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Rob_Ainscough

BitCoin crypto mania

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Posted (edited)
On 5/2/2021 at 3:30 AM, psolk said:

So for those that think Crypto has no value

Who said that?  My question is and still is ... what is it's "value"?  No one here has answered that.

On 5/1/2021 at 9:29 PM, GCBraun said:
  1. So-called strong currencies are being printed like crazy, with the US Dollar being the undisputed champion. No wonder why it seems to be constantly loosing value when compared to its pairs;
  2. While the West is not there yet, there is a huge part of the world that benefits from being able to invest in crypto as a protection against inflation and crooked governments;
  3. Don't you think that money printing, precious metal mining and moving valuables around has a significant carbon footprint as well?;

Old money is always afraid of new money...

Losing value?  With a few small exceptions the US exchange rate has gained value from 2015 to 2020 per IRS.

I'm not sure how the rollercoaster ride of BitCoin would be considered "protection" against inflation?  Per statista chart it's extremely erratic.  If BitCoin's token limit is raised by some as yet to be defined global entity, it's value would drastically drop.  BitCoin has very minimal utility and is NOT a replacement for cash and never will be if the limit isn't raised.  And there you have the problem - full circle, back to government controlling limits which essentially controls "value".

There is only about 1.5T in physical US currency which equates to about 13% physical cash out of all money exchange transactions.  Energy used to print physical currency is about 1/10th of percent energy relative to the energy to generate a 1 BitCoin.  Increase the BitCoin limit will only make energy consumption exponential (this is NOT a linear curve).

Agree with you on crooked governments but I don't see how BitCoin is helping someone living within such a crooked government?  Crooked governments can, have, and will leverage other means at their disposal, taxes, fees, tariffs, customs, limits, etc.  

Anyway, the smart way to invest in BitCoin would be to invest in companies that trade with BitCoin (i.e. VISA, PayPal, etc.) and NOT in BitCoin itself, you insulate yourself from the rollercoaster ride.  Having coded many POS and online CC processing systems with a variety of integrations with my own software that includes using a variety of middleware vendors (who are popping up everywhere) that use folks like VISA, there is a huge amount of rewards from transaction fee processing at each level.  In fact the reward for transaction fee process is why my prior company was bought, they didn't care about what goods and services we produced, they just want to consolidate our customer transactions into their own systems.

BitCoin is not sustainable, if you increase the token limits you drop its value and increase energy usage even more.

But getting back to "money" (US currency) ... it's NOT just a matter of printing more Dollar bills.  Treasure notes impact everything from Mortgages to Social Security to the Military to inflation etc..  The value of "money" is connected to GDP (Gross Domestic Product) and/or GNP (Gross National Product) ... in other words what a country actually produces in goods and services.  BitCoin is NOT connected to anything other than "scarcity" ... hence we're back to BitCoin token limit.  BitCoin will not insulate anyone from inflation especially if it plans to work as a "cash" alternative.

Cheers, Rob.

Edited by Rob_Ainscough

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Even Elon Musk admits it's a hussle:

🙂

Cheers, Rob.

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Well I got Doge at .12 and sold at .61 so I hustled myself enough to cover the windows in the house I was about to take a greensky loan for, decided rather than re-finishing our 2,000 sq foot concrete pool deck that we would go ahead with a full rip and replace instead, registered for a race weekend at Watkins Glen and made a nice donation to our local ASPCA, Food Bank and Ronald McDonald House.

Oh by the way, a Senior Director at Goldman announced his retirement off his profits so call it what you like but I know people that have been "hustling" or had side hussles that became life changing financially.  

I'm still holding ethereum, that's a massive hussle with over 400% gains still.  

 


Have a Wonderful Day

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@Cryptoboys

If I buy 1000 quids worth of your recommended crypto stuff what do you estimate my gains in 12 months?

Given the uncertainty factor of course.

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Posted (edited)
5 hours ago, martin-w said:

@Cryptoboys

If I buy 1000 quids worth of your recommended crypto stuff what do you estimate my gains in 12 months?

Given the uncertainty factor of course.

