A question about crypto-currencies from a 12 year old - page 2.

MasterOfDisguise

newbie

Activity: 20

Merit: 0

Quote from: Razick on August 02, 2014, 07:29:56 PM

Quote from: MasterOfDisguise on August 02, 2014, 05:54:06 PM

I've heard of a crypto-currency which provides a basic income for everyone but why does it have to be basic? Why can't it provide a good income for everyone? Also, will prices rise if everyone was earning a good amount of money? I am only 12 and have no knowledge of the economy but I am interested in learning about crypto-currencies.

Hi, the problem with that idea is that, although it sounds nice, money isn't actually wealth... it only represents wealth. If a currency was made to give enough money to everyone for a good lifestyle, it would be devalued over time. That's actually why prices in dollars go up over time: As the government gradually prints more money, each dollar becomes worth less. If they were to just print dollars for everyone *all* dollars would lose value and eventually become worthless. This happened to Germany during World War I. This picture picture shows kids playing with German money after the government printed so much that it because worthless. Although it would be nice to provide an income for all, to do so you either have to tax or print money (this goes for cryptocurrencies as well as fiat), both strategies do some serious harm to the economy.

I am *not* saying that we shouldn't take care of the poor. I believe we should, but we have to be very careful to avoid unintended consequences.

How would you go about achieving this then?

Razick

legendary

Activity: 1330

Merit: 1003

Quote from: MasterOfDisguise on August 02, 2014, 05:54:06 PM

I've heard of a crypto-currency which provides a basic income for everyone but why does it have to be basic? Why can't it provide a good income for everyone? Also, will prices rise if everyone was earning a good amount of money? I am only 12 and have no knowledge of the economy but I am interested in learning about crypto-currencies.

Hi, the problem with that idea is that, although it sounds nice, money isn't actually wealth... it only represents wealth. If a currency was made to give enough money to everyone for a good lifestyle, it would be devalued over time. That's actually why prices in dollars go up over time: As the government gradually prints more money, each dollar becomes worth less. If they were to just print dollars for everyone *all* dollars would lose value and eventually become worthless. This happened to Germany during World War I. This picture picture shows kids playing with German money after the government printed so much that it was cheaper to give kids "money blocks" than to actually buy toys! One of the great things about Bitcoin is that it frees us from the current system of inflationary money. Although it would be nice to provide an income for all, to do so you either have to tax or print money (this goes for cryptocurrencies as well as fiat), both strategies do some serious harm to the economy (look up dead-weight loss from taxation and the costs of inflation if you are interested).

I am *not* saying that we shouldn't take care of the poor. I believe we should, but we have to be very careful to avoid unintended consequences.

MasterOfDisguise

newbie

Activity: 20

Merit: 0

Quote from: Yakamoto on August 02, 2014, 07:10:24 PM

Quote from: MasterOfDisguise on August 02, 2014, 07:06:27 PM

Quote from: Yakamoto on August 02, 2014, 06:57:23 PM

Quote from: MasterOfDisguise on August 02, 2014, 06:50:48 PM

Quote from: Yakamoto on August 02, 2014, 06:40:26 PM

Quote from: MasterOfDisguise on August 02, 2014, 06:37:45 PM

Quote from: Lauda on August 02, 2014, 06:26:48 PM

Quote from: portice on August 02, 2014, 05:55:06 PM

Stay in school and don't do drugs (too much).

He shouldn't be here anyways. His understanding is wrong, as expected, since he is a kid.

I don't think you can really say that I 'shouldn't be here'. I mean yes my understanding or crypto-currencies is 'wrong' but everyone has to start somewhere, right? I bet when you first started out your knowledge was basic.

I agree with this.

Learning shouldn't be equated with being denied access to a forum.

Mine was certainly basic, no doubt about it.

Even if he is a kid; doesn't this mean that Bitcoin's demographics are expanding, and we're getting those who decently matter into Bitcoin?

Exactly. I now know that it is not possible to provide a global basic income for everyone through a crypto-currency. I've learnt. I will spend a lot more time learning about crypto-currencies and doing my own research to ensure that I understand this topic properly. I heard about bitcoin through a friend and in turn I have told people about bitcoin. Awareness is spreading among ordinary people and I don't think it will be long before a crypto-currency (not necessarily bitcoin) will become widely accepted by the masses.

That's good!

See everyone! Just because a kid is 12 doesn't mean he can't be intelligent!

Just make sure not to listen to FUD (Fear, Uncertantity or Distress ((Or something else, that's my abbreviation))) and always learn. I don't know Bitcoin inside and out, and you -probably- don't either. You'll always be learning, don't dwell on information you've learned in the past. Question what you read now, and ask about things based on the knowledge you have.

And props to you for telling people about Bitcoin, that's a great thing you're doing right there!

