Cryto Currency (Bitcoin, ETH, LTC, EOS, BNB, XLM, ADA)

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challism
Posts: 1468
Joined: 17 Jan 2015

Post 06 May 2019

I'm curious who is using it, who is accumulating it, who is trading it, who loves it, who hates it, who thinks it was created by the CIA, who doesn't trust it.

I, personally, love it and spend hours every day drawing my lines on charts trying to find investment opportunities to earn a quick and easy 10% gain. Or lose a quick 10%, ha ha ha, boo hoo hoo

mashers
Posts: 359
Joined: 05 Nov 2018

Post 06 May 2019

I think fiat currencies are strange, and this one is even stranger as it isn't even tied to a state. What happens if it loses all its value overnight with nothing and nobody backing it? What does it even represent if it isn't backed by any tangible wealth? What's stopping anybody else doing the same thing and generating fiat currency for themselves, thus devaluing other currencies? I don't know, it all seems a bit odd to me.
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Adabler
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Location: Oslo

Post 06 May 2019

Crypto currency is, as far as I know, extremely energy dependent and is nowhere near being able to handle all the transactions our current banking system does.

Not sure I hate it, I just think it's a huge waste of time and energy, like gambling.
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mashers
Posts: 359
Joined: 05 Nov 2018

Post 06 May 2019

Adabler wrote:
06 May 2019
Crypto currency is, as far as I know, extremely energy dependent
This is a really interesting point. I remember reading some stuff about mining bitcoin, and the energy requirements of the powerful hardware people were using to run the algorithms was actually being factored into the potential profit margin.
Adabler wrote:
06 May 2019
and is nowhere near being able to handle all the transactions our current banking system does.
I would assume that if it became more mainstream as a currency, the infrastructure would scale accordingly and displace infrastructure being used for more traditional currencies. I would be surprised if that happened though, when states are already responsible for maintaining the infrastructure for their own currency, and other currencies already exist for inter-state transactions. Bitcoin doesn't seem to solve any particular problem so I'm not sure why it would be adopted on a larger scale, which makes it seem like a risky investment.
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Adabler
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Location: Oslo

Post 06 May 2019

Hmmm, did some more reading and I have now decided that I actually do hate crypto currency and everything about it. It's disruptive, wasteful and everyone involved seems to be insane. Best to stay away, I'd say.

Also, according to every sci-fi story ever we will switch to a global currency (credits) at some point. Might as well stick with what we got until that happens, as all the different currencies makes everything messy. :)
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mashers
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Post 06 May 2019

Adabler wrote:
06 May 2019
Also, according to every sci-fi story ever we will switch to a global currency (credits) at some point.
While this is a nice idea, there's too much money to be made in trading currencies. It's a horrible industry in my view—buying and selling money to make money—but it makes billions (maybe even trillions) globally, so the international banking corporations are not going to cooperate with attempts to establish a global currency.
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Adabler
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Location: Oslo

Post 06 May 2019

mashers wrote:
06 May 2019
While this is a nice idea, there's too much money to be made in trading currencies. It's a horrible industry in my view—buying and selling money to make money—but it makes billions (maybe even trillions) globally, so the international banking corporations are not going to cooperate with attempts to establish a global currency.
True, but our bankers will create a global currency overnight when they realize they have to switch to credits if they want access to the galactic market (spoiler alert: they do want that). Until then, nothing will happen.
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rgdaniel
Posts: 218
Joined: 07 Sep 2017

Post 06 May 2019

I just barely understand regular money.

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ScuzzyEye
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Post 06 May 2019

Last year I turned $20 into $200 in less than a month, and then got out. :)

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Oquasec
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Post 06 May 2019

I currently think crypto is useless, so I don't touch it.
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jappe
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Post 06 May 2019

Adabler wrote:
06 May 2019
Crypto currency is, as far as I know, extremely energy dependent and is nowhere near being able to handle all the transactions our current banking system does.

