Crowd funding for Boogercoin

B00nie

B00nie

[H]F Junkie
Joined
Nov 1, 2012
Messages
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There are so many forks of virtual currencies at the moment that I thought of making one of my own.

It's called the Boogercoin and it works utilizing SPU (Smell Processing Units) mining.

Identically to Bitcoin the value of Boogercoin is based on limited availability and block chains. The crowd funding project is to fund my Boogercoin mining manual (hint: do NOT eat them) and the first in the world Boogercoin mining farm.

Anyone interested in backing or contributing?
 
You used a Windows 10 machine today, didn't you? As I think you've lost your mind. ;)
 
It's gone viral! Many contributors already:

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B00nie, because of my sinus issues (not sine wave issues) I have the resources to 'mine' up to 10 a day from both holes.
I have several packs of tissues to back that shit up, too.
It's go time.
 
michalrz said:
B00nie, because of my sinus issues (not sine wave issues) I have the resources to 'mine' up to 10 a day from both holes.
I have several packs of tissues to back that shit up, too.
It's go time.
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You don't want to know where the next fork 'Browncoin' will be mined from...
 
Man walks into a shop.

Clerk: That'll be 13 boogercoins, sir!

Man digs his pockets and carefully picks and lines up his boogers. Only 12 of them.
A couple of skilled wrist movements later there's all 13 on the table.

Clerk: Very good, Sir! Fresh from the press! Thank you for doing business.
 
B00nie said:
I'm trying to incite discussion as to why people are willing to consider virtual currencies as valuable. With the same logic domino money or boogers should be equally valuable as currency.
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Valuable for the same reason little bits of paper with numbers printed on are valuable.
 
B00nie said:
See, that's the point. Real currencies are based on exchange of valuable commodities (even though they really aren't anymore) but basically that's what they stem from.

Cryptocurrencies are developed from air, nothing is exchanged for them except wasted computing cycles which are by themselves utterly worthless. About as worthy as mining your nose.

The non trackability of trade makes them the ultimate platform for money laundering and crime which is why it pays off to sink billions of drug money to inflate the coin price and invite unwilling participants in crime to trade coins for real money.

Cryptocurrencies have zero value unless someone is willing to trade them for real currency.
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So wealth can neither be created or destroyed, only transferred?
 
"Virtual currency" vs. "real currency" is not a meaningful distinction. If people agree to use something as a medium of exchange, that makes it a real currency. It doesn't matter if the thing they're using is discs of metal or shiny rocks or pieces of paper or bottlecaps or data in computers.

"If nobody would want to trade it it would lose its value in a blink of an eye." Yes, that's true of EVERYTHING. If nobody wants your gold, hey guess what, it has no value. That's what makes it "currency", and not the barter system.
 
rsquared said:
If nobody wants your gold, hey guess what, it has no value.
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Gold has been worth something for as long as our history books go back. Nobody knows the future but generally the longer something has been valuable the better chance it will have to continue to be valuable. 5 years ago, bitcoin was practically worthless.
 
rsquared said:
"Virtual currency" vs. "real currency" is not a meaningful distinction. If people agree to use something as a medium of exchange, that makes it a real currency. It doesn't matter if the thing they're using is discs of metal or shiny rocks or pieces of paper or bottlecaps or data in computers.

"If nobody would want to trade it it would lose its value in a blink of an eye." Yes, that's true of EVERYTHING. If nobody wants your gold, hey guess what, it has no value. That's what makes it "currency", and not the barter system.
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It is a very meaningful distinction. Real currency has base on something, real commodities which have been exchanged for centuries for the currency and generated through work where virtual currencies stem from totally worthless calculations. Virtual currency is totally artificial and has no real value. Some lunatics started investing money on it and it really took off when the drug lords found out they can dump billions in it and get 50% returns in real laundered currency after they promised people they get double their money 'back' in BTC when buying them.

It's a perfect crime. Regular people don't see where their money comes from and criminals get clean legal funds in exchange.
 
B00nie said:
It is a very meaningful distinction. Real currency has base on something, real commodities which have been exchanged for centuries for the currency and generated through work where virtual currencies stem from totally worthless calculations. Virtual currency is totally artificial and has no real value. Some lunatics started investing money on it and it really took off when the drug lords found out they can dump billions in it and get 50% returns in real laundered currency after they promised people they get double their money 'back' in BTC when buying them.

It's a perfect crime. Regular people don't see where their money comes from and criminals get clean legal funds in exchange.
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Even fiat currency is based on something - the full faith and trust of the issuing government. That is why the Venezuelan Bolivar is relatively worthless, but the US Dollar carries considerable use. It really boils down to purchasing power - how much is someone willing to give me in exchange for what I have to offer. If people are willing to exchange goods and services, or even other currency, for "cryptocoins" then there is value.

The actual problem comes down to sustainability, and this is the big unknown with cyrpto currency. Right now, the value is based solely on what people are willing to exchange for it. Without anything, even the "full faith and trust" of a government, the value can change dramatically based on the desirability.

For example - nearly 20 years ago, if I had a Tickle-me Elmo doll, I could have exchanged that with another individual for several hundred dollars, or even for considerable goods or services (what would have been considered a barter arrangement). Now, that same item, I might be able to get $5.00 for at a yard sale, because there is no longer a perceived value.

Could we similarly see a reversal in bitcoin? Where it once again takes thousands of bitcoin to buy a pizza? Doubtful. I feel before that type of deflation happens, the purchasing power of bitcoin will become zero.
 
The thing I've always found funny about bitcoin (and cryptocurrencies in general) is that it's value is rooted in another currency, more or less - we measure the "value" of bitcoin using actual real world fiat currency as in US dollars or whatever depending on location. There's just something not quite right about that but it's how the whole thing works.
 
Tiberian said:
The thing I've always found funny about bitcoin (and cryptocurrencies in general) is that it's value is rooted in another currency, more or less - we measure the "value" of bitcoin using actual real world fiat currency as in US dollars or whatever depending on location. There's just something not quite right about that but it's how the whole thing works.
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Because it's not a real currency in itself, rather it's a method of transferring real currency between parties?

That's not a statement, just hypothetically speaking.
 
Tiberian said:
The thing I've always found funny about bitcoin (and cryptocurrencies in general) is that it's value is rooted in another currency, more or less - we measure the "value" of bitcoin using actual real world fiat currency as in US dollars or whatever depending on location. There's just something not quite right about that but it's how the whole thing works.
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Yeah crypto is more like a stock in the value of the type of crypto currency.
 
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