And if you ever need anything, just ask me. I'm really open in my schedule and I wouldn't mind doing things.

Thanks a lot for the advice. I want to awaken the masses to the fact that there is an alternative to fiat currencies and the current monetary system. As I said, more and more people are developing distrust in the financial system and I do believe that in the near future the masses will look to crypto-currencies as a viable alternative to fiat currencies.

You know what fiat means? Congrats! You're ahead of some (If not most) adults.

In fact, your writing style and vocabulary are very large for a 12-year-old, pointing towards the theory that Bitcoin attracts those with the better education as opposed to their peers...

I think you'll do well in this forum, you're ahead of most newbies already.

From an early age I knew that there was something wrong with this system. Anyone who isn't a complete moron should be able to see that. But unfortunately most people are too stupid and ignorant to see what we see.

Lauda

legendary

Activity: 2674

Merit: 2965

Terminated.

Quote from: MasterOfDisguise on August 02, 2014, 06:37:45 PM

Quote from: Lauda on August 02, 2014, 06:26:48 PM

Quote from: portice on August 02, 2014, 05:55:06 PM

Stay in school and don't do drugs (too much).

He shouldn't be here anyways. His understanding is wrong, as expected, since he is a kid.

I don't think you can really say that I 'shouldn't be here'. I mean yes my understanding or crypto-currencies is 'wrong' but everyone has to start somewhere, right? I bet when you first started out your knowledge was basic.

So a 12 year old should also be in complicated political situations, stock market and such?
You get my point. Wink

Yakamoto

legendary

Activity: 1218

Merit: 1007

Quote from: MasterOfDisguise on August 02, 2014, 07:06:27 PM

Quote from: Yakamoto on August 02, 2014, 06:57:23 PM

Quote from: MasterOfDisguise on August 02, 2014, 06:50:48 PM

Quote from: Yakamoto on August 02, 2014, 06:40:26 PM

Quote from: MasterOfDisguise on August 02, 2014, 06:37:45 PM

Quote from: Lauda on August 02, 2014, 06:26:48 PM

Quote from: portice on August 02, 2014, 05:55:06 PM

Stay in school and don't do drugs (too much).

He shouldn't be here anyways. His understanding is wrong, as expected, since he is a kid.

I don't think you can really say that I 'shouldn't be here'. I mean yes my understanding or crypto-currencies is 'wrong' but everyone has to start somewhere, right? I bet when you first started out your knowledge was basic.

I agree with this.

Learning shouldn't be equated with being denied access to a forum.

Mine was certainly basic, no doubt about it.

Even if he is a kid; doesn't this mean that Bitcoin's demographics are expanding, and we're getting those who decently matter into Bitcoin?

Exactly. I now know that it is not possible to provide a global basic income for everyone through a crypto-currency. I've learnt. I will spend a lot more time learning about crypto-currencies and doing my own research to ensure that I understand this topic properly. I heard about bitcoin through a friend and in turn I have told people about bitcoin. Awareness is spreading among ordinary people and I don't think it will be long before a crypto-currency (not necessarily bitcoin) will become widely accepted by the masses.

That's good!

See everyone! Just because a kid is 12 doesn't mean he can't be intelligent!

Just make sure not to listen to FUD (Fear, Uncertantity or Distress ((Or something else, that's my abbreviation))) and always learn. I don't know Bitcoin inside and out, and you -probably- don't either. You'll always be learning, don't dwell on information you've learned in the past. Question what you read now, and ask about things based on the knowledge you have.

And props to you for telling people about Bitcoin, that's a great thing you're doing right there!

And if you ever need anything, just ask me. I'm really open in my schedule and I wouldn't mind doing things.

Thanks a lot for the advice. I want to awaken the masses to the fact that there is an alternative to fiat currencies and the current monetary system. As I said, more and more people are developing distrust in the financial system and I do believe that in the near future the masses will look to crypto-currencies as a viable alternative to fiat currencies.

You know what fiat means? Congrats! You're ahead of some (If not most) adults.

In fact, your writing style and vocabulary are very large for a 12-year-old, pointing towards the theory that Bitcoin attracts those with the better education as opposed to their peers...

I think you'll do well in this forum, you're ahead of most newbies already.

MasterOfDisguise

newbie

Activity: 20

Merit: 0

Quote from: Yakamoto on August 02, 2014, 06:57:23 PM

Quote from: MasterOfDisguise on August 02, 2014, 06:50:48 PM

Quote from: Yakamoto on August 02, 2014, 06:40:26 PM

Quote from: MasterOfDisguise on August 02, 2014, 06:37:45 PM

Quote from: Lauda on August 02, 2014, 06:26:48 PM

Quote from: portice on August 02, 2014, 05:55:06 PM

Stay in school and don't do drugs (too much).

