The overwhelming majority of owners of crypto's have not purchased them to use it. From my understanding, as a currency, at the moment, they are extremely slow and very expensive and not many places accept it. People own it now for the hope that they will sell at a higher priceto someone else in the future. Its a Ponzi
While definitely true, I am not sure I see the connection to discounting crypto as a whole because currently people are using it incorrectly or with bad intentions.
This is kind of like saying the internet is worthless because the highest category of traffic on the internet is porn. While true - it doesnt meant the technology of the internet is a waste because it is used for porn a lot.
Support your local animal shelter. I am on twitter.
Quote Originally Posted by Rostos:
The overwhelming majority of owners of crypto's have not purchased them to use it. From my understanding, as a currency, at the moment, they are extremely slow and very expensive and not many places accept it. People own it now for the hope that they will sell at a higher priceto someone else in the future. Its a Ponzi
While definitely true, I am not sure I see the connection to discounting crypto as a whole because currently people are using it incorrectly or with bad intentions.
This is kind of like saying the internet is worthless because the highest category of traffic on the internet is porn. While true - it doesnt meant the technology of the internet is a waste because it is used for porn a lot.
Yeah and I dont know enough about the space to think of what is next and make a calculated, educated informed decision on what is potentially going to be the next and larger winner. Part of me thinks the winner will/is being created already outside the general market and so the opportunity for making a nice return will be limited vs say finding a current player that currently is not overvalued that WILL develop and turn into that large winner.
That or the blockchain concept will be improved and re-created by some other group outside the space and "blockchain" will not end up being what wins in the end.
Yeah and I dont know enough about the space to think of what is next and make a calculated, educated informed decision on what is potentially going to be the next and larger winner. Part of me thinks the winner will/is being created already outside the general market and so the opportunity for making a nice return will be limited vs say finding a current player that currently is not overvalued that WILL develop and turn into that large winner.
That or the blockchain concept will be improved and re-created by some other group outside the space and "blockchain" will not end up being what wins in the end.
Van, Crypto fees are not like .001 percent or anything in fact now they should be ultra low but they are not and they will only increase if it ever does go to scale because if what you say happens with banks, companies etc they are not going to just go at market rate, they will add costs and fees to use that platform IF it replaces Visa. I am not at all impressed with the way transactions flow in the space and how complex and inefficient the process is to go from ANY currency or any entrance into the universe and navigate at all. Safety is a major issue, efficiency is an issue, pricing is an issue, stability is an issue. Crypto is a decade away from being in any form to be useable for anything more than speculative risk taking...there is no infrastructure or organization, there is no leader pushing forward to large adoption and I do not think there is motivation to do so. The price swings make it extremely inefficient and financial institutions are not going to be interested in conducting business with a medium that lacks security, lacks price stability and lacks structure. Crypto is interesting but is not at all in any kind of form that is investable and I agree with some comments I've read that say it is likely NONE of the current offerings exist in ten years, that if it does survive as a medium it will not be with what is currently available. All this said it doesnt mean prices cannot go up but I think that with the greedy pigs entering the universe via futures contracts, the unlimited upside is gone...bigger pockets are going to try and profit off the price going lower and since the futures came into play the price action has been negative for sure.
enter, Ripple
Quote Originally Posted by wallstreetcappers:
Van, Crypto fees are not like .001 percent or anything in fact now they should be ultra low but they are not and they will only increase if it ever does go to scale because if what you say happens with banks, companies etc they are not going to just go at market rate, they will add costs and fees to use that platform IF it replaces Visa. I am not at all impressed with the way transactions flow in the space and how complex and inefficient the process is to go from ANY currency or any entrance into the universe and navigate at all. Safety is a major issue, efficiency is an issue, pricing is an issue, stability is an issue. Crypto is a decade away from being in any form to be useable for anything more than speculative risk taking...there is no infrastructure or organization, there is no leader pushing forward to large adoption and I do not think there is motivation to do so. The price swings make it extremely inefficient and financial institutions are not going to be interested in conducting business with a medium that lacks security, lacks price stability and lacks structure. Crypto is interesting but is not at all in any kind of form that is investable and I agree with some comments I've read that say it is likely NONE of the current offerings exist in ten years, that if it does survive as a medium it will not be with what is currently available. All this said it doesnt mean prices cannot go up but I think that with the greedy pigs entering the universe via futures contracts, the unlimited upside is gone...bigger pockets are going to try and profit off the price going lower and since the futures came into play the price action has been negative for sure.
