Quote:
Originally Posted by Frank_Jaeger
Cryptocurrencies are only worth what people are willing to pay for them. Nothing in existence has intrinsic value; it's ironic for you to call people idiots who're trading these things because you believe certain currencies have inherent value.
The government has explicitly stated bitcoins are a legitimate form of currency. Due to the nature of the network, no government is in a position to control or regulate the market. The most any government could do is outright attack the network, and I don't see that happening. Also please educate yourself on what a ponzi scheme is, and then educate yourself on the principle behind bitcoin and its introduction. Bitcoin is not a ponzi scheme. In fact no cryptocoin, even the obvious clones which have been cranked out to make a quick buck, are a ponzi scheme.
Mixing services are available. By default the use of these networks is not anonymous, however there are steps that can be taken to hinder or even stop tracking.
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How is this not a ponzi scheme? Its made of out of nothing and sold to investors being told the value of the coin will be able to sell at a higher value later. They then sell to the next ladder of investors, which are bought at a higher value.. The ladder/pyramid continues down the line... Ponzi scheme
I understand what bitcoins do but they are using a peer-to-peer money exchange and taking that electronically exchanged money to pretend it as a real currency. What if the whole market panics and people decided to cash out? Where is the money going to come from? There is no value to the coin, no government backing, it has no secondary value. No bank in the world would take that currency and exchange you into fiat currency.
I only see this as a short term investment because of the popularity of it. There are still new investors buying into this so it will hold value or increase but at present it is close to its cap. I dont see it being accepted as real currency until somehow the cryptographic is worth some kind of value.