Cryptocurrency (Bitcoin, Ethereum etc) Page 25

  • Deleted user 23 April 2021 14:32:41
    I'm going to hold until I'm coining it in 2055. HOLDAL
  • JYM60 23 Apr 2021 15:00:06 18,924 posts
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    Tonka wrote:
    whatfruits wrote:
    Is any of these fluctuations based on actual value or is crypto purely the wisdom of crowds?
    I don't understand what wisdom of crowds is supposed to mean in this context. But there's no value in any crypto. It's not used for anything.

    It's the purest form of capitalism where you don't even need money to make money. Just hype.
    Don't dare say that on Reddit, unless you're talking about a smaller coin which are all apparently all ponzi schemes. ETH and BTC have real world uses don't you know. Definitely not just used for storing and increasing wealth.
  • Deleted user 23 April 2021 15:01:22
    To be fair i've used bitcoin to buy premo weed.
  • CrispyXUKTurbo 23 Apr 2021 15:44:12 3,095 posts
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    I hear pornhub accept crypto including doge...
  • sport 23 Apr 2021 15:57:34 16,849 posts
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    Is spankcoin still going?
  • Benno 23 Apr 2021 15:59:24 11,831 posts
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    Crypto (or anything for that matter) has value as long as we collectively tell ourselves that it does. Did no one read Sapiens?
  • Benno 23 Apr 2021 16:03:25 11,831 posts
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    Benno wrote:
    This fund just launched today and I've thrown some money in for the potential black swan upside.

    IPO offering was 5p a share, it launched at 8p and has dropped down to 4.5p which means I've been able to pick things up cheaper than IPO offering which is nice.
    Feel like I should quote my past self and point out that this fund has now tanked to 3.6p - hope no one followed :) I am still bullish about NFTs though. Scarcity is a real driver of human behaviour, and understanding the unique provenance of art, fashion, ideas could be quite valuable for a lot of people. Also its one of our best hedges against deepfakes and other types of internet fraud blah blah blah

    *watches as fund continues to drop*
  • Tonka 23 Apr 2021 17:49:46 31,801 posts
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    You're aware that the only scarce thing with NFT is the password. There's nothing stopping anyone from making a new NFT pointing at the same crappy JPEG or making an infinite number of copies of said JPEG.

    Or, replacing the crappy JPEG with another crappy JPEG, or deleting it.

    If crypto currencies are capitalism taken all the way to the end, then NFTs are the emperor's new clothes, except there is no emperor.

    But, again, as something to speculate on (of you have the klout to begin with) it's quite something.

    To bad about the obscene energy consumption.
  • Tonka 23 Apr 2021 17:52:03 31,801 posts
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    JYM60 wrote:

    Don't dare say that on Reddit, unless you're talking about a smaller coin which are all apparently all ponzi schemes. ETH and BTC have real world uses don't you know. Definitely not just used for storing and increasing wealth.
    Before I got banned from Twitter (over a vaccine joke) I had a most illuminating discussion with a bunch of crypto heads.

    Nothing but turtles, all the way down.
  • CrispyXUKTurbo 23 Apr 2021 21:47:31 3,095 posts
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    So would people recommend I sort my own wallet out or stick with my binance account?
  • ResidentKnievel 23 Apr 2021 22:39:31 7,571 posts
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    What's more likely, you lose your off line wallet or binance collapses?
  • MasterOfSpin 24 Apr 2021 05:31:31 70 posts
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    Tonka wrote:
    whatfruits wrote:
    Is any of these fluctuations based on actual value or is crypto purely the wisdom of crowds?
    I don't understand what wisdom of crowds is supposed to mean in this context. But there's no value in any crypto. It's not used for anything.

    It's the purest form of capitalism where you don't even need money to make money. Just hype.
    You can shout that crypto has no value. And people have been shouting that for 12 years now. But it doesn't change the fact that a single Bitcoin currently has a value of around 50k USD.

