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https://www.reddit.com/r/Bitcoin/s/2LyUuMTOrQ
Holding the rest for retirement. I max out my retirement that's a conventional portfolio with traditional assets otherwise, but had some extra spending money and figured why not speculate a little bit into a high risk/high reward asset. Now I've pulled out my original investment so if it crashes it'd be disappointing but wouldn't hurt me any.
No, I don't think it should be accepted for steam payments. It's too much work with taxes to keep track of small purchases like this. I've used it for a car purchase and to clear debt but that's easier justified. It'd be way too annoying to claim capital gains on a $5.99 steam game purchase and have to keep track of everything for the IRS
Vapoware?
Then how did my friend buy a huge house from just cryptocurrency because he invested early?
You are a delusional naysayer.
Everything evolves and then is useless, look at nft's huge for a short while and now useless.
Nfts were useless in that application of digital artwork, but not useless technology in general.
Concert and sporting events tickets could be sold with a nft attached to the electronic ticket. Cars could have their titles electronic with nft. Digital music and books could be nft attached. The list goes on. What this would do is ensure authenticity and prevent counterfeit tickets and rips/bootlegged music to be caught easily, fake car titles to be spotted before someone is defrauded. In turn less people scammed and artists are able to insure quality/authenticity with their albums/books and performances. Win-win for everyone.
DO I code... if I did, do I understand all the math and science that went into it? If I asking a machine to break something or solve something, and it does, does it hold value?
IBM did a blockchain type thing in the 90's, but there was no currency. It was for medical science, you could leave your PC on over night to solve complex problems like curing cancer. Pretty much the same program. Your x86 pc becomes part of blockchain or hive or super computer, along with many other computers on the network know as the internet.
I don't like crypto currency, I don't buy it, I don't invest in it. If they asked to load a program if I could afford to do so to solve a medical problem or something world changing, I might volunteer my resources.
a modern form of moneylaundering and catfishing.
basicly druglords and other criminals giving regulair joes who buy some crypto a cut of their criminal money.. in exchange for them serving at catfish and money launderers.. and thus obstruct law enforcements ability to trace the criminal path back to them.
meanwhile it wastes electricity on a massive scale (driving energy prices up of power for regulair people) and has driven gpu prices and tdp up to the insane more than just inflated.. but price gaunching prices we see today (an 4060 and 4070 are 40% more expensive than simple inflation would warrant, an 4080 70% more expensive... and an 4090 even 100% more expensive than inflation would warrant.
and no it is NOT cause production prices went up.. as stated these are the gauging margings after we already corrected saleprices for that.
crypto has NO practical everyday use...
not just cause cannot buy something in a shop with it.. (if it was a better currency that could change) but because it is a far inferior means of payment.
I can easely swipe my card or hand over cash and pay.. crypto needs me to basicly do an online bank transfer every time I wish to buy even a small thing.. so it is more work to the customer buying with it.
than there is the time to process my payment.. cash is instant.. and debet and credit takes like on average 20 microseconds to be processed with todays systems.
crypto (varies per coin) but generally takes 15 minutes or more to greenlit a transaction
would you want to have to wait 15 minints minimum after your paymnent is done before walking away with your purchase?? I don't.
=>
in case the internet/power is down you also cannot pay with crypto.. so it has no backup like cash just in case so it is a more sensible system to failing.
next the cost of a payment.. banks charge stores about 12 cent a transaction to handle the cash (that is they charge stores to provide change, and charge stores for depositing the cash)
banks charge about 0.5 cent a transaction if payment is made with plastic (debet or credit)
--thats cheap.. crypto on average costs 25 euro per transaction... imagine every purchase you made had a 25 euro fee stacked on top.
(when digital payment was still 30 cent in the early days stores had signs under 10 euro, cash only.. now some smaller stores have signs no cash, digital only) if apearing just a dime of costs will have stores not want to use that transaction method.. imagine how they react to 25 euro kind of costs!
than the volatility.. sure some LIKE the idea their crypto goes up.. but well it does not just go up.. it crashes too.. but well lets adress the going up part later..
--->
money is a way to essentially trade my lemons for your grapes even if you have no interest in lemons.. it is bartering.. but with a handy dandy currency in between so bartering is made easier.. I won't have to wait for someone to trade what I want for what I need.. I can just focus on selling what I got and buy what I want... and won't have to look for that 3d, 4th 5th etc person in between to make that happen.. no need to play each time a game of cabbage wolf and goat.
**
but if that money changes value all the time.. than this process breaks.. imagine me agreeing on a amount of money as wage for this month but upon recieving it it could be worth 10 times less.. or the reverse... money has gone up so much that my compagny goes bankrupt for it has to pay me and all staff effectively 10 times more..
he can only charge his customers now 1/10th to still be competitive.,,,
and his contracts for materials? well he still has to pay the old rates for those too.
also imagine having to change the prices of the items in a shop by such margins all the time..
-economies with more than 10% inflation in a whole YEAR and mind you thats slow inflation not all at once... so it;s a very small % per day.. already function badly... as a general rule economies try to keep inflation under 3% a year...
***
money must be STABLE in value with as little change in it's value year by year to function.. crypto changes value greatly and thus would make totally imposible our modern society if that was the currency used for everything, no modern buisnuis and thus no modern product could be made.
