Any cryptocurrency users here?

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[marurun]

My biggest problem with Bitcoin is it's inefficiency. In terms of the energy spent for mining them it's actually an incredibly wasteful currency.

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[RCBH928]

Nope, I didn't buy any. I still don't understand it. To me Bitcoin is like someone drawing "$" an an A4 paper then selling to for $5 to a guy who sells it for $10 to the next guy and so on. For example, if I create a "wallet" I don't know where my "wallet" is. If I create an account with Google, I know its on the Google server but where do I log in to my "wallet" of bitcoins? Where is it stored? Now this coldcard, it transfers Bitcoin without an internet. I thought you needed internet to authenticate bitcoin transactions. Of the questions is, who sustains this project? What happens if people who "mine" bitcoin just decide not to mine any more?

Digital currency to me is like raffle ticket or gambling. One guy decides to bet $100, maybe it multiplies to $10K and worse scenario lose $100. Why not? If thats the mantra I understand it. Although I am interested in Monero since its really anonymous or so they say.

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[marurun]

Money only has value because we collectively agree it has value for commerce and because there is some authority, a government mostly, behind it.

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[marurun]

You just stated the very reason crypto currencies exist. I assume without knowing it.

The problem with crypto currencies is that there is no authority underlying it to support its value. The reason national currencies work (and the reason they fail) is not because they map to physical value like gold, but because the power and authority of the nation supports that currency's value. Why is the dollar such a powerful world currency? Because the US is a powerful economic player in the world. The US supports the value of its currency. Why do currencies suffer massive inflation and fail? Because their governments and economies cannot provide the support for the currency's value. That's why cryptocurrencies are inherently riskier: there is really nothing underpinning their value, neither mapping to real-world resources (unless unrecoverable power consumption and computing power counts) nor supported by an established national government and economy. While being untethered from an authority is seen by some as a value add, the problem is that there is nothing to underpin that value. Bitcoin particularly is an extremely risky bubble, and I cannot see a scenario in which it does not crash and crash hard.