Author Topic: Rise Of Cryptocurrency Transactions  (Read 530 times)

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Offline Mark 79

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Rise Of Cryptocurrency Transactions
« on: October 06, 2021, 05:15:47 AM »
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  • Offline Matthew

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    Re: Rise Of Cryptocurrency Transactions
    « Reply #1 on: October 06, 2021, 09:17:16 AM »
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  • Wow, the trend in that graphic is pretty undeniable.

    Sure, there are many cryptocurrencies, and many will be "shaken out" by the market. Just like the Dot-Com bubble of 2000 didn't prove that the whole Internet was a fad, garbage, or a flash-in-the-pan. No, it's just that 95% of the dotcom businesses without substance (without a business plan, a way to make money, economic sense) got weeded out.

    In like manner, the market will decide which cryptos are the best, and the others will slowly (or quickly) fade away, leaving only the winners.

    There is definitely a place for cryptocurrency -- money that can easily be sent around the world, across borders, without anyone's permission, totally decentralized, impossible to counterfeit or hack.
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    Offline bodeens

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    Re: Rise Of Cryptocurrency Transactions
    « Reply #2 on: October 06, 2021, 11:15:10 AM »
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  • Normal people with 0 intellectual interest in crypto understand it's a way out of the (((fiat system))) and that "being your own bank" is lucrative as a way to avoid exorbitant fees, taxation and regulation when managing and sending money.

    Seeing the push for CBDCs as an "alternative to crypto" is laughable and interestingly even average Joes can intuit that a CBDC is just a rebranding of the same corrupt system with more control. I'm really curious about how the Chinese are reacting behind the Great Firewall to the attacks on crypto in parallel with their CBDC push.
    "We dare not even start to hope until the Faith, the true Faith, and its revealed content, are secured in our minds. Only in terms of Faith do we dare to hope."

    Offline moneil

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    Re: Rise Of Cryptocurrency Transactions
    « Reply #3 on: October 06, 2021, 02:06:14 PM »
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  • I am genuinely curious about what transactions are actually made with these so called crypto currencies. 
     
    Can I buy food at a market or restaurant, or seeds and supplies to grow food at a garden shop?  Can I pay for shelter (purchase a house, rent a habitation, pay for a room or camp site while traveling)?  Can I buy land with it?  Can I arrange for transportation (purchase a vehicle or pay fare for air, rail, or water travel) with it?  Important to some people’s lists, would be if you could buy arms and ammo with it?
     
    On occasion I’ll pick up a gift card (usually REI, Jo-Ann’s, or eBay) at Safeway (Albertson’s) or Fred Meyer (Kroger) when I need fuel discount points (especially when they have a double fuel points promotion).  I’ve yet to see any crypto cards on the rack.  If I’m ordering something online (I personally prefer to trade with local businesses when possible) there are always the MasterCard and Visa options and more often than not American Express, Discover, Dinners Club, and PayPal are choices.  I’ve yet to see Bitcoin, Litecoin, or Ethereum as choices.  Likewise, I’ve NEVER seen a sign in a shop window that says NOW ACCEPTING CRYPTO.
     
    I did check the business directory at CoinPayments (referenced from the graphic in the OP).  The only enterprise “local” to me was a hemp farm in Gold Hill, Oregon, which is 492 miles away from where I live in eastern Washington.  I love hemp as a fiber that can be made into all sorts of useful things, but this business seems to put more emphasis on its “smokeable characteristics”, so they are of no use to me.  Otherwise I saw nothing in the directory that I would find useful, of value, or of interest, so I’ll assume “crypto” is pretty much USELESS to my basic needs for survival.
     
    Much is written about the instability of what is called “fiat currency”, but this asset is really backed up by the public infrastructure, the natural resources, and economic productivity of the country which issues it.  Of course, if infrastructure is allowed to deteriorate, if natural resources are depleted, if economic productivity falters, if the government over prints or over mints its currency, the currency can lose value and hyperinflation can result.  If things (infrastructure, natural resources, economic productivity) can stay in balance a national currency will have real value that the citizens can use to purchase the goods and services they need or desire.  People are pretty much able to do this now with the U.S. Dollar (or Federal Reserve Note, if you prefer), and the currencies of many other countries.
     
    What backs up Bitcoin, Litecoin, or Ethereum?  If someone purchases these with a hard asset (land, metals, guns and ammo) where are these hard assets stored to back up the value of the crypto?  In other words, if my crypto loses value where can I go to repossess the hard asset I paid to recapture my investment? … I know the answer and I’ll not be the fool to be caught by this.  If these are purchased with the so called fiat currency, how is their value any different than the actul fiat currency?  In an economic meltdown (using 2021 U.S. prices and a commodity I am very familiar with) and milk goes from $2.50 per gallon to $10.00 per gallon, I’m thinking a gallon of milk will cost me $10 per gallon regardless of if I’m paying with dollars or crypto currency.  The main difference would be that dollars will still be easier to obtain and spend than the crypto currencies.  I have land, I’ll probably be looking at buying a couple of cows at this point.
     
     

    Quote
    ... impossible to counterfeit or hack.

    I am wondering how so?

    If human civilization were to revert to a basic natural environment (i.e., the resources God originally gave us, totally “off grid”) any asset than can be traded or bartered would have to be in a physical form (so, there would have to be a “coin” or a “certificate” that represented the amount of crypto currency the bearer claimed to possess).  I am unaware of any physical asset that can’t be misrepresented or counterfeited in some way:  fools gold, fake silver, faux fur and leather, cubic zirconia posing as diamonds, low test weight barley, very high gluten wheat flour unsuitable for baking, counterfeited currency bills and coins, the list could go on indefinitely.

