Crypto Currency Thread
Discussion
Thesprucegoose said:
too little too late that is why other coins have filled the gap, and btc market share has dropped for the last two years.
BTC market share has dropped because a bunch of people think they can make some easy money.The best software when you intend to create money is the simplest and most robust. It is built carefully, which means slowly. When someone develops software in a hurry to fill a gap, very basic mistakes happen, as you can see time and again across the field. eg recently EOS & IOTA.
Behemoth said:
BTC market share has dropped because a bunch of people think they can make some easy money.
The best software when you intend to create money is the simplest and most robust. It is built carefully, which means slowly. When someone develops software in a hurry to fill a gap, very basic mistakes happen, as you can see time and again across the field. eg recently EOS & IOTA.
What happened with IOTA? Must have missed it and can't see anything recent on googleThe best software when you intend to create money is the simplest and most robust. It is built carefully, which means slowly. When someone develops software in a hurry to fill a gap, very basic mistakes happen, as you can see time and again across the field. eg recently EOS & IOTA.
coyft said:
I'm completely open minded about it, in fact I came here trying to find out what use it could be put to.
However so far, no-one has been able to come up with anything.
The main argument seems to be that some visionaries will be rich soon, which will show the rest of us how wrong we were.However so far, no-one has been able to come up with anything.
I can’t remember if I mentioned it upthread, but one of my IT guys apparently has 4,000 bitcoins. You would think that he would swap some for helicopters, Islamds, and castles, but the story is that he simply cannot manage to transfer it into a UK account from which he can spend it.
I have head the same story a few times in recent years and it suggests that the “value” in oeople’s Wallets may be real when they have one or two coins, but still illusory if they have many.
On the other hand, the stock that I keep getting paid in just keeps drifting lower every year too, And can be clawed back on the vaguest of assertions for years to come, so I do understand that many of us in the “real” economy may have illusory wealth too.
dimots said:
I don't really understand why you all have such a negative view of bitcoin. You haven't even started to gain an understanding of it, all you do is apply today's financial world to bitcoin and try to make it fit.
That is not how it will work.
That's like when the first internet search engines decided to create human edited directories and indexes instead of algorithms to query the web. It's a new world, new thinking needed.
The price of bitcoin has been its biggest problem. It went so high that the risks of hacks, lost coins, user error and so on became too great for fledgling companies to bear. Who cares if you lose 1000 bitcoins worth £10 each? Nobody. Who cares if you lose 1000 bitcoins worth $20,000 each? Everybody.
Anyway, lots of amazing stuff is still happening and if you can drop your defences and open your minds you might surprise yourselves and learn something new.
Google this for starters: 00000000000000000021e800c1e8df51b22c1588e5a624bea17e9faa34b2dc4a
I googled it. It lead to a post which I assume is supposed to be a post-narrative installation written by a retard on a bad drug trip.That is not how it will work.
That's like when the first internet search engines decided to create human edited directories and indexes instead of algorithms to query the web. It's a new world, new thinking needed.
The price of bitcoin has been its biggest problem. It went so high that the risks of hacks, lost coins, user error and so on became too great for fledgling companies to bear. Who cares if you lose 1000 bitcoins worth £10 each? Nobody. Who cares if you lose 1000 bitcoins worth $20,000 each? Everybody.
Anyway, lots of amazing stuff is still happening and if you can drop your defences and open your minds you might surprise yourselves and learn something new.
Google this for starters: 00000000000000000021e800c1e8df51b22c1588e5a624bea17e9faa34b2dc4a
Did you genuinely think it would convince educated people of your worldview?
Behemoth said:
BTC market share has dropped because a bunch of people think they can make some easy money.
A bunch of people really can make easy money.Get a good degree, get a job on a graduate scheme of an investment bank, spend a decade learning your skill and you can get £1m a year for turning up and just doing what you are expert in.
I do not understand why people think that it makes sense to try to take a short cut. The average return on that route is negative.
