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Old November 13th, 2013, 08:18 PM   #1
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Cryptocurrency, what are your thoughts?

For those not in the know, cryptocurrency uses cryptology to generate and transfer encrypted files to be used as money. The most common method is to generate 'coins' based on transfer rates up to a set cap. This allows for natural inflation as the currency gains wider circulation (otherwise hyperdeflation would kill it the moment it became widely accepted) while also giving users the peace of mind that comes with a currency that inflates at a predictable rate and which will cease being mented at some point (so no hyperinflation). The most popular cryptocurrency is bitcoin with a current exchange rate of 1BTC:350USD.

So, as the topic states, what are your thoughts?

Last edited by David; November 14th, 2013 at 04:51 AM.
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Old November 14th, 2013, 04:49 AM   #2
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Is there not the potential for hacking by terrorists and unfriendly governments, causing a worldwide collapse of such a system?
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Old November 14th, 2013, 04:50 AM   #3
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Is there not the potential for hacking by terrorists and unfriendly governments, causing a worldwide collapse of such a system?
So far, no. Encrypted files, remember?
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Old November 14th, 2013, 05:03 AM   #4
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Encrypted files, remember?
Nothing is foolproof. There could be infiltration & insider sabotage.

Besides, this sounds too much like "one world government". We must remain a sovereign nation, lest we be brought down to a lower standard of living.

Last edited by Aufgeblassen; November 14th, 2013 at 05:22 AM.
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Old November 14th, 2013, 05:31 AM   #5
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Nothing is foolproof. There could be infiltration & insider sabotage.

Besides, this sounds too much like "one world government". We must remain a sovereign nation, lest we be brought down to a lower standard of living.
If that's your sentiment, wouldn't you want an untraceable, never counterfeited, hyperinflation proof currency with no connection to world banking?
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Old November 14th, 2013, 05:35 AM   #6
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If that's your sentiment, wouldn't you want an untraceable, never counterfeited, hyperinflation proof currency with no connection to world banking?
Ideally, yes.
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Old November 14th, 2013, 05:42 AM   #7
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Ideally, yes.
And yet your reaction was 1 world gov't?
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Old November 14th, 2013, 05:47 AM   #8
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And yet your reaction was 1 world gov't?
It sounds like a step in that direction (i.e. the nose of the camel under the tent).
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Old November 21st, 2013, 11:45 PM   #9
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David you should have posted a link to it, once I read your OP I searched for it and have read up on it. I find this to be very interesting. It's a currency controlled by people desperate from governments. Fascinating I imagine governments don't like it, and old timers will be integrated by it but I think it has a vast possibility in the reality.
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Old November 22nd, 2013, 04:32 AM   #10
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David you should have posted a link to it, once I read your OP I searched for it and have read up on it. I find this to be very interesting. It's a currency controlled by people desperate from governments. Fascinating I imagine governments don't like it, and old timers will be integrated by it but I think it has a vast possibility in the reality.
You can actually shop online at places like Amazon and a few physical places as well and pay with Bitcoin. Other cryptocurrencies aren't as 'real' however but they may catch on if Bitcoins get too pricey.
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Old November 22nd, 2013, 05:04 AM   #11
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It is just a gimmick.
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Old November 22nd, 2013, 08:35 AM   #12
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Quote:
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It is just a gimmick.
What's the gimmick? Spending money?
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Old November 22nd, 2013, 08:42 AM   #13
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What's the gimmick? Spending money?
It is just something "different". Different does not always mean better.

Like in the 70's, when they went from round headlights since the dawn of time to rectangular ones. They were "different", not any better.

It was sooooo cool to have rectangular headlights at first.

It was so very cool to have a Jeep Wrangler with the first rectangular lights, then years went by with them, then it was suddenly so cool to have round ones back once again. Give me a break!
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Old November 22nd, 2013, 11:23 AM   #14
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It is just something "different". Different does not always mean better.

Like in the 70's, when they went from round headlights since the dawn of time to rectangular ones. They were "different", not any better.

It was sooooo cool to have rectangular headlights at first.

It was so very cool to have a Jeep Wrangler with the first rectangular lights, then years went by with them, then it was suddenly so cool to have round ones back once again. Give me a break!
A totally digital and decentralized currency and a cosmetic change to cars is by no definition (except your's apparently) the same thing. This isn't apples and oranges, this is apples and nuclear reactors.
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Old November 22nd, 2013, 11:25 AM   #15
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A totally digital and decentralized currency and a cosmetic change to cars is by no definition (except your's apparently) the same thing. This isn't apples and oranges, this is apples and nuclear reactors.
My father-in-law used to say: "the more things change, the more they stay the same". This could be another case of it.

Because, after all, "you can't make a silk purse out of a sow's ear".
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Old November 22nd, 2013, 03:39 PM   #16
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Quote:
Originally Posted by Aufgeblassen View Post
It is just something "different". Different does not always mean better.

Like in the 70's, when they went from round headlights since the dawn of time to rectangular ones. They were "different", not any better.

It was sooooo cool to have rectangular headlights at first.

It was so very cool to have a Jeep Wrangler with the first rectangular lights, then years went by with them, then it was suddenly so cool to have round ones back once again. Give me a break!
So are you telling me that currency never changes to be more convenient? So we still use cash transactions for everything? Credit was just a fad? That was replacing currency with an object that represented currency. When we went off of the gold standard that was just a fad? PayPal must be just a billion dollar fad.

I don't think you really understand. The more things being purchased online opens up things like pay pal. Old currency forms are easier to defraud. Necessity is the mother of all invention. A tamper proof electronic currency will definitely be a necessity. Especially now that paper is quickly becoming a thing of the past.

Last edited by Polydectes; November 22nd, 2013 at 03:45 PM.
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Old November 22nd, 2013, 03:44 PM   #17
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Quote:
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My father-in-law used to say: "the more things change, the more they stay the same". This could be another case of it.

Because, after all, "you can't make a silk purse out of a sow's ear".
Cars are vastly different from the seventies. Pickup trucks get better gas mileage than economy cars form the seventies.

The cars we drive now have more computer systems than things we sent to the moon.
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Old December 6th, 2013, 08:40 PM   #18
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According to this report, (in a nutshell) it is pure buffoonery:

Are Bitcoins a bubble about to pop? | Fox Business Video
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Old December 7th, 2013, 04:48 AM   #19
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Quote:
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According to this report, (in a nutshell) it is pure buffoonery:

Are Bitcoins a bubble about to pop? | Fox Business Video
So what, doesn't mean that the idea is bad. You think the Wright brothers flew on their first attempt?
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Old December 7th, 2013, 04:55 AM   #20
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Quote:
Originally Posted by Aufgeblassen View Post
According to this report, (in a nutshell) it is pure buffoonery:

Are Bitcoins a bubble about to pop? | Fox Business Video
What an idiot.

"BoA is saying $13k is it's max fair value"' No, BoA is saying $13k is it's current price.

"It's a bubble with no real worth." So is gold, the stuff is useless but it's rare and it looks nice. Anything people say has value has value.

"The Fed won't let it take off." Bernanke is a fan of Bitcoin and says (as does BoA) that it is about to take off as a mainstream currency.

This guy is just a reactionary pushing back irrationally against something new but it is Fox...
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