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Business, Economics, and Taxes: Capitalism. Yay? >=(

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Handyman said:
(unless it is linked to another coin like the one Ethereum has...which still has no real purpose unless you use their network for something) They have no value...literally.
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And how is that not the same as every other crypto coin out there?

What, exactly, backs bitcoin other than the belief that it is worth something? I mean, just because someone wasted thousands of dollars worth of electricity to mine it doesn't mean it's backed by anything. If bitcoin's controlling users decided to troll everyone and pull the plug tomorrow, what exactly would everyone else be left with?

At least dollars (and other currency) are backed by the full faith and credit of the U.S. government (or their respective governments), and by extension all of the tangible assets it (they) controls.
 
unofan said:
And how is that not the same as every other crypto coin out there?

What, exactly, backs bitcoin other than the belief that it is worth something? I mean, just because someone wasted thousands of dollars worth of electricity to mine it doesn't mean it's backed by anything. If bitcoin's controlling users decided to troll everyone and pull the plug tomorrow, what exactly would everyone else be left with?

At least dollars (and other currency) are backed by the full faith and credit of the U.S. government (or their respective governments), and by extension all of the tangible assets it (they) controls.
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That is an oversimplification. I am not the person to ask though. Just because a bank or government doesn't back the coin doesn't mean it has no value. What value does common stock have?

This is not the place for a long form discussion on the topic but if you really want to know there are plenty of articles from reputable sources out there that explain it. I am too new to all of it to do it justice...my oversimplification wouldn't be much better than yours was. (this is also why I would never invest serious money this is all day trader stuff for me)
 
Handyman said:
That is an oversimplification. I am not the person to ask though. Just because a bank or government doesn't back the coin doesn't mean it has no value. What value does common stock have?

This is not the place for a long form discussion on the topic but if you really want to know there are plenty of articles from reputable sources out there that explain it. I am too new to all of it to do it justice...my oversimplification wouldn't be much better than yours was. (this is also why I would never invest serious money this is all day trader stuff for me)
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A stock is backed by buildings, machinery, inventory, accounts receivable, revenue, IP, etc. Which is of course balanced by debt, expenses, etc. Which is why the ratio of the price of a share of stock to the actual book value of a company is a useful tool. It's one of the tools investors use to determine the value of a stock.
 
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Handyman said:
That is an oversimplification. I am not the person to ask though. Just because a bank or government doesn't back the coin doesn't mean it has no value. What value does common stock have?

This is not the place for a long form discussion on the topic but if you really want to know there are plenty of articles from reputable sources out there that explain it. I am too new to all of it to do it justice...my oversimplification wouldn't be much better than yours was. (this is also why I would never invest serious money this is all day trader stuff for me)
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Common stock is a literal ownership stake in the underlying company that presumably has assets, customers, and turns a profit. We get to vote on the board members and other governance issues and in many cases get a share of the profits through dividends. Yeah, us retail investors with 100 shares here and 200 shares there only own .00001% if we're lucky, but those are real things.

Bitcoin has no such underlying assets backing it. it could crash to $.01 just as quickly as it rose to $30k if people stop caring about it.
 
unofan said:
Common stock is a literal ownership stake in the underlying company that presumably has assets, customers, and turns a profit. We get to vote on the board members and other governance issues and in many cases get a share of the profits through dividends. Yeah, us retail investors with 100 shares here and 200 shares there only own .00001% if we're lucky, but those are real things.

Bitcoin has no such underlying assets backing it. it could crash to $.01 just as quickly as it rose to $30k if people stop caring about it.
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Crypto is the 21st century's baseball cards
 
Actually, that's not true. Baseball cards can be used by children to make noise in their bikes. Bitcoin melts glaciers.
 
Kepler said:
"We are going to take money away the (((sovereign authority of nations)))."

That's the appeal. I'm not judging, I'm just saying.
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Cool plan!

But as someone said here (I believe), who controls the cloud computers and the power grid where the crypto 'money' is stored?
 
The Sicatoka said:
Cool plan!

But as someone said here (I believe), who controls the cloud computers and the power grid where the crypto 'money' is stored?
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I know. The dream is it goes to Math. Like, who "controls" gravity?

But the thing is, it would be very convenient to be able to turn gravity off and on at times, so I'm not sure making money into some sort of natural law is a win for humanity.
 
Kepler said:
I know. The dream is it goes to Math. Like, who "controls" gravity?

But the thing is, it would be very convenient to be able to turn gravity off and on at times, so I'm not sure making money into some sort of natural law is a win for humanity.
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Except crypto isn't some sort of uncontrollable force. Just this week someone decided to fuck someone else and in an hour it was worth half.

Crypto doesn't do anything it's promoters claim.
 
dxmnkd316 said:
Except crypto isn't some sort of uncontrollable force. Just this week someone decided to fuck someone else and in an hour it was worth half.

Crypto doesn't do anything it's promoters claim.
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Blockchain and ledgers do seem like interesting ideas to experiment with for decentralized record-keeping that can resist malicious attacks.

But I do kinda think we should try it out on say college hockey score apps before trying to make it global reserve currency.
 
IMO baseball cards were ruined when they went up market.

I love baseball Topps designs from all the way back to the beginning to around 1990. Then they have a Great Leap Forward and they become so slick they're just another boring corporate product.

Lo fi was so much better for baseball cards. And packs had 20 cards and cost a quarter, not $5 for 8 or whatever.
 
Kepler said:
Blockchain and ledgers do seem like interesting ideas to experiment with for decentralized record-keeping that can resist malicious attacks.

But I do kinda think we should try it out on say college hockey score apps before trying to make it global reserve currency.
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It is Interesting and I work with some heavy duty blockchain tekkie guys.

im not 100% sold on it like the fanboys, but I also think it’s dumb to dismiss it all as a scam with nothing behind it
 
The filter on this site is bizarre...

I won't weigh in on the old people saying old people things cause I am too busy making money on the things they are shouting at the clouds about ;^)
 
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