Might I ask, is Crypto just the early adaptation of a global economy? I have been living under a rock.
Am I incorrect?
Am I incorrect?
I don't trade cryptos because I don't really know enough about it, but people are making a lot of money trading it. However, I think it carries significant risks because it's vulnerable to government restrictions because they don't have control of it. China recently prohibited the use of bitcoin. The US Fed will be launching their own digital dollar shortly and then I'd expect the EU to do the same. If the US and EU follow China's lead and prohibits crypto transactions, then IMO your investment could become worthless overnight. I'm sure people more familiar with crypto than me will reply and provide better guidance.Buford T. Justice said:
Might I ask, is Crypto just the early adaptation of a global economy? I have been living under a rock.
Am I incorrect?
Like I said, I'm not well versed with crypto but right now, can you convert them into currency (Dollar, Euro)? If so, governments can arbitrarily eliminate that option and if they do, then crypto really has no value IMO. I hope I'm wrong, because if I'm right, then a lot of regular people are going to get destroyed.MR Gadsden said:
How do you stop something that can be transacted peer to peer?
you can if you control the internet and cryptography computing. but why would anyone want to stop transactions of worthless bits and bytes?MR Gadsden said:
How do you stop something that can be transacted peer to peer?
MR Gadsden said:
You really need to live up to your username and do some research. Fiat is unicorn fart, the stock market is hyperactive unicorn farts. For the love of God do some research.
Excellent post and you are WAY more familiar than I am in cryptos.MR Gadsden said:
At this point it has too much institutional buy in. They (US government) won't ban it because all the big money donors have started to get into it. They will try and tax it and regulate it and what they will do is shoot themselves in the foot. In 5-7 years Blockchain technology will be part of our daily lives like the internet is right now.
In March of 2020 I got back into Bitcoin and the crypto world. I understood that Bitcoin had at least a store of value type proposition going for it but I wanted to know what was the reason for the 9k other coins out there. I wanted to find just a couple different projects that actually had tangible products so I could get an understanding and why there were so many different coins, tokens and even different blockchains. I figured if I found just a few that I could understand and see some sort of practical application for I would buy those and see what happened.
What I found was that there are hundreds of not thousands of working products out there that are going to change our lives significantly over the next few years. Defi, is one example that we are already seeing play out. Why keep your Fiat money in a savings account and earn only .25% on your balance when you can convert to a stable coin like USDC and earn 9-12%? Why would a Gen-X or younger not look into something like that? Hell I have elders at my church asking me about how to invest in BTC and earn interest.
Things like OriginTrail are changing how supply chain works around the world. VChain is another.
Even Kraken is an actual bank now in WY. If you don't see how this will affect your lives and very very soon you need to wake up.
Sorry for the rant.
Let me leave you with this one article as follow up.
https://www.cbinsights.com/research/industries-disrupted-blockchain/
Edited because my rant was on my phone and autocorrect sucks.
No worries, your post was passionate because you're very familiar with crypto, not angry. Please let me know where I can learn more. My realm is trading stocks because of decades of experience but you're never too old to learn something different. I'm currently dealing with the likely death of a family member, but I'll check them out when life is less chaotic.MR Gadsden said:
I also wasn't really directly my rant at you there at the end. Sorry if I came off harsh.
If you are interested there are some really good folks out there you can follow to learn more about both Bitcoin and blockchain.
First, the "institutional buy in" can merely be the institutions seeing an opportunity for above average, short term returns.MR Gadsden said:
At this point it has too much institutional buy in. They (US government) won't ban it because all the big money donors have started to get into it. They will try and tax it and regulate it and what they will do is shoot themselves in the foot. In 5-7 years Blockchain technology will be part of our daily lives like the internet is right now.
In March of 2020 I got back into Bitcoin and the crypto world. I understood that Bitcoin had at least a store of value type proposition going for it but I wanted to know what was the reason for the 9k other coins out there. I wanted to find just a couple different projects that actually had tangible products so I could get an understanding and why there were so many different coins, tokens and even different blockchains. I figured if I found just a few that I could understand and see some sort of practical application for I would buy those and see what happened.
What I found was that there are hundreds of not thousands of working products out there that are going to change our lives significantly over the next few years. Defi, is one example that we are already seeing play out. Why keep your Fiat money in a savings account and earn only .25% on your balance when you can convert to a stable coin like USDC and earn 9-12%? Why would a Gen-X or younger not look into something like that? Hell I have elders at my church asking me about how to invest in BTC and earn interest.
