Demystifying Everything You Need To Know About Cryptocurrency

Authored by Brian Wallace via HackerNoon.com,

There are a lot of myths about cryptocurrency, and believing those myths could potentially get you into a lot of trouble, both financially and with the law.

When cryptocurrency first became known to the general public it was because of its involvement with human trafficking and the drug trade. Because of this association there came to be this belief that you could use cryptocurrency to conduct trades without interference from the government. Unfortunately this isn’t accurate at all. While the Federal government doesn’t recognize cryptocurrency as currency, it does recognize it as property, and that property is taxable when you experience capital gains on it.

Contrary to popular belief, cryptocurrency IS regulated, you CANNOT do whatever you want with it, it is NOT completely anonymous, and yes, there probably IS a bubble forming right now. Cryptocurrency is growing and changing and while regulators don’t always know specifically how to deal with it, regulations are catching up.

There are more types of cryptocurrency than you think — - it’s not just about Bitcoin. Ethereum, Ripple, Monero, Litecoin, and many many more are gaining more attention daily. Even Dogecoin is making a serious comeback.

Before you invest in any of these, learn more about cryptocurrency mythsfrom this infographic.

 

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. . . _ _ _ . . . Donald J. Trump Wed, 01/31/2018 - 04:05 Permalink

Shit article. Shit infographic. I thought some myths would be dispelled; most of the more prevalent myths were not even addressed. Not only that, but some of the info on that infographic was incorrect.

Some of the myths that need correcting are:

- It ain't physical so it has no value
- It is conjured from thin air
- It's in a bubble (it has hit its top)
- It's a ponzi
- Easily hackable
- Electricity costs are prohibitive
- Cryptos are a speculative investment vehicle
- BTC = cryptos
- Traditional analytics works on cryptos, too
- Cryptos will usher in a one-world blah blah blah
- It's a fad
- It's not money
- More vulnerable to blackouts
- 1400 cryptos will go to zero (some will)
- If McAfee eats a dick, cryptos are dead

The truth is that the world is in the process of undergoing a massive change in the way it conducts business.
Social structures, governments, central banks, businesses, social media, the internet... are all going to have to change fundamentally.

DLTs (distributed ledger technologies) can and will do several very important things, namely:

- Eliminate the need for banks and central banks
- Make the internet a secure place
- Do away with corporate spying for advertising revenue (kill Facebook)
- Eliminate fees for buying & selling (kill eBay)
- Protect your information/privacy
- Make all government transparent while...
- Protecting secrets
- Make elections and voting inviolable
- De-zombify the kids
- Make social media into a force for good
- Make education free and accessible
- Eliminate corruption and fraud
- Make sovereigns of individuals
- Make medical records accessible and private
- Purify capitalism and free the markets from manipulation
- Eliminate government corruption
- Ensure human freedom from oppression
- Eliminate the worst poverty (micro-loans)
- The financial possibilities are in their infancy!
- ... and a billion other really really important things

If you thought the crypto space was about digital cash, you've missed out on 99% of what DLTs will be doing for humanity. The money side is only the tip of the iceberg. Cryptos were never intended as a speculative investment. Traditional analytics simply does not apply. Any talk of bubbles, ponzis, tulips... just shows the world that you are only capable of seeing 1% of the potential behind cryptos and what they represent. There is so much more to consider.

Please let go of your dumb talking points and wrong-headed ideas about this new tech. It only serves to demonstrate your ignorance of the subject to all those who do know something about it... like your 12 year old.

- Cryptos are the only form of currency that most pre-teens have ever used. It's all they know. They trust it and are growing up.
- The entire insurance industry has already adopted HashGraph (a better DLT) as their new standard.
- The banks are in a panic to compete, but they know they've already lost.
- Governments cannot do a damned thing about it.

If freedom, privacy, sovereignty, free markets, and control over your own life are important to you, you need to watch this:

Hashgraph and the Future of Distributed Consensus | Internet for the 21st Century with Leemon Baird (1:07:37)

And please stop spreading the false myths. You crypto-bashers sound just like a bunch of Dems trying to convince the world that the Russians did it, while we all know it to be a crock.
Seriously, time to read up.

In reply to by Donald J. Trump

mobius8curve DontGive Tue, 01/30/2018 - 20:10 Permalink

I will say it again!

They have been planning on replacing your fiat with a crypto for 30 years:

https://www.zerohedge.com/news/2017-07-09/economist-get-ready-world-currency-2018

It can not be a coincidence that the whole system is more leveraged than at any other top in 100 years. Hyperinflation is the plan that will indeed cause the burning cash under the phoenix that should begin in earnest this year right on schedule. This is complete collusion on the part of most central banks coming down from the BIS who is loaded with satanists hanging out between there and CERN.

