Cryptocurrency again

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Carnage

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This topic contains 87 replies, has 23 voices, and was last updated by IGMOW (I Go My Own Way)  IGMOW (I Go My Own Way) 1 year, 10 months ago.

Viewing 8 posts - 81 through 88 (of 88 total)
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  • #748062
    IGMOW (I Go My Own Way)
    IGMOW (I Go My Own Way)
    Participant
    2572

    I want tons of token types out there

    Actually Venezuela found a way to apparently screw up the Petro as a currency. They had a good pre-ICO with it, raised some funds. Next up, they will ICO their diamonds. They are going to do so man different damn Cryptocurrencies, they aren’t currency, just tokenized forms of commodities

    Lot’s of tokens = good.

    2 tokens in Venezuela = fail?

    I’m not following your logic.

    It is a case of the usage of the currency being diluted too much, if you suddenly go and do this. Idea would be to have the currency backed by a number of assets, not each one having its own. Too soon also means the currency doesn’t have a chance to rise in value. One of the reason bitcoin rose to the price it did, was due to the slow drip of release. Bitcoin places the slow release of itself in the market of greater value than almost anything else. It goes with the finite nature also of it.

    I meant to address this.

    But, I could then also go here, I am pushing for a system that ends up replacing currency with tokenized assets that are traded anyhow. It won’t ever arrive, but the system gets increasingly closer the faster that one can swap what one has with what one wants. This speed of exchange makes the underline financial exchange structure less prone to manipulation of currency.

    "I am my own thang. Any questions?" - Davis S Pumpkins.

    #748118
    Beer
    Beer
    Participant
    11832

    You do understand how tokenization works, correct? To shutdown a cryptocurrency, you have to totally shut down every single point where the distributed ledger contain and validated. Bitcoin can’t be shut down either this way. The information for exchange is turned into token forms and passed around the network. These transactions are stored in distributed ledgers. The Russia will be hosting the servers, and other countries which don’t play with the sanctions, the currency still lives.

    If the ultimate goal of cryptos is to provide alternate currencies, you don’t have to shut them down entirely, you just have to make it a pain in the ass to use them as a currency.

    Just for example…every time you sell Bitcoin its a potential gain to get taxed on. If you were to use Bitcoin as an actual currency you’d have potentially thousands of transactions to report at the end of the year, and you’d be responsible for knowing the buy price and sell price of each one, just like you would stock transactions. Should you be less than honest, well that’s the funny part, ledger’s crypto nuts always brag about leave a nice history behind for the IRS to buttf~~~ you with. If they ever do get popular all it takes is the IRS making very public examples of a handful of people who weren’t spot on with their taxes and a lot of people won’t want to risk it going forward when they are nothing but a ton of hassle compared to just sticking with dollars.

    Yes, it is all in electronic form. It is just that tokenization decentralizes it, and eliminates points of vulnerability.

    So instead of your currency being run by a government…its run, in some cases…by someone absolutely anonymous and you think that is an improvement?

    Or better yet, your Bitcoin wallet gets hacked. Guess what, your f~~~ed. You’ll never see that money again. My bank account with dollars in it gets hacked? I have 60 days to report fraudulent activity and get my money back.

    Exactly what vulnerability has crypto eliminated?

    Now, the Petro may suddenly not be able to be redeemed for oil, for the country doing things, which makes it useless that way. But the more it is uses as a placeholder, the more it serves other purposes.

    What other purposes? Venezuela’s own people basically aren’t allowed to buy it and use it as a currency, foreign investors can’t exchange it for oil meaning the concept that its backed by oil is not true its just bulls~~~ the Venezuelan government spit out, and you aren’t getting a stake in a business ownership like you would had you just bought stock in a company.

    It serves literally no purpose. Its not going to be used by Venezuelans as a currency. The Venezuelan government claims its backed by oil, but you can’t exchange it for oil…so no…its not backed by oil any more than our fiat currency is backed by gold. If you want to invest in oil Petro’s basically get you no actual stake in oil ownership or ownership of a company…so why not just go for stock that grants you partial ownership of a company?

    Did I miss something? What are these “other purposes” you speak about?