There are a lot of exchanges to do this. Coinbase is a well-established one and is good for beginners. Understand that regulations require KYC (know your customer), so you need to provide real information including a drivers license, just like you would to open a bank account or an account with an brokerage firm. Despite crypto having a reputation for being anonymous, reality is the exact opposite.Third Son said:
If I wanted to acquire a little BTC, do they do that on brokerage firms or do you need to get a digital wallet and do it through some platform on the interweb? Sorry, I'm old.
kb2001 said:
Current state of crypto assets:
Bitcoin is currently treated as a store of value, and will likely remain so.It will not be a good replacement for day to day transactions in its current state because the transaction throughput is too low, and the time to confirm transactions is too long.Most importantly, it is a "proof of work" blockchain,and other methods have developed since then that are more efficient.opinion removed.There are thousands of alt-coins (any coin other than bitcoin). They offer various functionalities and unlock a lot of new possibilities. One that is highly touted is"smart contracts". In short, these are contracts built into the blockchain that execute automatically when certain conditions are met. altcoins, or by their best known vernacular, [u]shi*coins[/u], like to make claims about what bitcoin cannot do. Usually falsely, but widespreadedly falselyThere are other projects that seek to replace old and bulky systems, XRP is one example. It seeks to replace the SWIFT network, such that a person can move their dollars in a US bank to Euros in a Swiss bank, and do so nearly realtime for pennies instead of over a few days for 5%.xrp, a prime example of the term underlined above, is an attempt to carve a niche into a dead technology, bridging the marketing term blockchain with securities [doesn't pass Howie test] and who's original founder was the spawn of great things like "Mt Gox," "XRP" AND Stellar Lumens [the better xrp, if you must have "-killers."
There are other projects that are building social networks on the blockchain. Odysee is a youtube like site that is built on the LBRY protocol. Videos are stored on the blockchain, which makes it a very decentralized platform. There are a few others like this, THETA is another one. There are social networks being built on the blockchain similar to facebook. The advantage these have over the current models is that they are decentralized. I'm actually excited on the experimenting for some of these applications. Hopefully they end up useful.
We're really seeing a lot of ideas on how to use this new technology start to bubble up.Someexceptionally fewmaywork,somenearly all may not and never will,but on the whole, they will end up offering some advantages over current systems.
Think of it today like the internet in the mid-late 90s, and that's where blockchain technology is today.Think of bitcoin like ARPAnet is the early 80s, the first implementation by which the groundwork was laid, but more useful things came later, like HTTP, HTML, and the world wide web in 1991.think of bitcoin as an ever evolving ever improving protocol, not as some stagnant dead language or communication coding. Nearly everything negative you assigned to bitcoin [because it sounds like you are a shi*coiner] is false or has been resolved through updates or layer 2 protocols like lightning network, RSK, Taproot, etc. You're either entirely disingenuous, lying, or ignorant. Which is it? You're usually a great poster on these topics and maybe you're trying to be 'non-biased' but it's clear in your presentation that there's a clear attempt to dissuade from focusing the core of their attention into bitcoin first and foremost. Yuck.
One nice advantage being built into a lot of these is governance. The rules for some of these blockchains are voted on by the token holders. governance tokens, I don't see how these won't become securities, and the longer they are around the worse I feel about them, as zero pan out thus far [u]besides marketing[/u]
ETA- I forgot to mention.There are also a lot of aShi*-coins are money grabs, worthless projects, or exist only as marketing hoping to become a meme. this could've been the summation here.
Explain to me why Crypto is not a complicated Ponzi scheme.RDCAG said:
Yes and yes.
doubledog said:Explain to me why Crypto is not a complicated Ponzi scheme.RDCAG said:
Yes and yes.
We're following the same market cycle that it's been following for over a decade. The thing to remember is that over time, the highs get higher and lows get higher. At the end of 2017, Bitcoin reached a new all-time high just barely under $20,000. It is unlikely Bitcoin will ever drop below that number again, unless it is murdered by regulation globally.wbt5845 said:
I have been researching crypto, and more specifically Bitcoin, for some time.
I personally think we're in a bubble right now, but the concept is real. Fiat currency was once the domain of nation states, but there's no reason it can't be privatized.
I think nation states are just now waking up to the danger crypto poses to their power. To me, the great unknown is what happens as they start to try to gain control.