Posted: Feb 16, 2019 12:00 am
by jamest
jamest wrote:I was pondering whether to purchase some cryptocurrency so have been doing some reading these last few days to try and educate myself. I'm left wondering how a 'currency' as volatile as it obviously is can have any utility, so cannot see it becoming the backbone of trade. That aside, during my reading I of course stumbled upon the concept of the blockchain* which facilitates such transactions... and much more. My current conclusion is that even if the future looks bleak for cryptocurrency, blockchain technology is here to stay and has the potential to radically change our lives.

For instance, I've just been reading some ordinary bloke's opinion about blockchain technology (am I allowed to C & P their post?), who essentially suggests that a blockchain community could ultimately (theoretically) be used as a cyber revolutionary means to making Catalonia a country: "secede from Spain where it matters most: information, finance and governance", he says.

Though this bloke may be smoking something, the point is that once blockchain technology evolves to the point where we can all use it, there may be some serious ramifications - social and otherwise - for civilisation as we presently know it. Opinions welcome.

* https://blockgeeks.com/guides/what-is-b ... echnology/

... gives a reasonable overview for dummies to the technology, I think. Also includes the subsequent discussion with the aforementioned opinion.

"The market doesn't care about your ideals/reasoning/principles", to paraphrase the meat of a video I watched earlier today. I'd definitely agree with that.

Two months further down the line of my research, I've recently purchased a significant amount of bitcoin. Not because I love it, or any such idealistic nonsense, but because I now genuinely see it as a good investment and store of value ('digital gold'). Full stop.

Crypto has had a bad press, but the devastating bear market which started over a year ago is now close to bottom with the potential for mega-returns within the next few years. Just a heads-up. Do your own research, of course.