Cryptocurrencies - neither money or assets but worthless alphanumeric characters

[fxsurfer]

Galileo Galilei once said, “All truths are easy to understand once they are discovered; the point is to discover them.” Discovering truth about cryptocurrencies (let’s just call them cryptos) and showing that they are neither money nor assets, is the goal of this article. The first step toward achieving this goal is to explain how tangible or intangible things are represented and quantified with a combination of alphanumeric characters on a paper or digital medium. After that, we will know that money or assets are entities separated from characters that represent and quantify them. Given this knowledge it will become clear why cryptos never were, nor ever will be money or assets, but worthless alphanumeric characters whose digital manifestation serves only to trick the public into the illusion that they represent and quantify some actual things. ....The rest you can read here:  https://cryptofraud.wordpress.com/

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[franky1]

bank balance is less 'value'

but if you really look deep.
art is just paint on canvas. cars ar just metal and glass. houses are just bricks and mortar
the brand pepsi is just a 5 letter word. your wife/husband is just like 3.8billion people of the same gender. water is the same as ice

but then when you stand back and look at what utility/purpose/function they have. you start to see the intrinsic value even if you cannot touch it tangeably

[DooMAD]

Anyone else getting deja vu?  Seriously, is that Galileo quote the only one you've got?  How about:

"If I were again beginning my studies, I would follow the advice of Plato and start with mathematics.
Mathematics is the language with which God has written the universe.
I do not feel obliged to believe that the same God who has endowed us with sense, reason, and intellect has intended us to forgo their use."

I'm not really with him on the whole "God" part, but mathematics is indeed the language of the universe and cryptography is mathematics.  It's precisely because of sense, reason and intellect that many of us are here.  Here because our reasoning tells us it's fiat which is pretty well renowned for tricking the public of its supposed legitimacy.  But we're not buying that myth anymore.  You're the one insisting the Sun still revolves around the Earth here.

I think Galileo would side with us on this one.  We're the ones questioning the established "truths".  

[PauloLuks]

I can take this conversation to the next level.

What if we're living in a computer simulation!?
Galileo Galilei once said, “All truths are easy to understand once they are discovered; the point is to discover them.”

The rest you can read here: https://www.theguardian.com/technology/2017/apr/22/what-if-were-living-in-a-computer-simulation-the-matrix-elon-musk

[fxsurfer]

It is a nice and practical article. But before discovering anything, it is important to have faith on it. Though cryptos are fully virtual and intangible, it might take time to be trusted. But I hope one day it will be accepted by mass people.

Why would people trust in alphanumeric characters? We trust people, not things. Things are valuated, not trusted. They are valued by their ability to provide benefit for the owner. How can you benefit from the alphanumeric characters like 0.0001 BTC or 1.5 LTC? They are neither passwords nor some secret code or text. They are not representative of legal claims like fiat currencies. They are not tangible. So how can you benefit from such items?

[FrueGreads]

It is a nice and practical article. But before discovering anything, it is important to have faith on it. Though cryptos are fully virtual and intangible, it might take time to be trusted. But I hope one day it will be accepted by mass people.

Why would people trust in alphanumeric characters? We trust people, not things. Things are valuated, not trusted. They are valued by their ability to provide benefit for the owner. How can you benefit from the alphanumeric characters like 0.0001 BTC or 1.5 LTC? They are neither passwords nor some secret code or text. They are not representative of legal claims like fiat currencies. They are not tangible. So how can you benefit from such items?

I'm sorry but you can't really trust people. There are evidences of corruption everywhere, and banks are not an exception to that.
Actually banks were created because we can't really trust people, and we start using banks in order to have a supposedly trusted entity that would make sure the transactions we were making were reliable.

Bitcoin does that for you, without the need to have a middle man. You no longer need banks to ensure that the transaction you are receiving is legit. The BTC blockchain will do that for you. You can trust math, because it set by strict rules that can be verified by anyone. The same way you can trust math, you can trust bitcoin. Trust is actually one of the big advantages of using bitcoin.

