The Cryptocurrencies Explained to My Dad ;) by paolobeneforti

cryptocurrency · @paolobeneforti · Jul 4 '17 (edited)

$66.18

The Cryptocurrencies Explained to My Dad ;)

<html>
<p><img src="http://i.imgur.com/jSgfSsi.jpg"/></p>
<p>My father has been a stakeholder his whole life. Now he is very old, but keeps watching the stock market every day. It's like watching a movie, for him. :)</p>
<p>I talked to him about the cryptocurrencies, but it's hard for him to understand that market.</p>
<p><em>"Why do they pay you? Where the money come from?"</em></p>
<p>"Dad, they pay people for the created content, with a currency they create."</p>
<p><em>"And then you can exchange it for real money?"</em></p>
<p>"Yes, there are website to exchange the cryptos to euros and send it to my bank account."</p>
<p><em>"I don't understand it."</em></p>
<p>"Well, think about it as the cryptocurrency is made of shares. There are companies that issue their shares, and there is a market for those shares."</p>
<p><em>"But why those shares actually have value? Which is the business of the companies? What goods or commodities do they produce?"</em></p>
<p>"Well, they make their currency running, using a network called blockchain. This technology allows a currency to be used more fastly and more safe that the, you know, real money."</p>
<p><em>"So their product is their own currency?"</em></p>
<p>"And the tech behind it. And the network."</p>
<p><em>"And there are people who give real money for those tokens?"</em></p>
<p>"Sure."</p>
<p><em>"I don't get it. It's something I don't understand."</em></p>
<p>"You can think about it as to a new kind of mint, faster and safer. It's a technology that can be used in the future to create money and make transactions everywhere."</p>
<p><em>"A mint can't mint coin if there is not a Government that allows it. Its coins are worthless, even if they are safe, fast and beautiful."</em></p>
<p>"Ok, forget the mint. The tech is what gives value to the currency. A tech that can have an extensive use in the future. The markets believe in that future and so they give value to the currency."</p>
<p><em>"So they get the money from sponsors that believe in them?"</em></p>
<p>"Well, somehow..."</p>
<p><em>"They have advertisements too, I guess."</em></p>
<p>"Not at the moment."</p>
<p><em>"And they give you money for what you write?"</em></p>
<p>"Exactly. Of course, you have to write interesting..."</p>
<p><em>"I don't understand it. Do you actually received some euros in your account?"</em></p>
<p>"Sure".</p>
<p><em>"Than it's ok."</em></p>
<p>;)</p>
</html>

👍 onceuponatime, kus-knee, pmartynov, teamsteem, jrcornel, coinbitgold, scan0017, danilamarilu, snooway, voronoi, paolobeneforti, whatsup, hagbardceline, pharesim, bryan-imhoff, silviabeneforti, englishtchrivy, goodvibrations, scaredycatguide, denmarkguy, brettpickett, lellabird60, afrog, noemilunastorta, tfeldman, alexeymohov, shady, ilvacca, ubik, aboundlessworld, thenightflier, steem-id, mikkolyytinen, berkah, giantbear, pnc, tizswa, gonzo, steveitt, diginaut, steemcenterwiki, sc-steemit, lighteye, zexna, robertvogt, makersunited, bola, airmatti, djluka14, nhltoronto, eyeofthestorm, thefranek, nikop2, theex, xyzashu, sidwaterman, priscers, arian1, stea90, wendles, hitmeasap, luigi-tecnologo, bymma, aismor, and 11 others

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@bxt · Jul 2 '17

so nice !

👍 paolobeneforti

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@heelzkinu · Jul 2 '17

$0.03

Aww ! He's not old ! He's mature enough in stake holder now ! 
Nice photograph 
@paolobeneforti

👍 totalgyan, paolobeneforti

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@luigi-tecnologo · Jul 2 '17

Yeah, I'm too sceptic about Steem in the long run.. but now.. it seems to work :)

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@ilvacca · Jul 2 '17

Ahah :D

👍 paolobeneforti

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@nikop2 · Jul 2 '17

Ahah funny

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@mikkolyytinen · Jul 2 '17

lol, i don't know what my father would say. hes marketing/economics so maybe he'd get it but i rather have him keep his ramblings to  facebook for now :D how did your father take the art thing?

