Digital Currency

[Gdjjr]

I admit I know 0 about it, or Crypto Currency- I have no idea, at all, of where it gets its value- and what is it valued by is a question I have as well.

Dijjywan—Dijjydo or Dijjydon’t?
Questions for My Betters

China is now vigorously testing a digital yuan and threatens to have it ready for prime time for the 2022 Winter Olympics. This seems, to me anyway, important. It will be a real, workaday yuan, not a speculative cryptocurrency like Bitcoin. It will use a digital wallet via a cellphone app, and will not require an internet connection. Beyond this, I know about it only what I read, which may be wrong. To avoid endless qualification, I will write the following as if it were fact, but really I mean it more as an extended question. Any correction, amplification, or thought will be welcome.

 

[pknopp]

It's one step to undermining the dollar.

 

[there4eyeM]

The major advantage to virtual currency is the ease of transfer. The major disadvantage is the ease of tracing every movement one makes.
Desiring liberty is not synonymous with having something to hide, so wanting to avoid constant examination by hidden agents is justified.

 

[Dont Taz Me Bro]

It's one step to undermining the dollar.

No, the Federal Reserve already holds the crown on that.

 

[Dont Taz Me Bro]

I admit I know 0 about it, or Crypto Currency- I have no idea, at all, of where it gets its value- and what is it valued by is a question I have as well.

It's based on the same thing the American dollar is.

Absolutely nothing at all

 

[pknopp]

It's one step to undermining the dollar.

No, the Federal Reserve already holds the crown on that.

LOL, fair enough.

 

[there4eyeM]

I admit I know 0 about it, or Crypto Currency- I have no idea, at all, of where it gets its value- and what is it valued by is a question I have as well.

It's based on the same thing the American dollar is.

Absolutely nothing at all

This is a popular misconception about money. It is never based on nothing, it is always only based upon the faith of those circulating it. Even believing that gold has value is still belief.

 

[Gdjjr]

Even believing that gold has value is still belief.

Since it was discovered- people like shiny stuff-

 

[there4eyeM]

Even believing that gold has value is still belief.

Since it was discovered- people like shiny stuff-

While true, it doesn't explain why so many people are so enthralled with sh...er, feces.

 

[Dekster]

Even believing that gold has value is still belief.

Since it was discovered- people like shiny stuff-

While true, it doesn't explain why so many people are so enthralled with sh...er, feces.

It is the new gold or stock market or beenie babies. People think they will be able to trade it for more than they paid for it

 

[Andylusion]

I admit I know 0 about it, or Crypto Currency- I have no idea, at all, of where it gets its value- and what is it valued by is a question I have as well.

Dijjywan—Dijjydo or Dijjydon’t?
Questions for My Betters

China is now vigorously testing a digital yuan and threatens to have it ready for prime time for the 2022 Winter Olympics. This seems, to me anyway, important. It will be a real, workaday yuan, not a speculative cryptocurrency like Bitcoin. It will use a digital wallet via a cellphone app, and will not require an internet connection. Beyond this, I know about it only what I read, which may be wrong. To avoid endless qualification, I will write the following as if it were fact, but really I mean it more as an extended question. Any correction, amplification, or thought will be welcome.

There is nothing inherently speculative about Bitcoin, or any other digital currency.

People speculate on the US Dollar, and the Euro, and Yuan, and the Peso, and pretty much all currencies, all the time. There are currency markets, where all they do, as the name suggests, is trade in currency.

What Is Forex Trading? A Beginner’s Guide

Forex trading is exchanging one currency for another to profit from the trade. Learn more about trading currency.

www.investopedia.com

You can read about it there.

So there is nothing more, or less, speculative about digital currency, than any other.

Now there is a difference, in that currencies like BitCoin, are NOT backed by a government.

That may seem a negative, but it is also a positive.

It's true that BitCoin has no backing by any government... but then that implies that government actually backs the currency. We know that isn't true. Governments devalue their currency all the time. They over spend (like we are), can't pay back their debts (like we can't), and eventually default or devalue their currency (like we will eventually do, almost guaranteed).