Another big advantage it that bitcoin, unlike fiat, is decentralized and not tied to any governments. Can you really trust governments? Tell that to Venezuelan citizens, or Zimbabwe citizens, or any other citizens that saw their economies depreciate because of corruption and bad decisions of their leaders. That can't happen with bitcoin, so again you can actually trust BTC more than you can trust fiat.

What gives value to fiat? The people of course. What gives value to bitcoin? Also the people.
This is the only thing they have in common.

[fxsurfer]

It is a nice and practical article. But before discovering anything, it is important to have faith on it. Though cryptos are fully virtual and intangible, it might take time to be trusted. But I hope one day it will be accepted by mass people.

Why would people trust in alphanumeric characters? We trust people, not things. Things are valuated, not trusted. They are valued by their ability to provide benefit for the owner. How can you benefit from the alphanumeric characters like 0.0001 BTC or 1.5 LTC? They are neither passwords nor some secret code or text. They are not representative of legal claims like fiat currencies. They are not tangible. So how can you benefit from such items?

I'm sorry but you can't really trust people. There are evidences of corruption everywhere, and banks are not an exception to that.
Actually banks were created because we can't really trust people, and we start using banks in order to have a supposedly trusted entity that would make sure the transactions we were making were reliable.

Bitcoin does that for you, without the need to have a middle man. You no longer need banks to ensure that the transaction you are receiving is legit. The BTC blockchain will do that for you. You can trust math, because it set by strict rules that can be verified by anyone. The same way you can trust math, you can trust bitcoin. Trust is actually one of the big advantages of using bitcoin.

Another big advantage it that bitcoin, unlike fiat, is decentralized and not tied to any governments. Can you really trust governments? Tell that to Venezuelan citizens, or Zimbabwe citizens, or any other citizens that saw their economies depreciate because of corruption and bad decisions of their leaders. That can't happen with bitcoin, so again you can actually trust BTC more than you can trust fiat.

What gives value to fiat? The people of course. What gives value to bitcoin? Also the people.
This is the only thing they have in common.

Did you read the article?

[Aleshia696]

I couldn’t agree with you on this. Cryptocurrrency is not worthless and it will be proved soon. Though the time is not being good for bitcoin but it will soon recover and hopefully will reach to the top and also feeling like you have posted this to just for spread a FUD and negativity among mass.

[fxsurfer]

I couldn’t agree with you on this. Cryptocurrrency is not worthless and it will be proved soon. Though the time is not being good for bitcoin but it will soon recover and hopefully will reach to the top and also feeling like you have posted this to just for spread a FUD and negativity among mass.

Cryptocurrencies are worthless since alphanumeric characters are worthless. Alphanumeric characters are abstractions used to indicate, signify or identify actual valuable things, but they are not valuable on their own.  Cryptocurrencies are worthless abstractions dressed up and sold as money or assets. It is only a matter of time until they collapse.

[pootutus]

If so, banknotes are also of no value. A lot of new things have just appeared when they are considered worthless, block chains are the same, and of course it is possible, but as many industries use block chain technology, encrypted money will become more and more valuable.

[BrewMaster]

good mention of Galilei here actually! the interesting thing is he was saying earth is round (just as we say bitcoin as a cryptocurrency has a lot more value than what FUDsters say) and they kept defying him and saying Galilei is wrong and earth is flat just because they didn't understand facts.

the principle is the same, the grounds are different. no matter how many facts you give some naysayers they still call bitcoin "alphanumeric characters without value"!

[fxsurfer]

If so, banknotes are also of no value. A lot of new things have just appeared when they are considered worthless, block chains are the same, and of course it is possible, but as many industries use block chain technology, encrypted money will become more and more valuable.

Banknotes are legal claims on the banks and on the property of borrowers, and legally, they are just like the utility bills for e.g.

[fxsurfer]

good mention of Galilei here actually! the interesting thing is he was saying earth is round (just as we say bitcoin as a cryptocurrency has a lot more value than what FUDsters say) and they kept defying him and saying Galilei is wrong and earth is flat just because they didn't understand facts.

the principle is the same, the grounds are different. no matter how many facts you give some naysayers they still call bitcoin "alphanumeric characters without value"!

