Do you think cryptocurrencies are the future?

[trog100]

No, it's based on a fundamentally flawed idea, with no physical force to enforce it's value.

kind of like the fiat money system we currently use.. he he

backed by nothing except faith and how many trillions of debt can be incurred before it all collapses and that "faith" disappears.. and maybe the US military if that fits the physical force definition..

trog

 

[moproblems99]

And that makes it laundering or credit how?

Also, there are currencies that are attached to a structured system ala music coin. Don't just repeat moronic fallacies, if you don't like crypto fine - don't join in the conversation. But if you are going to discuss, make an effort to understand the system.

 

[R-T-B]

So what tangible item is a foundation for this stuff then? This to me feels like credit

Credit isn't "money laundering" either.

And it's not like credit. The investor money you get for selling is yours permanently.

 

[hat]

I don't think it's "the future" in it's current state, no. Cryptocurrencies today are fundamentally flawed, and I don't think they would be ready to replace fait money as they currently are. Networks like Visa are far more efficient than cryptocurrency mining (which, if you weren't aware, is running the payment network).

In cryptocurrency mining, you essentially get paid some of the same coin for supporting that coin's network. If you mine Ethereum, you're basically part of the ETH ledger. That is, unless you use a service like Nicehash, in which you get paid in BTC, not whatever coin the particular algorithm you're running at the moment is attached to. When mining blew up, the difficulty value increased, meaning everyone got less of a reward for the amount of "work" they were doing. It had to, otherwise everyone would have too much of the coin, and it would collapse and become worthless, or they would start running into problems with running out of the coins (there can only exist 21 million bitcoins in total). Either way, something bad would happen, so difficulty goes up. That means it requires more energy to run the network supporting it, so the more miners there are, the less efficient the network gets.

Visa et al. doesn't have that problem. There's nothing artificially inflating the cost of running the network like there is with cryptocurrency. For cryptocurrencies to be a true viable option to be used like fiat is today, it has to be redesigned for the ground up. Cryptocurrencies exploded because a bunch of miners showed up when they realized they could make money by doing it, which in turn is ironically making them a worse option because of the flaw explained in this post.

 

[quirky]

So many mixed opinions I honestly don't know what to do. But some of you that said that "the boat has already sailed" might be right. I also think I am a bit late to the party, I should keep myself more informed when it comes to innovations. But now I know that! To those who said "if you are nervous for an asset don't" I am nervous because I haven't done it before and because I don't have money laying around that I can freely invest without taking care of the consequences. If I will invest it would be to earn more and not just to lose my money.

 

[trog100]

quirky.. Bitcoin has gone up from $6500 dollars to $8500 dollars in the last couple of weeks.. pretty much in the time this "i dont know what to do" thread has been running..

i am gonna make a prediction.. in a months time when its at $10500 you are gonna look back and regret not jumping in.. you are then gonna think its "too late" and not bother..

but as i always say.. i could be wrong.. time will tell.. he he

trog

 

[moproblems99]

I don't have money laying around that I can freely invest without taking care of the consequences.

Then you should not invest in anything, let alone crypto.

 

[FordGT90Concept]

I am wondering whether I should invest or not. Everyone is talking about it but I am a bit scared. If I can't feel the money I will stress out. My question is do you think that this trend will last long and is it a good idea to invest or not?

Steve Wozniak Sold All His Bitcoin: Bought It At $700

Wozniak said he bought bitcoin as an experiment. But he dumped the cryptocurrency because he did not want to worry about its erratic price movements.

i am gonna make a prediction.. in a months time when its at $10500 you are gonna look back and regret not jumping in.. you are then gonna think its "too late" and not bother..

Based on what markers? This looks like a gamble to me, not a prediction. The only reasonable explanation for the surge is the volatility in global markets (US-China trade war and escalation of Syrian conflict). What BTC does is going to hinge on economic reports in the coming weeks. If the global economy is mostly unaffected by the aforementioned events then BTC will dive again. If the global economy looks like we're heading for another global recession, then BTC could surge. Either way, it's a gamble. Investments usually are.

 

[dorsetknob]

I Enjoy Reading "Our Troggs Optimism"

optimism
ˈɒptɪmɪz(ə)m/
noun
noun: optimism

1. 1.
   hopefulness and confidence about the future or the success of something.
   "the talks had been amicable and there were grounds for optimism"
   synonyms:hopefulness, hope, confidence, buoyancy, cheer, good cheer, cheerfulness, sanguineness, positiveness, positive attitude
   "such statements reflect the growing optimism among members of the profession"
   antonymsessimism
2. 2.
   Philosophy
   the doctrine, especially as set forth by Leibniz, that this world is the best of all possible worlds.

