Is most likely a scam. You can mine it, you can trade it, you can sell it, you can buy it for yourself and hold it as much as possible. But just be aware that like most things in the digital age, it’s flash in the pan.

Here’s a small primer on crypto. Crypto currency uses something call “blockchain” technology. This is basically a fancy way of saying mathematical calculations. See for verification purposes, for credit cards and other digital transactions, it’s super useful to verify those transactions using a blockchain. It doesn’t happen for all transactions but it can be applied to most. This ensures that numbers are correct and verified. Now these numbers aren’t just some easy to pick number like 3 or 117. These blockchain numbers are huge and therefore provide inherent value in processing them that they’re not easily replicable. This uniqueness also applies to the value within the chain. When you buy a digital item-it’s easily replicated. You CAN copy a song, just like you copy a photo, just like you copy anything digital when you view it on your phone, computer or any digital device. You are literally copying that information to your device and then displaying as you look at it. A blockchain ensures that the item you’re looking at is the original file, even if there are a million copies out there, to learn more about this subject you can visit Skrumble.

So what value does that hold for people? Hang on-we’re not finished yet. You can also “mine” crypto, which means that you can help process those numbers on the block chain. This requires your device to take part in that complex process of math to verify those transactions. When you “mine” you discover part of the blockchain or the whole thing. You can join a pool and mine together. You can mine by yourself. Mining is now done on GPUs-or graphics card due to the scalable nature of the processors that GPUs have. That’s also why there’s shortages in the market of graphics cards, which sucks for video gamers and people who need graphics cards for purposes other than mining, learn mora at the Bitcoineer Website. Also, the process of crypto takes a lot of energy-the computers that run it produce lots of heat and need lots of electrical power to process this information. This is sometimes said to prove that the actual process isn’t worth it due to the amounts of energy it takes to actually verify a transaction.

So you have a unique number and a unique transaction, and you can assign those to goods or currency. Big deal. We do that everyday in the physical world. But like the physical world, these commodities take on value based on what we assign to them like supply and demand. Paying for items in Bitcoin is worth whatever the value of bitcoin actually is. This causes flux as people can trade these coins and currencies and assign values to the uniqueness of the goods. A picture of a monkey is able to be replicated and seen, but the original picture and file are verifiable as the only one of their kind, which makes them unique…as long as people are willing to pay for that said unique value of that item.

Unfortunately for the nature of people, we get bored easily. Which means that even if you have a picture of a monkey that is the only verifiable copy of that monkey, it still doesn’t mean it’s worth $100K. It’s worth as much as someone is willing to pay for it, and that is what the rush is right now. People are trying to jump in while the flow is hot, but when it cools down, that value will plummet like a rock. And not to mention the face that they’ve seen the monkey. I’m wondering why someone holds the fact that the digital artifact is original, because it’s not a “low res” copy, but an EXACT copy. This means that you can see and print the Mona Lisa exactly how it is. People want to say that they can limit the access to the artwork, which is very true-but that still means less when they can copy it willingly. Spotify is popular because of it’s incredible ease of access to a massive library of songs, which makes the itunes store useless now. You remember that you paid a dollar for the access to those songs, right? Well now you pay much less. Restrict access and piracy rises once again.

We’re also ignoring the part about theft and rampant problems with digital technology. There have been several large bitcoin thefts, and if that’s any consolation, attracting an unstable base and platform definitely leads to mass adoption (sarcasm).

Despite people claiming that the transactions of bitcoin are anonymous, it’s been proven time and again that the big 3 letter agencies can follow and do track the public transactions of the currency that flows in and out of digital wallets. So it’s not any good for anything nefarious, and if the market gets bored it’s going to crash hard.

What good is digital currency? Speculation, and right now, it’s speculating HARDDDDD…..

Also, call us if you want us to set up a miner system for you we will generate paystub online so you can pays us. We absolutely CAN but would almost certainly question WHY. Or not, I mean it’s your money after all.

Thank you for coming to my TED talk.