Cryptocurrency mega-thread

[The Dice Man]

Managed to dump my LTC bags for $215.

There doesn't seem much demand for currency tokens like LTC and BCH in this run. The banking system seems to have caught up with crypto in terms of speed and convenience, which may be hurting that use-case for crypto.

Well done. Will probably never see that price again, unless Amazon comes out and says they're accepting Litecoin

Just received a free KSM NFT, but seems 9,998 other people did too. No idea how to sell this little birdie.

 

[Evolved1]

Well done. Will probably never see that price again, unless Amazon comes out and says they're accepting Litecoin

Just received a free KSM NFT, but seems 9,998 other people did too. No idea how to sell this little birdie.

You've got one out of 9,999. That's rare, mate.

 

[BACCS]

Managed to dump my LTC bags for $215.

There doesn't seem much demand for currency tokens like LTC and BCH in this run. The banking system seems to have caught up with crypto in terms of speed and convenience, which may be hurting that use-case for crypto.

Unless you’re transferring between the same bank and it’s a domestic transaction, then no, they aren’t even close to the speed of transaction of some cryptos.

 

[thedreadpirateroberts]

If people want to stay ahead of a trend then i'd suggest starting to search out projects in the DOT ecosystem outside of KSM.

As seen with SOL when the Top Dog pumps, often many of the underlings follow.

DOT's ecosystem still hasn't gone yet. There was a small signal they could be ready to go when it does with a bit of a pump by Litentry overnight.

Holding a nice bag Polkadex bought few months back for low $6. giddy up

 

[Evolved1]

Unless you’re transferring between the same bank and it’s a domestic transaction, then no, they aren’t even close to the speed of transaction of some cryptos.

Disagree.
1. Fiat withdrawals from binance hit my bank account within 15 seconds.
2. I transferred 5 figures from my bank account to a share trading account within a minute over the weekend.

 

[BACCS]

Fiat withdrawals from binance hit my bank account within 15 seconds.

That’s good, but bank to bank transactions (if different banks) can sometimes take a couple of days and transactions never go through over a weekend. International transactions can still take over a week, depending on the amount.

 

[Evolved1]

That’s good, but bank to bank transactions (if different banks) can sometimes take a couple of days and transactions never go through over a weekend. International transactions can still take over a week, depending on the amount.

See my edit. I transferred money from my bank account to a share trading account (different banks) on Sunday and had confirmation of the transfer within a minute.

It's convenient and less risky than crypto transfers.

 

[DT_35]

Holding a nice bag Polkadex bought few months back for low $6. giddy up

few months ago? Hasn’t been at $6 since late last year so guessing you mean then? I got a decent bag (600+ Units) in august last year at around $4 USD

 

[ash_1050]

That’s good, but bank to bank transactions (if different banks) can sometimes take a couple of days and transactions never go through over a weekend. International transactions can still take over a week, depending on the amount.

What do you think PayID is if not an instant transfer system between Australian banks that operates 24/7, including weekends?

 

[BACCS]

See my edit. I transferred money from my bank account to a share trading account (different banks) on Sunday and had confirmation of the transfer within a minute.

It's convenient and less risky than crypto transfers.

So you’re ok with bank transfers not going through over weekends (not all banks are like your example above), waiting up to 2 days for a simple transaction between different banks, waiting over a week to receive money sent internationally?

Do you enjoy that fiat bank transfers goes through many sets of hands, even for simple transfers? That is where the fees come from. I understand that there are certain cryptos with high fees currently (ETH the most notable), but there are many more with very low to zero fees.

Banks are only convenient because we never had other options.

 

[BACCS]

What do you think PayID is if not an instant transfer system between Australian banks that operates 24/7?

Not available for all types of bank accounts; I should know, it’s not available for mine. That should be a basic right, should it not?

Visa are bringing out a card this year in Australia that will allow payments with crypto, the tech is coming and will only continue to improve.

Is this a banking convention or something? Why is everyone so defensive of the banking system?

I’ve never asked you, but do you genuinely believe in crypto technology, or did you just see it as a way of making decent money?

 

[Evolved1]

So you’re ok with bank transfers not going through over weekends (not all banks are like your example above), waiting up to 2 days for a simple transaction between different banks, waiting over a week to receive money sent internationally?

Do you enjoy that fiat bank transfers goes through many sets of hands, even for simple transfers? That is where the fees come from. I understand that there are certain cryptos with high fees currently (ETH the most notable), but there are many more with very low to zero fees.

Banks are only convenient because we never had other options.

I'm ok with whatever is most convenient for me. I suggest you find a different bank if yours is still giving you 48 hour waits for transfers.

Using QR codes and triple checking the numbers isn't ideal. I don't recall paying any fees for recent b2b transfers either.

The banks have completely obliterated crypto in one of their main strengths. It's no longer cheaper, safer, or faster to use crypto for currency transfers.

 

[Evolved1]

Not available for all types of bank accounts; I should know, it’s not available for mine. That should be a basic right, should it not?

Visa are bringing out a card this year in Australia that will allow payments with crypto, the tech is coming and will only continue to improve.

Is this a banking convention or something? Why is everyone so defensive of the banking system?

I’ve never asked you, but do you genuinely believe in crypto technology, or did you just see it as a way of making decent money?

PayID isn't a basic right. Consumer choice is a basic right.

