Bolded text is what I am indeed seeing in this whole crypto crazy world. People who had no idea about what a bitcoin is, suddenly become expert traders who can distinguish between a good and a bad crypto coin. I've seen people losing their savings to gamble on tokens, coins and ICOs.
I'm on the train but a part of me is feeling a bit(coin) train sick. And by the way, thanks for the energy consumption insights
The ugliest truth of bitcoin is that it just isn't useful in any legal fields. Sure it's useful in black markets, but this usefulness is a ticking time bomb before laws will end this. Greed is represented here by the notion that very little people actually seem to care about this. Everyone is solely concentrated on how much higher they want to sell their bitcoins and practical usefulness is rarely asked. Most know a lot about the price of bitcoin, at the same time knowing nothing about the value of bitcoin.
Promises of easy riches will always attract the worst among people. Those who are greedy enough to desire wealth, but who are lazy and stupid enough not to actually be able to acquire it. These are the people who have a strong desire for wealth while knowing that they won't ever be able to achieve it in a productive way. They are the ones who are capable in selling their grandmother for bigger gains because they know that they probably won't get many chances in life.
My guess is that this ugly phase of the crypto world will eventually end together with bitcoin. Total crash of bitcoin would finally disillusion people from finding easy shortcuts to riches here. Only those would remain who are able to work with this market more, then with a "buy low, sell high" routine. The rest will run off to new motivational classes and marketing schemes to find new shortcuts for easy riches.
I have faith in the cryptoasset market in general, but it has to mature quicker or else it will create a big mess.
The ugliest truth of bitcoin is that it just isn't useful in any legal fields. Sure it's useful in black markets, but this usefulness is a ticking time bomb before laws will end this. Greed is represented here by the notion that very little people actually seem to care about this. Everyone are solely concentrated on how much higher they want to sell their bitcoins and practical usefulness is rarely asked. Most know a lot about the price of bitcoin, in the same time knowing nothing about the value of bitcoin.
Firstly, everything money related attracts greed and wantonness. As for usefulness; Who gives value to Fiat as a medium of exchange? - government. Who are the government? - the people. If there has to be usefulness and mass adoption for cryptocurrencies (with BTC leading into the mainstream), then all test parameters must be concluded beyond tradable asset quality. So far bitcoin hasn't survived a massive financial crisis attack or extreme devaluation. So we are still in the testing phase of a new global financial exchange system. Right now, people only care about how not to get stuck in debt when there's a way out - trading supposedly digital assets that can be exchanged relatively for fiat.
Promises of easy riches will always attract the worst among people. Those who are greedy enough to desire wealth, but who are lazy and stupid enough not to actually be able acquire it. These are the people who have strong desire for wealth, while knowing that they won't ever be able to achieve it in a productive way. They are the ones who are capable in selling their grandmother for bigger gains, because they know that they probably won't get many chances in life.
Reality isn't a thunderbolt, so being shocked at how far people can go to earn that extra buck is old news. The question therefore is, should they do it transporting illegal drugs and trafficking people? or sit at home and trade digital assets that have little or no harm currently - well other than people getting more money to engage in vices, don't see anything wrong there.
I have faith in the crypto assets market in general, but it has to mature quicker or else it will create a big mess.
The system is still young and quite too early to predict so much about the market at its current state. If there are similarities to previous systems that have failed and eventually crashed, this doesn't mean this will turn out exactly the same way, afterall, each system has its peculiar journey to make and then will learn from the entire process.
Bolded text is what I am indeed seeing in this whole crypto crazy world. People who had no idea about what a bitcoin is, suddenly become expert traders who can distinguish between a good and a bad crypto coin. I've seen people losing their savings to gamble on tokens, coins and ICOs.
I'm on the train but a part of me is feeling a bit(coin) train sick. And by the way, thanks for the energy consumption insights
The ugliest truth of bitcoin is that it just isn't useful in any legal fields. Sure it's useful in black markets, but this usefulness is a ticking time bomb before laws will end this. Greed is represented here by the notion that very little people actually seem to care about this. Everyone are solely concentrated on how much higher they want to sell their bitcoins and practical usefulness is rarely asked. Most know a lot about the price of bitcoin, in the same time knowing nothing about the value of bitcoin.
Promises of easy riches will always attract the worst among people. Those who are greedy enough to desire wealth, but who are lazy and stupid enough not to actually be able acquire it. These are the people who have strong desire for wealth, while knowing that they won't ever be able to achieve it in a productive way. They are the ones who are capable in selling their grandmother for bigger gains, because they know that they probably won't get many chances in life.
My guess is that this ugly phase of the crypto world will eventually end together with bitcoin. Total crash of bitcoin would finally disillusion people from finding easy shortcuts to riches here. Only those would remain who are able to work with this market more, then with a "buy low, sell high" routine. The rest will run off to new motivational classes and marketing schemes to find new shortcuts for easy riches.
I have faith in the cryptoasset market in general, but it has to mature quicker or else it will create a big mess.
Looks like we have a communist.
