101–110 of 122 posts
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3. Because US dollars work fine
Only if you are in/from the US with a US credit/debit card. Otherwise the fees alone should make you stop using them.
Intrinsic value of Cryptocurrency is 0. Period.
Currency is an abstraction. It is a social contract to value something at a certain level. That contract is enforced at the highest levels in our county which is why it works so well.
But make no mistake, $100 can buy stuff because only because we all agree to value it at about the same level. If the government collapses, that piece of paper's only worth is how much warmth it will give you when you set it on fire.
A confluence of factors: 1. China cracking down harder: https://www.nytimes.com/reuters/2018/01/16/business/16reuter... 2. South Korea cut off access to banks by cryptocurrency exchanges in December, and access to exchanges by foreign traders. As a result the prices in the country spiked, and the largest price aggregator CoinMarketCap removed Korean exchanges from the index because they were skewing the averages. Thi…
Nitpick:
Butcoin is not, to my knowledge, legal tender anywhere. What Indonesia has done is declare that all transactions in Indonesia must be denominated in rupiah. This is far more restrictive than most Weatern nations where private parties may accept anything they want as payment, but must accept legal tender in certain circumstances.
A confluence of factors: 1. China cracking down harder: https://www.nytimes.com/reuters/2018/01/16/business/16reuter... 2. South Korea cut off access to banks by cryptocurrency exchanges in December, and access to exchanges by foreign traders. As a result the prices in the country spiked, and the largest price aggregator CoinMarketCap removed Korean exchanges from the index because they were skewing the averages. Thi…
> 3. Indonesia just banned cryptocurrency transactions, stating only their native currency is legal tender. Nitpick: Butcoin is not, to my knowledge, legal tender anywhere. What Indonesia has done is declare that all transactions in Indonesia must be denominated in rupiah. This is far more restrictive than most Weatern nations where private parties may accept anything they want as payment, but must accept legal tende…
That's not what legal tender means in the UK and the misunderstanding causes some problems.
If I have a debt, and I attempt to pay in legal tender, and my creditor refuses to take it, I can say I've discharged the debt.
It has no use, in the UK, when I'm buying stuff in a shop.
http://edu.bankofengland.co.uk/knowledgebank/what-is-legal-t...
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In other words, I could spend an hour exerting effort and have nothing of value to show for it at the end?
That's obvious... You can work for a year and still get nothing... Because your work has no value in and of itself. In general things are only as valuable as the "market" is willing to pay for them.
Sure, I was agreeing / checking my understanding was correct :)
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Isn't that just exactly the same as 'hype', in the opposite direction? Clearly the logical approach is neither to follow the hype, nor shy away from it, but to ignore it altogether.
Not quite. We see ordinary people "invest" in what we perceive as gambling at best and a scam at worst and are infuriated by how various people, media etc are egging them on. The Washington Post had it right in 2015 even though they didn't even use the neologism "hodl": > - Hey, do you want to hear about the future? It's a digital currency called Bitcoin that lets you spend or move your money online without paying an…
How does it do that? Irreversible transactions allow the currency to be decentralised, but I don't think they were even intended to be a means of saving money.
> So ... if I get scammed, I got scammed? There's nothing I can do about it?
Cash has much the same problem.
It’s amazing how many people are against crypto currencies for some odd reason. A correction is being called a collapse, this is just pathetic.
I'm against cryptos in their current form. It was better, and hopefully it will get better, but now it's a mess. Investors, buzzwords, hype, ...
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Not quite. We see ordinary people "invest" in what we perceive as gambling at best and a scam at worst and are infuriated by how various people, media etc are egging them on. The Washington Post had it right in 2015 even though they didn't even use the neologism "hodl": > - Hey, do you want to hear about the future? It's a digital currency called Bitcoin that lets you spend or move your money online without paying an…
> Well, Bitcoin saves you money by making transactions irreversible How does it do that? Irreversible transactions allow the currency to be decentralised, but I don't think they were even intended to be a means of saving money. > So ... if I get scammed, I got scammed? There's nothing I can do about it? Cash has much the same problem.
NEO = REGULATION