With BTC hitting $1'000: What do you think about crypto currencies and their implications for both the future of...

With BTC hitting $1'000: What do you think about crypto currencies and their implications for both the future of capitalism and socialism?

prefect for a proudhonian freed market

crypto currencies arnt anything new, they're just a return to the original form of money.

wait what? fo real?

bump

Bubbles are the best, capitalism needs to continually generate them on an increasing scale to prop up profits (and maybe aggregate demand)

No, only lolberts think this

Yes. Lets think about what a bitcoin actually is for a second. It literally has no monetary value other than that which those who trade them determine them to be, they all agree a bit coin is worth x amount of physical currency or a certain item or amount of drugs or whatever. Basically, its all just credit, since bitcoin's aren't backed by anything (like the US dollar used to back by the gold standard until the 70's so now its also basically worthless.) they're just trusting that they can exchange bitcoins for other shit because other people will, which is how money started, which is to say it started as a from of credit rather than what most people would normally think of as money like a gold coin or a dollar or shit.

Bitcoins were really interesting project. BTC tried to provide nice way for functioning privatized money.
By the logic that every goverment is muh ebil parasite and pretending that they would get money from control of financial porkies they managed to create wonderful righ-wing libertarian wet dream. And like every righ-wing libertarian dream, even bitcoin can be taken over by corporations are great porkys tool (if it's not already, right, China?) by favoring large conglomerates of miners neither the generation of bitcoins nor the confirmation of bitcoin payments is truly decentralized, with addition to being very energy ineffective because of solving insanely difficult mathematical problems. So by converting to BTC would just mean for us stronger power of finance-controlling porky.

What we should do is recognize the BTC like the first working decentralized currency and work on another, improved versions, be it for generating energy credits/labor vouchers or anything else your political ideology require.

what would an improved cryptocurrency look like? is there one already in the works perhaps?

there are fuckton of cryptocurrencies right now. Even pic related is somewhat legit. There is cryptocurrency somehow backed by gold. Possibilities are endless

I fucked up filename, it should be dogecoin.png

Can we like, make this girl cosplay as alunya or something?

How much money do you think she would demand?

but is there one that shows potential? i know namecoin tried to fix major flaws of bitcoin but eventually failed

What exactly are the problems are you trying to fix? I bet toe on my left leg that there are dozens of pretty solid concepts right now, but almost, if not all of them, have just goal of providing a way how to privatize current monetary systems, nothing I would care about. But you are free to do you own research.

i have no idea honestly which is why i was asking. i mean some shortcomings of bitcoin are obvious even to me (ease of acquisition, public blockchain making it possible to track people etc) but i couldnt come up with a complete list or understand the topic completely myself

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ayy…
If we won't tell her that we are on site where extreme left and radical right next to pedos and horsefuckers have pseudo intellectual debates but find out some nice, polite way… like acting we are trying to promote friends comic… it could work.

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It wasn't bad question. cryptocurrencies of some kind are the future, there just needs to be stronger political agenda to push them further. we need to find out how to implement them in a way they'd benefit mankind as a whole instead of a few individuals.

Bitcoin is still looking like the king after its resugence (which is from what I've heard, not based on any real increase in bitcoin trade exactly) . Etherium has looked promising at several points but for now it will remain niche as it figures out some of its issues.

Just another Token currency.

Yes you are correct, but the difference of bitcoin to other currencies is that nobody controls the bitcoin. There's no entity that does that like the federal reserve or the european central bank.
The bitcoin is finite. Unlike other currencies, you can't keep mining bitcoins, eventually the mathematical equations will be too long that it's pointless to mine for bitcoins.

from what little I understand etherium does look bretty gud - what are its problems right now? looks like ease of access and distribution mainly, but it seems to be much more secure than bitcoin. got any papers?

Isnt it really hard to counterfeit?

If there was some way to distribute the currency that doesn't waste computing power and electricity like the "mining" does I'd support it.

You can only reliably counterfeit it if you have more processing power than the entire rest of the bitcoin network (including anyone else trying to counterfeit it), so yes. Even governments would struggle to counterfeit it.