NEWS: Cryptocurrency. It's coming faster than you think.

I had mentioned the implementation of Cryptocurrency some time ago here in the forum; the idea was scoffed at by many and I'm sure the posts will continue to appear the same. I knew it was only a matter of time before it came into realization.

First they ignore you, then they laugh at you, then they fight you, then you win.
- Mahatma Gandhi

First Double Token ICO is Focused on Gaming
link to article

If you end up acquiring some tokens and decide you want to secure them; here's a tutorial I made:

OP, I'm with you on cryptocurrency, namely Bitcoin. But you may as well be talking Martian to these people. They're not ready for it yet... As far as cryptocurrency is concerned, from what I can tell, most here are still in the mindset similar to those who poo-poo'ed the internet in it's early times: "What do I need the internet for, when I have a perfectly good fax machine that takes care of my every possible need."

You can lead a horse to water, but you can't make it drink.

Feeling Tangled amongst the great Blockchain and waiting upon the Fork. But, rise within the Ether and soon we'll see the Lite, hehe.

Every few months this topic pops up now and again.
So to the OP how long you been mining?
Just curious if pre 2009/2010???

As with everything, both risk and potential reward are greater for early adopters. Risk only what you can afford to lose.

Some questions around it aren't resolved yet, and there will certainly follow several steps of evolution:
https://www.extremetech.com/extreme...ore-power-than-denmark-but-help-is-on-the-way

It's not just about money anymore, which is but a contract:
https://www.ethereum.org/dao

The real battle begins when the legacy powers realize that their positions are endangered. Think they'll give them up without bloodshed?
https://cointelegraph.com/news/power-to-the-people-blockchain-replaces-government-in-europe

Nothing wrong with Cryptocurrencies in general. There are some you should avoid like the plague though

My opinion

Personally, I've got nothing against cryptocurrencies...and I'm definitely not one that's "scoffing" at you.

To me...its purely from the stance that its just too early at this stage to be "worthwhile" in adopting and using them.

When the time is "ripe" enough and it has advanced enough to the point that there's a lot of people using them, then I'm pretty sure more will follow in using it.

Think of it as "letting others do the beta testing first"....and the rest of us will reap the rewards of using it later.

(Alternatively, you can think of it as some people choosing to chase after the very best, most expensive, high-end PC hardware, while the general population chooses to use the mid-end to low-end ones...or at least until the high-end stuff becomes more affordable.)

At this current point in time, the infrastructures and government regulations are still absent or at best "gooey".

To me...I'm not in it for the "financial rewards" ("investment") anyway.

Max Hec said:

Every few months this topic pops up now and again.
So to the OP how long you been mining?
Just curious if pre 2009/2010???

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Not that long, more like 2013~

When the economy collapses, the best currency to have is ammo and canned food.

so cryptocurrency is basically nothing else than stocks...
you can have a bunch of stocks, go over any border (as they are stored online or on paper or whatever) and do the exact same thing. apart from stocks not being as easy to use for illegal stuff... which seems to be the main source of why cryptocurrencies exist. there might just be a law that forbids these things and u cant pretty much do anything against it.

Me Really Never said:

there might just be a law that forbids these things and u cant pretty much do anything against it.

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There might be a law that forbids you from having encrypted collections of bits? I wonder what the life would look like in a country with that kind of laws...

Fifth said:

There might be a law that forbids you from having encrypted collections of bits? I wonder what the life would look like in a country with that kind of laws...

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there are laws that prevent you from planting plants in your garden as well. known as marijuana. you let can every law sound stupid if you want. but forbidding cc would help a lot with fighting against crime and the funding of terrorism.

there are even laws against the hoarding of coin money.

The only real problem would be if the system ever got cracked, the people who eventually manage it wouldn't need be the recipient they could just add random transactions between random people.

Bitcoin Traders Made 700% Returns Before Losing Millions in Hack Attack

Me Really Never said:

there are laws that prevent you from planting plants in your garden as well. known as marijuana. you let can every law sound stupid if you want. but forbidding cc would help a lot with fighting against crime and the funding of terrorism.

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Well, so so. Weed is legal in California...

But if seriously - you can just as well get paid cash by your employer and then try to hide your income from the tax office. If you do that you'll break the law but it doesn't make the bills you got from your employer illegal.

All currencies in the 1st world countries are (mostly) electronic today. Payments in cash still happen but their total volume is pretty low compared to the electronic transfers. All those transfers are secure, meaning, encrypted... In that sense all our money is "cryptocurrency".
The real difference is who (or what) guarantees that this specific currency is not worthless tomorrow. For the conventional currencies it's the banking system.
What happens if you suspect your bank might go bankrupt? You'll go and take your money out and put it into another bank. If you suspect there might be a major economic crisis in your country you can sell your currency and buy some other currency you trust more. Or gold or diamonds or canned food and ammo or whatever you think is more stable and trustworthy.
On the free markets currency is controlled by supply and demand just like any other resource. The laws are there to regulate those markets. The laws are not made by the banks, they're made by the governments.
Who controls governments? Voters.

