I'm gonna post this in every /news
thread because it seems people here don't understand the most basic facts about "cryptocurrencies".
Cryptocurrencies are not always meant to function like traditional currencies. They're called currencies because they're tradeable.
A cryptocurrency (or crypto currency) is a digital asset designed to work as a medium of exchange that uses cryptography to secure its transactions, to control the creation of additional units, and to verify the transfer of assets
All that means is they're digital assets that can be traded from one party to another without the need of a middleman. It doesn't mean they are a currency meant to buy lattes and pay your friends. Some of the most interesting cryptos are ones that people will not even realize they are using.
There are many classes of coins/tokens. Which can do a lot of different things. An absurd amount of things.
Edit: Anyone who's researched the most basic facts of crypto knows that bitcoin is not private. You all are reading news from the early 2010's at this point.
- Traditional Coins: Bitcoin, Litecoin
- DAG Coins: IOTA, Raiblocks
- Supply Chain Coins: VeChain, Waltonchain, Modum
- Privacy Coins: Monero, Dash, ZCash
- Smart Contract Platforms: Ethereum, Lisk, Neo, NEM, QTUM
- Prospective Projects: EOS, Cardano
- Scams: Bitconnect
- Payment Solutions: Ripple, Stellar, Request Network, OmiseGo
- Ecosystem Payments: Chainlink, Quantstamp, BAT,
- Exchange Coins: Binance Coin, Kucoin Shares, Kyber Network, 0x
- Supercomputing: Golem, iExec
There are dozens more categories. Including things like [Credit]1
, and [Shit that's so complicated I can't even explain it]3
The key is that they are easily tradable from you to me. I can send anyone on this board crypto right now. As long I know where to send it. That crypto goes way beyond cash and currency. Some of them could represent anything. From dividend payments to debt.
Say Apple decided to come out with a coin called APPLE. That APPLE coin would distribute you profits based on how much you hold (Like a dividend). Then you could trade APPLE for GE. Without a broker.
What if you could buy a house without a title company? Or send money to your family in a foreign country with no fees?
There are millions of problems that crypto can help solve. Some of them don't require a token and just need a blockchain. Some of them CAN use a token, and that coin/token can have tremendous value.
That's what cryptocurrencies are. They're not stocks, real estate, bonds, or commodities. They're a whole new thing. They have different parameters. They act different. They have different markets.
The reason Bitcoin(BTC) and Ethereum (ETH) are so dominant is because they are the de facto trading commodity in the crypto space. Everything is CoinX/BTC or Coinx/ETH. You need these coins to get in the game. [Bitcoin is dying.]4
It's having trouble scaling and facing internal (the bcash war) and external (governments, whales) pressure. It's continued to lose market share to ETH and several new up and comers that can do even more.
Crypto is rapidly changing. People are moving away from power intensive Proof of Work protocols to Proof of Stake variations. We now have DAGs entering the fray, which have hypothetical feeless and instant transactions that could potentially power a whole new ecosystem of payments and devices.
The world of crypto is exciting and interesting. It's volitile and dangerous. But it's not a ponzi scheme. It's not a scam. There is real money being made. Real companies are embracing it. Real interesting ideas are being constructed and executed.
You have basically two choices. You can get interested and learn, or you can pretend it's not real and ignore it. The latter group has been proven repeatedly wrong. Those mistakes could possibly be fatal for certain businesses. As for the "bubble" talk. Crypto bubbles pop all the time. Bitconnect (an infamous scam) was annihilated this week. Bitcoin itself is bleeding badly and continues to lose market share. Coins like Vertcoin rocket up to the top 20 only to fall below into the 100s based on overhype and "flavor of the month" style thinking. It's complex international market that never sleeps, always surprises and is difficult to predict.
One thing is for sure. Regardless of whether you believe in crypto or not. The people calling it "all a ponzi", "tulip mania", or "drug currency". Those people are fucking morons who have done no research
. They're also incredibly abundant here. Crypto may be speculative, but you bet your ass people are going to speculate with twelve figure companies like Microsoft, IBM, Bosch are creating entire legions of personnel and resources dedicated to developing them. Each coin has a unique user base, application and potential. Some of them have serious challenges. Some of them have serious flaws. The activity in China, Korea and Japan is extraordinary. Some cities are positioning themselves to be "crypto capitals". There is even speculation that countries like China will "anoint" blockchains to be standardized and used throughout their economy. Cornering the market and dumping spectacular amounts of cash into certain coins.
The rabbit hole goes even deeper when you get into ICOs, deep chart tokens, whale manipulation, governmental relations (Chinacoin), investor theory (going beyond coin fundamentals to coin perception and marketing), taxes, complex ecosystems (ERC20 tokens), cold storage, exchange politics, and dozens of other hot topics.
I hope that clears some things up. I also suggest reading and visiting the communities behind some of the coins I've listed.
Edit: added some details and fixed some spelling. Please feel free to repost this, or correct me.
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1: *ell*b*oom.*o/ 2: www.sa*tl*nding**o*/ 3: dist**c*0*.io/ 4: https://coinmarketcap.com/charts/
Unknown links are censored to prevent spreading illicit content.
So don't act like you are fighting for a better world. GIVE ME A BREAK. You want Lambo, You want dollars, You want Pussy. You want others to pay more so that you make money, DOLLARS. Thats the only reason you are here. But guess what, there are NO MORE GREATER FOOLS LEFT ! you all got scammed by the big boys who created bitcoin so that you idiots join later and make them billions ! get out now ... Binance Flexible Savings is your Crypto savings account. Subscribe your crypto to earn interest, with the flexibility to redeem your funds at any time. Terms & restrictions apply. Crypto.com App - Earn 6.5% p.a. on BTC Earn up to 6.5% p.a. on Bitcoin (BTC) and up to 12% p.a. on Stablecoins. Get the Crypto.com App now and start earning! Sponsored. Website. tulipmaniacoin.com. Explorers. altmix ... Bitcoin is a market like no other.” The unique patterns seen in the price chart is likely because bitcoin is a new technology the like of which the world has not seen before. As such its value ... Writing on Twitter June 20, Todaro uploaded a fresh chart demonstrating Bitcoin’s considerably less ‘bubble-like’ performance compared to both the Tulip Mania and the South Sea Company in the early 1700s. He commented, People always love to compare tulip mania with only the most recent bitcoin cycle and ignore the prior decade of growth 27 people like this USD. Currencies. Cryptocurrencies. BTC Bitcoin. ETH Ether. LTC Litecoin. BCH Bitcoin Cash. BNB Binance Coin . EOS EOS. XRP XRP. XLM Lumens. LINK Chainlink. DOT Polkadot. YFI Yearn.finance. Suggested Currencies. USD US Dollar. IDR Indonesian Rupiah. TWD New Taiwan Dollar. EUR Euro. KRW South Korean Won. JPY Japanese Yen. RUB Russian Ruble. CNY Chinese Yuan. Fiat Currencies ... The first comparison can be made between Bitcoin and the Tulip Mania hundreds of years ago. In the Netherlands, rare varieties of fashionable tulip bulbs were very costly. But one day, people started to buy these bulbs at a faster rate. Some people wanted to resell them and get rich during the night, but this had a sudden end. The speculative fever around Tulips ended from one day to the other ... Nowadays, tulip mania is compared to the droves of people who joined in on the crypto-craze. During the end of 2017, Google searches for terms “tulip mania” and “tulip fever” sky-rocketed towards the peak of the hype. This is shown in the chart below:
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