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Thread: Cryptocurrency

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    International Coach GotSpin's Avatar
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    Cryptocurrency

    Discussion about cryptocurrency

    Is it the future? Should we all be investing or will it inevitably lead to nothing? Is it a good thing or what are some potential issues (apart from the dark web)? Does Social know the guy personally who invented it and did burgey buy him a steak? Continue
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    I've got 43 LTC, most of it from ages ago and 100 Steem earned from posting on steemit.

    Kicking myself for not going all in earlier.

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    Global Moderator harsh.ag's Avatar
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    I genuinely don't understand this topic, even after reading summat into it. The fact that things like bitcoin had a built in issue limit should have meant the valuations were low (since the endgame would see huge deflation which means the end of any currency), but obviously people saw it differently, at least in the middle, and that led to huge valuations.
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    International Coach GotSpin's Avatar
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    One friend is trying to convince me to invest in bitcoin, suggesting that it's the future and the price will continue to grow


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    International Vice-Captain Redbacks's Avatar
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    From what I understand, the good points are:

    The traceability of the history off all transactions would be good to stop money laundering and hiding/spending of funds by criminals (not going to be popular with the uber wealthy)
    Low fees on transfers between any place (cut's out the banks who take a chunk each time a foreign currency exchange occurs)

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    International Vice-Captain Redbacks's Avatar
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    Quote Originally Posted by GotSpin View Post
    One friend is trying to convince me to invest in bitcoin, suggesting that it's the future and the price will continue to grow
    There's a limit to the amount of bitcoins that will ever be created so I would guess it's value will grow assuming people don't turn away from it as a means of exchange.

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    Blockchain technology is already being used by central banks.

    I just get the feeling that these currencies will be traded as commodities like gold, rather than have much practical use.

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    International Vice-Captain Redbacks's Avatar
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    But open to the public? I thought the blockchain is stored in many places with bitcoin which may lead to more transparency.

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    Request Your Custom Title Now! Samuel_Vimes's Avatar
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    I'm looking forward to this book ( David Gerard: Attack of the 50 Foot Blockchain ), it's supposed to give a detailed examination of the claims of the [a-zA-Z]*coin faithful and also goes into a bit of the murky history of the beast. The central thesis, from the excerpts I've read, is that bitcoin won't function as money because it cannot function as a store of value. It is founded on an utopian idea that money doesn't need any institution to back it up, which just flies in the face of all history of money.
    Last edited by Samuel_Vimes; 10-07-2017 at 06:39 AM.
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    Global Moderator harsh.ag's Avatar
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    Quote Originally Posted by Redbacks View Post
    There's a limit to the amount of bitcoins that will ever be created so I would guess it's value will grow assuming people don't turn away from it as a means of exchange.
    Nah, such deflation leads to currency being given up as a means of exchange.
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    Quote Originally Posted by Samuel_Vimes View Post
    I'm looking forward to this book ( David Gerard: Attack of the 50 Foot Blockchain ), it's supposed to give a detailed examination of the claims of the [a-zA-Z]*coin faithful and also goes into a bit of the murky history of the beast. The central thesis, from the excerpts I've read, is that bitcoin won't function as money because it cannot function as a store of value. It is founded on an utopian idea that money doesn't need any institution to back it up, which just flies in the face of all history of money.
    Liked for the regex usage alone
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    Request Your Custom Title Now! Uppercut's Avatar
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    I think Bitcoin survives because its users trust that transactions using it are anonymous. I don't think the fact that it's inherently deflationary is a critical flaw, but it probably restricts it to being the currency of choice for illicit transactions. I don't see it replacing the dollar.

    It depends upon an unwritten collective agreement that it's worth something, which could collapse at any moment for no particular reason. There's political risk associated with it too. A high-profile terrorist attack that demands a ransom in Bitcoin or uses military-grade weapons that were purchased using Bitcoin might provoke a regulatory response.
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    Eternal Optimist / Cricket Web Staff Member GIMH's Avatar
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    Jason Stapleton is sceptical about Bitcoin and I get all my opinions from him so
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    International Coach GotSpin's Avatar
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    International Coach GotSpin's Avatar
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    It's always difficult to research bitcoins etc when you're not sure whether the author has an active reason for wanting bitcoin to grow other than for the common good

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