James_B said:
Behemoth said:
BTC market share has dropped because a bunch of people think they can make some easy money.
A bunch of people really can make easy money.Get a good degree, get a job on a graduate scheme of an investment bank, spend a decade learning your skill and you can get £1m a year for turning up and just doing what you are expert in.
I do not understand why people think that it makes sense to try to take a short cut. The average return on that route is negative.
However, there is/was a guy on there called Michael who recently lost 123 BTC in one day a couple of months ago. I don't pretend to understand it but he went short on a 100 times multiplier and made the wrong choice.....
James_B said:
Get a good degree, get a job on a graduate scheme of an investment bank, spend a decade learning your skill and you can get £1m a year for turning up and just doing what you are expert in.
18 years in investment banking I do a little more than just turn up and for about 80% less than you suggest is possible....BTC etc is a stroy still unfolding and 10 years from now it will have either made an easy 1m as you suggest or be more middle managmement 200k or failed career type working back in home town 32k...we just do.not knowJames_B said:
A bunch of people really can make easy money.
Get a good degree, get a job on a graduate scheme of an investment bank, spend a decade learning your skill and you can get £1m a year for turning up and just doing what you are expert in.
I do not understand why people think that it makes sense to try to take a short cut. The average return on that route is negative.
I don't think you got the right end of the stick. I was not referring to crypto traders. The people coining it (quite literally) are 99% of the teams "developing" alt coins through ICOs. Most of it marketing designed to take money off the unsuspecting. There are very, very few legitimate projects out there.Get a good degree, get a job on a graduate scheme of an investment bank, spend a decade learning your skill and you can get £1m a year for turning up and just doing what you are expert in.
I do not understand why people think that it makes sense to try to take a short cut. The average return on that route is negative.
James_B said:
The main argument seems to be that some visionaries will be rich soon, which will show the rest of us how wrong we were.
I can’t remember if I mentioned it upthread, but one of my IT guys apparently has 4,000 bitcoins. You would think that he would swap some for helicopters, Islamds, and castles, but the story is that he simply cannot manage to transfer it into a UK account from which he can spend it.
I have head the same story a few times in recent years and it suggests that the “value” in oeople’s Wallets may be real when they have one or two coins, but still illusory if they have many.
On the other hand, the stock that I keep getting paid in just keeps drifting lower every year too, And can be clawed back on the vaguest of assertions for years to come, so I do understand that many of us in the “real” economy may have illusory wealth too.
V strange I have sold bitcoin and had the payments direct from bitstamp to Barclays with no issues. Not small amounts either much as I am reluctant to reveal details online.I can’t remember if I mentioned it upthread, but one of my IT guys apparently has 4,000 bitcoins. You would think that he would swap some for helicopters, Islamds, and castles, but the story is that he simply cannot manage to transfer it into a UK account from which he can spend it.
I have head the same story a few times in recent years and it suggests that the “value” in oeople’s Wallets may be real when they have one or two coins, but still illusory if they have many.
On the other hand, the stock that I keep getting paid in just keeps drifting lower every year too, And can be clawed back on the vaguest of assertions for years to come, so I do understand that many of us in the “real” economy may have illusory wealth too.
Gecko1978 said:
18 years in investment banking I do a little more than just turn up and for about 80% less than you suggest is possible....BTC etc is a stroy still unfolding and 10 years from now it will have either made an easy 1m as you suggest or be more middle managmement 200k or failed career type working back in home town 32k...we just do.not know
Even £200k is very good money in the “real”, but I’m surprised that someone is on that after eighteen years.James_B said:
A bunch of people really can make easy money.
Get a good degree, get a job on a graduate scheme of an investment bank, spend a decade learning your skill and you can get £1m a year for turning up and just doing what you are expert in.
I do not understand why people think that it makes sense to try to take a short cut. The average return on that route is negative.
