Cryptocurrency

[Cyclone.TV]

Bitconnect looks to have failed. So some good came of this.

Citing cease and desist letters. And negative press. Haha. Holy crap. And they are giving bcc as money back. I really hope none of you had money in that.

 

[LincolnWay187]

I hope most of th crypto falls another 50 percent and I'll buy even more

 

[kevdiv48]

Got out of BTC and ETH about a week ago when it seemed to be at a plateau. Just in time to jump back in

 

[Playboi Carti]

I hope most of th crypto falls another 50 percent and I'll buy even more

If ethereum drops to below $700 I'm going to put a lot of money into it.

It's stupid that the bitcoin network fee is $18. I don't have a ton of bitcoin so it makes it impossible to move it.

Also love how TRON went from $.27 to $.04 in 10 days. Whoever bought tron over 20 cent is an idiot.

 

[ArgentCy]

I'm approaching this comment like an average everyday American. I may get details wrong, I may have some backstory incorrect, but I think this is how the general American public perceives cryptocurrencies:

What is the intrinsic value of the cryptocurrency? Who is backing it? I may not agree with the government, or think they are completely stable, but you know the government is backing fiat currency. With all the hacking and questionable computer activities in the last 20 years, why should I put my livelihood into a system that I do not understand nor have any ability to shape? It is not like other advanced technology where there is a true tangible benefit to me as a consumer. What is the benefit to me as an average consumer for cryptocurrency?

Well first off, the very way these are designed are almost trying to be deflationary. That is in stark contrast to our fiat system which is inflationary. You can debate those on a macro sense but one indicates your money is rising in purchasing power (deflation). And that is preferable to the later.

 

[Mtowncyclone13]

Well first off, the very way these are designed are almost trying to be deflationary. That is in stark contrast to our fiat system which is inflationary. You can debate those on a macro sense but one indicates your money is rising in purchasing power (deflation). And that is preferable to the later.

can i take out a mortgage using bitcoins? can i pay my taxes with bitcoin? can i go to hyvee and use bitcoin?

is it supposed to be a currency or an investment? because everyone knows don't park your fiat cash because it goes down in value over time. that's known - what is unknown is why should i invest in bitcoin *itself* and not by using bitcoin as a mean to invest in *something else*.

let's say i want to buy shares of apple stock. what exchange will take bitcoin and pay me out in bitcoin when i sell, thus not reporting anything to the IRS? i'm so confused as to the actual real-world uses for the *currency*

 

[isufbcurt]

can i take out a mortgage using bitcoins? can i pay my taxes with bitcoin? can i go to hyvee and use bitcoin?

is it supposed to be a currency or an investment? because everyone knows don't park your fiat cash because it goes down in value over time. that's known - what is unknown is why should i invest in bitcoin *itself* and not by using bitcoin as a mean to invest in *something else*.

let's say i want to buy shares of apple stock. what exchange will take bitcoin and pay me out in bitcoin when i sell, thus not reporting anything to the IRS? i'm so confused as to the actual real-world uses for the *currency*

Coinbase - see video for generic answer. Pretty much you use Coinbase to sell your crypto into cash and put it into your bank account where you can then use it to buy whatever you want.

https://www.google.com/search?q=how...5.6823j0j7&sourceid=chrome&ie=UTF-8#kpvalbx=1

 

[Playboi Carti]

can i take out a mortgage using bitcoins? can i pay my taxes with bitcoin? can i go to hyvee and use bitcoin?

is it supposed to be a currency or an investment? because everyone knows don't park your fiat cash because it goes down in value over time. that's known - what is unknown is why should i invest in bitcoin *itself* and not by using bitcoin as a mean to invest in *something else*.

let's say i want to buy shares of apple stock. what exchange will take bitcoin and pay me out in bitcoin when i sell, thus not reporting anything to the IRS? i'm so confused as to the actual real-world uses for the *currency*

It's supposed to be decentralized (no government) peer-to-peer transaction service.

 

[Jacktronic]

When do I take out the second mortgage and sink it all in?