If you invested $1,000 on DOGE on 1/1/21 and cashed out at the right time last week you would have made 100,000-120,000 or 12,000% return.  To invest 1,000 now you could either lose it all or in my opinion gain 20% at best unless there is a massive spike.  Target for DOGE for example would be .70 but if it hits $1 you could double your money.  If you invest at .50 it could also drop to .30 tomorrow and never recover.  It's really volatile but worth a small risk if you are willing to part with your investment worst case.

Edited by psolk
  • Upvote 1

Have a Wonderful Day

-Paul Solk

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Thanks  Cyrpto advisor. What's the best place to buy? And what's the best place to store? And would you go for Etherium or Doge  or something else?

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Posted (edited)
8 hours ago, martin-w said:

Thanks  Cyrpto advisor. What's the best place to buy? And what's the best place to store? And would you go for Etherium or Doge  or something else?

Just be aware that it's all nothing more than simple gambling.
Prices are incredibly volatile compared to traditional currency fluctuations.

I'm neither an evangelist, nor a doom-monger when it comes to cryptocurrencies.

I bought some DOGE two weeks before Elon Musk's appearance on SNL.
Despite the hype of getting the cryptocurrency 1=$1, his comment on the show crashed the price. I exited with a loss of over 25% down on my original bet, and the price continued to drop.
I think it's done. The pump and dump has killed it for the foreseeable future, in my less than expert opinion.

The next hyped crypto is SHIB Coin / Shiba Inu.
N.B. it's already up 8-fold in just 4 days. There are gains to be had, but the 10,000%+ increases probably aren't. Of concern is that only 3 wallets hold 60% of the supply.
Taking a risk that I can well afford to lose, I bought into it yesterday using the Binance platform. I like its low fees.
Another benefit most people will like is that it has a simple mode for new traders.

 

On 5/4/2021 at 12:21 AM, WingZ said:

So why has faith been lost in traditional negotiable instruments?

Is it because they have mostly become divorced from their original value systems, which had to do with making it easier to trade commodities, like a cow or a pig or something else too heavy to barter with?

If yes, then cryptocurrencies are just more of the same.

Governments better wise up or their tax and power base will erode.

There are many reasons why I think cryptocurrencies are 'a thing' now.
One / some / or all of the reasons why could include:

- the allure of being part of a new concept
- the creation of one's own wealth by mining
- the hype generated about the asset class on social media
- the breaking of the need to store value in the tangible (it's been acceptable in developed countries to hold cash, shares certificates, etc. in electronic form, and for a long time now)
- the outsized gains that can be made from relatively small investments
- the pricing out of the middle classes by 'Old', institutional and 'New' money of traditional asset classes
- the chance to give the proverbial middle finger to the financial and political establishment.

I think your last point is rather exaggerated. Governments tend to be rather good at extracting taxes from the less rich and less powerful.
Despite cryptocurrencies providing anonymity, crypto exchanges are usually required by law to collect the personal information of their users in order to operate. As there is a push to make crypto legal worldwide, the most popular exchanges will comply with laws and regulations.
It is a lot of work for most people to mine a cryptocurrency, then spend or convert it without using traditional banking, and of course traditional banking leaves a trail.

 

Edited by F737NG

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Posted (edited)
On 5/4/2021 at 8:16 AM, Rob_Ainscough said:

Who said that?  My question is and still is ... what is it's "value"?  No one here has answered that.

Losing value?  With a few small exceptions the US exchange rate has gained value from 2015 to 2020 per IRS.

I'm not sure how the rollercoaster ride of BitCoin would be considered "protection" against inflation?  Per statista chart it's extremely erratic.  If BitCoin's token limit is raised by some as yet to be defined global entity, it's value would drastically drop.  BitCoin has very minimal utility and is NOT a replacement for cash and never will be if the limit isn't raised.  And there you have the problem - full circle, back to government controlling limits which essentially controls "value".

There is only about 1.5T in physical US currency which equates to about 13% physical cash out of all money exchange transactions.  Energy used to print physical currency is about 1/10th of percent energy relative to the energy to generate a 1 BitCoin.  Increase the BitCoin limit will only make energy consumption exponential (this is NOT a linear curve).