    And if you get all the countries out there who are under attack by U.S sanctions, then you will have an alternative financial network happening. Of course, the government then try to shut down centralized exchanges to block this. But, decentralized, and even distributed, exchanges are coming. I am actually looking into distributed exchanges myself, and positioning there.

    What stops them from doing that with their traditional currencies? If we for example want to place sanctions on Russia and Venezuela, nothing stops them from working together using Bolivars and Rubles. Nothing magically improves because Venezuela tries a reset on its failing currency, and if US/Euro have placed sanctions on Venezuela to limit our purchase of their oil or their access to our banks, nothing will change when they offer Petro instead of Bolivar.

    #754127
    Vlad
    Vlad
    Participant
    210

    Well, ORIGINALLY bitcoin was a platform for TRANSACTIONS, and all cryptomeasures were to ensure the cryptocurrency cost won’t deviate DURING transaction time, even when not backed up by ANYTHING.
    And if you ask me, it does the job perfectly.

    That those cryptographic measures alone made bitcoin more stable currency than most fiat currencies only means those fiat currencies were managed by those who issued them in a way worse than simple cryptoalgorythm managed. Shame on them, really, but it doesn’t make bitcoin good in all functions of “traditional” currencies.

    Bitcoin cost in the end is determined by amound of real-value FLOW of transactions you put through system, and that depends on so many factors that you have to be NOSTRADAMUS to play well on the market without any insider info. While the market is relatively fresh, though, it follows some predictable tendencies, but if you’re not a pro finance, don’t even think about it. Use it for savings? Hell no.

    However, not cryptocurrency, but cryptographically-reinforced currency might be the future. See Swiss cryptocurrency.

    Marriage is the tomb of love (c)Giacomo Casanova

    #754529
    IGMOW (I Go My Own Way)
    IGMOW (I Go My Own Way)
    Participant
    2572

    Nature of markets to produce bubbles can overwhelm any structural soundness of a currency, or anything that would be for sale.

    "I am my own thang. Any questions?" - Davis S Pumpkins.

    #754533
    +1
    IGMOW (I Go My Own Way)
    IGMOW (I Go My Own Way)
    Participant
    2572

    By the way, here is a cryptocurrency you can drink to… Caskcoin!

    It is a cryptocurrency backed by Scotch Whisky:

    http://www.caskcoin.com/

    "I am my own thang. Any questions?" - Davis S Pumpkins.

    #754780
    Vlad
    Vlad
    Participant
    210

    While personally i am not a fan of scotch whiskey(taste preference), i have to note the idea of such a currency is much more sound than it seems at first. Never in history alcohol price went down while ANY kind of crisis. Only UP.

    Thus, perfect investment and marketing material for uncertain times…

    Marriage is the tomb of love (c)Giacomo Casanova

    #754891
    Carnage
    Carnage
    Participant
    22113

    While personally i am not a fan of scotch whiskey(taste preference), i have to note the idea of such a currency is much more sound than it seems at first. Never in history alcohol price went down while ANY kind of crisis. Only UP.

    Thus, perfect investment and marketing material for uncertain times…

    I tried to come with any argument against that… couldn’t.

    To those following me, be careful, I just farted. Men those beans are killers.

    #757514
    IGMOW (I Go My Own Way)
    IGMOW (I Go My Own Way)
    Participant
    2572

    My take is EVERYTHING that is involved in commerce, and traded or exchanged, is going to be in token form, to be able to be exchanged or tracked. Well, I mean CLAIMS on these. This is going to open up a bunch of other speculation and investment opportunities. Yes, you can do betting on alcohol by buying tokens or future contracts on these tokens. It isn’t hear yet, and I wouldn’t tell anyone to buy caskcoin, unless you research the company and their reliability to deliver on claims tokens make on the actual assets. In short, do your own research. I hold a Crypto version of Script Kiddies is Token Tots. These are individuals who only look at gains without fundamentals, know nothing and follow the crowd, to get slaughter. Token Tots bought Bitconnect. Hopeless Token Tots quit their jobs and did youtube videos declaring how rich Bitconnect would make them.

    Speaking on Bitconnect. Hey Hey Hey!

    Who needs government regulations when you have Memes!

    "I am my own thang. Any questions?" - Davis S Pumpkins.

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