Crypto Currency Thread (Vol.2)

[Ari]

WY86 said:

Ari said:

Sounds brilliant! How much interest would I make? Presumably it gets paid in actual cash?

I might retire, sounds like I can't lose! I can't lose, can I..?

Why are you asking if I'm Toni or Guy?

all depends on the pairings of what your staking it in, could 10% 20% and in some pairings up to 300%

all investments have risks and you know this.

I invest in the FTSE100 because I know nothing about investing. So compared to that, how much risk? Twice as much? Three times?

Because 300% sounds pretty good to me. Too good to be true, you might say...

You didn't answer why you were asking if I were Toni or Guy?

[WY86]

Ari said:

I invest in the FTSE100 because I know nothing about investing. So compared to that, how much risk? Twice as much? Three times?

Because 300% sounds pretty good to me. Too good to be true, you might say...

You didn't answer why you were asking if I were Toni or Guy?

It was a quip about your car history.

Its very much true, but as you state about your limited knowledge on investing and even less about crypto probably wise you sit this one out.

[Camelot1971]

WY86 said:

..your limited knowledge on investing and even less about crypto probably wise you sit this one out.

Irony at its absolute finest.

[WY86]

Camelot1971 said:

Irony at its absolute finest.

Yawn

[r3g]

Strongblock is soft rugging. Treasury depleted. RIP.. I predicted this back in January but got shouted down in the youtube comments.

https://strongblock.com/announcements.html

Edited by r3g on Sunday 22 May 07:37

[rodericb]

moonigan said:

Gweeds said:

https://www.currentaffairs.org/2022/05/why-this-co...

“Despite being hyped in expensive Super Bowl ads, cryptocurrency is now having a difficult moment. As the New York Times reports, “the crypto world went into a full meltdown this week in a sell-off that graphically illustrated the risks of the experimental and unregulated digital currencies.” One of cryptocurrency’s most vocal skeptics is Nicholas Weaver, senior staff researcher at the International Computer Science Institute and lecturer in the computer science department at UC Berkeley. Weaver has studied cryptocurrencies for years. Speaking with Current Affairs editor-in-chief Nathan J. Robinson, Prof. Weaver explains why he views the much-hyped technology with such antipathy. He argues that cryptocurrency is useless and destructive, and should “die in a fire….”

Pretty much every ‘benefit’ touted in the PR lines trotted out in this thread are dismantled one by one.

And this chap has likely forgotten more than most people know.

It was an interesting read, enlightening.

Enlightening indeed. Forgive the impending crudeness but that guy has his dick so far up some hole he'll be chopping off his legs and going all in. A fire and brimstone rock and roll preacher from the pulpit of the church of whatever-the-fk-that's-all-about. A lot of the hyperbole he's hyperventilating is pretty much what I read on The Internet twenty years ago, about the banking system, governments blah blah blah and which Bitcoin was eventually concocted up as an experiement by some nutcases to rail against the system.

Now that electric Jesus is starting to look outside his wheelhouse the establishment is on attack mode. I wonder when Go Fund Me is going to take back the money for the couch electric jesus's disciples donated for?

[rodericb]

Condi said:

WY86 said:

I feel your moving the goal posts, i would say some
Crypto has more intrinsic value based on what the capabilities of the software its built upon. You cannot blanket statement crypto because they all have different use cases.

If a share crashes to zero it has no intrinsic value you can’t sell it for scrap paper it is worthless.

Not moving any goal posts, the intrinsic value of the share at any point in time is exactly what I said it is. It entirely depends on the assets and liabilities of the company you are investing it. The value moves around and can of course be 0, ala Enron and many other companies which have gone bust, but that doesnt mean that the intrinsic value of all shares is 0.

The other point I should have made before is the acknowledgement of risk you are taking on. Shares pay dividends, on the whole, and buying debt pays interest. This is a return for the risk that the company goes bust or the debt doesn't get repaid. With crypto your only "out" is hoping that someone else pays more for it than you did; there is no return for the risk of it going down. Aka the greater fool theory.

A good chunk of any intrinsic value in shares is that there's an industry around manipulating it to extract value out of suckers. They don't want to destroy that money making machine. Or sometimes they go off-script like in the case of Gamestop and someone notices it and does something about it.

