Topic: There is something wrong with cryptocurrencies? (Read 371 times)

What do you think will happen if everyone told the bank that they wanted to get their money? That is similar for Bitcoin too. Here's what I'll tell you, look at Bitcoin as you would look at fiat(as money). However, there are so many differences; that Bitcoin cannot be seen with the eye and has a limited supply, Bitcoin is owned and stored by you, etc. Bitcoin is actual money!

They need to convert into fiat for the instance that they can't enjoy using it as a currency as it was not yet accepted as a currency at their place. People usually think it was no used at all if that is only the case they need to convert it and ended up paying some fees which are already losses on their side.

I understand their sentiment and also with OP but it was not meant that there is a problem or something wrong with the cryptocurrency, it was just to happen that acceptance of cryptos as a mode of payment isn't yet a practice and we end up converting fiat.

Crypto does have monetary value so its just normal that people would really be making exchanges and since crypto isnt fully adopted yet then they would  really need to do such thing.

Supply wont be totally circulate if miners doesnt exist.Aside on mining new coins,theyre also responsible on pushing up transactions to confirm.

Those are just typical scammy attempts on where those scammers do really hook up newbies which are greedy.So avoid them at all cost! There's no such thing about easy money.

Just do it as long as you want fiat for your daily life or certain necessary.

Cryptocurrency has some purposes and fundamentals. Everyone wants to change to fiat or money because they need it. And many people are trading them so that they can take profits. As long as they still have a good market cap and volume, they will be worth even we are always exchanging to fiat again and we will also buy more coins again to take profits.

I don't think everybody will at once want to withdraw or convert their crypto holding to cash, even if there is a major crash of the market. There are so much believers in this system that even at such crash, buyers and investors will come in to fill up bags for the long run. Bitcoin and crypto currency at large has earned so much trusth from users round the world that even with ban and restrictions, the use of crypto currency will still remain.

Exchange rate to real money is needed as there is a standard for the international sales. Dollar is used to purchase things internationally, because it can be easily converted to our local currency, so it is in the crypto world, without an exchange rate or a standard rate, there will be losses from one side and gain at the other side. The two parties needs to make a fair play for the side not to be cheated in some way.

Crypto currency is not a pyramid scheme or game, it is you as a boss of yourself in the digital world, and it is also a certain thing that everyone wishes to buy low, so that when the profit comes, even in the smallest means, it should show (maybe that's why those calls kept on coming).

Price of the coin would start crashing. Others will take the opportunity to buy it cheap. Price will then recover and the cycle will keep on going. On other hand, if everyone starts to sell, then the price would crash and then eventually reach to zero.

Why? They help keep the network secure and process your transaction. You should learn about mining.

Someone probably sold your data. Just change your number.

The scenario won't happen because every crypto user has their own preference on when to sell or buy, or hold their coins. It will not be the case that at some point, everyone wants to cash out. And owed to the supply and demand, the reason why crypto has value in the market.

And regarding OP's problem with people calling him, maybe he signed up for something why these callers are trying to offer their services. He should block those numbers if he doesn't want to receive the calls or need to be careful in signing up forms via internet.

Seems like a legitimate question but that's not going to happen except that something is wrong with the market and you will see people selling their cryptocurrencies one by one. but to profit from it. it... that's not easy.
There are a lot of consequences just like any other business but there are more risks here. I think when entering this world of space we have to accept the first thing that is risk because Cryptocurrencies are very volatile.

I will only convert the Bitcoin I have into fiat when I have a urgent need, Even then I will not sell all the Bitcoins I have. Because indeed some countries
only legalize Bitcoin as a digital asset, and my country is indeed one of the countries that prohibits using Bitcoin as payment. This means that I do have
to convert my Bitcoin into fiat if I want to use it to pay for something. I also believe that everyone has different life needs and different plans too,
it is impossible for everyone to sell all the Bitcoins they own at the same time. However Bitcoin is still a profitable asset, I believe people will only convert
their Bitcoin into fiat if there is a need.