Well, all you do is repeat the mantra: "bitcoin has value", "bitcoin has value", "bitcoin has value"... but you never provide a single shred of evidence why this is so, and explain on what basis can a bunch of characters have value.

[BrewMaster]

good mention of Galilei here actually! the interesting thing is he was saying earth is round (just as we say bitcoin as a cryptocurrency has a lot more value than what FUDsters say) and they kept defying him and saying Galilei is wrong and earth is flat just because they didn't understand facts.

the principle is the same, the grounds are different. no matter how many facts you give some naysayers they still call bitcoin "alphanumeric characters without value"!

Well, all you do is repeat the mantra: "bitcoin has value", "bitcoin has value", "bitcoin has value"... but you never provide a single shred of evidence why this is so, and explain on what basis can a bunch of characters have value.

Galilei provided evidence and reason and logic and ... over and over and they never believed him and stuck to their broken belief. sometimes there is no point arguing! and besides why should i provide you with "evidence"? it's already out there, you just have to bother to go spend some time and educate yourself. i doubt you would but if i am wrong then google Andreas Antonopoulos and read/watch his stuff.

[5ensei]

Same as data, it's just a series of 0s and 1s but when you put it together it becomes very useful. This is the new digital world and we need digital money, it is lucky that bitcoin was invented as it could have been something worse and centralised.

[DannyHamilton]

You are mistaken.

The bitcoin Blockchain is a highly secure, global, permissionless, immutable, redundant data storage.  Such a data storage system is an intrinsically valuable thing.  Bitcoin is the first such data storage storage system, and it is the most secure, and most widely used such system.

Bitcoins are a measurement of one's ability to access that storage system.  It is impossible to access that system with any currency, commodity, or asset other than bitcoins. Without any Bitcoins, one excludes one's self from having any access to that system at all.

Bitcoins have a value and a price because people desire access to that data storage system.  Access is scarce, and demand is high.  This results in a price that is currently approximately $0.00006615 per unit of access (or 15,110 units of access per $1).

[fxsurfer]

You are mistaken.

The bitcoin Blockchain is a highly secure, global, permissionless, immutable, redundant data storage.  Such a data storage system is an intrinsically valuable thing.  Bitcoin is the first such data storage storage system, and it is the most secure, and most widely used such system.

Bitcoins are a measurement of one's ability to access that storage system.  It is impossible to access that system with any currency, commodity, or asset other than bitcoins. Without any Bitcoins, one excludes one's self from having any access to that system at all.

Bitcoins have a value and a price because people desire access to that data storage system.  Access is scarce, and demand is high.  This results in a price that is currently approximately $0.00006615 per unit of access (or 15,110 units of access per $1).

Your logic is like saying that because Döttling Narcissus is the most expensive and the most secure safe in the world, a grain of sand that is put in it is worth $7,000. Why would you want to secure a grain of sand? It is worthless. Or, more importantly why would you want to pay $7,000 for it? Does a grain of sand have value because people desire access to Döttling Narcissus? Your rhetorical attempts give value to a worthless bunch of characters it is really fascinating.

[bobo012]

I would not say all of them but a good 95% are just that. They take some project and fork it, then rebrand it, and sell it to the people. Some people win some lose, fun is guaranteed.

[cryptohunter]

90% of alts will perish

only a handful of proven long term projects with real use cases will flourish

btc will be the leader for quite some time as yet though

[DannyHamilton]

Your logic is like saying that because Döttling Narcissus is the most expensive and the most secure safe in the world, a grain of sand that is put in it is worth $7,000. Why would you want to secure a grain of sand? It is worthless. Or, more importantly why would you want to pay $7,000 for it? Does a grain of sand have value because people desire access to Döttling Narcissus? Your rhetorical attempts give value to a worthless bunch of characters it is really fascinating.

You appear to be incapable of reading comprehension.

The grain of sand does not give one access to the safe.