I've recently been telling everyone about magical internet money. Everyone has the same questions. I should record one of these conversations. Incredibly simple questions. How do you control it? Is it just on the computer? On the internets? What can you buy with it? How does it have value? what makes it go up in value?
I'll try to hit them all
How do you control it?
Well, that's the thing about it is that governments and banks can't control it. That's why it's used on the dark net to buy and sell illegal drugs. They can't really stop it. Governments and banks can't stop it. It's designed to be unstoppable in that regard. That's what cryptography is for, so governments and central banks can't control it. They will try but, they can't control the internet and the network that already exists. If they tried to shut it down. there are multiple versions waiting in the wings, ready to be deployed. Crypto is right now on the tip of exploding into mass adoption. In 5 years YOU will be intimately aware of what cryptocurrency is and how to use it. Everyone will.
So YOU control it. It's peer to peer. You can send it anywhere in the world for very low transactions costs in a matter of minutes. Or with STEEM free, and instantly. But yeah, you have control of it and not the banks or the government you can do what you want with it. Trade other cryptocurrencies, hold it because it's going to go up, buy anything off of Amazon through purse.io, trade it for or against other currencies on the forex markets on sites like 1broker, and yeah pretty much whatever you want to do with it.
So it's just on the internet, on the computer, how does someone not steal it?
Great question!
Well... again, that's exactly the point of what crypto is and as it is being continually developed, there are already several cryptos that are better than Bitcoin. It is becoming more and more secure. There have been huge hacks in crytpocurrency exchanges and platforms but the industry is producing some amazing projects that are clearly going to be a big part of the future.
How does it have value?
Just like anything has value... because we say it does. It's not like federal reserve notes are backed by gold or anything close to that anymore. It has value because people buy it with their hard earned dollars and and other currencies. I, myself try to tax myself about 20 to 30% of my paychecks right now to invest everything I can into crypto.
It can be traded just like any other currency. It works better for it, in fact. The internet is here to stay and this is how money is going to work now.
What makes it go up in value?
Because it's the future. It currently makes up a tiny fraction of the forex market. As things continue as they have, there will begin to be a mass adoption. As the world begins moving their liquid assets to crypt so many cryptos will be needed and used to do many things. The value of many of these cryptos will continue to rise for years to come. Bitcoin will be worth $10,000 within a few short years if it can scale to handle the volume. I can't even imagine what the price will be for cryptos like Steem, Bitshares, Ethereum and a long list of beautifully designed cryptocurrency projects that have functionality that is way beyond what has ever been available in the past.
A euphoric conversation with the excellent folk that are always hanging around in SteemSpeak and then you will understand the title and why we don't have flying cars yet ; )
warning: explicit language, wild eyes, first ever vlog - maybe the last ever too : 0
Satoshi Nakamoto is an Alien from the next dimension ; )
Tommorrow land! We are almost here!
This is a real modern day city!
Looks like a crazy CGI image of some futuristic city doesnt it?
This is just a photo of the Vancouver Skyline! It already LOOKS like a tommorrow land type city!
The Pleadians have alot to say about money and how Extra Terrestrial civilizations dont really use money but probobly some sort of blockchain like system, and i wouldnt be suprised if extra terrestrials gave us bitcoin to change the plant the same way they changed the planet giving us Fiber Optics, Lasres and SemiConductors putting us on a 300 year boost, accordng to Philip Corso in The day After Roswell after the 1949 uf crash retrieval where he got the tech that was given to Bell Labs and by the sixties developed modern personal computers via semiconductors and microprocessors, and then fiberoptics to allow for the internet to happen....(I even remember seeing documentaries about how fiber optics had already been been perfected in the 1970s and how we didn't have much use for it until the world wide web happened in the 1990s , and its just been one big wild ride, and when u think about technology, what has really changed in the last fifty years besides the computer chips and lasers and fiber optics as most of our technology now is all based on those essential ingredients
...the internet is a type 1 civilization communication network! its almost too advanced for us being only a type 0.6 civilization! And Bitcoin or the Blockchain is a type 1 civilization communication system!
This is now the fourth industrial revolution, and i cant wait to see the fifth industrial revolution!
blockchain is like the Type 1 civilization Monetary system!
here is another real photo of the Marina bay hotel in Singapore
and sometimes you just have to be reminded of the Burj Khalifa...I guess even the pyramids were built with slave labor
how is this not the future?