Not sure I hate it, I just think it's a huge waste of time and energy, like gambling.
I wonder what would happen if a groundbreaking method of creating bitcoins was discovered overnight... magnitudes more energy efficient.
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Adabler
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Location: Oslo

Post 06 May 2019

jappe wrote:
06 May 2019
Adabler wrote:
06 May 2019
Crypto currency is, as far as I know, extremely energy dependent and is nowhere near being able to handle all the transactions our current banking system does.

Not sure I hate it, I just think it's a huge waste of time and energy, like gambling.
I wonder what would happen if a groundbreaking method of creating bitcoins was discovered overnight... magnitudes more energy efficient.
I'm sure it will at some point. Then it's just the matter of getting together on a global scale and implement it. :)

That would be a huge undertaking of course. US converting to metric would be peanuts in comparison, I think.
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BRIGGS
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Location: Orange County California

Post 06 May 2019

Change or die, crypto is the future.

buy BTC

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motuscott
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Location: the new york

Post 06 May 2019

I once turned $20 into $14.95 by purchasing some stuff.
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Biolumin3sc3nt
Posts: 457
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Post 06 May 2019

motuscott wrote:
06 May 2019
I once turned $20 into $14.95 by purchasing some stuff.
lol that made me laugh

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Biolumin3sc3nt
Posts: 457
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Post 06 May 2019

Just imagine if You were to have bought Bitcoin when it was 1 cent... We'd all be some filthy rich ReasonTalkers. Here Ya go Props, how bout a few million bucks for shits and giggles and put my name on the next RE

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challism
Posts: 1468
Joined: 17 Jan 2015

Post 06 May 2019

I agree 100% with BRIGGS, crytpo is the future. Blockchain technology is most definitely the future. It's going to change everything about the world you know. It goes way beyond just currency, it can be used for contracts, it could be used for information storage ( such as Wikipedia where computers have to agree on what the articles say), and so many more applications, some of which haven't even been realized yet.

The blockchain (crypto) was set up (so the story goes) to give the power back to the people. The idea is brilliant, really. All transactions are public, on a ledger, and anyone can follow the money. All the computers on the network (mining) have to agree on the transactions in the ledger. So nobody can cheat anybody else. 100% transparency, unlike you see with banks, corporations and gov'ts. So this idea, I love.

The huge energy cost of mining Bitcoin will most likely improve with time and technology. Bitcoin mining requires use of GPUs instead of CPUs, I guess CPUs aren't as powerful for this purpose. I don't understand all the ins and outs of it, but there are other currencies which have emerged, using different ways to mine. One way is via computer hard drives, instead of GPUs. And these hard drives are incredibly cheap to mine coins. Curencies such at BURST, SC and STORJ use HDD mining. I'm a big fan of the HDD mined coins. There are also other currencies (XLM is one) which have emerged and they have the miners working together instead of competing to solve the ledger. Bitcoin has the miners competing, thus driving up the cost of mining. I think things will evolve and improve as more and more adoption, it has to improve.

Currencies are only valuable because we say they are. This is true for any currency in the world, which isn't backed by some type of intrinsic value such as gold or silver. I have more faith in the value of Bitcoin than I do in the US Dollar. USD is barely hanging on, and they just keep printing more money. It, too, could be worth nothing tomorrow. But it isn't, because people believe it is worth something. The minute everyone stops believing the USD is worth something, it will crash hard. Same is true for any currency. One thing you can be sure of, if Bitcoin dropped back down to $100, it wouldn't stay there long due to everyone buying as many as they can for $100. It would drive the price back up. The market is beautiful how it finds it's own price. After every big push up, you will always see a big move back down, in waves.

mashers
Posts: 359
Joined: 05 Nov 2018

Post 06 May 2019

Wouldn’t it devalue the currency if it became easier and more efficient to mine crypto? I mean, if everyone could dig gold out of their own back garden then gold would become worthless in its natural form.
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BRIGGS
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Location: Orange County California

