"Stupid" because those who are already converted to the concept may think so and becasue I have not read the million explanations there might be already out there Somebody in this forum said "Crypto currencies are akin to a regulated ponzi scheme... Keeping that aside and also all the hype aside, would it be fair to say that "Unless enough people and business around the globe use these crypto currencies this has no meaning? I will try and explain that with an example, Lets say I am a restaurant and in a a spot where there is lot of international business so place like Singapore/ HK. London etc so I am used to accepting payment in various currencies but my base currency is XYZ of the country I am based in and my input costs are in same XYZ currency Now If I have to start "accepting" bitcoin payments, and lets say 10% of my turnover is in Crypto... now when I wish to "Use" that amount in REAL life for my input cost/ distribution of profits etc UNLESS somebody else is prepared to convert to the XYZ currency that "Crypto balance" I have accumulated is useless! You may say as counter argument that "there are exchanges who would give you real life currency , dont worry it woudl be easy to convert" Does this answer it self not imply that unless somebody else is there or alternatively everybody is a convert this is literally useless. Another point, Bitcoin is one crypto currency what happens when another 2/3 start colonizing! are we not in same situation as now ie EUR/USD Yen etc AT big business level lets say British airways wishes to pay Boeing in Bitcoins, unless the suppliers to Boeing accept Bitcoins what good is this? So why bother! it all cryptic
I probably know less about crypto than you... Some people are going to do quite well. Others, not so much. The only thing that I'd suggest is that Bitcoin isn't a Ponzi Scheme because assets are traded. Whether those assets have real value is the question mark. If anything, it's a feeding frenzy that may lead to a bubble. Tulips anyone?
ok not a ponzi perhaps but what use it is if I can't make normal purchases for my everyday life! ( I am not talking about the bubble or the volatility,,, that is a diff risk all together) This all reminds me about the fluff that goes around when so called new tech comes along.. some technology is life changing no doubt, but some has lot of hot air for example 1) 3D printing ( it has been around for more than 20 years only few know, and it is touted as if it is going to be replacing traditional manufacturing like extrusion! 2) Anything and everything that is pushed under the trendy "Fintech"
timing? with ref to usage? or trade risk? my comment/ question was about use of this "product" in real life not about timing of trading!
product at this time is useless as a currency, unless you're a felon. this has been true from day 1 epic that the govt didn't shut it down. must be some secret plan I'm not privy to
Bitcoin is a joke. The transaction fees are insane. Bitcoin is either a Ponzi or pyramid - maybe both. It is also the biggest pump & dump in history and for many on forums like this it is a mania/lottery ticket for the casino type speculators. It has way to many problems to be taken seriously to be used a currency - except for buying dope on-line which may not be so easy these days after SR got shut down.
I am not saying Bitcoin hasn't grown at an unsustainable rate or that it has more innovations to go before its the finished product. But all people's criticisms about "its not worth anything" are total nonsense. Its an alternative asset class/storage of value like many others. Take gold, gold pays no dividend, it has no practical purpose (cant live in it, cant eat it etc), its value is derived solely from the fact other people think it has value and you can't use it to buy every day goods. In other words exactly the same as Bitcoin apart from the fact gold is tangible.. so what? The money in your bank isn't tangible either and would count for absolutely nothing in an emergency.. run for the "gold" political/financial type scenario
You have to pay to store gold, about 0.1% a year. The bitcoin cash ceo/pirate party founder says bitcoin is not a store of value but is an instrument of speculation. Bitcoin cash is the answer.