Charlie©Smith
Regular Member
- May 10, 2023
- 241
- 114
Yes definitely, see the impact of cryptocurrency all around, renown countries and companies already accept it, so it's growing day by day
What is your opinion on cryptocurrency?
- Thread starter AccsMonopoly
- Start date
mojojojoy
Junior Member
- Jul 22, 2016
- 118
- 28
Mass adoption is growing. I guess it's something to take serious on with the money that can be made across multiple sectors
Charlie©Smith
Regular Member
- May 10, 2023
- 241
- 114
Yes mate, I feel the same way, agree with your honor.
Card Issuer$$
Banned - Selling via PM
- Mar 14, 2023
- 101
- 40
crypto has the future, its better than fiat and paper currency.
fast easy and reliable.
safest way to keep your money, better than keeping gold and cash at home.
fast easy and reliable.
safest way to keep your money, better than keeping gold and cash at home.
jasonforrest
Regular Member
- Jun 30, 2014
- 434
- 143
Bitcoin has bright future, altcoins not so great, 99% of them will fail.
BlackHatSoda
Regular Member
- Oct 6, 2009
- 393
- 329
Renounded countries? Which ones? El Salvador? Not exactly renounded. What's their GDP, like a 10th of the GDP of Los Angels? Also, their experiment with Bitcoin was a failure.
Various large companies experimented with accepting crypto, then abandonded it. Some then accepted it again, only to abandon it again. I think MS did this 3 times before finally giving up.
Volatile value isn't the friend of merchants. They want price stability. Sure, you can go with Tether for stability but they're so shady it's not even funny. Most amazing thing about them is that they haven't imploded yet.
BlackHatSoda
Regular Member
- Oct 6, 2009
- 393
- 329
Here's my take as a marketer, merchant, consumer, programmer, and someone who values privacy:
Bitcoin and nearly all other me-too tokens never lived up to any of the core reasons laid out for Bitcoin to exist. It's a privacy nightmare (unless you know what you're doing and spend the money to use tumblers and/or assume the risk and increase costs of P2P transactions while taking other measures to hide your privacy and stay off exchanges). Monero is a lot better at this but in terms of adoption, it's a third rate token.
The price volatility has made it useless as an everyday currency. You have to really be needing to circumvent normal ways of moving money around to take on the cost and hassle of using it.
It's very inconvenient for the average person. The average person gets paid in some fiat currency, usually through some direct deposit or cash in hand. They then spend that currency. With crypto, 99.99%+ businesses still don't accept it, even with PayPal indirectly boosting adoption, hardly anyone is using it to buy things. But say what you want to buy is sold by someone who does accept crypto. You have to either go through some potentially sketchy P2P transaction, at a cost premium, or open an account with an exchange, transfer your fiat, pay to exchange that fiat to the token, then you can finally pay to send it to your seller. And that's not even getting into the fraud protections your average Joe gets and expects from using traditional banking.
The promise of being anti-inflationary may be true of Bitcoin and other tokens with fixed supply of a sane amount but most tokens either have unlimited capacity for minting more or have a fixed limit that is so crazy high that it may as well be unlimited, so there goes the anti-inflation goal for most crypto.
But ok, what about tokens that actually have a reasonable, fixed supply, like Bitcoin. Well that limit isn't some immutable law of nature as most people assume. It's just a limit baked into the code and with the right support, the code can always change. But let's pretend that never happens and Bitcoin always keeps its fixed limit. This makes it inherently deflationary. Sounds like a good thing, right? Well, no, not really, unless you bought in early and held. But since the value relative to inflationary assets goes up, there's little incentive for people to buy in later. So you have these early bag holders who see nice gains in value but what incentive is there for people to buy from them at these higher prices? The assumption that someone else will pay even more? You're just stuck in a "greater fool" setup.
Ideally, a currency should be able to inflate and deflate as the underlying value it represents grows or contracts. With fiat currencies, this is generally based on GDP, per capital spending power, and interest rates. Essentially, the value of that currency reflects the fundamental value of its underlying economy.