It is all dependent on the currency, because not every currency is subject to being exchanged, some of the low popular cryptos that get some hype and than die after are the ones that are a subject to this matter, but for currencies like bitcoin and Ethereum where a lot of people are looking up to them and they believe that they are the future, they are being held for a long time and because of that there is demand and supply that keeps its market alive and the price going up and down.

This is something that is unlikely to happen . There are so many people in this planet investing in crypto and each of them has Thier own plans .
Some just don't want to cash out yet but if let says your thoughts will come true then crypto will fall down and can go to zero .

Crypto has a value that's why it has an exchange rate . Everything that has a value has an exchange rate , we are not in the old times anymore .

The only thing I think is wrong with cryptos is related to its underlying technology Blockchain, and the problem is with scalability. The more transactions per second happen, the more loaded the network gets, the higher the fees and confirmation time gets. This is a big flaw that limits the possibilities of adoption because it makes it ever more difficult with every step. But other than that, there's nothing wrong. These questions you ask seem weird to me. Exchanging cryptos for fiat is one thing, but then what would happen to fiat if everyone suddenly stopped caring about these useless papers and started wanting only the real stuff they need and value? There's also an exchange rate between fiat currencies, so nothing new here either. As for people calling you, it's probably scammers who somehow got your phone, and it's a problem, but it's not inherent to cryptos.

Everyone will want to exchange to that someday, it's not like everyone altogether would do sell their bitcoin in exchange for fiat, long as the society doesn't fully use crypto as a means of payment and banks still exist, we will be needing to convert crypto into fiat.

If everyone exchanges crypto for real money then the price of crypto will definitely go down drastically, but this is very difficult because the development of crypto is getting bigger so that when there is a decrease more investors are investing because it is a great opportunity to make a profit, and being able to exchange for real money is very important because we buy something that has to use real money, And the crypto world is very much a scamer happening so we have to be able to overcome it.

it is difficult to convey about cryptocurrency to people who are still new to cryptocurrency. common sense he feels cryptocurrency has tricked him and people who continue to contact are considered to have the same relationship with cryptocurrencies. Overcoming such problems is simply ignored and begins to re-understand about cryptocurrencies and how the mechanism of cryptocurrencies so as not to be deceived by people who make fraud.

Nobody is buying crypto then and it was the end of its life. But it was just "what if?" I didn't find it reasonable as many people wanting to invest and hold more than those who are selling.

Maybe if you are not good at mining this is certainly not fair but those who have been doing this for many years, are already satisfied with what they got. Some miners don't get it, they are greedy to think about doubling their money through mining and that is why they think it was unfair.

If that so, I think you have to find another job. Crypto mining wasn't good for you.

i think it's s not a smart idea to covert all crypto into real fiat, because it's seems you want to enjoy your life like there's no tomorrow.. Lol  i hope you know what investment means and what kind of mindset investors have especially when it's about what profits that they can get in the future.  So i think its impossible to happen..
And by the way be aware mate because for sure that different number calling you to make investment were scams. I suggest better to stay away on it and never trust to anyone foe your safety..

I also blocked a lot of phone calls from unknown numbers, this is our fault for leaking information and not the fault of crypto or anyone. Lots of calls to offer to invest in cryptos, join stock exchanges, forex, real estate...most of them are scam projects. The market is not at fault but it is the bad guys who take advantage of the market's reputation to create scams and it happens every day.

I consider you to not have any clue about what you're talking about.  So what if you get 30 calls a day inquiring if you want to purchase cryptocurrency, what does that have to do with anything? I get all sorts of spam calls daily and they never have anything to do with cryptocurrency.  Also if you think mining is such an unfair disadvantage, then why don't you mine some?

If everybody who owns Bitcoin wants to exchange for real money, that means they couldn't make any exchange at all. How could they do that when there is nobody who is interested to have Bitcoin? But, of course, that's next to impossible to happen.

Bitcoin has a fiat value attached to it because the default currency is fiat. How could you even buy Bitcoin without going through fiat first?

Bitcoin is not a pyramid scam. You are simply being targeted by scammers. Those scammers don't have anything to do with Bitcoin. Change your number.

