Crypto-Currency the legal pyramid scheme?

Discussion in 'The Tiki Bar' started by ttmott, Nov 23, 2022.

  1. Stee6043

    Stee6043 Well-Known Member

    Jun 1, 2015
    West Michigan
    1997 Sundancer 400
    7.4L Gassers
    I have no clue about crytpo markets and trading but isn't the idea of using blockchain to exchange value fundamentally no different than using US Dollars? Well, except the current lack of regulation as you pointed out? I suspect the purists would argue that if/when blockchain is widely adopted and perfected for this use there would be no need for regulation. Global free trade with a single currency. A wild idea to be sure.

    If you separate the investing side from the "using it as a currency" side I don't think it's at all naive to compare crypto currency to the $'s you see on a screen sitting in your bank account. There's no gold out there backing our savings...only a Governments promise to pay backed by our hope that they (our GOVT) remains solvent.
     
    Nater Potater likes this.
  2. Golfman25

    Golfman25 Well-Known Member

    Sep 12, 2009
    IL
    1998 370 Sundancer
    7.4 MPI
    No, what backs our dollar is 300 some millions American taxpayers and a trillion dollar economy. There is nothing like that to back up crypto.
     
    Creekwood likes this.
  3. Creekwood

    Creekwood Well-Known Member GOLD Sponsor

    Apr 26, 2009
    Oakville and Georgian Bay, Ontario
    '97 330 Sundancer, Raymarine C80 suite with radar, Mercury 310 Hypalon w/8hp Yammie 2stk
    2X 454 carbs w/ vDrives
    Maybe I place more trust in our G7 governments than I do in some shady nebulous crypto currency guy. But that's just me. US dollars and Canadian dollars are backed by the entire country in a sense. You would never see the USD plummet in value like Cryptos have recently. Maybe I am "old school", but I like my currency to not be a volatile unregulated, unbacked "thing".
     
    Nater Potater likes this.
  4. Ezsteps

    Ezsteps Well-Known Member

    Nov 14, 2015
    Lake St. Clair-- Michigan (MacRay Harbor)
    1999 400 Sundancer, YL310 Zodiac, MX 335 Novurania
    7.4 Mercuisers Horizons 380 hp ea., 9.9 hp Mercury, 30 Yamaha
    I get what you're saying and I'm not trying to stick up for crypto. I already said I look at it like gambling.
    ETH was $123.00 in March of 2020 and it was $4,626.00 in November of 2021. You'll never see the USD do that either.
     
  5. Creekwood

    Creekwood Well-Known Member GOLD Sponsor

    Apr 26, 2009
    Oakville and Georgian Bay, Ontario
    '97 330 Sundancer, Raymarine C80 suite with radar, Mercury 310 Hypalon w/8hp Yammie 2stk
    2X 454 carbs w/ vDrives
    That’s exactly what it is. Gambling on musical chairs. And the house always wins. The house is the ICO founder. They win and then are out but continue to make money on the game after the big score on the ICO.
     
  6. northshore

    northshore Well-Known Member

    Jan 17, 2011
    Cleveland, OH
    1989 340 Sundancer
    Raymarine E90W Radar/Chartplotter
    Twin 454 Mercruiser 340's
    Fortune favors the bold.
    -Matt Damon

    Bankruprcy favors the stupid
    -Me

    I was told when I first started investing, "If you can't explain simply what makes somthing go up and down in value, you have no business investing in it'
     
    Creekwood and techmitch like this.
  7. Steve S

    Steve S Well-Known Member PLATINUM Sponsor

    Jun 5, 2007
    Northern IL.
    2000 400 Sedan Bridge with twin CAT 3116's

    2000 340 Sundancer - SOLD!
    210 Monaco 1987 - SOLD!
    Twin Caterpillar 3116's 350 HP straight drives
    The closest I get to Bitcoin is the spam email from some Jamoke who said he hacked my computer, and will delete everything off I don’t pay him $977 in Bitcoin. Makes me laugh cause he says he has watched me on my webcam and has blackmail videos of me. The problem is I do not have any webcams or microphones on my CPU…
     
    boatman37 likes this.
  8. Ericinmich

    Ericinmich Member

    46
    Dec 12, 2021
    48 Sundancer, 2007... formally PapaG's
    Cummins
    The issues I see with having a blockchain for currency exchange is that the way using more and more computational power to include each transaction into the blockchain. The math will take more and more power/energy, and with that becomes cost. Some of the cryptos are trying to deal with this already, but as energy costs go up, this will put an end to it IMO. It will cost too much for the transaction to "include" it in the blockchain.

