Can someone please explain to me what ETH is, And how transfering bitcoins on websites makes you money. Explain it like Im a retard
Fuck off. Can you not read a fucking thread longer than 5 minutes, maybe read some infographics? Do you realize how many people have asked your exact question already?
If you can't understand it by now then you're beyond help.
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HOLY FUCKING SHIT, SOMEONE PLEASE CREATE A FKING CRYPTO BOARD I CAN'T SEE THIS SHIT ANYMORE. MODS DO SOMETHING FFS, THIS IS WORSE THAN DOGE BACK IN THE DAYS
>>1123426
Get the fuck off with your 100$ investment in ETH you small minded Mc Donalds Cheeseburger-Smith
>>1123426
Talk shit, get hit. Fag.
>>1123420
>Explain it like Im a retard
Okay.
A Stone, have no values by itself.
But it will have values when everybody agree upon it.
So, now, you have cash in your hand.
You used $100 USD to buy 100 stones.
Everybody wanted to get stones, and they are willing to pay for more.
Some of them even paying you $200 USD for you 100 stones.
You are not selling.
People wanted it so badly, they are now willing to pay you $250 for your stones.
You say OK.
Now you earn $150 profits from your stones.
the risks is.
1)
Suddenly, everybody realise the stone is worthless, so nobody is buying it.
You try to sell it at $50 , but nobody is even buying it.
2)You are not willing to sell at $200, some other people desperate for money willing to.
Now the price will stuck at $200 because there's always some retards that will sell them at $200.
3)your local wealthy merchant saw that stone selling is an opportunity. So he bought most of the stones, then sell them $80 each.
People like you, holding stones, are afraid of the stones becoming worthless soon, so everybody panic and start selling stones $75, $70,$65 then $40.
The Merchant then buy all these cheap stones. And people will think that, "So the stones are still valuable, I better keep mine."
Then when the price are going at $300 or $400. The merchant start selling the stones.
While the people unrealistically expect the price to continue rising to $1000.
And the Merchant made plenty of money with those cheap stones he bought, even though he lost some when he sold some of them for $80. But everything turns out fine for him.
I hope that made it clear for you.
ETH is now like the stones.
It's value is worth as much as people claim it is.
Supply & Demand.
Though there's other uses for ETH / Stones.
But it's not much.
My advice to you is, ETH is now still an early wave.
Ride the wave, make some money, don't be greedy, Stop when you think it's enough, and be a happy merchant.
ETH is something poor people waste their money on
>>1123431
Thank you brother
>>1123424
>, THIS IS WORSE THAN DOGE BACK IN THE DAYS
DOGE IS WHY THIS BOARD WAS CREATED
MWAHAHAHAHA
WELCOME TO YOUR CRYPTO HELL!
>>1123420
Ok my special friend, I'll do my best.
Economies run on trust. You give your money to the bank, you trust you'll get it back, right?
Ok, now blockchain is a way that you don't *have* to trust anyone you're dealing with, because they can't cheat. If you lend someone money over blockchain, they can't lie and say it was their money all along, with me so far?
ETH is the first example of blockchain where you can do more than exchange money and have unfakeable proof. on ETH, you can actually write a contract and have it be ironclad. It replaces the trust you'd usually have in salemen, banks, and government. We'd still have to lynch people who break contracts, but we'd know who did and who didn't.
And you can't make money transferring bitcoins or ETH except through some kind of ForEX action, those things ARE money. They might rise in value compared to fiat currency (they almost certainly will actually, because inflation) but by themselves they're just a token of exchange.
What, you didn't understand all that? Man, what a retard.
>>1123472
Ok thanks that explains alot, now I'm hearing alot about ETH mining? What is mining exactly?
>>1123420
its where you buy the dip and then make money and buy Lambos
>>1124547
>implying there is a dip in eth currently
>>1123482
Ok, all the computer processing power to encrypt and decrypt and calculate and whatever else the contracts do? it takes a lot of overhead. "Mining" means you're contributing processing power to the massive project of keeping the whole machine running. ETH is created as computers work on it and are assigned at random, but the more processing power the better your chances of getting some as it's created. ETH is also destroyed when you get the blockchain to do something that takes a fair amount of computing power.
So when I say ETH isn't a fiat currency, I mean that it's backed by computing power. By itself it's just a proof that you've contributed computing power in the past, but in theory the promise of getting more ETH by mining should incentivise everyone to contribute enough computing power to keep the system running, and then you can get it to do things for you by paying ETH back in.
Hey, it makes more sense than gold right?
>>1124654
>makes sense
No. Seems like a complete waste of electricity and resources.
>>1123420
Ok, I'll explain it nice and simply once and for all.
Most people are normal. However, some people are paranoid lunatics that never mentally matured past adolescence. We call these people "libertarians".
One of the pastimes of libertarians is seeking ways to waste their money. ETH is the newest installment in this never-ending clusterfuck.
>>1124678
You must be not a day over 19
>>1124590
No, it will keep going up.
