Cryptocurrency

[BrilloPad]

Jesus wept

Unless you can phrase things in terms of squirrels and nuts, you will not have much luck. Best to quit while you are ahead....

 

[FrontEnder]

No inherent value for something that calls itself "money" but you can't pay taxes with it.

There may well be a day when you can. The technology is in it's infancy. (although as an aside- HMRC currently treat bitcoin as a foreign currency).

The value in cryptocurrency is it's immutability. Of all the arguments in favour of cryptocurrency, this is the most compelling as to why they will replace FIAT money.

 

[ChimpMaster]

There may well be a day when you can. The technology is in it's infancy. (although as an aside- HMRC currently treat bitcoin as a foreign currency).

The value in cryptocurrency is it's immutability. Of all the arguments in favour of cryptocurrency, this is the most compelling as to why they will replace FIAT money.

Assuming you were selling your house, if someone offered to buy your house in Bitcoin or ETH today, would you sell it to them?

 

[FrontEnder]

Assuming you were selling your house, if someone offered to buy your house in Bitcoin or ETH today, would you sell it to them?

No, but that's beside the point. Maybe in 20 years the answer might be different.

(I wouldn't sell it in Moroccan Dirhams either and that most definitely is money).

 

[AtW]

There may well be a day when you can. The technology is in it's infancy. (although as an aside- HMRC currently treat bitcoin as a foreign currency).
The value in cryptocurrency is it's immutability. Of all the arguments in favour of cryptocurrency, this is the most compelling as to why they will replace FIAT money.

If USD was distributed via blockchain then it would be different thing, it's backed by 10+ aircraft strike groups, who is backing ETH, some Russian guy who created it?

"Crypto" will never replace FIAT, even for niche market of criminals it's merely a LEDGER, distributed way to record transactions without fear for money arrests, sanctions, money laundering etc, ultimately it ONLY works if "crypto" can be exchanged into real money (AKA FIAT).

When "crypto" tanks once and for all, those hard criminals will be finding "crypto" people to break their legs with a hummer.

 

[vadhert]

If USD was distributed via blockchain then it would be different thing, it's backed by 10+ aircraft strike groups, who is backing ETH, some Russian guy who created it?

"Crypto" will never replace FIAT, even for niche market of criminals it's merely a LEDGER, distributed way to record transactions without fear for money arrests, sanctions, money laundering etc, ultimately it ONLY works if "crypto" can be exchanged into real money (AKA FIAT).

When "crypto" tanks once and for all, those hard criminals will be finding "crypto" people to break their legs with a hummer.

 

[BrilloPad]

Quit while you are ahead......

 

[FrontEnder]

Ethereum doesn't exist purely to be a cryptocurrency though. It's a platform for a distributed applications - which sounds very promising if you look into it. Ether (the currency) is needed to enable apps to run on the network. So that's where the value in ether comes from.

I agree at the moment it's mostly speculation, and might is in a bubble at the moment nothing mainstream is using ethereum as a platform, but it won't be the end of it if we do see a crash. Blockchain as a technology is definitely here to stay. You sound like someone in the .com bubble saying the internet won't last becuase a load of companies went bust.

I also agree that it won't replace FIAT entirely, but I don't discount the possibility either. If you look at how quickly something like digital media has replaced analogue, I don't think it's beyond the realms of possibility for digital currency to replace FIAT currency.

 

[AtW]

 

[scooterscot]

Just placed a bet that makes £10k election wager look like pocket change.

Stellar Lumens is going to be QE'd nearly twice over tonight.