Any cryptocurrency users here?

[RCBH928]

Whats up with that? I tried to look into it but I found the following:-

1) Its not anonymous, if you can make it anonymous its a difficult setup
2) Hardly any place accepts it
3) There are too many to have a standard means of exchange
4) Hard to exchange it back and forth into cash
5) Value fluctuates too much, your $1000 today could be $1,100 tomorrow or $800. Not safe deposit.
6) Confusing naming (Bitcoin, Bitcoin Cash, Bitcoin SV)
7) I bet 99.99% don't understand how it works or who manages it(including myself), and all they are doing is see something increase in price so they continue to buy from it, reminds me of the Dutch Tulip Mania where a single Tulip price reached the value of a house.

So far the only benefit I found was to transfer money back and forth between entities which the conventional financial system is very hard uptight with. One shipping company refused to let me use my credit card to pay them for their services unless I send front and back pictures of my ID. Whats the CVC and 2FA SMS PIN code for?

What are your thoughts on cryptocurrency? Yay or Nay?

[SamuraiMegas]

It's not that hard to make it anonymous. Just buy from a reputable place, send it through a btc tumbling service and place it in a private wallet.

Plenty of places do accept it, you might just not realize it. I'm pretty sure you can pay in BTC on Steam.

I don't know what you mean with #3. Too many cryptocurrencies? That's fair, most of them end up dying within 6 months.

4) not that hard if you know what you're doing, and if you know the right places to look you can also privately sell btc.

5) the price is relatively stable on the day to day; it's like investing in a physical commodity like gold though. When the price dips, just hodl and wait through it.

6) I'll give you that one, it's kinda dumb.

7) no one manages bitcoin, no one even knows who the creator is for sure. It's pretty confusing at first, but just reading up on it for a few hours should get you up to speed.

[MrPopo]

What are your thoughts on cryptocurrency? Yay or Nay?

For most people it's a solution without a problem. And unlike actual fiat currencies or commodities there is nothing tangible backing it (a useful good in the latter, the ability to pay your taxes in the former).

[RCBH928]

@SamuraiMegas
Do you use cryptocurrency? For what?

It's not that hard to make it anonymous. Just buy from a reputable place, send it through a btc tumbling service and place it in a private wallet.

I tried to create an account on CoinBase I think, and they said they wanted pictures of IDs. Might as well use the conventional monetary system. I heard there is a way to make it anonymous but you had to setup your own wallet on your computer, something I don't understand and too much trouble for the average person.

I don't know what you mean with #3. Too many cryptocurrencies? That's fair, most of them end up dying within 6 months.
.

Too many currencies means exchange is difficult when I have Bitcoin and your store accepts Ethereum only, or if you have Monero and my wallet is Litecoin. How does the exchange happens? Is there like something that transfer it on the fly?

no one manages bitcoin, no one even knows who the creator is for sure. It's pretty confusing at first, but just reading up on it for a few hours should get you up to speed.

I looked up few videos on it but its too shady. What I got is that its a software that you can join that builds this huge cluster that calculates numbers and digital transfers, but who makes the software? maintains it? bug fix it? How do we know no one is tampering with it? Who makes the rules here? Where does Bitcoin minining ends? $1=0.000052BTC , thats sounds stupid to calculate. Can't imagine going to an online store and see an item for "0.00104 BTC" which is $20.

and the biggest conspiracy theory is, why does not the creator come out and say I created it? Its ironic that no one is even falsely claiming it which usually happens with things all things anonymous.

For most people it's a solution without a problem. .

Actually, I think it will be cool if somehow the digital currency could be tied to USD so 1 USD = 1 WWD (World Web Dollars), then I can buy stuff with it online and transfer it without jumping hoops then the person on the other end can exchange it for USD locally or equivalent local currency. I just want to by pass the current finance system that makes it so hard to buy back and forth digitally. I can list a number of issues now like US stores not accepting foreign credit cards, but this is not the topic.

Businesses can make money by charging an exchange rate like 0.5% on each transfer using their platform(like Paypal) or something. Thats half a million profit for every $100M transferred, they can also charge usual exchange rates between USD<->digital currency.

I once tried to send over money to an organization via Western Union, they said thats not possible. I got very irritated.

[SamuraiMegas]

I don't use it anymore, and when I did it was for making anonymous payments.

You can't exchange BTC like that for other cryptos, think of it like euros and USD. ETH isn't BTC, but you can most likely find some place online to exchange them like coinbase, just like you can exchange £ for $.

It can't be tampered with because it's end to end block chain encryption. The mining slowly pays out less and less BTC as more are mined to slow inflation AFAIK. Low amounts of btc are called Satoshis and they're basically the equivalent of cents to dollars.

People have claimed to be Satoshi multiple times, but it's never been verified. People have theories, but one thing is that he owns MASSIVE amounts of BTC because it was originally worthless. Keeping quiet keeps him off the radar, I can't blame him.

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[RCBH928]

This is my exact question, people are buying crypto to sell it for higher to the next guy in an infinite upward spiral AKA financial bubble. Exactly like 2008 real estate crisis, people kept paying more for real estate on the hope to sell for higher to the next guy.

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[TEKTORO]

Was considering until I boiled it down to I don’t really have to use it. Imo only good if you have money to gamble with, simple as that.

[RCBH928]

Some only do that. I still hold a LOT. I've been into to since they were like $200 a pop. I also GPU mined for quite some time. Sold some at 15, 16, 17, 18, 19, and 20k. Be crazy not to. Then sold all my mining stuff. I bought more when it tanked again right after (knew it would). Then sold some more at 18k recently. Buy low sell higher. It's kind of how... everything works. But I am holding a large chunk forever.

If it goes over 20k again i might buy a couple 2k Amazon gift certs with it.

that was brave to buy again when it tanked. One would think it might never go up again.