Poll: Are you open to the idea of cryptocurrency?

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  1. #1
    Herald of the Titans Lotus Victoria's Avatar
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    [Serious Question] Are you open to the idea of cryptocurrency?

    Greetings champions. Good to see you all. So, I'm doing a research with focus on cryptocurrency, and I'd like to hear your opinion on the topic - I really really do.

    The main question is: Are you open to the idea of cryptocurrency being a thing in the future? Would you use it? Do you think it will grow big?

    Thanks in advance.


  2. #2
    Void Lord Doctor Amadeus's Avatar
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    The Answer to your question is No, not anymore, any chance I would have been open to it has been eclipsed by the rabid hysteria by those that promote it being overly defensive and cliche arguments. Such as the whataboutism.

    I mean it's fine not to know everything all at once but someone so dishonest or confused they can't admit that, are either a con artist, or someone being part of the con.


    Cryptocurrency by all the data will not be the currency of the future. What if it is? Well then great, I would be more than happy to have flying cars too. But as it sits it's not going anywhere.

    Would I use it? Of course why not if it provided some benefit to doing so, why not. My problem isn't so much with the concept of a world currency, my problem is that it isn't backed or supported by anything, and the too much left unknown or explained.

    Credit Cards and Bank Card will do just fine.
    Milli Vanilli, Bigger than Elvis

  3. #3
    As far as I'm concerned they're a scam. There is no guarantee that they're actually worth anything at all.

  4. #4
    Right now I see them as a 1 year investment plan. I wish they'd stabilize more so that they could actually be used as a currency, but I don't see that happening anytime soon, I'd at all

  5. #5
    Deleted
    No, it's an elaborate pyramid scheme and driven by the hype that is blockchain technology. I hate that word, you read about it every day and more often than not it's used by people who have no clue what it entails, simply to appear trendy.

  6. #6
    Quote Originally Posted by Lotus Victoria View Post
    Greetings champions. Good to see you all. So, I'm doing a research with focus on cryptocurrency, and I'd like to hear your opinion on the topic - I really really do.

    The main question is: Are you open to the idea of cryptocurrency being a thing in the future? Would you use it? Do you think it will grow big?

    Thanks in advance.
    The questions you are asking betray your level of knowledge about cryptocurrencies being pretty low, no offense.

    "Are you open to the idea of cryptocurrency being a thing" - what it is you are asking here? Who would answer no and why? Maybe you think people will answer no because they don't want to use cryptocurrency in stores? But that's not what it is even for, by and large. All of your questions are raising eyebrows like this.

    I don't know what kind of research you are doing, but perhaps it is better to learn about cryptocurrencies enough to make questions more focused.

  7. #7
    Depends on your definition of the term, really.

    Cryptocurrency for me, today, is literally nothing more than hobbyists sitting down and defining to themselves that a set of very specific numbers (bitcoins, dogecoins, whatever) have inherent value. Then they try to convince other people that this is true. Some schmucks jump on it, and regardless of whether it is true or not the ball starts rolling. We now have a bubble, where people fully believing the coins to be worthless are buying in, because it's easy money due to the bubble still growing. But it's gonna burst, maybe tomorrow, and lots of people are going to lose a lot of money when it does.

    What is the difference between normal currency and cryptocurrency anyway? I live in a country which is literally devoid of cash. I pay with cash twice a year, or so. People use electronic transactions for just about anything. It costs literally nothing to use a debit card in my country, the banks are cooperating on running this system at minimal costs. On the downside - Big Brother sees just about every little transaction I do. On the upside, I don't need to worry about being mugged. My wallet is literally empty, and robbers getting their hands on that debit card isn't gonna help them much.

    So let's talk about that downside then. It is a concern, and my understanding of cryptocurrency it is the concern they are trying to solve. Except they aren't? Someone must eventually keep track of who has what money, otherwise I have a trillion dollars of said topical currency, and you can't prove otherwise. With physical money, having the money physically determines that question easily. In my cash-free country, my bank tracks that number. With bitcoin, everyone keeps track through public records. It's literally the opposite of getting away from Big Brother; my bank offers far better privacy than bitcoin. Connecting a person to a crypto-wallet is childs play once you make a single purchase with that wallet. Cryptocurrency is not really solving the problem of Big Brother in my opinion. As such I do not see what problem it actually solves.

    It does however provide a ton of downsides. At least banks are required by law to have all kinds of safety guards in place, ensuring that they don't just take my money. Bitcoin sites? Not so much. Remember the incident where one of the sites just disappeared overnight, taking all the money? These sites should have the same safety guards in place, protecting consumers. They obviously do not. Growing pains, maybe. But at the end of the day, the problem resides in what makes a currency. If you impose strict draconian paperwork rules to regulate the bitcoin industry - where does the limit go? Would me eventually saying "I owe you one" in a webforum have to be filed on my tax report? Would said forum have to be registered as a bank?