With Bitcoin, there are no fundamentals. There's no underlying valuations, it's not based on anything but pure supply and demand. It's ironic that cryptobros love to say fiat isn't based on anything. No, fiat currencies are based on the value of the assets of the country that issues it, its domestic output, its future growth outlook, and in the case of countries like the US, it's backed by the largest military and economic power on the planet.
Now those dynamics can change, but the valuations are still rooted in very tangible things such as property value, manufacturing capacity, national gold and currency reserves, natural resources, human skill and labor, etc.
So where do the few tokens that are actually popular and aren't just waiting to collapse like Tether? In moving money around while avoiding the scrutiny of the traditional banking system (assuming you know what precautions to take and take them). This alone isn't of much use to most people but for those who need it, that's its primary value.
Beyond that, it's just another asset to speculatively trade on. Although unlike commodities, stocks, and forex, which have fundamentals on which you can at least base an entry and exit point on, crypto is pure speculation (unless you're some whale who can manipulate the market).
But I think overall, what crypto has does is stat to normalize the acceptance of using a digital unit of value which is centralized and this will be completely taken advantage of by governments as they roll out CBDCs and use them to not just track everything you make, have, and spend, but threaten you with the power to make your money disappear with a few keystrokes and mouse clicks if you're not a good little obedient pawn.
Just look at how much privacy and control people have given up for absolutely trivial conveniences.
There was just a case of a person being locked out of their house for days because some delivery guy claimed their Amazon Ring doorbell said something "racist" (even though nobody was home and it only played the default greeting). Amazon's response? To lock out the person who paid for this and other Amazon devices to automate his home from their services, for days, based on nothing but an unfounded claim by some random person.
Now imagine an even worse fate than being locked out of your house, perpetrated not by some company but by your government, who has the means to make your assets disappear, or even make you disappear over anything they deem worthy of such a response.
This is what trading freedoms and rights for inconsequential conveniences gets you, and whether or not you believe Bitcoin was created by some government agency or a couple of random guys who somehow were smart enough to make Bitcoin but not smart enough to see that it couldn't possibly live up to any of their claimed reasons for making it, the end result is the same.
The more accepted it becomes, the more governments will take advantage by pushing everyone onto their private ledger CBDCs.
And if you think the answer is, "Well, that will just make non-government operated, de-centralized, public ledger tokens even more useful". Will it? How hard do you think it is for governments with even modest resources to track the use of your non-authorized crypto? What businesses will be willing to risk fines or closure, even prison time to accommodate the use of your now taboo token?
You can take my opinions as some pessimistic, extreme view. And I'd probably agree with you if everything I said wasn't already in place and progressing. The wheels are in motion and they aren't being turned by anyone who has your best interest in mind.
Bitcoin and nearly all other me-too tokens never lived up to any of the core reasons laid out for Bitcoin to exist. It's a privacy nightmare (unless you know what you're doing and spend the money to use tumblers and/or assume the risk and increase costs of P2P transactions while taking other measures to hide your privacy and stay off exchanges). Monero is a lot better at this but in terms of adoption, it's a third rate token.
The price volatility has made it useless as an everyday currency. You have to really be needing to circumvent normal ways of moving money around to take on the cost and hassle of using it.
It's very inconvenient for the average person. The average person gets paid in some fiat currency, usually through some direct deposit or cash in hand. They then spend that currency. With crypto, 99.99%+ businesses still don't accept it, even with PayPal indirectly boosting adoption, hardly anyone is using it to buy things. But say what you want to buy is sold by someone who does accept crypto. You have to either go through some potentially sketchy P2P transaction, at a cost premium, or open an account with an exchange, transfer your fiat, pay to exchange that fiat to the token, then you can finally pay to send it to your seller. And that's not even getting into the fraud protections your average Joe gets and expects from using traditional banking.
The promise of being anti-inflationary may be true of Bitcoin and other tokens with fixed supply of a sane amount but most tokens either have unlimited capacity for minting more or have a fixed limit that is so crazy high that it may as well be unlimited, so there goes the anti-inflation goal for most crypto.
