Go Back   Cyber Tech Help Support Forums > General > Open Discussion

Notices

Reply
 
Topic Tools
  #1  
Old December 29th, 2021, 07:57 AM
Ned Seagoon's Avatar
Ned Seagoon Ned Seagoon is offline
CTH Subscriber
 
Join Date: Jun 2004
O/S: Windows 10 Home
Location: Sunshine Coast, Australia
Age: 79
Posts: 3,419
How Crypto Currency works...

How Crypto Currency works... an analogy in Laymanís terms.

Not long ago a merchant found a lot of monkeys that lived near a certain Village .

One day he came to the Village saying he wanted to buy these monkeys !

He announced that he would buy the monkeys at $100 each.

The Villagers thought that this man must be crazy - How can somebody buy Stray Monkeys at $100 each ?

Still some People caught some monkeys and gave it to this merchant and he gave $100 for each monkey.

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 at $200 each.

The lazy villagers also ran around to catch the remaining monkeys!

They sold the remaining monkeys at $200 each.

The merchant then announced that he will buy monkeys for $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 is going on Holiday for a week, but when he returns, he will buy monkeys at $1000 each!

He also said that his employee will be in charge, and would take care of the monkeys he bought pending his return.

The Merchant went on holiday!

The Villagers were frantic and very sad as there were no more monkeys left for them to sell it at $1000 each as was promised by the Merchant.

Then the Merchantís Employee contacted them and told them that he would secretly sell them some monkeys at $700 each.

The news spread like wildfire. As the Merchant promised on his return that he would buy monkeys at $1000 each, they would achieve a $300 profit for each monkey.

The next day The Villagers queued up near the Monkey Cage.

The Employee sold all the monkeys at $700 each. The Rich bought monkeys in large lots. The poor borrowed money from money lenders and bought the rest of the monkeys!

The Villagers took care of their monkeys & waited for the Merchant to return!

However nobody came ! ..... Then they ran to Find the Employee ....However he was not to be found!

The Villagers then realized that they have been duped buying the useless Stray monkeys at $700each, and were now unable to sell them!

This Monkey Business is now known as Bitcoin !

It will make a-lot of People bankrupt and a very few People filthy rich in this kind of Monkey Business.
Reply With Quote


  #2  
Old December 30th, 2021, 07:19 PM
Jaytee's Avatar
Jaytee Jaytee is offline
Senior Member
 
Join Date: May 2002
O/S: Linux
Location: Hamilton New Zealand
Posts: 3,452
Great analogy......... No monkeys for me..
Reply With Quote
  #3  
Old January 3rd, 2022, 07:52 AM
Jaytee's Avatar
Jaytee Jaytee is offline
Senior Member
 
Join Date: May 2002
O/S: Linux
Location: Hamilton New Zealand
Posts: 3,452
I wonder how many $700,00 dollar monkeys this would realise???

https://www.stuff.co.nz/national/127...ng-towards-15m
Reply With Quote
Reply

Bookmarks

Topic Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump




All times are GMT +1. The time now is 10:55 AM.