Jaeger Gonzo, on 23 April 2016 - 12:40 PM, said:
That`s good news. Some XX century minded people maybe will accept new reality. That train will not stop, it`s far beyond that point by now. No matter what less informed guys like Martyr would say.
Reality stopped bigger trains than that one.
As almost all other currently used currencies, its completely worthless. Its based on nothing but trust and has an intrinsic value of exactly zero - and thats where its ultimately going to return to once trust in it is gone. Which can happen in a matter of hours.
Once a sufficient amount of people got burnt by BC theyll realize that for everyday use its nothing else than ordinary fiat currencies with the added downside of totally lacking regulation.
In contrast to ordinary currencies, theres not even any kind of regulative authority watching over it as well as its exchange rates and inflation so the risk for heavy fluctuations and thus catastrophic losses is very high. Worse than monopoly money.
Cryptos are the perfect tool for making money by manipulation as especially the smaller ones should be quite easy to pump up and collapse. Only cool if youre on the right side of the game, which most people simply arent.
However, it has proven to be very useful for illegal arms trading, people smuggling, narcos, scrub-level money laundering, the darkweb and various other not-so-legal activities. The risk of currency fluctuation is small compared to the risk of getting busted.
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At this point, the dollar is backed only by our debt rating
And by your military.
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Bitcoin is much more secure than that...
Bitcoin is not that secure because anyone with sufficient computational power can do quite bad things to the blockchain. Also, wallets are not immune to getting stolen.
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Bitcoin is just one of thousands of cryptocurrencies.
Spotforex must be tame compared to trading such extremely volatile and totally unregulated minefields like thousands of cryptos. Whoever accepts them will most likely instaneously convert to a much more stable currency.
Anyone knows what typical spreads with their pairs are and how bad slippage gets? Has to be terrible with the minor ones. Can they even be traded against each other efficiently?
Edited by occusoj, 23 April 2016 - 03:55 PM.