+ Reply to Thread
Page 2 of 2 FirstFirst 1 2
Results 21 to 24 of 24

Thread: Thoughts on Bitcoin, Cryptocurrencies and related matters.

  1. Link to Post #21
    Canada Avalon Member kfm27917's Avatar
    Join Date
    7th June 2019
    Location
    Garymede
    Language
    German
    Posts
    712
    Thanks
    14,556
    Thanked 5,414 times in 685 posts

    Default Re: Thoughts on Bitcoin, Cryptocurrencies and related matters.

    Am I missing something here? Does anyone remember the pyramid scheme from a good number of years ago? Nothing good came from that scheme except for the very few that got in it first and everyone after that took a nosedive. Are we thinking the same thing here? RB

    >> How Crypto Currency works . . . an analogy in laymen terms.
    >>
    >>
    >> Not long ago a Merchant found a lot of monkeys that lived near a certain village.
    >>
    >>
    >> One day he came to the Village saying he wanted to buy these monkeys!
    >>
    >>
    >> He announced that he would buy the monkeys at $100 each.
    >>
    >>
    >> The Villagers thought that this man must be crazy - How can somebody buy stray monkeys at $100 each?
    >>
    >>
    >> Still some people caught some monkeys, gave them to this Merchant and he gave $100 for each monkey.
    >>
    >>
    >> This news spread like wildfire and people caught monkeys and sold them to the merchant.
    >>
    >>
    >> After a few days, the merchant announced that he will buy monkeys at $200 each.
    >>
    >>
    >> The lazy villagers also ran around to catch the remaining monkeys! They sold the remaining monkeys at $200 each.
    >>
    >>
    >> The Merchant then announced that he will buy monkeys for $500 each!
    >>
    >>
    >> The Villagers start to lose sleep!.....They caught six or seven monkeys, which was all that were left and got $500 each.
    >>
    >>
    >> The Villagers were waiting anxiously for the next announcement.
    >>
    >>
    >> Then the Merchant announced that he is going on holiday for a week, but when he returns, he will buy monkeys at $1000 each!
    >>
    >>
    >> He also said that his employee will be in charge, and would take care of the monkeys he bought pending his return. The Merchant went on holiday!
    >>
    >>
    >> The Villagers were frantic and very sad as there were no more monkeys left for them to sell it at $1000 each as was promised by the Merchant.
    >>
    >>
    >> Then the Merchant’s Employee contacted them and told them that he would secretly sell them some monkeys at $700 each.
    >>
    >>
    >> The news spread like wildfire. As the Merchant promised on his return that he would buy monkeys at $1000 each, they would achieve a $300 profit for each monkey.
    >>
    >>
    >> The next day the Villagers queued up near the monkey cage.
    >>
    >>
    >> The Employee sold all the monkeys at $700 each. The rich bought monkeys in large lots. The poor borrowed money from money lenders and bought the rest of the monkeys!
    >>
    >>
    >> The Villagers took care of their monkeys & waited for the Merchant to return!
    >>
    >>
    >> However nobody came! ..... They then ran to find the Employee ....
    >>
    >>
    >> However he was nowhere to be found!
    >>
    >>
    >> The Villagers then realized that they have been duped buying the useless stray monkeys at $700 each, and were now unable to sell them!
    >>
    >>
    >> This Monkey Business is now known as Bitcoin!
    >>
    >>
    >> It will make a lot of People bankrupt and very few People filthy rich in this kind of Monkey Business.
    >>
    >>
    >>
    >>
    >>
    >>
    >

  2. The Following 2 Users Say Thank You to kfm27917 For This Post:

    meat suit (27th November 2021), palehorse (27th November 2021)

  3. Link to Post #22
    Avalon Member palehorse's Avatar
    Join Date
    13th April 2020
    Location
    Gaia
    Language
    English
    Age
    46
    Posts
    1,630
    Thanks
    12,042
    Thanked 11,413 times in 1,572 posts

    Default Re: Thoughts on Bitcoin, Cryptocurrencies and related matters.

    Quote Posted by kfm27917 (here)
    Am I missing something here? Does anyone remember the pyramid scheme from a good number of years ago? Nothing good came from that scheme except for the very few that got in it first and everyone after that took a nosedive. Are we thinking the same thing here? RB

    >> How Crypto Currency works . . . an analogy in laymen terms.
    >>
    >>
    >> Not long ago a Merchant found a lot of monkeys that lived near a certain village.
    ..
    >>
    >> It will make a lot of People bankrupt and very few People filthy rich in this kind of Monkey Business.
    >>
    >
    perfect analogy.
    If it looks like a ponzi scheme, if it smells like a ponzi scheme, then maybe it is not a ponzi scheme!

    .. and the scammers has a seat at a very high level in the hierarchy, they decide not us.
    I feel sorry for those poor people selling their real/physical assets and converting it into virtual assets.
    Last edited by palehorse; 27th November 2021 at 07:00.
    --
    A chaos to the sense, a Kosmos to the reason.

  4. The Following User Says Thank You to palehorse For This Post:

    kfm27917 (27th November 2021)

  5. Link to Post #23
    Bosnia Herzegovina Avalon Member
    Join Date
    8th November 2021
    Location
    Germany
    Language
    Bosnian, German
    Age
    35
    Posts
    5
    Thanks
    15
    Thanked 53 times in 4 posts

    Default Re: Thoughts on Bitcoin, Cryptocurrencies and related matters.

    Anyone understanding german, there is a new upload by "Ernst Wolff". I just want to recommend to watch his latest conference from Vienna only a couple of days old. The video is 48 minutes long, and I think it is going to be a well invested 48 minutes for anyone watching it. It fits to this thread but it ties to many other aspects from the world happening this very moment. If you can somehow find a way to understand it even as a non german speaker, the things he is talking about are well explained. It is really a great and fairly compact "Aufklärung" (clarification) to all the things happening in the world at the moment. As a fellow avalonian, I would say it is really one of the highest watch recommendations I personally could give. Just one spoiler, there is no conspiracies and similar things in there. Thank you if you decide to watch

    https://www.youtube.com/watch?v=GtM4B3yIXXw&t=2404s

  6. The Following 2 Users Say Thank You to ediwedi For This Post:

    kfm27917 (27th November 2021), Vicus (27th November 2021)

  7. Link to Post #24
    Avalon Member norman's Avatar
    Join Date
    25th March 2010
    Location
    too close to the hot air exhaust
    Age
    68
    Posts
    8,901
    Thanks
    9,945
    Thanked 55,079 times in 8,173 posts

    Default Re: Thoughts on Bitcoin, Cryptocurrencies and related matters.

    What does Bitcoin look like "under the hood"

    https://www.brighteon.com/7494b146-c...c-ece25ac2ae4b
    ..................................................my first language is TYPO..............................................

+ Reply to Thread
Page 2 of 2 FirstFirst 1 2

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts