Originally Posted by scho63:
I'm a pretty smart guy who can usually understand things after being explained to me once, if not twice for sure.
This whole cryptocurrency backed by nothing confounds the hell out of me too.
I can't help but correlate this to the great "Tulip Bulb" craze in Holland hundreds of years ago that destroyed many.
People value what they value. Why do people value gold, diamonds etc? No idea, but they do. Bitcoin and other crypto currency has many advantages because it doesn't have to be converted to USD, CNY, Euro etc. Its also easily exchangeable for goods and services. Its quasi anonymous [Reply]
Originally Posted by BWillie:
People value what they value. Why do people value gold, diamonds etc? No idea, but they do. Bitcoin and other crypto currency has many advantages because it doesn't have to be converted to USD, CNY, Euro etc. Its also easily exchangeable for goods and services.
Fair point but obviously gold and diamonds are worn as jewelry and unless bitcoins are going to be worn as jewelry, I'm still baffled it's worth $3,200 a pop.
How are the bitcoins turned into cash? I would assume merchants who accept them quickly flip them for real currency so they can pay suppliers and employees and other bills. [Reply]
I "understand" the very basics of it but the part I don't understand makes it too risky for a place I want to put my money. I understand people's reason for buying but it's still a very risk investment.
At some point Big Banks are going to want this regulated. Ain't no way those greedy bastards are going to be losing money to this shit! At which point, the price should plummet, never to see the highs again. Get in, make money and sell would be my only option but I think it's already over-valued. [Reply]
Originally Posted by lewdog:
I "understand" the very basics of it but the part I don't understand makes it too risky for a place I want to put my money. I understand people's reason for buying but it's still a very risk investment.
At some point Big Banks are going to want this regulated. Ain't no way those greedy bastards are going to be losing money to this shit! At which point, the price should plummet, never to see the highs again. Get in, make money and sell would be my only option but I think it's already over-valued.
I don't disagree with you at all on the riskiness of it. I'm not advocating to go 100% cryptocurrency in anyone's portfolio, but I think people who don't have any are missing out as well. [Reply]
Originally Posted by TambaBerry:
What do you mean? There are countless uses for cryptocurrency especially Ethereum
I mean...this seems like Bernie Madoff shit....smoke and mirrors....purchasing make beli ve money that is supported by nothing I can see. It's not backed by gold...or the US dollar for example.
I guess I haven't studied it because it seeems like a suckers racket to me. I'd like it explained in plain English. [Reply]
Well the crypto currency market is currently 75 billion expected to go into the trillions by 2025. Japan made Bitcoin an official currency so it's going pretty well [Reply]
Originally Posted by Iowanian:
I mean...this seems like Bernie Madoff shit....smoke and mirrors....purchasing make beli ve money that is supported by nothing I can see. It's not backed by gold...or the US dollar for example.
I guess I haven't studied it because it seeems like a suckers racket to me. I'd like it explained in plain English.
This is what I've been thinking.
Whiie other people are getting rich off it. [Reply]