QUOTE Originally Posted by wallstreetcappers: Van, Crypto fees are not like .001 percent or anything in fact now they should be ultra low but they are not and they will only increase if it ever does go to scale because if what you say happens with banks, companies etc they are not going to just go at market rate, they will add costs and fees to use that platform IF it replaces Visa. I am not at all impressed with the way transactions flow in the space and how complex and inefficient the process is to go from ANY currency or any entrance into the universe and navigate at all. Safety is a major issue, efficiency is an issue, pricing is an issue, stability is an issue. Crypto is a decade away from being in any form to be useable for anything more than speculative risk taking...there is no infrastructure or organization, there is no leader pushing forward to large adoption and I do not think there is motivation to do so. The price swings make it extremely inefficient and financial institutions are not going to be interested in conducting business with a medium that lacks security, lacks price stability and lacks structure. Crypto is interesting but is not at all in any kind of form that is investable and I agree with some comments I've read that say it is likely NONE of the current offerings exist in ten years, that if it does survive as a medium it will not be with what is currently available. All this said it doesnt mean prices cannot go up but I think that with the greedy pigs entering the universe via futures contracts, the unlimited upside is gone...bigger pockets are going to try and profit off the price going lower and since the futures came into play the price action has been negative for sure. enter, Ripple
think you meant litecoin.
Quote Originally Posted by dimndimn:
QUOTE Originally Posted by wallstreetcappers: Van, Crypto fees are not like .001 percent or anything in fact now they should be ultra low but they are not and they will only increase if it ever does go to scale because if what you say happens with banks, companies etc they are not going to just go at market rate, they will add costs and fees to use that platform IF it replaces Visa. I am not at all impressed with the way transactions flow in the space and how complex and inefficient the process is to go from ANY currency or any entrance into the universe and navigate at all. Safety is a major issue, efficiency is an issue, pricing is an issue, stability is an issue. Crypto is a decade away from being in any form to be useable for anything more than speculative risk taking...there is no infrastructure or organization, there is no leader pushing forward to large adoption and I do not think there is motivation to do so. The price swings make it extremely inefficient and financial institutions are not going to be interested in conducting business with a medium that lacks security, lacks price stability and lacks structure. Crypto is interesting but is not at all in any kind of form that is investable and I agree with some comments I've read that say it is likely NONE of the current offerings exist in ten years, that if it does survive as a medium it will not be with what is currently available. All this said it doesnt mean prices cannot go up but I think that with the greedy pigs entering the universe via futures contracts, the unlimited upside is gone...bigger pockets are going to try and profit off the price going lower and since the futures came into play the price action has been negative for sure. enter, Ripple
Every time there is a bitcoin hacking there is a death spiral. And there have been several serious hacks. If somebody tells me they can actually "time" these hacks then I'm calling Bullsh!t. There is NO FUKKING WAY I'm investing ANY of my retirement funds in Crypto. HeeLL, I won't even fund my modest offshore gambling accounts with this snake oil.
~~~~~ZOSO~~~~~
Every time there is a bitcoin hacking there is a death spiral. And there have been several serious hacks. If somebody tells me they can actually "time" these hacks then I'm calling Bullsh!t. There is NO FUKKING WAY I'm investing ANY of my retirement funds in Crypto. HeeLL, I won't even fund my modest offshore gambling accounts with this snake oil.
Anita detox couldn't spot a reverse jinx if it fell out of the sky, landed on his face and wiggled.. Strong breakout both on buyers and volume. Steady and easy, let's hope the gains are in steady increments. Good days coming for ya Van I think - all systems go.
Exactly. Steady up - not the crazy runs up - are what will sustain.
11.4 as of now.
Support your local animal shelter. I am on twitter.
Quote Originally Posted by searchwarrant:
Anita detox couldn't spot a reverse jinx if it fell out of the sky, landed on his face and wiggled.. Strong breakout both on buyers and volume. Steady and easy, let's hope the gains are in steady increments. Good days coming for ya Van I think - all systems go.
Exactly. Steady up - not the crazy runs up - are what will sustain.
Every time there is a bitcoin hacking there is a death spiral. And there have been several serious hacks. If somebody tells me they can actually "time" these hacks then I'm calling Bullsh!t. There is NO FUKKING WAY I'm investing ANY of my retirement funds in Crypto. HeeLL, I won't even fund my modest offshore gambling accounts with this snake oil.
