Just Passing Through and Have a Question.....

[Scarlett O.]

I've been following this Sam Bankman-Fried thing and have Googled and Googled and Googled and I STILL don't understand crypto-currency!!

Trust me, I have researched this!!

My Facebook friends won't know the answer - The friends on the Christian board I frequent now won't know -

I promise that I'm not being ugly about those people.

I just want to know what this is and why he is in trouble. Can anyone give me the kindergarten version of what's going on?

 

[Marooncat79]

Scam

 

[canadyjd]

I've been following this Sam Bankman-Fried thing and have Googled and Googled and Googled and I STILL don't understand crypto-currency!!

Trust me, I have researched this!!

My Facebook friends won't know the answer - The friends on the Christian board I frequent now won't know -

I promise that I'm not being ugly about those people.

I just want to know what this is and why he is in trouble. Can anyone give me the kindergarten version of what's going on?

Im no expert, but the best I understand, you buy online “currency” to make online purchases (say $100) If the value of the “currency “ goes up (more online buying power) (say $110) you make a profit when you sell it to the next sucker looking for an easy buck.

It is really nice to see you on the board again.

peace to you

 

[Scarlett O.]

Im no expert, but the best I understand, you buy online “currency” to make online purchases (say $100) If the value of the “currency “ goes up (more online buying power) (say $110) you make a profit when you sell it to the next sucker looking for an easy buck.

It is really nice to see you on the board again.

peace to you

So there is no actual currency to hold in your hand or put in your purse - just "digital" stuff? Oh, this is over my head.

And thanks.

 

[canadyjd]

So there is no actual currency to hold in your hand or put in your purse - just "digital" stuff? Oh, this is over my head.

And thanks.

Honestly, the US dollar only has the value the government (and the markets) says it has.

There was a time when the US dollar was directly tied to the market value of gold (The Gold Standard) That gave stability to the value of the dollar. This was done away with in the 1970’s (I think) Since then, our national debt has exploded to 31 Trillion dollars.

The US government just keeps printing money and putting it into the economy. Every dollar printed makes the value of the dollar overall to be less.

This often happens in third world communist countries. They print too much money that has nothing to support its value other the say so of the government and the economy collapses.

peace to you

 

[RighteousnessTemperance&]

So nice to see you again, SO! I won’t claim you’re in good company here, but I don’t really understand it either, that is, it doesn’t make sense to me that it should ever be trusted.

I did read somewhere that the energy devoted to crypto-currency endeavors is a huge chunk of overall global consumption. Sounds like anyone worried about climate change should be clamoring for it to be outlawed.

 

[37818]

What's The Deal With Bitcoin? - The Dennis Prager Show

 

[Matt Black]

Ponzi

 

[37818]

Ponzi

Not very helpful.
But is it?
Cryptocurrency Is a Ponzi Scheme. It's Time to Regulate It