not able to use it anywhere except in like, 5 niche ATM locations
can’t even mine it for value and have to go by proof-of-stake for any useful amount of money
can make a random shitcoin to pull the rug under cryptobros and NFT shills
only legitimate use case was to buy drugs via The Silk Road
Yeah, cryptocurrency is a fuckin waste of the tech lmao. You could theoretically prevent identity theft with blockchain tech and it could also theoretically replace SSNs, but instead we used for a fake currency and jpegs of bored apes.
And you have a terrible list of reasons all separated out into single comments for some reason :)
you keep conflating cryptocurrency and blockchain and bitcoin. are we talking about bitcoin here?
Any cryptocurrency because it works off the blockchain. You have the transactions committed on a wallet that exists on the blockchain, which is how you get the public transactions in the first place.
what backs turquoise?
Literally any fiat currency, or you could even barter with it if somebody wanted it. It has tangible value because it has a physical demand.
have you tried mining any other money? you can’t mine dollars at all, and proof of stake is a great way of explaining the compound interest system.
Actually, if you work a job, you get paid in money. Crazy, I know - you don’t have to speculate and hype on a fake currency :)
that has nothing to do with bitcoin.
But we’re talking about cryptocurrency, no? Unless you’re saying BitCoin is not a crypto?
In practice it’s happening multiple times a day. All it takes for one is to snoop the private key to get full control over a wallet.
True, and there’s also that 51% majority control thing too. Nothing can get rid of social engineering either, but perhaps there’s a chance to develop better security for blockchain-based tech.
there are a lot of vendors that do or have in the past accepted bitcoin. where can you spend turquoise? or confederate dollars?
Physically or online? Because you can spend crypto at like Microsoft online, for example, but could you go to a bar or a restaurant and pay with crypto?
Literally any fiat currency, or you could even barter with it if somebody wanted it. It has tangible value because it has a physical demand.
you don’t seem to know this, so i’m going to explain it to you: turquoise was the currency of indigenous people in the northeast of the so-called united states. it’s not money now. what backed turquoise? nothing. the point was its ubiquity.
Actually, if you work a job, you get paid in money. Crazy, I know - you don’t have to speculate and hype on a fake currency :)
this is distinct from mining, the process by which new bitcoins are actually put into circulation. you can’t MAKE dollars: the cia are the only people allowed to do that.
Any cryptocurrency because it works off the blockchain. You have the transactions committed on a wallet that exists on the blockchain, which is how you get the public transactions in the first place.
you don’t seem to understand that most cryptos don’t work on the bitcoin blockchain. bitcoin has its own blockchain.
EDIT: Should also mention that you literally cannot trade crypto in some states of the US because those states require crypto institutions to have physical assets that equal their digital assets, which is actually pretty smart. Because people can’t buy shit with their 0.2 BitCoins and 50k DogeCoins, this means that those institutions don’t operate or allow trading from these states.
that doesn’t change whether bitcoin is real. it only changes whether crypto exchanges can operate legally in arbitrary jurisdictions.
that doesn’t change whether bitcoin is real. it only changes whether crypto exchanges can operate legally in arbitrary jurisdictions.
Reason I brought that fact up is because those states are saying that crypto needs to backed by something physical instead of an intangible hype and speculation factor.
What makes BitCoin worth $42k? Or Ethereum worth $2.2k? Like, what is physically driving the worth of these cryptocurrencies? Some fiat currencies moved away from precious metals, sure, but they’re back by at least the economies of each country. From what I can tell and have seen, crypto is backed by… hype and speculation. There’s no tangible thing that can back crypto, hence why it’s a fake currency because it’s more or less arbitrarily at a price point just because it is.
From what I can tell and have seen, crypto is backed by… hype and speculation.
bitcoin is a network protocol. cryptographic tokens are issued within it. what backs it is the security of the cryptographic system and the combined hashing power of the network. if you think it doesn’t have value, that’s ok: value is subjective. some people do think it’s valuable to be able to control these cryptographic tokens. and that’s ok, too: value is subjective.