Goose - I wouldn't suggest putting any retirement funds in it either.
Bitcoin is similar to the banking system in one regard - that if your USD is in a bank (instead of your mattress) - you really don't "own" that money. If the bank gets hacked or robbed, you could lose your money (beyond the govt insurance limits). Bitcoin is the same, if you don't have the private keys (the code that controls your bitcoin) you don't "own" that bitcoin - someone else does and they are promising you that they will give it to you on demand (like a bank).
So these hacks you speak of are not the currency itself, it is a crypto exchange (similar to a bank in this case) that gets hacked - and you are 100% correct - they have happened and some of them under very shady circumstances - and it has affected the BTC price temporarily.
But if you own your private keys making you the bank rather than someone else - and you are a long term holder - this strategy has worked well so far. If you are a speculator - this isnt for you. And of course, like gambling, this should be money you are willling to kiss goodbye - not retirement funds as you correctly state.
Support your local animal shelter. I am on twitter.
Quote Originally Posted by TheGoldenGoose:
Every time there is a bitcoin hacking there is a death spiral. And there have been several serious hacks. If somebody tells me they can actually "time" these hacks then I'm calling Bullsh!t. There is NO FUKKING WAY I'm investing ANY of my retirement funds in Crypto. HeeLL, I won't even fund my modest offshore gambling accounts with this snake oil.
Goose - I wouldn't suggest putting any retirement funds in it either.
Bitcoin is similar to the banking system in one regard - that if your USD is in a bank (instead of your mattress) - you really don't "own" that money. If the bank gets hacked or robbed, you could lose your money (beyond the govt insurance limits). Bitcoin is the same, if you don't have the private keys (the code that controls your bitcoin) you don't "own" that bitcoin - someone else does and they are promising you that they will give it to you on demand (like a bank).
So these hacks you speak of are not the currency itself, it is a crypto exchange (similar to a bank in this case) that gets hacked - and you are 100% correct - they have happened and some of them under very shady circumstances - and it has affected the BTC price temporarily.
But if you own your private keys making you the bank rather than someone else - and you are a long term holder - this strategy has worked well so far. If you are a speculator - this isnt for you. And of course, like gambling, this should be money you are willling to kiss goodbye - not retirement funds as you correctly state.
Thanks for the great insight Qwan.The reason Bitcoin is successful is because it’s decentralized. No institution controls the bitcoin network. And you’re arguing that the future will be centralized. Wrong again hombre. Take a lap.
But I think you realize that govt's dont want any transactions going on without them knowing about it? This is not some short term event but with each passing decade, big brother wants more and more information about you and I. That is hardly debateable.
So...any govt can put the slam on crypto's by simply making it illegal for any business to accept them as a payment. At that point they have no real value. Just like cocaine is not a payment option for goods and services(legally), so will it be for BTC.
You can probably trade them like pokemon cards but they will not be a payment option. Govt coins will not allow other currencies(crypto's) to exist.
There just are too many payment options right now for any business(or individual) to keep pace with.It will be just one eventually because of the monitoring aspect.
It's all going to be centralized guaranteed. If you think you are going to have an economy going on off radar from the govt you are just arguing with the trends going on in govt's.
Quote Originally Posted by I_Need_A_Detox:
Thanks for the great insight Qwan.The reason Bitcoin is successful is because it’s decentralized. No institution controls the bitcoin network. And you’re arguing that the future will be centralized. Wrong again hombre. Take a lap.
But I think you realize that govt's dont want any transactions going on without them knowing about it? This is not some short term event but with each passing decade, big brother wants more and more information about you and I. That is hardly debateable.
So...any govt can put the slam on crypto's by simply making it illegal for any business to accept them as a payment. At that point they have no real value. Just like cocaine is not a payment option for goods and services(legally), so will it be for BTC.
You can probably trade them like pokemon cards but they will not be a payment option. Govt coins will not allow other currencies(crypto's) to exist.
There just are too many payment options right now for any business(or individual) to keep pace with.It will be just one eventually because of the monitoring aspect.
It's all going to be centralized guaranteed. If you think you are going to have an economy going on off radar from the govt you are just arguing with the trends going on in govt's.
Thanks for the great insight Qwan.The reason Bitcoin is successful is because it’s decentralized. No institution controls the bitcoin network. And you’re arguing that the future will be centralized. Wrong again hombre. Take a lap.