The cool thing about BitCoin is that, the entire system that BitCoin runs on, is entirely independent of anything. No one can manipulate it, because they would have to change the BitCoin system on every single computer that is running BitCoin, on the entire planet.

There is no way for any government to manipulate the currency. It's impossible.

Now at the same time the government can refuse to accept BitCoin as a currency, and many don't, but as long as you can trade BitCoins for other currencies, there is no way for governments to stop people from using BitCoin.

I have not research what exactly China is trying to do, but I don't think it will be all that successful.

The whole point of a digital currency, is to avoid having the government be able to devalue or manipulate the currency. Without that factor, there is no value in using BitCoin. Why not just use paypal to access money online?

There is no value in using BitCoin over any other currency, except that it is beyond the interference of government.

China trying to create a digital Yaun, will undoubtedly be tied, and controlled to the government Yuan, which means they would be able to manipulate it.... so.... why use it?

Eventually I'll get around to reading up on what they are doing, but it reminds me a little bit of Red Star OS.

If you don't know what that is, it's an Operating System like Windows, Mac OS, and Linux. Specifically it was a Linux like OS, designed by Communist North Korea. It had tons of back doors, and such, that the government could access computers with. But most importantly, it had encrypted data tracking. Meaning every file, word document, picture, video, music, had an encrypted tracking on it, that allowed the government to trace every single computer that the file was on. So if you wrote a message saying you don't like Kimmy in government, they could track every computer that file was on, and round ever dissident up.

As result.... no one uses Red Star OS. I would wager this is what China is trying to do with digital currency, to try and control it. And I doubt it will work.

 

[Gdjjr]

it doesn't explain why so many people are so enthralled with sh...er, feces.

I don't know that it matters, it just is what it is- and I'm a I want to know why kind of guy- because almost anyone can figure out how, not many know the why of anything- it makes shiny stuff valuable is all I know- in some instances it is a superior conductor, of course when first discovered conductivity was from one hand to another so I guess that doesn't equate to much- but, too, in this day and time everything of value is measured in US Federal Reserve Notes value- why? Answer: Follow the money, see the agenda
As far as the Chinese digital currency, reading the article sheds some light on how it might be used- creating value- add to that, many in the world are tired of the US bullshit, like Iran and China to name the most prominent, and both have good reason- the US has proven to be a hypocrite. That's the cut and dried. That equates to NOT trustworthy- imagine that, chickens coming home to roost- where have I heard that?

It's interesting times we live in-

 

[Asclepias]

I admit I know 0 about it, or Crypto Currency- I have no idea, at all, of where it gets its value- and what is it valued by is a question I have as well.

Dijjywan—Dijjydo or Dijjydon’t?
Questions for My Betters

China is now vigorously testing a digital yuan and threatens to have it ready for prime time for the 2022 Winter Olympics. This seems, to me anyway, important. It will be a real, workaday yuan, not a speculative cryptocurrency like Bitcoin. It will use a digital wallet via a cellphone app, and will not require an internet connection. Beyond this, I know about it only what I read, which may be wrong. To avoid endless qualification, I will write the following as if it were fact, but really I mean it more as an extended question. Any correction, amplification, or thought will be welcome.

Where does the dollar get its value? If you figure that out then you can figure out where crypto currency gets its value.

 

[Asclepias]

I admit I know 0 about it, or Crypto Currency- I have no idea, at all, of where it gets its value- and what is it valued by is a question I have as well.

Dijjywan—Dijjydo or Dijjydon’t?
Questions for My Betters

China is now vigorously testing a digital yuan and threatens to have it ready for prime time for the 2022 Winter Olympics. This seems, to me anyway, important. It will be a real, workaday yuan, not a speculative cryptocurrency like Bitcoin. It will use a digital wallet via a cellphone app, and will not require an internet connection. Beyond this, I know about it only what I read, which may be wrong. To avoid endless qualification, I will write the following as if it were fact, but really I mean it more as an extended question. Any correction, amplification, or thought will be welcome.