About the phone calls from random people asking you to invest, I had the same issue and that's not even related to crypto there are some other groups of people calling people and telling them about forex and trading and ask them to invest in their company so they will trade and return some profits, there is even the same story for stocks market and there are some people doing such thing, so it's not happening only in crypto and that's not something new. Being fair not being fair to mine cryptocurrencies depends on what you mine and how you mine and many other factors, that totally depends on your own situation, for some people that's profitable and for some other people that's not due tome many other factors.

1. Such a thing won't happen, what you imagine right now is chaos and if anyone wants to exchange for a real money, then bitcoin will lose value.

2. Why is it unfair? Is it fair when the governments print tons of money and you have to pay that debt from your own pocket?

3. Right now, bitcoin isn't universal and the whole world doesn't use bitcoin. Fiat is a major and the most acceptable form of payment, that's the reason.

4. If someone called you on your phone number to invest money in cryptocurrencies, it has nothing to do with the bitcoin or the crypto world but those guys who called you are just scammers who work for scam companies and call you from different countries. They ask you to deposit money on their exchange and they'll do all the trading staff and bring you the constant high profit.

why do you think cryptocurrency is a pyramid concept...

you will never be able to understand what the real purpose of the creation of cryptocurrency is because from your statement it is clear that you are still doubtful about the existence of cryptocurrency. Currently, cryptocurrencies have not been mass-adopted and we are still dependent on fiat to buy daily necessities, that's the reason why there are still many who exchange their crypto assets with fiat money in their respective countries.

Does everybody mean all people? I think that will not be a problem

It is still fair to mine cryptocurrencies because not all miners want to sell their mined coins, especially if they are still not profitable. They will still hold the coin until the price reaching the highest price they want.

Do you think people do not want to make a profit? They use the exchange to make money from the gap price. They will buy when the price is at a low price and will sell when the price is at a high price. That will still be like that.

Do you share your numbers with people you do not know? From where do they know your numbers?

No, I do not think it will finish soon because I think crypto still has a long journey and maybe we will not see what happens to crypto in the future because we are all dead.

while you consider this yet this is not enough to happen because crypto miner knows that value of crypto and they will not just sell their coins infront of Fiat trust me they knew better than that.

you blocked 30 phone numbers? how come that there are so many message? are you sharing your kyc here and there? because i have been in crypto for years but there are limited chance that number randomly messaging me.

I'm not really sure if that's the case though. Everyone might just decide to liquidate their bitcoin positions as part of their rewards for mining but I don't think that's gonna happen because majority of the people and firms mining Bitcoin at the moment are long term believers of crypto and Bitcoin and so far, they have only sold BTC when they needed to.

This is a serious imaginary instance but will it ever be possible for everyone to exchange their coin at the same time for fiat. Crypto is not like the general centralized investment or currency where the authority holders decides what happens to an asset here in crypto even in the dip more investors emerge to buy the dip

Miners stand as a bridge for transaction verification and execution with complete anonymous identify of the both the sender and receiver ensuring the block sent into the node isn't modifiable and it's transparent for all to see. Mining isn't even an easy task as it requires sophisticated computer, constant electricity and a proper knowledge on how to solve the computational arithmetic sequences. I think it's really fair to mine because it's not an easy task

real money?

 

you can buy things using bitcoin, so bitcoin = money.

if you are referring to real money as Fiat, then rest assured that it is impossible for everyone to exchange bitcoin for fiat at the same time, this is because this market is very large and bitcoin has value, there are places where they accept bitcoin as a means of payment so people don't need to exchange bitcoin if they want to buy something (of course this option is in some countries not all), people are profiting from bitcoin, they won't let those profits so easily

These people who wanted to contact you for serious investment discussion was associated with fraudulent activities using cryptocurrency as an alibi for their shady business. Mostly their pyramiding schemes was intensely convincing people around the world, ended worst if someone would entertain then just because of huge investment roi but unfortunately was a scam. Exchanging for real money is our nature when it comes to cryptocurrency, but controlling one selves is very important to avoid regrets when another rise happens.

Why it's not fair to mine cryptos? Mining isn't just all about generating or minting new cryptos but it's also a way to validate transactions, to confirm transactions and that makes the network secure so every single fee that's paid to them is deserved.

