EU investigates Facebook's foray into cryptocurrency

[Alabuckeye]

I'll be honest, I don't 'get' bitcoin and other crypto currencies.  What their value is based on, how they are issued and held and exchanged.  Facebook though seems to think that their users need a currency with which to transact business on the app, so they are issuing their own....upon approval.  While I think I understand why FB would be interested in this, I really don't think it's a good idea, and do think that congressional calls regarding the monopolies of the Silicon Valley's giants to break them up is warranted.

https://www.reuters.com/article/us-eu-fa...SKCN1VP2LU

[cincydawg]

What is the dollar based on?

TFFACOTFR.

[Alabuckeye]

What is the dollar based on?

TFFACOTFR.

essentially the reputation of the United States of America......

[cincydawg]

Yup, and it's the same with Bitcoin, though they do have "mining" operations that create currency.

There is no tangible value behind it.

Incidentally, gold has made a significant comeback of late.  I had a bit of gold mining stock that was languishing, and not really worth enough to bother selling, and it's now in plus territory.

GOLD

[Alabuckeye]

Yup, and it's the same with Bitcoin, though they do have "mining" operations that create currency.

There is no tangible value behind it.

Incidentally, gold has made a significant comeback of late.  I had a bit of gold mining stock that was languishing, and not really worth enough to bother selling, and it's now in plus territory.

GOLD

OK....it's the same as bitcoin.....which has what exactly behind it?  Not the FFACOTUSA.....I'm thinking something much more nebulous.

[cincydawg]

One should not have a notion there is "anything behind it", no matter what "it" is, unless you tangibly need "it".

A deed for property?  Only as good as your legal system and strength of government, otherwise it's paper.

Gold?  Food?  Might be.  Penicillin?  Could be.  Cloth?  Shoes?  Could be.

We don't even have stock certificates any more.  My "wealth" is all on line save $140 in my wallet and a few coins.

[Alabuckeye]

Yeah, we can wander around in the 'does anything really have any value' world......but that's not the point really. Everything you mention has some backing to it, however fragile. Some much less fragile. Bitcoin has nothing underlying it. Nothing.