The most prestigious law school admissions discussion board in the world.
|
 |
 
|
Explain to me why I'm 5 why anyone would ever actually use Crypto Currency?
Poast new message in this thread
Date: June 25th, 2017 5:24 PM Author: Sick startled sneaky criminal As opposed to just buying things with normal money, which seems to work fine as far as I can tell. I really just don't get it and don't understand why anyone other than computer nerds would ever do it other than because of the novelty. (http://www.autoadmit.com/thread.php?thread_id=3657694&forum_id=2#33638540) |
 |
Date: June 25th, 2017 5:35 PM Author: Hilarious aromatic immigrant Do you know what the Internet of things is? Basically it's the network effect of the Internet spreading to a bunch of interconnect devices (i.e. Smart homes etc) and allowing heartofor unknowable benefits'. This is the financial equivalent; the benefits of the loose, flexible Internet applied to money bc of advances in cryptography and 'the blockchain' (which is how they track tallies and transactions and keep them consistent) (http://www.autoadmit.com/thread.php?thread_id=3657694&forum_id=2#33638616) |
|
Date: June 25th, 2017 5:36 PM Author: laughsome lime community account No offense but this is nonsense (http://www.autoadmit.com/thread.php?thread_id=3657694&forum_id=2#33638621) |
|
Date: June 25th, 2017 5:38 PM Author: Hilarious aromatic immigrant what would you compare it to? I have a very long fuzzy idea of what it is and am curious (http://www.autoadmit.com/thread.php?thread_id=3657694&forum_id=2#33638635) |
|
Date: June 25th, 2017 5:39 PM Author: laughsome lime community account Well people could send malformed requests and steal bitcoins until recently
Its like the Kazaa of banking |
|
Date: June 25th, 2017 5:40 PM Author: Hilarious aromatic immigrant Makes sense (http://www.autoadmit.com/thread.php?thread_id=3657694&forum_id=2#33638652) |
|
Date: June 25th, 2017 6:30 PM Author: thriller purple native police squad (http://www.autoadmit.com/thread.php?thread_id=3657694&forum_id=2#33639054) |
|
Date: June 26th, 2017 4:18 PM Author: yellow pozpig Lol at this pure gibberish. (http://www.autoadmit.com/thread.php?thread_id=3657694&forum_id=2#33646581) |
Date: June 25th, 2017 5:26 PM Author: Appetizing maniacal university It's magic and the magical Asian visits every eth-mo's house all in one night to give them gains! (http://www.autoadmit.com/thread.php?thread_id=3657694&forum_id=2#33638555) |
|
Date: June 25th, 2017 5:26 PM Author: Mustard Nudist Chad Location (http://www.autoadmit.com/thread.php?thread_id=3657694&forum_id=2#33638558) |
|
Date: June 25th, 2017 5:34 PM Author: Nighttime Bat Shit Crazy Juggernaut Doesn't it have something to do with the underlying blockchain infrastructure? Something about consistency of data (http://www.autoadmit.com/thread.php?thread_id=3657694&forum_id=2#33638611) |
|
Date: June 25th, 2017 5:38 PM Author: Trip Point it's like a really fast, cheap money order (http://www.autoadmit.com/thread.php?thread_id=3657694&forum_id=2#33638638) |
|
Date: June 25th, 2017 6:48 PM Author: nubile abode french chef Correct - which is why it doesn't have any inherent value. (http://www.autoadmit.com/thread.php?thread_id=3657694&forum_id=2#33639135) |
|
Date: June 25th, 2017 5:39 PM Author: offensive principal's office inherently anti-Talmudic (http://www.autoadmit.com/thread.php?thread_id=3657694&forum_id=2#33638645) |
|
Date: June 25th, 2017 6:35 PM Author: exciting gay wizard *Dude who doesnt know ETH was invented by a Jew* (http://www.autoadmit.com/thread.php?thread_id=3657694&forum_id=2#33639074) |
|
Date: June 29th, 2017 1:26 PM Author: Claret Fat Ankles Not every Jew keeps Jewry's interests at heart at all times (http://www.autoadmit.com/thread.php?thread_id=3657694&forum_id=2#33668643) |
|
Date: June 25th, 2017 6:29 PM Author: sapphire painfully honest hissy fit A safe haven against negative interest rates. (http://www.autoadmit.com/thread.php?thread_id=3657694&forum_id=2#33639051) |
|
Date: June 25th, 2017 6:32 PM Author: self-centered gay spot coldplay fan oh yeah, tons of joe plumbers and kazuhiro salarymen trading in their USD and Yen for eth in fear of negative interest rates (http://www.autoadmit.com/thread.php?thread_id=3657694&forum_id=2#33639060) |
|
Date: June 25th, 2017 6:34 PM Author: cerebral henna stage Smuggling money out of the people's republic of china (http://www.autoadmit.com/thread.php?thread_id=3657694&forum_id=2#33639069) |
|
Date: June 25th, 2017 6:38 PM Author: sadistic marvelous indirect expression nursing home Ding (http://www.autoadmit.com/thread.php?thread_id=3657694&forum_id=2#33639088) |
|
Date: June 25th, 2017 6:34 PM Author: exciting gay wizard Drugs, human organs, massive bribes to government officials, having somebody killed, etc....
Crypto is entirely about a safer way to pay for shit that could get you locked up.