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@paolobeneforti · Jul 2 '17

$0.10

well, after 30 years he accepted the fact that I'm an artist :D

👍 bryan-imhoff, mikkolyytinen

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@mikkolyytinen · Jul 2 '17

ouch :D

👍 paolobeneforti

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@steemwizards · Jul 2 '17

https://imgoat.com/uploads/3e75ff09dd/27669.jpg
Please see your post mentioned here: https://steemit.com/curation/@steemwizards/steemwizards-new-curation-trail-day-2

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@foodisfree · Jul 2 '17

$0.14

Nice! Thanks for sharing your conversation with him. I've been sharing articles on crypto with my Dad and I think he's about to get his feet wet. :)

👍 foodisfree, scan0017, paolobeneforti

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@sc-steemit · Jul 2 '17

That's really cool. What will you get him in to, just Steem to start with?

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@foodisfree · Jul 2 '17

$0.07

He's traveling so I haven't gotten to talk with him since I joined Steem. Looking forward to telling him about it since he's a retired professor and has been working on a book since retirement. I think this could be a cool platform for him to share his ideas about consciousness and creating a better world. I think he's starting with ETH but I'm most excited about him getting into Steem. :)

👍 scan0017, paolobeneforti

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5 replies

@kus-knee · Jul 2 '17

$2.80

I loved this post! I can just imagine your poor old dad trying to understand this crazy new technology! 

UPVOTED at 100% 

Resteemed!

👍 kus-knee

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@paolobeneforti · Jul 2 '17

thx so much, Oldie! My dad is 83 and spent all his life in financial and economics. but it's hard for him to understand something so abstract! for him, economy must have a product or a service as a basis, something solid to be payed for! ;)

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@kus-knee · Jul 2 '17

I've been involved in crypto for about 4 years and I still don't get it! :)

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1 reply

@dali.soh · Jul 6 '17

I've studied a little bit about finance and I would say I'm still quite baffled and curious with Steemit.

I don't understand how the SBD is pegged to the US dollar. How does that work?

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@scaredycatguide · Jul 2 '17

Lesson learned:  Lead with I get euros into my account.   Here's what it is and how..... :-)

👍 paolobeneforti

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@scan0017 · Jul 3 '17 (edited)

$1.39

Your father and I are in the same place.
Difference is that I recognize the *strength* and immutability of blockchain technology and the tech architect behind Steem - the power of this platform will be here *for decades* if not longer.

Do I understand it?
*HELL NO!*
I was an invited ambassador for EOS and flew to New York in May to represent on behalf of EOS (wish I had a pic of Ian and I) but I DO have this one of The Godfather of blockchain, Dan Larimer, his *awesome* wife, and myself, Craiggles:

[![IMG_4481.jpg](https://s11.postimg.org/jl0co05tf/IMG_4481.jpg)](https://postimg.org/image/fbvmlu2jz/)

This is the future. Have zero doubt.
Sort out the here and now; act accordingly, invest prudently, and consequently provide abundantly for tomorrow!

I invest in genius.

The track record history provides, given the last 5 years, suggests you may want to consider the same...

👍 scan0017, paolobeneforti

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@paolobeneforti · Jul 2 '17

thx for your comment! I also believe we are taking part of something that will matter more and more in the future.
Dan is a genius, no doubt about it, and this is the main reason I'm following the EOS project since march, and looking forward to see how it will change the blockchain world!

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@scan0017 · Jul 3 '17

Good on 'ya brother!
Loved your post too 👍👍
We could start a whole trending topic "Explaining crypto to your parents"
It would be like "Explaining the internet to your parents" part two, 20 years later!  
Have an awesome week! 😊
@scan0017

👍 paolobeneforti

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@englishtchrivy · Jul 3 '17

tell Dad just to kid the guy 
no dad it's virtual money hihih

👍 paolobeneforti

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1 reply

@anneke · Jul 2 '17

O goodness I sound exactly like your dad, I do not understand it at all.  Hahaha love the ending of this story

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@sc-steemit · Jul 2 '17

Hehe, nice try. It can be a little mind wrapping to get anyone to understand the basics of cryptocurrency.

However, I just wish to say something, something that I think many don't realize.

Your father said
> *"But why those shares actually have value? Which is the business of the companies? What goods or commodities do they produce?"*

The stock market today aren't valued by their work nor their goods and not even by how good their economies are. They are traded on a speculative market just like cryptocurrencies. People trade stocks just like anything else, primarily to gain wealth and not because they believe in some company. 