Hahaha this is case in point for bitcoin! Why pay £1m a year for someone to just turn up and move your money around when it can be managed by machines? You don’t see the irony in your post?Get a good degree, get a job on a graduate scheme of an investment bank, spend a decade learning your skill and you can get £1m a year for turning up and just doing what you are expert in.
I do not understand why people think that it makes sense to try to take a short cut. The average return on that route is negative.
dimots said:
Hahaha this is case in point for bitcoin! Why pay £1m a year for someone to just turn up and move your money around when it can be managed by machines? You don’t see the irony in your post?
Good point, but I think the irony is completely lost here. The likelihood is far too remote for most people to contemplate right now. Thought in these terms, the energy bill driving these machines suddenly looks very good value, though. :looks for tin hat: 
dimots said:
Hahaha this is case in point for bitcoin! Why pay £1m a year for someone to just turn up and move your money around when it can be managed by machines? You don’t see the irony in your post?
Erm.. It's not the guys operating BACS or CHAPS that are earning 100's of 000 a year. If you could automate what the high earners do, why not automate it already on dollar transactions? Even SAP can automatically but / pay, if the algorithm you're referring to existed, it's be in place and working right now, surely?James_B said:
coyft said:
I'm completely open minded about it, in fact I came here trying to find out what use it could be put to.
However so far, no-one has been able to come up with anything.
I can’t remember if I mentioned it upthread, but one of my IT guys apparently has 4,000 bitcoins. You would think that he would swap some for helicopters, Islamds, and castles, but the story is that he simply cannot manage to transfer it into a UK account from which he can spend it.However so far, no-one has been able to come up with anything.
skinnyman said:
James_B said:
coyft said:
I'm completely open minded about it, in fact I came here trying to find out what use it could be put to.
However so far, no-one has been able to come up with anything.
I can’t remember if I mentioned it upthread, but one of my IT guys apparently has 4,000 bitcoins. You would think that he would swap some for helicopters, Islamds, and castles, but the story is that he simply cannot manage to transfer it into a UK account from which he can spend it.However so far, no-one has been able to come up with anything.
Behemoth said:
dimots said:
Hahaha this is case in point for bitcoin! Why pay £1m a year for someone to just turn up and move your money around when it can be managed by machines? You don’t see the irony in your post?
Good point, but I think the irony is completely lost here. The likelihood is far too remote for most people to contemplate right now. Thought in these terms, the energy bill driving these machines suddenly looks very good value, though. :looks for tin hat: All FX payments are entirely automated, no person needs to be involved, and the cost to me as a user is negligible. We're talking 7 figure sums into different currencies for maybe £150 for business customers. Its a negligible cost when compared to the value of the deal or trade.
Financial traders/mangers will either take a position with the retail flow, and generate additional returns for the bank through the position, or will be doing more bespoke OTC products which need more human interaction because they are specialised.
But of course..... you knew all this already.
Condi said:
No tin hat required, just as usual you've missed (or deliberately misinterpreted) the point.
All FX payments are entirely automated, no person needs to be involved, and the cost to me as a user is negligible. We're talking 7 figure sums into different currencies for maybe £150 for business customers. Its a negligible cost when compared to the value of the deal or trade.
Financial traders/mangers will either take a position with the retail flow, and generate additional returns for the bank through the position, or will be doing more bespoke OTC products which need more human interaction because they are specialised.
But of course..... you knew all this already.
I'm sure you know It's the spread that brings the revenue, not the nominal tx cost. The FX industry isn't that old & would change dramatically if the economics changed dramatically in a (decades ahead) future where there is a hard money basis. That's the point being made.All FX payments are entirely automated, no person needs to be involved, and the cost to me as a user is negligible. We're talking 7 figure sums into different currencies for maybe £150 for business customers. Its a negligible cost when compared to the value of the deal or trade.
Financial traders/mangers will either take a position with the retail flow, and generate additional returns for the bank through the position, or will be doing more bespoke OTC products which need more human interaction because they are specialised.
But of course..... you knew all this already.
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