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Cryptocurrency is a crock of sh*t. (Learning opp)

Discussion in 'Investing/Trading/Cryptocurrency/Altcoins' started by bettereveryday, Sep 6, 2017.

  1. bettereveryday
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    Is it a way to make money? Absolutely, there's no denying that. You can invest in cryptocurrency and make tons.

    With that being said, that's all it is, a way for people on the internet to make money. It's all one big crock of sh*t that people have bought into (same with the US dollar, but that's a different story).

    There is literally no use for cryptocurrency, I have never seen or heard of anyone using cryptocurrency to buy anything, unless its something dark web related.

    The whole idea behind cryptocurrency was to put power in the hands of the people, to present an alternative to the Evil Mighty US Dollar.

    Funny thing is, the only reason people are investing in cryptocurrency is to make more of that Evil Mighty US Dollar. Go on any crypto site and look at how they valuate different coins, it's all in dollar signs.

    How does this crap even make sense?

    And all these crypto advocates talking about how the US Dollar will fall, crypto is here to save us , blah blah blah.....do you guys realize the implications behind what it is you are saying? And what about the hypocrisy behind such statements?

    The fall of the US Dollar would be bad for almost everybody, it's literally a reset button on civilization as we know it.

    "Well, the US Dollar has no value. It's fiat currency, blah blah"

    If the US Dollar has no value, how the f*ck does cryptocurrency have any value?
     
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  2. mike24601
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    mike24601 Consumption Bear Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    Big problem is getting your crypto back into cash when you want it. As far as I know, you can't buy a Lamborhini with crypto in most places--nor can you buy a mansion in Scottsdale. There are millions of people who are rich on paper who will be very sad one day. Crypto is like a big ol' swollen titty right now, extremely overvalued due to the hivemind buying frenzy thats been going on for the last year or so. In time it will crash like every other fad that came before it and everyone will cry like little girls. The Chinese outlawed Crypto last week, ouch.

    My beef is with those crypto-heads who smirk at everyone for using regular currency because it's fiat. What the sh*t do you think crypto is? Not fiat? All money is fiat money. Our bank accounts are literally just digits unless you hoard all your money in physical cash, gold or silver, and even then it's still fiat. Gold has value only because long ago human beings liked how shiny it was, and placed value upon it. There isn't enough gold in the world to back the amount of money that changes hands daily in our modern day global commerce system..unless you think the Rothschilds have it in their basement or something.
     
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  3. AllenCrawley
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    AllenCrawley Legendary Contributor Staff Member Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    Your lack of knowledge doesn't make it so. I've had a decent number of customers purchase my products (nothing dark web related) with Bitcoin.

    I'm sure a lively debate will now ensue.
     
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  4. Mike97
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    Are you sure? Today someone from Turkey asked me if they could pay with anything else than PayPal because they can't use PayPal, I suggested Bitcoin and he paid me with that, so I guess people are buying things with Bitcoin, this is not the first time someone asked me to use Bitcoin instead of PayPal.

    AllenCrawley said it perfectly: your lack of knowledge doesn't make it useless.

    Just think about personal computers, what were people saying about them in the 80s?
     
  5. James Fend
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    This.
     
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  6. bettereveryday
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    bettereveryday Contributor Speedway Pass

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    OK, you got me there.

    But here's the thing, all you did was mention BITCOIN.

    Has anyone paid you in eth, neo, tether, siacoin, dogecoin, or the other 1100 coins that exist in the crypto market?

    And how do you value that Bitcoin? Can you give me that answer without using a dollar sign?
     
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  7. bettereveryday
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    That's apples and oranges, your comparing personal computers to a form of digital currency. The only similarity between those two things is that they both have ( or had ) a large amount of skepticism behind them.

    That's not even logical.

    A more accurate comparison would be Sweden attempting to switch to copper currency in the 1600's, which failed.

    What makes copper different from cryptocurrency? There's a limited supply, and unlike crypto, it's something tangible.
     
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  8. bettereveryday
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    Exactly my point.

    Cryptocurrency is worthless, if not more worthless than any "fiat currency", since it's not tangible.

    It's a fad that people have bought into, which is what's giving its value.

    The technology behind crypto, the blockchain, is something that could change many industries and the way we do business, but crypto itself is literally nothing lol.
     
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  9. bettereveryday
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    Also, giving people the ability to create their own currency is dangerous. That's literally chaos, just look at coinmarketcap.com, there's fu*king 1106 different coins out there. Imagine if the dollar didn't exist, wtf would people do?

    Our current system, although flawed, works just fine. The US Dollar is here to stay, and I have good Ol Uncle Sam backing me on this one.
     
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  10. MJ DeMarco
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    MJ DeMarco Raving Lunatic Staff Member Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    @bettereveryday -- is there a reason why you have 2 accounts and your IP is not from the location you claim?
     
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  11. jon.a
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    jon.a Legendary Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR

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    I don't like bitcoin either but I'm not starting a f*cking war over it.
    What's really going on here?
     
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  12. AllenCrawley
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    Well since it converts to dollars right away...
     
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  13. bettereveryday
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    Yes, there is. You could've just messaged me though rather than doing it on a thread where we are having a discussion about cryptocurrency. Or just ban my account if its that big of an issue.

    "My house, my rules..". Yeah OK, I understand.

    And it's not a war man, just a passionate discussion.

    Since when did entrepreneurs become more sensitive than artists
     
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  14. bettereveryday
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    So if it converts to dollars then what's the point of having cryptocurrency to begin with?

