The creator of Dogecoin says all crypto is a scam

[cliffordcooley]

Crypto brings competition to the financial system.

But it will never become the financial system. It still has a dependency on the nations banking system. By the time it is large enough to bypass that hurdle. It will be large enough for the nation to regulate it. Therefor becoming the very thing you are trying to replace.

Personally I don't think it will last the next decade. That is without something changing the instability of its value. That will be required before it replaces any nations currency.

 

[NightAntilli]

But it will never become the financial system.

I disagree.

It still has a dependency on the nations banking system.

Not really. Right now you can buy them with fiat, but you can mine them yourself, request someone that already has some to pay you X amount for doing any job etc. Crypto is not dependent on the banking system, although it is the easiest way to get exposure.

By the time it is large enough to bypass that hurdle. It will be large enough for the nation to regulate it. Therefor becoming the very thing you are trying to replace.

Ultimately, they can't really regulate the whole crypto space, any more than they can regulate the internet.
They want a digital dollar or a CBDC, because they know the tech makes them obsolete. The thing about crypto is that it really doesn't need regulation. It works by itself. Decent crypto projects at least. Obviously there are scams out there.

Personally I don't think it will last the next decade. That is without something changing the instability of its value. That will be required before it replaces any nations currency.

I'd say fiat is more at risk than crypto at this point.

 

[cliffordcooley]

Ultimately, they can't really regulate the whole crypto space, any more than they can regulate the internet.

Which is why it will never replace the nations currency. When it comes to money the majority of people want a local brick and mortar address. It gives people a greater piece of mind, than your so called blockchain security.

 

[NightAntilli]

Which is why it will never replace the nations currency. When it comes to money the majority of people want a local brick and mortar address. It gives people a greater piece of mind, than your so called blockchain security.

That's like saying internet encyclopedia will never replace physical ones because the latter are more trustworthy and anyone can make up stuff on the internet.

 

[captaincranky]

That's like saying internet encyclopedia will never replace physical ones because the latter are more trustworthy and anyone can make up stuff on the internet.

Well no it isn't. In fact, it's not even close. You can cross check an online encyclopedia with a printed version.

How would you go about checking ctypto, yank some anonymous server somewhere, god knows where, out of a rack?

For example, if some people play enough video games, they start to believe they're real war heroes, and that ain't reality, it's delusionality.

 

[captaincranky]

Dogecoin was meant to be It is funny how long it took crapto enthusiasts to figure that out.

Yes, but somehow, crypto enthusiasts have seized on this to validate every other scam out there.

Somebody needs schoolin' on how belief systems are imprinted, but not necessarily justified or correct.

 

[NightAntilli]

Well no it isn't. In fact, it's not even close. You can cross check an online encyclopedia with a printed version.

How would you go about checking ctypto, yank some anonymous server somewhere, god knows where, out of a rack?

For example, if some people play enough video games, they start to believe they're real war heroes, and that ain't reality, it's delusionality.

You completely missed the point of the analogy. But whatever.

That's the beauty of blockchain. The checks are built into the protocol. Nobody needs to check anything under normal circumstances.

 

[captaincranky]

You completely missed the point of the analogy. But whatever.

That's cause you're so very. very, smart, and I can barely tie my shoes without assistance.

That's the beauty of blockchain. The checks are built into the protocol. Nobody needs to check anything under normal circumstances.

But I do believe that block chain is a secure >technology <.

However, you only believe it's >money< is because somebody told you it was.

But don'y be too hard on me. See, in spite of all the hype the Holy Roman Catholic Church has been pumping out over the past nearly two thousand years, I would have been in the crowd yelling, "give us Barabbas" (The same as I would today). I guess you might say, "we nonbelievers are all alike".

See, value is whatever somebody is willing to spend for something. I wouldn't give you two grand for a brand new black Strat. But then again.......:

The most expensive guitar to be sold at an auction, according to Bonhams' expert Carey Wallace, is Clapton's "Blackie" that sold for $959,500 at Christie's in 2005.

 

[NightAntilli]

But I do believe that block chain is a secure >technology <.

However, you only believe it's >money< is because somebody told you it was

The first blockchain that was released was designed as a payment system. So... That pretty much covers the money aspect.

But don'y be too hard on me. See, in spite of all the hype the Holy Roman Catholic Church has been pumping out over the past nearly two thousand years, I would have been in the crowd yelling, "give us Barabbas" (The same as I would today). I guess you might say, "we nonbelievers are all alike".

I have nothing against you personally, and I don't believe you are evil or bad or whatever. You likely have good intentions, but, as they say, the road to hell is paved with good intentions. But it's up to oneself to determine how and when that applies or not.

See, value is whatever somebody is willing to spend for something. I wouldn't give you two grand for a brand new black Strat. But then again.......:

The most expensive guitar to be sold at an auction, according to Bonhams' expert Carey Wallace, is Clapton's "Blackie" that sold for $959,500 at Christie's in 2005.

