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A human being should be able to change a diaper, plan an invasion, butcher a hog, conn a ship, design a building, write a sonnet, balance accounts, build a wall, set a bone, comfort the dying, take orders, give orders, cooperate, act alone, solve equations, analyze a new problem, pitch manure, program a computer, cook a tasty meal, fight efficiently, die gallantly. Specialization is for insects.
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I feel like you are joking. But thanks for the challenge... from what I am witnessing, people are confused about the value associated with communal digital ledgers. Since bitcoin's creation, other coins have been created. Good projects are attempting to be unique, but many are falling short of that, and are looking like frauds instead. When making a coin, the coin needs a base system to run on. For bitcoinHEX, that base is Ethereum. BitcoinHEX will fork (split) from the bitcoin ledger (tables/wallets), which means it will divide it's ledger (tables/wallets) the same, to start, which makes full adoption more appropriate to current bitcoin holders. BitcoinHEX will wrap up the current concerns about bitcoin being a currency, and run on the Ethereum platform.Chris Kott wrote:Could you perhaps tell us a bit more in layman's terms?
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Mike Jay wrote:could you dumb it down a bit further?
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Mike Jay wrote:What's the value/backing behind a cryptocurrency?
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Miles Flansburg wrote:Same thing as federal reserve notes, in my mind...
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Davin Hoyt wrote:
Mike Jay wrote:What's the value/backing behind a cryptocurrency?
Decentralized consensus.
Davin Hoyt wrote:
To me, the most eye-opening statement would be: "Digital real estate." For example: Paul rents "permies.com" and "richsoil.com" from a world-wide consensus. I do the same for my website domain. There are a finite amount of domain names that are appropriate to consumers as we progress. Some name like "smoke.com" has become worth millions of USD.
Mike Jay wrote:Ok, so US dollars are backed by the "full faith" of the US government. Which consists of billions or trillions of dollars worth of assets and a strong incentive to keep the economy and financial systems running.
Mike Jay wrote:It sounds like bitcoin is backed by the "decentralized consensus" of the world via their commitment to a virtual currency. I guess I'm not seeing how there's any actual value to support it. Other than the value people believe it holds on a given day. If enough people think it has value, then they trade it and are happy. But if people suddenly lose faith in it, doesn't the value drops dramatically overnight?
Mike Jay wrote:Or is it that in order to acquire one bitcoin, you pay XXX actual dollars into a kettle. Then you have a bitcoin that you can trade. The dollars that someone is keeping in the kettle are the support for the system. So as long as you trust them, it's all good?
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Davin Hoyt wrote:
Mike Jay wrote:Ok, so US dollars are backed by the "full faith" of the US government. Which consists of billions or trillions of dollars worth of assets and a strong incentive to keep the economy and financial systems running.
Trust is needed.
Mike Jay wrote:It sounds like bitcoin is backed by the "decentralized consensus" of the world via their commitment to a virtual currency. I guess I'm not seeing how there's any actual value to support it. Other than the value people believe it holds on a given day. If enough people think it has value, then they trade it and are happy. But if people suddenly lose faith in it, doesn't the value drops dramatically overnight?
Yes. But the same goes for countrys’ monetary systems. Bitcoin’s USD value is up 1000% since summer of 2017.
Jean-Paul Calderone wrote:
And down 83% since 12 months ago.
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Mike Jay wrote:So if the value can change so dramatically, it seems like a combination of a risky investment and a currency system. I know national currencies fluctuate relative to one another but that's based on GDP and other normal-ish economic indicators. If the money in my pocket went up and down by 100's of percentages over the course of a year, I'd consider it more of a risky investment than I would a means of currency.
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Jean-Paul Calderone wrote:And down 83% since 12 months ago.
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stephen lowe wrote:I am personally to much of a luddiphte to get into actually owning cryptocurrencies at the moment.
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eric fisher wrote:
...or are you just having a laugh ?
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eric fisher wrote:
...for things like this...
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I believe Energi.world allows users to stake Energi (NRG), which got my attention.
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