    Or, do you believe the dollar is worthless? If the dollar is worthless, then that would make crypto worthless too.

    So its either;

    A. Worthless

    or

    B. Worthless
     
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  15. jon.a
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    Why?
     
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  16. MJ DeMarco
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    Yea, DC is about as trustworthy as a heroin addict in a cut house.

    Then use your other account, the one which identifies your location. Anonymity is fine, but anonymity/deception while creating a thread that is designed to be trollish and flaming, uh, no. (And BTW, I have no skin in the crypto game, real or BS)
     
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  17. kelvinfernandezm
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    kelvinfernandezm Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED

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    Let me guess you lost money on your crypto investments?

    On Monday the Chinese government did not ban cryptocurrencies only ICOs. (initial coin offerings) that companies use to raise money to make the coin. Once the news made it to the public everyone started freaking out and dumped all their coins. That made every coin drop down in price. Bitcoin the top dog dived almost $1k in a day. But now they are starting their climb back up. This is not the first time it happens either. I think this guy was one that sold them when they were floored.

    There's this guy that has an online store that only sells through bitcoins. His first year he made a profit of $2 million. He sold 400,000 alectronic appliances in one year. The reason because for some people from India and China find it cheaper than buying the marked up prices of the mom and pops stores. Also because they don't have credit/debit cards or PayPal so it's easier to pay with bitcoins.

    Regarding the smaller coins yes there are too many of them. Most of them are useless or scams. The bubble will pop in a few years and they will all be gone. But people do use other coins other than Bitcoin. As it is right now Bitcoin is too slow to process and is not anonymous. Other coins are faster to send and anonymous and people use them a lot.

    Also you can cash out your coins at any time through the exchanges. From the exchange to your bank account. Of course you have to pay taxes on it.

    Crypto is here to stay is the future and governments will get in eventually. A small country called Estonia is rolling out there own crypto coin soon.
     
    Last edited: Sep 6, 2017
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  18. bettereveryday
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    Sorry, wasn't my intentions. And I'm not trying to troll or frame, just start a discussion and try to get the other side to prove me wrong, and so far nothing convincing has been said...

    And yes, you're right, DC is about as trustworthy as a heroin addict in a cut house.

    But with that being said, that same DC still helps ( sometimes terribly, but it still manages to work) cultivate a system/environment that allows people to succeed, become an entrepreneur, and become wealthy. I mean, look at where you're at right?

    My uncle (actual real uncle lol) came into this country without knowing a lick of English and became a millionaire. Only in America, man.

    Even with all his flaws, Uncle Sam is still the best Uncle compared to all the other Uncles around the world.
     
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  19. ApeRunner
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    I am ignorant about cryptocurrency. But I really don't undestand/thrust all the hype around it.
     
  20. bettereveryday
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    The moment cryptocurrency becomes a threat to National Governments and their currencies its over.

    OR, maybe you'll get what you want, which is society and the US dollar collapsing and we start all over. Be careful what you wish for..
     
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  21. ZeroTo100
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    The entire reason for cryptocurrency is to avoid governments, country borders, middlemen, extra transaction costs, while improving security and avoiding forgery. This happens everyday with paper currency, we just don't hear about it. There's also the entire ICO thing.

    I don't hold any cryptos but I do find the entire crypto world facinating. Apparently Floyed Mayweather and Paris Hilton getting in on the ICO and are now making it cool to invest it in...That means dumb money on the way which is what those who have skin in the game are waiting for.

    Lastly, I personally think that if you hold any other currency's such as euros, etc it's ok to hold some bitcoin. Bitcoin is not going anywhere! Maybe ICOs go, maybe some of these other currency's get swept away but I truly believe it will be more accepted over world and it's here to stay.

    PS...I hope that you're an honest fella and you're here for the right reasons. From your posts, it seems like you have an emotional connection to crypto. I'm hoping you weren't burned but bashing them here like a shorty would isn't the way to go about it. There will always be an entry point to get back in the game.
     
  22. bettereveryday
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    The value of cryptocurrency comes from it's hype, nothing else.

    The idea was, since the dollar is in the control of the few and powerful, and since its inherently worthless, cryptocurrency would come along and change all of that.

    But really all it did was provide another avenue for people to make that dollar that crypto was created to eradicate.

    That's all it is, 99% of people don't give a f*ck about crypto or the philosophy or idea behind it, they just want to make money.
     
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  23. MJ DeMarco
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    Did you read the other thread?

    GOLD - Web 3.0 (Ethereum) is happening, and most people have no idea what it even is.

    Many people posited reasons and positives for the currency. That thread is 20+ pages long with many detractors and skeptics. I even voiced my skepticism.

    I'm not sure we need another.
     
  24. biophase
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    Jeez you say it's a passionate discussion but it sounds more like you are yelling.

    Why do we buy stocks if they convert to dollars? What good is having 1 share of Tesla if you can't correlate it to dollars.

    Why do I change my usd to another currency when I go to a different country?

    Your argument makes absolutely no sense.
     
  25. bettereveryday
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    I'm not disagreeing with what you've said, you're right.

    But people are not using crypto for its intended use, they are using it as a way to invest and make money. It's become just like stocks, except it's supposed to be currency.

    And I have no emotional connection to crypto, I do however have an emotional connection to the US dollar and money in general though lol. I believe in the US Dollar, and I believe in capitalism and enlightened self interest.

    If my US Dollar is worthless, then how isn't crypto worthless?

    I also agree Bitcoin is here to stay, but how many business owners and entrepreneurs on this forum are willing to take dogecoin as a form of payment rather than USD?
     
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