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Blockchain and Bitcoin

Beorn

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Dec 10, 2008
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5,005
Crypto goes up: Yay! I'm making money.
Crypto goes down: Yay! crypto is on sale.
 

Beorn

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Dec 10, 2008
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Btw, Alllll about sweetbridge.

Stable coin that's backed by assets + a discount coin = a brand new frictionless banking system

These talks they're putting out are great.





 

Lark

Active member
Joined
Jun 21, 2009
Messages
29,641
Crypto currencies are promising a frictionless banking system now? Seriously? Its one thing to promise a simple return to investors and traders in a market which is a potential bubble and quite another to promise a root and branch change to the economy or finance, surely.
 

Beorn

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Dec 10, 2008
Messages
5,005
Crypto currencies are promising a frictionless banking system now? Seriously? Its one thing to promise a simple return to investors and traders in a market which is a potential bubble and quite another to promise a root and branch change to the economy or finance, surely.

Yeah...

But, dig this.

It decentralizes banking. You actually borrow... FROM YOURSELF!
 

Beorn

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Dec 10, 2008
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Well, if that doesnt tell you something.

It tells you it's the wild west. And some people are going to get screwed and maybe lose their life.
Doesn't mean there isn't genuine economic opportunity.

ABH, baby

Always be Hodling

U5dtWmqdmRC9ScETtByjYD94s8XvQWU_1680x8400
 

Poki

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Dec 4, 2008
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Btw, Alllll about sweetbridge. Stable coin that's backed by assets + a discount coin = a brand new frictionless banking system These talks they're putting out are great.

You mean i can take out loans without a bank...more debt...i mean leverage...
 

Lark

Active member
Joined
Jun 21, 2009
Messages
29,641
It tells you it's the wild west. And some people are going to get screwed and maybe lose their life.
Doesn't mean there isn't genuine economic opportunity.

ABH, baby

Always be Hodling

U5dtWmqdmRC9ScETtByjYD94s8XvQWU_1680x8400

Who the hell is this Survive & Stay Free character?! Sounds like a complete and utter ball bag!

Anyway, did you get in big on the old crypto currencies in the end? Its grand if you dont want to say, PM me instead.

I've not invested in it, rather than investing myself I would put money in funds and traders invest it, even on the riskier settings I know the return is smaller or slower than big personal investments in stock that's inflating or being shorted.
 

Beorn

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Joined
Dec 10, 2008
Messages
5,005
Who the hell is this Survive & Stay Free character?! Sounds like a complete and utter ball bag!

Anyway, did you get in big on the old crypto currencies in the end? Its grand if you dont want to say, PM me instead.

I've not invested in it, rather than investing myself I would put money in funds and traders invest it, even on the riskier settings I know the return is smaller or slower than big personal investments in stock that's inflating or being shorted.

I wasn't playing with a great deal of money so I don't mind sharing at all.

I didn't sell at the high (due to the commitment to hodling) and just recently was forced to take out most of my funds as things started to rebound at a loss of about 5-10%.

At that cost I think I've learned plenty of worthwhile lessons and will probably reinvest at some point in the near future.
The most important lesson is that when the market is down you shouldn't just hold, but rather you should look for things that are disproportionately down to trade into. If I had done that I would have been in the positive when I sold. I mean ideally you should always be looking for things to trade in and out of.
 

Lark

Active member
Joined
Jun 21, 2009
Messages
29,641
In the ROI people lost millions to a bitcoin scam recently, no way I'd invest in this hocus pocus.
 

SearchingforPeace

breaking out of my cocoon
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bitcoin price is up and down. it is largely used for money laundering and other illegal activities.

investing in bitcoin is not wise, generally
 

Julius_Van_Der_Beak

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bitcoin price is up and down. it is largely used for money laundering and other illegal activities.

investing in bitcoin is not wise, generally

It always seemed like a bandwagon thing. I never really understood how the hell it worked, and I'll bet the people who invest in it don't, either.
 

SearchingforPeace

breaking out of my cocoon
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It always seemed like a bandwagon thing. I never really understood how the hell it worked, and I'll bet the people who invest in it don't, either.

I largely ignored it until I had to get up to speed for work. It is extremely energy dependent and I read recently that more energy is used worldwide for cryptomining than real mining.

The process is simple. To be a cryptominer, one must first validate existing transactions ( the blockchains), then solving mathematical problems first. only the first to the answer gets the prize, so speed is key.

The technology has been evolving quickly. They soon realized graphic cards could solve things faster, and then specialized graphic cards developed.

Miner now down to a calculation. Top of the line tech from 6 months ago is barely profitable today.

Many people do crypto arbitrage. There are a number of exchanges around the world and prices vary between exchanges. So, they buy in one and sell in another.

But it is the laundering that is huge. Funds that banks can't take (from illegal sources or gray areas such as marihuana) are changed into crypto and then sent around the world.

Crypto is mostly being regulated as property not currency, but may change.

From those I know invested in crypto, they are often frightened or elated. It is a rollercoaster. I read somewhere that 90% of crypto trades are fake, with the buyer and seller the same and they are just trying to move the price.

Now a lot of currency exchanges are fake, anyway, as the traders manipulate the prices to get the price they want working together. As such, it isn't surprising that crypto exchanges are equally bad.
 
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