Quote (Lancet_Jade @ 3 Dec 2017 20:53)
Cryptocurerncies are digital and cannot be counterfeited or reversed arbitrarily by the sender, as with credit card charge-backs.
But it still have no control over it, so anyone can fool anyone, and have no rights or state protection against fraud. I would rather run the risk of counterfit money than run the risk of not having any rights to anything. Trust breeds trust, but there must be an institution that keeps trustworthy people safe. Not criminal bastards.
Quote (Lancet_Jade @ 3 Dec 2017 20:53)
When you give your credit card to a merchant, you give him or her access to your full credit line, even if the transaction is for a small amount. Credit cards operate on a “pull” basis, where the store initiates the payment and pulls the designated amount from your account. Cryptocurrency use a “push” mechanism that allows the cryptocurrency holder to send exactly what he or she wants to the merchant or recipient with no further information.
^^ Same points as above goes here. Anyone can trick anyone, not send their shit, and get jacked.
Quote (Lancet_Jade @ 3 Dec 2017 20:53)
Access to Everyone: There are approximately 2.2 billion individuals with access to the Internet or mobile phones who don’t currently have access to traditional exchange systems. These individuals are primed for the Crytocurrency market. Kenya’s M-PESA system, a mobile phone-based money transfer and micros financing service recently announced a bitcoin device, with one in three Kenyans now owning a bitcoin wallet
Yeah well, but people need to make themselves worthy of trust. You can't just open everything to everyone, it will be the same as the wild west all over. Capitalism in it's purest form, and it usually leads to lots of fraud and bullshit. "Survival of the fittest". Are we animals or human beings? I would rather have control than no control.
Quote (Lancet_Jade @ 3 Dec 2017 20:53)
Lower Fees: There aren’t usually transaction fees for cryptocurrency exchanges because the miners are compensated by the network (Side note: This is the case for now). Even though there’s no bitcoin/cryptocurrency transaction fee, many expect that most users will engage a third-party service, such as Coinbase, creating and maintaining their own bitcoin wallets. These services act like Paypal does for cash or credit card users, providing the online exchange system for bitcoin, and as such, they’re likely to charge fees. It’s interesting to note that Paypal does not accept or transfer bitcoins.
So now you need a 3rd party service, so you're back to square 1 again. Someone needs to get paid to transfer bitcoin to money and shit like that. So what's the point?
Quote (Lancet_Jade @ 3 Dec 2017 20:53)
Not backed by anything trustworthy? Not improving society? lulz
Is it in a economic bubble? Well yes, it has the exact characteristics of a true economic bubble. Did the great depression or the great recession destroy the stock market? No. Will the cryptocurrency bubble destroy cryptocurrency? No. It's here to stay.
Yeah, exactly, it's based on people that have something to hide and tries to invent the wheel all over, but ending up losing their shit. Just wait and see. The major bitcoin holders will sell everything once people stop buying and it will plunge like a heavy piece of shit in the pool.
This post was edited by Taurean on Dec 4 2017 08:36pm