He shouldn't be here anyways. His understanding is wrong, as expected, since he is a kid.

I don't think you can really say that I 'shouldn't be here'. I mean yes my understanding or crypto-currencies is 'wrong' but everyone has to start somewhere, right? I bet when you first started out your knowledge was basic.

I agree with this.

Learning shouldn't be equated with being denied access to a forum.

Mine was certainly basic, no doubt about it.

Even if he is a kid; doesn't this mean that Bitcoin's demographics are expanding, and we're getting those who decently matter into Bitcoin?

Exactly. I now know that it is not possible to provide a global basic income for everyone through a crypto-currency. I've learnt. I will spend a lot more time learning about crypto-currencies and doing my own research to ensure that I understand this topic properly. I heard about bitcoin through a friend and in turn I have told people about bitcoin. Awareness is spreading among ordinary people and I don't think it will be long before a crypto-currency (not necessarily bitcoin) will become widely accepted by the masses.

That's good!

See everyone! Just because a kid is 12 doesn't mean he can't be intelligent!

Just make sure not to listen to FUD (Fear, Uncertantity or Distress ((Or something else, that's my abbreviation))) and always learn. I don't know Bitcoin inside and out, and you -probably- don't either. You'll always be learning, don't dwell on information you've learned in the past. Question what you read now, and ask about things based on the knowledge you have.

And props to you for telling people about Bitcoin, that's a great thing you're doing right there!

And if you ever need anything, just ask me. I'm really open in my schedule and I wouldn't mind doing things.

Thanks a lot for the advice. I want to awaken the masses to the fact that there is an alternative to fiat currencies and the current monetary system. As I said, more and more people are developing distrust in the financial system and I do believe that in the near future the masses will look to crypto-currencies as a viable alternative to fiat currencies.

Yakamoto

legendary

Activity: 1218

Merit: 1007

Quote from: MasterOfDisguise on August 02, 2014, 06:50:48 PM

Quote from: Yakamoto on August 02, 2014, 06:40:26 PM

Quote from: MasterOfDisguise on August 02, 2014, 06:37:45 PM

Quote from: Lauda on August 02, 2014, 06:26:48 PM

Quote from: portice on August 02, 2014, 05:55:06 PM

Stay in school and don't do drugs (too much).

He shouldn't be here anyways. His understanding is wrong, as expected, since he is a kid.

I don't think you can really say that I 'shouldn't be here'. I mean yes my understanding or crypto-currencies is 'wrong' but everyone has to start somewhere, right? I bet when you first started out your knowledge was basic.

I agree with this.

Learning shouldn't be equated with being denied access to a forum.

Mine was certainly basic, no doubt about it.

Even if he is a kid; doesn't this mean that Bitcoin's demographics are expanding, and we're getting those who decently matter into Bitcoin?

Exactly. I now know that it is not possible to provide a global basic income for everyone through a crypto-currency. I've learnt. I will spend a lot more time learning about crypto-currencies and doing my own research to ensure that I understand this topic properly. I heard about bitcoin through a friend and in turn I have told people about bitcoin. Awareness is spreading among ordinary people and I don't think it will be long before a crypto-currency (not necessarily bitcoin) will become widely accepted by the masses.

That's good!

See everyone! Just because a kid is 12 doesn't mean he can't be intelligent!

Just make sure not to listen to FUD (Fear, Uncertantity or Distress ((Or something else, that's my abbreviation))) and always learn. I don't know Bitcoin inside and out, and you -probably- don't either. You'll always be learning, don't dwell on information you've learned in the past. Question what you read now, and ask about things based on the knowledge you have.

And props to you for telling people about Bitcoin, that's a great thing you're doing right there!

And if you ever need anything, just ask me. I'm really open in my schedule and I wouldn't mind doing things.

MasterOfDisguise

newbie

Activity: 20

Merit: 0

Quote from: Yakamoto on August 02, 2014, 06:40:26 PM

Quote from: MasterOfDisguise on August 02, 2014, 06:37:45 PM

Quote from: Lauda on August 02, 2014, 06:26:48 PM

Quote from: portice on August 02, 2014, 05:55:06 PM

Stay in school and don't do drugs (too much).

He shouldn't be here anyways. His understanding is wrong, as expected, since he is a kid.

I don't think you can really say that I 'shouldn't be here'. I mean yes my understanding or crypto-currencies is 'wrong' but everyone has to start somewhere, right? I bet when you first started out your knowledge was basic.

I agree with this.

Learning shouldn't be equated with being denied access to a forum.

Mine was certainly basic, no doubt about it.

Even if he is a kid; doesn't this mean that Bitcoin's demographics are expanding, and we're getting those who decently matter into Bitcoin?

