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

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BRIGGS
Posts: 573
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Location: Orange County California

Post 07 May 2019

mashers wrote:
07 May 2019
BRIGGS wrote:
07 May 2019


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.
What problem?
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challism
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Post 07 May 2019

I think some of you guys are a bit confused by this word inflation. The Keynesian school of economics has confused the world into thinking that fiat currency and printing more money out of thin air is the way things should be. Just look at how much inflation there has been since the dollar was taken off the gold standard. Look at the price of silver, for example, back when the dollar was backed by gold and silver, a US Dollar was worth 1 ounce of silver, and you could buy 4 gallons of gas for a dollar/1 ounce of silver. Today, that same ounce of silver can buy quite a few gallons of gas, but with $1 USD you can't even buy 1/2 gallon of gas.

One ounce of silver used to = $1, but now 1 ounce = almost $15. One ounce of gold used to = $50, but now it's almost worth $1300. Why? Because they keep increasing the supply of money and driving the value down, so it takes more money to buy the same amount if goods. Expanding the money supply IS what CAUSES the inflation. Inflation is a hidden tax.

The bankers have done a great job tricking the masses. If you have honest money, that is backed by something, you wouldn't see out of control inflation as we have seen since dropping off the gold standard. If you guys can change the way you think about money, perhaps you can see the beauty of crypto currency.


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mashers
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Post 08 May 2019

BRIGGS wrote:
07 May 2019
What problem?
The problem that over time more currency is available in a growing economy. There are more dollars, pounds, euro etc than there were in previous years. If there is a cap on how much of the currency can ever exist, there will come a point where the amount of currency can no longer grow, which means inflation will outstrip the available wealth.
challism wrote:
07 May 2019
The Keynesian school of economics has confused the world into thinking that fiat currency and printing more money out of thin air is the way things should be.
I am under no illusion that this is how it should be, but it is certainly how things are.
challism wrote:
07 May 2019
Today, that same ounce of silver can buy quite a few gallons of gas, but with $1 USD you can't even buy 1/2 gallon of gas.
Which is why we need more dollars in the world, and why a cap on the number of dollars which could ever be printed would be a problem within the current system.
challism wrote:
07 May 2019
The bankers have done a great job tricking the masses. If you have honest money, that is backed by something, you wouldn't see out of control inflation as we have seen since dropping off the gold standard. If you guys can change the way you think about money, perhaps you can see the beauty of crypto currency.
Well, surely a currency which is totally fiat currency like Bitcoin is the antithesis to a gold standard currency? So how is it of benefit with regard to inflation when you have said that a backed currency would prevent out of control inflation? Perhaps I have misunderstood something, but your wording seems to be in conflict.

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BRIGGS
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Location: Orange County California

Post 08 May 2019

challism wrote:
07 May 2019
I think some of you guys are a bit confused by this word inflation. The Keynesian school of economics has confused the world into thinking that fiat currency and printing more money out of thin air is the way things should be. Just look at how much inflation there has been since the dollar was taken off the gold standard. Look at the price of silver, for example, back when the dollar was backed by gold and silver, a US Dollar was worth 1 ounce of silver, and you could buy 4 gallons of gas for a dollar/1 ounce of silver. Today, that same ounce of silver can buy quite a few gallons of gas, but with $1 USD you can't even buy 1/2 gallon of gas.

One ounce of silver used to = $1, but now 1 ounce = almost $15. One ounce of gold used to = $50, but now it's almost worth $1300. Why? Because they keep increasing the supply of money and driving the value down, so it takes more money to buy the same amount if goods. Expanding the money supply IS what CAUSES the inflation. Inflation is a hidden tax.

The bankers have done a great job tricking the masses. If you have honest money, that is backed by something, you wouldn't see out of control inflation as we have seen since dropping off the gold standard. If you guys can change the way you think about money, perhaps you can see the beauty of crypto currency.



yofmk26qfpwy[1].jpg
Yes, most people don't know about money...they just think they can buy stuff with it.

Scarcity gives money it's value. Without scarcity, people throw money into the streets.

See Venezuela Hyperinflation:

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mashers
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Post 08 May 2019

BRIGGS wrote:
08 May 2019
Scarcity gives money it's value.
Yes, but make it too scarce and it becomes so valuable that a significant enough number of people can't have any that there is a poverty crisis. Of course you can cite examples of hyper-inflation, but this only serves to demonstrate that a balance is needed. Too much value on currency and people can't earn it, or it becomes so powerful that people can buy whatever they want with it and it effectively becomes meaningless; too little value and there is a dearth of money which can't buy anything. Either way is a shitty situation, and avoiding it would seem to be a matter of responding to the market, adjusting money's power using things like interest rates and minimum wage, and monitoring the effects. Adopting a currency which has an upper limit on availability thus capping the amount available in the system would seem to remove control, and I could foresee a point where it would no longer be possible to control the value of it sufficiently.