    Bitcoin claims to be a currency. As long as people agree, and accept it as money, that is then by definition true. What happens when it bursts? When nobody wants bitcoins anymore. My national currency has intrinsic value, because no matter what happens with the economy, I must still pay taxes using my national currency. It has that value, regardless of what happens. My country's government is by existing, guaranteeing my national money actually having a use down the line. If everyone sells all my national currency in favour of the sexier and far superior Dannercoin tomorrow, my country's currency is still going to be in demand at the end of the year - because you need that currency to pay your taxes. Bitcoin has no such authority. There is no low point where Bitcoin can fall.

    Well, zero I guess. And I believe that will happen.
    Maybe tomorrow. Maybe later.
    How much do you really like gambling?
    Last edited by Danner; 2018-01-12 at 10:58 AM. Reason: Typo
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  8. #8
    Merely a Setback PACOX's Avatar
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    I'm open to whatever currency will allow me to confidently keep my lights on and food on my table. No cryptocurrency has shown that to me yet so I'm not open to any of them at this time.

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  9. #9
    Herald of the Titans Lotus Victoria's Avatar
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    Quote Originally Posted by rda View Post
    The questions you are asking betray your level of knowledge about cryptocurrencies being pretty low, no offense.
    ...
    I don't know what kind of research you are doing, but perhaps it is better to learn about cryptocurrencies enough to make questions more focused.
    No offense taken, because you're right. I'm starting to research this now, so I'm just asking to see what people think about it - The overall idea of using a virtual coin. Maybe I didn't express myself very well, so I ask you to forgive me.


  10. #10
    Most people still don't understand the concept and in most cases the crypto isn't realy a currency at all but a commodity that you speculate on. Do some research about crypto lending programs and you'll understand why almost every day a new "currency" pops. It has indeed some snowball characteristics but I'm not saying all cryptos are. But it seems that money wants to go somewhere these days ...

    The recent announcement from Kodak ( https://www.theverge.com/2018/1/9/16...er-stock-price ) is actually a realy good example for a blockchain (crypto) incorporation into a business. This makes a lot of sense but not as long as everyone is doing their own without a kind of unification it's a lot like Linux distros - everyone is just trying to add their special flavour on top of the same kernel.

    Bitcoin has so many technical flaws I'm not sure it will survive the next decade but I might be wrong there.

    To me IOTA is a much more interesting concept.

    https://en.wikipedia.org/wiki/IOTA_(technology)
    Last edited by Raakel; 2018-01-12 at 11:17 AM.

  11. #11
    @Danner

    As the person above said already, IOTA and some other coins have different purposes than Bitcoin for example.

    Machine to machine payments for IOT is something that will eventually happen. Not all coins are for direct transactions or aim to replace Fiat

  12. #12
    Deleted
    As currency that might replace real currency: hell no. Its not a proper currency, its volatile made up commodity with no tangible assets behind it, that has no purpose other than speculation.

    As currency for services, like what Kodiak is trying to do with their crypto currency for photographers: maybe. It depends on implementation.

  13. #13
    It's a libertarian's dream and like everything else with them where they put in no critical analysis it doesn't work out in the real world.
    Last edited by matt4pack; 2018-01-12 at 12:35 PM.

  14. #14
    Quote Originally Posted by matt4pack View Post
    It's a libertarian's dream and like everything else with them where they put in no critical analysis it doesn't work out in the real world.
    Woah I'm sure you made one hell of a critical analysis about the nuances and ups and downs of crypto to make such a statement.

    Do you mind forwarding your white paper on that topic

  15. #15
    Herald of the Titans Dangg's Avatar
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    Too many threads here lately.

    Tether'd out

    Coins are all pumped to the grills. We need a huge crash to weed out all the newbie normies and I will buy back in

  16. #16
    Quote Originally Posted by StayTuned View Post
    Woah I'm sure you made one hell of a critical analysis about the nuances and ups and downs of crypto to make such a statement.

    Do you mind forwarding your white paper on that topic
    The majority of the people investing in it have no understanding of it besides thinking they can make a profit. Sure there is some implementation that will make sense for international business transactions but as a one world currency that replaces national currencies not so much.

  17. #17
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    The question that should be asked here is "Do you know what cryptocurrencies are?" And I guess it will be like 5% yes 95% no. Naming one is really not enough to know what it is.

  18. #18
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    No.
    However, over time physical cash will be phased out for the current currencies already in circulation only to have a digital representation.
    - Lars

  19. #19
    I don’t get people that call it a pyramid scheme. Do you guys just not know what a pyramid scheme is? Did you hear some guy say it online or in the news and now you’re latched into the phrase?

  20. #20
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    Quote Originally Posted by Themius View Post
    I don’t get people that call it a pyramid scheme. Do you guys just not know what a pyramid scheme is? Did you hear some guy say it online or in the news and now you’re latched into the phrase?
    People who say pyramid scheme generally tend to mean Ponzi scheme and forget/don't know that they aren't the same even if they are similar. (FYI, I also think most cryptocurrencies are along that nature. Good way to make money if you're in enough early enough and sell at the right time. Not a solid investment to make money over time)
    - Lars

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