    Or, if “the grid” is still functional, the crypto currencies are digital assets stored and transmitted in electronic form.  While “net security” is generally very good, I don’t think it is yet impossible for a source to be hacked.  Our family farm business bank account got hacked just a week and a half ago, fortunately no funds were lost but we are having to revamp aspects of the family partnership and change some identification numbers before the bank will set up a new account and our cash becomes liquid again.  As a sidebar about the advantages of doing business locally, while our account is "locked" the bank will still issue a cashier's check to pay immediate obligations when we bring the statement in to them.  I'm thinking this kind of personal service would not be available from Bitcoin, Litecoin, or Ethereum.
     
    If someone could actually devise how to make an asset impossible to counterfeit or hack they would probably be richer than the late Steve Jobs, the late Paul Allen, the current Bill Gates, Jeff Bezos, and the entire Walton Family all put together.  I do not believe anyone has figured out how to do this yet.



    Offline Ascetik

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    Re: Rise Of Cryptocurrency Transactions
    « Reply #4 on: Yesterday at 12:41:08 PM »
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  • Crypto is not impossible to hack, all you have to do is break into someone's wallet (not easy), or a crypto exchange, which has been done plenty of times, millions in BTC have been stolen from exchanges. Crypto has massive problems with scalability as well, for Bitcoin for instance, there is the lightning network which can do a good number of transactions a day, outside of the block-chain, but it's still nothing compared to what Visa and Mastercard can do (24k transactions a second, if not more). Global or national adoption of crypto-currency as a national security-backed currency will never happen, there are too many logistical issues. It's too reliant on the grid and internet. All you'd have to do is take out 3 ISP hubs in the US and you could bring America to it's knees in seconds. Crypto would be dead in the water, and if you switched to that as national currency, no one could transact anything. With dollars, even if they're fiat, they're still backed by the security of the nation and it's assets. You could still buy things with cash. Can't do that with Crypto. Even if inflation goes high, there is still tangible reflection of value in things. Crypto doesn't have that, it's not backed by anything, it's a decentralized currency, it's only value is relative to already national security-backed currencies, like the Dollar, Euro, Ruble, Yuan, etc.

    You also have the problem with volatility, one day your crypto is worth 30k per BTC, a few weeks later is 65k, then it crashes again to 50k. No serious business could operate with such incredible fluctuations of value. Bitcoin has no value outside of it being an electronic ledger that's decentralized, outside of that it's completely worthless and wasted electricity, which drives up energy prices and computer hardware prices.

    I am in a trad-chat server that has a few fanatical crypto-currency people in it who treat it like the second coming of Our Lord and it's insane to me. They think that even in a grid-down scenario we'll use satellite and LAN ethernet cables to trade crypto with other people for things of value, which is completely delusional, it will be the last thing people will do. If they can't charge their laptops and phones and can't get on the internet, they're not going to be trading crypto. Granted, these traditionalists who treat cryptocurrency like a demi-god don't really believe that the grid will go down for any length of time or that the great chastisement will wipe out the US.

    I could go on for a long time, but even discussing this with them makes me get angry because they're so fanatically attached to it, they equate it to the invention of firearms in it's ability to change the global markets and perception of value. To me, it's highly fragile and volatile. Yes, it's nice to skirt the financial institutions, but BTC is also too complex for the average person to deal with. The only people I really know who are into it are decently technical people.

    Bitcoin is impossible to counterfeit because of the way the blockchain technology works, but that's a whole different discussion.


    Offline bodeens

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    Re: Rise Of Cryptocurrency Transactions
    « Reply #5 on: Yesterday at 12:49:06 PM »
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  • Crypto is not impossible to hack, all you have to do is break into someone's wallet (not easy), or a crypto exchange, which has been done plenty of times, millions in BTC have been stolen from exchanges. 
    How can you steal from a cold storage wallet? Common scenario is: private key on piece of paper or metal with private key etched and buried in a case underground. You do not know the location of where the private key is buried. You know the public key but how do you propose getting the private key, save some sort of quantum computing advancement (perhaps in next 5-10 years publicly, 5 years at a government level)? This is the safety of crypto.
    "We dare not even start to hope until the Faith, the true Faith, and its revealed content, are secured in our minds. Only in terms of Faith do we dare to hope."

    Offline Ascetik

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    Re: Rise Of Cryptocurrency Transactions
    « Reply #6 on: Yesterday at 12:54:35 PM »
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  • How can you steal from a cold storage wallet? Common scenario is: private key on piece of paper or metal with private key etched and buried in a case underground. You do not know the location of where the private key is buried. You know the public key but how do you propose getting the private key, save some sort of quantum computing advancement (perhaps in next 5-10 years publicly, 5 years at a government level)? This is the safety of crypto.
    Very few people keep actual cold wallets. Yes, they exist, and yes you can go to great lengths to be very cautious about your keys, but this is not the norm, nor should it be treated as such. Exchanges are the norm. Online wallets are the norm. Online password managers are the norm.

    I only know one person who keeps a cold wallet, and he doesn't even care about crypto that much, he just sees it as an investment, even the crypto fanatics I know, and I know a lot, it's practically all they talk about and their crypto is all in exchanges. They're HODLers.

    I'm not saying that it's a bad technology, I think it's interesting, but I also don't think it's healthy to obsess over it and act like it's the next best thing since sliced bread.

    Offline Miser Peccator

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    Re: Rise Of Cryptocurrency Transactions
    « Reply #7 on: Yesterday at 07:14:49 PM »
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  • Former Bush Admin, Wharton School grad, Banking Analyst, Catherine Austin Fitts explains why we must withdraw from crypto and use cash.

    She gives insider info on 9/11 and what Mr Globalist has planned for the economy.

    1 hour
    https://www.bitchute.com/video/hjfH1jeLpEC6/


     

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