Topic: Why most Bankers/people do not understand virtual currency (Read 804 times)

They just dont understand d system and fear it wil vanish oneday

It is more than 4 months later and I still agree with my past self on this.

How is that quote doing for yee?

You can't simply state "no coin is threat to Bitcoin". An already existing coin like Litecoin/Feathercoin already offer a lot more benefits over Bitcoin. Merchant support doesn't mean jackshit when it gets to the point where so many people use it that it cannot be merched anymore. You don't seem to understand the concept. Once mass adoption happens, just like all currencies that currently exist, you won't be able to buy a Bitcoin for 700 and sell it for 950 the next day. It will be more like you buy one for 850 and sell it the next day for 851 or 852 or something like that.

You don't understand what you don't understand, that's the hard part in having a dialogue with certain people. Their ideology based entirely on their opinion and others opinions get in the way, I am referencing COLD HARD LONG historical facts, actuary practices, financial based thinking, long term planning, forecasting and analysis. You are saying "Durr duhhh bitcoin ish good becuz its hard to make it, durr dur durr"

Guess what else is rarer than Bitcoins? A lot of things. Do they go up to insane amounts of money? NOPE. Are they used as currency/bartering/trading YUP. You have no fking clue and you will keep rambling about "limited supply and merchants". It's people like you who only think of 5% of the total idea, while people like me who think into the future, present, into the past, and actually have a fundamental understanding of how currencies work, virtual money from video games work, and general principles of mass adoption.

You are entitled to your opinion, but it basically amounts to you claiming crystal have healing powers that can cure blind people just by touching them. You DO NOT come off as intelligent nor do your arguments. I am not claiming I am the smartest person but to be lectured by an idiot usually makes me slightly upset.

INB4 idiot grammar nazis, this is a forum I am largely not using correct punc/gram/spell/w\e. Be original. bb

bitcoins will be over $20,000 in the next 3 years, so i can finally cash out with $1,000,000 with my 50 BTC

Bankers understand virtual currencies. They are playing with virtual currency called "credit" this very minute. They just don't want competition from a decentralized source. Contrary to how many virtual currencies work, bankers are free to inflate their currencies on a whim. There is no algorithm preventing them from expanding the supply.

No coin is threat to Bitcoin, you may create dozens new coins daily yourselves but it does not affect  price of Bitcoin at all.

What really matter is infrastructure of Coin (how many use it, how is the merchant support, does it have any public attention and so on) thus it is really hard to make a coin which can take from Bitcoin some small share

Quoted for future reference.

Dude, I just made this account to post on here. If you really have that big of an ego that you think I care about you in any capacity, I understand why you are seemingly so unintelligent.


If Bitcoin is the end to FIAT currency, then SOMETHING will be the end to Bitcoin. There will always be something created that is better, faster, easier to use, ETC. Bitcoins won't be worth even $4,000 ever. Processing time/transaction time is just too slow. Other coins already have more advantages over Bitcoins and there are more of the other coins.

The way you post about things, makes me think you didn't do MUCH research into Pros and Cons of each coin. Currently BTC is the most valued, it will probably stay that way, but other coins are already easier, better, faster, more quantity, more easily divisible. The Market cap will be higher on other coins than Bitcoins, average people will use other coins more.

Invest in other coins and quit having a hard-on for just one.

Nice one newbie......but you have to be a lot more stupid to get on my ignore list from the start.

Everybody can build a coin , will that afect bitcoin?
We have thousands of coins right now and people invest in it only because they hope they will get rich with 1 scamcoin.
But in the actual world , you can do s*** with fpcoin,extracoin,quakcoin,momocoin.

It's use that drive the value up from a certain point.
Until now , all others coins have speculation behind them , nothing more.
That's why they die at such rate.

Bitcoins can be only rarer, you cant mine Bitcoin easily. In games you have basically infinite supply

It's not that simple. There are tons of other coins, and tons of other coins will continue to come out. There will be an infinite supply of coins. Bitcoins won't be worth hundreds of thousands of dollar ever simply because other coins will bring the price of Bitcoins down.

You really have to be truly ignorant to make a post that only looks at one coin. The correct way of reading virtual currency is context. So many people these days have no critical thinking skills and cannot understand the context of the situation.


In your case #L2Context and #L2BrainUpgrade.

People should play EVE Online, it teaches you tons of things about economy, industry and scams.

How much gold is in a game?  Let's take Diablo 3 for example as I played this one. Infinite supply!
People generate gold as long as they play.

Bitcoins?  only 21 mils , no matter how much you has , there will be no more.

A Bit Long

Ever wonder why the top economic minds, rich bankers, stock analysts, and generally most people don't understand virtual currency? Why they seem to be so stupid on such an easy to understand concept?

They don't play video games. They haven't experienced virtual currencies.


This was really bothering me soo much that I decided to create a username on here and make this post.


You can apply this to about any game that has virtual currency, almost all of them do.



My background on virtual currencies, playing many many years of games with market places: SWG, SWTOR, Runescape, GW, GW2, Warhammer Online, Knight Online, various other games with market places.

The best example of these is Runescape.

Day 1: when Runescape 2.0 was released, almost no gold exists in the RS world. People are killing goblins for up to 10 gold coins each, thieving from low level NPCs to acquire gold.

Day 30: Low amounts of people are now at a higher thieving level to where they are bringing in substantial amounts of gold per hour compared to the original gold per hour. Easily increasing the rate of total gold brought into the game by a factor of thousands of times. People are now also converting items into gold coins with High Alchemy.

Day 60: Still only low amounts of people understand how money is generated, thus the price of 1 million RS Gold sky rockets to hundreds of dollars per million.

Day 90: Still not many people understand anything(it's still a new game), there isn't really a good place to go that defines how to make money. This is about the day somebody showed me what the heck High Alchemy is and how to profit from it. I was very very grateful to them and made easy money in the beginning. The point here is that the money was VERY EASY to make, you just had to understand what was happening.

Eventually the majority of people learned about how gold is brought into the game, tons of gold ends up in the game, price of gold goes down to roughly 80 cents per million. But notice how this is all a virtual currency, how it has no backing from anywhere, how it has no intrinsic value, no governments/game creators regulated any of this.

The free market worked out what everything was worth on it's own. To anyone who says "bitcoins are a bubble and eventually won't be worth anything and it's a scam" They haven't played any video games that had virtual currency.


Currently we are at the phase where more and more people are getting into what this is all about. This is the phase where the prices will keep going up for a little while, months or years can't say, but the overall point is that it will level off, prices WILL be lower, people WILL lose a lot of money, and people WILL be puzzled as to why it happened.



If you read this whole thing and understand you're welcome, I probably just made you understand your days of buying low and selling high are soon to come to a close. There are tons of other coins, and tons of other coins will continue to come out. There will be an infinite supply of coins. Bitcoins won't be worth hundreds of thousands of dollars ever simply because other coins will bring the price of Bitcoins down.

You really have to be truly ignorant to make a post that only looks at one coin or a few coins. The correct way of reading virtual currency is context. So many people these days have no critical thinking skills and cannot understand the context of the situation. Not to mention that processing times for Bitcoins are extremely inefficient because they are not instant or as fast as other coins.



Remember, If FIAT MONEY < Bitcoins < another coin < another coin < another coin< something else < something else.

EVERYTHING CAN BE IMPROVED, new things replace the old, other coins have more Pros than BTC, being faster transaction time, easily divisible, more widespread,