    It has value for many of the same reasons the numbers displayed in your bank account have value - people believe it has value. I also hate to break it to you, but besides food and shelter, the concept of "value" gets very subjective.

    And even shelter gets murky - just look at house prices. They go up not because the houses provide better shelter, but because people are betting on the prices going up. Hence the rabid investment mentally around property.

    I agree crypto is a bit mad, but it's no madder than the rest of the financial system.

    Edited by MasterOfSpin at 05:35:47 24-04-2021
  • Tonka 24 Apr 2021 06:28:13 31,801 posts
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    What I meant was that the blockchain is useless for anything beyond financial speculation.

    I'm off the opinion that just because something generates money for a few, it doesn't mean it contributing any value to society.

    The fact that having money is the best way to make money, rather than producing goods or services, is a big fail.

    And crypto is that taken to extremes.
  • MasterOfSpin 24 Apr 2021 07:16:01 70 posts
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    @Tonka I think that's a fair point, to a degree. Though I do see merit in smart contracts. But yes, most things don't need to be blockchained. NFTs are an interesting idea that I imagine could have some niche use cases, but the current mania around them is pure hype.
  • Benno 24 Apr 2021 08:07:58 11,831 posts
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    Tonka wrote:
    You're aware that the only scarce thing with NFT is the password. There's nothing stopping anyone from making a new NFT pointing at the same crappy JPEG or making an infinite number of copies of said JPEG.

    Or, replacing the crappy JPEG with another crappy JPEG, or deleting it.

    If crypto currencies are capitalism taken all the way to the end, then NFTs are the emperor's new clothes, except there is no emperor.

    But, again, as something to speculate on (of you have the klout to begin with) it's quite something.

    To bad about the obscene energy consumption.
    But just having that unique token is enough for people to place value on it. Like first edition books and original pieces of artwork (that require professionals to even classify them as original, as they look cosmetically the same)
  • Armoured_Bear 24 Apr 2021 08:13:14 30,322 posts
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    My crypto portfolio has ADA, CHZ, DGB, BTT, TRN and REN. I bought ADA last November and the rest in the last month or so.
    Itís up 150% so far, will just sit but may be tempted to take the profit later this year after one of the big rallies (if they come).
  • ResidentKnievel 24 Apr 2021 11:04:50 7,571 posts
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    So you haven't taken profit so far?

    Arggggjjjhhhjysxvj
  • SuperCoolEskimo 24 Apr 2021 19:28:15 11,877 posts
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    Iím surprised at how resilient Doge is compared to other cryptos.

    Bitcoin charts are looking bullish.
  • Armoured_Bear 24 Apr 2021 20:44:57 30,322 posts
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    ResidentKnievel wrote:
    So you haven't taken profit so far?

    Arggggjjjhhhjysxvj
    Nope, it hasn't reached the moon yet.
  • ResidentKnievel 24 Apr 2021 21:12:01 7,571 posts
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    We're past them moon and on mars
  • Tonka 27 Apr 2021 10:32:45 31,801 posts
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    I've seen that, and similar, arguments from crypto lovers a few times and it really holds no water. It's the perfect distillation of nearly everything that is flawed with the crypto argument.

    First, it freely swaps the meaning of value as in "can I get money from this?" to value as in "is this something I appreciate, something that is useful, something that has enhanced what came before it in the value chain?"

    I've bought art that I appreciate. Art that I value, regardless of what I can get for it if I decided to sell it. It's value to me is perfectly independent on what we collectively tell ourself its monetary value is.

    But, if everyone came to their senses and realised what a scam NFT "art" is, its entire reason for existing would evaporate. Quite literally its entire infrastructure could collapse, regardless if there was one person who dearly loved his secret password to a link pointing to a jpg that no longer existed.

    Crypto, and NFTs ad nothing to the value chain. They cause tremendous harm to our shared environment. Some people will get rich, but at the behest of a bunch of suckers, like in any other pyramid scheme.


