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How Crypto Currency works... an analogy in Layman's terms
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Picture of nvmichael
posted
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 villagers then 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 Merchant's 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 $700 each, and were now unable to sell them!



This Monkey Business is now known as Bitcoin!
 
Posts: 1088 | Location: NV | Registered: 27 October 2004Reply With Quote
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Very nice analogy. Wink
 
Posts: 4410 | Location: Austin,Texas | Registered: 08 April 2006Reply With Quote
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That's exactly how I felt it would turn out.

George


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Join the NRA today!"

LM: NRA, DAV,

George L. Dwight
 
Posts: 6057 | Location: Pueblo, CO | Registered: 31 January 2006Reply With Quote
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You remember a few years back when all the rage was raising Emus? Same thing.
 
Posts: 4410 | Location: Austin,Texas | Registered: 08 April 2006Reply With Quote
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Good one! tu2
 
Posts: 18575 | Registered: 04 April 2005Reply With Quote
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So good I had to plagiarize, modify somewhat, and send to my friends who would appreciate the lesson. Thanks.


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Posts: 1125 | Location: Brownstown, Michigan | Registered: 19 April 2015Reply With Quote
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Too funny, too accurate and too sad for those who got duped with the thought of easy money!

Well done sir!

Zeke
 
Posts: 2270 | Registered: 27 October 2011Reply With Quote
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Remember the words of P.T. Barnum. Wink
 
Posts: 4410 | Location: Austin,Texas | Registered: 08 April 2006Reply With Quote
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Pretty much.

The way I heard it, the merchant also donated $1,000 to the village chief's re-election campaign.


Mike

Wilderness is my cathedral, and hunting is my prayer.
 
Posts: 13731 | Location: New England | Registered: 06 June 2003Reply With Quote
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quote:
Originally posted by Norman Conquest:
You remember a few years back when all the rage was raising Emus? Same thing.


Pigeons. Big Grin

https://www.nytimes.com/2015/0...at-shook-canada.html

Grizz


When the horse has been eliminated, human life may be extended an average of five or more years.
James R. Doolitle

I think they've been misunderstood. Timothy Tredwell
 
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