    Also, it won't be secure at some point as computing power makes it possible to undo the math and hack the blockchain...
     
  9. JayhawkCurtis

    JayhawkCurtis Well-Known Member

    May 24, 2021
    2004 Sea Ray 240 Sundeck
    350 Mag Mercruiser w/Bravo III Drive
    I bought high, and will probably sell low, that’s how I roll!
     
    OllieC likes this.
  10. Woody

    Woody Well-Known Member

    Nov 20, 2007
    N. Wisconsin/Lk Superior
    2005 420DA
    Cummins 6CTA8.3
    A guys got to protect his money. My Uncle put his in big glass jars and buried it here and there, said no one but him would be able to find it, hid it real good....he died in '85, he didn't take it with him, but kinda.:rolleyes:
     
    JayhawkCurtis likes this.
  11. Creekwood

    Creekwood Well-Known Member GOLD Sponsor

    Apr 26, 2009
    Oakville and Georgian Bay, Ontario
    '97 330 Sundancer, Raymarine C80 suite with radar, Mercury 310 Hypalon w/8hp Yammie 2stk
    2X 454 carbs w/ vDrives
    Reminds me that when I was a kid of about 12, we were constantly playing out in the woods around our place. Building forts, that kind of thing. We came across what looked like an old hunt cabin or maybe small house in the middle of nowhere. In the ruins was a nasty old hair and grass mattress. And some old bills were showing. They were very old “Dominion of Canada” bills from the late 1800s. That guy didn’t take it with him either.
     
    JayhawkCurtis and Halfhitch like this.
  12. Halfhitch

    Halfhitch Well-Known Member SILVER Sponsor

    580
    Aug 24, 2021
    Venice, Florida
    1988 Laguna 23CC
    1988 Mercury 135 Black Max twins
    Wouldn't you just love to know the whole history of that scene?
     
  13. ttmott

    ttmott PhD in OCD TECHNICAL Contributor GOLD Sponsor

    Apr 3, 2012
    Space Coast Florida
    2006 52 Sedan Bridge
    Cummins QSM11
    I read an article some time ago that there are companies that "mine" the currency (whatever that means) and the server systems they have are so energy intensive the state's authorities are trying to get them shut down.
     
  14. ttmott

    ttmott PhD in OCD TECHNICAL Contributor GOLD Sponsor

    Apr 3, 2012
    Space Coast Florida
    2006 52 Sedan Bridge
    Cummins QSM11
    Many parallels both to the Holland Tulipmania (required economics reading) and Enron. The big difference is the generation of suckers.
     
    JayhawkCurtis and techmitch like this.
  15. Jaybeaux

    Jaybeaux Well-Known Member SILVER Sponsor

    Jan 3, 2016
    Upper Potomac River
    2006 Sea Ray 48
    Naught On Call
    Cummins QSC-540s with V-Drives
    11 KW Onan Genset
    Thanks for saying this as I wasn’t able to come up with a collegial wording .
     
  16. Steve S

    Steve S Well-Known Member PLATINUM Sponsor

    Jun 5, 2007
    Northern IL.
    2000 400 Sedan Bridge with twin CAT 3116's

    2000 340 Sundancer - SOLD!
    210 Monaco 1987 - SOLD!
    Twin Caterpillar 3116's 350 HP straight drives
    upload_2022-11-27_2-33-53.png
     
    ttmott likes this.
  17. Samahatwey

    Samahatwey New Member

    1
    Dec 5, 2022
    Boatless
    Boatless
    Hi! Cryptocurrencies have nothing to do with financial pyramids. Cryptocurrency is a digital asset with no physical embodiment and a single center that would control it. Depending on the type of electronic money, the cryptocurrency accounting unit can be either a "coin" or a "token." You can quickly get cryptocurrencies on sites like moonbitcoins.com or invest in cryptocurrencies and crypto exchanges. But this is a legal way to invest in the future.
     

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