 

[trog100]

i have to be optimistic dorset.. all in all including mining hardware i have about £11000 invested in crypto..

i am not optimistic by nature and i am not a gambler ether.. but i made a decision last year and watched bitcoin go from 4K when i started to near 20K.. this year i have watched it drop down to 6.5K..

now i see the downward trend reversing and a new upwards trend beginning.. i have no reason to believe that upward trend now its started (admittedly a bit late) wont do the same this year has it did last year..

nothing is for sure and i do admit to getting a bit worried but things are looking much better now in the crypto world.. he he..

i predict.. 10.5K within the next month and then on upwards..

trog

ps.. as i speak.. or just after.. my 10.5k in a month was probably pessimistic.. he he

 

[FordGT90Concept]

What started this alleged recovery was a $1000 surge (7%) that took place in 45 minutes. Your chart shows a $200 surge and a $300 surge in a similar timeframe. That's not reassuring; that's concerning. If these trades are legitimate, they are in the billions of dollars.

 

[R-T-B]

What started this alleged recovery was a $1000 surge (7%) that took place in 45 minutes. Your chart shows a $200 surge and a $300 surge in a similar timeframe. That's not reassuring; that's concerning. If these trades are legitimate, they are in the billions of dollars.

Why is it concerning?

 

[trog100]

What started this alleged recovery was a $1000 surge (7%) that took place in 45 minutes. Your chart shows a $200 surge and a $300 surge in a similar timeframe. That's not reassuring; that's concerning. If these trades are legitimate, they are in the billions of dollars.

its reassuring if you are looking for signs an up-trend in crypto prices (me) not reassuring if you are not (you)..

the chart looks even more impressive this morning.. there will probably be a small profit taking sell off as it hits 9K or close.. then it will resume its new upward trend..

how big the 9K sell of is will tell the story..

trog

 

[FordGT90Concept]

The rise to 9000 looks normal, the rise between 6500-8800 looks manipulated. In other words, it's going to crash hard again. It's just a matter of when the manipulators decide to cash out. The people that bought between $8800 and $9000 are going to get swindled (again) by the people that bought $6500-8800. Remember this: New Study Links Price Manipulation to Bitcoin's Insane Surge

Is it possible that suspicious activity from just one person could have caused a 566% surge in the price of bitcoin? Well, according to a new study published in the Journal of Monetary Economics, the answer to that question is a resounding “yes.”

During both periods, the USD-BTC exchange rate rose by an average of four percent on days when suspicious trades took place, compared to a slight decline on days without suspicious activity.”

In the particular instances that the team studied, two bots were able to perform valid trades with bitcoins that they did not actually own, making off with millions and manipulating the price of BTC in the process.

Fun fact: the $8500 to $8800 bump was 3.5%.

This isn't the thread for this kind of discussion anyway.

 

[mroofie]

I am wondering whether I should invest or not. Everyone is talking about it but I am a bit scared. If I can't feel the money I will stress out. My question is do you think that this trend will last long and is it a good idea to invest or not?

PS I don't know much about it, I have yet to get the hang of it so excuse me if you find my question stupid.

Only way cryptocurrency becomes mainstream is via a government version of bitcoin.

A new example coin needs to be created

 

[hat]

Only way cryptocurrency becomes mainstream is via a government version of bitcoin.

A new example coin needs to be created

You're probably right; however, I remind you not everyone trades strictly in government created currencies. In the old days people used to use the barter system, trading whatever goods they obtained or made themselves for whatever they wanted that somebody else had. I wouldn't exactly call that a government created currency. That said, if crypto were to become mainstream via government, they (the government) would likely have to create and control their own cryptocurrency, as you said. Then the same problem exists... it would probably take too much energy to maintain. They would need miners to run the payment network. The more people who are using it, the more miners you need, otherwise transactions take too long. The more miners you have, the harder it is to mine anything. That is, with cryptocurrency in its current state. I'd imagine they could create one that doesn't have a difficulty value, or rewards generated by mining, where miners literally just run the payment network, and nothing else. If you do that, though, then you're basically re-creating a payment network like Visa, just with a new government sponsored currency behind it. That seems counter-intuitive, as you now have a new currency you're trying to push when USD is already widely accepted and supported. No reason to do that.