The masses already have a physical mark in their retina or hand/finger prints. All that’s required to keep them from buying or selling is to phase out cash and replace it with a crypto currency riding on the back of block chain riding on the back of the internet. Then do away with passwords thus requiring them to burn their retina or hand/finger prints to access their iPhone to access the internet to do any future purchasing. It does not matter how decentralized the crypto currency is if the gate keepers of the internet refuse to allow them to access the internet with their iPhone if they do not comply with the beast:

Revelation 13:16-17 And he causeth all, the small and the great, and the rich and the poor, and the free and the bond, that there be given them a mark on their right hand, or upon their forehead; (17) and that no man should be able to buy or to sell, save he that hath the mark, even the name of the beast or the number of his name.
Our Father proved His physical children “Israel” and now He is about to prove His spiritual children “Israel”:

https://sumofthyword.com/2017/12/19/all-israel/

History(His~Story) always repeats:

Ecclesiastes 1:9-10 That which hath been is that which shall be; and that which hath been done is that which shall be done: and there is no new thing under the sun. (10) Is there a thing whereof it may be said, See, this is new? it hath been long ago, in the ages which were before us.

 

In reply to by DontGive

HillaryOdor Nature_Boy_Wooooo Tue, 01/30/2018 - 20:51 Permalink

Oh.  Lightning network.  I get it.  That proves everything.  The worthless information token backed by nothing that is very slow will eventually become a worthless information token backed by nothing that will be faster than it used to be.  That is so much better than the other worthless information token backed by nothing that has already solved its scaling issues right now.   Makes perfect sense.

To the moon then!!!!!!!!!!

In reply to by Nature_Boy_Wooooo

HillaryOdor sessinpo Wed, 01/31/2018 - 00:19 Permalink

LOL.  All 9 years of history.

There is no fundamental reason why bitcoin is any better than any other worthless information token backed by nothing fake currency.  They are all the same.  People arbitrarily believe  in bitcoin for no reason other than their desire to get rich while producing nothing, so they try to come up with all sorts of reasons to justify their cult-like delusions and I just have to laugh.  

All these coins are worthless crap, driven way above any real value by speculation and fraud.  At least Ethereum was supposed to have a purpose, although the virtual machine is broken, but even if your network is backed by renting out computational power it in no way justifies anything even close to the market value of ETH, not that the network even needs its own token in the first place.

Worthless crap, all of them.

In reply to by sessinpo

Yen Cross Tue, 01/30/2018 - 19:59 Permalink

  I'm pretty sure that I'm DE-mystified.  Long live the "dark wallet".

  I do like this new P2-P architecture that's being developed.  I guess that sort of makes exchanges MOOT?

 

     The biggest hurdle I see with crypto credits, is " ironically", exchange transaction costs, and transaction times.

 I wonder how all those snowflakes feel, after they just lost over 50% of their GAAP> Beanie-baby net worth?

 Ohh- well, they can learn about write-offs and other such ZIRP policies.

Karl Marxist Tue, 01/30/2018 - 20:02 Permalink

100% FUD. Demoralize the future. The banksters have not only done that but factually and demonstrably ruined all life on this one fragile planet. WE OWN YOUR FUTURE is the message of the banksters and YOU CANNOT BUILD YOUR FUTURE WITHOUT US! And there is no future because of us. So take your BTC and shove it. And to drive point home to all you fools who think cryptos are anything, we'll issue article after article running down your dreams with our debt. Your debt, actually. We made sure you fools would pay for it all. Sure, Satoshi or whatever his phony name is thought for a nanosecond a brand new set of money and wealth can rise up outside of our grip because it must. We know that. Take your blockchain and cramb it -- even though we love the blockchain, see? But we hate BTC and all the BTC derivatives, We're jealous, actually. But guaranteed we'll do everything in our power to spread FUD like this blowhard bullshit of a crypto hit piece that ever was. We ARE BANK! NOTHING can destroy us ... except ourselves. But we'll take you and your BTC and your BTC hopes with us to the end of this tiny dust spec in space.

NoDebt Tue, 01/30/2018 - 20:02 Permalink

Just got off the phone with my brother who literally got his spiffy new "mining appliance" up and running as I was talking to him.  Basically it does everything EXCEPT bitcoin.  Whatever it is, it's supposed to be the "latest and greatest" (I don't remember the name).

180 Gigahashes/second (I don't know what that means, but that's what he told me) with peaks up to almost 400 within first 10 minutes of operation.  Draws 400W of power.  Looks like a metal box with some cooling fans on it.  For you techies, you might be interested to know that it runs on a Raspberry Pi operating system and the array of 128 processors inside it come from the cell phone industry.  So, there you go.  Geek out on that to your hearts content.

He's running just shy of $100/day income from it (and climbing) while the ring he's on keeps upping his priority for the better-paying "heavy lifting" jobs.  If he can keep it up and stable that figure will improve.

SO FAR SOUNDS PRETTY GOOD, DOESN'T IT?

Guess what that fucker cost?  No, higher than that.  No, MUCH higher than that.  How about $18,000!

That's six months just to BREAK EVEN on the outlay at its current earnings rate.  I just said "well, good luck with that."