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Crypto currency discussion

  1. #151
    Professor of Philosphy Cerberus's Avatar
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    Re: Crypto currency discussion


    Quote Originally Posted by capitalcrew View Post
    Btc maybe. Eth has a legitimate use case. So does XRP. Ltc wants to be what btc was supposed to be..

    I wouldn't be terribly surprised to see btc go down honestly. How far? I dunno. Btc doesn't do anything particularly well, while other coins do. Crypto as a whole isn't going to die, but btc might.
    pardon my ignorance, but can you explain this? What do you mean by what coins 'do' or don't do well?

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  2. #152
    Lifer jasnmar's Avatar
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    Re: Crypto currency discussion

    Different types of crypto currencies have different advantages / disadvantages.

    Bitcoin (core) for example, of late, has become quite expensive to "trade" with someone. It can cost as much as $30 for a "normal" transaction. There are various technical reasons for this and there is much disagreement about how to fix it. Having transactions that cost $30 means that it can't really be used as "digital currency" as to buy a hamburger costs more than the hamburger. Some people believe that a better use of bitcoin is as a "store of value", more like gold, where it shouldn't really be "spent" like cash, but used to "store assets" and only traded by those who are willing to accept high fees (i.e. large trades).

    Other crypto currencies do things differently, like having very small fees (hundredths of a dollar for example), being secure (i.e. untraceable, monero), or being able to fulfill additional requirements like "contracts" being built into the platform (ether/etherium). Not all of them provide the same functionality.

    Bitcoin was one of the first on the market, and held a significant part of the market share for a long time, but has shown to be experiencing some "growing pains".

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  3. #153
    Lifer Chippertheripper's Avatar
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    Re: Crypto currency discussion

    Lol “hundredths of a dollar”.
    I believe we call those cents.

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  4. #154
    Lifer jasnmar's Avatar
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    Re: Crypto currency discussion

    Initially bitcoin could be traded for much less than "cents". Hundreds of Satoshi would have been a more accurate statement on my part, but is specific to bitcoin (and not other currencies).

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  5. #155
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    Re: Crypto currency discussion

    The thing that bothers me about all the Crypto currency is it is all still $ based. You talk about the value of crytpo units, it all reverts back to dollar basis. Not really getting away from being linked to actual currency. This tells me that the majority of the people are using it as a speculative commodity investment tool and not what it is really there to do, yet. And given there are many many forms of crypto currency out there, it will take a long long time before it is widely accepted as payments.

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  6. #156
    Lifer jasnmar's Avatar
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    Re: Crypto currency discussion

    Quote Originally Posted by Falko View Post
    The thing that bothers me about all the Crypto currency is it is all still $ based. You talk about the value of crytpo units, it all reverts back to dollar basis. Not really getting away from being linked to actual currency. This tells me that the majority of the people are using it as a speculative commodity investment tool and not what it is really there to do, yet. And given there are many many forms of crypto currency out there, it will take a long long time before it is widely accepted as payments.
    It's really only currency based because we need a way to understand it. You can say the same for gold today, but in fact the exact opposite used to be true...

    Today we consider an oz of gold to be worth so many dollars. Before Bretton Woods we defined a dollar as an amount of gold, not the opposite way we do it today, it's really a matter of how you want to think about it. We need to translate between different systems of value. No different than the exchange rate from RMB to USD, or Euros.

    I agree that most people are using it as an investment vehicle today, but that's true for plenty of other things as well. The entire stock market works this way.

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  7. #157
    Lifer Falko's Avatar
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    Re: Crypto currency discussion

    Quote Originally Posted by jasnmar View Post

    I agree that most people are using it as an investment vehicle today, but that's true for plenty of other things as well. The entire stock market works this way.
    Yes, but stocks are valued based on what the company is doing or providing. What the crypto currencies are doing is a bit intangible at the moment since it is not well defined, structured, or accepted. Don't get me wrong, I think thier long term value is there, I am just very weary that many are overtrading it right now to make a fast buck which in the long run can hurt the viability. Until there is one strong front runner that can become the accepted currency, there will be a lot of struggles.

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  8. #158
    Lifer jasnmar's Avatar
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    Re: Crypto currency discussion

    I agree that they are currently overtraded and overvalued, but just to be clear, I thought they were overvalued more than an order of magnitude ago, so don't listen to me with anything having to do with value.

    There has been a strong front runner for the past 6-7 years. It has been Bitcoin (which is now technically Bitcoin Core or Bitcoin Segwit). Unfortunately it has been losing market share to other types over the past yearish. See Global Charts | CoinMarketCap (3rd graph is % market share).

