Like any other Ponzi scheme, by getting out before it's too late, usually by finding another sucker to buy you out so then they're the one holding the bag when the value hits zero.

I'll give it a go...

Blockchain = is a type of Encryption Technology that is virtually un-hackable with every transaction being unique across the board. Many are adopting its use for other types of transactions beyond the crypto currency space including the U.S. military.

Crypto Currency = "most" are pyramid or ponzi schemes; the exceptions in my opinion are Bitcoin (BTC) and potentially Ethereum (ETH). However, ETH is centrally controlled by a few large corps.
They can change the rules at any time. I'm sure there are others that are legitimate, but prove it? For novice folks, it's hard to tell. Crypto crashing bankrupts the weak and only the strong survive. Long term, this is GOOD news for everyone. It's the Wild West, anything goes...you can make it rich or you can lose your shirt. One reason why the space in general needs regulation, but good regulation. Not the outdated crap the SEC is applying to it globally. Personally, I think this is incorrect and for crypto to thrive as it should be able to, it has also been over burdened with not the correct regulations...yet.

Bitcoin = is NOT centrally controlled, but operates through 10K + servers world wide independently owned. The core code cannot be changed unless everyone on the network were to adopt it, but it can accept improvements in technology and uses as I understand it. Bitcoin has the capacity to take the entire value of the planet and operates outside the bounds of any Government. This is why Govt's world wide are terrified of it, they do NOT have control.

Fiat Currency = is money issued and controlled by Governments around the globe "claiming" it has "value". In reality, the more debt a nation has, the less valuable that currency actually is regardless what the giant financial experts say. Currently, the USA has the biggest DEBT of any nation on the planet by far, $31.94 Trillion. Nearly all governmental currencies are wholly backed by Debt...yes, debt, not assets.

Gold = physical REAL MONEY that has been used for thousands of years.

This message has been edited. Last edited by: jcsabolt2,

Satoshi Nakamoto invented Bitcoin. The current market cap of Bitcoin is $373 Billion dollars.

No one knows who Satoshi Nakamoto is. No one has heard a word from him in more than a decade, don't know if he is alive or dead. Of all the coins in crypto, I would trust Bitcoin as much as any of them though. I have traded a lot in crypto, although not in the last 2 years, too many sharks swimming in those waters.

I’ll summarize what you need to know. It’s gambling and not investing. Some win big but many lose big. Only gamble with what you can afford to lose.

A little update for "intrinsic value"

There really isn't any, but you can say the same about US Dollars.

it's got value because people say it has, now there is an upper limit on the number of bitcoins that will ever exist so we will "run out" of coins to mine eventually, what happens then for tracking transactions is anyone's guess.

Thanks for the information/simplification answers!
I somewhat have a better idea what is going on, but as I am not adventurous or a gambler seriously doubt I will ever understand!
Crazy idea but sounds like more ups and downs will be happening as with any ponzi scheme.

quote:

Originally posted by FenderBender:
A little update for "intrinsic value"

There really isn't any, but you can say the same about US Dollars.

it's got value because people say it has, now there is an upper limit on the number of bitcoins that will ever exist so we will "run out" of coins to mine eventually, what happens then for tracking transactions is anyone's guess.

There are also transaction fees built in to the Bitcoin algorithm.

The plan was always that relatively large mining awards would incentivize people to participate in the network in the early stages, and that as use of Bitcoin grew, mining would get “harder” (until eventually no more Bitcoin would be generated at all) and transaction fees would gradually take over as the incentive for participating in the network.

I'm what you would call a bit dense but I have pretty good grasp on the basics of nuclear science. This? I have no clue, it makes no sense

I am looking to invest or start a new cryptocurrency, can someone help me with any kind of advice or tips.

quote:

Originally posted by rcpylon:
I am looking to invest or start a new cryptocurrency, can someone help me with any kind of advice or tips.

Cryptocurrency, blockchain, and Bitcoin mining can be a bit confusing at first. Cryptocurrencies are digital currencies that use blockchain technology for security and transparency. Blockchain is essentially a public ledger where all transactions are recorded in blocks. Bitcoin mining involves solving complex mathematical problems to validate transactions and add them to the blockchain, rewarding miners with new coins.
Creating your own token is trendy because it's a way to raise funds or build a community around a project. Solana is famous for launching tokens due to its advanced technology and low gas fees, making transactions cheaper and faster than on other blockchains. If you're interested in generating buzz around a new coin, pumpfun bundler offers resources and information about using Solana effectively.

This message has been edited. Last edited by: mac_220,

How and with what does one buy in to some crypto?

Do you just buy crypto with dollars as like you would buy pesos with dollars?

I am exposing my dumbness

quote:

Originally posted by 4x5:
thanks

So the bottom line is, no. No-one can explain it, because:

1) It doesn't make sense any way you slice the explanation.
2) It's value, so to speak, is not stable.
3) It's not a form of working capital, meaning it can't be put to work.
4) It's not a common medium of exchange.
5) It can't be protected or hedged.

What did I forget ?

You might as well give up trying to understand it unless you want admission to the invisible man club or make purchases of illegal goods and services on the dark web, but you still got your cell phone, your car, your driver's license, your tax returns, your ssn, your birth certificate, etc.

There's prob more to it but I like Richard Feynman explanation of one's understanding of a subject: if you can't explain it simply in a way that people can understand it, you don't understand it enough yourself. Based on that, I'd say most people who claim to understand it may not understand it, and I suspect is not a real thing with much utility to justify it's existence except for perhaps entertainment and gambling.

quote:

Originally posted by Hamden106:
How and with what does one buy in to some crypto?

Do you just buy crypto with dollars as like you would buy pesos with dollars?

I am exposing my dumbness

Yep I believe so. Buying non-real money with real money. And when you want to buy something real like a vehicle or a house or pajamas, you have to sell it for real money, then use your real money to pay for it. Seems a little fubar.

quote:

Originally posted by Hamden106:
How and with what does one buy in to some crypto?

You purchase it through a cryptocurrency exchange. FTX was a cryptocurrency exchange. As the name implies, you "exchange" your fiat currency (U.S. dollars) for some type of cryptocurrency. You pay some type of transaction fee to the exchange for facilitating the transaction. In this way it is no different than any other securities exchange or brokerage house.

You can either hold the "keys" yourself, or you can get a "wallet" on a crypto exchange and keep your cryptocurrency there.

A "wallet" is simply an account on a cryptocurrency exchange. Although at this point I believe several large financial institutions will allow you to buy and sell crypto through them.

If you really want to understand cryptocurrency, you have to understand money first.

quote:

Originally posted by jcsabolt2:
I'll give it a go...
<snip>

Thanks jcsabolt2. You get my vote for best post in thread.

Can someone recommend a cryptocurrency? Because i would like to get into the game, but i don't know where to start??)))

quote:

Originally posted by mac_220:
Can someone recommend a cryptocurrency? Because i would like to get into the game, but i don't know where to start??)))

Start with something safe, like safe and wise investments and help from someone. Try everything slowly, take your time to gain a lot of money, and learn from your mistakes.Speaking from my experience, I recommend eth bundler for the best security and trasnparency towards you))

This message has been edited. Last edited by: rcpylon,