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Author Topic: why I think cryptocurrency market is a fake  (Read 5967 times)
chaosknight
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November 10, 2014, 04:27:29 AM
 #21

your username seems more fake (ponzinomics)
cryptocurrency is future
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November 10, 2014, 04:35:22 AM
 #22

Thank you for your comments. What I wanted to state is, despite I love the idea, I am not that sure that is going to be the right context to carried it out in the medium term, and that the future of cryptos depends, no just on themselves, but ALSO on what "we will be allowed to do" or "what context we find".

I will revisit the links again with more time. And obviously I miss more debate on the context of cryptos and where they fit regarding the rest of the world.
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November 10, 2014, 04:50:42 AM
 #23

your username seems more fake (ponzinomics)
cryptocurrency is future

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

I am not saying stop doing bitcoin, I am saying, eih, heads up, be careful about the world around just in case we are being puppets. Maybe at some point we should be revolting in order to have a bitcoin society. (as certain conditions are needed).
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November 10, 2014, 04:51:41 AM
 #24

This is posted by just registered account for discrediting Bitcoin, despise you.  Angry

/done/.
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November 10, 2014, 04:57:52 AM
 #25

This is posted by just registered account for discrediting Bitcoin, despise you.  Angry

yes, just registered and out of crypto world. But where else is this debate? You all take for granted that bitcoin will be the only currency and everything else will disappear.  Huh

I did not say cryptos are bad (I advocate the idea), I said that I have many concerns about current market and current context. Anb this is why I am not yet involved.
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November 10, 2014, 05:33:37 AM
 #26

My academics is an industrial engineer despite I worked 15 years as IT dev and arch in finance. However, I realise you do not understand the context of cryptocurrencies.
Obviously I'm the one who does not understand the context of them, while you're the one named 'ponzinomics'. Yeah keep up with the paranoia. The market is a real scary thing.  Roll Eyes


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November 10, 2014, 05:35:57 AM
 #27

Obviously I'm the one who does not understand the context of them, while you're the one named 'ponzinomics'. Yeah keep up with the paranoia. The market is a real scary thing.  Roll Eyes

Hey man, is not so difficult to understand that is a sarcasm for ponzi (scheme) - economics which is what we have in the mainstream today.
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November 10, 2014, 05:40:11 AM
 #28

Its satoshi first of all and second u wont understand because its like a chess game and bitcoin is 4 steps ahead of u... U need to step back and see trends of decisions by smart ppl

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November 10, 2014, 05:51:21 AM
 #29

Either you are a skeptical person, or you got burned from the business.
Back when I was in it only for profit, I've gained quite a sum of money and have been passively involved ever since.
Bitcoin is at least fun to play with.  Cheesy


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November 10, 2014, 05:55:04 AM
 #30

Its satoshi first of all and second u wont understand because its like a chess game and bitcoin is 4 steps ahead of u... U need to step back and see trends of decisions by smart ppl

ok, now the arguments please. Other than faith.

Mine are: Asia can create a gold backed reserve currency forcing world governments to do the same, decoupling people's currencies from government's currency. Everybody will want to work for government to get paid in hard currency and cryptos will be the currency of poor people. As long as governments, gold and oil do not disappear, and you do not revolve, cryptos will be the currency of poor people.

Where are your arguments please?

I really miss critical thinking. Austrian economics, the foundation of cryptos, is based on rationalism. Are not there any Austrians involved in bitcoin? I am not skeptical, I think critically. Anything wrong with that? or is better to be a sheep?

Where is the battle of ideas in the crypto world beyond pure implementation? Why they are not showing it to you?
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November 10, 2014, 06:23:18 AM
 #31

^ Understand Bitcoin is a Commodity, like gold and oil. It's also a "finite commodity" and we know exactly how much there will be and when it will all be mined. Bitcoin is a Scarce Object rarer than gold or diamonds.

http://web.archive.org/web/20070618142414/http://szabo.best.vwh.net/scarce.html

Listen: meat beat manifesto ~ Edge of no control (pt.1)
Read:"He who controls the past controls the future. He who controls the present controls the past." ~ George Orwell
Think: http://unenumerated.blogspot.com/2014/12/the-dawn-of-trustworthy-computing.html
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November 10, 2014, 06:44:35 AM
 #32

^ Understand Bitcoin is a Commodity, like gold and oil. It's also a "finite commodity" and we know exactly how much there will be and when it will all be mined. Bitcoin is a Scarce Object rarer than gold or diamonds.

http://web.archive.org/web/20070618142414/http://szabo.best.vwh.net/scarce.html


I aware of it...

