Crypto Currency - Who's into this?

Discussion in 'Lifestyle' started by Skins, Jul 5, 2017.

  1. Skins

    Skins Head Nigga in Charge Staff Member

    Sorry but this shit still boggles my mind. How does one go about starting a crypto currency? OK I'll start my own right now. I'll call it "Snapper Coins." They are worth $5 each. Everyone give me money and I'll sell you some.
    Mikefox likes this.
  2. tc_pattaya

    tc_pattaya Legendary Member
  3. tc_pattaya

    tc_pattaya Legendary Member
  4. ryan754326

    ryan754326 Well-Known Member

    This is what I don't understand either. What is its value really based on besides speculation and the ability to trade it for fiat currency at a given rate?
    If the entire world economy were to collapse, would anyone still be willing to trade real stuff for a crypto currency that only exists online, and was originally purchased with fiat currency?

    This is why gold and silver seem more stable to me; if everything suddenly goes to shit, at the very least I can still melt it down and make jewelry.

    By the way, I'll take a few of your snapper coins. Once the girls in Pattaya start accepting them, their value is going to the moon!
    Skins likes this.
  5. tc_pattaya

    tc_pattaya Legendary Member

    That's a good question. You could say the same thing about fiat currencies too. The US dollar isn't backed by gold anymore, it's all about the strength of the US economy and the ability of the US government to pay its debts. Crypto currencies have value as long as there are enough people who are willing to trade in it and use it for transactions. In that sense it is like software in that it will come down to features and the ecosystem of apps and services built around them. The ones that achieve critical mass will survive.

    The advantages of crypto currencies include anonymity (purchases aren't tracked), freedom from government financial policies (debt, inflation, bank seizures), and the blockchain which holds the potential to make it faster, cheaper and safer to do transactions (no more intermediaries like banks, wire services, escrow). Right now there are too many crypto currencies and it is very speculative.

  6. DonTravolta

    DonTravolta le spicy memer

    Skins and tc_pattaya like this.
  7. tc_pattaya

    tc_pattaya Legendary Member

    Coming right after the operation "Bayonet" bust of Alphabay and Hansa.
  8. Ramblin' Man

    Ramblin' Man Well-Known Member

    Doesn't answer your question per se, but this cartoon explanation clicked for me as to how it works.

  9. tc_pattaya

    tc_pattaya Legendary Member

    So apparently Floyd Mayweather is now pushing the Stox ICO...:rolleyes:

  10. ryan754326

    ryan754326 Well-Known Member

    Ghengis and wanderluster like this.
  11. Mikefox

    Mikefox Well-Known Member

    Snapper coins im in hahaha

    In the words of warren buffet I only invest in things I understand maybe have a punt but thats about it
    Skins likes this.
  12. Mikefox

    Mikefox Well-Known Member

    The whole monitary system is based on trust not just crypto your dollar or pound is just worthless paper lol

    If everything really went to shit I think who the fck would want a gold bar you would want water rice etc etc
    Skins and wanderluster like this.
  13. Skins

    Skins Head Nigga in Charge Staff Member

    Jim Rogers predicts that farmers will be the ones driving Lamborghinis in the future. Populations are exploding and people need to eat! Investing in agriculture would probably be a good idea.
  14. tc_pattaya

    tc_pattaya Legendary Member
  15. tc_pattaya

    tc_pattaya Legendary Member
  16. Monger88

    Monger88 Well-Known Member

    People are emotionally atttached to Bitcoin because it was the first prototype to come out.

    Let's look at the facts: Bitcoin can process 7 transactions per second. XRP can process 75,000...

    Most alt coins are a cheap copy of Bitcoin. Ethereum is made for smart contracts, it is NOT a digital currency.

    Only XRP and DASH have been designed as proper digital currencies.
  17. tc_pattaya

    tc_pattaya Legendary Member

  18. jspill

    jspill Well-Known Member

    So Bitcoin jumped a ton, almost at $4k

    Apparently Goldman and other big banks have started to push BTC on their clients, and CNBC is talking about it favorably whereas before they kept calling it a bubble
  19. JohnnyB

    JohnnyB Well-Known Member

    Yeah, but you could easily have a liquidity event. That's what is spooking the financial community. A few traders have been spoofing and moving the market in strange ways.

    * illegal trade orders / place and cancel to move a market either way.

    ** specifically one trader or group of traders that are throwing around hundred of millions of U$D and seemingly have an infinite bankroll.
  20. tc_pattaya

    tc_pattaya Legendary Member

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