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  1. #11
    The Bat Man highlander's Avatar
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    Quote Originally Posted by Typh0n View Post
    I still don't see how the term pyramid scheme applies.



    Pyramid scheme - Wikipedia

    It is an unstable currency, sure, I don't think it's a scam for as much. Indeed to conceive of Bitcoin as a scam seems odd: it's completely decrentralized, so noone single person is doing the profiting, it cannot be traced back to one person (or group of persons). Bitcoin isn't a service, or a supposed service, so it's difficult to conceive of it as a scam.
    Yeah I'm not being completely accurate with my terminology so you're right about that. What will happen when the floor falls out though. How viable will it be perceived as a currency? It will implode and a lot of people will lose a lot of money.

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  2. #12
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    crypto is speculation, blockchain is the future
    Likes highlander, Beorn, Cellmold, Typh0n liked this post

  3. #13
    clever fool Typh0n's Avatar
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    Quote Originally Posted by highlander View Post
    Yeah I'm not being completely accurate with my terminology so you're right about that. What will happen when the floor falls out though. How viable will it be perceived as a currency? It will implode and a lot of people will lose a lot of money.
    I'm very curious to see where it all goes tbh. It may very well implode as you say. In any event, it will reveal alot about how currencies and economies actually function (which may or may not coincide with how today's economists think they function), which is why it's so fascinatiing imo.

  4. #14
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    Cryptocurrencies are pretty decent to invest in. Bitcoin is a very slow and steady currency, and should be viewed as a long term investment, minimally holding it for a year or more to see significant gains. It can drop very suddenly, and just as suddenly shoot back up, so there will always be new chances to buy in and make an immediately noticeable profit. The cool thing about Bitcoin is that it goes up in value the more that it's used. The more value attributed to it, the higher it gets. So over time, it can only keep growing. Many people fear a sudden drop though.

    Ethereum was extremely profitable if you managed to be able to purchase shares after it went up to ~$120. It got to a steady 80, then shot up to 120 and got super popular because the original investors made extremely good gains. I tried to buy in from 4 different sites, all of the servers I could find were totally overloaded with buyers. Nowadays Eth was up to a ~$300 high today, kicking myself for not being able to buy $1600 (would be around $2240 today) worth as I originally intended when it was at 120.

    In my opinion it's safer to invest in ETF stocks if you are looking for long term investment options. They provide you one thing that a cryptocurrency cannot, and that is dividends; which are known to be good on ETF stocks.

    It's fun to snipe cryptocurrencies and make some quick cash going from down-low to mainstream, but it's very hard to ride that current for multiple reasons... see my Eth experience.
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    This vid is about the scalability of Bitcoin/Blockchain, but it does a great job laying down the fundamentals and potential problems inherent in it:


  6. #16
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    Quote Originally Posted by phobik View Post
    crypto is speculation, blockchain is the future
    THIS

    However, I do think it's worth maintaining a diversified collection of cryptocurrencies as a smaller piece of one's portfolio. At least one will make it to a level of usability that early investment will payoff on a longer-term basis. Ofc, that cryptocurrency might not even exist yet.

    Etherium in particular is exciting in that:
    1. Major companies are becoming involved in development
    2. The programmable aspect of the money and utilization of smart contracts
    3. The move from proof of work to proof of stake which will enable much faster transactions.

  7. #17

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    ‘Buy Bitcoin’ Overtakes ‘Buy Gold’ as Online Search Phrase
    ‘Buy Bitcoin’ Overtakes ‘Buy Gold’ as Online Search Phrase - Bloomberg

    Good sign those who are already in should consider exiting soon. Maybe a slow exit to take advantage of those sweet, sweet gains BTC seems to keep on getting.
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  8. #18
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    Quote Originally Posted by Isk Stark View Post
    ‘Buy Bitcoin’ Overtakes ‘Buy Gold’ as Online Search Phrase
    ‘Buy Bitcoin’ Overtakes ‘Buy Gold’ as Online Search Phrase - Bloomberg

    Good sign those who are already in should consider exiting soon. Maybe a slow exit to take advantage of those sweet, sweet gains BTC seems to keep on getting.
    One of those buy gold dwarves was on the forum here at a time.

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    Interesting, and I'm inclined to agree. Blockchain without bitcoin is a fad with limited applicability.

    Why 2017 Will Prove 'Blockchain' Was a Bad Idea - CoinDesk

  10. #20
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    Quote Originally Posted by Qlip View Post
    Interesting, and I'm inclined to agree. Blockchain without bitcoin is a fad with limited applicability.

    Why 2017 Will Prove 'Blockchain' Was a Bad Idea - CoinDesk
    Nahhhhh
    The criticism of DLT and enterprise blockchain is ignorant and empty.
    The answers to the questions he raises about it's applicability are out there and I'll provide specific answers with sources later.
    What I will say right now is that just because Enterprise Blockchain is relatively boring and doesn't have the same revolutionary promise as cryptocurrency doesn't mean it's not significant in it's own right.
    Frankly, I don't think they should be compared. They're different things. I think the only reason why they're being compared is because the first adopters of blockchain technology are the banks and the raison d'etra of cryptocurrency is to topple the banks. So most people in the cryptocurrency market are eager to claim some sort of victory over enterprise blockchain because they fail to see the broader possibilities that enterprise blockchain promises. Sure, it doesn't have the security of cryptocurrency and bitcoin in particular, but enterprise blockchain still offers a gain over current technologies and systems in industries where utilizing a public blockchain is not an option and will never be an option.

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