Suppose now that you have governments trading with a gold backed currency. And government companies trading internationally with the same currencies. And a whole set of government patronage networks of friend companies, influences and privileged connections trading with the same gold backed currency.

And, on the other hand, you have separated individuals in the open market, trading in cryptocurrencies and bitcoin.

If you want to sell your flat, who would you sell a flat to? Which of both sub-systems has more purchasing power? Who will own the law and the resources? What would dream any guy going to university working for, the bitcoin market or the government-network?

I am not defending any specific position (despite I have one) because I miss data, we do not have enough data to forecast the future. What I state is that, this debate is unexistant. This battle of ideas was existing 60 years ago, but today, at the implementation stage, the battle of ideas is missing. Have we become dumber? Huh

you are working in an austrian idea and thinking as keynesians. Why are not crypto companies evangelizing on this?  Huh (because they are funded by keynesian money)
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November 10, 2014, 07:04:26 AM
 #33

“Keynesian” economists, have sold to the public a “quasi-doctrine” which teaches, in effect, that “less is more” or that (in other words) “bad money is better than good money”

Please read the "shelling out" paper.....

Listen: meat beat manifesto ~ Edge of no control (pt.1)
Read:"He who controls the past controls the future. He who controls the present controls the past." ~ George Orwell
Think: http://unenumerated.blogspot.com/2014/12/the-dawn-of-trustworthy-computing.html
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November 10, 2014, 08:37:50 AM
 #34

OP only need to answer one simple question: In current system, WHO get the OWNERSHIP of newly created money?

If you understand the importance of this question, all the rest will be sorted out

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November 10, 2014, 09:24:29 AM
 #35

“Keynesian” economists, have sold to the public a “quasi-doctrine” which teaches, in effect, that “less is more” or that (in other words) “bad money is better than good money”

Please read the "shelling out" paper.....

yes, for keynesians, credit = growth (= debt)

the bigger the debts of the people, the more the country ... "growths"

obviously keynesianism is a scam, but nobody speaks about it, just, "we need growth" = more debt slaves

but i am not sure that cryptocurrencies can face, by themselves, a future government gold backed reserve currency.... unless some other conditions are met, e.g. gold backed cryptocurrencies, no government money, gold government money vs gold people's money+criptocurrencies....

Tomorrow I will read the papers. But, really, you do not need to understand the details of bitcoin (been following about 2 years already but not in detail) to understand how it can fit. If fact, they are a bit different areas and no one is opening the old coexisting monetary systems (and more) debate. I was expecting this from crypto providers but..... they do not seems to be interested.  Cry

And, what happens with Russia, USA, China, EU, the gold, the oil, the gas...... matters a lot for future of cryptos. They are not standalone.
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November 10, 2014, 09:37:12 AM
 #36

read trilema.com Grin

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November 10, 2014, 09:38:53 AM
 #37

read trilema.com Grin

i read road to serfdom 10 years ago for the first time
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November 10, 2014, 03:00:15 PM
 #38

I think it's 'fake' in retrospect....but you can't say it's fake in real world impact or economic terms (moreso for individuals like us vs. businesses for now at least).

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November 10, 2014, 03:48:22 PM
 #39

What's the point of making another gold-backed currency, after all the major countries stopped having that?

https://forum.bitcoin.com/
New censorship-free forum by Roger Ver. Try it out.
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November 10, 2014, 04:04:44 PM
 #40

What's the point of making another gold-backed currency, after all the major countries stopped having that?

Backing currencies with physical things isn't the way to go in this day and age. I think btc is a perfect example of the future of currency though.
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