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I may be mistaken, but I was under the impression that cryptocurrency has value because of the innate properties of a good cryptocurrency, that it is private, secure, verifiable, and trustless. This is why the cryptocurrency is so vastly superior to currencies that are backed by only authority, and convention, and made out of dumb matter, rather than math that can function in creating the qualities of privacy, security, verifiability, and trustless transactivity. Paper currency can never do the things that a blockchain can.
This is more useful and eliminates the need for an authority, or a popularity to declare that it has value. The consensus comes in with the affirmation that it is advantageous to use in transactions, but is not the totality of what gives it it's value. If no one uses it, it is unused, but not devoid of potential value.
I may be missing something, but this is where the information has led me. I'm sure that a cryptocurrency can be created that can subvert any of the stated valuable qualities. I'm sure the banks and the state have already done this, or are going mad trying to. Currency control is right up there with food and water control for maintaining power.
If I have missed something, I would be pleased if you would point it out. Thank you.
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Exaclty. I don't think you have missed anything. Sounds right on to me. IMO Ripple is an attempt by banks to retain control, but thats just one crypto - the only top ten crypto I do not and will not own.
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I have not looked into Ripple, or more than half a dozen cryptocurrencies. If the people manipulating the public get the chaos they're spoiling for, it could be used to simply outlaw any currency they don't control. It has been done before, and would be more difficult to do now, but that doesn't mean they're not going to try. This business in India, outlawing certain notes as use as currency is evidence that those among us, who think they can profit from doing so, will try. Fortunately, math and encrypted signals cannot be distinguished from the merest vapor. Good luck to anyone trying to seize crytocurrency as they might silver or gold. It does appear that cash could go away. An effective cryptocurrency is a necessity to maintain liberty.
What do you think is the most viable method of energy production/generation/extraction accessible at the moment? Human civilization runs on electricity. If there is not accessible energy, many will suffer and some will even die. We need something reliable, and something the indoctrinated public can be persuaded to support. I'm almost certain that a person who shows up, sporting a one foot cube that provides all the energy required to power the lives of a family of four in a 2000 square foot house, that person will promptly go missing, suffer an unexpected heart attack, die in a plane crash, or have their car hacked and driven into a tree.
Is there a simple DIY method for which plans could just be preserved in the blockchain, for all to see, as long as there is energy to use it.
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http://presscore.ca/harnessing-200-volts-positive-of-free-unlimited-and-unmetered-pure-electrical-energy
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How i wish that people will come to understand more about cryptocurrencies and the fact that its not too late to join.
Hahahah Satoshi Nakamoto was an alien?
Nice Video.
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The last several people I've told have hopped on the train and started buying in. I'm just flying off the cuff, but I just pique their interest and then answer all their questions and tell them how to make money with it and they immediately want to buy some!
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Crypto is one of the best forms of investment, am so happy i got on this train while its still very young
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Definitely! I think we are about to reach the tipping point. HODL!
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Today is a green day, guess whats music is playing today? Check out my next blog in a few
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Totally share your feeling!
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So very interesting. Still digesting some of the conversation in post and in the chat :) Congrats on the rewards, and thank yous for the entertaining listen!!!
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This post has been ranked within the top 25 most undervalued posts in the second half of May 11. We estimate that this post is undervalued by $37.03 as compared to a scenario in which every voter had an equal say.
See the full rankings and details in The Daily Tribune: May 11 - Part II. You can also read about some of our methodology, data analysis and technical details in our initial post.
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I hope you're right.But I can't see governments being kept locked out of anything that threatens the legal racket they enjoy. Government introduced TEMPORARY taxation hundreds of years ago to fund a war ! There is also the reminder - Don't steal - the government hates competition.
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For a long time I have felt hopeless. How could we we possibly beat them at their game? We can't. We won't. We are creating a new game that they cannot control and in that way, we will soon make them obsolete.
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Ripple XRP is the banks answer for control
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Fuck Ripple
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Indeed
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I think the question on who controls it is a bit more complicated than to say that the user controls it. Users have little control over the development of Bitcoin for example. It's more accurate to say that developers and miners control bitcoin. It can be argued that Vitalik Buterin controls Ethereum, he is certainly extremely influential in the direction on Ethereum development. More recent cryptos like Decred are leading the way in refining more decentralised and sustainable governance models but there is still a lot of work to be done in this space to achieve truly decentralised and efficient governance.
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Awesome video!
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