Title: Why would anyone use a payment network based on an imaginary currency? Post by: isabella01 on May 16, 2017, 03:00:05 PM I know cryptocurrencies are a real thing but can this really be implemented into our lives?
Title: Re: Why would anyone use a payment network based on an imaginary currency? Post by: bathrobehero on May 16, 2017, 03:03:11 PM I know cryptocurrencies are a real thing but can this really be implemented into our lives? Imaginary in what sense? They are backed up with a network of computers all having access to all the transactions. If anything is imaginary, it's the value of regular paper money. It's basically people in power telling you it's worth X amount and you don't even know how much of it exists while cryptos are generally transparent and decentralized. Title: Re: Why would anyone use a payment network based on an imaginary currency? Post by: cryptogeek101 on May 16, 2017, 03:08:04 PM Imagination leads to reality. The bitcoin blockchain has impacted great on our daily financial lives. It is real!
Title: Re: Why would anyone use a payment network based on an imaginary currency? Post by: coupable on May 16, 2017, 03:18:02 PM Because it's safe with unknown identity that replace the bank system who rape our money.
I don't understand in which sense you use the concept "imaginary currency" that bitcoin and many other cryptocurrencies are becoming more real for everybody despite you consider the network as an imagination. This network payment based on imagination has a lot of caractersitics that determine a global fuction of a real use. Title: Re: Why would anyone use a payment network based on an imaginary currency? Post by: ekoice on May 16, 2017, 03:35:38 PM I know cryptocurrencies are a real thing but can this really be implemented into our lives? Imaginary in what sense? They are backed up with a network of computers all having access to all the transactions. If anything is imaginary, it's the value of regular paper money. It's basically people in power telling you it's worth X amount and you don't even know how much of it exists while cryptos are generally transparent and decentralized. Title: Re: Why would anyone use a payment network based on an imaginary currency? Post by: aoluain on May 16, 2017, 04:00:03 PM I know cryptocurrencies are a real thing but can this really be implemented into our lives? Maybe you need firstly look into how imaginary Paper currency is ? I posted this link earlier about the adoption of sorts by Australia of Bitcoin and Crypto Currency. https://coinidol.com/can-australia-drive-bitcoin-and-fintech-development/ It will be implemented because it cannot be stopped. And its not just about "Coins" its about the technologies which are being created to offer services. Here is a nice post about traditional FIAT from https://www.gizmodo.com.au/2017/05/from-2017-bitcoin-and-other-digital-currency-will-no-longer-be-taxed-twice-in-australia/ which I thought would sit nicely here >>> Karlos53 Guest May 10, 2017, 5:25am Wow. In the 1890's before we had a national currency, banks printed up their own banknotes. They promised to take your unsafe gold and silver coins and store them securely and that bits of paper were just as good. In time they found people were gullible enough to accept it when they print butt-loads more paper money than there was in reserve to the point that in Melbourne, (unadjusted) prices for houses were as high as today! Then it crashed because yeah- there wasn't any money .. all the gold and silver had been disappeared by the banks and everyone was left holding bits of worthless paper and huge debt. The Government stepped in and passed the currency act making it illegal for anyone to print money but them. Yay. But in the 1930's, banks sidestepped this by making bigger loans than they could actually cover .. it was another way they found to print money without actually printing any - and yeah.. crashed again, so the laws were tightened to protect people from unscrupulous bankers injecting fake wealth into society.. Banks were nationalized, the value of our currency went up and it was all nice and stable until Keating deregulated the banks (go Labor) and allowed banks to print fake money in the form of credit card - 80's crashes but more foreign banks move in with more unbacked foreign fake money and now we have an 8 trillion dollar economy backed by 32 billion in printed notes - backed by 320 million in bullion. Put simply, sell all the houses in 6 of Perth's suburbs and you've taken all the printed money out of circulation - the rest is fake. The government's job was to protect us from banks 'injecting capital' (printing fake money) as the banks proudly claim to do, and they failed.. Yeah I have bitcoins, no I don't see anything wrong with owning or using foreign or crypto currency in Oz, I just want to b*tch and warn folks - when you held gold or silver coins in your hand, you OWNED the wealth. Canada recently stripped all their pure nickel coins from circulation and replaced them with nickel plated steel ones.. Get this, the nickel content was so high that $600 worth on nickel metal was being exchanged for currency with a face value of $200. And people handed it over! We did the same - our old shillings were exchanged for CuNi 10c coins.. see how this sits - if you bought a loaf of bread then it cost you a shilling. If you tucked away your shiny new 10c coin from 1966, it would take you 30 or so of them to buy a loaf today but get this, if you'd kept that shilling, it's silver value remained the same and it would still buy you a loaf of bread .. silver kept it's value, the coins - YOUR wealth, would have retained it's value rather than being nibbled away by inflation (devaluation of currency value). Yeah I know people think money is money and it doesn't matter whether it's knucklebones or seashells, but that only works within a stable economy where people all pretend it has real value. ask Venezuela what they use to buy things.. since their currency is worthless, no one in the world wants to trade so they have no food being imported, no cars, no goods - who'd sell them to them when they're going to be paid in worthless Venezuelan cash? At the moment bitcoins would have served them well.. but better would have been if their money was still made of silver or gold - at least they'd be able to trade and buy food. Title: Re: Why would anyone use a payment network based on an imaginary currency? Post by: emezh10 on May 16, 2017, 04:22:18 PM A we can see today the technology is rising very fast and as now we are starting to adopt the techonology again money the bitcoin or altcoins is a cryptocurrency that is however can be the future of money right now we are undergoing in a test so but i believe in the future it will succeed.
Title: Re: Why would anyone use a payment network based on an imaginary currency? Post by: Ayers on May 16, 2017, 04:27:05 PM I know cryptocurrencies are a real thing but can this really be implemented into our lives? Imaginary in what sense? They are backed up with a network of computers all having access to all the transactions. If anything is imaginary, it's the value of regular paper money. It's basically people in power telling you it's worth X amount and you don't even know how much of it exists while cryptos are generally transparent and decentralized. i think he mean something like this, pretty simple, i imagines to have x amount of coin and i give you this x amount for your y amount of coin, you then give me that y amount for x amount and we do a trade, we write this on paper of course, and we give them a value, other people do the same and we create an immaginary netowrk for our immaginary altcoin, but this can't work because someone could simply imagines to have an amount that does not belong to him, it's too damn easy to cheat and change the rule |