Crypto vs. Fiat

[rogerthat]

That’s interesting I wasn’t aware of the difference.

Proof of work vs proof of stake. Google it bro

 

[AvidIndoorsman]

Proof of work vs proof of stake. Google it bro

Soooo what's the difference between proof of stake and wells fargo?

 

[Wind Gypsy]

I wouldn't buy bitcoin with @SAJ-99 fiat money! I would like to buy some farm ground with it however.

I paid for half of my hunting property with crypto profits..

 

[rogerthat]

Soooo what's the difference between proof of stake and wells fargo?

Someone at Wells Fargo tells you your account is empty vs you can check the ledger to see who stole it on the block chain.

 

[AvidIndoorsman]

Someone at Wells Fargo tells you your account is empty vs you can check the ledger to see who stole it on the block chain.

Ostensibly though some sort of institution or group of maintains/maintain 51% and control the system making it kinda just a bank?

 

[rogerthat]

Ostensibly though some sort of institution or group of maintains/maintain 51% and control the system making it kinda just a bank?

But they used the buzz word decentralized!

Anyone can stake, that’s supposed to be the difference. But I definitely get what your laying down

 

[AvidIndoorsman]

But they used the buzz word decentralized!

Anyone can stake, that’s supposed to be the difference. But I definitely get what your laying down

If crypto sticks around I see that being how it works... big bank currencies, so the world's not USD it's using the JP Morgan coin.

 

[rogerthat]

If crypto sticks around I see that being how it works... big bank currencies, so the world's not USD it's using the JP Morgan coin.

For me the only attraction is that they are based on a mathematical model I can understand. Vs QE and money printing in the US dollar. Now of course the model can be changed at any time so that’s probably why I still have my savings buried in my yard and not in crypto

 

[Bam Bam]

Reserve currencies have averaged like 94-5 years historically and the USD is 99 years old so it wouldn't shock me if it gets overtaken

Portugal 1450-1530
Spain 1530-1640
Netherlands 1640-1720
France 1720-1815
UK 1815-1920
US 1921- Present

I love your chart, but why do you have the US reaching "reserve" status in 1921? Wouldn't 1944 (Breton Woods) be a more accurate date?

 

[AvidIndoorsman]

I love your chart, but why do you have the US reaching "reserve" status in 1921? Wouldn't 1944 (Breton Woods) be a more accurate date?

That's when the USD overtook the Pound.

 

[SAJ-99]

There is some comfort in having a nest egg the government can't touch...wait...WTF! Cancel that.

Feds announce seizure of $3.36 billion in bitcoin stolen a decade ago from illegal Silk Road marketplace—the second-largest crypto recovery

James Zhong, of Gainesville, Georgia, pleaded guilty Friday to wire fraud in the theft of about $3.36 billion in bitcoin from the illegal Silk Road marketplace.

www.cnbc.com

 

[Deleted member 20812]

Primers. Invest in primers. Then go hunting.

 

[Gr8bawana]

1964 is the last year precious metals were used in us coins. Bitcoin is terribly expensive and slow for transactions you should be using a different crypto. You are correct that value is only there if people value it. But I challenge your argument about this pixie dust because in reality that pixie dust is one in the same with the internet you used to make your post. Crypto is intangible, but it's no less real than the internet or even sound for that matter, these examples certainly are real and all are intangible. Crypto doesn't need fiat to be successful. Everyday hundreds of millions of transactions or maybe even more are done across all crypto to purchase goods and services privately. The only reason people buy it with fiat is because they are not paid in crypto at their jobs.
Yes people could use seashells as currency if it gained adoption, however the use and storage of such currency is limited.
We live in a digitized world, heck an overwhelming majority of U.S. money is digitalized just like that pixie dust your mention.
Lose your wallet? Tough luck. Loose your crypto wallet, no problem, enter the seed phrase on a new wallet and bam there's your money.

Are you heavily invested in crypto yourself? Or are you someone that has all the answers about something they read about on the internet, just like you wanting to invent a new big game drawing system for animals that you have never hunted?

 

[grizzly_]

I'd point out that Bitcoin is energy intensive, that's not accurate for many of the other crypto groups... such as Ethereum, for example.

That’s interesting I wasn’t aware of the difference.

No offense, but it appears you have a very strong opinion on crypto without much actual knowledge about it.

Coincidentally to our conversation, I saw this article this afternoon

Basically it says if bitcoins energy usage was a skyscraper, the usage of Ethereum after it switched to Proof of Stake is the size of a raspberry. It's no longer energy dependent and consumptive.

 

[AvidIndoorsman]

No offense, but it appears you have a very strong opinion on crypto without much actual knowledge about it.

I find it funny that crypto bros think anyone who isn’t any evangelist doesn’t understand or have “actual knowledge about it”

 

[grizzly_]

I find it funny that crypto bros think anyone who isn’t any evangelist doesn’t understand or have “actual knowledge about it”

When you don't even understand the difference between PoS and PoW, you're not an authority on crypto. Sorry.

Gain an education on a subject before forming an opinion... or at least before professing it to others. You literally have 12 posts on this thread alone and didn't even understand the electrical usage disparity between ETH and BTC... which means you don't understand the Merge, and likely don't understand staking and the $1B inflow (much of it institutional) over the last two weeks.

Taking crypto advice from somebody without even that rudimentary of an understanding would be like taking firearm advice from somebody that can't identify the difference in a rifle and a muzzleloader.

PoS / PoW is that foundational of a concept.

 

[grizzly_]

I rest my case, professor. Very classy

 

[AvidIndoorsman]

edited for being too spicy

 

[hondo208]

I wouldn't buy bitcoin with @SAJ-99 fiat money! I would like to buy some farm ground with it however.

The ROI on farm grounds will be significant in the next decade.

 

[grizzly_]

@grizzly_ also dick bag I said...


for those of us not on the spectrum that's stating that we didn't know something.

enjoy

Personal attacks of "dick bag" "on the spectrum" and two crass memes

I know all I need to know about you. Goodbye.