Bitcoin Explained (1.Viewing)

A lot of monkeys lived near a village.

One day a merchant came to the village to buy these monkeys

He announced that he will buy the monkeys @ $100 each.

The villagers thought that this man was mad.

They thought how can somebody buy stray monkeys at $100 each

Still, some people caught some monkeys and gave them to this merchant and he gave them $100 for each one.

This news spread like wildfire and people caught monkeys and sold them to the merchant.

After a few days, the merchant announced that he will buy monkeys @ $200 each.

The lazy villagers also ran around to catch the remaining monkeys

They sold the remaining monkeys @ $200 each.

Then the merchant announced that he will buy monkeys @ $500 each!

The villagers start to lose sleep... They caught six or seven monkeys, which was all that was left and got $500 each.

The villagers were waiting anxiously for the next announcement.

Then the merchant announced that he was going home for a week, and when he returns, he will buy monkeys @ $1000 each!

He asked his employee to take care of the monkeys he bought. He was alone taking care of all the monkeys in a cage.

The merchant went home.

The villagers were very sad as there were no more monkeys left for them to sell it at $1000 each.

Then the employee told them that he will sell some monkeys @ $700 each secretly.

This news spread like wildfire. Since the merchant buys monkey @ $1000 each, there will be a $300 profit for each monkey.

The next day, villagers made a queue near the monkey cage.

The employee sold all the monkeys at $700 each. The rich bought monkeys in big lots. The poor borrowed money from money lenders and also bought monkeys.


The villagers took care of their monkeys & waited for the merchant to return.

But nobody came! ...?? Then they ran to the employee...

But he has already left too !

The villagers then realized that they have bought the useless stray monkeys @ $700 each and unable to sell them!

The Bitcoin will be the next monkey business

It will make a lot of people bankrupt and a few people filthy rich in this monkey business.

And that's how it will work folks!!

MapleDots said:

A lot of monkeys lived near a village.

One day a merchant came to the village to buy these monkeys

He announced that he will buy the monkeys @ $100 each.

The villagers thought that this man was mad.

They thought how can somebody buy stray monkeys at $100 each

Still, some people caught some monkeys and gave them to this merchant and he gave them $100 for each one.

This news spread like wildfire and people caught monkeys and sold them to the merchant.

After a few days, the merchant announced that he will buy monkeys @ $200 each.

The lazy villagers also ran around to catch the remaining monkeys

They sold the remaining monkeys @ $200 each.

Then the merchant announced that he will buy monkeys @ $500 each!

The villagers start to lose sleep... They caught six or seven monkeys, which was all that was left and got $500 each.

The villagers were waiting anxiously for the next announcement.

Then the merchant announced that he was going home for a week, and when he returns, he will buy monkeys @ $1000 each!

He asked his employee to take care of the monkeys he bought. He was alone taking care of all the monkeys in a cage.

The merchant went home.

The villagers were very sad as there were no more monkeys left for them to sell it at $1000 each.

Then the employee told them that he will sell some monkeys @ $700 each secretly.

This news spread like wildfire. Since the merchant buys monkey @ $1000 each, there will be a $300 profit for each monkey.

The next day, villagers made a queue near the monkey cage.

The employee sold all the monkeys at $700 each. The rich bought monkeys in big lots. The poor borrowed money from money lenders and also bought monkeys.


The villagers took care of their monkeys & waited for the merchant to return.

But nobody came! ...?? Then they ran to the employee...

But he has already left too !

The villagers then realized that they have bought the useless stray monkeys @ $700 each and unable to sell them!

The Bitcoin will be the next monkey business

It will make a lot of people bankrupt and a few people filthy rich in this monkey business.

And that's how it will work folks!!

Click to expand...

I don't think so @MapleDots and time will prove this, if it hasn't still.

I am pretty much of the belief that the crypto world right now is like the internet in the mid 90's, or cell phones in the 80's vs now. The disruption coming to banking, finance, lending, borrowing, collectibles and so on from crypto will be epic in the years ahead. The winners that emerge from crypto will be like how Amazon, Microsoft, Apple, Facebook, Google, etc emerged as winners since the dotcom crash era. And this might be bigger since it's targeting the 100's of Trillions dollar banking/investing world.

Does anyone think that crypto and digital payments will completely go away and we'll return to the old ways?

