Crypto Currency Thread
Discussion
I read months back that november would be volatile but couldn't remember why. I'm kind of glad its moving, it's been boring lately.
Ok so bch fork. What are people doing? Ive got some sat in coinfloor account and they are going to suspend transactions until things settle. Then they will only support one fork... Whichever that may be. I tend to make bad decisions every time i touch my crypto and have done well by not doing so in the main. But i do wonder if this is wise this time. To be fair i have very little bch to bother caring. I presume coinfloor will do their best to get it right. They did when btc forked.
Ok so bch fork. What are people doing? Ive got some sat in coinfloor account and they are going to suspend transactions until things settle. Then they will only support one fork... Whichever that may be. I tend to make bad decisions every time i touch my crypto and have done well by not doing so in the main. But i do wonder if this is wise this time. To be fair i have very little bch to bother caring. I presume coinfloor will do their best to get it right. They did when btc forked.
Condi said:
Interesting article here
https://www.coindesk.com/ethereum-energy-project-n...
A commercial project using Ethereum has admitted that its not working as well as hoped, and they've teamed up with SAP to write a different background process. I thought Ethereum was supposed to be more user friendly than BitCoin?
Has anyone successfully deployed any crypto in a commercial business?
There are apparently 2095 Crypto Currencies now, Bitcoin has been around for 10 years and yet there is not one commercial use for any of them. It is purely a speculative gamble, I suspect 2090+ of these coins will eventually be worthless.https://www.coindesk.com/ethereum-energy-project-n...
A commercial project using Ethereum has admitted that its not working as well as hoped, and they've teamed up with SAP to write a different background process. I thought Ethereum was supposed to be more user friendly than BitCoin?
Has anyone successfully deployed any crypto in a commercial business?
Steam and Microsoft used to take Bitcoin payments but both gave up due to the fees and price volatility.
rufusgti said:
I read months back that november would be volatile but couldn't remember why. I'm kind of glad its moving, it's been boring lately.
And there lies the rub. It needs to be boring so that it can act as a currency but no one holding it wants it to be boring. A bit of a paradox. Joey Deacon said:
There are apparently 2095 Crypto Currencies now, Bitcoin has been around for 10 years and yet there is not one commercial use for any of them. It is purely a speculative gamble, I suspect 2090+ of these coins will eventually be worthless.
Steam and Microsoft used to take Bitcoin payments but both gave up due to the fees and price volatility.
Oh i know, thats why you and i are both short. My CFD with Dimots (?) at $6700 is looking comfortable. Steam and Microsoft used to take Bitcoin payments but both gave up due to the fees and price volatility.
This drop has been very clearly on the cards for quite some time now. I think we could easily see $3500 or even the low $1000s at worst case in the coming months. One year ago, BTC was @ ~ $6500 and two years ago, BTC was in the $600s. Volatility cycles will likely be around for a number of years yet.
The upcoming Bitcoin Cash fork is really interesting, even if the BCH token itself isn't. BCH is a Proof of Work blockchain that's in a direct hash battle between parties that were more or less equal partners at the outset but have fallen apart over future direction. We've never before seen PoW game theory being played out like this & the strategies being deployed by the opposing sides are fascinating to watch. The BCH fork will occur in just under 7 hours.
Coindance has a countdown where you can also see hash power moving between the opposing sides as each block gets produced. So far, it seems to me that Craig Wright's side (SV) has deployed a more intelligent attack strategy than Jihan Wu's (ABC) but we'll see if Jihan has any tricks up his sleeve.
https://cash.coin.dance/
The upcoming Bitcoin Cash fork is really interesting, even if the BCH token itself isn't. BCH is a Proof of Work blockchain that's in a direct hash battle between parties that were more or less equal partners at the outset but have fallen apart over future direction. We've never before seen PoW game theory being played out like this & the strategies being deployed by the opposing sides are fascinating to watch. The BCH fork will occur in just under 7 hours.
Coindance has a countdown where you can also see hash power moving between the opposing sides as each block gets produced. So far, it seems to me that Craig Wright's side (SV) has deployed a more intelligent attack strategy than Jihan Wu's (ABC) but we'll see if Jihan has any tricks up his sleeve.
https://cash.coin.dance/
Condi said:
Is this not simply becoming some w
k material for computer geeks? Its become increasingly complicated and totally irrelevant to the outside world, yet at the same time lots of data is being analysed for some unknown purpose.
Exactly the same was said about the internet. If you don't understand it or don't want to bother following the references, or think it irrelevant to you, then just ignore it. The complexity was there from the beginning, as it was with the internet:k material for computer geeks? Its become increasingly complicated and totally irrelevant to the outside world, yet at the same time lots of data is being analysed for some unknown purpose. https://www.youtube.com/watch?v=UlJku_CSyNg
As per every previous argument/post - the internet had very obvious and very real benefits from day 1. It was being used for data transmission between counter parties, and for business use within a very few years.
Crypto has spent 10 years in development and nobody has yet found a practical use for it. Those who have tried have backtracked and returned to other methods, at no point has anyone sent an email and thought 'this is terrible, I'll pay for a stamp and wait 3 days instead'.
Crypto has spent 10 years in development and nobody has yet found a practical use for it. Those who have tried have backtracked and returned to other methods, at no point has anyone sent an email and thought 'this is terrible, I'll pay for a stamp and wait 3 days instead'.
Condi said:
As per every previous argument/post - the internet had very obvious and very real benefits from day 1. It was being used for data transmission between counter parties, and for business use within a very few years.
