Cryptocurrency

Morbyd said:
Dollar is most likely overvalued as well
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I hope not, but you are probably right. My luck, it will probably be 1.35x just like every other time I travel to Europe. It was 1.1x when I decided to book my flight....

Oh well, worth tanning my negron nuts in the sun at Cala Conta later this year!

I do have a pet peeve about the concept, however (cue rant). "Overvalued", against what? I was only half joking about 'gold doubloons'. This thread is about a bit of software that issues virtual tokens that people paid USD $19,000 for just last month. That token gives you a claim on what exactly? After Bitcoin became a 'thing' immediately everyone copied this token software and issued their own virtual tokens, which people also paid money for. I would feel better about it, if the virtual token gave me a claim on something (share of land, gallon of petrol, an intimate evening with Iskra Lawrence, etc.) but it doesn't.

If you can make some beer money playing this game, god bless you, but com'on man...

Governments issue their currency and it holds value because they can enforce violence domestically or internationally through physical or legal means. When you hold a dollar, Euro or Pound, it is a claim on a piece of that violence. Fundamentals (GDP growth, debt, trade deficits) don't matter anymore, and probably never did. To say something is over/under valued is to assume there are actual hard economical rules to the game. Why did the dollar begin strengthening 3 years back? Was anything fundamentally different?

(Rant over)
 
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CasaNegron said:
I do have a pet peeve about the concept, however (cue rant). "Overvalued", against what? I was only half joking about 'gold doubloons'. This thread is about a bit of software that issues virtual tokens that people paid USD $19,000 for just last month. That token gives you a claim on what exactly? After Bitcoin became a 'thing' immediately everyone copied this token software and issued their own virtual tokens, which people also paid money for. I would feel better about it, if the virtual token gave me a claim on something (share of land, gallon of petrol, an intimate evening with Iskra Lawrence, etc.) but it doesn't
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Yeah,the strange thing is,a few years ago many in the bit coin community as they like to refer to themselves,were thesame people telling you to buy gold because fiat money was worthless tokens...:lol:

If crypto becomes currency as the coiners apparently are striving for,the value of them will drop dramaticly anyway?
 
If anyone is interested then I'd recommending reading about the different coins and what they're trying to do/ fix. Pick the one you believe is going to make the most different/ money and invest in that one. Although only invest what you're willing to lose, this isn't financial advice blah blah...
 
balearic joe said:
Yeah,the strange thing is,a few years ago many in the bit coin community as they like to refer to themselves,were thesame people telling you to buy gold because fiat money was worthless tokens...:lol:
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There is some overlap between the groups. Many of the early crypto adopters felt as though the de-centralized nature of bitcoin took it out of the hands of government. Goldbugs (US at least) tend to be anti (big) government.

They each also believe that the limited supply of each (gold in ground, energy/time required to compute a bc) means that no entity can manipulate supply for their own ends.

I think each are potentially solutions to specific problems, but human greed is a muthafuka.

The first to successfully combine them, will create the ring that controls them all.

Frames said:
If anyone is interested then I'd recommending reading about the different coins and what they're trying to do/ fix. Pick the one you believe is going to make the most different/ money and invest in that one. Although only invest what you're willing to lose, this isn't financial advice blah blah...
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I never got too deep in the origin story of any of them, and still remain a noob. Whats your favorite?

Not putting down crypto (or gold), btw. To me its all a game. As I said further up, I wish I would have bought BC at $14 when I first heard about it, even though I think the premise is flawed.

Human greed....
 
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CasaNegron said:
I never got too deep in the origin story of any of them, and still remain a noob. Whats your favorite?

Human greed....
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Personally I've always liked REQ and ADA.

ADA because it's basically a bunch of geeks and are going the academic way of getting work/ code reviewed so the overall quality should be better.

REQ they're trying to allow payments from any coin on the internet to pay for goods and services. They've been referred to as paypal 2.0, lower fees etc so if this did take off it would be massive.

I've sold all my positions at the moment so I'm just watching... waiting...

in 2011, I downloaded all the software to mine Bitcoin when it was about 50c a coin on my works computer but never actually ran in. Dohhh! I'd have been able to afford half a night in Ibiza..
 
i believe the majority of all bitcoin is in the hands of just a few professional (russian, chinese) mining enterprises - hardly decentralized. current ones which are also attracting main stream press are NEO - heavily centralized, and Ripple and Stellar - basically bank-/business-controlled coins. this is far from the original idea of bitcoin which was born out of the banking crisis and meant to give back power to the people through decentralization. imo as more and more mainstream investors enter the market, blue chip crypto backed by the heavyweights of industry will prevail - and will become just another S&P index :(

added: frames do you honestly think paypal/stripe/VISA will let REQ take their business? i love the idea, especially as REQ has a js api which should be pretty easy to implement, but in the face of overwhelming financial clout, i don't think they will make it. SUB is another amazing project, but will the powers that be actually allow uncensored internet to prevail? i know that's a bit big brother and pretty cynical, but....
 
Bitcoin came to my attention years ago,and I've always been sceptical of it. And a mate of mine is in to it in a big way,its one of his main incomes now. But all,that bullshit about decentralisation,and bringing down the banks is bollocks. It's still capitalism,its never going to benefit the poor or the working classes. Because they still have To go work for a wage,wether that's paid to them in £€$, salt or crypto,whatever currency keeps a roof over their head,food on the table and the odd cocktail at mambo,it doesn't matter a f***!

The system will hardly change . People will still need to,borrow money for shit they can't afford. So where will they go,yep to the fella who has the most crypto than you. Who will lend to you for a fee..

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i believe the majority of all bitcoin is in the hands of just a few professional (russian, chinese) mining enterprises - hardly decentralized
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Spot on jim!

And all these f***ing coiners keep telling you how much their tokens are worth in £ and f***ing $ :lol:

If you want to be clever,stick with gold a diamonds...
 
Not investing exactly, but been learning about it this weekend. There's a lot to figure out and it sure takes some time...
 
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