Look at all the banks and companies adopting crypto payments, investing in bitcoin and ether, bitcoin and ether funds trading in Canada. Young people are easily adapting to this and it will keep growing. When you compare to the 2017 bitcoin craze which was purely retail driven, it's easy to see that the financial and commercial worlds are also becoming adopters.

This of how dial up internet worked back in the 90's compared to how we access the internet now and that a phone today is more powerful than a computer from back then. We don't know how it all works behind the scenes, we have browsers and interfaces that make it easy to use. And that is where crypto is headed, a bit difficult and clunky for the average person to use now, but it will be made easier and work behind the scenes as better interfaces are developped. And not everyone will want to be using only the digital currencies that are coming from governments.

Sure I could be wrong and sure there may be another crash or pullbacks ahead, but this is moving forward over time and I think everyone should at least be diving into the subject to learn about it because the implications could be enormous financially. At a minimum I think everyone should have at least some minimal exposure to crypto even if it's 2 or 5% of a portfolio.

Just to add, to dismiss crypto now is like in the 90's calling Amazon a simple online book seller that would go nowhere. Few probably imagined that Amazon would turn into the huge online behemoth it is today, selling everything under the sun, cloud service, drone delivery, Prime video, and who knows what's next. The analogy for crypto today vs looking 10 or 20 years from now could be a similar growth pattern as adoption and use cover the globe. Remember all that's needed is a phone, and smartphone growth is penetrating all over the world.

There WILL be many corrections in the Crypto world of epic proportions. It could be as high as 40% - 60% from the all time high or even a $10K to $40K drop in one day, depending on high it has gone. That is part of the game and everyone will have to adjust until it becomes so saturated and adopted that it will be mostly stable. That would be a good 5-10 years away imo.

I fully agree on the following stated by [notify]domains[/notify] "to dismiss crypto now is like in the 90's calling Amazon a simple online book seller that would go nowhere" Well said.

Just look at how slow the financial world is, all the permissions and fees you have to go through say to send a wire payment to another country. I sent a wire to Italy once for a youth exchange thing for my kid, and it was crazy and time consuming and we didn't even know for a few days if it would work out.

Think of all the countries that don't have proper access to regular banking. Think of remitances, people sending money home to families from abroad and paying exorbitant fees. There is lots of room in the financial world for disruption and improvements in speed, efficiency and access. Look at how Uber and AirBNB have improved access to transportation and accommodations, more selection, more pricing ranges, more availability, more competition. This is what will be done to banking worldwide and it's in the early stages.

Then you look at how banking, income funds, derivatives, insurance, etc is worth Hundreds of Trillions of dollars worldwide. Right now the whole crypto market is 2 Trillion. To me it's apparent the direction this is going, and again I say everyone owes it to themselves to started studying what these crypto projects are doing. It has gone far beyond paying for a coffee or buying a house like all the talk was in 2017. You are seeing the network effect and critical adoption moving forward until it just tips and goes mainstream. Kind of like Facebook. At first it was at Harvard, a few people joined, then their friends, then it moved to other universities, and when your friend is on it then you want to join and connect, and so on until it spreads to every city in the US then every country in the world. That is what's going on right now and still most people don't realize. As an investment opportunity it could be the biggest ever. I mean, haven't we seen how tech and digital have only grown exponentially in the last 20 years, and to think that finance won't be pulled in to this going forward?

People will get rich! people will get wrecked! but that happens in any market, but to deny that crypto and forms of digital assets are the way of the future is a very naive. Like any new advancements early adopters stand to benefit the most.

most people think of crypto is Bitcoin, but that's like saying a fish is a rainbow trout, there is an ocean of crypto / digital assets out there each with their own eco system and narrative.

the move to a digital society is well underway and change is hard but it's inevitable.

John Oliver’s take on Crypto
https://youtu.be/g6iDZspbRMg

Thought some might enjoy it. I am not BTC savvy.

****The fact that one of the characters is named Dan is a coincidence and not in any way directed at you Dan. I totally respect your opinions****

jaydub said:

****The fact that one of the characters is named Dan is a coincidence and not in any way directed at you Dan. I totally respect your opinions****

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Such a difference here at dn.ca than at some other domaining forums, we Canadians truly are a more polite bunch.