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There's specific types of software that are scams and only for causing shit, yes.
If the proof of work was folding proteins or searching for cancer cures, I'd be all for it. But throwaway work that consumes a good portion of world energy, it's wasteful.
Work has to go into obtaining currency to make it valuable.
If it was easy to do, it'd be worthless.
Besides, it's not like big pharm haven't latched onto cancer, etc, to profit from it using regular dollars rather than genuinely improving humanity.
And: printing dollars takes significant amounts of resources itself.
I get the point, though.
The only way to break from their (govt./coin exchange ect.) control is to use a currency that has its intrinsic value (eg. gold, silver). If you depends on others to derive the value, there will be no true decentralization.
You depend on other to derive the gold value too, the point of the currency is exactly to depend on others to derive its value, it has value for YOU because it has value for OTHERS.
And there is specific types of crypto that are scams, yes.
So mining for gold does not use enormous amount of fuel, and melting the gold does not use electricity?
I can accept powerconsumption as an argument, but then again that can be used against basically anything. And using energy to calculate virtual currency is a one time operation, printing numbers on physical paper again and again and again will never end.
The 'Other' in case of any currency, having no intrinsic value, is an organized authority, while Gold didn't require such an authority for being able to be traded as a medium of exchange.
When I'm giving an US Dollar to a shop to buy something, we (shop owner and me) both have trust that the value of that currency is backed by US government. Now ,for any reason, if we loose the trust on the backing authority, that US Dollar will become a piece of paper. This is not the case for Gold or any currency that has intrinsic value.
Consider a hypothetical scenario when all communication mechanism are broken, what will be more valuable or at least valuable?
a) US Dollar (paper currency)
b) Bitcoin (digital currency)
c) Gold/Silver/barley (currency having intrinsic value)
yes, it is, but it is still some "other" which in case of end of the world scenarios will not matter.
It does not matter now, US government does not actually back anything, you can't go to the government of almost any country to ask the gold in exchange for your paper money, US would indeed, take those notes as tax, or for some services but that is all, no other backing. They are trying to get goods and services for wars and to enrich cronies with it, though. In many ways, the US government provides little value for that currency, say 10% is actually used in the relation with the federal or local government and, while btc or others are way less than that used for actually buying goods and services, the proportion is growing.
If you have gold or anything then, it would hold a negative value as you would likely be killed for it.
Yes, also for printing worthless currencies as I have mentioned earlier too. Storing gold and other valuables is ALSO consuming a lot of resources, paying people, secure storage facilities, secure transport, countless checks and inspections, lives lost in robberies, the list is huge. At least storing cryptos is almost free.
And it will take decades to write laws to prevent and/or punish those fuckers. The cycle repeats of crashes and opportunism and the need for regulation...
Have you used crypto as jewelry around your neck, wrists and fingers? Have you used crypto in electrical use? The gold has value you can hold in your hand and be useful. Digital currency you cannot physically get value other than to agree upon it through scarcity demand.
If the internet went down, both cash and gold would be useful, crypto would not.
Also, spreading out the production for paper money from the trees to printing, inks, design and manufacturing, etc the overhead results in jobs, not so much as waste in burning power.
If it leads to breakthrough energy technologies then maybe it'll be worth it someday. I just see more con's than pro's.
You guys should have invested on OneSite when you had the opportunity
Nobody denies that, yet it still has to be valued by others (market). There will always be some value left (unless in case of end of the world scenarios when you will lose your life if you have it), but most value it has is given by the appreciations which others hold for it, same as with cryptos or government paper.
Gold also has to be stored securely which, if you have lots or even little (people have been killed for golden wedding rings in some places) it can be some serious cost, you work in order to maintain the same value of your asset. In case of government paper it is inflation which eats it and you have to work. The higher your position in government paper, the more you have to work to maintain it's value. Say, if you have saved 1 million in your life, you need to save 62k a year to hold the same value at the end of the year as it was at the start of. The more gold you have, the higher to cost to keep it.
Cryptos need little in terms of keeping, it is almost free, not all are inflationary, it is true there are many and will keep mushrooming, but this is nothing to worry about, top 2 hold like 70% of total market cap, not much different than country currencies. Who cares every Joe, Dick and Harry can make their own, it will only hold value for them and their family, will not affect us in any way, it is like financial education some families do with Monopoly money or even signed pieces of paper. It is of no concern for anyone else.
Yes, there will be scams, yes there will be robberies, but that happens with any valuables, in time people will learn to be more careful, now it is the tulip bubble time, the market is not mature at all.
You mean exactly like dollars, euros, yen or whatever currency alreaedy in use in the world?
Of course not, but that was never the idea.
Cryptos biggest problem is that a lot of people still think that it somehow has to become something physical that you can touch. They want a bitcoin they can put in their pocket.
That has never been and never will be the purpose of cryptocurrency.
Personally, I can not remember the last time I used physical cash, but its probably around 10 years ago. The closest thing I get to physically paying for something is when I hold my phone close to the NFC reader in the local store. If I need to send money to a friend I have atleast 5 different apps that will accomplish that instantly. Whatever way I use to transfer value, none of them require something physically changing hands.
I have never payed for something with physical gold, so why a cryptocurrency would have to inherit the physical properties of gold is something I have never understood.
Yes, the internet could go down, but if it did it would not make any difference what kind of currency I use, I would be fucked anyway. I do not own any physical gold (well, a few watches and some jewelry maybe but you get my point) and I have no cash. All my money is already ones and zeros in a bank computer somewhere. A switch to Bitcoin would simply eliminate the bank and store my ones and zeros in the blockchain instead.
If I ever see someone paying for something with physical pieces of gold, then I will accept your "it works when the internet goes down" argument, but until that happens I will consider it completely irrelevant.
Use the time travel machine for 2022.
Time travel is a scam, don't trust those plans on eBay for time machines they don't work properly. Mine zapped me into current time and my brain has never functioned normally since. Cheap Chinese electronics.
Easy. Stay away from pawn shops.
You are correct.
Paper currency is actually a promissory note (note the signature on them) guaranteed by government or federal agency.
Cryptocurrency is valued by open market and can be banned (or heavily regulated) , therefore can change its “perceived value” overnight.
how can you act like a currency is valuable and use the word promissory
if you think that something is stupid or contradicts itself, but it works for thousands years, it isn't stupid
thousands of years but the US was born in 1776
but US is not a whole world, money is much much older than US...
The entire point of the thread was a global currency outside the power of a government dweeb, you just wanted to argue.
yeah, sure, and it was me starting thread with title "controversy" and full of bs...
ok.
Yes, the US invented currency. Nothing existed before the US of A was signed into history with a document.
SMH
The British pound is the world's oldest currency still in use at around 1,200 years old.
A fart blows in the wind.
Some down wind can smell it at first.
No one smells it upwind
And far downwind no one can smell it.
S/O farts. Upwind
S/O Methane.
/discuss
I don't think so. They are not using the gold/silver etc coins anymore, it is a completely different system with different tokens and different backing even the pound name has no connection anymore, the system is decimal and metric, we are not talking about "coppers", "shillings", "half a guinee", and even the "sterling" name is obsolete. If we are to take them by the name, then people using "dinar" are using the oldest currency in the world, as those were roman money. Of course no connection, but they are called dinars, so...
Actually, the shekel is way older, so Israel uses the oldest currency in the world.
You should have the Sheldon Cooper tag on LET.