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 Posted: Wed Jul 19th, 2017 00:13
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MountainMan
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Bitcoin is the big one but there are actually over 600 of these cyber currencies using blockchain.  Blockchain technology as a currency is quite an interesting concept and it may be the future of electronic currency.  But it is backed by nothing.  The dollar, yuan, ruble, yen, sterling, euro, etc are at least backed by a government/nation(s) that make them legal tender.  And if you want to buy a cryptocurrency on the market, guess what, you have to use a legal tender currency.
I have to admire the folk that invented bitcoin.  They created this artificial currency out of thin air and then sold it for dollars, euro's, yuan, rubles, etc.  Brilliant.Lots of people made a lot of money dealing in cryptocurrency but it's only as valuable as the next guy is willing to pay for it.  Can you say 'Dutch tulip market bubble"?
Isn't a crypt a place of death?



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 Posted: Thu Jul 20th, 2017 07:05
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GravyBoat
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The dollar isn't backed by anything. Backed by the full faith and credit of the United States? Like I said - nothing.

At this point the Bitcoin is backed by the value of the electricity it took to data mine it, which costs literally a thousand times more than the cost of printing a thousand dollar bill.

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 Posted: Thu Jul 20th, 2017 23:45
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MountainMan
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GravyBoat wrote: The dollar isn't backed by anything. Backed by the full faith and credit of the United States? Like I said - nothing.

At this point the Bitcoin is backed by the value of the electricity it took to data mine it, which costs literally a thousand times more than the cost of printing a thousand dollar bill.
Inconviencing a few thousand electrons really isn't worth (or more costly) than a fiat government currency.  If the whole shit-house goes up in flames none of the fiat currency is worth squat, but if only half of it goes up in flames, government backed pretend money will still be worth more than computer created pretend money.I keep some silver just in case.  And some lead just in case.  And a firearm to propel the lead at deadly efficiency just in case.



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