Banking on Bitcoin

Tell me again what backs Crypto?
Gold?
Silver?
Platinum?
Anything besides internet conjecture?
There are some coins that are backed by real-world hard assets like gold, silver, etc. These are called stable coins.

Blockchain technology is interesting and will no doubt work its way into other areas, but, generally speaking, the only thing backing crypto is faith I never bought into crypto. Of course I wish I'd rolled the dice on Bitcoin in the early days, because I knew all about it but never "got it". I certainly wouldn't buy today.

The way I see it, technology needs to solve a problem. What problem does crypto solve? Critics of our economic system, especially ones who fantasize about returning to the gold standard, have been promising collapse for many many decades. Many crypto pundits sell crypto in the same way. It's going to save us when government-issued currency collapses (despite the fact that there's even LESS backing crypto than what's backing a government currency). I just don't see it.

The world doesn't need thousands and thousands of different currencies. That doesn't solve anything. It just makes things more confusing. If government-issued currency collapses, there's no logical reason that crypto would retain value. And, for now anyway, it's also a lot easier to pay with a credit card or Apple Pay or something similar than it is to use crypto. So, again, what problem does crypto solve?
 
There are some coins that are backed by real-world hard assets like gold, silver, etc. These are called stable coins.

Blockchain technology is interesting and will no doubt work its way into other areas, but, generally speaking, the only thing backing crypto is faith I never bought into crypto. Of course I wish I'd rolled the dice on Bitcoin in the early days, because I knew all about it but never "got it". I certainly wouldn't buy today.

The way I see it, technology needs to solve a problem. What problem does crypto solve? Critics of our economic system, especially ones who fantasize about returning to the gold standard, have been promising collapse for many many decades. Many crypto pundits sell crypto in the same way. It's going to save us when government-issued currency collapses (despite the fact that there's even LESS backing crypto than what's backing a government currency). I just don't see it.

The world doesn't need thousands and thousands of different currencies. That doesn't solve anything. It just makes things more confusing. If government-issued currency collapses, there's no logical reason that crypto would retain value. And, for now anyway, it's also a lot easier to pay with a credit card or Apple Pay or something similar than it is to use crypto. So, again, what problem does crypto solve?

So, in other words, nothing but a bunch of internet nerds opinion and conjecture? No wonder it's going bust. lol
 
Is the U.S. Dollar backed by anything besides corrupt politicians and an absolutely useless government?

Tether Gold (XAUT) = backed by gold
Pax Gold (paxG) = backed by gold
USDC = backed by u.s. dollar
quite a few backed by real world assets very efficient stores of value, but not all are trying to be currency replacement, plenty of utility tokens and smart contracts out there, anyway these are all the same arguments rearing their heads in 2017 and before 2013, next halving is 2024, now is time to accumulate but most dummy's wait and buy the top in the middle of a bull run and get utterly massacred when a bear market hits 12 months later. guaranteed detractors will be saying btc will go to zero in 2026 after it spent the previous 2 years smashing through 100k then dumping back down to to measly 60k
 
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So, in other words, nothing but a bunch of internet nerds opinion and conjecture? No wonder it's going bust. lol

I think that's a bit of an oversimplification, but yes, it's mostly hype (and hope). Blockchain technology has many applications and there will be applications for crypto coins (or token or whatever you want to call them). But most of what we've been seeing these past few years is pure hype and a lot of pump and dump.

For now, crypto has failed to demonstrate a widely applicable use case. I mean, who actually uses Bitcoin? I don't mean who buys it as an investment, but who actually uses it for transactions? Criminals and people buying drugs on the internet. It's pretty absurd to think that, at it's height, Bitcoin was valued at around 1/2 of Apple's value. Apple has numerous hard assets, billions of dollars in the bank, hundreds of millions of monthly services subscribers, and it consistently generates billions of dollars in revenue each quarter. Yet Bitcoin, with it's insane environmental cost, absolutely no assets backing anything, and only used by human traffickers and kids buying drugs is somehow worth 1/2 of Apple. It's absurd. Those days are over and never coming back.
 
Bitcoin is terrible for buying drugs or being used by criminals its not even private, every transaction is saved on the blockchain in public view, if you want to buy drugs and traffic humans, stick with USD plenty of better systems already in place to launder us dollars that's why criminals favor fiat.
eth2.0 which is proof of stake not proof of work low environmental impact, currently 1 million transaction per day.
10 million people currently use lightning network to make retail payments with bitcoin.
 
Bitcoin is terrible for buying drugs or being used by criminals its not even private, every transaction is saved on the blockchain in public view, if you want to buy drugs and traffic humans, stick with USD plenty of better systems already in place to launder us dollars that's why criminals favor fiat.
eth2.0 which is proof of stake not proof of work low environmental impact, currently 1 million transaction per day.
10 million people currently use lightning network to make retail payments with bitcoin.

Those numbers aren't particularly impressive considering the past few years of crypto pumping and shilling. There are over 100 million credit card transactions every day in the US alone. As I said earlier, technology needs to solve a problem to be successful. What problem does crypto solve? Sure, it has a die-hard, almost religious following, but how does it benefit the everyday person? It's still much easier to transact in government-issued currency for a variety of reasons, not the least of which is that the value doesn't fluctuate wildly from day to day. I have yet to hear a single convincing argument from crypto fans as to what problem crypto solves.
 
The numbers are not "Impressive" becuase we are still early, the 10 million using lighting netwotk are pioneers, 1 million transactions per day on eth2.0 is only one block chain, there 10 major block chains out there, solana does over 100 million transaction per day, bsc 3.5 million transactions per day, plenty of stable coins out there if fluctuations are too much to stomach, when btc reaches the top of its s-curve and there are no more huge gains to be made the average person will be brought in by companies and governments that spent 2 decades accumulating it while telling citizens its bad for them and useless, most circulating btc is already corporate owned.
 
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The numbers are not "Impressive" becuase we are still early, the 10 million using lighting netwotk are pioneers, 1 million transactions per day on eth2.0 is only one block chain, there 10 major block chains out there, solana does over 100 million transaction per day, bsc 3.5 million transactions per day, plenty of stable coins out there if fluctuations are too much to stomach, when btc reaches the top of its s-curve and there are no more huge gains to be made the average person will be brought in by companies and governments that spent 2 decades accumulating it while telling citizens its bad for them and useless, most circulating btc is already corporate owned.

lol, pulsex.