The State of Cryptocurrency

[damian246]

Sure does, last thing I read is that Bitfinex is facing criminal charges.

Sure Cryptos are down, so far none is really independent of BTC.
I missing those Pay with xxx buttons on their respective websites to make difference. Won't happen.

 

[FordGT90Concept]

Source? All I'm seeing is they were investigated back in early 2018 but not finding anything recent.

 

[damian246]

Sure > https://www.bloomberg.com/news/arti...-bitfinex-under-u-s-scrutiny-gets-ing-account
and https://cointelegraph.com/news/bitf...tion-under-scrutiny-from-us-doj-sources-claim

 

[FordGT90Concept]

First link is what was talking about (early 2018), second is a rereporting of this:
https://www.bloomberg.com/news/arti...minal-probe-is-said-to-focus-on-tie-to-tether

Which basically just says the investigation is still ongoing. There's been no ruling/enforcement action yet. Tether/Bitfinex maybe manipulating the market (again) but the movements right now aren't because of law enforcement action.

 

[damian246]

Which basically just says the investigation is still ongoing. There's been no ruling/enforcement action yet. Tether/Bitfinex maybe manipulating the market (again) but the movements right now aren't because of law enforcement action.

Did not mean to imply that anyway. It is not the only bad news which impede that crypto turns mainstream soon.
Public usually needs a few years to forget. But not to worry once BTC storms up the ladder again, so people will ask (again) for credits to participate.

 

[FordGT90Concept]

It is not the only bad news which impede that crypto turns mainstream soon.

Still not convinced it ever will. 2017 proved cryptocurrency is unsuitable for use as a currency.

But not to worry once BTC storms up the ladder again, so people will ask (again) for credits to participate.

You mean "manipulated again." Cryptocurrencies have no hype anymore and without hype, it can't bubble.

It's your money, do what you please. I haven't and won't touch it.

 

[R-T-B]

You mean "manipulated again."

Supply and demand is manipulation now? Because that's exactly what he is describing.

 

[FordGT90Concept]

Have you already forgotten? BTC supply is fixed. BTC demand has been shrinking for over a year.

 

[R-T-B]

Have you already forgotten? BTC supply is fixed. BTC demand has been shrinking for over a year.

It doesn't really matter when you are quoting a theoretical future in which demand increases (ie not manipulation). BTW mining reward is signifigantly lower now than in the past, by design.

 

[FordGT90Concept]

Demand is decreasing and there's nothing to remotely suggest demand will increase. If investors considered BTC a safe haven, they'd be buying it en masse right now because of the global bear market/uncertainty but, they are not. It's really not attractive to anyone except people settling debts in third world countries where banking is decidedly more sketchy than cryptocurrencies.

If mining rewards don't improve, the BTC blockchain will lose its capacity to process transactions.

 

[damian246]

Still not convinced it ever will. 2017 proved cryptocurrency is unsuitable for use as a currency.
You mean "manipulated again." Cryptocurrencies have no hype anymore and without hype, it can't bubble.
It's your money, do what you please. I haven't and won't touch it.

Thats Ok we are just debating.
I don't think that the tether manipulation is greatly responsible for that super hype.
neither do I believe that BTC is unsuitable for investment. What I think is that the entire cryptocurrency is overestimating its reach.
Adjust your perspective
Stock market is as much gamble as is BTC and other cryptos.

 

[FordGT90Concept]

Stock markets are heavily regulated, cryptocurrencies are not. If money is effectively stolen from you by insider trading, you could be compensated from by way of regulators suing the insider trader. There's no such enforcement in cryptocurrencies.

 

[Deleted member 158293]

Just own your private keys then, don't trust your private keys to a centralized exchange.

Use a decentralized open-source exchange like BISQ which you can review the code yourself, compile the code yourself, and uses multi-signatures.

 

[damian246]

Stock markets are heavily regulated, cryptocurrencies are not. If money is effectively stolen from you by insider trading, you could be compensated from by way of regulators suing the insider trader. There's no such enforcement in cryptocurrencies.

True that is exactly the point I don't like either. When getting a wallet you are forced to give ID, Place of living etc but the management can procure an exit scam as they are not controlled. Happened to me.

That does not make crypto unreliable, those developers didn't calculate in the human factor.

Stock exchanges have a grey area, so called penny stocks. Lots of exot scams going on there too.

Human factor.

Writing my own code? What kind of mass enabled currency requires writing code?
Remember bitcoin is to replace fiat, Mr next door Brown should be able to use btc.

 

[Deleted member 158293]

Like using any fiat, there are multiple tiered ways to use bitcoin. An accountant knows optimized and best practice to using fiat, an investment trader specializes in increasing their holdings, a cryptology programmer can engineer the most optimized way to use bitcoin. Doesn't mean the average user can't use it, they can, but are just not specialized.

 

[FordGT90Concept]

Stock exchanges have a grey area, so called penny stocks. Lots of exot scams going on there too.

AMD was a penny stock on NYSE before switching to NASDAQ. A "penny stock" is simply a stock listing that is trading at less than the exchanges minimum dollar value (for NYSE, that is $5/share). AMD wasn't a scam and there was no reported scams involving AMD when they were considered a penny stock.

I think what you're getting at is that stocks not on traded on reputable exchanges are risky and that is true. They still have to abide by laws and regulations, however.

 

[Rand]

Stay away, crypto have peaked, the trust i gone

 

[damian246]

I think what you're getting at is that stocks not on traded on reputable exchanges are risky and that is true. They still have to abide by laws and regulations, however.

Never watched to movie, Boilerroom? https://www.imdb.com/title/tt0181984/
Loosely based on https://www.nytimes.com/1998/11/10/...-pleas-in-sterling-foster-brokerage-case.html

 

[theonedub]

Boiler Room was a great movie, highly entertaining.

If you were drowning and I threw you a lifesaver, would you grab it? Yes? Buy 100 shares, I won't let you down.

 

[FordGT90Concept]

Never watched to movie, Boilerroom? https://www.imdb.com/title/tt0181984/
Loosely based on https://www.nytimes.com/1998/11/10/...-pleas-in-sterling-foster-brokerage-case.html

They still have to abide by laws and regulations, however.

"2 Indictments and 3 Guilty Pleas" 'nuff said.

 

[moproblems99]

Stock markets are heavily regulated, cryptocurrencies are not. If money is effectively stolen from you by insider trading, you could be compensated from by way of regulators suing the insider trader. There's no such enforcement in cryptocurrencies.

While not the stock market, ask many of Madoff's victims how much money they got back.

Edit: Actually, more than I thought. Still plenty missing however.

 

[FordGT90Concept]

Better than nothing which is about how much victims get from cryptocurrency fraud. I don't think anyone has even been paid yet from Mt. Gox. That's an exchange though...a registered business...so the law has some reach there.

 

[moproblems99]

That's about as useful as getting kicked in one testicle instead of two.

 

[xkm1948]

keep seeing some new coins called "Grin" even with Sapphire making a 16GB VRAM RX570 for it? Any idea about this thing? I hope mining aint trying to have another go again.

 

[Deleted member 158293]

As long as any coin "entrepreneur" can convince enough people to willingly be scammed into thinking their latest & greatest altcoin or ICO (LoL) will take over all of crypto, a next wave of gpu mining is still very possible on an ever so slightly modified mining algorithm.