A question about crypto-currencies from a 12 year old

[MasterOfDisguise]

I've heard of a crypto-currency which provides a basic income for everyone but why does it have to be basic? Why can't it provide a good income for everyone? Also, will prices rise if everyone was earning a good amount of money? I am only 12 and have no knowledge of the economy but I am interested in learning about crypto-currencies.

[portice]

Stay in school and don't do drugs (too much).

[aa]

I've heard of a crypto-currency which provides a basic income for everyone

That's not what cryptocurrency is. Whatever you heard of, it's not "cryptocurrency," it's just some thing.

http://en.wikipedia.org/wiki/Bitcoin

[serje]

you can earn money with crypto but you can also lose


if you make your own altcoin and have the necessary charisma to convince people it a good altcoin then you can make a few thousand dollars in a few days

[Yakamoto]

I've heard of a crypto-currency which provides a basic income for everyone

That's not what cryptocurrency is. Whatever you heard of, it's not "cryptocurrency," it's just some thing.

http://en.wikipedia.org/wiki/Bitcoin

This.

I've heard of a crypto-currency which provides a basic income for everyone but why does it have to be basic? Why can't it provide a good income for everyone? Also, will prices rise if everyone was earning a good amount of money? I am only 12 and have no knowledge of the economy but I am interested in learning about crypto-currencies.

If everyone started using it, chances are the price would rise, or it could fall, as people would try to exchange their fiat to Bitcoin before everyone else.

It can't provide a good income for everyone because there are too few; it's more like a store of value (Literally crypto gold) as opposed to being something that's easily worked for.

Cryptos are to get us away from this system of centralization, and aren't meant to be a handout for everyone. You will work for it just as much as the rest of us.

I don't know, though, if there's another coin suitable for every-day business...

you can earn money with crypto but you can also lose


if you make your own altcoin and have the necessary charisma to convince people it a good altcoin then you can make a few thousand dollars in a few days

And once the pump and dump is done, you'll be shunned by the community as a greedy b@stard. Luckily, there's always alternate accounts!

[Lauda]

Stay in school and don't do drugs (too much).

He shouldn't be here anyways. His understanding is wrong, as expected, since he is a kid.

[MasterOfDisguise]

Stay in school and don't do drugs (too much).

He shouldn't be here anyways. His understanding is wrong, as expected, since he is a kid.

I don't think you can really say that I 'shouldn't be here'. I mean yes my understanding or crypto-currencies is 'wrong' but everyone has to start somewhere, right? I bet when you first started out your knowledge was basic.

[Yakamoto]

Stay in school and don't do drugs (too much).

He shouldn't be here anyways. His understanding is wrong, as expected, since he is a kid.

I don't think you can really say that I 'shouldn't be here'. I mean yes my understanding or crypto-currencies is 'wrong' but everyone has to start somewhere, right? I bet when you first started out your knowledge was basic.

I agree with this.

Learning shouldn't be equated with being denied access to a forum.

Mine was certainly basic, no doubt about it.

Even if he is a kid; doesn't this mean that Bitcoin's demographics are expanding, and we're getting those who decently matter into Bitcoin?

[MasterOfDisguise]

Stay in school and don't do drugs (too much).

He shouldn't be here anyways. His understanding is wrong, as expected, since he is a kid.

I don't think you can really say that I 'shouldn't be here'. I mean yes my understanding or crypto-currencies is 'wrong' but everyone has to start somewhere, right? I bet when you first started out your knowledge was basic.

I agree with this.

Learning shouldn't be equated with being denied access to a forum.

Mine was certainly basic, no doubt about it.

Even if he is a kid; doesn't this mean that Bitcoin's demographics are expanding, and we're getting those who decently matter into Bitcoin?

Exactly. I now know that it is not possible to provide a global basic income for everyone through a crypto-currency. I've learnt. I will spend a lot more time learning about crypto-currencies and doing my own research to ensure that I understand this topic properly. I heard about bitcoin through a friend and in turn I have told people about bitcoin. Awareness is spreading among ordinary people and I don't think it will be long before a crypto-currency (not necessarily bitcoin) will become widely accepted by the masses.

[Yakamoto]

Stay in school and don't do drugs (too much).

He shouldn't be here anyways. His understanding is wrong, as expected, since he is a kid.

I don't think you can really say that I 'shouldn't be here'. I mean yes my understanding or crypto-currencies is 'wrong' but everyone has to start somewhere, right? I bet when you first started out your knowledge was basic.

I agree with this.

Learning shouldn't be equated with being denied access to a forum.

Mine was certainly basic, no doubt about it.

Even if he is a kid; doesn't this mean that Bitcoin's demographics are expanding, and we're getting those who decently matter into Bitcoin?

