[mushroombrew]

Great post Scout!

[Douglas.Curtis]

Originally Posted by Scout

"Here is the issue, though; true money requires intrinsic value. Cryptocurrencies have no intrinsic value. They are conjured from nothing by programmers, they are "mined" in a virtual mine created from nothing, and they have no unique aspects that make them rare or tangibly useful.

This was true when bitcoin and other proof of work (pow) coins were the only "cryptocurrency" around. As I've pointed out a few times, there are now coins which are directly tied to services of value. Baby step services they may be, their technological advances are nothing to sneeze at. Crypto is here to stay, regardless of the education of the public regarding currency and economics.

[yesum]

I hear you Scout but at this time paper currency does not really have 'intrinsic value'. The US is Trillions of dollars in debt and is the currency favorite of the world.

It is not backed by gold now. It is lacking in real value almost as much as bitcoin is. Neither is really worth anything other than the expected value placed on them by the other party in a transaction.

But yeah, most all of the coins are going to fail and soon. bitcoin is way to volatile right now to qualify as a currency to value and have trust in. It does however go up over time as opposed to say a African note where one million whatevers, is the same as a US dollar.

[Stickybred420]

the zeitgeist addendum is a great film on how federal reserves came to be and work today. lots of other good info in there too.

[englishrick]

it is physically impossible for the USA gov to print the money they have digitally created on paper and issued as ious to creditors...

they can't print it .. oh shit

bitcoin

[englishrick]

central banking vs decentralized banking

your choice

[englishrick]

have made incredible money today just from the level of Fungibility in my assets... I moved from bitcoin to ripple and hedged not only on the dollar but on bitcoin too

100% return in 24hours...and fungible it is again..an again.. .like Tarzan.. fungibility in the jungle

[bestothebest]

I am soooo mad. A week ago, I was like- wow ripple is going to skyrocket. Had a little bit of doubt and didnt buy. Now what do you know, up from 21 cents to 86. 400% increase that I missed out on. Soo pissed.

[JVonChron]

what are the tax implications on the back end if you try to cash out on these coins? I dont really trust the electronics side of the matter. if there is an emp what happens? someone can always hack the exchanges too. I just wouldnt hold savings in crypto coin, i would use it as a means to make the money and cash it out and then turn it into bullion if i wanted to hold onto it as savings. my buddy bought litecoins early this week and says he made 5k in like 2 days.

[Rubber Chicken]

Originally Posted by bestothebest

I am soooo mad. A week ago, I was like- wow ripple is going to skyrocket. Had a little bit of doubt and didnt buy. Now what do you know, up from 21 cents to 86. 400% increase that I missed out on. Soo pissed.

Whos to say it wont do the same again?