Yeah, cryptocurrency is a fuckin waste of the tech lmao. You could theoretically prevent identity theft with blockchain tech and it could also theoretically replace SSNs, but instead we used for a fake currency and jpegs of bored apes.
you keep conflating cryptocurrency and blockchain and bitcoin. are we talking about bitcoin here?
Yeah, cryptocurrency is a fuckin waste of the tech lmao. You could theoretically prevent identity theft with blockchain tech and it could also theoretically replace SSNs, but instead we used for a fake currency and jpegs of bored apes.
what backs turquoise?
this is a terrible list of attributes to use to establish whether any currency is “fake money”
And you have a terrible list of reasons all separated out into single comments for some reason :)
Any cryptocurrency because it works off the blockchain. You have the transactions committed on a wallet that exists on the blockchain, which is how you get the public transactions in the first place.
Literally any fiat currency, or you could even barter with it if somebody wanted it. It has tangible value because it has a physical demand.
Actually, if you work a job, you get paid in money. Crazy, I know - you don’t have to speculate and hype on a fake currency :)
But we’re talking about cryptocurrency, no? Unless you’re saying BitCoin is not a crypto?
True, and there’s also that 51% majority control thing too. Nothing can get rid of social engineering either, but perhaps there’s a chance to develop better security for blockchain-based tech.
Physically or online? Because you can spend crypto at like Microsoft online, for example, but could you go to a bar or a restaurant and pay with crypto?
the comment i responded to said bitcoin.
you don’t seem to know this, so i’m going to explain it to you: turquoise was the currency of indigenous people in the northeast of the so-called united states. it’s not money now. what backed turquoise? nothing. the point was its ubiquity.
this is distinct from mining, the process by which new bitcoins are actually put into circulation. you can’t MAKE dollars: the cia are the only people allowed to do that.
you don’t seem to understand that most cryptos don’t work on the bitcoin blockchain. bitcoin has its own blockchain.
you’re moving teh goalposts.
you should respond to the person who actually left this comment. i’m not a part of that conversation.
your other issues with crypto have nothing to do with bitcoin.
to keep ideas separate. it helps prevent a gish gallop and walls of text.
that doesn’t change whether bitcoin is real. it only changes whether crypto exchanges can operate legally in arbitrary jurisdictions.
Reason I brought that fact up is because those states are saying that crypto needs to backed by something physical instead of an intangible hype and speculation factor.
What makes BitCoin worth $42k? Or Ethereum worth $2.2k? Like, what is physically driving the worth of these cryptocurrencies? Some fiat currencies moved away from precious metals, sure, but they’re back by at least the economies of each country. From what I can tell and have seen, crypto is backed by… hype and speculation. There’s no tangible thing that can back crypto, hence why it’s a fake currency because it’s more or less arbitrarily at a price point just because it is.
lots of currencies have never had a physical backing.
money existed before dollars. the dollar value of any asset is not determinate of whether that asset is money.
bitcoin is a network protocol. cryptographic tokens are issued within it. what backs it is the security of the cryptographic system and the combined hashing power of the network. if you think it doesn’t have value, that’s ok: value is subjective. some people do think it’s valuable to be able to control these cryptographic tokens. and that’s ok, too: value is subjective.
those states aren’t authorities on what money is
In practice it’s happening multiple times a day. All it takes for one is to snoop the private key to get full control over a wallet.
that has nothing to do with bitcoin.
there are a lot of vendors that do or have in the past accepted bitcoin. where can you spend turquoise? or confederate dollars?
have you tried mining any other money? you can’t mine dollars at all, and proof of stake is a great way of explaining the compound interest system.
where do you use turquoise?
you keep conflating cryptocurrency and blockchain and bitcoin. are we talking about bitcoin here?