    TL;DR
    How you value something is not the same as how much it is worth in money.
  • robthehermit 27 Apr 2021 11:20:26 8,420 posts
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    Art Schmart. Our favourite piece of "art" is a cheap Beryl Cook print that cost more to frame than it did to buy.
  • kingnothing12 28 Apr 2021 11:20:33 831 posts
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    Crypto isn't just token creation and sending tokens anymore. Defi protocols and products have created real value and have an actual use. Banks are offering 0.5% on yield. Companies will be able to get anywhere from 8-10% and that's being modest. By the end of this decade Eth, chainlink, aave and a few other select defi protocols will be handling trillions of $ in value.

    Visa has started to settle payments on Eth, Mastercard will follow. The next 5-10 years will be eye opening. Keep going against the trend. It's been working so far hasn't it?
  • Load_2.0 28 Apr 2021 13:03:21 33,075 posts
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    I don't really understand your percentages. Companies will get 8 -10 % what?

    What works against crypto is that a single tweet can effect the "value" that official trading platform owners keep absconding with millions and that taxation an regulation is going to devalue it.

    The idea that it's an everyman solution to fiat and evil financial institutions is a myth given those very institutions own enough to be able to manipulate the price at any point they choose.
  • MasterOfSpin 28 Apr 2021 20:53:05 70 posts
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    Load_2.0 wrote:
    I don't really understand your percentages. Companies will get 8 -10 % what?

    What works against crypto is that a single tweet can effect the "value" that official trading platform owners keep absconding with millions and that taxation an regulation is going to devalue it.

    The idea that it's an everyman solution to fiat and evil financial institutions is a myth given those very institutions own enough to be able to manipulate the price at any point they choose.

    A single Tweet from the right person that influence the stock market and even FX markets. Equally, if anything crypto has become much harder to manipulate. There has been some extremely positive and negative news in recent months that has hardly impacted the price at all. As time goes on, I suspect it will become increasingly less volatile - although all asset classes seem to be experiencing high levels of volatility at the moment due to the complete shit-show that is the modern financial system - with asset bubbles all over the place as people attempt to escape inflation.
  • MasterOfSpin 28 Apr 2021 20:55:46 70 posts
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    Tonka wrote:
    I've seen that, and similar, arguments from crypto lovers a few times and it really holds no water. It's the perfect distillation of nearly everything that is flawed with the crypto argument.

    First, it freely swaps the meaning of value as in "can I get money from this?" to value as in "is this something I appreciate, something that is useful, something that has enhanced what came before it in the value chain?"

    I've bought art that I appreciate. Art that I value, regardless of what I can get for it if I decided to sell it. It's value to me is perfectly independent on what we collectively tell ourself its monetary value is.

    But, if everyone came to their senses and realised what a scam NFT "art" is, its entire reason for existing would evaporate. Quite literally its entire infrastructure could collapse, regardless if there was one person who dearly loved his secret password to a link pointing to a jpg that no longer existed.

    Crypto, and NFTs ad nothing to the value chain. They cause tremendous harm to our shared environment. Some people will get rich, but at the behest of a bunch of suckers, like in any other pyramid scheme.


    TL;DR
    How you value something is not the same as how much it is worth in money.
    The problem is, 10 years ago this would have been an interesting discussion.

    8 years ago you'd have started getting some scepticism but this was still the dominant narrative.

    5 years ago this all started to seem a bit salty.

    Now it just feels like "old man shouts at sky" territory.
  • CrispyXUKTurbo 28 Apr 2021 21:03:39 3,095 posts
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    So I switched to binance pro and immediately shit myself
  • CrispyXUKTurbo 28 Apr 2021 21:08:27 3,095 posts
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    Friend of mine that invests in crypto with me wants to except new coin in his restaurant. is there an easy way of doing that?
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