***oh and I give 1 extra example.. if I pay a product with say 100 euro.. and deciede within the legal 30 days nah I not want it I return it.. I get my 100 euro back..
now some stores do offer payments in crypto.. but if you pay your product with 0.01 bitcoin.. and return it you won't be getting 0.01 bitcoin back
lawsuits have been had over this.. people who did exactly that cause bitcoin went up.. and than thought I get my bitcoin back and only recieved their refund in euro.. and los that lawsuit.
**crypto aint legal tender.. so you never get refunds in it EVEN if you paid with crypto (nor could a buisnuis function if they did)
finally the whole "but it goes up" -> well even if it did.. that does not remove the above issues, but could make it at least an investment.
but than we have to look at what use does it have... gold is pretty, and has uses in electronics, so is silver.. houses are needed to live in.. there is intrinsic value a reason behind the high price.
**but sometimes things go up for no reason.. the dutch tulipmania is a great example.. people only bought tulipbulbs cause they expected them to go up and up.. at one point 1 tulipbulb traded for more than a whole house coststed, nearly 5 kilo of gold.
and that the madness ended and the price dropped back to it's intrinsic value of "it's just a pretty flower" and a lot of people lost a LOT of money
***the value of a currency lies in it's effective use as a means of exchange.. but as I above already pointed out.. objectivively crypto is very bad in doing that far worse than excisting currencies.. it's intrinsic value is nearly zero... and like tulip mania eventually the price will drop to that point.
-> the only reason it has not yet dropped to zero is well cause the reason I started with.. crime can uses it to launder money and they not care for how impractical and costly a payment method it is... they are used to hand 10% of their cash off to have it laundered anyway.
but if we had a modern currency going up.. that would be bed (deflation generally is seen as bad in modern economies) imagine if instead of inflation we had deflation 10 euro buying more in a year than now. than why would I ever spend that 10 euro I would keep it!
this would mean I would no longer demand goods and services... leading to jobs being lost and the real economy collapsing..
it would in turn spiral wages and price of goods down.. but your debts would remain the same.. so people with debts basicly never could ever hope to pay them off and soon would not even be able to pay the interest on them...
it would also massively increase inequaluty.. for those who kept their currency saved early have the lionshare of wealth.. instead those that just compete better in todays market.
You do know that huge financial institutions invest in crypto?
You can't waste electricity, if it is used it isn't wasted, and it exists in unlimited amounts.
The solana blockchain can process more transactions per second than visa can. You can buy things in a store with crypto, stop lying.
You can use crypto offline with physical key transfers. Not any more work than going to a bank to take out your money.
Solana is faster than your credit card. If power goes out you can use physical key transfers.
Fees aren't essential for crypto to function, but they are implemented over other solutions at times.
There are such things as stable coins which are not volatile.
I have gotten refunds in crypto before. Again, stop lying.
Integrating AI with crypto opens up a wide array of innovative use cases.
Automated Trading: AI algorithms can analyze market data and execute trades in real-time, optimizing trading strategies for better returns in crypto markets.
Fraud Detection: AI can identify suspicious activities and patterns in crypto transactions, helping to prevent fraud and enhance security.
Sentiment Analysis: AI analyzes social media, news, and other sources to gauge market sentiment, providing insights for crypto investment strategies.
Predictive Analytics: Machine learning models can predict cryptocurrency price movements based on historical data, market trends, and other variables.
Personalized Financial Advice: AI-driven robo-advisors can offer personalized investment advice and portfolio management based on an individual's risk profile and investment goals.
Smart Contract Auditing: AI can automatically audit smart contracts to detect vulnerabilities, ensuring they are secure and function as intended.
Decentralized Autonomous Organizations (DAOs): AI can help manage DAOs by making autonomous decisions based on predefined rules and real-time data.
Risk Management: AI can assess and mitigate risks in cryptocurrency investments, helping investors make informed decisions.
Portfolio Optimization: AI algorithms can optimize crypto portfolios by reallocating assets based on market conditions and performance metrics.
Credit Scoring: AI can evaluate creditworthiness for decentralized lending platforms by analyzing blockchain data and other financial indicators.
Blockchain Analytics: AI can analyze blockchain data to uncover trends, patterns, and insights, supporting various applications like market analysis and compliance.
Decentralized Identity Verification: AI can enhance identity verification processes in decentralized systems, ensuring accurate and secure user authentication.
Automated Compliance: AI can ensure compliance with regulatory requirements by monitoring and analyzing transactions and activities on the blockchain.
Energy Efficiency: AI can optimize the energy consumption of crypto mining operations, reducing costs and environmental impact.
Tokenomics Design: AI can assist in designing tokenomics models by simulating different scenarios and optimizing for sustainability and growth.
Content Moderation: AI can moderate decentralized platforms by detecting and removing inappropriate content, ensuring community standards are maintained.
P2P Lending: AI can match borrowers and lenders on decentralized platforms based on risk assessments and lending criteria.
AI Marketplaces: Decentralized marketplaces for AI services and data, where users can buy and sell AI models and datasets using cryptocurrencies.
Insurance Underwriting: AI can underwrite crypto insurance policies by assessing risks and determining appropriate premiums.
Decentralized Cloud Computing: AI can optimize resource allocation and performance in decentralized cloud computing networks, improving efficiency and reliability.