Bitcoin miner - page 76
You are missing trading opportunities:
- Free trading apps
- Over 8,000 signals for copying
- Economic news for exploring financial markets
Registration
Log in
You agree to website policy and terms of use
If you do not have an account, please register
I'm always surprised when I read about trust in cryptocurrencies. Can I ask everyone a question? Trust from whose side? From governments, central banks, importers/exporters? Let's say a major oil exporter brings a tanker to China, and instead of a convertible currency, they are offered some koins. And what is he supposed to do with them? Where and for what? At what exchange rate? When an oil company sells oil, every percentage of price changes plays a role. It's 50% a day back and forth. Now tell me, would a serious corporation go for such a game? Then how do you pay taxes? At what exchange rates to recalculate the profit, if the rates on different exchanges may differ almost twice? But there is never such a difference with ordinary currencies, because the supply and demand are instantly equalized by thousands of banks. I am asking quite logical questions, which are on the surface. A professional banker would add a bunch of his professional ones. And to make it even clearer, here is a summary of the essence of cryptocurrencies. I have already written about it elsewhere, but it is appropriate to repeat it here.
Suppose I and a friend printed 1,000 shares and announced that a promising company had been created whose shares would be worth 1,000 roubles apiece. After that, we started selling these shares and sold them all for 1 rouble. In total, my friend and I have 1,000 roubles, and everyone else has 1 share each. From this point on, the "upside game" begins. My friend sells me 1 share for a ruble, I sell it back to him for 2 rubles, etc. The other 1,000 people see the current price on their terminals. In the end, we bring the price up to 1,000 roubles. My friend and I still have 1000 roubles each, while the others have 1 share, but they are convinced that each share is worth 1000 roubles. After that, someone is the first to think of selling their share. But here's the problem: there are still 1,000 roubles in the system. So the attempt to sell a share for 1,000 roubles is doomed to fail. We might be able to give the seller back his ruble if we want to. But it's naive to think that we'll pay everyone else 1,000 roubles each! We simply don't have that kind of money. With cryptocurrencies the situation is not much more complicated: their total value is just a fiction. There is no more real money, jewellery or goods in the world. Cryptocurrencies are not money, they are a money surrogate like promissory notes and receipts.
It has been brought up that the dollar also seems to be unsecured. Let me, how is that? Huge US industrial capacity is not collateral? The aviation, automotive, engineering industries - not collateral? GDP, the tax system, the budget - the whole balance of income and expenditure is accounted for. How can we account for the "collateral" of cryptocurrencies? You say that electricity consumption is collateral, we don't burn air. OK. Then why does the cost of one block change on a gigantic scale? It is a completely different cost of electricity. And there is simply nothing else to measure 'supply'. There is no equivalent to account for the balance. I am reasoning from an accounting point of view, from a statistical point of view. Trust, psychology, transactions, verification - tell those tales to your children. I have income, expenses, taxes and profits. I'm not making mega-profits, then mega-losses, and then I'm scratching my head, how to make debit and credit balance.
And finally, about mining. Even if you get a chance to cash it in, you will be surprised to learn that the costs were disproportionately high. The hardware costs, the electricity costs, the time spent inappropriately. My point is that it's useless to compete with corporations. It's like trading futures against robots from the big hedging companies. The major US brokers have long felt a strong exodus of private clients from the futures market. This is precisely the reason. All of this does not apply to individuals, but in principle about what the future holds for cryptocurrencies. Someone will make something in the moment. But some people made something from MMM "stocks" too. That doesn't change the fact that all those coins don't become legal tender, just like you can't buy a house with casino chips.
Sergey Vradiy
Thank you very much for devoting so much time to this thread.
There is only one small problem which concerns common people and corporations.
HOW TO MAKE MONEY?
Do you have an answer?