Agree with you on crooked governments but I don't see how BitCoin is helping someone living within such a crooked government?  Crooked governments can, have, and will leverage other means at their disposal, taxes, fees, tariffs, customs, limits, etc.  

Anyway, the smart way to invest in BitCoin would be to invest in companies that trade with BitCoin (i.e. VISA, PayPal, etc.) and NOT in BitCoin itself, you insulate yourself from the rollercoaster ride.  Having coded many POS and online CC processing systems with a variety of integrations with my own software that includes using a variety of middleware vendors (who are popping up everywhere) that use folks like VISA, there is a huge amount of rewards from transaction fee processing at each level.  In fact the reward for transaction fee process is why my prior company was bought, they didn't care about what goods and services we produced, they just want to consolidate our customer transactions into their own systems.

BitCoin is not sustainable, if you increase the token limits you drop its value and increase energy usage even more.

But getting back to "money" (US currency) ... it's NOT just a matter of printing more Dollar bills.  Treasure notes impact everything from Mortgages to Social Security to the Military to inflation etc..  The value of "money" is connected to GDP (Gross Domestic Product) and/or GNP (Gross National Product) ... in other words what a country actually produces in goods and services.  BitCoin is NOT connected to anything other than "scarcity" ... hence we're back to BitCoin token limit.  BitCoin will not insulate anyone from inflation especially if it plans to work as a "cash" alternative.

Cheers, Rob.

Regarding the U.S. Dollar, check the latest 2Y comparisons, for instance, with the Euro and the Swiss Franc:

DG9oOBd.png

2tHAOhn.png

Two years may not be enough time, but I think there is a trend here and more and more Wall Street investors are talking about it (and, for instance, investing in crypto assets). From yesterday: Stanley Druckenmiller says the Fed is endangering the dollar’s global reserve status

As for Bitcoin and its hard limit, again, keep in mind that BC is not the only crypto asset. I think that this limitation is good but, if you do not, there are dozens of other tokens with higher availability (like Ravencoin), less transaction costs (Litecoin, Nano) or with extra privacy layers for people in less politically stable countries (Monero).

I don't see how any tech enthusiast, and I believe every flight simmer is one, can be against this kind of experimentation. For me it is quite clear: less dependancy on central banks and private financial institutions is a good thing.

Edited by GCBraun

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Posted (edited)
On 5/1/2021 at 10:50 PM, Rob_Ainscough said:

an you explain to us what you actually "own"?  At least when I buy stock, I'm buying part of a company and what that company produces.

This is why the majority of people still are not sold on cryptocurrency.  They all think there's no user case behind any cryptos and most of them can't get their head around what blockchain is. Bitcoin is a bit of an anomaly - there is no true user case behind it.  It's simply become a store of value (initially driven by hype) - but now, it'll probably be the world's preferred store of value going forward (like gold)

But there are a significant number of blockchain tech projects based on the Ethereum blockchain,  with significant, world changing use cases.

Here's one.

https://www.vechain.com/

Edited by ErichB
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All I will say is this........if you like messing about with cryptocurrencies, don't come crying to us that the handful of top end graphics cards that are available are being offered at a 300% mark up.


Christopher Low

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Buy some storage before it is in short supply.

SSD Killer? We Tested Chia Cryptocurrency Farming for one Week - YouTube

Reports are that miners in China are doing this with SSD`s.


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1 hour ago, Christopher Low said:

don't come crying to us that the handful of top end graphics cards that are available are being offered at a 300% mark up.

What if, for saving for one, you have to do the whole opposite? I.e., saving in crypto and then, when you saved the required amount, you cash it back and purchase?

That's exactly what I did: because of inflation here, I had no choice but saving into BTC and ETH. Last night I cashed them back and ordered a new rig 🙂 albeit with a 1650 which will have to be enough until the GPU crisis ceases (or until I can save again the same amount, just for a decent GPU).

Sadly, it's just a case of "if you can´t beat them, join them"...


Best regards,
Luis Hernández 20px-Flag_of_Colombia.svg.png20px-Flag_of_Argentina.svg.png

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