Cryptocurrency

Discussion in 'The Geek's Lab' started by heisenberg, Dec 23, 2017.

  1. heisenberg

    heisenberg Earl Grey Staff Member

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    Anyone here got into the hype? The concept seems like a very cool idea. I don't know why we don't have this as part of the mainstream group?

    People try to bring down a great concept like this and often always negatively stigmatise towards something evil or negative or illegal because they've been brainwashed to believe it's bad, but I like the concept of cryptocurrency. Obviously it's can be used for illegal stuff but so is cash but you don't see that being outlawed, now do you?



    This is just a new concept that many won't have time to get their head around. I am sure people said the same thing when the sharemarket came about but here we are, over 100s of years of trading and the Sharemarket has been whatever nonsense there has been in the world, through the GFC, several wars etc but it still manages to break records.
     
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  2. Overmind One

    Overmind One GateFans Gatemaster Staff Member

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    I like the idea of cryptocurrency because it isn't fiat money. Yeah, it can be bought with fiat money but it is not part of the US Dollar-based fiat currency worldwide. I don't like that it is all electronic and that it is not backed by insurance (it's value). I wish I knew more about it.
     
  3. Lord Ba'al

    Lord Ba'al GateFans Member

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    I will firstly admit that I haven't investigated the topic thoroughly. It is an intriguing thing, but I would caution against getting involved with it right now. If you have gotten on the bitcoin boat years ago, you might have become a multi-miljonaire by now. But this ship has sailed. The currency reached a record height (somewhere around 20k I believe) recently and then crashed significantly losing about a third of it's peak value. It's still worth a lot of money mind you. This is exactly why it would seem foolish to me to buy bitcoins right now. They cost like somewhere between 10k and 15k per bitcoin. I believe there are other crypto currencies but I am not aware of what their names are, how much they're worth and how they work. If there is one that's cheap, like a handful of bucks per coin, I'd say it couldn't hurt investing in some. Just as long as you are okay with losing all of it in the event that shit does hit the fan.

    As for it being used for illegal things, sure you're right, you can use any kind of currency for that. Crypto currencies are highly suited to it though. They are the means of payment on the darknet. You can buy anything you like there, including guns and drugs. I've never been on it mind you, I just know people who have. The bitcoins help to keep transactions and beneficiaries untraceable. If real money was used, it would probably still be possible, but it would likely be a lot easier to trace from where to where the money went. But then again, I don't know much about it, so maybe I'm wrong.
     
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  4. Overmind One

    Overmind One GateFans Gatemaster Staff Member

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    I have been on the Dark Web many many times. Mostly to explore, but you are right...everything is on there, including wives and in some cases, children. You can buy any drug, any gun, stolen cars, all sorts of shady fucked up stuff. And most of them require Bitcoin as payment.
     
  5. heisenberg

    heisenberg Earl Grey Staff Member

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    Sigh - I use these as CFDs to make a profit. I don't buy or sell them, but use them as options and derivatives. Let's keep it ontopic and away from the evil side of the internet, shall we? Like I said, anything can be used for bad but that doesn't mean we bring it that up first.

    Block chains are traceable as they work like a ledger. To call them untraceable is a bit silly. It's like any accounting ledger if you have done any accounting. You have a debit and a credit.
     
    Last edited: Dec 23, 2017
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  6. heisenberg

    heisenberg Earl Grey Staff Member

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    Have a look at ethereum. Open source and much better than bitcoin.
    https://www.ethereum.org
     
  7. yongjin02

    yongjin02 Well Known GateFan

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  8. heisenberg

    heisenberg Earl Grey Staff Member

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    Meh...you have to see the technology behind the Cryptocurrency. There are hundreds of cryptos but that doesn't mean it's good. Kodak is bring out their own. Anyway, this is a great video on getting into Cryptocurrencies and trading them. These videos is remove that negative stigma attached to this technology. The technology sounds really wonderful but TPTB always like to attach negative stigma(Criminal activity/fraud blah blah bah) towards a great new technology. They did the same thing with Mp3s and Napster and Utorrent/streaming, these people are now doing it with this technology.





     
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  9. Overmind One

    Overmind One GateFans Gatemaster Staff Member

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    TPTB don't want cryptocurrency to be a success because that means an end to the US Federal Reserve Bank which is really a private corporation run exclusively by a group of men that nobody can elect or fire. It means they will not be able to manipulate interest rates or make new money from debt. TPTB don't want anything to be controlled by citizenry.
     
  10. heisenberg

    heisenberg Earl Grey Staff Member

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    It seems that they don't want people to be rich or live a prosperous life.
     
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  11. yongjin02

    yongjin02 Well Known GateFan

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    damn guys..lighten up. i just thought it was funny! more japanese chicanery :(
     
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