There is nothing inherently speculative about Bitcoin, or any other digital currency.

People speculate on the US Dollar, and the Euro, and Yuan, and the Peso, and pretty much all currencies, all the time. There are currency markets, where all they do, as the name suggests, is trade in currency.

What Is Forex Trading? A Beginner’s Guide

Forex trading is exchanging one currency for another to profit from the trade. Learn more about trading currency.

www.investopedia.com

You can read about it there.

So there is nothing more, or less, speculative about digital currency, than any other.

Now there is a difference, in that currencies like BitCoin, are NOT backed by a government.

That may seem a negative, but it is also a positive.

It's true that BitCoin has no backing by any government... but then that implies that government actually backs the currency. We know that isn't true. Governments devalue their currency all the time. They over spend (like we are), can't pay back their debts (like we can't), and eventually default or devalue their currency (like we will eventually do, almost guaranteed).

The cool thing about BitCoin is that, the entire system that BitCoin runs on, is entirely independent of anything. No one can manipulate it, because they would have to change the BitCoin system on every single computer that is running BitCoin, on the entire planet.

There is no way for any government to manipulate the currency. It's impossible.

Now at the same time the government can refuse to accept BitCoin as a currency, and many don't, but as long as you can trade BitCoins for other currencies, there is no way for governments to stop people from using BitCoin.

I have not research what exactly China is trying to do, but I don't think it will be all that successful.

The whole point of a digital currency, is to avoid having the government be able to devalue or manipulate the currency. Without that factor, there is no value in using BitCoin. Why not just use paypal to access money online?

There is no value in using BitCoin over any other currency, except that it is beyond the interference of government.

China trying to create a digital Yaun, will undoubtedly be tied, and controlled to the government Yuan, which means they would be able to manipulate it.... so.... why use it?

Eventually I'll get around to reading up on what they are doing, but it reminds me a little bit of Red Star OS.

If you don't know what that is, it's an Operating System like Windows, Mac OS, and Linux. Specifically it was a Linux like OS, designed by Communist North Korea. It had tons of back doors, and such, that the government could access computers with. But most importantly, it had encrypted data tracking. Meaning every file, word document, picture, video, music, had an encrypted tracking on it, that allowed the government to trace every single computer that the file was on. So if you wrote a message saying you don't like Kimmy in government, they could track every computer that file was on, and round ever dissident up.

As result.... no one uses Red Star OS. I would wager this is what China is trying to do with digital currency, to try and control it. And I doubt it will work.

More and more countries are backing digital currency.

The Next Cryptocurrency Evolution: Countries Issue their Own Digital Currency

To date, countries that have issued their own cryptocurrencies include Ecuador, China, Senegal, Singapore, Tunisia and the list continues to expand.

www.fxempire.com

 

[Deplorable Yankee]

I admit I know 0 about it, or Crypto Currency- I have no idea, at all, of where it gets its value- and what is it valued by is a question I have as well.

Dijjywan—Dijjydo or Dijjydon’t?
Questions for My Betters

China is now vigorously testing a digital yuan and threatens to have it ready for prime time for the 2022 Winter Olympics. This seems, to me anyway, important. It will be a real, workaday yuan, not a speculative cryptocurrency like Bitcoin. It will use a digital wallet via a cellphone app, and will not require an internet connection. Beyond this, I know about it only what I read, which may be wrong. To avoid endless qualification, I will write the following as if it were fact, but really I mean it more as an extended question. Any correction, amplification, or thought will be welcome.

..Ethereum

Go find out

 

[Gdjjr]

I admit I know 0 about it, or Crypto Currency- I have no idea, at all, of where it gets its value- and what is it valued by is a question I have as well.

