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Thread: Off topic .now i know how the villigers at salem felt

  1. #1
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    Default Off topic .now i know how the villigers at salem felt

    I have been trying to understand how the Bitcoin blockchain works. I cant understand it. I wish it would go away.It is sorcery. Edwin Dirnbeck

  2. #2
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    I don't understand or perhaps grasp the uses for it? I see large crowds of people attending talks for it but I haven't put 1+1 together as to why I need it in my life.

    Sent from my SM-G950U1 using Tapatalk

  3. #3
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    What is the value basis for this?

  4. #4
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    Quote Originally Posted by im#2 View Post
    What is the value basis for this?
    There isn't any. The cryptocurrencies craze is even worse than the tulip bubble back in the 17th century - at least the tulips could be held in your hand. With no underlying value, it is pure speculation. It's kind of like the old game "hot potato". When the music stops (RE: the crypros crash), the people holding the hot potato (RE: cryptos) are going to get burned. Some of them are going to get burned bad. Look at cryptos as equivalent to the dot com craze in the 1990's, or the penny stock craze in the early 1980's - people were selling stock with zero value and even less than zero earnings potential. Those stupid enough to bite ended up getting burned.

  5. #5
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    Edwin: "Now i know how the villagers at Salem felt"...
    SLK001: "Those stupid enough to bite ended up getting burned."

    Hmmm... Who are we going to burn then? Oh woops, they hanged them at Salem.

    George

  6. #6
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    Quote Originally Posted by SLK001 View Post
    There isn't any. The cryptocurrencies craze is even worse than the tulip bubble back in the 17th century -
    agreed. However learning how the block chain works might be a worthwhile undertaking, there are lots of applications for it outside of a crypto currency fantasy
    .

  7. #7
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    3PL was the bitcoin guy.
    Andy

  8. #8
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    Quote Originally Posted by Mcgyver View Post
    agreed. However learning how the block chain works might be a worthwhile undertaking, there are lots of applications for it outside of a crypto currency fantasy
    Yes, but what are they? Must be some good uses if I see average Joe's lining up to attend talks on it?

    Sent from my SM-G950U1 using Tapatalk

  9. #9
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    Quote Originally Posted by im#2 View Post
    What is the value basis for this?
    Quote Originally Posted by SLK001 View Post
    There isn't any. The cryptocurrencies craze is even worse than the tulip bubble back in the 17th century - at least the tulips could be held in your hand. With no underlying value, it is pure speculation. ...
    That's true but it's the speculation that makes it so risky - not the lack of tangible value. Faith that others would accept it as payment is the only requirement for a currency. The US dollar has no underlying value - it's value is in the faith people have that others will accept it as payment.

    I find the craziest thing about Bitcoin is the "mining". That you can get Bitcoin by running a computer without adding any value. It's like someone paying you to climb the Empire State Building stairs to the top. 10 times. Difficult, but pointless.

  10. #10
    Join Date
    Oct 2009
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    if you can't pay a tax, government fee or a fine with it, it is not really money. what else is there to know?

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