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  9. #159
    Pescador de Ilusões Eddie's Avatar
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    Re: Crypto currency discussion

    Quote Originally Posted by tsorfas View Post
    So nobody gonna say anything about Bitcoin cash getting on the Coinbase today and skyrocketing 300% in like 3 hours?
    Irrational expectations

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  10. #160
    Pescador de Ilusões Eddie's Avatar
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    Re: Crypto currency discussion

    Yeahh...the SEC: SEC cracks down on bitcoin-based firm after surge | New York Post

    All of this bitcoin stuff reminds me of pastors allegedly selling plots of land in heaven. How do you regulate that?

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  11. #161
    Pescador de Ilusões Eddie's Avatar
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    Re: Crypto currency discussion

    From Paul Krugman: "And I have to say that I’m still deeply unconvinced. To be successful, money must be both a medium of exchange and a reasonably stable store of value. And it remains completely unclear why BitCoin should be a stable store of value"

    Bitcoin Is Evil - The New York Times

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  12. #162

    Re: Crypto currency discussion

    All of them taking hits the last 24 hours. Kinda expected. People probably realising they need Xmas shopping and food instead of scam/imaginary currency

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  13. #163
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    Re: Crypto currency discussion

    A lot of haters in this thread. This level of emotion is a major contributing factor to the volatility in the value. My gut is that the price is inflated right now because a bunch of people are upset they missed the boat and are trying to make a quick buck.

    The technology is good. Really good. I don't think it's going to be bitcoin, but cryptocurrency is not going away, and props to bitcoin for leading the charge. No need to call anyone/thing names here, simply don't buy it.

    Do you use venmo? Do you use paypal? What exactly do you think you are trading? Do you think something is exchanging hands in those transaction?

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  14. #164

    Re: Crypto currency discussion

    I agree with you Jay. It won’t be bitcoin but crypto will evolve.
    This is the beginning and people only care about making money and not what it has to offer. That’s why there is some much shadiness taking place.
    It’s the unknown and change people don’t like.

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  15. #165
    Super Moderator TheIglu's Avatar
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    Re: Crypto currency discussion

    What a day in cryptoland!

    Most coins, as in the VAST majority, are down 30-50%.

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  16. #166
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    Re: Crypto currency discussion

    Wah wah...

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  17. #167
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    Re: Crypto currency discussion

    Clayton, are you participating in pools or going solo with your mining?

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  18. #168

    Re: Crypto currency discussion

    Quote Originally Posted by Paul_E_D View Post
    Wah wah...
    Hope you sold when you asked bud

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  19. #169
    Soul Rider Paul_E_D's Avatar
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    Re: Crypto currency discussion

    I debated selling yesterday at a small profit. Now I'm down, and committed for a while it seems. I'm not really a day trader anyway.

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  20. #170
    Super Moderator TheIglu's Avatar
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    Re: Crypto currency discussion

    Quote Originally Posted by Kurlon View Post
    Clayton, are you participating in pools or going solo with your mining?
    Pool. Unless you have some serious hash, it's nearly always more adventurous to go pool.

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  21. #171

    Re: Crypto currency discussion

    Quote Originally Posted by Paul_E_D View Post
    I debated selling yesterday at a small profit. Now I'm down, and committed for a while it seems. I'm not really a day trader anyway.
    I sold whatever I was up last week. Kept my initial investment in LTC and ETH. Took everything about BTC.
    My prediction is it won’t bounce back up. Once it drops below 10k it’s over.
    You will have the experts and gurus (wannabes) tell you to move to another currency blah blah.

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  22. #172
    Soul Rider Paul_E_D's Avatar
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    Re: Crypto currency discussion

    Quote Originally Posted by tsorfas View Post
    I sold whatever I was up last week. Kept my initial investment in LTC and ETH. Took everything about BTC.
    My prediction is it won’t bounce back up. Once it drops below 10k it’s over.
    You will have the experts and gurus (wannabes) tell you to move to another currency blah blah.
    I think it will come back up. It's not going away and bitcoin has the name recognition. That said, I'm glad I didn't buy a whole coin. LOL. I will just let it sit.

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  23. #173
    Lifer Kurlon's Avatar
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    Re: Crypto currency discussion

    Quote Originally Posted by TheIglu View Post
    Pool. Unless you have some serious hash, it's nearly always more adventurous to go pool.
    Care to share the pool? My Seagate GoFlex Net is bored and needs something to do.

    (I was playing with MtRed way back when it existed, no idea what's a good pool these days.)

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  24. #174
    Super Moderator TheIglu's Avatar
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    Re: Crypto currency discussion

    I run Nanopool.

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  25. #175
    Super Moderator TheIglu's Avatar
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    Re: Crypto currency discussion

    Most are starting to recover, gained back 10% or so.

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