Dijjywan—Dijjydo or Dijjydon’t?
Questions for My Betters

China is now vigorously testing a digital yuan and threatens to have it ready for prime time for the 2022 Winter Olympics. This seems, to me anyway, important. It will be a real, workaday yuan, not a speculative cryptocurrency like Bitcoin. It will use a digital wallet via a cellphone app, and will not require an internet connection. Beyond this, I know about it only what I read, which may be wrong. To avoid endless qualification, I will write the following as if it were fact, but really I mean it more as an extended question. Any correction, amplification, or thought will be welcome.

There is nothing inherently speculative about Bitcoin, or any other digital currency.

People speculate on the US Dollar, and the Euro, and Yuan, and the Peso, and pretty much all currencies, all the time. There are currency markets, where all they do, as the name suggests, is trade in currency.

What Is Forex Trading? A Beginner’s Guide

Forex trading is exchanging one currency for another to profit from the trade. Learn more about trading currency.

www.investopedia.com

You can read about it there.

So there is nothing more, or less, speculative about digital currency, than any other.

Now there is a difference, in that currencies like BitCoin, are NOT backed by a government.

That may seem a negative, but it is also a positive.

It's true that BitCoin has no backing by any government... but then that implies that government actually backs the currency. We know that isn't true. Governments devalue their currency all the time. They over spend (like we are), can't pay back their debts (like we can't), and eventually default or devalue their currency (like we will eventually do, almost guaranteed).

The cool thing about BitCoin is that, the entire system that BitCoin runs on, is entirely independent of anything. No one can manipulate it, because they would have to change the BitCoin system on every single computer that is running BitCoin, on the entire planet.

There is no way for any government to manipulate the currency. It's impossible.

Now at the same time the government can refuse to accept BitCoin as a currency, and many don't, but as long as you can trade BitCoins for other currencies, there is no way for governments to stop people from using BitCoin.

I have not research what exactly China is trying to do, but I don't think it will be all that successful.

The whole point of a digital currency, is to avoid having the government be able to devalue or manipulate the currency. Without that factor, there is no value in using BitCoin. Why not just use paypal to access money online?

There is no value in using BitCoin over any other currency, except that it is beyond the interference of government.

China trying to create a digital Yaun, will undoubtedly be tied, and controlled to the government Yuan, which means they would be able to manipulate it.... so.... why use it?

Eventually I'll get around to reading up on what they are doing, but it reminds me a little bit of Red Star OS.

If you don't know what that is, it's an Operating System like Windows, Mac OS, and Linux. Specifically it was a Linux like OS, designed by Communist North Korea. It had tons of back doors, and such, that the government could access computers with. But most importantly, it had encrypted data tracking. Meaning every file, word document, picture, video, music, had an encrypted tracking on it, that allowed the government to trace every single computer that the file was on. So if you wrote a message saying you don't like Kimmy in government, they could track every computer that file was on, and round ever dissident up.

As result.... no one uses Red Star OS. I would wager this is what China is trying to do with digital currency, to try and control it. And I doubt it will work.

Thank you- good response!

 

[Asclepias]

Even believing that gold has value is still belief.

Since it was discovered- people like shiny stuff-

While true, it doesn't explain why so many people are so enthralled with sh...er, feces.

It is the new gold or stock market or beenie babies. People think they will be able to trade it for more than they paid for it

I dropped in $1k for bit coin back in 2017 just to see what would happen. I looked at it last month and it was worth almost $6k

 

[there4eyeM]

The value of anything is what someone will exchange for it now.

 

[Gdjjr]

Ethereum

Value BY US Federal Reserve Notes-

I guess that's where my confusion comes in- it's still gov't controlled value- yes, the gov't controls the value- it diminshes the Notes value everytime it has more printed- so, ANY currency, real or imagined is still tied to it- and they know that- the next question has to be why, several why's actually- my simple answer is; Follow the Money, see the agenda- there are a lot of dots that would take a scholarly like approach to connect if laid out. But, eventually they lead to one reason- control. Which begs another why- is it just different wiring some have?
What's to be gained? More? For what? Power? How much is enough?

 

[Gdjjr]

I dropped in $1k for bit coin back in 2017 just to see what would happen. I looked at it last month and it was worth almost $6k

In US Federal Reserve Note value-