Well not exactly, that's an oversimplification ofc. In reality the governments are controlled by politicians and the politicians are controlled by banks. So yeah, it seems we might indeed have a small problem there!

Actually cryptocurrencies apart possible small consumers and future or possible small investors have two of the very strong oponent witch are mostly against.

- Governments because not existing legislation for consumers protection, security, money laundering, terrorism and most important possibility of tax evasion.

- Banks because they do not live only of interests of loan, mortgage, credit but mostly of payment transactions fees.
So they can see as a loss of income every bill paid or every transaction done with cryptocurrencies witch don't go through the bank mill.

We have fight today - banks witch are against and lobby the government and members of parliament against cryptocurrencies.
And we have few worldwide banks witch try to take things in their hands and promote cryptocurrencies and offer service to their customers in hope that they will be able to keep payment transactions and income from fees.

I think it will need years before it sits down in the right place.

Quick answer please - what makes this one better than the other 50000 cryptocurrencies that are trying to be the next big thing?

There is nothing wrong with the currency in its own, as long as people accept them as a contract. But there are reasons to warn about this bubble. First think what is really causing the value of these currencies to increase, then read about Greater Fool Theory
This is not the only place I see ppl sell this stuff, but be warned, this is a currently behaving like a chicken race. You better stop before you fall off the cliff.

We're already using a cryptocurrency called the "ped", we trust it because EU promises us that this ped currency is backed by the USD.

Whatever happens, we are confident we can convert it into US dollars.

I personally don't trust other cryptocurrencies. I don't have faith I can turn it into real dollars quickly. I also don't trust the fast moving exchange rates.

I'd have the same issues too if I was MA. I'd be accepting risky currency (say bitcoin) in exchange for my own cryptocurrency I've promised to back with the USD.

What's often lost with these currencies or those that promote it, is countries use their own central banks to value a currency based in some part 'the real GDP' of the home nation.

Trust will always be the issue with any currency, even the "promise notes" (paper bank notes) we carry around in real life.

Rick

RickEngland said:

What's often lost with these currencies or those that promote it, is countries use their own central banks to value a currency based in some part 'the real GDP' of the home nation.

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What's the real GDP of Asgardia?

aVaLON_52 said:

Not that long, more like 2013~

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Cool and bet people couldn't even get 25 bitcoins per find (mining) by then (2013).

Well it was a very different thing in early 2008 when SN contacted a few of us.
And that was just writing, no software/proof of concept yet.
Up to then no-one had done this before, all others like PE/EU's Peds were tied to fiat currency (ie.USD) or material (ie.Gold).

And before anyone posts without knowing this... a Fiat currency is legal tender with value backed within the country of, by government that issued it.

Anyways yes I was there in the beginning and when SN delivered the first version of a bit chain cypher basically btc was nothing more then intellectual study for the majority of us.
Other proofs of concept was some paypal transactions and back then a person could buy tens of thousands of btc for pennies and open a bitcoin fountains to slowly give it away to those who wanted to wait for them instead of just closing wallet and leaving those initial hundreds of thousands btc to rot.

Within a year or two there was several govt's threatened btc owners or at least people caught with btc wallets.
And I recall it was about this time that Steve Gibson and Leo Laporte did a podcast about bitcoins and a lot of gov'ts saw btc as a crime related item by then. Countries like USA, Canada, by then even China came up with laws or the gov'ts made announcements they would.
That's when many early adopters just dumped everything or gave it away.
Cause it cost nothing, was worth nothing, and it was nothing.

So now there's many BTC left trapped in the bitchain cypher without any owner and no way to recover.
I'm sure someone want's to be like Richard Pryor in Superman movies and find all those missing 1/2 pennies lol.
And yes the cypher chain has been hacked before and multiple times the entire chain gets reset when that happens and transactions are reversed, but often a lot of fiscal damage is already done and has caused some exchanges to go under in the past.

But a lot has changed since those early years back when bitcoins and mining them was nothing more then some interesting intellectual puzzle as a cryptological concept.
As time goes on and more people hammer at its insecurities, the more hardened the software and wallets become. Bitcoin was the first and the most secure, especially since all others walk in the shadow of that giant, meekly following in it's footsteps.

Gold > Country currency > Crypto currency

Oleg said:

Quick answer please - what makes this one better than the other 50000 cryptocurrencies that are trying to be the next big thing?

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The OP owns some and can't spend it anywhere useful. He is hoping someone will buy his.

