New Mind video- Bitcoin mining, global co2 emissions??

Badabinski said:
Basically, I feel like cryptocurrencies are a product of our times. They have potential, but nobody is using them for their original purpose (a replacement for cash) and they've been overhyped by companies who want to make money off of you.
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There definitely is much hype!!!! I bet organized crime hope cryptocurrencies stay available.
 
ddickey said:
And cash.
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That's the thing about cash. It is easily debased and laundered. One is done through the legal money system, the other on the black market, if you will allow me to oversimplify that part of the explanation.

The hope around block chains is that these two things are basically eliminated from the corruption of the money supply.

The block chain has failed in preventing theft, although it is easily argued that debasing currency is a form of theft. And it the blockchain has not been able to resist manipulation through externalities, e.g., the FOMO or pump and dump schemes.
 
vtcnc said:
The block chain has failed in preventing theft, although it is easily argued that debasing currency is a form of theft. And it the blockchain has not been able to resist manipulation through externalities, e.g., the FOMO or pump and dump schemes.
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As long as you're in control of your Secret Keys (seed phrase) there can be no theft.
 
ddickey said:
As long as you're in control of your Secret Keys (seed phrase) there can be no theft.
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Right, you have to be in control of the key. Isn't there scammer behavior that has wrested that from the wallet holders somehow? I don't know how exactly, but my understanding it is security breaches of some sort.
 
Also the exchanges hold your keys. An exchange is a middleman that cryptos intent was to eliminate.
As far as I understand it there are lots of scams that try to convince you to handover the keys in one way or another. Once that's done your wallet gets emptied. Also what I find disappointing is how Bitcoin and most cryptos now follow the stock exchange. Wall Street has gotten their claws on/in it now.
 
ddickey said:
Also the exchanges hold your keys. An exchange is a middleman that cryptos intent was to eliminate.
As far as I understand it there are lots of scams that try to convince you to handover the keys in one way or another. Once that's done your wallet gets emptied. Also what I find disappointing is how Bitcoin and most cryptos now follow the stock exchange. Wall Street has gotten their claws on/in it now.
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It seems like every plan to eliminate middle men seems to eventually develop layers of middle men. There is always somebody out there who figures out a way to make money "saving you money".
 
vtcnc said:
Not to nitpick, but I think that is in reverse. Notes and coins are currency and are tangible. Money is an intangible way to express value in the exchange of goods and services - which takes many forms - ledger entries, credit, assets, etc.

Currency makes up a small amount of the money supply.
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I’ll counter with this. I think that you may be using definitions based on more recent views of money/currency vs. a more classical definition.

If you have an older paper dictionary and look up money you will find the first definition as gold and silver coin.

Money should first and foremost be a store of value. Currency is a means of representing a given store of value. These are the definitions that I associate with money and currency. Of course those definitions are being changed, just as the definition of many things are being changed today.

And considering currency as a representation of the underlying store of value, it is interesting to note how the Constitution defines money and what it forbids. It is very clear that only gold and silver coin are allowed in the payment of debts and that no “bills of credit” are allowed.
 
I don't own any cryptocurrencies or any Gold so I have no dog in this hunt.

Q1: Does Gold have any actual intrinsic value? I know it is used in some product manufacturing but it seems like the value given to an ounce of gold is well beyond what it would be priced at as a commodity. (Right or Wrong?) If this is correct, then how is gold any different than cryptocurrencies. It has value, only because we say it does. If I am wrong, then there are many other materials that have intrinsic value, not just limited to gold.
 
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