Take the example of gold. Why is has to be exchanged too?

Be careful where you sign up your phone number. Data collection is everywhere and they'll be keeping it for them to take advantage of those that they'll find as a victim. Why would you entertain a stranger that asks you about an investment over the phone?

apart from that, the initial goal when investing was indeed to get money both in fiat and real terms (in the end it came back here). as for if they want it, I don't think there will be a big problem because they don't want it at the same time.
and of course when transacting there must be a seller and a buyer and automatically there will be, even though the price will decrease but only to a small extent, not in a serious direction, I think because it must be gradual, but it will be a different story when everyone wants it at the same time .
in the end everything will return to personal matters in the real world, even though technology and civilization have advanced, but not all of them can feel the same way, because even if fiat and crypto or others already exist, not necessarily facilities in one area can all-encompassing exists, there are definitely a lot that still don't exist for now and real money is a solution that will remain as digital money continues to evolve.

If you are not comfortable with calls that often come offering you just ignore it, you don't need to bother and think about it while you don't want to and are not interested, it's good if you have blocked it. They have been around since crypto became public. This has become part of the sweet and sour playing investment. I think it's not only bitcoin that makes a lot of unclear calls, even banks, other investments or even large marketplaces are on their behalf in order to cheat. So all back to your caution.

AFAIK, yes.

You get something by "work", its how PoW supposed to be, it doesn't implicitly nothing.


I'll let others to explain that to you since I didn't have much comprehensive technical knowledge. But I want to share a few resource incase you find any information about mining in general:
https://learnmeabitcoin.com/beginners/mining
https://learnmeabitcoin.com/technical/mining
https://en.bitcoin.it/wiki/Proof_of_work

fiat can be considered a pyramid scheme as well with the market crashes as the cash outs.   

With crypto there is nothing wrong but there are desperate people in this space who would want to take advantage of your naivety,
The reason why some people exchange for real money is because crypto is not yet accepted in many countries legally, you still need raw cash to make payment in many places, better you take out time and study a bit about it, it will help you understand more.

where did you post your number that anyone calls you to invest in crypto?  if you once answered a call and you sounded like you are a pushover, they will call you every time they find out something will make you buy.


if EVERYBODY did it for once maybe the price will drop filling up all the buy orders of lowballers. they should be lucky. the exchange rate is for us to determine the value of the coin. if there will be no rate, it's good as if there is no value.

1) Coin dumps easy as that.
2) Why? Mining doesn't even destroy the system, it's the one that actually helps it imo.
3) Explaining it in simple terms, it's like trying to describe the value of something into what we're used to. E.g, describing the value of a piece of clothing to dollars, food to dollars, etc., it's simply a method to make it easier to determine it's value in a way where majority can actually understand what it means.
4) Just block them then. It's not a problem with crypto, it's just scammers being scammers really.

EZ.
but making profit out of it... that wasnt easy.
there is a lot of consequences just like any other business but even much more riskier here.

discrete logarithm? you sounds like a geek man. come on.
as time goes by technology get advanced faster than our blinking eyes.. so do with crypto & bitcoin itself, isnt it?
as time goes by...  a problem solved causing another one outdated and vulnerably broken.. is that scenario you talking about? a famous quantum computing..  etc ?

Just one aswer to all why I consider mining as not fair.
At the beginning (at least I understood it like that) it was easy to mine the bitcoins. True?

And in general: you can get something for nothing. I do not count excessive amount of energy and hardware.

If an algorithm to solve discrete log problem was invented, what would happen then? It is not proved it is impossible it is only believed and proved by the passing years...

And those mining centers, do they simply do the brute force calculations? How successfull they are?

I read over here there are also dedicated ASIC chips, what funcionality do they offer?

Nothing? If everybody wants to get their money and by money I think you mean the "USD", they will get their money. Bitfinex guarantees it.


Why do you consider it unfair?


There is no such need. You can spend your crypto without going back to FIAT.


These kind of people have been around since the beginning of crypto. Don't listen to them, problem solved.

Crypto is fine.

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?