Suppose I and a friend printed 1,000 shares and announced that a promising company had been created whose shares would be worth 1,000 roubles apiece. After that, we started selling these shares and sold them all for 1 rouble. In total, my friend and I have 1,000 roubles, and everyone else has 1 share each. From this point on, the "upside game" begins. My friend sells me 1 share for a ruble, I sell it back to him for 2 rubles, etc. The other 1,000 people see the current price on their terminals. In the end, we bring the price up to 1,000 roubles. My friend and I still have 1000 roubles each, while the others have 1 share, but they are convinced that each share is worth 1000 roubles. After that, someone is the first to think of selling their share. But here's the problem: there are still 1,000 roubles in the system. So the attempt to sell a share for 1,000 roubles is doomed to fail. We might be able to give the seller back his rouble if we want to. But it's naive to think that we'll pay everyone else 1,000 roubles each! We simply don't have that kind of money. With cryptocurrencies the situation is not much more complicated: their total value is just a fiction. There is no more real money, jewellery or goods in the world. Cryptocurrencies are not money, they are a money surrogate like promissory notes and receipts.
In order to give everyone else 1000 for every single thing, you need them to want to sell and you to buy.
Who determines the value of an item?
The buyer and the seller, a thing is worth exactly how much one is willing to buy and the other to sell.
Of course, if everyone sells after reaching 1000, the market will collapse, the same situation is in all other markets.
I decided to see what Ozhegov wrote about money:
it is a measure of value in buying and selling, a means of payment and an object of accumulation.
It's quite appropriate for crypto.
so it is money after allI decided to see what Ozhegov wrote about money:
it is a measure of value in buying and selling, a means of payment and an object of accumulation.
crypto is fine for crypto.
so it is money after all.As a measure of value, crypto is not suitable -- due to its high volatility.
And if it's not suitable as a measure of value, then the other functions of money can be left out.
so crypto isn't money (yet).
If you find anything more interesting, let me know...
Added
Although the earnings on NiceHash are very good, but I'm GONE from them,
because they're being arbitrary.
At first they said they would not raise the commission - I was cheated.
A, now, the withdrawal costs 0.001 BTC (namutochku at today's rate of 16.7 $ + use of service 2.04% of namainenogo)
And the last "Squeak" - waiting for withdrawal MORE than one day.
Ie just extort money from miners (not for nothing people doubted their honesty)
crypto is not suitable as a measure of value -- because of its high volatility.
And if it is not suitable as a "measure of value", then the other functions of money are no longer relevant.
so crypto is not money (yet).
Please see an example, a pizza was bought for 10,000 Btk,
1. there is buying and selling
2. the price was measured in btk
the buyer received a pizza, the seller receives coins
you can buy and sell for Btk. the problem is only technical, but it will disappear.
but at the moment, there is no desire to buy for btk because of the high transaction cost.
it is better to use cheaper coins for that.
https://vc.ru/2385-million-dollar-pizza
please example, a pizza was bought for 10000 btk, ...
The measure of value is universal. And you gave a private example of a single transaction.
You can buy and sell for a Btk, the problem is only technical, but it will also disappear.
You can buy and sell for anything. Money was all sorts of things -- shells, rocks with holes, cattle, hides, honey, nails, and much, much more.
For something to be money, it has to work out the functions of money.
Bitcoin does not. We'll see how it works tomorrow.
But as of today, bitcoin is not money - in every sense and from every perspective.
Such super-profits give rise to unpleasant thoughts...
It seemed like we should be happy, but for some reason there is no joy.
NiceHash's debt (to me) is already ~$390
The measure of value is universal. And you gave a private example of a single transaction.
You could buy or sell anything for anything. Money has been all sorts of things-shells, stones with holes, livestock, hides, honey, nails, and more.
For something to be money, it has to work out the functions of money.
Bitcoin does not. We'll see how it works tomorrow.
But as of today, bitcoin is not money - in every sense and from every perspective.
I guess it's a matter of faith and belief )