Cryptocurrency

[Jog On]

that's clever isn't it, you can only purchase the coins using BTC or ETH.

If it looks like a pyramid, and smells like a pyramid,

Milan.

Why do you care so much?

how is this a pyramid scheme?

In a pyramid scheme, an organization compels individuals who wish to join to make a payment. In exchange, the organization promises its new members a share of the money taken from every additional member that they recruit. The directors of the organization (those at the top of the pyramid) also receive a share of these payments. For the directors, the scheme is potentially lucrative—whether or not they do any work, the organization's membership has a strong incentive to continue recruiting and funneling money to the top of the pyramid.

I don't get paid anything if you buy Bitcoin, I'm not 'recruiting' anyone and there are no 'directors' at the top who get a slice of everyone's recruitment or sales. It is an asset class that you can invest in and in some cases pay for things.

Calling it a pyramid shows such a level of ignorance I can only speculate that you are just trolling for the sake of arguing on the Internet.

[BlueSharp]

You're talking about bitcoin though. The last one won't be mined for about 100 years or so and then the transaction fees will be enough to motivate miners - also the tech will be a lot more efficient and most probably from renewable sources.

There are >2000 coins out there now and new ICOs almost every day. We are in such an early stage that it's clunky and not very efficient yet. But this is the same with everything - remember brick mobile phones? And the Internet in 1996? Or computers pre MS Windows? If you could go back and buy shares in Microsoft and Apple back then would you? How about Vodafone?

I'm shocked at the lack of innovative thinking and inability to see potential in such a game changer as blockchain and crypto - especially coming from those who are supposed to be at the forefront of technology.

Current implementations of crypto do need a lot of work and they will mature. Some coins will be huge, most will fall by the wayside, blockchain will probably become the new normal, and some of us who are learning and investing now will do very well. Others will look back and kick themselves for choosing to be too clever by half.

I'm prepared to lose a chunk of money on this and I'd rather do that than look back with regret if I'd stayed out and missed a life changing opportunity.

What problem does crypto currency solve that has not already been solved in a cheaper way?

The list of examples of companies all solved big problems and made a killing for doing it. Why is crypto any better than pay pal other than for use in the dark market?

[SeanT]

No you plank.
That's BTC and ETH being used as a unit of exchange. There's a word for that I think.

Exactly. Stop even looking at the dollar value of your pot and concentrating on increasing your holding of the big players, which seem to have a while to go up anyway.

[SeanT]

Why is crypto any better than pay pal other than for use in the dark market?

Because a balance in a PayPal account is still just a pointer to a ledger somewhere, held by a bank.

[ronkeen]

What problem does crypto currency solve that has not already been solved in a cheaper way?

The list of examples of companies all solved big problems and made a killing for doing it. Why is crypto any better than pay pal other than for use in the dark market?

Because under law all citizens have the same legal right. Therefore it is illegal for a certain entity to be printing money and forcing inflation upon the rest. Money is supposed to be democratic.

https://www.youtube.com/watch?v=EZh1-ZqffOw

[milanbenes]

No you plank.
That's BTC and ETH being used as a unit of exchange. There's a word for that I think.

yes the word is pyramid.

Milan.

[Jog On]

What problem does crypto currency solve that has not already been solved in a cheaper way?

The list of examples of companies all solved big problems and made a killing for doing it. Why is crypto any better than pay pal other than for use in the dark market?

Centralized finance, fractional reserve banking, bail ins, QE and control of money supply by corrupt parties.

Also smart contracts:

Proponents of smart contracts claim that many kinds of contractual clauses may be made partially or fully self-executing, self-enforcing, or both. The aim with smart contracts is to provide security that is superior to traditional contract law and to reduce other transaction costs associated with contracting.

[VirtualMonkey]

No you plank.
That's BTC and ETH being used as a unit of exchange. There's a word for that I think.

Not heard that in ages. Really made me laugh

[BlueSharp]

Because a balance in a PayPal account is still just a pointer to a ledger somewhere, held by a bank.

And why is that a problem and why does crypto solve it better?

Crypto is a public ledger sealed with a hash to prove authenticity. I'm not aware of this being a problem in mayor currencies or financial institutions.

[Jog On]

There's a common thread among the people bashing crypto - they don't understand it or even know why it has such a huge uptake.

Calling it a pyramid scheme and asking what problems it solves are perfect examples.

Guys go and understand WTF it's all about if you want to discuss it seriously, it's not rocket science and doesn't take long and Youtube is your friend.

There is a trend of disgruntled old men bashing crypto without understanding it. It must be hard sitting on the sidelines watching it shoot up while your SIPP and ISA snail along, especially if you're regretting not getting in sooner now you think it's too rich for your blood.

Still that's not our problem.