Cryptocurrencies, and the next big thing

[So_Cynical]

As to your point So_Cynical, I am not sure that would work any better with crypto than it has with real currencies! Backing money with cyclical commodities is an historical anachronism.

There is a time and place for everything, the one big thing holding back Crypto/digital currency's is the backing, silver is cheap and plentiful and has a fairly static value, easy to send around the world in small amounts and easily verified by weight and mass, many scrap type coins have well documented silver %
so super simple to exchange with confidence.

Once a person sets up and funds their account by sending in physical silver, grams could be used for many simple exchanges without many of the hassles of dealing with real currency's, tax free...the net really enables something like this.

 

[galumay]

Then you have simply regressed to a full reserve banking currency, I guess as long as you are happy to accept pre-industrial revolution type living standards that would be ok! (extrapolating the concept of cryptos becoming the default currency)

If you are not suggesting the idea as a substitute for our fractional reserve banking system then surely you are just describing an online form of commodity transacting?

One of the biggest hinderances to Crypto transactions becoming mainstream is simply just how easy it is to use online money transfers now, I don't even carry a wallet anymore, I pay for everything with Apple Pay on my phone. Nearly all my business transactions for the company are online, i order online and pay with debit card details that auto fill payment forms, p2p payments via mobile phone numbers are coming this year, its all immensely convenient and very sticky. My guess is that some of the technology of Cryptos like blockchains will be adopted by banks and governments where they see value and applied to online transactions of our current currencies and that will be about the extent of their impact in the end.

 

[cryptoman]

Cloak Coin undergoing a revaluation currently - near doubling in price..

 

[DaveDaGr8]

There is a time and place for everything, the one big thing holding back Crypto/digital currency's is the backing, silver is cheap and plentiful and has a fairly static value, easy to send around the world in small amounts and easily verified by weight and mass, many scrap type coins have well documented silver %
so super simple to exchange with confidence.

Once a person sets up and funds their account by sending in physical silver, grams could be used for many simple exchanges without many of the hassles of dealing with real currency's, tax free...the net really enables something like this.

Actually you can do this with the Ethereum blockchain network, It's exactly what it was designed for. You can even create your own currency, have private block chain networks / sub networks, create smart contracts etc.

It's light years ahead of Bitcoins network.

 

[cryptoman]

You don't often get an interview with a crypto currency developer, but here is a recent interview with the main Cloak Coin developer;

 

[satanoperca]

You don't often get an interview with a crypto currency developer, but here is a recent interview with the main Cloak Coin developer;

No bubble. $5000 will be reached soon. It is the largest gambling den in the world with unprecedented number of players.

 

[Quant]

Seriously this is like a boiler room pump and dump scheme . You would have to be crazy to park any capital in this **** . This is like the dotcom bubble , only one way for this to end . replace dotcom with coin ..



The " future "

 

[galumay]

Like always in a bubble, I dont think they are listening Quant, too busy rushing to bet their first borns on the get-rich-quick scheme.

 

[Junior]

Tim Ferriss podcast, worth a listen for those who wish to learn more about the history of, and the technical workings of Bitcoin and Cryto. Link here.

The Quiet Master of Cryptocurrency — Nick Szabo

Nick Szabo (@NickSzabo4) is a polymath. The breadth and depth of his interests and knowledge are truly astounding.

He’s a computer scientist, legal scholar, and cryptographer best known for his pioneering research in digital contracts and cryptocurrency.

The phrase and concept of “smart contracts” were developed by Nick with the goal of bringing what he calls the “highly evolved” practices of contract law and practice for the design of electronic commerce protocols between strangers on the Internet. Nick also designed Bit Gold, which many consider the precursor to Bitcoin.

This wide-ranging conversation is co-hosted by Naval Ravikant, a mutual friend and one of the most successful investors in Silicon Valley, who also happens to be one of Nick’s biggest admirers.

We cover a lot, including:

• What is Bitcoin, what are cryptocurrencies, and what problem do they solve?
• What is “social scalability?”
• What is Ethereum and what makes it unique? Strengths and weaknesses?
• How will smart contracts actually get adopted or go mainstream?
• What are ICOs (Initial Coin Offerings)?
• Blockchain governance — is there any existential risk?
• “Wet” versus “dry” code
• Pascal’s scams
• Quantum thought
• What fields will you be working on in the future?

 

[fiftyeight]

My Facebook is getting hammered with bitcoin, mostly from USI-Tech which from what I can see is just a big mlm/ponzi scheme.

NOT my mates, more mates of mates buying into this **** and then congratulating each other.....on their great hard WORK.....but they sell it as you do not have to do anything and earn while you sleep.....what WORK are they doing apart from getting their mates to buy into it????

Hope this bubble burst soon I stop hearing about it, while I wait its time for a Facebook cull

 

[LifeChoices]

I apologise for shilling on my first post here in years. But maybe your grandkids will thank me in years to come for this message - Pfffft

I started a telegram group for all us Aussie Crypto Traders yesterday. I did this because when I started in crypto I wanted something like this as the learning curve is overwhelming.