So... If value is whatever somebody is willing to spend for something, and people are willing to spend thousands of dollars on crypto, how can it be valueless?

As for the guitar example, the most expensive guitar is not the value of the guitar itself, but, because the guitar Clapton's. You can buy a basketball at any store, but it would never hold the same value as a basketball that is signed by Michael Jordan.

 

[Todd Sauve]

My point was, I'm not going to accept HIS word about economics. He actually thought that Canada could EASILY afford to have the RCAF use the F-35, lied about the costs, the needed infrastructure and maintenance requirements. Yeah, I don't think it's awesome when people lose their shirts either and this guy tried to bankrupt my entire country! His dedication to this horrifically expensive technological dead-end lead to Justin's first victory:

Loading... | iPolitics

ipolitics.ca

The $10-billion question: why isn't the F-35 scandal on the front page of "important" newspapers?

Sometimes, it seems that a $1,452 hotel room is as important to some media outlets as the government's worst example of economic incompetence and fiscal dishonesty.

www.straight.com

Stephen Harper must resign over bungled F-35 file, say Liberals

Stephen Harper must resign over his leadership on the F-35 file, the Liberals said Wednesday, alleging the government lied to Canadians about the jets' true cost.

nationalpost.com

He's either FAR from being an economical genius or he's a corrupt piece of garbage. Either way, I wouldn't be using HIM as a reference for what is and isn't good in economics. I don't question the stance that cryptocurrencies aren't as yet mature enough to be trustworthy, all I'm saying is that using Stephen Harper as a reference for economics is like tappng David Duke as a reference for societal structure. Even if what he says happens to be correct at the time, his past actions make him completely unsuitable.

Suit yourself. I'm not a conservative or a liberal. None of them know what they are doing and that is why the national debt just gets bigger every year. But I do agree with Harper on Bitcoin. There is nothing legitimate behind it all. Kind of like the Wizard of Oz. Once you pull back the curtain, it is just somebody trying to scam other people for money. Currencies are all, in the final analysis, only worth what someone thinks they are. But having something tangible backing it up is preferable.

 

[Avro Arrow]

Suit yourself. I'm not a conservative or a liberal. None of them know what they are doing and that is why the national debt just gets bigger every year. But I do agree with Harper on Bitcoin. There is nothing legitimate behind it all. Kind of like the Wizard of Oz. Once you pull back the curtain, it is just somebody trying to scam other people for money. Currencies are all, in the final analysis, only worth what someone thinks that are. But having something tangible backing it up is preferable.

I completely agree with the idea of having a currency backed by an easy-to-liquidate asset. However, this hasn't worked in practice because the US dollar isn't backed by anything and it still maintains its value. Nixon took it off of the gold standard long ago. I guess that as long as someone is willing to trade real goods for it, any currency has value.

I have no interest in cryptocurrencies at this time because I've seen too many people get burned. Maybe it will be safer in the future but I doubt it.

 

[Todd Sauve]

I completely agree with the idea of having a currency backed by an easy-to-liquidate asset. However, this hasn't worked in practice because the US dollar isn't backed by anything and it still maintains its value. Nixon took it off of the gold standard long ago. I guess that as long as someone is willing to trade real goods for it, any currency has value.

I have no interest in cryptocurrencies at this time because I've seen too many people get burned. Maybe it will be safer in the future but I doubt it.

Did you notice the feds have just recently spent another $70 million on the F-35? Read it in the newspaper today.

 

[scavengerspc]

I have no interest in cryptocurrencies at this time because I've seen too many people get burned. Maybe it will be safer in the future but I doubt it.

I hate to sound like a broken record AA but the people that got burned, burned themselves.

 

[Avro Arrow]

I hate to sound like a broken record AA but the people that got burned, burned themselves.

That's a fair point and I do agree with it but I'm pretty sure that some were doing it right and got dragged down with the fools who caused the bubble to burst. I don't want to be one of those people.

In every currency devaluation that I can recall, it's not everyone who is causing the problem but it is everyone who suffers. Now, I don't know for certain if that was the case with the crypto-collapse but that does seem to be the way it works.

I don't want to build a house of bricks on top of a wooden foundation when I see a bunch of weirdos running around with gasoline and matches.

 

[NightAntilli]

That's a fair point and I do agree with it but I'm pretty sure that some were doing it right and got dragged down with the fools who caused the bubble to burst. I don't want to be one of those people.

In every currency devaluation that I can recall, it's not everyone who is causing the problem but it is everyone who suffers. Now, I don't know for certain if that was the case with the crypto-collapse but that does seem to be the way it works.

I don't want to build a house of bricks on top of a wooden foundation when I see a bunch of weirdos running around with gasoline and matches.

That's a fair point... And one of the things that many successful investors say is to never invest in something you don't understand. That is particularly important when it comes to risk. Crypto is definitely high risk and I wouldn't blame anyone not wanting to invest in it, even if they did understand it. But I can't tolerate unfounded FUD either.