Its the currency of choice for bribing Russian officials now. They wont take real money. |
|
Date: June 29th, 2017 1:13 PM Author: lavender kitty half-breed This is idiotic. Cash is untraceable. Crypto has an indelible record of every transaction. (http://www.autoadmit.com/thread.php?thread_id=3657694&forum_id=2#33668565) |
|
Date: June 29th, 2017 1:27 PM Author: Claret Fat Ankles To some address in the cloud, yeah (http://www.autoadmit.com/thread.php?thread_id=3657694&forum_id=2#33668666) |
|
Date: June 26th, 2017 4:00 PM Author: Sick startled sneaky criminal Damn, all of the above are reasons, but not very good ones..... (http://www.autoadmit.com/thread.php?thread_id=3657694&forum_id=2#33646390) |
|
Date: June 26th, 2017 4:05 PM Author: Bisexual Center Hey kid, I'd be happy to answer your question, but get in my van first. You like candy? I got lots of candy. Yeah, and it's hot out so why don't you take off your pants? All kids take off their pants when it's hot out! Now, before we talk about crypto-currency, let's be clear on something: don't tell anyone about playing with me in my van or else I will kill your parents. Ok? Now, I can answer your question, but I have to put a finger in your butt first. It helps me concentrate. There, that feels good, doesn't it? Now, what do you want to know about crypto-currency? (http://www.autoadmit.com/thread.php?thread_id=3657694&forum_id=2#33646440) |
|
Date: June 28th, 2017 1:47 PM Author: opaque rehab (http://www.autoadmit.com/thread.php?thread_id=3657694&forum_id=2#33661149) |
|
Date: June 29th, 2017 1:05 PM Author: Rambunctious tattoo (http://www.autoadmit.com/thread.php?thread_id=3657694&forum_id=2#33668506) |
|
Date: June 26th, 2017 4:33 PM Author: arousing amber multi-billionaire parlour Tax cheats. (http://www.autoadmit.com/thread.php?thread_id=3657694&forum_id=2#33646756) |
|
Date: June 29th, 2017 12:43 PM Author: Plum stock car crypto is simultaneously valuable and worthless so it is useful in instances where you want to give people money but where it would be awkward to give them cash
Awkward: giving cash to a friend who needs to pay pressing credit card bills which places him in debt to u
Not awkward: sending that friend thousands of dollars of monopoly money that will nevertheless change his life
|
|
Date: June 29th, 2017 12:44 PM Author: Aphrodisiac jewess international exchanges (http://www.autoadmit.com/thread.php?thread_id=3657694&forum_id=2#33668332) |
|
Date: June 29th, 2017 1:04 PM Author: saffron milk money is just violence coupons issued by the state.
in virtually every country with a working tax system, citizens cannot transact to their own benefit without accruing tax liability.
in the U.S., that tax liability can only be satisfied in dollars.
if you don't satisfy your tax liability, the U.S. government can come to your house and use its monopoly on violence to take and sell your shit until your tax liability is satisfied. this repo/foreclosure process is not always swift but it is certain and ALWAYS more expensive than just paying the accrued liability up front.
this is the only reason that paper currency has value: to pay off the state so it doesn't exercise its unique ability to come and take your shit by force.
this is why cryptocurrencies make no sense to me. the issuer (i.e., the code) would need to be able to tax users for crypto to be a real liquid currency.
|
|
Date: June 29th, 2017 1:06 PM Author: emerald fighting sweet tailpipe church Because you have been a being in existence for more than 4 years but less than 6 years. (http://www.autoadmit.com/thread.php?thread_id=3657694&forum_id=2#33668517) |
|
Date: June 29th, 2017 1:20 PM Author: Rambunctious tattoo im too lazy to respond, but ask yourself why bitcoin went from being almost worthless to a $42 billion market cap even though its only use is to make pseudonymous value transfers without counterparty risk. i thought bitcoin was a dumb idea and dismissed it for years until though more carefully about the nature of money and why bitcoin acquired value. (http://www.autoadmit.com/thread.php?thread_id=3657694&forum_id=2#33668602) |
|
Date: June 29th, 2017 3:07 PM Author: saffron milk The point about counterparty risk is helpful. Bitcoin makes a lot more sense if you think about it maybe 10-20 years from now and imagine it being deeply integrated into the payment AND delivery systems of, e.g., Amazon, such that the exchange of bitcoin didn't occur until the exact moment when counterparty risk shifts from seller to buyer as agreed among the parties (e.g., FOB destination). If the exact moment of exchange is calculated by computer code that is constantly being updated to eliminate errors, then I think it's possible to practically (if not technically) eliminate counterparty risk.
In other words, cryptocurrency makes a lot of sense in a world where we are ruled by robot overlords who rule not by force but by placating us with perfect satisfaction of our highly predictable consumerist impulses.
I'm sold. Buying in now. |
|
Date: June 29th, 2017 1:28 PM Author: confused flushed elastic band When govts finally ban cash it's value will skyrocket (http://www.autoadmit.com/thread.php?thread_id=3657694&forum_id=2#33668679) |
|
Date: June 30th, 2017 5:33 PM Author: Plum stock car crypto is not that useful for buying stuff u could get with cash bc, as u point out, u could just use cash
but when u can't use cash, or don't want to use cash bc it would expose u to risk, that's where crypto is useful
actually this bort is not a bad example of that happening. it would be somewhat risky/difficult for a multimillionaire to humiliate a bunch of lawyers by making them beg for USD, but he can do so easily by using crypto
there are a lot of pseudoanonymous/anonymous businesses where this could be valuable, e.g. SA/escort review/gambling/other industries with significant reg and identity disclosure risk
|