Topic: There is something wrong with cryptocurrencies? - page 3. (Read 371 times)

What would happen if everyone wanted to exchange all EUR for USD? This is more likely to happen because fiat currency might experience hyperinflation but Bitcoin can't.


You do realize that fiat currencies are also exchanges against each other?


Crypto sphere is full of scams, and it will be like that until it will stop having market bubbles that attract a lot of people wanting to reach quick, typically people with no experience in investing. Cryptocurrencies in general are not pyramid schemes, because they don't make any scheduled and "guaranteed" rewards for investors, it's just speculative investment.

1- name situation in which everyone will want to exchange crypto for "real money" at the same time. There nothing like that. Maybe asteroid about to hit earth. But BTC price will be the last thing people will be worried about.

2- There is nothing like "exchange rate to the real money". No one is setting this. People are constantly buying and selling crypto and the place where supply and demand meets create current price.

3- Because you used your phone number to log in on shady sites.

Because you've shared your phone number with many strangers. So many that some actually sold it to those scammers who'll try to convince you invest in their ponzi scheme “projects”.

Excuse me, sir, but how do you define “real money”? To me, money, not necessarily real, is anything that can be used as a medium of exchange. A thing that some agreed to use in exchange for goods. And that's what money is, I'm not the one who said it.

Then someone will buy it for you at a cheap price.


I don't understand why it's not fair, miners have purposes, and it's business, they need to make money and cash out from time to time to maintain the operation of their business.


Because that's how everything works in a financial market, not just in crypto.


I don't see any problem with that, good that you have been blocking them and not getting scammed. There are a lot of scammers out there, and it's good that you practice not listening to every one of them. You can do invest yourself directly to crypto, just saying.

It seems like a legit question but those things will not happen except something has gone wrong with the market and you will see the people selling their cryptocurrencies one after another. It already happen when the SEC has put its eyes on XRP and the price has crashed but it recovered because they were able to fix it. As you can see, the SEC has no authority to do that on bitcoins that's why nothing will gonna happen to the crypto market that will make people rust to sell their crypto assets.

Depends. If everyone wanted to do it at the same time, it would be the same thing as everyone suddenly selling all their TSLA stocks. It'd dump to the ground. If everyone wanted to do it but progreasively, it might not mean a huge dump is incoming. Remember that for any sale there is a seller and a buyer. It's not like you claim USD for Bitcoins and then throw your BTC to the trash. No. You sell it to someone else who believes in it.

Why? Sometimes miners don't even earn as much as they pay for the electricity & hardware.

Because the world functions on fiat right now and it can't be a currency or a store of value if it has no real value. Value is currently measured in fiat, so.. it's kinda logic from here.

If you call this a pyramid game, then I suggest you read about Bitcoin because it's quite clear you don't understand it. Your messages are coming due to your own fault. Giving away personal information for free ends up exactly like this: your data is being sold to someone else or leaked by some hackers who obviously have no good intentions but to do phishing on you.

What would happen if everybody wants to exchange for a real money?
You are looking at a scenario like a major crash...but even if there will be a crash not all will exchange their crypto to real cash because there are many who already understood well the cycle of cryptocurrency...in fact if there is a dip many are buying more because they are buying at a deep discount. You can never expect that all people will have the same mind or decision not unless there is someone programming them to do it like that...maybe China is developing that technology right now that they can just beam a message to all people and they gonna follow like a robot.

I consider it not fair to mine cryptocurrencies?
So you are against mining? Mining is an essential and integral part of many cryptos especially Bitcoin. And since we are not the real Satoshi there is nothing we can do about it. By the way, you can be a miner too so you can gain the upper hand on this "problem" you are thinking about.

If it is so good why there is a need for exchange rate to the real money?
It would be a lot problematic if people can't be able to exchange into real money. Well, there are now many merchants accepting cryptos so if you want to buy there is no need to convert into real cash anymore. The beauty with the current set-up is we have choices...the more choices the better.

Why recently I needed to block about 30 phone numbers constantly calling me to invest money in cryptocurrency? Is it going to finish soon because of having problems not to be fed this pyramid game with real money?
Scams do exist even without cryptocurrency and people back then were using the US Dollar or the fiat money of their countries...but at that time nobody would ever think that just because scammers were using the US Dollar that the dollar is also a scam...yet today many have this kind of thinking that Bitcoin is scam because scammers are using it. You should never entertain anybody calling you to invest using cryptocurrency because no legit investment firm will do that not unless you initiated a connection with them.

What would happen if everybody wants to exchange for a real money?
I consider it not fair to mine cryptocurrencies?
If it is so good why there is a need for exchange rate to the real money?
Why recently I needed to block about 30 phone numbers constantly calling me to invest money in cryptocurrency? Is it going to finish soon because of having probblems not to be fed this pyramide game with real money?