>"So son, what exactly can you buy with these beanbits, or pepaycoins? Let's say I owned 100% of all pepecoins, what exactly do I own as opposed to owning 100% shares of a real-life company?"
He stumped me. What exactly can I respond to my normalfag dad?
you own all the pepecoins.
Just tell him it's gambling with the interactivity of a stock market
If you own 100% of all pepecoins you can pump the market price to sell them to unsuspecting buyers at a higher price in order to make profit.
tl;dr: you own the ability to make money by scamming people in a mix of ponzi and chart manipulation
But he kept asking what the purpose of pepecoin is if you cannot buy anything with it. I wanted to call him a dumbass but it made me think about whether there really is any underlying value to these coins.
Bitcoin is easy to understand - it represents the exchange of underground blackmarket goods such as weapons, illegal narcotics or stolen credit card information. But beanbits or dogecoin i was unable to explain to him. I heard that if you do not understand something you should not invest in it. I am wondering if maybe I should not be investing in something i do not understand.
The developers make deals with either make deals with companies to use the coins in a corporate setting, or they design apps to use the coins to pay for services. Right now is the perfect time to buy, as most of the currencies haven't found a market, so their future value is almost entirely unpredictable
ask him if he thinks any fiat would be valuable if a single person owned all of it.
You own the USD value of all the "pepaycoins". Lets say you have 1M pepecoins, and one of them are worth 0.50$. Means, you have 500,000 USD worth of pepecoins.
You can't buy anything with stocks either. The only purpose of these coins are to make profit, just like stocks.
that's not what he's asking, retard.
The dad is correct, you don't own anything, 99% of this shit will not be here in 10 years.
You purchased a vehicle for speculation, OP. You are making a quick flip. This, in a sense, is tulip mania. Many of these coins do not have utility.
SOME tokens will survive for sure, but if you get delusional and think fucking pepecoin or bitbean is anything but a vehicle for speculation, you are fucked. That's the reality.
You can buy pepecards with pepecoins
You can buy a lot of things with bitcoins, not just illegal stuff
You can buy some stuff with dogecoins but it's a meme more than anything
Most coins you can't buy shit with them, you just buy them with the hope that one day they will become useful and that people will want to buy them to use them (most of the market cap now stems from speculation rather than actual use, it's all mostly a work in progress)
>You can't buy anything with stocks either.
That because stocks aren't intended to be currencies, cryptos are. My dad was explaining to me how if you own stocks you own shares of a real life company and its profits, he said that bitbeans have no value because they don't represent anything and you can't even buy anything with them.
Oh shit nigger, this
>muh tulips.
The difference between tulips is you can make more, in crypto you can not.
The scarcity of any said coin gives it it's value.
Compared to gold the scarcity of ANY non inflationable cryptocurrency is an infinite time higher
the value of crypto is that there are retards that will buy it from you at higher prices
it's what most people would call a ponzi scheme
Why does scarcity automatically give something value? Does that make rare yu-gi-oh cards or beanie babies valuable?
If people are willing to give you something in exchange then it has value related to the world
If you want to keep something then it has value to you
Rare yu-gi-oh cards and beanie babies have value related to the world as long as people are willing to give you something in exchange, fiat or btc usually
All this can achieve though is that Bitcoin is the same as fiat. Both are only valuable because they're valued. There are actual reasons why BTC is superior to fiat, and if you don't know what they are, you're either a newfag (in which case lurk moar), or retarded.
are you saying my RARE pepecoins don't have value there is only 1 in existence must be worth A LOT
This is why we don't fuck with those shitcoins and make fun of you retards who do.
>There are actual reasons why BTC is superior to fiat, and if you don't know what they are, you're either a newfag (in which case lurk moar), or retarded.
By the wording of your post I would love to listen to what you think these "reasons" are, by the sound of it you don't have a clue. Probably self-entitled brat too
lurk moar
I'm not the one you were talking too, go read Bitcoin's original technical paper, if you even know what that is
Not sure what your point is. In a perfect world where fiat and bitcoin could be used interchangeably to make any purchase, are you saying fiat is still superior to bitcoin?
Why do I need to explain the value of decentralised cryptocurrencies relative to fiat if you're already knowledgeable? Are you retarded?
That's because bitbeans are a p&d scam like most shitcoins you dumbass. BtC has value and you can buy shit with it. It isn't widely adopted yet but you're short sighted if you cannot see that it will eventually be.
>implying you know jack shit about the subject
...
The analogy is false, cryptocurrencies are a currency, not a stock. It would be more like owning 100% of the gold in the world.
The analogy is false, stocks are shares of a company and shitcoins are scams.
Well there are cryptos that represent shares in a company. There was one recently that was promising dividends.
And to the ones that are meant to be currencies i agree with
That is the single most retarded post I've seen on this board, ever
Blockchain also digitalizes assets because it's essentially a ledger that has a transaction history.
So if you own 100% of a certain shillcoin and they point towards legit ownership of an asset then you own 100% of all assets in the history of the entire blockchain of that shillcoin.