Cryptocurrency mega-thread

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Kwality

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Not true. As I’ve repeatedly been saying ITT, the ones who will thrive are the ones who utilise the real benefit here - blockchain technology - in the real world and have a usable and needed product or service based around it. Waltonchain for eg is exactly that. The currency is secondary. Not all cryptos are just magic internet money.
:thumbsu: Spoke to the Blockchain Collective guys & plan to do a course mid year, blockchain is the way of the future.
https://www.itwire.com/market/85547-blockchain-collective-has-blockchain-course-accredited.html
 

woota

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I'll be the first to admit that I don't know where the crypto train is headed, but here's a thought. The day may soon be upon us where cryptocurrency is actually used to purchase goods and services in the real world. This will be made possible NOT by the infrastructure changing to accommodate cryptocurrency -- but the other way around; financial products on offer that allow consumers to make purchases with their cryptocurrency using the traditional payment system. I'm talking about crypto cards like Tokencard and TenX, that allow you to spend crypto while the vendor receives payment in fiat through a seamless conversion. These products could bridge the gap between fiat and crypto.

This may cause a shift in the public perception of cryptocurrency, where people will begin to see it as an actual usable currency rather than some mysterious internet money that just sits in an online wallet.
 

Scotland

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This may cause a shift in the public perception of cryptocurrency, where people will begin to see it as an actual usable currency rather than some mysterious internet money that just sits in an online wallet.
If you need to convert crypto into fiat in order to use it then it is effectively useless as a currency. I mean if I have a bank account full of GBP or USD or whatever I can make purchases in AUD with a credit card, but I'm relying on an intermediate financial institution for the conversion. If I wanted to use Venezuelan Bolivars they wouldn't allow it. Isn't the whole point of the crypto 'revolution' to get away from big ol' nasty fiat? Crypto is supposedly valuable because it is decentralised from monetary systems, but in order for it to have practical value it needs to be converted into the currencies of said systems. Riiiight. The main thing holding crypto back from functioning as a medium of exchange is volatility and security. It's all well and good having a bunch of internet coins worth thousands that cost nothing, but no business or financial institution wants them if they are up and down 100% in a week.

It's a fallacy of the scarcity = value model. If you invent a currency with fixed supply and one person buys all of them they aren't useful to anyone. If you invent a currency that has an increasing supply dictated by someone then you've just invented your own fiat and the whole 'it's valuable because it's decentralised and finite' thing goes out the window.

Also, fiat currency just means intrinsically valueless money. Which is every cryptocurrency ever. And pretty much all currencies in circulation around the world.
 

woota

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Also, fiat currency just means intrinsically valueless money. Which is every cryptocurrency ever. And pretty much all currencies in circulation around the world.
I don't think it's that simple.

Fiat currency = pieces of paper. A value reference.
Crypto currency = lines of code. Programmable money.

We've seen everything go the "smart route", like smartphones. Money is going to undergo its next iteration, which is smartmoney. Essentially what cryptocurrency is.
 

Scotland

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I don't think it's that simple.

Fiat currency = pieces of paper. A value reference.
Crypto currency = lines of code. Programmable money.

We've seen everything go the "smart route", like smartphones. Money is going to undergo its next iteration, which is smartmoney. Essentially what cryptocurrency is.
Wrong. Fiat doesn't mean paper or plastic or any other material of construction.

The Australian dollar is fiat money. 99% of my purchases are made electronically. Rarely do I need the piece of paper (polymer in our case) to complete a transaction. There's about $70-80b worth of banknotes circulating out of over $1-1.5t. It's all 1s and 0s.

Crypto isn't smart money, it's smart(er) technology. I can already pay for things using my smartphone, or tap and go with a credit/debit card. Evolution of payment technology doesn't require the invention of new currencies.
 

woota

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Wrong. Fiat doesn't mean paper or plastic or any other material of construction.

The Australian dollar is fiat money. 99% of my purchases are made electronically. Rarely do I need the piece of paper (polymer in our case) to complete a transaction. There's about $70-80b worth of banknotes circulating out of over $1-1.5t. It's all 1s and 0s.

Crypto isn't smart money, it's smart(er) technology. I can already pay for things using my smartphone, or tap and go with a credit/debit card. Evolution of payment technology doesn't require the invention of new currencies.
You're missing the whole point. Fiat currency is something you can hold in your hand. It's tied to something physical - coins, and notes, and can be stored in a bank as a digital representation of said coins or notes. Some of the confusion around cryptocurrency is that it's not tied to anything physical. It's a digital currency only. But in say 20 years, when ATMs have disappeared and nobody is using physical cash anymore, all currency we use is going to be digital, whether it's crypto or not. So then it won't be such a stretch for people to accept crypto currency because no physical money will exist. Crypto is smart money. Fiat currency is kind of inert (for lack of a better word), crypto currency is programmable money that can be used to create smart contracts and so forth.

Not sure how much you know about crypto but the whole point of it is that it enables peer-to-peer transactions, meaning there's no "middle man" (the bank) mediating the transaction between two parties. Thus, payments have the potential to be much faster and more private than the traditional banking system.

I think crypto currency is the future of money, but by the time that happens it's not going to be called "cryptocurrency" anymore (at least not any government endorsed form of crypto currency) and it will be even more user friendly than the fiat currency we have today; there won't be any complicated exchanges involved like there has been up until this point. And I doubt bitcoin is going to the future of payment.
 
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Scotland

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Agree to disagree, I think crypto fanbois have hijacked the term fiat without knowing what it really means. Everyone has heard the 'fiat is bad, the govt just print as much as they want, it's backed by nothing. Instead let's use this thing I just bought that has no value that I want to be valuable' thing enough times.
You sed:

This will be made possible NOT by the infrastructure changing to accommodate cryptocurrency -- but the other way around; financial products on offer that allow consumers to make purchases with their cryptocurrency using the traditional payment system. I'm talking about crypto cards like Tokencard and TenX, that allow you to spend crypto while the vendor receives payment in fiat through a seamless conversion.
Not sure how much you know about crypto but the whole point of it is that it enables peer-to-peer transactions, meaning there's no "middle man" (the bank) mediating the transaction between two parties. Thus, payments have the potential to be much faster and more private than the traditional banking system.
Sounds like a middle man to me.
 

Chubberson

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Yeah its been a nervy few months. Sunk 2k more into WTC (1.40aus) and some others. Wait and see what happens. If it evaporates into thin air I guess I'll get back on the tools and do some FIFO work. If we go onward and upwards a bit I'm buying a motor home and taking the family on a lap or two around Aussie. Peace fellow enthusiasts!
 

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juss

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I put in about 5k before the crash (across multiple cryptos), don't think I'll ever get it back but it's not worth enough to bother selling now so just going to hold it forever more in case it does boom again.

If not, it's only 5k invested lost. Not life-ending.
 

Yellow Feathers

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marketcap gone up 40b in a week
Looking good! I dollar cost averaged (mostly BTC, but some WTC & LINK) throughout 2018 and it's paying off now.

Bitcoin is entering a new 4-year cycle so my target is in 2021. Not getting too excited yet, I expect see 30-40% corrections along the way.
 

YippeeYiYeo

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Marketcap gone past 260b.

Decided to look at my portfolio balance for the first time since feb 2018.... don’t think I’ll check again until we’re at 500b. That made for some ugly reading.

Also my Okex account got hacked. Had about $500 worth of crypto last time I checked (so about $150 now). Not enough to really bother me. Was just random alts that couldn’t be managed on my ledger nano s wallet. Still annoying though.

Congrats to anyone who took the plunge at the bottom around 109b. Timing is everything.
 
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