Cryptocurrency - help me understand please.

Lets get back to it in 12-16months

 

At the same time you could just as easily have asked:

What is the value of paper money?
Or the digits in the bank account?

Because the answers there are also circular and get down to "its worth what its worth because enough people THINK/BELEIVE that its worth something"

 

But stocks have a value in that companies produce something that people value. Gold has an industrial value as well as ornamental. Crypto does not.

 

You used 2 completely different things from what i said as your counterexamples.

I said paper money, which is very specifically NOT backed by gold

And your banking digital 1s and 0s... also not backed by anything other than an article of faith in the bank itself, you can try to say the bank is backed by the government... but thats its own myth, what does it mean to be backed by the government? Just that enough people beleive that they have the right and ability to use force to make you adhere to the same things that they beleive... in the case of money in banks, what does that practically mean?

Its all a religion of faith built on nothing real.

We can further even use your counterexamples as similar cases.

Gold is worthless intrinsically. You cannot eat it, it will not keep you protected from the elements, it is no good to mate with, there are millions of species that do fine with no gold.

Stocks in a company reduces to the same.

Any item is intrinsically worth no more and no less than what 2 or more parties agree that it is worth, the agreement itself is where the value is, and that is mighty fluid depending on the entities.

The princess bride has such an excellent portrayal of this when inigo montoya corners the 6 fingered man.

Inigo Montoya: Offer me money.
Count Rugen: Yes!
Inigo Montoya: Power, too, promise me that.
Count Rugen: All that I have and more. Please...
Inigo Montoya: Offer me anything I ask for.
Count Rugen: Anything you want...
Inigo Montoya: I want my father back, you son of a *****!

You were operating from a little above the surface level when you quipped your cute jabs about crypto being useless or worthless and justifications being nothing more than circular reasoning. The problem of course is that you refused to use the same level of scrutiny on your own unjustified religious convictions about what money actually is. A medium of exchange, where others simply have to share your delusion.

 

You have alot to say there.
I realized long ago, that all of the money we make is not tangible. I often never have greenbacks. That's a scary thought if the grid crashes. That being said, money would become worthless paper if civilisation falls. Alot of people like gold incase of a cataclysm, but a pack of bottled water and food would have real value.
The point is, crypto is the worst of all forms of "value". Currency is at least long established. If it becomes worthless, we'll all have alot worse things to worry about than crypto. I don't know why you can't understand compare and contrast. If you are defending crypto (I really don't understand your motives) then convert all you paychecks or government assistance, into crypto. This is starting to feel like a reddit post. I didn't read all of you post because I'm on a 30 right now and have to eat.

 

Tl:dr

I'm waiting for better than: "I prefer THIS centralized currency, to this other decentralized currency, despite their both being complete fabrications by humans, which i understand, but pretend there is a difference"

 

Stellar XLM and Ripple XRP... Both are partnered with banks around the world and are capable of payment settlement in just 3 seconds with less than a penny in transaction fees regardless of quantity sent. They're even partnered with Moneygram and Western Union.


Banks that Ripple is currently working with while awaiting legal clarity in the U.S. :
Banco Santander
Bank Of Indonesia
Bank Of Thailand
Moneygram
Cambridge Global Holdings
SBI Holdings
BBVA Banco Bilbao Vizcaya Argentaria
SCB Siam Commercial Bank
Zip Remit
InstaRem
IndusInd
Itau Unibanco
Beetech
Woori Bank
Saudi Arabian Monetary Authority(SAMA)
Western Union
UAE Exchange
Asia MTM
LianLian International
We Make Price
Credit Agricole
IDT
Selly
Bichip
SBI Virtual Currencies
Arrington XRP Capital
RAKBANK
American Express FX Payments
TranferGo
Bexs Banco
AirWallex
Currencies Direct
IFX dlocal
Cuallix
ANZ
Westpac
Banca Intesa Sanpaolo
Macquarie Group
Natixis
Nordea
Scotiabank
Krungsri
Al Rajhi Bank
MUFG Tokyo-Mitsubishi UFJ Financial Group
SEB Skandinaviska Enskilda Banken
Akbank
Axis Bank
YES BANK
Star One Credit Union
eZforex
SBI Remit
Bank Of England
Fukui Bank
FlashFX
Star Bank
Aomori Bank
Ashikaga Bank
Awa Bank
Aeon Bank
Senshu Ikeda Bank
Iyo Bank
Oita Bank
Orix Bank
Gunma Bank
Keiyo Bank
San-In Godo Bank
Sikoku Bank
77 Bank
Shimizu Bank
Juroku Bank
Shinkin Central Bank
Shinsei Bank
Hachijuni Bank
Michinoku Bank
MHFG Mizuho Financial Group
Musashino Bank
Nomura Trust and Banking Company
Seven Bank
Sony Bank
Yachiyo Bank
Tochigi Bank
Bank of The Ryukyus
Chiba Bank
Chugoku Bank
Daishi Bank
Daiwa Next Bank
Hiroshima Bank
Hyakugo Bank
Suruga Bank
Yamaguchi Bank
Hokuriku Bank
Nishi-Nippon City Bank
North Pacific Bank
Resona Bank
Shikoku Bank
Sumitomo Mitsui Trust Bank
Toho Bank
Tsukuba Bank
Yamagata Bank
Bank of America Merrill Lynch
Bank Leumi Le-Israel
NAB National Australia Bank
BMO Bank of Montreal
Mizuho Financial Group
SHRB Shanghai Huarui Bank
Standard Chartered Bank
Bank of Yokohama
SBI Sumishin Net Bank
Barclays
ATB Financial
National Bank of Abu Dhabi
CBIC Canadian Imperial Bank of Commerce
Reisebank
UniCredit
UBS
Volante
Expertus
Temenos
Deloitte
RBC Royal Bank of Canada
DH Corporation
DBS Group
Credit Suisse
JP Morgan
OCBC Bank
HSBC The Hongkong And Shanghai Banking Corporation Limited
UOB United Overseas Bank
Singapore Exchange
TD Bank Canada
Accenture
CGI Group
Earthport
Royal Bank of Scotland
Commonwealth Bank of Australia
CBW Bank
Saldo
Rabobank
TAS Group
Yantra Financial Technologies
Cross River Bank
Fidor Bank

That coupled with BRICS I feel is the potential end to the old SWIFT payments system with its slow speeds and exorbitant fees.

 

You know when your friend or siblings would support your initial investment (they loan you the money to get started)? If these "buddy's or Chiropractors" aren't fronting the cash to prove to you it's legitimate, then just disregard the idea.

 

The printer hasn't stopped and will only gain momentum until the end.

 

The sec and central bank will do to private non governmental crypto what epa and fmcsa has done to trucking . they'll doit with the promise and ability of violence , thats to say fed agents possible military if abroad, with whatever means . My 2cents .