Bitcoins/Cryptocurrency

masonic

fun4everyone wrote: »

Bitcoin has exposed how many intelligent people don’t actually understand finance or technology. The wealth transfer going on now will be taught in classrooms for centuries to come. Those who are too ignorant to realise what is happening this very second are going to soon regret it. The rich don't always get richer. Those with intelligence, patience and an ability to understand what is the truth are being rewarded this time.

I understand the technology intimately, and what you describe is a grievous misuse of the technology by scammers, and as for the finance, this is driven by greater fool theory. This has already been taught in classrooms, I learned it as 'tulip mania'.

Malthusian

fun4everyone wrote: »

The wealth transfer going on now will be taught in classrooms for centuries to come.

After the bagholders whinge that it wasn't their fault and that, inter alia, there should have been more financial education in schools to stop them putting their money in money games.

fun4everyone wrote:

FOMOFOMOFOMOFOMOFOMOFOMOFOMOFOMOFOMOFO

*yawn*

MaxiRobriguez

I'm yet to be convinced of a clear and unique use case for digital coins that can be mainstream and I'm also unconvinced that Bitcoin itself is the answer if that use case could be shown, given Bitcoin's slow processing times and cost.

I have a small "investment" in IOTA, which feels like the one which has a proper use case in an IoT world of the future, but I'm far from convinced that "investment" will ever be worth anything.

ExremelyCautiousSocialist

short_butt_sweet wrote: »

bitcoin doesn't stop the rich getter richer.

It does transfer wealth to the tech savvy individual which is on trend with the digital revolution currently happening.

masonic

ExremelyCautiousSocialist wrote: »

It does transfer wealth to the tech savvy individual which is on trend with the digital revolution currently happening.

That may have been true in the past but the barriers to entry were well and truly ripped down in the past couple of years. That's what helped to fuel the last bubble. I know people who have bought bitcoin and wouldn't be able to tell you what web browser they use on their home computer.

ExremelyCautiousSocialist

masonic wrote: »

That may have been true in the past but the barriers to entry were well and truly ripped down in the past couple of years. That's what helped to fuel the last bubble. I know people who have bought bitcoin and wouldn't be able to tell you what web browser they use on their home computer.

As much as i could realisitcally hope for when worrying about the nature of the bigger holders involved early.

masonic

ExremelyCautiousSocialist wrote: »

As much as i could realisitcally hope for when worrying about the nature of the bigger holders involved early.

I'd imagine many of the bigger holders involved early will have generally good intentions for the ecosystem. Whereas the hedge funds and other professional traders who no doubt have been quietly building stakes during the past year or so will only be looking to maximise their profits at the expense of others. Those are who you need to worry about. As was discussed several posts earlier, for some to profit others must lose.

short_butt_sweet

ExremelyCautiousSocialist wrote: »

It does transfer wealth to the tech savvy individual which is on trend with the digital revolution currently happening.

overall, bitcoin and other cryptos are likely to increase inequality of wealth, not decrease it. as is the case for any system in which gains are purely speculative - in the sense that what you gain or lose depends entirely on getting in or out at the right time, and has no connection whatsoever with putting in any work. (incidentally, this is why your username completely fails to fit with the contents of your posts about bitcoin.)

"satoshi" did put in some work; it's at least arguable that some reward is appropriate in his case. but people just buying cryptos in the hope of getting rich are not doing any useful work whatsoever.

and you can flatter them all you like by calling them "tech savvy", but they are as likely to lose money as to gain. almost everything you say about bitcoin looks like another attempt to ramp the price up.

over the centuries, there have been many new kinds of wealth. typically, the new rich think they are uniquely deserving of their wealth, unlike all earlier wealthy people. there's usually very little truth in this belief.

WillGates

10,000 !

Where ever next.

And Gold at 1400 !!

ExremelyCautiousSocialist

short_butt_sweet wrote: »

almost everything you say about bitcoin looks like another attempt to ramp the price up.

Well price is 1 form of validation and Bitcoin is a good thing imo. Practically a higher price = higher hash rate.