Exactly. I now know that it is not possible to provide a global basic income for everyone through a crypto-currency. I've learnt. I will spend a lot more time learning about crypto-currencies and doing my own research to ensure that I understand this topic properly. I heard about bitcoin through a friend and in turn I have told people about bitcoin. Awareness is spreading among ordinary people and I don't think it will be long before a crypto-currency (not necessarily bitcoin) will become widely accepted by the masses.

That's good!

See everyone! Just because a kid is 12 doesn't mean he can't be intelligent!

Just make sure not to listen to FUD (Fear, Uncertantity or Distress ((Or something else, that's my abbreviation))) and always learn. I don't know Bitcoin inside and out, and you -probably- don't either. You'll always be learning, don't dwell on information you've learned in the past. Question what you read now, and ask about things based on the knowledge you have.

And props to you for telling people about Bitcoin, that's a great thing you're doing right there!

And if you ever need anything, just ask me. I'm really open in my schedule and I wouldn't mind doing things.

[MasterOfDisguise]

Stay in school and don't do drugs (too much).

He shouldn't be here anyways. His understanding is wrong, as expected, since he is a kid.

I don't think you can really say that I 'shouldn't be here'. I mean yes my understanding or crypto-currencies is 'wrong' but everyone has to start somewhere, right? I bet when you first started out your knowledge was basic.

I agree with this.

Learning shouldn't be equated with being denied access to a forum.

Mine was certainly basic, no doubt about it.

Even if he is a kid; doesn't this mean that Bitcoin's demographics are expanding, and we're getting those who decently matter into Bitcoin?

Exactly. I now know that it is not possible to provide a global basic income for everyone through a crypto-currency. I've learnt. I will spend a lot more time learning about crypto-currencies and doing my own research to ensure that I understand this topic properly. I heard about bitcoin through a friend and in turn I have told people about bitcoin. Awareness is spreading among ordinary people and I don't think it will be long before a crypto-currency (not necessarily bitcoin) will become widely accepted by the masses.

That's good!

See everyone! Just because a kid is 12 doesn't mean he can't be intelligent!

Just make sure not to listen to FUD (Fear, Uncertantity or Distress ((Or something else, that's my abbreviation))) and always learn. I don't know Bitcoin inside and out, and you -probably- don't either. You'll always be learning, don't dwell on information you've learned in the past. Question what you read now, and ask about things based on the knowledge you have.

And props to you for telling people about Bitcoin, that's a great thing you're doing right there!

And if you ever need anything, just ask me. I'm really open in my schedule and I wouldn't mind doing things.

Thanks a lot for the advice. I want to awaken the masses to the fact that there is an alternative to fiat currencies and the current monetary system. As I said, more and more people are developing distrust in the financial system and I do believe that in the near future the masses will look to crypto-currencies as a viable alternative to fiat currencies.

[Yakamoto]

Stay in school and don't do drugs (too much).

He shouldn't be here anyways. His understanding is wrong, as expected, since he is a kid.

I don't think you can really say that I 'shouldn't be here'. I mean yes my understanding or crypto-currencies is 'wrong' but everyone has to start somewhere, right? I bet when you first started out your knowledge was basic.

I agree with this.

Learning shouldn't be equated with being denied access to a forum.

Mine was certainly basic, no doubt about it.

Even if he is a kid; doesn't this mean that Bitcoin's demographics are expanding, and we're getting those who decently matter into Bitcoin?

Exactly. I now know that it is not possible to provide a global basic income for everyone through a crypto-currency. I've learnt. I will spend a lot more time learning about crypto-currencies and doing my own research to ensure that I understand this topic properly. I heard about bitcoin through a friend and in turn I have told people about bitcoin. Awareness is spreading among ordinary people and I don't think it will be long before a crypto-currency (not necessarily bitcoin) will become widely accepted by the masses.

That's good!

See everyone! Just because a kid is 12 doesn't mean he can't be intelligent!

Just make sure not to listen to FUD (Fear, Uncertantity or Distress ((Or something else, that's my abbreviation))) and always learn. I don't know Bitcoin inside and out, and you -probably- don't either. You'll always be learning, don't dwell on information you've learned in the past. Question what you read now, and ask about things based on the knowledge you have.

And props to you for telling people about Bitcoin, that's a great thing you're doing right there!

And if you ever need anything, just ask me. I'm really open in my schedule and I wouldn't mind doing things.

Thanks a lot for the advice. I want to awaken the masses to the fact that there is an alternative to fiat currencies and the current monetary system. As I said, more and more people are developing distrust in the financial system and I do believe that in the near future the masses will look to crypto-currencies as a viable alternative to fiat currencies.

You know what fiat means? Congrats! You're ahead of some (If not most) adults.

