So, you've just spent the last ten years working your ass off and saving up money in hopes of buying/achieving your dream x. But all of a sudden CRYPTOCURRENCIES evaporate your wealth? All the crypto youtubers preach of the day when fiat currency becomes worthless and theres large scale adoption of, say, ETH. But what happens to the wealth that was earned in the current system? Surely, if banks go towards a digital currency, then wont the wealth that has been earned in the current system just be transferred to the future system? So for instance, if I have $10,000 then banks say, "Ok pack it up we're moving to a CBDC" wouldn't they just translate the $10,000 into a stable coin type crypto created by them or some sort of other crypto asset as to not completely KEK people who have massive skin in the game in this current system? Would the wealth in this system be transferred into the new system?
*Unless full decentralization were achieved, eliminating central banks and such. And we just move to peer to peer transacting.* in which case I'd agree to buy ETH/LINK/BTC or whatever
But, if wealth were to be transferred to the new system, what exactly is the point of investing in crypto at all right now? Seems like central bankies will just create their own shit and they'll have to build a bridge for peasants to cross over.
Idk pls help a lowly brainlet understand. thank you
well sadly youre right, govs. will just print their own stablecoin.
just buy link for the memes. thats it. invest in the memes. thats is, or just gtfo. your choice
Brayden Gomez
100k of my holdings has been sold sir!
Lincoln Long
>Brainlet here. Crypto adoption seems unlikely stopped reading there
Camden Perez
bitcoin is the only one the govts wont be in control of that is a household name
Chase Garcia
I do enjoy memes
Isaac Gomez
this. can you imagine all the fucking people that would adopt bitcoin and other cryptos if the gov't or the central banks created a digial currency and could track everybody's spending? it would 100x in a year easily.
Easton Thompson
Hmm I see. So then BTC or maybe XMR for long term plays.
Complete decentralization just seems like such a gigantic leap in the. Like going to straight to iPhones over night from pagers.
I think the idea and tech are beautiful but I think integration of something like P2P decentralization is far far far into the future. Maybe after governments fuck up somehow using digital currencies, as they did with fiat.
Matthew Cooper
>Crypto adoption seems unlikely It's literally already adopted. Whatever you want to buy, you can buy in BTC. What you're really meaning is you want more businesses to be able to "pay" employees in BTC under US Tax Code, which is exactly what it's designed to NOT do. Ultimately you can take jobs under the table as I have been for the last 5 years. All of them pay in ETH. You can do the same if you are skilled and intelligent.
>But all of a sudden CRYPTOCURRENCIES evaporate your wealth? That will never happen. As long as governments exist they will have a currency that they use. It is up to them if they want to go to a cryptocurrency, which they honestly should. I think you should drop some of the crypto youtubers you've been watching and do some reading on medium by people proposing practical transitions. Anyone who thinks the dollar will be "worthless" one day might be right, but only with the collapse of the government itself. If that happens then you have bigger problems to worry about than wealth.
>But what happens to the wealth that was earned in the current system? Surely, if banks go towards a digital currency, then wont the wealth that has been earned in the current system just be transferred to the future system? Hypothetically let's just say that what you're proposing is going to happen. Banks are using Ripple already. So you're correct, the bank you are with will likely just go straight into Ripple and there you go. Here's a list if you don't believe me publish0x.com/xrp-community/list-of-banks-using-ripple-20192010-update-xlgwkr
>Would the wealth in this system be transferred into the new system? In your hypothetical yes, but the reality is that if your government's currency collapses then you are fucked. It will go straight to zero.
For legal reasons, I must state that everything in this post is a joke.
Joseph Carter
source
Xavier Lee
No one will adopt bitcoin since it sucks to use and can't scale anyway.
Jacob Gomez
>*Unless full decentralization were achieved, eliminating central banks and such. And we just move to peer to peer transacting.* This will never happen because cryptobanks and cryptolenders are already established. I think you've missed the real point of crypto, which might have been the fault of the youtubers you are watching. The ultimate purpose of crypto is the ability to move money from on wallet to another wallet using an electronic network (the internet, intranets, etc). Thanks to crypto I can give someone in Japan 0.3 BTC to arrange a purchase of high quality tea and then ship it to me. If I tried to do this in USD then it would cost a shitload more because of exchange rates, going through tax related channels, etc. You may not realize this, but in order for me to "give" you USD it would be incredibly difficult. However because of crypto, all you need to do is post your address and I can give you money. It is ultimate freedom. Each crypto project has its own uses.