Crypto has spent 10 years in development and nobody has yet found a practical use for it. Those who have tried have backtracked and returned to other methods, at no point has anyone sent an email and thought 'this is terrible, I'll pay for a stamp and wait 3 days instead'.
The world wide web was very widely dismissed and derided, especially by those it was destined to disintermediate. 99.9% of those even bothering to look at newspapers online thought 'this is terrible, I'll pay for a broadsheet from the newsagent instead'. How's that coming along these days?Crypto has spent 10 years in development and nobody has yet found a practical use for it. Those who have tried have backtracked and returned to other methods, at no point has anyone sent an email and thought 'this is terrible, I'll pay for a stamp and wait 3 days instead'.
I don't recall private individuals investing or speculating in "Internets" or even trying to pay for things with "Internet". The internet offered something new, not just a different way of doing something that already existed.
What we're looking at with crypto is more like VHS versus Betamax. No-one ever said "you shouldn't get a video machine if you don't understand the technology", everyone was able to use it. Although VHS won the battle of the formats it's completely obsolete today - whether the owner understood the technology or not.
On the other hand, as with any religion, privileged access is only available for true believers.
What we're looking at with crypto is more like VHS versus Betamax. No-one ever said "you shouldn't get a video machine if you don't understand the technology", everyone was able to use it. Although VHS won the battle of the formats it's completely obsolete today - whether the owner understood the technology or not.
On the other hand, as with any religion, privileged access is only available for true believers.
Behemoth said:
The world wide web was very widely dismissed and derided, especially by those it was destined to disintermediate. 99.9% of those even bothering to look at newspapers online thought 'this is terrible, I'll pay for a broadsheet from the newsagent instead'. How's that coming along these days?
Fine, but to flip it around how long do you think it will be before somebody finds a way to use bitcoin that is genuinely better than alternatives (for reasons other than evading law enforcement)?rockin said:
I don't recall private individuals investing or speculating in "Internets" or even trying to pay for things with "Internet". The internet offered something new, not just a different way of doing something that already existed.
What we're looking at with crypto is more like VHS versus Betamax. No-one ever said "you shouldn't get a video machine if you don't understand the technology", everyone was able to use it. Although VHS won the battle of the formats it's completely obsolete today - whether the owner understood the technology or not.
On the other hand, as with any religion, salvation is only available for true believers.
Because bitcoin is a form of money, speculation naturally exists in it directly in a way it could never have existed with the internet's various protocols.What we're looking at with crypto is more like VHS versus Betamax. No-one ever said "you shouldn't get a video machine if you don't understand the technology", everyone was able to use it. Although VHS won the battle of the formats it's completely obsolete today - whether the owner understood the technology or not.
On the other hand, as with any religion, salvation is only available for true believers.
The internet is obviously not a form of money. Plenty invested in companies layering services on the internet or forming the internet's infrastructure. And of course, a very large number of speculators were burnt in the dotcom bubble.
Plenty are also investing in Bitcoin protocol related infrastructure companies and layered services (very few of these are open to retail investment, but major VCs are heavily and widely involved). Many of these early stage investments will fail.
Behemoth said:
The world wide web was very widely dismissed and derided, especially by those it was destined to disintermediate. 99.9% of those even bothering to look at newspapers online thought 'this is terrible, I'll pay for a broadsheet from the newsagent instead'. How's that coming along these days?
Since the dawn of time every civilisation has looked for faster ways to communicate. The internet made that possible, and while I doubt many people could have predicted quite how it would radically change almost everything we do, there were quite obvious benefits from its very inception. Bitcoin et al provide a solution for a non existent problem, and there simply isn't the demand for a new currency when our existing solutions are perfectly adequate.
Condi said:
Bitcoin et al provide a solution for a non existent problem, and there simply isn't the demand for a new currency when our existing solutions are perfectly adequate.
There is plenty of demand for a currency which is transportable beyond borders, isn't taxable and where payments are pretty much untraceable. And where you can pay anyone in the world, without needing to register your identify to obtain a bank account. The problem is most of this demand isn't what we might politely call, legitimate use.
IMO most of the current incarnations of cypto are bound to fail in the long term for these reasons as they can be used to directly challenge and undermine existing structures of government and financial systems.
EddieSteadyGo said:
There is plenty of demand for a currency which is transportable beyond borders, isn't taxable and where payments are pretty much untraceable. And where you can pay anyone in the world, without needing to register your identify to obtain a bank account.
The problem is most of this demand isn't what we might politely call, legitimate use.
I wouldn’t call a public distributed ledger untraceable. The problem is most of this demand isn't what we might politely call, legitimate use.
NickCQ said:
I wouldn’t call a public distributed ledger untraceable.
No? So how come the millions of dollars of stolen bitcoin haven't been returned to their owners? It is traceable around the network, but there is no way of knowing who owns the wallets the money is in. If it was so easy to regulate and trace, it wouldnt have been used so much on SilkRoad to buy drugs.
Condi said:
It is traceable around the network, but there is no way of knowing who owns the wallets the money is in. If it was so easy to regulate and trace, it wouldnt have been used so much on SilkRoad to buy drugs.
There have been countless examples of bitcoin being traced in this way. The list is very very long & and that's just the cases that are public knowledge. Bitcoin is a poor way to traffic drug money. Chain analysis has become highly technical & very accomplished. Criminals make mistakes very easily. btw Silk Road was shut down by the FBI. The two FBI agents that tracked the owner down in a sting operation stole the bitcoin they recovered from Silk Road's owner & were themselves traced. https://www.bbc.co.uk/news/technology-35038971
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