/liberty/ - Liberty

>>73805

>predicts the rise

Reminder that is still no real money by any definition. It remains a speculative asset. It can't "rise" to something it is not yet.

>>73810

> Reminder that is still no real money by any definition. It remains a speculative asset. It can't "rise" to something it is not yet.

New bitcoins are "mined" into existence by computers solving and processing equations. Digital currencies aren't fiat, they're backed by the real and scarce resource of computational power.

>>73812

>Digital currencies aren't fiat, they're backed by the real and scarce resource of computational power.

You're not purchasing the computational power. Nobody is. What matters is what is ultimately behind it and it's nothing until you unload those coins into real goods. That isn't the main concern, even though it should be. Until it becomes something the average person can use the same way fiat is right now, it is not money.

You can have people dig holes and fill them up again as you give them a token for it after varying repetitions. That, still has no value to anybody, even if they can't cheat effectively to gain more tokens. It's an imperfect emulation, not a substitute.

>>73814

>That, still has no value to anybody, even if they can't cheat effectively to gain more tokens. It's an imperfect emulation, not a substitute.

What if >>73814

> You're not purchasing the computational power. Nobody is. What matters is what is ultimately behind it and it's nothing until you unload those coins into real goods.

All right, fair enough. So if there was a mechanism through which one could sell his computational power in exchange for currency, and use that currency to redeem a pegged value of compute time, would you consider it a real currency in the way other resource-backed currencies are?

Really, I'm not sure why Bitcoin and others haven't taken this route already; instead of just doing math problems all that compute time could be put towards something tangible, like a for-profit variant of BOINC.

>>73815

Ignore that first bit, not sure what happened there.

also forgot flag

>>73815

It could work if raw computational power had a high enough subjective use value. Just having real value isn't enough. It also has to be useful to the widest possible number of people the way salt,grain and metals were in ye olde times. You can tie it to anything that works as a standard. All you need is wide application and relative scarcity. As of yet I have no guarantee by anyone that I can redeem bitcoin on the spot for anything else in particular.

It seems like taking extra steps to the same goal, which other commodities don't have to take.

>>73815

There are cryptos that do meaningful work already. You're just not aware of them. A non-exhaustive list:

>Decentralized computation (Ethereum)

>File hosting (Maidsafe, Filecoin)

>Advertising (Basic Attention Token)

>Paying content creators (Steemit, LBRY)

Some of these start wandering away from digital gold/dollar into Chuck E. Cheese token territory but the point stands.

>>73828

Where can one find a decent listing of productive cryptos if one doesn't know a whole heck of a lot about digital currencies?

>>73805

Looks like Jews were working this con for a while

>>73842

>internet

>con

?

>>73830

A christian crypto for funding charities.

http://biblepay.org/

>>>/christian/584992

>>73828

Is Ethereum that good? I heard some shady things about it.

Kek, Kodak moves into the crypto scene.

https://www.zerohedge.com/news/2018-01-10/fastest-way-get-rich-cryptocurrencies

>>73842

go back to pol faggot