“ They really aren’t. A currency is only worth anything if normal people are willing to trade them en masse. For the majority/normal people to trade them en Maße there needs to be an universally agreed upon use for them. A use that taxes give, since no matter who you are, you must pay your taxes in the state issued currency.
Crypto and other alt currency tokens are worthless by definition”
https://reddit.com/r/technology/s/TTK0bCHDDN
Don’t necessarily agree with it, but I get why someone would have that take.
Hello fellow currency autist :D yes I do know the difference between currency and money. Now I totally get your perspective on this, at least you're reasonable so I understand the questions, I've come across some major tech illiterate boomers in my time when it comes to this topic so it's very frustrating and a topic I sometimes avoid. I'll use that language from now on if we're both people who understand economics.
Sorry yes, I was using normie language there, no it does not necessarily have intrinsic value but as both of us will know value can be created from the currency depending on how it's all setup. That's where the whole concept of artificial scarcity comes from. I could also bore you all to death about the concept of a 51% attack if you like lol.
I think I already know of the 51% attack concept, although i'm not keeping up to date with cryptocurrency, have there been any major changes to it?
The problem is it's never been tried as of yet, the closest we got was when the cloud computing company CEX if I remember the name correctly had just about gotten there. I was one of the ones back in the day begging on the forums for them to try and do it as a stress test. We don't seem to have reached that possibility since because Bitcoin has been adopted quite a bit. The only other way may be quantum computing.
Interesting, did not even know that it was close to be tried in bitcoin, Should not the test be able to be replicated in theory (I know live fire exercise is the best stress test) with a branch spinoff in a much smaller environment?
I don't know, you'd have to ask a cryptography expert about that definitely. It's a fucking shame, because when it came to the autists who actually knew about Bitcoin the 51% attack theory was one of the few ways that Bitcoin could potentially be manipulated. Of course, have a conversation with the average person on the internet and they won't even know any of this, hell you can see it already happening on this thread. It's obvious there are tons of people out there who like to talk about the blockchain but have done zero real research into how it all works.