Edited by rodericb on Sunday 22 May 13:34

[Ari]

WY86 said:

Ari said:

I invest in the FTSE100 because I know nothing about investing. So compared to that, how much risk? Twice as much? Three times?

Because 300% sounds pretty good to me. Too good to be true, you might say...

You didn't answer why you were asking if I were Toni or Guy?

It was a quip about your car history.

Its very much true, but as you state about your limited knowledge on investing and even less about crypto probably wise you sit this one out.

Yes, though that was about the level we were dealing with here. Maybe you should stick to Top Gear reruns...

[Ari]

WY86 said:

So many bitter people that are clearly annoyed that even in a bear market bitcoins value is still 50x compared to their share prices.

Eh? How on earth do you figure that one out?

[Chamon_Lee]

WY86 said:

Condi said:

This post is one of the best on here recently. Very pragmatic. Most people who talk about how great crypto is are simply talking their book. They need an increasing number of buyers to fuel the system and allow them to make a profit. All this nonsense about use cases and how much the future relies on crypto is quite clearly nonsense because over 10 years after Bitcoin was first used to buy a pizza the number of places which accept it as a currency is tiny and whichever way you look at it, it has totally failed as a medium of exchange. When something truly revolutionary comes along which is as scalable as crypto, it doesn't take 10 years for people to see the benefits and start using it.

you know what the beautiful thing is it will slowly filter into your life and you won't even realize, that behind that contract or license agreement is a blockchain recording it and storing that information.

What i actually see from all this belittling is a generation a little afraid that something they don't understand is gaining traction and are not able to leverage it to make smart investments.

im sure your aware that blockchain is one thing and cryptocurrency is another. All of the cryptocurrencies could dissapear and we could still use the blockchain technology for information recording? Even then as others have said there might be more efficent ways of doing that rather than using blockchain anyway.

All this "ICO" crap is really just a funding vehicle without any ownership in the company. Its basically to by pass the laws that exist.

[anonymous-user]

rodericb said:

Enlightening indeed. Forgive the impending crudeness but that guy has his dick so far up some hole he'll be chopping off his legs and going all in. A fire and brimstone rock and roll preacher from the pulpit of the church of whatever-the-fk-that's-all-about. A lot of the hyperbole he's hyperventilating is pretty much what I read on The Internet twenty years ago, about the banking system, governments blah blah blah and which Bitcoin was eventually concocted up as an experiement by some nutcases to rail against the system.

Now that electric Jesus is starting to look outside his wheelhouse the establishment is on attack mode. I wonder when Go Fund Me is going to take back the money for the couch electric jesus's disciples donated for?

I'm sure they are all words found in the dictionary, but

[WY86]

Chamon_Lee said:

im sure your aware that blockchain is one thing and cryptocurrency is another. All of the cryptocurrencies could dissapear and we could still use the blockchain technology for information recording? Even then as others have said there might be more efficent ways of doing that rather than using blockchain anyway.

All this "ICO" crap is really just a funding vehicle without any ownership in the company. Its basically to by pass the laws that exist.

depends on the blockchain, some blockchains will use their tokens/coins as a sort of fuel to complete transactions on the blockchain. It is hard to speak in absolutes as I am sure you are aware that crypto and blockchains is a very broad subject.

[Condi]

We were talking about the value of asset classes? Someone who knows more than most has an opinion on the subject too, which quite neatly mirrors mine.

Daily Mail said:

Bank of England chief Andrew Bailey has issued a warning on cryptocurrencies saying they have 'no intrinsic value'.

The governor likened purchasers of crypto assets to hoarders of curios - saying 'people collect all sorts of things'.

He argued that products such as Bitcoin were not 'practical means of payment' even though technology such as blockchain was undoubtedly 'important'.

Mr Bailey said that the 'underlying technology' from cryptocurrencies were important, stressing that the Bank is looking at its own digital currency.

'What I think is to be determined is, if we are much more likely to be living in a world of digital currency than old fashioned sort of payment methods, precisely what form of digital currency, digital use, becomes the one that becomes the accepted norm,' he said.

'In terms of payments I don't think it will be crypto in the a sort of Bitcoin sense of the term. I don't think that is really a practical means of payment.'

Mr Bailey, who confirmed he does not hold any crypto himself, said: 'I am probably not liked by the advocates of Bitcoin because I have said I don't think it has any intrinsic value.