Yes some may do that, and some may hold stocks because they believe in *that* company, but not more than that.

So cryptocurrencies aren't that different, it's just not an officially registered company that gives out random amount of stocks, it's in fact much more structured than that. Go tell your father that and his head will spin for the rest of the day 🤣😎 
<center><h6>Vote @sc-steemit for [Witness](https://steemit.com/witness/@sc-steemit/witness-update-backup-nodes-security-gridcoin-supporter-and-future-ideas). 
<a href='https://steemit.com/~witnesses'><img src='https://steemitimages.com/DQmNMUctDGwFLodWPEhtsNNqX49czWPTPffReVEeWcHRwmt/vote_witness_scsteemit.PNG'></a><br />Proud Supporter of the [Cryptocurrency Gridcoin](https://www.steemit.com/trending/gridcoin)</h6></center>

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@steveitt · Jul 2 '17

It is definitely an "outside the box" concept!

👍 paolobeneforti

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@kingvelt · Jul 2 '17

I hade a similar exprrience with my family after buying dogecoin lol
thank you, XD Laila.

👍 paolobeneforti, kingvelt

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@snooway · Jul 3 '17

Will send this to my dad! Helpful explanation

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@paolobeneforti · Jul 3 '17

good! hope it will help :)

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@sukhvir · Jul 3 '17

nice it is helpful to every senior

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@arian1 · Jul 3 '17

Well, to be honest, I have the same objections as Your dad! I'm 47 and still don't get it. If the value of a cryptocurreny comes from people willing to buy them and pay fiat for it, what would prevent many other organizations to create even more different cryptocurrencies diluting the value of already existing ones?
If You buy stocks You buy shares of real existing companies. And the only real money for me is physical gold and silver. Everything else is just credit or some bits and bytes on computers.

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@paolobeneforti · Jul 3 '17

in fact there are many cryptocurrencies already (at least 300, I think)
what makes the difference is the tech behind each of them: the one that will give best performance will stay and get more value, because that tech will provide a real commodity

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@beng05 · Jul 3 '17

As long as you get some euros, then its okay. haha cool dad. :)

👍 paolobeneforti

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@serggioc · Jul 3 '17

Very nice.

👍 paolobeneforti

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@flowingman · Jul 3 '17

I like how you have made your explanation "dad proof"!

👍 paolobeneforti

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@wendles · Jul 3 '17

I can relate to your dad! :D

👍 paolobeneforti

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@lellabird60 · Jul 3 '17

$3.36

I enjoyed reading your conversation....sad to admit  I am also quite confused about the whole thing, like yr dad...glad to see that I'm not the only one...( Nice pic, by the way...)

👍 kus-knee, goodvibrations, lellabird60, nhlhockey, paolobeneforti

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@paolobeneforti · Jul 3 '17 (edited)

don't worry, it's a common thing :)

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@denmarkguy · Jul 4 '17

Lovely story, Paolo!

If my auntie were still alive today, I can imagine having a similar conversation with her. She was one of Denmark's first female company executives and was actively watching investments, the stock market and new technology until her 90's. We could always find her in the afternoon with her nose in the newspaper stock market pages.

I don't understand it fully, either... but these days, investors invest as much in "the promise of an IDEA" as they do in actual commodities and goods. Just look at SnapChat-- 5 year old company, just with an IDEA, but not yet a working business plan for making money. And still? Their stock offer brought 33 *billion* USD. Not easy to explain to the older generation...

👍 paolobeneforti

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@paolobeneforti · Jul 4 '17

yes, the older generations of people in economics hardly understand a the idea of trading something that's just financial stocks - and they don't like it anyway!
I always look for the actual service or commodity behind something that looks just finance, even if it's just potential!
thx!

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@xyzashu · Jul 5 '17 (edited)

Very interesting conversation. I loved the way you tried convincing him. Great effort! And congratulations for finally convincing him!

But the accompanying picture doesn't look to be of a 83 year old dad.  &#128522;

👍 paolobeneforti

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@dali.soh · Jul 6 '17

haha, I love the way your story ended, "Than it's okay."

Honestly, I do have some difficult to come to terms with the concept of upvoting for money. I hope we can provoke a more in-depth discussion to enlighten newbies like me.

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@steemitri · Aug 10 '17

$0.03

Leggo solo ora... ma fantastica conversazione, haha.
Ognitanto son confuso pure io.

👍 paolobeneforti

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