. And getting rich by it... well, theoretically. Unless you're that last guy in the chain, of course, hoping to get cheaper kiddie-fiddler photos, off the radar of law enforcement, and being a little too slow off the mark.
Wojcinski
Brownlow Medallist
Eh, you should do a bit of reading on what a de-centralised currency means. Getting "rich" off bitcoin in fiat currencies is a by-product of BTC's real purpose.
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And that "real purpose" is?
Wojcinski
Brownlow Medallist
A currency that isn't controlled by governments.
Power Raid
We Exist To Win Premierships
I just find it interesting that bitcoin is promoted as an alternative currency. Currency by definition is used for the storage of wealth, yet it seems to be an investment.
The issue with investments is they are volatile and go up and down. The greater the volatility the greater the risk. Going back to the storage of wealth...........is bitcoin fit for purpose?
It think blockchain currency has a great future but I question if bitcoin will survive given the discrepancy highlighted. The positive turning point for blockchain currencies is circa 10-20 years away when the world's wealth transfers down to age groups that are comfortable with everything digital.
oh and I understand most banks will buy bitcoin in exchange for cash
Power Raid
We Exist To Win Premierships
Only a fool would hold large sums in government controlled currency. So for this reason, bitcoin or its competitors are offering a service in demand.
It will be interesting to see which blockchain currency wins. I dare say "big" governments will have a strong influence on that.
Oh, ok.
So we try to replace that with one controlled by... well, nothing but wishes, hopes and dreams really. Spacestar ordering.
History has a few examples of what happens when confidence is lost concerning speculative investment. That's pretty much why government has introduced checks and balance to begin with... to prevent such things from re-occurring.
operating under the same sort of understanding that Snake-oil salesmen circumvented the lack of regulated pharmaceuticals back in the day.
"Hey, their pills don't work... but mine does. Sold 'em down the road at the last town ten a penny, but I've not got many left now so for you, a penny each. Buy up now, folks, by the time I get to the next town I'll be selling them for a dollar! Step right up, step right up..."
Yeah the debate that will soon enter the mainstream is fiat currency vs crypto currency -- similar to the debate about Uber vs Taxis that was being had 3 years ago. One was an unregulated service that the government doesn't have a hand in, versus an established, regulated enterprise. I don't know whether you followed the uber vs taxi debate, but it was being talked about every day on talkback radio for over a year. The very same debate about cryptocurrency vs fiat currency is on the horizon...but it will last for many years, because this time it's the banks that are angry they now have a competitor, rather than the powerless taxi industry.
I think that governments will have to create their own cryptocurrency in order to compete. For example, the US will probably create a federally endorsed cryptocurrency called Fedcoin or something like that.
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- Jul 13, 2015
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Im pretty sure it is an alternative to me having to procure a goat to buy wheat from a farmer who doesnt want my pigs...
Storage of wealth is an incredibly modern thing and even then... how many people have currency as their primary form of wealth?
Wojcinski
Brownlow Medallist
Ok so you've proven you don't understand cryptocurrency, you can leave it up to us.
Taylor
Community Leader
- Moderator
- #464
The large scale investment and the returns from it are a required step for the idea to catch on. The end goal is entirely irrelevant. The idealists will happily use the money of the investment bandwagon to push along their agenda, the investment group will make plenty of money then pull out and it will crash. Repeat.
Are you talking solely about bitcoin or cryptocurrency in general?
Because blockchain technology is here to stay, and people using cryptocurrency for everyday purchases is only a few years away.
Power Raid
We Exist To Win Premierships
the storage of wealth in currency does not mean a "stagnate storage of wealth" rather the ability to be a fluid storage of wealth (as it changes hands it retains value and isn't materially valued differently by the market)
This concept is not new
Not at all. As soon as my Tokencard and TenX card become available (some time in 2018), I will be using them to purchase goods and services with cryptocurrency. Thousands of others will be doing the same. These cards convert crypto into fiat so that I can spend my cryptocurrency, while the vendor receives the money in fiat. Grandparents won't need to understand cryptocurrency in order to use it. This is like computers and mobile phones all over again. It's an emerging technology that is going to become mainstream. The elderly will adapt and learn how to use it.
Platforms like Ethos and Electroneum are going to simplify cryptocurrency in a way that non-tech people can utilize it, making it available to the masses.
I don't understand it in the same way you do. Agreed.
Although I find the concept of leaving it up to you a little unsettling. People say that sort of thing to me, I have a tendency to run for the hills.
Don't get me wrong though. I may have a tendency to be sceptical on several levels, but don't for a second think I believe it's anything other than sheer genius. Like religion, really.
An unassailable concept... all you need to do is believe.
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Taylor
Community Leader
- Moderator
- #470
That sounds like a great business model for the currency transfer company, you effectively sell them your bitcoin at current prices and they give you current prices for it - they can sit on the hard number of bitcoin they have and back the value compared to other currency to rise.
Float a million dollars and let people shift you their bitcoin to you, paying you a percentage for the privilege.
Like those "We buy gold" stores without the overhead of a shop, staff or localisation (which I consider a cost because it limits your access to your market)
LOL, I wont be using bitcoin for everyday transactions. I will have an assortment of cryptos available in my app wallet to choose from.
And who else will?
Taylor
Community Leader
- Moderator
- #473
My point was that at the rate it is increasing in value, it would be foolish to spend it at all and worth it for a company to offer to facilitate the value transfer, even short term, because the product isn't actually the currency transfer - it's the investment gain.
Power Raid
We Exist To Win Premierships
and like London and other areas around the world, Uber has been banned and no doubt this trend will continue. This demonstrates governments spitefulness when it loses or more accurately how powerful the labour market can be and force government to act. Whether an uber alternative gets around this or not, or uber re-emerging is a story yet to unfold. What is certain is, governments are not capable of holding back technology for ever.
Same said with the currency debate. I think we will see some digital currencies go belly up as certain jurisdictions like China, EU, UK and the US legislate against their use. The obvious issue governments will target is the financial service licence requirements and seek to jail directors and promoters.
It will be interesting to see who wins but I'd suggest an off shore private enterprise with a massive balance sheet will win the race. As a government run currency is exactly what users of the currency don't want.
Wojcinski
Brownlow Medallist
Governments can ban on-shore entities from trading in BitCoin to an extent but they can't ban anyone using it owning to the fact that it is de-centralised but also anonymous
