Crypto Thoughts

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I sure am no financial expert. But, I have been interested in the global monetary network since I got $1.15 worth of candy for a $1 when I was a boy on vacation in another country. I have learned that money is primarily an idea. So, naturally, I have been fascinated by the idea of cryptocurrencies.

When I started learning about cryptocurrencies, I googled "How are cryptocurrencies created." This definition, in an article in technopedia.com, came up as an answer. "A cryptographic hash function is a type of security mechanism that produces a hash value, message digest or checksum value for a specific data object." What?/!! I had to look up almost every single word.

So, I googled "What is a cryptographic hash function." I found this illuminating definition in Wikipedia. "A cryptographic hash function is a special class of hash function that has certain properties which make it suitable for use in cryptography. It is a mathematical algorithm that maps data of arbitrary size to a bit string of a fixed size (a hash) which is designed to also be a one-way function, that is, a function which is infeasible to invert."

Because these cryptic definitions about cryptocurrency were almost meaningless to me, I decided to accept the technical aspects of the currency, as I do standard currency, and learn more practical information such as growth and use. I plan to write a few simple posts about what I have learned for any WAers interested in cryptocurrency but as lost in the technical explanations as I am.

After a lot of "googling", my wife and I purchased a few different coins based on our reading. One went from $.001 to $.02. We haven't invested much, but we have gotten our money's worth of fun just watching the coins' value rise and fall.

My crypto thought for today is that all currency is basically an idea with its worth based on how much it is trusted by the people who use it. A post like this may make you yawn and want to keep on fishin'


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Recent Comments

14

Hi, Jim.
Paul here from Canada.

I am a cryptocurrency enthusiast. I have been engaging into this completely new arena since about February, 2016.

Another member and friend here, Roger Humbke is really getting interested in this field also.

Yes, the terms and mechanics are not easy to understand and take time to absorb. But when you think about it from a simplistic view, What constitutes Money?

Acceptance, right. No, it is more complicated than Barter.

What is more powerful than an alternative currency (or form of acceptance) is the technology behind that token. What does the technology do? Is that technology an improvement? Is that technology revolutionary?

Yes. Blockchain.

Please write more regarding your journey and I will try to do the same.

Thank you for sharing.

Paul.

I think the key to value of currencies, is in your last paragraph

'how much it is trusted by the people who use it',

And trusted because:
Of the economic strengths of their country and the trust
and belief and knowledge that their Governing bodies
are doing the right thing to maintain economic growth and wealth.

I know very little about Bitcoin, for example, but emails do pop
up which I just delete as it seems rather risky to me.
I shall enjoy reading more of your posts regarding crypto currencies !
Michele

You have identified the core of the cryptocurrency movement, the whole thing is outside government or financial institution control.

I am yet to understand cryptocurrency

I hope I can help you understand.

I have to admit to being very confused about how cryptocurrencies work Jim and every time I read something about them I come away even more confused so I look forward to reading your posts on the subject. ~Mark

Its pretty confusing. I plan to share a bit at a time so people can take a look online at what I am writing about.

No, I also find most definitions written by technicians make me yawn and want to go away.

My purpose will be to try to explain cryptos and the blockchain in a way that seniors, who were not raise with a computer in their hand, understand and benefit from this new world.

Of course as I take more courses I too will probably start to newer terms. It is a new world and it will take new terms to describe and understand the blockchain.

All the best to you in watching your cryptos.

Roger

You, too.

Nice response, Roger.
Sorry for not being more active in discussions so far.

I will be there soon.

Kindest regards,

Paul.

Hi Paul,

Yes, I have been wondering about what you been doing, but then with all the volatility in the Cryptos, I thought you would be preoccupied.

I am still heavy in the training mode so have not invested yet and am sleeping good. Have promised myself to get my account active but a couple of sites (Kraken was closed for an upgrade and Bittrex wasn't accepting new investors) are over whelmed. Oh well I still have 2 week to get it done.

Roger

Hi, Roger,
Peace, my new friend.

I am glad that you are sleeping well. With Cryptocurrency, I can relate to a comment you made earlier in an analogy to a game of 'Craps.'

There is much to learn.

I will contribute any value that I can.

Kindest regards,

Paul.

Thanks for sharing, James.

You're welcome.

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