>what exactly is the point of investing in crypto at all right now? There are many reasons, but it really depends on the project. >ETH ETH to me should be the dollar of tomorrow, so I want to use ETH for everything I can. >BTC BTC is the titan of cryptos. I only move to BTC when I need to make a purchase for something that doesn't accept ETH. The reason you should "invest" in BTC is if you think BTC will be the dollar of tomorrow instead of ETH. You should also invest in it if you think it will ever go above 20,000 again. There are lots of things I could point out as to why it won't, but you should really DYOR. >Chainlink LINK is going to be huge, but not for dollar usage. You should absolutely invest in LINK because banks and financial institutions are going to want to buy the tokens ASAP. I don't think it will ever be $1,000 EOY, but it will absolutely go above $100 dollars. I don't ever plan to stake my LINK, but I do plan to sell for gains.
>Whatever you want to buy, you can buy in BTC. Except you can't dumbfuck. Only USD conversion services like bitpay are used. Everyone is getting paid in USD. There is no penetration of BTC into the economy. There is no displacement of fiat. KYS.
Jaxon Baker
>e-hentai.org/tag/artist:mizuryu kei >>retard that thinks crypto is BAD BAD BAD >There is no displacement of fiat. By nature of people using crypto, USD already is. >Everyone is getting paid in USD >bitpay Some businesses want USD instantly and that is fine, others do not. You didn't refute my point you just confirmed that anything you want to buy with BTC you can. I won't bother responding to a dumbfuck like you next post, at least try to come up with better arguments next time.
Benjamin Wilson
learn about smart contracts ya turkey
James Thomas
Blockchain will soon be a network with almost all our online networking and data storage on it. There's simply no way people are going to willingly accept government's version, even if only because it will be an inferior product. The government will have to negotiate with the other dlts for rights, but it will not be able to just put them out of business or favor. Fed coin will just be a stablecoin to pay taxes and such, it's a threat to stable coins today, but not really much else
Ayden Walker
I see. I feel like I completely misunderstood crypto then. My understanding was that it was supposed to be adopted on a massive scale by banks. But in reality, while unique projects have their uses, it's to transfer wealth efficiently and without the participation of a government oversight?
Ryder Reed
>when you pay with cash you're using bitcoin :^) Yeah, I think you need to drink bleach right now. Fucking retard who can't even greentext correctly.
Jayden Wilson
Eth isn't intended to be currency. Its Turing completeness means its inherently less secure than BTC. It's meant for executing smart contracts.
Nathan Hall
Get tf out of here with that talk, this is a stock market board. If you wanna talk about that stuff take it to the crypto general thread.
Jacob Rodriguez
>My understanding was that it was supposed to be adopted on a massive scale by banks. In a way it already is. Lots of lending institutions (if you think of them like banks) have already adopted crypto. If you're thinking of banks as more traditional ones (BoA) then they are using ripple daily to store and move assets. cointelegraph.com/news/bank-of-america-has-the-most-blockchain-patents-but-is-it-actually-going-to-use-them You should also be aware that banks are taking out massive amounts of patents on blockchain technology. >it's to transfer wealth efficiently and without the participation of a government oversight? Right, or oversight of anyone but you and your recipient. Be aware that for BTC, ETH, LINK you have a public log of transactions, but through basic obfuscation you can fairly easily move money around without issue. If you are a public figure like Stefan Molyneux then your wallet's transactions will be tracked twitter.com/neonaziwallets/status/1084506980885114883?lang=en However if you keep your wallets to yourself then no one will care.
XMR (Monero) is a crypto project that is specifically used for true untractability and anonymous wallets. However it's debatable if that's true. If you plan on doing something illegal it's better to just use cold/black wallets (wallets that cant be traced to public trading platforms and are used for one specific transaction) and buying off ebay/craigslist
I agree with you that it wasn't intended to be that way, but I believe that it will turn out that way unless there is a new better project that will happen. ETH is my preferred crypto to do anything in and more merchants are accepting ETH monthly if not weekly. cryptonews.com/guides/who-accepts-ethereum.htm ETH is going to have way more uses because of LINK. If a new project appears that is better then I will jump to it.
Ahhh. Ok I understand. Thank you for taking the time out to explain all that to a brainlet. Much appreciated.
