bitcoins

[cheez]

Eghhhh, maybe some of it does? Also, kinda debatable that 1's and 0's in and of themselves really are that useful? Zero intrinsic usefulness but, if the 1's and 0's have the faith of users then maybe they have a useful purpose in facilitating trade. OK but, watch the video and tell me how someone like me can trust the system that has built up around crypto. Aghhh, seems a bit foolish honestly.

I think we need to dig a little deeper than, "the market put a price tag on it so it must have value." Ya know, like the tulip thing...

I have dug deeper. I understand how bitcoin works at a fundamental level. It has intrinsic value in being a trustable distributed ledger. It's a bank, for the cloud.

We value that service very highly, according to how highly our society values banks.

 

[Mike95060]

I have dug deeper. I understand how bitcoin works at a fundamental level. It has intrinsic value in being a trustable distributed ledger. It's a bank, for the cloud.

We value that service very highly, according to how highly our society values banks.

Ok, but I need you to speak to the scammy side. How do you reconcile the value you see vs the barriers to mass adoption caused by a lack of trust?

Like, if my credit union told me to "trust this infallible sky ledger with your deposits..." I'm going to find a new credit union because I don't know why I should be trusting this new thing.

 

[cheez]

Ok, but I need you to speak to the scammy side. How do you reconcile the value you see vs the barriers to mass adoption caused by a lack of trust?

Time builds trust. How do you trust banks? Reputation.

 

[James]

It's a ledger. Like World of Warcraft or EverQuest.

 

[Mike95060]

Time builds trust. How do you trust banks? Reputation.

Right, but I don't see that developing without a method to eliminate the scams. The POTUS and FLOTUS issued meme coins that look like this over time...

volatile

Isn't it reasonable to think this is just a method to pump and dump ad infinitum by whomever decides they want to create a coin? Do you catch my drift?

Maybe this is a tiresome argument for true crypto believers, I get that. You are under no obligation to convince me where to put my money. I just here what sounds to me like dogma. My risk tolerance says, pass.

 

[cheez]

It's a ledger. Like World of Warcraft or EverQuest.

Those would be curated by Blizzard and EG7.

Nobody curates Bitcoin. It is a distributed ledger.

Right, but I don't see that developing without a method to eliminate the scams. The POTUS and FLOTUS issued meme coins that look like this over time...

volatile

Isn't it reasonable to think this is just a method to pump and dump ad infinitum by whomever decides they want to create a coin? Do you catch my drift?

Erm. Do you mean the other coins? What scam related to Bitcoin are you referring to? Anyone can print a piece of paper and call it a dollar, that doesn't make it a dollar.

 

[berth]

Right, but I don't see that developing without a method to eliminate the scams.

You're conflating Bitcoin (a specific type of crypto currency) with the overall crypto "market", and they are not the same thing.

Bitcoin is the "senior, stable" player in this space. There's a lot of momentum to secure it as a product.

The meme-coins and other "crypto-currency du jour" are in a different space.

 

[Mike95060]

Those would be curated by Blizzard and EG7.

Nobody curates Bitcoin. It is a distributed ledger.



Erm. Do you mean the other coins? What scam related to Bitcoin are you referring to? Anyone can print a piece of paper and call it a dollar, that doesn't make it a dollar.

Its a broad question about crypto in general. Because to the uninformed, like me, all coins = bitcoin. Sorry if that's really dumb. I can understand how that's annoying. But can you understand and admit that when all crypto in general looks like a scam it undermines the value of bitcoin itself?

 

[Mike95060]

You're conflating Bitcoin (a specific type of crypto currency) with the overall crypto "market", and they are not the same thing.

Bitcoin is the "senior, stable" player in this space. There's a lot of momentum to secure it as a product.

The meme-coins and other "crypto-currency du jour" are in a different space.

Noted. I'm asking in general if that matters and if it does, what say you true believers about how to clean up the situation.

 

[Mike95060]

Those would be curated by Blizzard and EG7.

Nobody curates Bitcoin. It is a distributed ledger.



Erm. Do you mean the other coins? What scam related to Bitcoin are you referring to? Anyone can print a piece of paper and call it a dollar, that doesn't make it a dollar.