 

[Cyclone.TV]

can i take out a mortgage using bitcoins? can i pay my taxes with bitcoin? can i go to hyvee and use bitcoin?

is it supposed to be a currency or an investment? because everyone knows don't park your fiat cash because it goes down in value over time. that's known - what is unknown is why should i invest in bitcoin *itself* and not by using bitcoin as a mean to invest in *something else*.

let's say i want to buy shares of apple stock. what exchange will take bitcoin and pay me out in bitcoin when i sell, thus not reporting anything to the IRS? i'm so confused as to the actual real-world uses for the *currency*

It isn’t always a “currency” persay. You are investing in technology and new ways of doing things as well. Look into what some of these coins goals are and you’ll understand more about them. For example, Ethereum is dealing with smart contracts that I think have long term value in real world situations.

 

[Cyclone.TV]

When do I take out the second mortgage and sink it all in?

An hour ago.

 

[MeowingCows]

can i take out a mortgage using bitcoins? can i pay my taxes with bitcoin? can i go to hyvee and use bitcoin?

is it supposed to be a currency or an investment? because everyone knows don't park your fiat cash because it goes down in value over time. that's known - what is unknown is why should i invest in bitcoin *itself* and not by using bitcoin as a mean to invest in *something else*.

let's say i want to buy shares of apple stock. what exchange will take bitcoin and pay me out in bitcoin when i sell, thus not reporting anything to the IRS? i'm so confused as to the actual real-world uses for the *currency*

You literally can't do anything with cryptocurrencies except trade them (for real money) to other people interested in acquiring cryptocurrencies.

Right, wrong, or indifferent, that's what it is now. There used to be a time when you could buy actual stuff with crypto, but basically every large retailer I know of has pulled their support for it -- because of the severely-fluxuating value that is seemingly uncontrollable.

On terms of personal opinion, I don't think crypto can exist as a real long-term currency. You are getting "money" for not providing any tangible service, not providing any product, and not having any real-life item to base its value on. You basically get a certification that you provided "work" ... Which, for most currencies, accomplished nothing outside of said crypto. It's just not transferrable to real life; it only has value to its own interested users. That's why you can only trade it to other people, and why it's value is not and never will be stable.

 

[isu_oak]

It's supposed to be decentralized (no government) pear-to-pear transaction service.

Would an apples-to-apples comparison be PayPal?

 

[MeowingCows]

Would an apples-to-apples comparison be PayPal?

Basically yes, sans the actual "business" end of PP.

 

[3TrueFans]

It's supposed to be decentralized (no government) pear-to-pear transaction service.

Pears have been searching for years for ways to send money to each other.

 

[MeowingCows]

Also, anyone looking to get into crypto, I have an 8GB RX480 I'll sell you... For $1,500.

 

[ArgentCy]

When do I take out the second mortgage and sink it all in?

2 years ago. This is easy with hindsight.

 

[ArgentCy]

Would an apples-to-apples comparison be PayPal?

It's a start. Paypal was founded by Peter Their who is a huge Libertarian. However, that really relied on banks and your local currency. This is supposed to be money that you can send to anyone, anywhere, for very small fees. Paypal now isn't a relevant comparison as they morphed far away from the original concept.

 

[isu_oak]

It's a start. Paypal was founded by Peter Their who is a huge Libertarian. However, that really relied on banks and your local currency. This is supposed to be money that you can send to anyone, anywhere, for very small fees. Paypal now isn't a relevant comparison as they morphed far away from the original concept.

Unless I'm going bananas, I never pay a fee to use PayPal when sending cheddar. Maybe my comparison doesn't cut the mustard.

 

[Playboi Carti]

Would an apples-to-apples comparison be PayPal?

To answer your question
" A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution. Digital signatures provide part of the solution, but the main benefits are lost if a trusted third party is still required to prevent double-spending. We propose a solution to the double-spending problem using a peer-to-peer network. The network timestamps transactions by hashing them into an ongoing chain of hash-based proof-of-work, forming a record that cannot be changed without redoing the proof-of-work. The longest chain not only serves as proof of the sequence of events witnessed, but proof that it came from the largest pool of CPU power. As long as a majority of CPU power is controlled by nodes that are not cooperating to attack the network, they'll generate the longest chain and outpace attackers. The network itself requires minimal structure. Messages are broadcast on a best effort basis, and nodes can leave and rejoin the network at will, accepting the longest proof-of-work chain as proof of what happened while they were gone."
https://bitcoin.org/bitcoin.pdf