Crypto Currencies ~ " Duck Tales Spin From The Crypt"

This is a good thread/discussion on cyrptocurrencies and I've enjoyed reading everyone's thoughts. I actually watched the Netflix documentary on bitcoin last night, which was unabashedly pro-bitcoin (which is fine). It was interesting learning the history and ultimate ideals behind it.

That being said, I have a question - what makes bitcoin any less of a fiat currency than the USD? There's nothing of extrinsic value backing up bitcoin, it's simply investors' faith in the product that supports its value...just like the USD. And for those that want to tie it to a gold standard - why? We tried that with Bretton Woods and it didn't work. Further, if the USD/world economy collapses, why would bitcoin and/or gold be worth anything more than the USD? What tangible uses can you get out of gold or other PM that would make it something to base our monetary system off of? I guess at the end of the day, everything seems like a fiat currency because we as people decide that it will be the item of value that we base our currency on. The only reason we used gold for so long was because some dudes a long time ago decided that it would be used.

I wholeheartedly support the technology advancement and do believe that a lot of the cryptocurrency characteristics will filter into our payments system, which needs a significant overhaul and much greater efficiency. I just fail to see what makes bitcoin any safer than the USD or any other traditional currency, excluding the ease of transfer.

 

I'm not sure, one video I was watching mentioned there was a 300$ a week purchase limit.

 

Bitcoin is anything but safe. Obviously right now the demand is unbelievable. Like you said what makes any currency safe? They are based on belief in the government that backs them.

 

Good questions and concerns. I'm still trying to wrap my head around this all too.
Plus it's unsettling when like today people are having issues buying it etc. What happens when you wanna cash out, I've yet to hear anyone chime in on that... And I'm not talking a few dollars for some Krispi Kreme.

 

When I signed up on coinbase it mentioned a $750/week limit

 

When did you sign up?

 

Just a few days ago

 

For instant purchase $250 weekly (using your debit card)
For using your bank account $2500 weekly and can increase to $10,000 weekly if you provide them with some personal info.

 

Strange, after an initial warning via text from bank of america I just had to verify purchase was legit and they have went through smoothly

 

It's stuff like this that makes me question.

When "normal people" wanna get in when it's down, then you have situations like right now.. Hoping they may be able to make a few grand or something for some truck mods.

But you have Whales that have literal billions to play with.. And are able to completely manipulate the whole thing to there advantage, keeping the normal peeps out of the loop, and could care less if you lose your ass.

 

Yep it's gambling right now...don't put in more than you can afford to lose imo

 

And another thing to question.
Thats not confidence inspiring at all.

 

Bitcoin can never be a widely used currency due to its limited supply and instability. It's a commodity.

However, cryptocurrency can be a "currency", but cryptocurrency's life line is Bitcoin.

 

And anyone who isn't looking at both sides of the ''coin'' isn't being wise imo. I'm not trying to be negative only cautious..

People need to take into account these Whale Tycoons. Millions is nothing for them to sling around, a 10k BTC is peanuts.. The kind of thing that will cause a "normal'' everyday citizen to lose their ass if they wanna pull out.

It's one thing if you got in when it was super low.. Another thing for everyday Joe people getting in now..

 

Goodluck, I've been trying to make an amount with GDAX the past day. Keep getting error messages when doing identity verification.

 

I wonder why Visa won't let you purchase fake currency on the promise you will pay them back at a latter date.

 

Guess we'll have to wait and see what the deal is. Maybe this is just growing pains or hiccups.

But it isn't the kinda feels I like when you're talking $.

 

Hey guys, just jumping in in the middle of thread, a month ago I had signed up for a Gemini account, considering on investing but I decided not because I'm working on other projects as well now I'm kicking my self for it lol, but when I was trying to register my card it sent 3 transactions to verify my card but it only ask for two so after a couple fail attempts in locked out for 24 hours.

EDIT: tried registering for coinbase to be clear

 

Another thing I don't like, is dealing with internet based companies, and if you can't talk to anyone (even sometimes that's useless).. What happens if you get booted off/ banned or whatever.

Frustrating enough if it's just some site or app that boots you for ZERO reason, that you've just put time into.. Much less have $ in. I'd wanna go full Predator mode. But no ones around to deal with. Ultimate Frust.

 

https://gemini.com/

Winklevoss Twins OWN gemini... Just figured that out O_O

If GDAX doesn't work, I'll probably give Gemini a try.