Actually, I forgot to comment on one thing. BTC is NOT successful as a currency because of the large fluctuations. This in itself is a flaw in BTC because there are too few of them to keep these volatile price swings from happening.
BTC simply has too few of them to be valuable as a currency. We just saw the manipulation by a whale billionaire driving the price up recently. Just not a desirable aspect of a currency.
Quote Originally Posted by I_Need_A_Detox:
Thanks for the great insight Qwan.The reason Bitcoin is successful is because it’s decentralized. No institution controls the bitcoin network. And you’re arguing that the future will be centralized. Wrong again hombre. Take a lap.
Actually, I forgot to comment on one thing. BTC is NOT successful as a currency because of the large fluctuations. This in itself is a flaw in BTC because there are too few of them to keep these volatile price swings from happening.
BTC simply has too few of them to be valuable as a currency. We just saw the manipulation by a whale billionaire driving the price up recently. Just not a desirable aspect of a currency.
You can probably trade them like pokemon cards but they will not be a payment option. Govt coins will not allow other currencies(crypto's) to exist.
You can probably buy more stuff right now with bitcoins than with gold. That's not hurting gold's value much.
Bitcoin in still in its infancy. 10 or 20 years from now I'm sure the price will stop fluctuating, more places will accept it, and transactions will be quicker and easier.
The USA has been fortunate to never have gone through hyperinflation, but worldwide that is fairly common from a historical perspective. All currencies/assets can lose value...
Quote Originally Posted by Qwan61:
You can probably trade them like pokemon cards but they will not be a payment option. Govt coins will not allow other currencies(crypto's) to exist.
You can probably buy more stuff right now with bitcoins than with gold. That's not hurting gold's value much.
Bitcoin in still in its infancy. 10 or 20 years from now I'm sure the price will stop fluctuating, more places will accept it, and transactions will be quicker and easier.
The USA has been fortunate to never have gone through hyperinflation, but worldwide that is fairly common from a historical perspective. All currencies/assets can lose value...
QUOTE Originally Posted by I_Need_A_Detox: Thanks for the great insight Qwan.The reason Bitcoin is successful is because it’s decentralized. No institution controls the bitcoin network. And you’re arguing that the future will be centralized. Wrong again hombre. Take a lap. Actually, I forgot to comment on one thing. BTC is NOT successful as a currency because of the large fluctuations. This in itself is a flaw in BTC because there are too few of them to keep these volatile price swings from happening. BTC simply has too few of them to be valuable as a currency. We just saw the manipulation by a whale billionaire driving the price up recently. Just not a desirable aspect of a currency.
QUan in 1995: The internet is useless. Just a fad. Nobody will use it, the govt will outlaw it, and it serves the devil.
Support your local animal shelter. I am on twitter.
Quote Originally Posted by Qwan61:
QUOTE Originally Posted by I_Need_A_Detox: Thanks for the great insight Qwan.The reason Bitcoin is successful is because it’s decentralized. No institution controls the bitcoin network. And you’re arguing that the future will be centralized. Wrong again hombre. Take a lap. Actually, I forgot to comment on one thing. BTC is NOT successful as a currency because of the large fluctuations. This in itself is a flaw in BTC because there are too few of them to keep these volatile price swings from happening. BTC simply has too few of them to be valuable as a currency. We just saw the manipulation by a whale billionaire driving the price up recently. Just not a desirable aspect of a currency.
QUan in 1995: The internet is useless. Just a fad. Nobody will use it, the govt will outlaw it, and it serves the devil.
If some of you really think the government couldnt squash Bitcoin and blockchain completely you are really fooling yourselves.
I think the end product will have government and private sector involvement and all the fringe botique players will be long gone and crushed.
Actually find it very ironic that it was the Federal Reserve that had JFK assassinated and JFK is the Avatar chosen by Detox. There's a message there somewhere don't you think?
~~~~~ZOSO~~~~~
Quote Originally Posted by wallstreetcappers:
If some of you really think the government couldnt squash Bitcoin and blockchain completely you are really fooling yourselves.
I think the end product will have government and private sector involvement and all the fringe botique players will be long gone and crushed.
Actually find it very ironic that it was the Federal Reserve that had JFK assassinated and JFK is the Avatar chosen by Detox. There's a message there somewhere don't you think?
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