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Anonymous
how the FUCK are new units of cryptocurrency? 2017-06-12 06:08:34 Post No. 2403146
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how the FUCK are new units of cryptocurrency? 2017-06-12 06:08:34 Post No. 2403146
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how the FUCK are new units of cryptocurrency?
Anonymous
2017-06-12 06:08:34
Post No. 2403146
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Does a dev literally just credit himself 100,000 units then sells that shit for 0.0000000000001 BTC/unit? And if some basement-dwelling script-kiddy has the ability to do that by just copying some shit off github, how the fuck can you believe it's secure?
Seriously, you guys put your money in this shit but have no fucking idea how new units are created and what the fuck it derives its value from other than whatever buyers/sellers are willing to go for at the time.
>b-but this is how all markets w-work
Not necessarily, we can understand the market value of a fiat currency from the country's economy, inflation, trade balance, political stability, and credit worthiness. There is nothing to crypto markets other than hopes, dreams, pump and dumps, and speculation. It's driven entirely by how much people trust the system and value it retains; when this disappears, the market will evaporate overnight.
Yeah i'm going take my 1 digital bitcoin I store in my virtual wallet to a Rolex store and buy a $3,000 watch. Fuck off.
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Meanwhile the bank magics up money out of thin air and loans it to you at 17%
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>>2403146
Proof of work, proof of stake. Read about it, noobie ;)
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why not do a little research instead of spouting off ignorance?
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Their needs to be buy and sell orders. If someone did that, they won't be able to sell unless there were investors.
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>>2403146
>Yeah i'm going take my 1 digital bitcoin I store in my virtual wallet to a Rolex store and buy a $3,000 watch. Fuck off.
>move BTC to cuckbase
>sell BTC for USD
>???
>Buy watch
welcome to the future homo
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>>2403196
yeah but you obviously need something to sell/buy before a transaction can take place (i.e the fucking monetary unit that normally a mint would do by printing money or a government by selling a product called bonds). In other words, an initial amount of units would need to be produced for circulation or there is no currency. The next question would be how additional units are created. Would you only be able to get units from secondary markets (i.e people who sell you theirs) or are they created on a transaction-basis depending on the circumstances?
For a stock, it would be an IPO. Once those units are sold, secondary markets can be created, but the IPO presents the initial price, the same way I'd imagine a new currency would have to start.
You NEED to know this otherwise you have absolutely no understanding of what's controlling the supply of these crypto's and are investing blindly like a moron.
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>>2403343
https://tokenmarket.net/ico-calendar
WELCOME TO THE FUTURE
H O M O
O
M
O
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>>2403174
Nigger you need a job and to pay back your old loans if the bank manager is offering that.
There are credit cards with lower rates.
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>>2403174
touche
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