In fact, your writing style and vocabulary are very large for a 12-year-old, pointing towards the theory that Bitcoin attracts those with the better education as opposed to their peers...

I think you'll do well in this forum, you're ahead of most newbies already.

[Lauda]

Stay in school and don't do drugs (too much).

He shouldn't be here anyways. His understanding is wrong, as expected, since he is a kid.

I don't think you can really say that I 'shouldn't be here'. I mean yes my understanding or crypto-currencies is 'wrong' but everyone has to start somewhere, right? I bet when you first started out your knowledge was basic.

So a 12 year old should also be in complicated political situations, stock market and such?
You get my point.  

[MasterOfDisguise]

Stay in school and don't do drugs (too much).

He shouldn't be here anyways. His understanding is wrong, as expected, since he is a kid.

I don't think you can really say that I 'shouldn't be here'. I mean yes my understanding or crypto-currencies is 'wrong' but everyone has to start somewhere, right? I bet when you first started out your knowledge was basic.

I agree with this.

Learning shouldn't be equated with being denied access to a forum.

Mine was certainly basic, no doubt about it.

Even if he is a kid; doesn't this mean that Bitcoin's demographics are expanding, and we're getting those who decently matter into Bitcoin?

Exactly. I now know that it is not possible to provide a global basic income for everyone through a crypto-currency. I've learnt. I will spend a lot more time learning about crypto-currencies and doing my own research to ensure that I understand this topic properly. I heard about bitcoin through a friend and in turn I have told people about bitcoin. Awareness is spreading among ordinary people and I don't think it will be long before a crypto-currency (not necessarily bitcoin) will become widely accepted by the masses.

That's good!

See everyone! Just because a kid is 12 doesn't mean he can't be intelligent!

Just make sure not to listen to FUD (Fear, Uncertantity or Distress ((Or something else, that's my abbreviation))) and always learn. I don't know Bitcoin inside and out, and you -probably- don't either. You'll always be learning, don't dwell on information you've learned in the past. Question what you read now, and ask about things based on the knowledge you have.

And props to you for telling people about Bitcoin, that's a great thing you're doing right there!

And if you ever need anything, just ask me. I'm really open in my schedule and I wouldn't mind doing things.

Thanks a lot for the advice. I want to awaken the masses to the fact that there is an alternative to fiat currencies and the current monetary system. As I said, more and more people are developing distrust in the financial system and I do believe that in the near future the masses will look to crypto-currencies as a viable alternative to fiat currencies.

You know what fiat means? Congrats! You're ahead of some (If not most) adults.

In fact, your writing style and vocabulary are very large for a 12-year-old, pointing towards the theory that Bitcoin attracts those with the better education as opposed to their peers...

I think you'll do well in this forum, you're ahead of most newbies already.

From an early age I knew that there was something wrong with this system. Anyone who isn't a complete moron should be able to see that. But unfortunately most people are too stupid and ignorant to see what we see.

[Razick]

I've heard of a crypto-currency which provides a basic income for everyone but why does it have to be basic? Why can't it provide a good income for everyone? Also, will prices rise if everyone was earning a good amount of money? I am only 12 and have no knowledge of the economy but I am interested in learning about crypto-currencies.

Hi, the problem with that idea is that, although it sounds nice, money isn't actually wealth... it only represents wealth. If a currency was made to give enough money to everyone for a good lifestyle, it would be devalued over time. That's actually why prices in dollars go up over time: As the government gradually prints more money, each dollar becomes worth less. If they were to just print dollars for everyone *all* dollars would lose value and eventually become worthless. This happened to Germany during World War I. This picture picture shows kids playing with German money after the government printed so much that it was cheaper to give kids "money blocks" than to actually buy toys! One of the great things about Bitcoin is that it frees us from the current system of inflationary money. Although it would be nice to provide an income for all, to do so you either have to tax or print money (this goes for cryptocurrencies as well as fiat), both strategies do some serious harm to the economy (look up dead-weight loss from taxation and the costs of inflation if you are interested).

I am *not* saying that we shouldn't take care of the poor. I believe we should, but we have to be very careful to avoid unintended consequences.

[MasterOfDisguise]

I've heard of a crypto-currency which provides a basic income for everyone but why does it have to be basic? Why can't it provide a good income for everyone? Also, will prices rise if everyone was earning a good amount of money? I am only 12 and have no knowledge of the economy but I am interested in learning about crypto-currencies.

Hi, the problem with that idea is that, although it sounds nice, money isn't actually wealth... it only represents wealth. If a currency was made to give enough money to everyone for a good lifestyle, it would be devalued over time. That's actually why prices in dollars go up over time: As the government gradually prints more money, each dollar becomes worth less. If they were to just print dollars for everyone *all* dollars would lose value and eventually become worthless. This happened to Germany during World War I. This picture picture shows kids playing with German money after the government printed so much that it because worthless. Although it would be nice to provide an income for all, to do so you either have to tax or print money (this goes for cryptocurrencies as well as fiat), both strategies do some serious harm to the economy.

