Crypto Currency Thread

[g4ry13]

Lemming Train said:

Makes me chuckle how the thread goes silent when the coin values are all seeing another drop, yet the moment they start to rise again all the shills come out of the woodwork telling you to buy buy buy because (x) coin is a dead cert and is going to the moon.

Buy on the dips! Great buying opportunity!

Stuff goes up and down, do people need to post every time it goes up a bit?

[Bluedot]

Lemming Train said:

I am genuinely puzzled why Monero didn't take off as expected. The anonymity is PERFECT for the darknet markets and superior in every way to Bitcoin. But it didn't, and seems to have died a death like all the other coins, with traders going back to Bitcoin and using tumblers and other nonsense. I have a few hundred XMR tucked away in a wallet but the current price would have to nearly triple for me to break even again. Oh well .

A colleague of mine made a killing (£ millions) on Monero.
I really should have paid more attention to the Bitcoin miners he had whirring away on his kitchen side but back then it was a toss up whether you made any money after taking away the electricity costs, I just didn't 'get it'

[bloomen]

Lemming Train said:

I am genuinely puzzled why Monero didn't take off as expected. The anonymity is PERFECT for the darknet markets and superior in every way to Bitcoin. But it didn't, and seems to have died a death like all the other coins, with traders going back to Bitcoin and using tumblers and other nonsense. I have a few hundred XMR tucked away in a wallet but the current price would have to nearly triple for me to break even again. Oh well .

Cos it serves a purpose and no one's interested in actual purposes.

Its time may come but if it does it won't be permitted on to any regulated exchange. Japan is driving privacy coins out of its exchanges and Coinbase's new bank made dropping Zcash a condition of their coming on board.

I agree it's weird any dark market would still bother with BTC but it's still the easiest to move on. I hope they're confident in their security measures. It's not as if law enforcement will tell you how good they are these days.

[Lemming Train]

I suppose one of the attractions of using BTC over XMR is the ease of trading it on LBC, thus avoiding the exchanges and KYC/AML nonsense. I did start to see an increase in LBC traders offering XMR as well but they were a drop in the ocean compared to BTC. I guess one of the positives of XMR at the moment is the relatively stable price, if you're involved in the dark markets. With BTC price often fluctuating hundred of dollars either way on a daily basis it's just not viable and you'd be forever altering the price of the goods you're vending.

[Behemoth]

bloomen said:

Cos it serves a purpose and no one's interested in actual purposes.

Its time may come but if it does it won't be permitted on to any regulated exchange. Japan is driving privacy coins out of its exchanges and Coinbase's new bank made dropping Zcash a condition of their coming on board.

I agree it's weird any dark market would still bother with BTC but it's still the easiest to move on. I hope they're confident in their security measures. It's not as if law enforcement will tell you how good they are these days.

XMRs problem is two-fold. One is the speed, expense and lack of scalability of ring signatures and the other is emerging competition from various bitcoin privacy layer & service build outs (coinjoins, confidential transactions, whirlpool etc). XMR could retain a niche, but I think it more likely that in due course bitcoin will be fully private for those that want it.

[DonkeyApple]

Lemming Train said:

I suppose one of the attractions of using BTC over XMR is the ease of trading it on LBC, thus avoiding the exchanges and KYC/AML nonsense. I did start to see an increase in LBC traders offering XMR as well but they were a drop in the ocean compared to BTC. I guess one of the positives of XMR at the moment is the relatively stable price, if you're involved in the dark markets. With BTC price often fluctuating hundred of dollars either way on a daily basis it's just not viable and you'd be forever altering the price of the goods you're vending.

That’s one of the key issues for the market during this phase. Most money that’s in is for speculation purposes but for the coin to have true value it must have a stability.

Most coins are just shells currently but that does mean that they are open to pump and dump of the manipulators can attract enough dumb money into a coin to ramp it up and cash out into that demand.

[Lemming Train]

Not sure if serious or trolling? XMRs times are usually less than a minute with a transaction fee in pennies. BTC by comparison takes hours to confirm unless you pay a fat fee to bring it down to something sensible. Also if BTC goes private they can kiss goodbye to any mainstream acceptance/government approval etc.

[Behemoth]

Lemming Train said:

Not sure if serious or trolling? XMRs times are usually less than a minute with a transaction fee in pennies. BTC by comparison takes hours to confirm unless you pay a fat fee to bring it down to something sensible. Also if BTC goes private they can kiss goodbye to any mainstream acceptance/government approval etc.

I don't troll. XMR isn't scalable in its current form. It may be very cheap to transact, but so was bitcoin in the early stages. Once value accrues to the protocol, all that changes.