 

[trog100]

people tend to forget that the US Dollar is under severe threat.. its value is not written in stone ..

change may have to come whether its wanted or not.. most of the anti crypto stuff seems to be based us having a secure financial system in place as we are.. the problem is the current worlds financial system and its fiat currencies are far from secure..

gold is the traditional safe haven retreat but some people see bitcoin as a digital alternative.. the stock market and bonds are not secure.. again some people predict a fairly hefty price reset (crash) coming..

something for sure is coming.. i aint entirely sure what but something has to change.. the current system we all rely on is not sustainable for much longer.. adding more debt with no possibility of ever paying it back only works for so long..

trog

 

[FordGT90Concept]

You're probably right; however, I remind you not everyone trades strictly in government created currencies. In the old days people used to use the barter system, trading whatever goods they obtained or made themselves for whatever they wanted that somebody else had. I wouldn't exactly call that a government created currency. That said, if crypto were to become mainstream via government, they (the government) would likely have to create and control their own cryptocurrency, as you said. Then the same problem exists... it would probably take too much energy to maintain. They would need miners to run the payment network. The more people who are using it, the more miners you need, otherwise transactions take too long. The more miners you have, the harder it is to mine anything. That is, with cryptocurrency in its current state. I'd imagine they could create one that doesn't have a difficulty value, or rewards generated by mining, where miners literally just run the payment network, and nothing else. If you do that, though, then you're basically re-creating a payment network like Visa, just with a new government sponsored currency behind it. That seems counter-intuitive, as you now have a new currency you're trying to push when USD is already widely accepted and supported. No reason to do that.

And any currency is only as good as the body (government or developers) controlling it and the economy supporting it. There will never be a perfect currency.

 

[trog100]

things are looking pretty good for only an "alleged" recovery ford.. i wonder what a real one would look like in your eyes.. he he

$9443 and still rising.. eth is at $708.. up over 40% over the last seven days..

and whoopy whoopy in crypto terms i am about 5K US richer than i was two weeks ago..

trog

 

[Papahyooie]

And any currency is only as good as the body (government or developers) controlling it and the economy supporting it. There will never be a perfect currency.

That's exactly the point of crypto. The open ones like BTC at least. The controlling body is literally everyone; It's the people who participate. The buyers, sellers, and miners. That causes volatility, yes. It also provides strength to weather any storm, at least that doesn't destroy the platform and/or the internet. The missing piece with crypto taking over is simply that... it has to take over. Businesses have to start accepting it.

 

[FordGT90Concept]

The controlling body is the people that wrote the software. Right now, that's Wladimir J. van der Laan for Bitcoin. Also nothing to stop forks like Bitcoin Cash. Remember Kazaa (example of a peer-to-peer network)? Bitcoin is fundamentally the same. Who uses Kazaa anymore?

Businesses won't accept it because it is volatile and not guaranteed (lots of fraud) nor insured (FDIC/NUCA) in any way. Only places cryptocurrencies are preferable to fiat is in places like Venezuela where the official currency is suffering severe inflation.

The proof of work model is doomed to fail because of the astronomical cost associated with its maintenance.

 

[dorsetknob]

The missing piece with crypto taking over is simply that... it has to take over. Businesses have to start accepting it.

Crypto will become mainstream when Businesses have to start accepting it. and your Average mom & pop corner store use it
Hell even that great american Institution Called Hollywood avoids it like its a Hooker with the Clap
Just tell me of the last 100 or so films released used Crypto Currency as part of the Script/plot
Tv is much the same
even trogg will be hard pressed to name 2 ( i myself cannot even think of one its almost always $$$$$$$

 

[R-T-B]

The controlling body is the people that wrote the software.

That power can and has been taken from them in the past though (look at the bitcoin digital signature history for some fun) so no, not really.

 

[moproblems99]

Crypto replacing fiat is currently like renewable energy replacing fossil fuels. There are alternatives in place but there are adoption barriers in place that need to be overcome before any significant chance of either taking over. Namely, the current iterations don't appear to be ready for prime time but they are not exactly far away.

EDIT: Although renewables are ready for prime time they can just be prohibitively expensive.

 

[trog100]

i havnt a clue what part crypto will play in the future.. i just know the price of bitcoin is now at $9555 and steadily moving higher.. i dont think i have seen such steady upwards climb over a full 24 hour period.. there is bound to be bit of a profit taking sell off at some point.. i am gonna guess $10,000.. then it will dip a little.. maybe back down to $9500.. and then back up again..

i am trying to predict the unpredictable but i aint doing a bad job so far.. he he

trog