cryptocurrency

[White_knight]

https://www.recode.net/2018/4/24/172...raud-ico-value

Bitcoin is the greatest scam in history

it’s a colossal pump-and-dump scheme, the likes of which the world has never seen. In a pump-and-dump game, promoters “pump” up the price of a security creating a speculative frenzy, then “dump” some of their holdings at artificially high prices. And some cryptocurrencies are pure frauds. Ernst & Young estimates that 10 percent of the money raised for initial coin offerings has been stolen.

The losers are ill-informed buyers caught up in the spiral of greed. The result is a massive transfer of wealth from ordinary families to internet promoters. And “massive” is a massive understatement — 1,500 different cryptocurrencies now register over $300 billion of “value.”

It helps to understand that a bitcoin has no value at all.

A bitcoin has no intrinsic value. It only has value if people think other people will buy it for a higher price — the Greater Fool theory.

Way too many Initial Coin Offerings are scams — 418 of the 902 ICOs in 2017 have already failed.

Transferring $100 from one person to another costs about $6 using a cryptocurrency exchange, and well less than $1 using an electronic check.

Bitcoin is absurdly wasteful of natural resources. Because it is so compute-intensive, it takes as much electricity to create a single bitcoin — a process called “mining” — as it does to power an average American household for two years. If bitcoin were used for a large portion of the world’s commerce (which won’t happen), it would consume a very large portion of the world’s electricity, diverting scarce power from useful purposes.

Promoters claim cryptocurrency is valuable as (1) a means of payment, (2) a store of value and/or (3) a thing in itself. None of these claims are true.

[White_knight]

Jack Ma, the founder of Chinese e-commerce giant Alibaba, spoke out at the 2nd World Intelligence Conference in Tianjin, saying that blockchain technology is not a bubble, but Bitcoin is

[White_knight]

Bitcoin and other cryptocurrencies are "kind of a pure 'greater fool theory' type of investment," Microsoft co-founder Bill Gates said

[ScaringChildren]

Originally Posted by White_knight [You must be logged in to view images. Log in or Register.]

Promoters claim cryptocurrency is valuable as (1) a means of payment, (2) a store of value and/or (3) a thing in itself. None of these claims are true.

There's plenty to criticize, but the fact you quoted this tells me you don't know what you're talking about.

I assume you're old and don't understand technology.

[White_knight]

Originally Posted by ScaringChildren [You must be logged in to view images. Log in or Register.]

There's plenty to criticize, but the fact you quoted this tells me you don't know what you're talking about.

I assume you're old and don't understand technology.

Can I go buy a loaf of bread right now from my corner store with bitcoin?

No.


Move along

[ScaringChildren]

Originally Posted by White_knight [You must be logged in to view images. Log in or Register.]

Can I go buy a loaf of bread right now from my corner store with bitcoin?

No.


Move along

Yes you can.

Move along.

[White_knight]

Originally Posted by ScaringChildren [You must be logged in to view images. Log in or Register.]

Yes you can.

Move along.

I'll ask my corner store owner if he wants bitcoin for my 2$ milk/bread purchase every 2nd or 3rd day.

(He will say, "No thanks")

Hop along now

[Izmael]

Originally Posted by White_knight [You must be logged in to view images. Log in or Register.]

Can I go buy a loaf of bread right now from my corner store with bitcoin?

No.


Move along

You can't buy a loaf of bread with an Apple share either, yet I doubt you're going to say it is worthless.

[ScaringChildren]

Originally Posted by White_knight [You must be logged in to view images. Log in or Register.]

I'll ask my corner store owner if he wants bitcoin for my 2$ milk/bread purchase every 2nd or 3rd day.

(He will say, "No thanks")

Hop along now

Chances are you have Bitcoin ATMs around. I live in a small city and we have hundreds of kiosks.

So hop on over to an ATM and exchange BTC for USD.

[White_knight]

Originally Posted by Izmael [You must be logged in to view images. Log in or Register.]

You can't buy a loaf of bread with an Apple share either, yet I doubt you're going to say it is worthless.

Not sure how to respond to this tbh as it's not a very intelligent statement --- an Apple share is completely different to a bitcoin, excuse the pun but it's apples and oranges my dude. Also one's real, one isn't.

Originally Posted by ScaringChildren [You must be logged in to view images. Log in or Register.]

Chances are you have Bitcoin ATMs around. I live in a small city and we have hundreds of kiosks.

So hop on over to an ATM and exchange BTC for USD.

So after I spend real world $ to farm (equipment and energy) some fake $ I have to drive to a specialist kiosk/atm which all would have varing exchange rates which I would have to check every day similarly to an currency exhange rate....and where I lose out on a percentage of my fake $ each time I get real world $ just so I can go buy some bread and milk from my local shop.

Right thanks.

I might just skip all that BS and go with the real job and spend real money any time I wish scenario.