True, but we have the secret service to find and prosecute counterfeiters.

 

[cheez]

Its a broad question about crypto in general. Because to the uninformed, like me, all coins = bitcoin. Sorry if that's really dumb. I can understand how that's annoying. But can you understand and admit that when all crypto in general looks like a scam it undermines the value of bitcoin itself?

Do all coins equal American quarters? No. You've educated yourself on currency, now educate yourself on blockchains, should you care to participate in that space.

 

[Mike95060]

Do all coins equal American quarters? No. You've educated yourself on currency, now educate yourself on blockchains, should you care to participate in that space.

That's an incorrect analogy. All denominations physical coins of are us currency. Is this as close as yo will come to saying crypto is scammy by nature? :/ Bit of a lame duck man.

If you tell me, "Yeah the crypto space is a mine field, buyer beware! its really easy to be scammed" fine. Totally fair and honest answer. Your reply sounds evasive though and I don't understand why that hint of dogma exists.

second edit: I thought you were trying to draw a distinction between pennies, nickels, quarters and dimes. Not currencies between different countries.

 

[cheez]

That's an incorrect analogy. All coins are us currency. Is this as close as yo will come to saying crypto is scammy by nature? :/ bit of a lame duck man.

Really? A loonie is US currency? A euro is US currency? A token for a video game emporium is US currency?

Crypto is not scammy by nature, any more than the USD is because con artists bilk billions of them out of rubes every year.

 

[Mike95060]

Really? A loonie is US currency? A euro is US currency? A token for a video game emporium is US currency?

Crypto is not scammy by nature, any more than the USD is because con artists bilk billions of them out of rubes every year.

Edited for clarity.

 

[cheez]

That's an incorrect analogy. All denominations physical coins of are us currency. Is this as close as yo will come to saying crypto is scammy by nature? :/ Bit of a lame duck man.

If you tell me, "Yeah the crypto space is a mine field, buyer beware! its really easy to be scammed" fine. Totally fair and honest answer. Your reply sounds evasive though and I don't understand why that hint of dogma exists.

Bitcoin is crypto, but all crypto is not bitcoin. Again, saying that because I printed up a bunch of Danbucks and you were dumb enough to give me your US Dollars in trade for Danbucks does not make the USD scammy, nor "currency a mine field." It's no easier to be scammed of your Bitcoin than it is your USD. Alternate blockchains are not Bitcoin.

 

[Mike95060]

Really? A loonie is US currency? A euro is US currency? A token for a video game emporium is US currency?

Crypto is not scammy by nature, any more than the USD is because con artists bilk billions of them out of rubes every year.

Im not following you on the second sentence.

 

[cheez]

Im not following you on the second sentence.

There are far, far more scams going on that use the US Dollar as their vehicle than there are Bitcoin scams. You don't consider the US Dollar scammy, nor do you consider acquiring currency a risky thing.

 

[Mike95060]

Bitcoin is crypto, but all crypto is not bitcoin. Again, saying that because I printed up a bunch of Danbucks and you were dumb enough to give me your US Dollars in trade for Danbucks does not make the USD scammy, nor "currency a mine field." It's no easier to be scammed of your Bitcoin than it is your USD. Alternate blockchains are not Bitcoin.

That's only 1/2 the story. we have laws preventing you from doing that. Its fraud. I don't see a crypto equivalent. We have the opposite. Powerful people pushing the scammy coins. Sorry but i think that's a crypto wide problem that includes bitcoin.

 

[Climber]

You're conflating Bitcoin (a specific type of crypto currency) with the overall crypto "market", and they are not the same thing.

Bitcoin is the "senior, stable" player in this space. There's a lot of momentum to secure it as a product.

The meme-coins and other "crypto-currency du jour" are in a different space.

Definitely not an invalid point

 

[Mike95060]

There are far, far more scams going on that use the US Dollar as their vehicle than there are Bitcoin scams. You don't consider the US Dollar scammy, nor do you consider acquiring currency a risky thing.

There is also far, far more commerce in general using the UD dollar.