Cryptocurrencies Crash

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Billyd

Billyd

Senior Member
#1
May 8, 2014
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#1
Other than some people have gone crazy buying it, and some have made a bundle investing in it, I know very little about cryptocurrency. I'm leaning towards it is a scam, and only those who buy at the top of the pyramid will make money.

Does anyone here know how it actually works?


Bitcoin and almost every other cryptocurrency crash hard today
 
maxwel

maxwel

Senior Member
#2
Apr 18, 2013
9,339
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#2
Other than some people have gone crazy buying it, and some have made a bundle investing in it, I know very little about cryptocurrency. I'm leaning towards it is a scam, and only those who buy at the top of the pyramid will make money.
Click to expand...

Although I think it's possible for some cryptocurrencies to be created as scams, conceptually it is really nothing more or less than a different form of currency.

As with all currencies in general, not all are stable, and not all are good investments.
 
trofimus

trofimus

Senior Member
#3
Aug 17, 2015
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#3
Who bought or who were mining bitcoins years ago are millionares today.

Its probable that bitcoins got into its top level so I would not invest into it these days. Its too expensive already and quite risky.
 
M

mj007

Banned
#4
Feb 5, 2017
1,118
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0
#4
The ones making all the money from the hard investors, are the ones spinning that it is going to crash. Stock markets work on emotion, fear makes some people lose money, it makes the other people make money. Things don't crash until they decide to make it crash.

On the flip side, it's been discovered that fruit x causes positive effect x, someone just made lots of money with investors. Spin is everywhere. Ever noticed that it is discovered x is good for you, and then x is bad for you? People are so naïve really, even the consumers just buy based on emotions and sentiment, not knowing that it was manipulated.
 
Billyd

Billyd

Senior Member
#5
May 8, 2014
5,048
1,490
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#5
If bitcoin is selling for $10,000, and I bought it. Exactly, what have I bought?

What is one doing when they are mining bitcoin?
 
maxwel

maxwel

Senior Member
#6
Apr 18, 2013
9,339
2,427
113
#6
Billyd said:
If bitcoin is selling for $10,000, and I bought it. Exactly, what have I bought?

What is one doing when they are mining bitcoin?
Click to expand...

1."What is one doing when they are mining bitcoin?"

You might as well ask someone to explain quantum field theory.
You're sort of using your computer to calculate possible solutions to a cryptographic hashing algorithm within a blockchain.

Some other people around here can probably explain it a lot better than me.



2. "If... I bought it. Exactly what have I bought?"

If you bought a bitcoin, you'd be buying a type of fiat currency, like other currencies, which would appear as an amount in your bitcoin wallet, which is a type of software program (that will sort of act as an account) that you use to send, receive, and store bitcoins.
 
Billyd

Billyd

Senior Member
#7
May 8, 2014
5,048
1,490
113
#7
maxwel said:
1."What is one doing when they are mining bitcoin?"

You might as well ask someone to explain quantum field theory.
You're sort of using your computer to calculate possible solutions to a cryptographic hashing algorithm within a blockchain.

Some other people around here can probably explain it a lot better than me.



2. "If... I bought it. Exactly what have I bought?"

If you bought a bitcoin, you'd be buying a type of fiat currency, like other currencies, which would appear as an amount in your bitcoin wallet, which is a type of software program (that will sort of act as an account) that you use to send, receive, and store bitcoins.
Click to expand...

Thanks.

My DIL's nephew has set up several PCs to mine bitcoin. He claims that each machine, running 24/7, yields about $10 in bitcoin. Seems to me that his power bill is higher than that.

If it is a software program, someone will find a way to hack it. What happens then?

I think that I'll stick to the stock market and precious metals.
 
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