Post 06 May 2019

mashers wrote:
06 May 2019
Wouldn’t it devalue the currency if it became easier and more efficient to mine crypto? I mean, if everyone could dig gold out of their own back garden then gold would become worthless in its natural form.
Only 21 million Bitcoins will ever be mined.
buy BTC

mashers
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Post 07 May 2019

BRIGGS wrote:
06 May 2019
Only 21 million Bitcoins will ever be mined.
I can't see this working in the long-term. It isn't inflation-proof, meaning that at some point 21 million will not provide sufficient usable currency. They would have to either move to an absolute fiat model, thus allowing more currency to be created arbitrarily and on an ad-hoc basis, or expand the size of the blockchain to allow for more to be mined. I get the intention behind limiting it to 21 million - to make it represent a finite resource and thus giving it value - but this is not quite an accurate model of currency. Currency represents many different types of tangible things, each of which may be finite, but the total sum of which is constantly expanding as new services and products are created and new types of resources are required.
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:lightbulb: Latest songs: Space Invaders | Inklings | Hungry Animals | Terrorbytes
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BRIGGS
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Location: Orange County California

Post 07 May 2019

mashers wrote:
07 May 2019
BRIGGS wrote:
06 May 2019
Only 21 million Bitcoins will ever be mined.
I can't see this working in the long-term. It isn't inflation-proof, meaning that at some point 21 million will not provide sufficient usable currency. They would have to either move to an absolute fiat model, thus allowing more currency to be created arbitrarily and on an ad-hoc basis, or expand the size of the blockchain to allow for more to be mined. I get the intention behind limiting it to 21 million - to make it represent a finite resource and thus giving it value - but this is not quite an accurate model of currency. Currency represents many different types of tangible things, each of which may be finite, but the total sum of which is constantly expanding as new services and products are created and new types of resources are required.
"A bitcoin can be divided down to 8 decimal places. Therefore, 0.00000001 BTC is the smallest amount that can be handled in a transaction. If necessary, the protocol and related software can be modified to handle even smaller amounts."

ref: https://en.bitcoin.it/wiki/Help:FAQ
buy BTC

mashers
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Post 07 May 2019

BRIGGS wrote:
07 May 2019
"A bitcoin can be divided down to 8 decimal places. Therefore, 0.00000001 BTC is the smallest amount that can be handled in a transaction. If necessary, the protocol and related software can be modified to handle even smaller amounts."

ref: https://en.bitcoin.it/wiki/Help:FAQ
But it's still finite, and will run out eventually.
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:lightbulb: Latest songs: Space Invaders | Inklings | Hungry Animals | Terrorbytes
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BRIGGS
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Post 07 May 2019

mashers wrote:
07 May 2019
But it's still finite, and will run out eventually.
Good! Get yours while you still can!!! :puf_smile:
buy BTC

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bxbrkrz
Posts: 1034
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Post 07 May 2019

BRIGGS wrote:
07 May 2019
mashers wrote:
07 May 2019
But it's still finite, and will run out eventually.
Good! Get yours while you still can!!! :puf_smile:
:D :lol: :D

mashers
Posts: 359
Joined: 05 Nov 2018

Post 07 May 2019

BRIGGS wrote:
07 May 2019
mashers wrote:
07 May 2019
But it's still finite, and will run out eventually.
Good! Get yours while you still can!!! :puf_smile:
Well it's good in the short term as short supply will increase the perceived value. But if you want a currency that will scale with inflation forever, it needs to be either non-fiat, or scalable. Bitcoin doesn't seem to be either as far as I can tell, so that's going to be a problem at a certain point.
:reason: Singer/songwriter exclusively using Reason 10 to write darkwave electro songs
:lightbulb: Latest songs: Space Invaders | Inklings | Hungry Animals | Terrorbytes
:post: More songs on my YouTube channel

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