Just more fake news. A classic pyramid scheme that is probably as old as the pyramids.

if Ma Want rent my machine to minning bitcoins and pay me in peds

I see win to me (like old launcher option ADS enabled , in this Minning enable and Max cpu/gpu use , Background only / or background/client active)

See what I mean, OP, when I said most here aren't even ready, much less have a clue. They still think governments and banking institutions are anti-bitcoin/cryptocurrency/blockchain, lol. Meanwhile in Japan...

Optimator said:

See what I mean, OP, when I said most here aren't even ready, much less have a clue. They still think governments and banking institutions are anti-bitcoin/cryptocurrency/blockchain, lol. Meanwhile in Japan...

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If WannaCry has taught people anything (never happens), physical currency > digital currency.


IE if you have bank notes in your wallet, you can withstand your bank falling over for a few days.

https://www.ft.com/content/ed3de3d3-5fd7-3e35-9609-71b93b1be921

If it falls over for longer than that (increasingly likely) then we will be going back to bartering for goods.

Gold, Diamonds, Rolex....

Mega said:

If WannaCry has taught people anything (never happens), physical currency > digital currency.


IE if you have bank notes in your wallet, you can withstand your bank falling over for a few days.

https://www.ft.com/content/ed3de3d3-5fd7-3e35-9609-71b93b1be921

If it falls over for longer than that (increasingly likely) then we will be going back to bartering for goods.

Gold, Diamonds, Rolex....

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Really? That's what people have learned from ransomware cyberattacks? That physical currency is better than digital currency? I would think that the lesson people and institutions should have learned would be to protect themselves from being a victim of ransomware cyberattacks in the first place. And at the very least, to back up all their important data in case they do fall prey.

And as far as I know, most people who are into digital currency also utilize physical fiat currency. So this "X currency is >>> than Y currency" I don't get. I think a lot of goldbugs - the smart ones anyway- understand the value of bitcoin and vice versa. Personally, I would rather be spending my fiat currency as opposed to burning any of my Bitcoin, Monero or Ethereum right now.

And hey, I looove gooold, diamonds and Rolexes (Oyster Perpetual DateJust ftw) as much as the next person, but if it ever comes to bartering for goods, what percent of the population is going to have gold, diamonds and jewelries laying about to trade with, much less who is even going to want any of those things in trade? And if you're talking total collapse and the apocalypse, it's gonna be all about the guns, knives and ammo (and my bitcoin cold wallet for when things get back up and running ).

Optimator said:

Really? That's what people have learned from ransomware cyberattacks? That physical currency is better than digital currency? I would think that the lesson people and institutions should have learned would be to protect themselves from being a victim of ransomware cyberattacks in the first place. And at the very least, to back up all their important data in case they do fall prey.

And as far as I know, most people who are into digital currency also utilize physical fiat currency. So this "X currency is >>> than Y currency" I don't get. I think a lot of goldbugs - the smart ones anyway- understand the value of bitcoin and vice versa. Personally, I would rather be spending my fiat currency as opposed to burning any of my Bitcoin, Monero or Ethereum right now.

And hey, I looove gooold, diamonds and Rolexes (Oyster Perpetual DateJust ftw) as much as the next person, but if it ever comes to bartering for goods, what percent of the population is going to have gold, diamonds and jewelries laying about to trade with, much less who is even going to want any of those things in trade? And if you're talking total collapse and the apocalypse, it's gonna be all about the guns, knives and ammo (and my bitcoin cold wallet for when things get back up and running ).

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I'll have to let you watch "Threads" someday. Your bitcoin cold wallet will be a lot of use to you.

Yeah, where I live most payments for the average normal citizen are made either online (e-banking) or using credit cards (the "plastic money"). Nobody uses the banknotes except people in their seventies-eighties. Who knows how things will go with the crypto-currencies, but we do know the paper bills are already fading away.

Might be different where you live but if you wanna see the future, look at the young generation--that's how the future will look like. Most people will be shopping using their cellphones and their children will read about paper bills and other curiosities of their parents barbaric past from their history books.

no one knows what the future will hold but currently it's great. i downloaded a miner software and when sleeping or not using the computer i sell my hash power and i am paid in bitcoin which i have em sent to my coinbase account. then on coinbase i can INSTANTLY sell the bitcoin i got for USD which i can then instantly transfer to my US bank account and only takes 3 business days not 60 swedish business days. in 3 days of on and off selling my hashpower i was paid .01856663 BTC which was transfered to my coinbase wallet, i was charged a 3% fee for the transfer, then i sold my BTC instantly for 49.37 USD and was charged another 1.49 fee by coinbase. then i transferred the 47.88 to my bank account and there was no fee.

basically at current mu of BTC and other crypto coins i am more then happy to participate and cashout every chance i get.

oh electric costs for those 3 days was 1.60 to 1.70 usd