I'm a pure blooded capitalist, but with things like ethics, conscience and a sober mind. Bitcoin has little to do with the idea of capitalism, where efficiency is an important pillar. One of the most important dreams of a typical bitcoiner is wealth re-distribution. They dream that bitcoin will eventually replace central banking, putting them into position of wealth and power, so they can sit on their ass for the rest of their life, while the deflationary value of their currency will even make them richer while they're doing the sitting. To me, this reminds me the illusions that the Bolsheviks had. Talking about vanquishing the evil rich, but only thinking about re-distribution of wealth from other pockets to own pockets. Without actually thinking about the practical issues involved in running a country and drowning in the illusions of personal worth instead. As you can see, I'm not even a fan of communists..
People early involved in bitcoin weren't like this: there were - and there are still - people which believed that bitcoin - and crypto in general - could bring a better financial system, with alleviating the necessity of Tiers in financial exchanges, leading to the end of the bank oligarchy.
But I agree with you that with the financial gains, bitcoin and crypto has attracted more and more profit driven people, and some early bitcoiners have lost their initial motivation, becoming increasingly similar to "normal" rich people looking for increasing their money...
There's a fine line in business, and the weight is certainly on the side of the profit, no one wants to engage ina non-profiting venture, it may not pay in green currencies, however, it does provide certain relaxation and satisfaction of achievement. If I put a dollar in a business and get 50cents in return I am most likely going to think of something different to avoid such an outcome. Yes! crypto has encouraged profit driven people, well at least, it is giving everyone an equal opportunity and decentralising the profits.
The ugliest truth of bitcoin is that it just isn't useful in any legal fields.
What ? I... just... huh ?
Lol... don't go into a cardiac attack just yet... The guy's got a point, - 'legal'..., there are no current state or federal stamps on BTC codes acknowledging it as a medium of exchange, however, it does suit the masses to do as they please - freedom of... something.
The ugliest truth of bitcoin is that it just isn't useful in any legal fields.
What ? I... just... huh ?
Lol... don't go into a cardiac attack just yet... The guy's got a point, - 'legal'..., there are no current state or federal stamps on BTC codes acknowledging it as a medium of exchange, however, it does suit the masses to do as they please - freedom of... something.
If you want to be technical, something does not need to be acknowledged as a medium of exchange in order to create a binding legal obligation. “I agree to trade my goat for two of your sheep” is legally enforceable even if neither sheep nor goats are recognized as mediums of exchange.
Quite the contrary, the public opinion of a legal binding obligation requires judicial and legislative stamps (blue, green, red or whatever), they just have to put it into law and recognize it's function as a financial asset; and yes sheep and goats are recognized as a medium of exchange - commodity exchange.
And speaking of technical, Bitcoin has been touted as being the 'digital gold' - a form of currency or tradable asset, so there must be some binding or legal (at least from the governing body) attestation to that premise.
The ugliest truth of bitcoin is that it just isn't useful in any legal fields.
What ? I... just... huh ?
Lol... don't go into a cardiac attack just yet... The guy's got a point, - 'legal'..., there are no current state or federal stamps on BTC codes acknowledging it as a medium of exchange, however, it does suit the masses to do as they please - freedom of... something.
The main thing I pointed out with this is that bitcoin doesn't actually offer anything practical for doing business. It's not simple, secure, fast or cheap enough to be useful in practical finance. I think that the reason is that being the first, bitcoin is just the most simplistic, general and non-specialized product. New generation of cryptos are built from the ground up to solve specific practical problems and that is why they are a lot more efficient and useful.
Bitcoin was trying hard to define itself as a store of value asset. In my eyes this won't work because an asset, that's value is highly dependent on speculation, will never be a good store of value asset. This would be as moronic as to recommend pink sheets as store of value investments. Store of value needs stability and predictability the most.
I agree it is the first most simplistic, and it's quite hard for it to deviate from its original consensus plan - a store of value, peer-to-peer electronic cash system that has an in-built decentralised transaction history with high-tech-class security. Nothing more should be expected from it, other than for a scaling function to accommodate mainstream usage; because, I think that's the only thing the developers didn't factor in during the early development phase. But for stability and predictability only a centralised system can achieve such regulatory benchmark.
Lol... A single coin doesn't have the capacity to change crypto ecosystem, it's more of a r(e)volutionary trend, one crypto will trump the other only to pave way for another to outwit it. The cumulative effect is what we would someday look back and applaud.
It's a system; I don't think it's turnkey yet. I don't represent any shitcoin. I believe in
'the system' that's all. ETH and NEO are great cryptos, but without BTC there would not have been a primer to begin with.
Someone just called me and asked if I was interested in making some money by investing in bitcoiin, the Steven Seagal backed shit-thing. They got this referral program, see. We would both benefit. Their whitepaper says it will be worth a lot, even put numbers on it!
I decided to be nice to him. Said no, thanks but no thanks, it's a scam, they are using bitcoins name to lure people in. No we already have litecoin, don't need yet another bitcoin companion to join the merry band.
Didn't seem to deter him. Genuinely wish him the best of luck with this thing, but what a poor bastard.
Looks like some people tend to enjoy the easy way out of crypto... Well I hope the door doesn't hit him hard on his way out. Because if he invests in it, he's sure going to lose and not look back.
The monthly update:
It was an exhausting March. Well, anyway, I'm sure I can smell spring now. Some Satoshis have been accumulated. Let them grow, let them grow.
Have a wonderful April, WOs!
Looks so much like a cipher. I can't seem to align my brain cells to decode it, anyone willing to try?