I am *not* saying that we shouldn't take care of the poor. I believe we should, but we have to be very careful to avoid unintended consequences.

How would you go about achieving this then?

[Razick]

I've heard of a crypto-currency which provides a basic income for everyone but why does it have to be basic? Why can't it provide a good income for everyone? Also, will prices rise if everyone was earning a good amount of money? I am only 12 and have no knowledge of the economy but I am interested in learning about crypto-currencies.

Hi, the problem with that idea is that, although it sounds nice, money isn't actually wealth... it only represents wealth. If a currency was made to give enough money to everyone for a good lifestyle, it would be devalued over time. That's actually why prices in dollars go up over time: As the government gradually prints more money, each dollar becomes worth less. If they were to just print dollars for everyone *all* dollars would lose value and eventually become worthless. This happened to Germany during World War I. This picture picture shows kids playing with German money after the government printed so much that it because worthless. Although it would be nice to provide an income for all, to do so you either have to tax or print money (this goes for cryptocurrencies as well as fiat), both strategies do some serious harm to the economy.

I am *not* saying that we shouldn't take care of the poor. I believe we should, but we have to be very careful to avoid unintended consequences.

How would you go about achieving this then?

There's really no way to do it without taxing unless people take personal responsibility for helping the poor, but it's important to tax as little as possible because if we tax too much (as most nations do) it creates even more poverty. One way that might work is to give welfare to anyone who falls on hard times, but require them to work in order to continue receiving benefits unless they are disabled or otherwise can't work. It sounds harsh, but if we just give anyone who doesn't feel like working a good income, then too many people won't work and *everyone* will get poorer. Eventually, who will pay?

Right now one problem we have is that (in the US) many states pay more in welfare than entry level jobs. Why work when you can get money from the government?

[Razick]

I've heard of a crypto-currency which provides a basic income for everyone

That's not what cryptocurrency is. Whatever you heard of, it's not "cryptocurrency," it's just some thing.

http://en.wikipedia.org/wiki/Bitcoin

I have heard what the OP is talking about suggested before. It's a noble concept but at some point it would result in hyperinflation.

[Yakamoto]

I've heard of a crypto-currency which provides a basic income for everyone but why does it have to be basic? Why can't it provide a good income for everyone? Also, will prices rise if everyone was earning a good amount of money? I am only 12 and have no knowledge of the economy but I am interested in learning about crypto-currencies.

Hi, the problem with that idea is that, although it sounds nice, money isn't actually wealth... it only represents wealth. If a currency was made to give enough money to everyone for a good lifestyle, it would be devalued over time. That's actually why prices in dollars go up over time: As the government gradually prints more money, each dollar becomes worth less. If they were to just print dollars for everyone *all* dollars would lose value and eventually become worthless. This happened to Germany during World War I. This picture picture shows kids playing with German money after the government printed so much that it because worthless. Although it would be nice to provide an income for all, to do so you either have to tax or print money (this goes for cryptocurrencies as well as fiat), both strategies do some serious harm to the economy.

I am *not* saying that we shouldn't take care of the poor. I believe we should, but we have to be very careful to avoid unintended consequences.

How would you go about achieving this then?

There's really no way to do it without taxing unless people take personal responsibility for helping the poor, but it's important to tax as little as possible because if we tax too much (as most nations do) it creates even more poverty. One way that might work is to give welfare to anyone who falls on hard times, but require them to work in order to continue receiving benefits unless they are disabled or otherwise can't work. It sounds harsh, but if we just give anyone who doesn't feel like working a good income, then too many people won't work and *everyone* will get poorer. Eventually, who will pay?

Right now one problem we have is that (in the US) many states pay more in welfare than entry level jobs. Why work when you can get money from the government?

So we're talking about socialism here?

Seems like it. That, or communism, but they're not the same thing. Keep that in mind.

Welfare should have a mandatory number of volunteer answers at the least, it would be better if it was enough for about 1/2 month's worth of benefits, the other had to be worked for. That would kind of encourage people to get jobs, or at least help the overall quality of things.

[paradigmflux]

Hey kiddo! Kudos to you for having the courage to post this thread.
You'll have a tough time getting coins on your own (as the initial buy-in is often the slowest phase) since you can't buy any coins directly.
I'd strongly suggest you learn as much as you can about mining, and mining pools, and consider eventually hosting your own - digital ocean provides VMs that can run mining pools for only a few dollars a month, and they give you a $10 initial trial which covers the first month or two.
How did you come to hear about cryptocurrencies, and find this forum? Are your parents involved in crypto?