Epicmafia

Sincerely

almost 7 years

Arcbell says

There's a difference though, currency backed by the united states has a basis of value that is not speculative.

Pretty sure the dollar isn't immune to changes in value.

deletedalmost 7 years

[quote=Arcbell]

VWXYZ says

It’s also backed by the blockchain technology allowing for seamless peer to peer transaction with anonymity behind it

No it is not. Bitcoin is not anyhow.[/quot

Wouldn’t it be backed by the bitcoin network?

Sincerely

almost 7 years

people assign a higher value if there's a need for its existence, which is why bitcoin was ever adopted by anyone, and currency is obviously backed by its use in society. but its use is decided by us. it's a concept; it's not a physical item. there's nothing more imaginary about cryptocurrency than money stored in banks or paper representations of it. they were originally used to represent gold lol

bitcoin is actually finite and -- again -- can't be artificially inflated by governments to bail out banks

unlike modern currencies

Arcbell

almost 7 years

VWXYZ says

It’s also backed by the blockchain technology allowing for seamless peer to peer transaction with anonymity behind it

No it is not. Bitcoin is not anyhow.

Arcbell

almost 7 years

There's a difference though, currency backed by the united states has a basis of value that is not speculative.

dust

almost 7 years

Currency is the buying power of objects.

The more linked to governments the worse it is imo.

The backing power of a currency is what gives it it's power. A gateway between two idiots who wanna trade their grapes for some chickens.

Obviously capitalism has changed that but, it's still important to look at it's roots.

deletedalmost 7 years

It’s also backed by the blockchain technology allowing for seamless peer to peer transaction with anonymity behind it

Sincerely

almost 7 years

Arcbell says

Well no, Sincerely. Currencies are backed by the need for their existence. The US power structure needs the US dollar, so its power backs it to that extent.

the -value- of the currency is what people assign to it.

Arcbell

almost 7 years

Bitcoin is also backed by the speculated need for its existence.

Sincerely

almost 7 years

Forrest says

if there's an EM thread about an investment, or if your friend or mother is talking to you about an investment, then it's just common information at that people and being traded among layman

take that how you will.

it is common information but a lot of people misinterpret it, and my mom is fluent in the science behind the issue, not to mention cybersecurity and multiple fields of high-level mathematics

in other words she's many times better than me, as an individual, objectively

but she talks about a lot of fun stuff so that's coo

deletedalmost 7 years

It can still do peer to peer transactions like bitcoin but for way cheaper we’re talking hundredths of a penny for each transaction. And instead of transaction fees it destroys a very small portion of a ripple

Arcbell

almost 7 years

Well no, Sincerely. Currencies are backed by the need for their existence. The US power structure needs the US dollar, so its power backs it to that extent.

deletedalmost 7 years

Sincerely says

VWXYZ says

Recidivism says

If I wanted to invest an incredibly small amount of money in XEM because I'm a poor American college student who works 50 hours a week to pay his way through school, is it worth it? Like 50-100 bucks?

Recidivism says

If I wanted to invest an incredibly small amount of money in XEM because I'm a poor American college student who works 50 hours a week to pay his way through school, is it worth it? Like 50-100 bucks?

In your case I would recommend ripple which is a fairly stable crypto currency with real world application

can you eli5 what the advantages of ripple/XEM are over other cryptocurrencies? also wasn't ripple made by the guy behind the mount gox thing

Ripple is mainly used for cheap transactions between fiat and crypto currencies it’s being adopted by banks worldwide also Mt. Gox had it’s btc stolen because of their hot wallet getting hacked it wasn’t necessarily the creators fault

Solace

almost 7 years

well yeah but the US dollar has the military enforcing its value

thats not something bitcoin has

Sincerely

almost 7 years

Arcbell says

Sincerely says

i'm not saying the price isn't going to fluctuate or that it's stable!! i'm saying that it's more than just an arbitrary trend that will be forgotten when it stops being new and cool

I don't think anyone here is disagreeing with that especially not me.

Yet you have the tone of someone who has been disagreed with.

yes, because people disagree with that

Sincerely

almost 7 years

lacey says

and that people calling it fake because it's digital might as well terminate their bank accounts because those are just numbers on a ledger

it's currency; it's got the value we assign to it

Arcbell

almost 7 years

Sincerely says

i'm not saying the price isn't going to fluctuate or that it's stable!! i'm saying that it's more than just an arbitrary trend that will be forgotten when it stops being new and cool

I don't think anyone here is disagreeing with that especially not me.

Yet you have the tone of someone who has been disagreed with.

deletedalmost 7 years

When it comes to trading there's generally an order of information that goes from:

insiders > market makers > professionals .... etc.

and at the bottom there's people like EM posters

if there's an EM thread about an investment, or if your friend or mother is talking to you about an investment, then it's just common information at that people and being traded among layman

take that how you will.

Arcbell

almost 7 years

Yes because I don't think there are any crypto systems out there right now that take a serious real world problem and make it more efficient at scale with currently available technology.

Sincerely

almost 7 years

and that the concept, itself, deserves to be taken seriously

Sincerely

almost 7 years

i'm not saying the price isn't going to fluctuate or that it's stable!! i'm saying that it's more than just an arbitrary trend that will be forgotten when it stops being new and cool

Sincerely

almost 7 years

perception is what gives ANYTHING like this value lol

Sincerely

almost 7 years

a lot of people seem to view it like a passing thing only to be used as a stock and not as a genuine possibility, even though it's so ingenious and people are constantly innovating since it's open source, making it more and more practical with time

people should keep an e

Arcbell

almost 7 years

Sincerely says

well yes but that doesn't mean it's -just- a bubble

It's a bubble because people are being convinced it's a bubble faster than they're being convinced that any of these coins have a certain long term place in infrastructure.

Therefore it will pop whether it should or not.

Arcbell

almost 7 years

And more importantly, mostly the only thing that matters to it right now is perception making it a very strange market.

Even if it's not a bubble, people thinking it's a bubble makes it a bubble.

The Bitcoins