I've noticed from people chatting in games that a disproportionate number of people from epicmafia seem to Have the Bitcoins. Maybe it's because our userbase is disproportionately 2010's internet frequenter weirdos who also maybe buy drugs online.
Seriously Recidivism invest in Ethereum, then stop looking at it. then when you hear something about it being involved in the operating system of your phone at some point in the future, then come back and look at the price.
people have devoted computers for mining bitcoin -- making random guesses until they get a block, which confirms transactions and gives them a minute amount of bitcoin as a result (originally a lot more)
again, this is designed to imitate the gold standard you were talking about re:bullions.
That puts bitcoin in the world without worrying about inflation or letting any one party control it. people can artificially cause the value to rise/fall if they're rich enough by just taking money out and putting it in as with any stock, but that's a different thing.
I think the concept (of mining) is pretty beautiful but it's also got an essential(?) practical application that got people interested in bitcoin in the first place
how does a physical currency work better than that? It seems like it would be unnecessary and could actually impede the functioning. wouldn't deflationary bias apply to this? I'm an ignoramus who is not at all properly educated in economics but i want to understand your point of view
deletedalmost 7 years
Arcbell, invest in me and my lifehacking gear store :). I have an advertiser and a 70k likes facebook page to funnel traffic from this time, look at how much progress I've made, I am the horse to bet on
Will you write me a step by step guide on how to get started as a student and in exchange when people ask if you were a good www.epicmafia.com admin I will reply "yes!" ?
I mean, I only invest as much as Im cool with losing. I know how volatile the market can be, but its too good to not go in right now. I've already gone from 400 euro to 850 in LTC. Its pretty nice.
deletedalmost 7 years
I don't expect anything to pull a bitcoin, which I imagine has been our generations "investing in apple", but I would expect the economic principle of deflationary bias to hold true.
I don't think it matters so much what the cryptocurrency practically represents but what people believe it represents
That being said you are a successful businessman and I am an unsuccessful college student, so I'd probably value your opinion over my own here.
to invest in the short term? because again, if you're referring to the result of it being finite, bitcoin mining is essentially that. mining will get progressively less lucrative as the amount left to be mined is depleted; that also means that miners are incentivized to confirm transactions in the process
Cryptocurrencies that exist to serve as a fund raising project for some company that does real world things are never going to pull a bitcoin. You're basically just buying equity in some company that does some boring thing like mining sand, along with the possibility that you might get screwed out of your equity because there's no regulation for that sort of thing yet.
deletedalmost 7 years
I don't understand that but if I were well-off I'd definitely research the cryptocurrency with the most promising real world representation and bet on a deflationary bias.
Maybe 5 years from now I'll be glad I was poor because I would have made this investment
Yeah the crypto space is riddled with bad ideas that don't benefit from decentralization and even among projects that definitely do benefit from decentralization there's often not enough clarity on how they will get there.
Also if you put the word "blockchain" in front of your company your share price magically goes up whether or not there's any logic to the plan. All part of the same phenomenon.
the amount of bitcoin to be mined is already finite, though, as a pseudo imitation the concept of gold trades
*which is not intended to be an argument for bitcoin remaining the paradigm forever or anything, arcbell
deletedalmost 7 years
Well, I don't know anything about cryptocurrency specifically, but a real world representation of value historically indicates a deflationary bias, which would mean a great investment.
Not sure sand works the same way as bullion though :)
the concept of a designated currency to represent a physical thing, by default, just sounds kind of like it would be potentially subverting part of the purpose of cryptocurrency? but i don't know the first thing about regulations on construction companies or w.e (and i'm sure i'm missing a lot since i haven't really read about it)
In general, having a cryptocurrency represent a real world asset is useful only when value can be added through decentralization of the system. So far most of the alt tokens that are popping up are just using the hype of cryptocurrency to get away with raising money for ultimately bad ideas that don't get any value from decentralization.
For things like sandcoin I think it's just companies trying to skirt regulations while raising money. I'm not really too knowledgeable about those coins though.
ummm, maybe i'm gonna look stupid but i don't really understand the purpose of having a cryptocurrency representing a real-world substance, valuable or not. eli5?
