My Theory on Cryptocurrency

@mythociate (21437)
Oklahoma City, Oklahoma
June 17, 2021 7:47pm CST
I just hear things about it 'from here and there'---mostly (right now, anyway) comedian Bill Maher, who tells us cryptocurrency is a huge waste of energy. http://www.youtube.com/watch?v=HaJpYjO136o "essentially one computer thinks of a number between one and infinity and other computers take trillions of guesses at what it is ... it's the old game of i'm thinking of a number between 1 and 10 except times a gazillion and the guy guessing the number lives in china and the guy who knows the number lives in THE MATRIX! Take that, Work!... "do i need to spell this out there is something inherently not credible about creating hundreds of billions in virtual wealth with nothing ever actually being accomplished and no actual product made or service rendered.... "Unfortunately what is real is the unfathomable amount of electricity those massive supercomputers suck up for their 'mining' - the power--listen to this--the power being used right now to guess numbers and win imaginary prizes is the same as all the electricity needed to light all of new york" But I've been watching tutorial videos about a blogging-for-cryptocurrency site and--since the lessons are more about email-marketing--I've kinda had to 'piece together' "where the money comes from"---so far, I can only guess that it comes from 'when you buy "Power Credits" (or whatever they call `em) to GIVE to other bloggers (by "curating"--fancy word for "liking"--their posts---'Decentralizing' the 'Finances' (DeFi)).
5 people like this
5 responses
@sabtraversa (13069)
• Italy
18 Jun 21
Cryptocurrency reminds me of in-game cash in videogames. It can be bought but it can also be "mined" and the process definitely uses some power because... computers. However, I know very little about crypto. I don't even know if the "social coin" also has a mining aspect to it or if it is a completely different thing (might work more like market stocks). Nowadays pretty much everyone can create their own crypto, but many fail. I think bitcoin is the safest as many businesses and companies accept it. Then we have some dude that tweets about dogs and moons and messes with the market.
2 people like this
@mythociate (21437)
• Oklahoma City, Oklahoma
19 Jun 21
I think Bill Maher summarizes the whole problem: With stock, the company MAKES a product that you buy credit-for (the way a movie-producer buys credit-for all the work his employees do ... THEY produced it, but HE paid for it; so HE is The Producer)--they sell more of their product, you make a bigger ROI; but Cryptocoin makes NOTHING BUT THE CLAIM THAT YOUR 'NOTHING' IS WORTH SOMETHING
1 person likes this
@sabtraversa (13069)
• Italy
19 Jun 21
@mythociate I guess that the products related to the "social cryptos" might be the blog posts, you can't delete the posts you create there and it could be why. That's why I prefer myLot, crypto aside. But really, most cryptos are useless (if not worthless).
1 person likes this
@kaylachan (58521)
• Daytona Beach, Florida
18 Jun 21
That's some theroy.
1 person likes this
@mythociate (21437)
• Oklahoma City, Oklahoma
18 Jun 21
Does it sound probable?
@hotsummer (13835)
• Philippines
18 Jun 21
i do not like it. i think bitcoin was created a japanese.
@simplfred (20641)
• Philippines
18 Jun 21
All I know I am earning some via faucet and playing games. It is quite hard for me to realize how the money generated though..
@mythociate (21437)
• Oklahoma City, Oklahoma
19 Jun 21
heh ... reminds me what Bill Maher said 'Bitcoin's fictional inventor's name' means: "MONOPOLY Money" (I'm sure you know; MONOPOLY is a board-game where players 'buy' properties with fake money and keep playing until they fake-own the whole board full of developed properties.)
1 person likes this
@simplfred (20641)
• Philippines
19 Jun 21
@mythociate Yeah... I think the crypto will collapsed anytime...
1 person likes this
@ladyhero (3846)
• Indonesia
18 Jun 21
interesting, this is if doing mining