But ok, what about tokens that actually have a reasonable, fixed supply, like Bitcoin. Well that limit isn't some immutable law of nature as most people assume. It's just a limit baked into the code and with the right support, the code can always change. But let's pretend that never happens and Bitcoin always keeps its fixed limit. This makes it inherently deflationary. Sounds like a good thing, right? Well, no, not really, unless you bought in early and held. But since the value relative to inflationary assets goes up, there's little incentive for people to buy in later. So you have these early bag holders who see nice gains in value but what incentive is there for people to buy from them at these higher prices? The assumption that someone else will pay even more? You're just stuck in a "greater fool" setup.
Ideally, a currency should be able to inflate and deflate as the underlying value it represents grows or contracts. With fiat currencies, this is generally based on GDP, per capital spending power, and interest rates. Essentially, the value of that currency reflects the fundamental value of its underlying economy.
With Bitcoin, there are no fundamentals. There's no underlying valuations, it's not based on anything but pure supply and demand. It's ironic that cryptobros love to say fiat isn't based on anything. No, fiat currencies are based on the value of the assets of the country that issues it, its domestic output, its future growth outlook, and in the case of countries like the US, it's backed by the largest military and economic power on the planet.
Now those dynamics can change, but the valuations are still rooted in very tangible things such as property value, manufacturing capacity, national gold and currency reserves, natural resources, human skill and labor, etc.
So where do the few tokens that are actually popular and aren't just waiting to collapse like Tether? In moving money around while avoiding the scrutiny of the traditional banking system (assuming you know what precautions to take and take them). This alone isn't of much use to most people but for those who need it, that's its primary value.
Beyond that, it's just another asset to speculatively trade on. Although unlike commodities, stocks, and forex, which have fundamentals on which you can at least base an entry and exit point on, crypto is pure speculation (unless you're some whale who can manipulate the market).
But I think overall, what crypto has does is stat to normalize the acceptance of using a digital unit of value which is centralized and this will be completely taken advantage of by governments as they roll out CBDCs and use them to not just track everything you make, have, and spend, but threaten you with the power to make your money disappear with a few keystrokes and mouse clicks if you're not a good little obedient pawn.
Just look at how much privacy and control people have given up for absolutely trivial conveniences.
There was just a case of a person being locked out of their house for days because some delivery guy claimed their Amazon Ring doorbell said something "racist" (even though nobody was home and it only played the default greeting). Amazon's response? To lock out the person who paid for this and other Amazon devices to automate his home from their services, for days, based on nothing but an unfounded claim by some random person.
Now imagine an even worse fate than being locked out of your house, perpetrated not by some company but by your government, who has the means to make your assets disappear, or even make you disappear over anything they deem worthy of such a response.
This is what trading freedoms and rights for inconsequential conveniences gets you, and whether or not you believe Bitcoin was created by some government agency or a couple of random guys who somehow were smart enough to make Bitcoin but not smart enough to see that it couldn't possibly live up to any of their claimed reasons for making it, the end result is the same.
The more accepted it becomes, the more governments will take advantage by pushing everyone onto their private ledger CBDCs.
And if you think the answer is, "Well, that will just make non-government operated, de-centralized, public ledger tokens even more useful". Will it? How hard do you think it is for governments with even modest resources to track the use of your non-authorized crypto? What businesses will be willing to risk fines or closure, even prison time to accommodate the use of your now taboo token?
You can take my opinions as some pessimistic, extreme view. And I'd probably agree with you if everything I said wasn't already in place and progressing. The wheels are in motion and they aren't being turned by anyone who has your best interest in mind.
freelancer.beans
BANNED
- May 26, 2023
- 21
- 4
I'll go for XRP, its a banking blockchain that revolutionize the banking system. No matter what you say, crisis, pandemic, end of the world etc... the banks will be there.
BlackHatSoda
Regular Member
- Oct 6, 2009
- 393
- 329
Somehow I don't think people will be dying to hand over $3500 for a VR headset. The Quest 2 only sold as well as it did because its price point dipped to $200, which was subsidized by FB at a loss. Even then it didn't change anything. Most of those Quest 2s are collecting dust right now.
Ceo Villafuente
Newbie
- Jun 14, 2023
- 24
- 4
I know that it can be our future but man I really don't understand why these digital coins have so much value!!! Like man 1 BTC can make my dad retire from work now hahahaha!