'It can have extrinsic value in the sense that people want to own it – people collect all sorts of things – but it doesn't have intrinsic value.'

https://www.dailymail.co.uk/news/article-10845107/BoE-chief-Andrew-Bailey-issues-stark-warning-cryptocurrencies.html

[g4ry13]

Condi said:

We were talking about the value of asset classes? Someone who knows more than most has an opinion on the subject too, which quite neatly mirrors mine.

Daily Mail said:

Bank of England chief Andrew Bailey has issued a warning on cryptocurrencies saying they have 'no intrinsic value'.

The governor likened purchasers of crypto assets to hoarders of curios - saying 'people collect all sorts of things'.

He argued that products such as Bitcoin were not 'practical means of payment' even though technology such as blockchain was undoubtedly 'important'.

Mr Bailey said that the 'underlying technology' from cryptocurrencies were important, stressing that the Bank is looking at its own digital currency.

'What I think is to be determined is, if we are much more likely to be living in a world of digital currency than old fashioned sort of payment methods, precisely what form of digital currency, digital use, becomes the one that becomes the accepted norm,' he said.

'In terms of payments I don't think it will be crypto in the a sort of Bitcoin sense of the term. I don't think that is really a practical means of payment.'

Mr Bailey, who confirmed he does not hold any crypto himself, said: 'I am probably not liked by the advocates of Bitcoin because I have said I don't think it has any intrinsic value.

'It can have extrinsic value in the sense that people want to own it – people collect all sorts of things – but it doesn't have intrinsic value.'

https://www.dailymail.co.uk/news/article-10845107/BoE-chief-Andrew-Bailey-issues-stark-warning-cryptocurrencies.html

You mean the guy who is the leader of the organisation which controls the money supply for this country is talking down a currency beyond their remit. How surprising!

[Ari]

g4ry13 said:

You mean the guy who is the leader of the organisation which controls the money supply for this country is talking down a currency beyond their remit. How surprising!

Is he wrong? If so, where is the intrinsic value? No one has been able to point it out yet.

[r3g]

g4ry13 said:

You mean the guy who is the leader of the organisation which controls the money supply for this country is talking down a currency beyond their remit. How surprising!

My exact thought too. Guy who is planning to launch his own CBDC bad-mouths all other crypto currencies. Imagine my shock!

[g4ry13]

Ari said:

g4ry13 said:

You mean the guy who is the leader of the organisation which controls the money supply for this country is talking down a currency beyond their remit. How surprising!

Is he wrong? If so, where is the intrinsic value? No one has been able to point it out yet.

Yes, of course he's wrong. Take a look at the mess going on whilst he's been at the wheel. Although Carney is culpable too.

As for your intrinsic value question, didn't we just have this discussion?!?

[Condi]

g4ry13 said:

Yes, of course he's wrong. Take a look at the mess going on whilst he's been at the wheel. Although Carney is culpable too.

Ah go on then, entertain us. How is the current situation his fault given as the worldwide inflation is being driven entirely by external factors, and how would you have done things differently? What other tools should he have used to first of all support the economy during Covid and a worldwide lockdown, and then how should he have managed the reopening from a BoE perspective?

[WY86]

Is this a crypto discussion or a crypto bashing thread? Like yeah you lot don’t understand don’t like it. Get over it, yeah the Head of the bank of england is worried about DEX’s and Crypto. Maybe they should not of turned on the money printers and devalued the pound.

And again not all Crypto’s are about replacing currency! How many times!

Edited by WY86 on Monday 23 May 21:07

[Condi]

WY86 said:

Is this a crypto discussion or a crypto bashing thread? Like yeah you lot don’t understand don’t like it. Get over it, yeah the Head of the bank of england is worried about DEX’s and Crypto. Maybe they should not of turned on the money printers and devalued the pound.

Its a discussion about crypto, the man who heads up the most important financial institution in the land gives an opinion, and the only response is "he's wrong". Well, go on then, refute it. Why is he wrong? What should he have done? Why are you more qualified to comment?

By it's very nature, "discussion" about crypto also includes the opposing opinion, otherwise it's not a discussion thread, but a thread to pump whatever is next and by failing to recogonise the negatives you hope it creates a self-fulfilling prophecy and the price goes up. God forbid anyone thinks the price might go down!