Why would anyone use a payment network based on an imaginary currency?

Ayers

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Quote from: bathrobehero on May 16, 2017, 10:03:11 AM

Quote from: isabella01 on May 16, 2017, 10:00:05 AM

I know cryptocurrencies are a real thing but can this really be implemented into our lives?

Imaginary in what sense? They are backed up with a network of computers all having access to all the transactions.

If anything is imaginary, it's the value of regular paper money. It's basically people in power telling you it's worth X amount and you don't even know how much of it exists while cryptos are generally transparent and decentralized.

i think he mean something like this, pretty simple, i imagines to have x amount of coin and i give you this x amount for your y amount of coin, you then give me that y amount for x amount and we do a trade, we write this on paper of course, and we give them a value, other people do the same and we create an immaginary netowrk for our immaginary altcoin, but this can't work because someone could simply imagines to have an amount that does not belong to him, it's too damn easy to cheat and change the rule

emezh10

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A we can see today the technology is rising very fast and as now we are starting to adopt the techonology again money the bitcoin or altcoins is a cryptocurrency that is however can be the future of money right now we are undergoing in a test so but i believe in the future it will succeed.

aoluain

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Quote from: isabella01 on May 16, 2017, 10:00:05 AM

I know cryptocurrencies are a real thing but can this really be implemented into our lives?

Maybe you need firstly look into how imaginary Paper currency is ?

I posted this link earlier about the adoption of sorts by Australia of Bitcoin and Crypto Currency.
https://coinidol.com/can-australia-drive-bitcoin-and-fintech-development/

It will be implemented because it cannot be stopped.
And its not just about "Coins" its about the technologies which are being created to offer services.

Here is a nice post about traditional FIAT from
https://www.gizmodo.com.au/2017/05/from-2017-bitcoin-and-other-digital-currency-will-no-longer-be-taxed-twice-in-australia/
which I thought would sit nicely here >>>

Karlos53 Guest
May 10, 2017, 5:25am

Wow. In the 1890's before we had a national currency, banks printed up their own banknotes.
They promised to take your unsafe gold and silver coins and store them securely and that bits
of paper were just as good. In time they found people were gullible enough to accept it when
they print butt-loads more paper money than there was in reserve to the point that in Melbourne,
(unadjusted) prices for houses were as high as today! Then it crashed because yeah- there
wasn't any money .. all the gold and silver had been disappeared by the banks and everyone
was left holding bits of worthless paper and huge debt.

The Government stepped in and passed the currency act making it illegal for anyone to print
money but them. Yay. But in the 1930's, banks sidestepped this by making bigger loans than
they could actually cover .. it was another way they found to print money without actually
printing any - and yeah.. crashed again, so the laws were tightened to protect people from
unscrupulous bankers injecting fake wealth into society.. Banks were nationalized, the value
of our currency went up and it was all nice and stable until Keating deregulated the banks (go Labor)
and allowed banks to print fake money in the form of credit card - 80's crashes but more foreign
banks move in with more unbacked foreign fake money and now we have an 8 trillion dollar economy
backed by 32 billion in printed notes - backed by 320 million in bullion. Put simply, sell all the
houses in 6 of Perth's suburbs and you've taken all the printed money out of circulation - the rest is fake.

The government's job was to protect us from banks 'injecting capital' (printing fake money) as the
banks proudly claim to do, and they failed.. Yeah I have bitcoins, no I don't see anything wrong with
owning or using foreign or crypto currency in Oz, I just want to b*tch and warn folks - when you
held gold or silver coins in your hand, you OWNED the wealth. Canada recently stripped all their
pure nickel coins from circulation and replaced them with nickel plated steel ones.. Get this, the
nickel content was so high that $600 worth on nickel metal was being exchanged for currency
with a face value of $200. And people handed it over! We did the same - our old shillings were
exchanged for CuNi 10c coins.. see how this sits - if you bought a loaf of bread then it cost you
a shilling. If you tucked away your shiny new 10c coin from 1966, it would take you 30 or so of
them to buy a loaf today but get this, if you'd kept that shilling, it's silver value remained the same
and it would still buy you a loaf of bread .. silver kept it's value, the coins - YOUR wealth, would
have retained it's value rather than being nibbled away by inflation (devaluation of currency value).
Yeah I know people think money is money and it doesn't matter whether it's knucklebones or seashells,
but that only works within a stable economy where people all pretend it has real value. ask Venezuela
what they use to buy things.. since their currency is worthless, no one in the world wants to trade
so they have no food being imported, no cars, no goods - who'd sell them to them when they're
going to be paid in worthless Venezuelan cash? At the moment bitcoins would have served them well..
but better would have been if their money was still made of silver or gold - at least they'd be able
to trade and buy food.

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Quote from: bathrobehero on May 16, 2017, 10:03:11 AM

Quote from: isabella01 on May 16, 2017, 10:00:05 AM

I know cryptocurrencies are a real thing but can this really be implemented into our lives?

Imaginary in what sense? They are backed up with a network of computers all having access to all the transactions.

If anything is imaginary, it's the value of regular paper money. It's basically people in power telling you it's worth X amount and you don't even know how much of it exists while cryptos are generally transparent and decentralized.

If any thing is imaginary,its only the paper currency which is printed infinitely and supplied for circulation.Bitcoin is not an imaginary currency.If its imaginary,its price would not have reached $1750 and people are not fools to pay such a big amount to buy imaginary currency.

coupable

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Because it's safe with unknown identity that replace the bank system who rape our money.
I don't understand in which sense you use the concept "imaginary currency" that bitcoin and many other cryptocurrencies are becoming more real for everybody despite you consider the network as an imagination.

This network payment based on imagination has a lot of caractersitics that determine a global fuction of a real use.

cryptogeek101

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Imagination leads to reality. The bitcoin blockchain has impacted great on our daily financial lives. It is real!

bathrobehero

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Quote from: isabella01 on May 16, 2017, 10:00:05 AM

I know cryptocurrencies are a real thing but can this really be implemented into our lives?

Imaginary in what sense? They are backed up with a network of computers all having access to all the transactions.

If anything is imaginary, it's the value of regular paper money. It's basically people in power telling you it's worth X amount and you don't even know how much of it exists while cryptos are generally transparent and decentralized.

isabella01

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I know cryptocurrencies are a real thing but can this really be implemented into our lives?

Topic: Why would anyone use a payment network based on an imaginary currency? (Read 385 times)