Anthony King
Look man. Tell your fucking friends, then they will tell their friends, and so on. If all of us did that, then we will more aware users and then we exit scam. fuck.
Luke Jones
I've told anyone who would listen about BTC at 3k, and Link at .30¢. not a single sole could give a single shit about crypto that I know personally
Nolan Gutierrez
one whole PSY-OP to ease people into "e-currencies" once the e-$ roll out prepare for your shitcoints to cease to exist in one way or another
... can't say it wasn't effective, at one point i traded some shitcoin myself
I've said this before and I'll say it again, but I'll probably be shouted down for it
the only worthwhile thing about crypto is it being a store of value.
if the price is all over the place, you have constant exit scams, and people trade the currency like its some sort of IPO backed by literally nothing, then it makes it risky and not a worthwhile investment. I want a currency that I can take 100 dollars and turn it into 100 internet coins, and then use those coins to buy whatever I want. I don't want to have to worry about value tanking over 20% in a single hour. If I want to buy something to hold over time to make money I'm going to buy a stock that has real world value and just hold it.
You have essentially forced people to use digital stocks like they are money. This is why facebook is looking into making a stablecoin, Libra. They already have the FB IPO why the FUCK would they want to have to manage another?
>but muh tech, my adoption, muh whitepapers For any of this to actually pay off you would need mass adoption from normies. Ask a normal person if they care if the US dollar is backed by gold or oil. The answer is they fucking don’t, as long as it spends who gives a fuck.
until the crypto space as a whole gets this through their fucking head, crypto will forever be a fringe space full of weirdos and scammers. that’s just the brutal truth.
digital currency, or crypto currency, IS our future, they are here to stay and to improve our societies.
just look at what this pandemic did to stocks, and the holy US dollar. all this bullshit is happening because fiat is a manipulated centralized piece of shit currency, that is only good for creating wars brining famine and destroying the planet.
i'm not saying BTC will be the currency of the future, but BTC is what opened the pandoras box, it started the revolution, the silent change of our society, soon enough cryptocurrencies will force the world to change, crypto doesn't need adoption, the world will have to bend the knee, because cryptocurrency, makes the current system obsolete.
>bitcoin is a failed nuclear waste that is proven too hard to get rid of
Alot of people see the value in cryptocurrency and the impact it can have on the future of our world, if you want bitcoin dead, or cryptocurrency in general, you are actually fighting progress.
cryptocurrencies solve problems we have been stuggling with for thousands of years, problems caused by greed, the human greed.
what most fail to realize is that we made the impossible possible with cryptocurrencies we actually managed to materialize a god on this earth.
the blockchain is a god, and it will convert mankind little by little
Eli Baker
Did you read my post? I never said we should fight crypto, or that I wanted it dead.
I'm saying that if you can't have a stable coin that holds its fucking value from the time I exchange it for US dollars till I purchase something with said crypto, then it is fucking worthless. It. Is. Too. Fucking. Volatile.
Crypto is the future, but the retards who trade it like stocks are actually hurting its image, until you fags can give that up and convert to ONLY stable coins or RELATIVELY stable coins, crypto is never going anywwhere.
stable coins are pegged to fiat, you are missing the point. stable coins only exist because people like you still give value to FIAT. if you remove fiat from the equation, then BTC is a stable coin. as 1BTC = 1 BTC
Robert Rivera
This is ridiculous, no way you are convincing someone like saudis to pay for oil using bitcoin in our lifetime. You’re talking about a complete removal of all physics fiat in the world, do you understand how crazy that sounds?
Lucas Bennett
That's why Imperial is creating an inflationary currency that can be used on your phone. What comes next is a global currency and it has to be tied to other factors than debt based bubbles, like consumer spending and reforms for infrastructure.
Josiah Flores
After much thought, i think BTC will go up to 100k within this decade. Probably more in the future.
Nathan Martinez
Nonsense. Goverments will use the first chain that people have in their hands. If that chain has at least 40,000 TPS and already in thr hands of consumers, then they'll just switch to that.
Kevin Green
as crazy as the internet replacing the radio, TV and newspaper. it didn't kill them, but it made them change and adapt.
eventually fiat will be secondary, and the world, will prefer to rely on a decentralized not owned by any lobby currency.
we are still too early
Sebastian Butler
But it's not hard to send money via paypal, venmo or through a credit card, while BTC requires the end user to have a wallet and transfer their cryoto into fiat. BTC is a dinosaur and made for large transfers of wealth not small transactions .
