What is cryptocurrency all about?

[Theolittle]

I really don’t understand cryptocurrency. How would you spend it? What can you spend it on? If you can’t use it to buy normal stuff what’s the point?

But even more I don’t understand why someone would buy it when it all seems to be marred with seediness and corruption- look at Trump making $12.5 million a day from crypto - that money comes from somewhere and probably from the pockets of this much poorer than him. Then Farage and his dodgy donors. Why would people fall for it?

It’s a totally different world and if anyone had a simple explanation I’d love to hear it!

Criminals love it because it is untraceable. All the hacking scams always seem to ask for payment in crypto.
That alone is enough to make the whole thing seem seedy and corrupt!

From what I can understand, everyone knows it’s stupid but they all think that as long as other people are stupider than them they can make money from it.

money laundering and idiots

Why not have a look at some of the books about it. There are several to choose from. You can google to find out which ones are the best for people who don't know anything about crypto.

I just posted a helpful post and mumsnet deleted it.
All I suggested was that you read a book from the many choices available.
I used the forbidden word beginning with c.
You won't get any sensible info on here. Anyone who tries to explain gets deleted.

Think of it like investing in gold bars. You are never going to use them and will never hold them in your hand. They are only worth anything because people believe they are. Obviously the difference is you technically could hold them. But with crypto it’d just like having money in a savings account and if you want to use it just transfer it out into normal money (which is also only worth something f because we agree it as a society)
I would never have it but I think uts as much money as a piece of paper with $10 written on it would have been compared to coins of silver

Wow me too. But you can talk about money laundering 🤷‍♀️

Just like people who invest in wine or gold because we all believe it’s valuable. Or pieces of paper that say £10 on them. As a society we decide what has value. This is no different (and I say that as someone who would never buy it!)

No. The ten quid note is underwritten by the country. Not an orange fraudster. Very different.

I think there is a difference between Trumps bullshit and one of the established types- I agree I wouldn’t in a million years suggest anyone buy anything involving him!

I didn’t realise when I posted that the word would be a red flag. It just shows the level of concern of the normal world about what just seems a scam.

Not read the hidden posts which might reappear later!

Why does Farage want to deregulate it I wonder, apart from lining the pockets of his donors. I can’t see any motivation to help people have better lives in this

ChatGPT tells me it’s used a lot in investments but does the investment just rely on more and more people using it? Is it just a pyramid scheme?

Donald trump used it to make $1.2 billion this year after heavily crucifying criticising it 2 years ago. The corruption is breathtaking.

It's a more obvious form of making "wealth" through the trust and beliefs of others, like fractional banking (where banks lend more money than they have to magically make more money).

It can easily collapse if confidence wanes, like 2008 in the financial world. Of course, the less well-off have to pay while the wealthy sneak away.

I’ve seen some comments that Trump is going to lay bare the pitfalls to those that might otherwise fall for it - that’s one good thing he’ll have done for normal people!

And for me if the dodgy donor destroys Farages cult-following that will also be a good thing.

It's based on this.

https://en.wikipedia.org/wiki/Greater_fool_theory

With Trump, Farage and their ilk supporting it.

The whole of American markets seems to be based on this at the moment 😂

In ten years time it will be widely in use, facilitating rapid international money transfer and integrating with AI.

its the future of international trade and finance rather than the slower current system.

If someone told you back in the 90s you would have a ‘mobile computer phone’ in your pocket and would use it all day, would you have believed them back then?

I don't understand it either.

DH does (or maybe got lucky, lol), and against all advice invested his 30k pension in it, about 9 years ago. We've just bought a house outright for 300k. We'd never have got out of social housing any other way.

Yes. Those who invested around a decade ago and cashed in before the current slump have done very well. BC has plummetted recently but most people expect it to go up again. I am not using names because MN will just delete, making any discussion impossible to follow.
Block chain technology has excellent potential to improve audit and prevent fraud.
Money laundering and financial skullduggery has always existed, well before the existence of CC. The same people are still doing it, it is just more visible.

No idea! I feel like I live in a parallel universe these days with all this geopolitics, AI Data Centres and crypto talk. I just don’t get it.

That’s odd I just tried to reply and it says that the moderator needs to review my post?

Why do you think not was deleted? I just tried to post what I think was normal to reply to this and it looks like it’s being moderated.

I don't really understand your question, but any thread about this topic ends up full of holes and it isn't possible to discuss it. There is no point in trying to explain further because the post will just get hidden.
That is why I tried to recommend a book. But that got hidden too.

Oh! The hidden posts have reappeared.

I’m afraid I don’t have that much interest was just looking for a quick and easy explanation!😂