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BRIGGS
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Location: Orange County California

Post 08 May 2019

mashers wrote:
08 May 2019
BRIGGS wrote:
08 May 2019
Scarcity gives money it's value.
Yes, but make it too scarce and it becomes so valuable that a significant enough number of people can't have any that there is a poverty crisis. Of course you can cite examples of hyper-inflation, but this only serves to demonstrate that a balance is needed. Too much value on currency and people can't earn it, or it becomes so powerful that people can buy whatever they want with it and it effectively becomes meaningless; too little value and there is a dearth of money which can't buy anything. Either way is a shitty situation, and avoiding it would seem to be a matter of responding to the market, adjusting money's power using things like interest rates and minimum wage, and monitoring the effects. Adopting a currency which has an upper limit on availability thus capping the amount available in the system would seem to remove control, and I could foresee a point where it would no longer be possible to control the value of it sufficiently.
Government control of the money supply has failed. Bitcoin solves this problem.
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mashers
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Post 08 May 2019

BRIGGS wrote:
08 May 2019
Government control of the money supply has failed. Bitcoin solves this problem.
What happens when the wealthy have bought all of the bitcoins and there aren’t any left for the rest of us?

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challism
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Post 08 May 2019

Then we use Etherium or Litecoin. And, also, as Briggs pointed out.... buy it now while you can. It is currently on sale at the end of a bear market.

Bitcoin hit a new high for 2019 yesterday. Just under $6000. I wouldn't be surprised to see a retrace back down to $4000, then she's going way, way, way back up. Past the all time high we saw in 2017. These are my thoughts, anyway.

mashers
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Joined: 05 Nov 2018

Post 08 May 2019

challism wrote:
08 May 2019
Then we use Etherium or Litecoin. And, also, as Briggs pointed out.... buy it now while you can. It is currently on sale at the end of a bear market.
Perhaps I am missing something here. If the question is, "could Bitcoin be used as a global currency", I don't understand how switching to a different digital currency would alleviate the problem of running out of Bitcoin. Wouldn't that just end up with a fragmented economy made up of multiple digital currencies?

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challism
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Post 08 May 2019

I think it's healthy to have competing currencies. We haven't seen the last of new crypto currencies, and perhaps we haven't even seen the one coin that will emerge as the leader, although I believe that Bitcoin will always be the king of crypto. What I am advocating for, here, is the use/adoption of blockchain technology, which is most likely the future of currency, information/Internet, contracts and many other things not yet imagined or realized.

If Bitcoin becomes too valuable to use as a currency, it will become a wealth storage vehicle, much like gold is today. You can't really go buy a loaf of bread with an ounce of gold or even a 1/4 of gold. But works very well as a storage of wealth, if that makes sense.

If the wealthy do end up buying all the Bitcoins, I will end up being a very wealthy man. There are only 21 million of them. How many millionaires are there? And they will eventually try to buy all the Bitcoins, you are right. I'll be glad to be holding it when the price finally moons when the billionaires are bidding against each other to buy mine. Or..... I could be completely wrong! :)

mashers
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Post 08 May 2019

Ahh, ok. I hadn’t considered casting each type of blockchain currency as a commodity and then using them as ways of storing wealth. The talk of it becoming a mainstream currency lead me to believe the purpose of this would be for a country or countries to use bitcoin as their major currency, which would mean problems would occur when they ran out. Adopting blockchain as a principle for currencies and then allowing a range of currencies to be used within it would be interesting.

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bxbrkrz
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Post 08 May 2019

challism wrote:
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
Don't forget to mention the utmost importance of a hardware wallet if you could.

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challism
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Post 08 May 2019

bxbrkrz wrote:
08 May 2019
challism wrote:
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
Don't forget to mention the utmost importance of a hardware wallet if you could.
ha ha ha, I think you just did! Yeah, it's a good idea to have some offline cold storage. I have a Nano Ledger S, which is a solid wallet.

Oh, and speaking of a wallet, if you sign up for a free online wallet at Blockchain.com, they are giving away the equivelant of $50 in XLM (Stellar Lumen is one of the top 10 coins). It is basically like a bank giving away $50 when you sign up for a checking account. It's an easy and free way to get some free crypto. If you don't want to keep the money in crypto, you can always exchange it for dollars and transfer it to your bank. Free money! https://www.blockchain.com/getcrypto/claim

And Complex-1 is on sale for $50. Perfect timing, right?

