What is your opinion about crypto currency?

1st Official Post

    What is your opinion about crypto currency like Bitcoin and Etherium? I think theoretically system is pretty interesting and may have multiple advantages to avoid inflation of money and it can become virtual gold, but I think it have more flaws than advantages.


    Keeping up that block chain system require extremely good computers to keep it safe. Bitcoins have never been hacked thanks to that block chain system. That mean crypto miners will constantly buy graphic cards out from the market. These graphic cards could be used for something more creative like office work. Even gamers suffer from that. Have you seen how hard it is to get graphic card for gaming or these cards may cost double the original price? Or how hard it is to get playstation 5? You need these same components for consoles as well.


    Another issue is electric. These computers use more electricity than my whole country combined. All that energy have been used to keeping up crypto currency system is absolutely insane imo. And more and more common this become, all the expenses just increase.

    it certainly is an interesting concept but your issues of graphic cards and electricity....


    isn't that up to the individual what they do with their time and money and resources ?


    those bitcoin farmers might claim the same thing as us and call us wasting time on akp when we could be farming for real money lol

    Bitcoin is pretty stupid shit. I mean as you say, the way they have created the system with "mining" demandnig a lot of data power, makes no sence. It's also pretty useless as a "currency", it's more like a payment service like Paypal. So don't see the point to make it more complicated than Paypal an other payment solutions.


    And also... the states never allowed non-regulated crypto "currencies" got to big. I mean, it's a bit crazy they have allowed it to go this far allready.


    But, if states comes up with their own crypto/virtual currency it's an other thing. But what difference is that to having money on a bank account? it's still just a number on an account no matter what.

    Quote from selfmate

    it certainly is an interesting concept but your issues of graphic cards and electricity....


    isn't that up to the individual what they do with their time and money and resources ?


    those bitcoin farmers might claim the same thing as us and call us wasting time on akp when we could be farming for real money lol

    Wasting time on akp also not pollute the climate like bitcoin farming. I mean bitcoin farming may be fine right now, but if you look into the future. How much energy it may take in future, it may increase expotentially.

    Quote from kirishiki

    Wasting time on akp also not pollute the climate like bitcoin farming. I mean bitcoin farming may be fine right now, but if you look into the future. How much energy it may take in future, it may increase expotentially.

    well that could be said for anything that consumes electricity right and is not essential right ?

    i'm pretty sure spending time on akp does use resouces... theres a server and many people on their computers and phones which all consume electricity...

    i'm pretty sure that kpoppies around the world outnumber bitcoin farmers...(dont quote me on this though lol)


    even if it does chew up a lot of electricity...its not an illegal activity and maybe considered entertainment or a job to some people so who are we to judge what others do?

    The big bitcoin farms don't use graphics card anymore. They use ASICs (application-specific integrated circuit) that are a lot more efficient. And they're mainly located in China because they have one of the cheapest electricity in the world.


    I think bitcoin based currencies will never be a thing. The number of transactions per second is very low, there's a lot of illiquidity, the transaction fees are very high ($10), and the value fluctuates too much. They're just a niche thing.

    Quote from patrik-k

    Bitcoin is pretty stupid shit. I mean as you say, the way they have created the system with "mining" demandnig a lot of data power, makes no sence. It's also pretty useless as a "currency", it's more like a payment service like Paypal. So don't see the point to make it more complicated than Paypal an other payment solutions.


    And also... the states never allowed non-regulated crypto "currencies" got to big. I mean, it's a bit crazy they have allowed it to go this far allready.


    But, if states comes up with their own crypto/virtual currency it's an other thing. But what difference is that to having money on a bank account? it's still just a number on an account no matter what.

    Normal money like Euro or Dollar lose value constantly because of inflation, but bitcoin constantly have same amount of currencies. You cant not print more money into it. Thats why you don't wanna keep big number of money into bank, it is better keep them on stocks. Also that remind me of another issue if people invest money into bitcoins instead stocks, that may hurt the world economy in general.

    Quote from kirishiki

    Normal money like Euro or Dollar lose value constantly because of inflation, but bitcoin constantly have same amount of currencies. You cant not print more money into it. Thats why you don't wanna keep big number of money into bank, it is better keep them on stocks. Also that remind me of another issue if people invest money into bitcoins instead stocks, that may hurt the world economy in general.

    When you "mine" you create more Bitcoin. And inflation is not that a huge deal anyway becasue most people don't have that much money on the bank for a longer time so it does not matter much. And a currency (Bitcoin) that increases in value fast is not much better it also creates other problems. I just can't see any point with it as a currency. I mean, no one would want to own and accept is at payments if you could not excange it for USD or other an other currency. And if does not have a value by it self it's pointless. But yes, as a "Paypal substitute" it has some usefullness.

  • AllKill VIP
    • Official Post

    Whether you like it or not, crypto is here to stay and will be the future. BTC will always have the first mover advantage and will remain king for a very long time, if not forever.


    BTC is a store of value and is already starting to replace gold. Alternative clean energy sources will eventually be the norm, so the electricity necessary to power mining farms won’t be an issue.


    For transactions, there are already tons of alt coins that process faster than any real currency system, but we will know over time which alt will win out. Defi and nft coins are also going to play a huge role.


    If you aren’t in crypto you are missing out. I’ve been in since btc was $300, so... I’m not complaining.

    Yes they leave huge amounts of carbon footprints, but so does other industries. The only solution is using more renewable energy. Without mining, people will still use more electricity and computer in the future

    It's a scam controlled by billionaires. They have access to all information on who owns cryptocurrency, and if they want their can change the password and lock people out of their money.

    Anyways, as someone who owns dodgecoins, I think investing in crypto is a great idea so long as you stick to investing only what you can afford to lose. I had an opportunity to hit big on dodecoin earlier in the year but rather than trust my own judgement, I listened to a fool who said it was pump and dump (which, okay, fair) and bought only 1k coins. But I still could have been rich by now if I had instead bought 100k or so cause later on it hit it's ATH . Now I put in a little change every now and again. If Dogecoin doesn't take off, it's whatever. It's not an amount I would cry over, but if it does take off then I hit the jackpot. It's not affecting my finances whatsoever.


    That being said I do believe crypto is the future and the time to invest is now. If you can find a good coin still in the tens of cent investing a small change really is no loss.

    Just now looking what is Crypto Currency. Before just heard news reports and it sounded technical.

    As a total beginner won't be investing in it. Might try the mining aspect. Small scale maybe enough to buy a Lunch once a week. Have an old Ipad that could be useful again.

    1. Crypto is trash con men used to screw people. It's been that since day 1.

    2. Why are so many people who've never posted anything responding to something having nothing to do with k-pop... That's so random it hurts. My little brain calls foul for some reason.

    3. It's only as secure as it's dumbest users and crypto has some really stupid users...

    Quote from 4NIA4

    Just now looking what is Crypto Currency. Before just heard news reports and it sounded technical.

    As a total beginner won't be investing in it. Might try the mining aspect. Small scale maybe enough to buy a Lunch once a week. Have an old Ipad that could be useful again.

    On second thought, no. Better yield clipping coupons. XD

    Quote from arrowjay

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    When CBDC is introduced (and my guess is that it's absolutely inevitable) then crypto could possibly be banned in all the civilised countries in the world.

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