Telegram Messenger lends itself very well to this particular topic. You can read more about it here: https://en.wikipedia.org/wiki/Telegram_(messaging_service)

In the two days since I created the group the take up has been phenomenal - membership is mooning - up nearly 5,000%

The more people, the more fun, the more experts, the more we all learn and the more money we have to throw at strippers.

http://www.aussiecryptotrader.com/

I also have a telegram pump and dump bot that you are free join if you are not the chatty type which will send alerts to your phone.

https://t.me/AlertsToPumpsAndDumps

WHAT THIS BOT DOES:
Every 5 minutes it fetches real-time transactions from bittrex.com from the top 100 coins listed on coinmarketcap.com. The bot fetches the last 5 minutes of trades (200 max) from these coins.
Currently the bot will send alerts if the following conditions are met:
1. The coin has at least 200 transactions in under 3 minutes and the coin has at least 10btc volume
or
2. The current median price is greater than 3% or less than 3% compared to the previous median price and the volume is greater than 1btc

If this isn't of interest to you - I'll leave you with this to think about.

"Grand dad..... How come our family is so wealthy?"
"Well boy.... I got into cryptocurrency in it's infancy.... And I have strong hands."
"Grand dad...... Why does your friend John sleep in his car?"
"Well boy..... He believed in paper money and invested everything he had in TLS because of the dividend"
"Grand dad..... What is paper money?"

 

[galumay]

If this isn't of interest to you - I'll leave you with this to think about.

"Grand dad..... How come our family is so wealthy?"
"Well boy.... I got into cryptocurrency in it's infancy.... And I have strong hands."
"Grand dad...... Why does your friend John sleep in his car?"
"Well boy..... He believed in paper money and invested everything he had in TLS because of the dividend"
"Grand dad..... What is paper money?"

While there is some small possibility this is what the future will look like, we know that what is much more likely is the exact opposite of your scenario.

Nearly every tech idea fails, for every Apple or Google there are millions of failed concepts/ideas/businesses.

 

[LifeChoices]

There are believers and non believers.

Personally I'm more Interested in watching how blockchain technology will revolutionise the internet. Thanargue with non believers.

I think a great way to learn about it is through trading, sharing ideas while making money as I go.

 

[galumay]

There are believers and non believers.

Personally I'm more Interested in watching how blockchain technology will revolutionise the internet. Thanargue with non believers.

I think a great way to learn about it is through trading, sharing ideas while making money as I go.

Your problem is that you are convinced you believe in something that is correct, thats clear from your language. As well as learning about blockchains and crypto, learn about human psychology and the biases that are such an impact on our thinking and decision making.

History tells us that the whole crypto/blockchain tech will probably not play out the way that the early speculators and rampers expect.

 

[LifeChoices]

Correct, likewise your problem is that you have convinced yourself that you are some sort of "expert" and that you are correct. Can you admit that "oh wise one"?

I don't profess to understand how blockchain will roll out. I'm just convinced that it will have a lot more impact on society than the driverless car. Pffffft

https://medium.com/@mcasey0827/speculative-bitcoin-adoption-price-theory-2eed48ecf7da

 

[galumay]

Can you admit that "oh wise one"?

No, because I am correct. We dont know what the future will look like, there is no certainty that crytos will ever replace any currency and we have no real idea of what the implentation of blockchain will look like across industries and sectors.

All I have convinced myself of is that we dont know what we dont know. You are the one that is certain there is a specific financial advantage in speculating on cryptos. Thats what your little example of the grand dad/buy chat expressed.

 

[Value Collector]

What are your thoughts on Buffetts take on Bit coin?

e.g. "not a currency", "like tulips", "more like a money order".

 

[Wysiwyg]

One Bitcoin bullish speculator predicted 1/2 million to 1 million dollars per Bitcoin in 10 years on a video in 2016. You can see the hype reflected in the price now. In search of the greater fool.

 

[LifeChoices]

Yeah you guys are right. I'm going to give up throwing blocks of cash at strippers.

Less risk involved accumulating TLS. I can always look forward to lashing out and going out for dinner when they issue their $1.50 dividend twice a year - whooo hooo.

Besides I don't really have the ticker for all this new fangled crypto stuff.

Ain't that right pops?

 

[Value Collector]

Yeah you guys are right. I'm going to give up throwing blocks of cash at strippers.

Less risk involved accumulating TLS. I can always look forward to lashing out and going out for dinner when they issue their $1.50 dividend twice a year - whooo hooo.

Besides I don't really have the ticker for all this new fangled crypto stuff.

Ain't that right pops?

I am not claiming to be an expert on bit coin, but to me its an artificial unit, much like a fiat currency, and at the moment it has rather limited use, e.g. I would have to transfer it into another fiat currency before I was able to spend it.

Now apart from that, the main attraction most of the promotors are advertising is that it has and will continue go up in value, to me this seems a lot like the gold bugs claiming gold was going to $8000.

Sure, just like gold the price of a bitcoin can and will fluctuate, But I can't see where it gets its intrinsic value from, apart from people buying into what may be a fad.

As far as I can see a Bit coin doesn't generate value, so any price rise has got to come from finding some one willing to pay more than you did and selling it to them.

As a long term hold I would rather hold something that constantly generates value, hence why I don't hold either gold or bit coin.

As I said I am happy for people to explain what I am missing.