Exactly. I now know that it is not possible to provide a global basic income for everyone through a crypto-currency. I've learnt. I will spend a lot more time learning about crypto-currencies and doing my own research to ensure that I understand this topic properly. I heard about bitcoin through a friend and in turn I have told people about bitcoin. Awareness is spreading among ordinary people and I don't think it will be long before a crypto-currency (not necessarily bitcoin) will become widely accepted by the masses.

Yakamoto

legendary

Activity: 1218

Merit: 1007

Quote from: MasterOfDisguise on August 02, 2014, 06:37:45 PM

Quote from: Lauda on August 02, 2014, 06:26:48 PM

Quote from: portice on August 02, 2014, 05:55:06 PM

Stay in school and don't do drugs (too much).

He shouldn't be here anyways. His understanding is wrong, as expected, since he is a kid.

I don't think you can really say that I 'shouldn't be here'. I mean yes my understanding or crypto-currencies is 'wrong' but everyone has to start somewhere, right? I bet when you first started out your knowledge was basic.

I agree with this.

Learning shouldn't be equated with being denied access to a forum.

Mine was certainly basic, no doubt about it.

Even if he is a kid; doesn't this mean that Bitcoin's demographics are expanding, and we're getting those who decently matter into Bitcoin?

MasterOfDisguise

newbie

Activity: 20

Merit: 0

Quote from: Lauda on August 02, 2014, 06:26:48 PM

Quote from: portice on August 02, 2014, 05:55:06 PM

Stay in school and don't do drugs (too much).

He shouldn't be here anyways. His understanding is wrong, as expected, since he is a kid.

I don't think you can really say that I 'shouldn't be here'. I mean yes my understanding or crypto-currencies is 'wrong' but everyone has to start somewhere, right? I bet when you first started out your knowledge was basic.

Lauda

legendary

Activity: 2674

Merit: 2965

Terminated.

Quote from: portice on August 02, 2014, 05:55:06 PM

Stay in school and don't do drugs (too much).

He shouldn't be here anyways. His understanding is wrong, as expected, since he is a kid.

Yakamoto

legendary

Activity: 1218

Merit: 1007

Quote from: aa on August 02, 2014, 05:57:03 PM

Quote from: MasterOfDisguise on August 02, 2014, 05:54:06 PM

I've heard of a crypto-currency which provides a basic income for everyone

That's not what cryptocurrency is. Whatever you heard of, it's not "cryptocurrency," it's just some thing.

http://en.wikipedia.org/wiki/Bitcoin

This.

Quote from: MasterOfDisguise on August 02, 2014, 05:54:06 PM

I've heard of a crypto-currency which provides a basic income for everyone but why does it have to be basic? Why can't it provide a good income for everyone? Also, will prices rise if everyone was earning a good amount of money? I am only 12 and have no knowledge of the economy but I am interested in learning about crypto-currencies.

If everyone started using it, chances are the price would rise, or it could fall, as people would try to exchange their fiat to Bitcoin before everyone else.

It can't provide a good income for everyone because there are too few; it's more like a store of value (Literally crypto gold) as opposed to being something that's easily worked for.

Cryptos are to get us away from this system of centralization, and aren't meant to be a handout for everyone. You will work for it just as much as the rest of us.

I don't know, though, if there's another coin suitable for every-day business...

Quote from: serje on August 02, 2014, 05:59:11 PM

you can earn money with crypto but you can also lose

if you make your own altcoin and have the necessary charisma to convince people it a good altcoin then you can make a few thousand dollars in a few days

And once the pump and dump is done, you'll be shunned by the community as a greedy b@stard. Luckily, there's always alternate accounts!

serje

legendary

Activity: 1232

Merit: 1002

you can earn money with crypto but you can also lose

if you make your own altcoin and have the necessary charisma to convince people it a good altcoin then you can make a few thousand dollars in a few days

aa

hero member

Activity: 544

Merit: 500

Litecoin is right coin

Quote from: MasterOfDisguise on August 02, 2014, 05:54:06 PM

I've heard of a crypto-currency which provides a basic income for everyone

That's not what cryptocurrency is. Whatever you heard of, it's not "cryptocurrency," it's just some thing.

http://en.wikipedia.org/wiki/Bitcoin

portice

legendary

Activity: 999

Merit: 1000

Stay in school and don't do drugs (too much).

MasterOfDisguise

newbie

Activity: 20

Merit: 0

I've heard of a crypto-currency which provides a basic income for everyone but why does it have to be basic? Why can't it provide a good income for everyone? Also, will prices rise if everyone was earning a good amount of money? I am only 12 and have no knowledge of the economy but I am interested in learning about crypto-currencies.

Topic: A question about crypto-currencies from a 12 year old - page 2. (Read 1793 times)