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bxbrkrz
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Post 08 May 2019

challism wrote:
08 May 2019
bxbrkrz wrote:
08 May 2019

Don't forget to mention the utmost importance of a hardware wallet if you could.
ha ha ha, I think you just did! Yeah, it's a good idea to have some offline cold storage. I have a Nano Ledger S, which is a solid wallet.

Oh, and speaking of a wallet, if you sign up for a free online wallet at Blockchain.com, they are giving away the equivelant of $50 in XLM (Stellar Lumen is one of the top 10 coins). It is basically like a bank giving away $50 when you sign up for a checking account. It's an easy and free way to get some free crypto. If you don't want to keep the money in crypto, you can always exchange it for dollars and transfer it to your bank. Free money! https://www.blockchain.com/getcrypto/claim

And Complex-1 is on sale for $50. Perfect timing, right?
Thank you for the tip. I'll have to look at the fine print regarding that free online wallet.
Perpetual motion machines and free money are two notions that fascinate me :puf_smile:

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jam-s
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Location: Aachen, Germany

Post 08 May 2019

I'm not into pyramid schemes that destroy the environment.
If you're in Aachen, come and visit us at the Voidspace.

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plaamook
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Post 08 May 2019

I know two people that turned £250 into £25,000. Each.
At the time I didn't have disposable (potentially) money like that and they did. Now they've got even more disposable money. I've got even less I think.
Same old song...

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challism
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Joined: 17 Jan 2015

Post 09 May 2019

plaamook wrote:
08 May 2019
I know two people that turned £250 into £25,000. Each.
At the time I didn't have disposable (potentially) money like that and they did. Now they've got even more disposable money. I've got even less I think.
Same old song...
But at least you have Reason and you can make a remix of that same old song, right?

mashers
Posts: 389
Joined: 05 Nov 2018

Post 09 May 2019

I have never been tempted to try to make big money. I’m happy with what I’ve got, and don’t really care about money as long as I have enough food so that I don’t die, and a warm house. Anything else is a bonus. But losing everything to a risky investment fills me with horror, so I’ve never tried and never want to. But I am interested in new currencies and how they could change how we see currency, property and wealth.

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BRIGGS
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Post 09 May 2019

BTC $6,042.05
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bxbrkrz
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Post 09 May 2019

BRIGGS wrote:
09 May 2019
BTC $6,042.05
:cool:

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BRIGGS
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Post 10 May 2019

bxbrkrz wrote:
09 May 2019
:cool:
I'll need that, when I become a trillionaire. :puf_smile:

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challism
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Post 10 May 2019

BTC hit $6360 today. She sure is bullish right now. Just look at this month's growth, and the month is only 1/3 over. BTC was at $4000 just a month and a half ago. I think the bulls are back! This is starting to remind me of 2017. https://www.tradingview.com/x/JAKyCGdL/

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Oquasec
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Post 10 May 2019

Nah. I believe bitcoin's ship has sailed and will never come back.
Producer/Sound Designer.
Currently checking out peff & hydlide's archives

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BRIGGS
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Location: Orange County California

Post 11 May 2019

Oquasec wrote:
10 May 2019
Nah. I believe bitcoin's ship has sailed and will never come back.
Plenty of other ships here: https://coinmarketcap.com

Litecoin is still under $100
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challism
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Post 11 May 2019

Oquasec wrote:
10 May 2019
Nah. I believe bitcoin's ship has sailed and will never come back.
You are joking, right? All markets run in cycles/waves. When something pushes, it's sure to have a pull back. BTC clibmed from $4k to $20k in 2.5 months back in 2017. So, obviously, it had to retrace and make a correction. That is how all healthy markets work. But after almost 1.5 years of a bear market, it looks like she it turning around again. This next bull market will hit new highs, for sure. It just hit $6k less than 2 days ago. Climbed $700 today alone. She is definitely bullish again.

That being said, I wouldn't be surprised to see another pull back to the mid $4k - $5k range, then it's back up again. It is due for a retrace. It was just at $4k not even 2 months ago. Now, today it hit $7k. How can that ship have possibly already sailed? There is plenty of opportunity ahead. What you don't want to do is buy BTC when it is at its peak and is the leading story on all the news like it was in late 2017; that is the time to sell, not buy.

And like BRIGGS already said, there are plenty of other ships setting sail. And they are all deeply discounted right now. I just made 11% off XMR today. Bought it a day ago, just sold it. https://www.tradingview.com/x/wynn1Ou1/

Basically, you will do OK in the market if you do the opposite of the masses. :)

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