Bitcoin can encompass both privacy and transparency. It's a matter of infrastructure layers. $100 bills are essentially private, but that value is supremely transparent once it is in the banking infrastructure.

[Lemming Train]

BTC will never be 'approved' by the powers that by if there is any privacy aspect to it, and that includes putting it under some "layer".

[Behemoth]

DonkeyApple said:

That’s one of the key issues for the market during this phase. Most money that’s in is for speculation purposes but for the coin to have true value it must have a stability.

Most coins are just shells currently but that does mean that they are open to pump and dump of the manipulators can attract enough dumb money into a coin to ramp it up and cash out into that demand.

Absolutely correct & speculation will continue for a long time yet. For Bitcoin, maybe to 2030 or beyond. An underused token may have less volatility, but as soon as that token is recognised as having utility, speculation will induce volatility & upset the cart (pump & dump activity aside).

Few tokens will actually die. They will just scratch along the bottom eking out a meagre existence.

[Behemoth]

Lemming Train said:

BTC will never be 'approved' by the powers that by if there is any privacy aspect to it, and that includes putting it under some "layer".

Oh for sure it'll be banned in many places. India is the latest to give that a go. No nation-state wants a non-sovereign money. It'll hamper them getting new ink cartridges for their printing machines. But there's a very clear chance they won't be able to stop it. Hayek said something very prescient a few decades ago:

"I don't believe we shall ever have a good money again before we take the thing out of the hands of government, we can't take it violently out of the hands of government, all we can do is by some sly roundabout way introduce something that they can't stop"

[Lemming Train]

It's a nice sound-bite but it'll never happen, at least not in our lifetimes. Too many very powerful people with vested interests in keeping the current debt based monetary system alive will ensure crypto-currency doesn't gain any meaningful traction, at least not without full transparency and KYC on every transaction, which defeats one of the biggest points of it for me.

[Behemoth]

You might well be right. But the debt based monetary system has run out of wiggle room. It's only been going since the 70s and may well soon come unstuck. There's no space left to lower interest rates much further & any more QE will pile on top of the debt mountain and maybe topple the whole Jenga tower. I think a small allocation to Bitcoin is a decent asymmetric punt.

[anonymous-user]

I know losing 10% in a day is nothing in the world of Crypto but do we think this is the start of all of the other coins aside from the top 10 or so slowly dying and disappearing.

Has to happen sooner or later, nobody needs 2500 coins without an actual use.

[Behemoth]

Joey Deacon said:

I know losing 10% in a day is nothing in the world of Crypto but do we think this is the start of all of the other coins aside from the top 10 or so slowly dying and disappearing.

Has to happen sooner or later, nobody needs 2500 coins without an actual use.

It'll be at best a Pareto distribution.

The top 10 is very unstable and I expect most of them to fail. They'll be replaced by new scams and, if you're lucky, one or two worthwhile projects in the coming years.

[Lemming Train]

Down down down, down dowwwwn down https://www.youtube.com/watch?v=9APAHhIPhJE

Where is Dr. Crème brûlée telling us all to buy buy buy and become millionaires ?

[anonymous-user]

Lemming Train said:

Down down down, down dowwwwn down https://www.youtube.com/watch?v=9APAHhIPhJE

Where is Dr. Crème brûlée telling us all to buy buy buy and become millionaires ?

Did somebody mention my name? I was giving people a head's up on Link when it was 40-50p. If you'd bought then you'd still be in profit.

Everything has gone down thanks to Bitcoin dipping. It'll go up again.

Since selling some Link in June and taking my capital out I haven't felt the need to pay it much attention. It'll get to where it's going sooner or later.

[anonymous-user]

I'm surprised you haven't bought some more now it is half it was a few weeks ago?

[anonymous-user]

Thesprucegoose said:

I'm surprised you haven't bought some more now it is half it was a few weeks ago?

I'm happy with what I have; I've got my capital back so anything from now on is pure profit. I have enough Link left to sell to make a difference to my life. It's a waiting game to see whether it pays for a new kitchen, a new house or a private island

[Lemming Train]

DrSteveBrule said:

Thesprucegoose said:

I'm surprised you haven't bought some more now it is half it was a few weeks ago?

I'm happy with what I have; I've got my capital back so anything from now on is pure profit. I have enough Link left to sell to make a difference to my life. It's a waiting game to see whether it pays for a new kitchen, a new house or a private island

So confident in the price recovering and going to the moon that you are "happy with what you have" and aren't buying any more. Rightio !