 

[ash_1050]

I’ve never asked you, but do you genuinely believe in crypto technology, or did you just see it as a way of making decent money?

I'm a firm believer that blockchain will revolutionise the way the world functions, including banking among most other things. Taking banking as the topical example I don't see using cryptocurrency in its current form as a lubricant that enables blockchain functionality as having much purpose or intrinsic value for a couple of reasons.

The first being if there is a need for a lubricant it functions much better as a fixed cost base rather than a fluctuating and volatile commodity, which is why things like oil futures exist for price smoothing, something crypto hasn't even got close to doing unless you count Tether (but Tether is its own questionable issues). 99.9% of major companies are unwilling to utilise or implement cryptocurrency payment when it is subject to volatility that means a payment you took yesterday is now worth 20% less today. For as long as people see crypto as an investment rather than a means of exchange it won't be able to overcome this first shortcoming.

The second being the crypto aspect is entirely optional, as evidenced by Ripple trying to use XRP as its lubricant to fund instant bank transactions and getting very little uptake from it, to the point where they've completely ditched it in their new xCurrent and xVia products. You can offer a product that doesn't require holding what essentially amounts to a pile of tokens that are being sent to someone else and being subject to a fee or price fluctuation along the way of which all cryptocurrencies have at least either a fee or a risk of price fluctuation between sending, receiving and utilising.

A better version of fiat currency will be introduced, but I don't think we're quite there yet in that the current iterations of crypto aren't the solution, they're the prototypes that lead to the evolution of a more mature process. Of course my views today don't reflect my views of say 4 years ago, where I was firmly of the belief that Ripple (and XRP) for instance were going to revolutionise the banking system, and they didn't (and won't). As it turns out a better product doesn't always mean it becomes the new standard process, and if the better product means handing over control of the central banking processes to an upstart Silicon Valley company then the overwhelming majority of banks are opposed to that idea.

It's an interesting space and a couple hundred words doesn't do justice to the topic.

 

[BACCS]

PayID isn't a basic right. Consumer choice is a basic right.

Transferring banks, especially one you have a mortgage with, most certainly isn’t easy or convenient.

 

[BACCS]

I'm a firm believer that blockchain will revolutionise the way the world functions, including banking among most other things. Taking banking as the topical example I don't see using cryptocurrency in its current form as a lubricant that enables blockchain functionality as having much purpose or intrinsic value for a couple of reasons.

The first being if there was a lubricant it functions must better as a fixed cost base rather than a fluctuating and volatile commodity, which is why things like oil futures exist for price smoothing, something crypto hasn't even got close to doing unless you count Tether (but Tether is its own questionable issue).

The second being the crypto aspect is entirely optional, as evidenced by Ripple trying to use XRP as its lubricant to fund instant bank transactions and getting very little uptake from it, to the point where they've completely ditched it in their new xCurrent and xVia products. You can offer a product that doesn't require holding what essentially amounts to a pile of tokens that are being sent to someone else and being subject to a fee or price fluctuation along the way of which all cryptocurrencies have at least either a fee or a risk of price fluctuation between sending, receiving and utilising.

A better version of fiat currency will be introduced, but I don't think we're quite there yet in that the current iterations of crypto aren't the solution, they're the prototypes that lead to the evolution of a more mature process. Of course my views today don't reflect my views of say 4 years ago, where I was firmly of the belief that Ripple (and XRP) for instance were going to revolutionise the banking system, and they didn't (and won't). As it turns out a better product doesn't always mean it becomes the new standard process, and if the better product means handing over control of the central banking processes to an upstart Silicon Valley company then the overwhelming majority of banks are opposed to that idea.

It's an interesting space and a couple hundred words doesn't do justice to the topic.

Thanks for the detailed response, I tend to agree with some of your views. The first movers aren’t always the ones that last long term.

Ripple do actually require the use of XRP in their latest software.

 

[Evolved1]

Transferring banks, especially one you have a mortgage with, most certainly isn’t easy or convenient.

True. Does crypto offer any alternatives?

 

[ash_1050]

Ripple do actually require the use of XRP in their latest software.

xVia and xCurrent were primarily designed to not require XRP and instead make use of a ledger. xRapid (the oldest of the 3) requires the use of XRP. You could use XRP with xVia and xCurrent if you so wished, in the same way you could top up a half full flute of Dom Perignon with Prosecco if that's what you wanted to do.

 

[Evolved1]

The longer I spend in this space, the more I realise that the primary purpose of blockchain and crypto is to get rich. We're not playing the high road here, nor are we better than the banks and politicians.

The vast majority of us just want to dump our bags at the top and get out.

 

[ash_1050]

The longer I spend in this space, the more I realise that the primary purpose of blockchain and crypto is to get rich. We're not playing the high road here, nor are we better than the banks and politicians.

The vast majority of us just want to dump our bags at the top and get out.

Which is what's holding the space back. Progress comes from a standardised non volatile means of exchange, and the majority of non contributors to the space instead see crypto as something that should fluctuate wildly provided they profit from it. 99% of the conversation on here is people discussing how much money they've made/lost or price swings rather than discussing implementation, uptake and methods of creating a more mature product. And there's nothing wrong with that, but while it's viewed as a commodity it's going to be treated as a commodity which is why in the long run anything people are making money off probably won't succeed.

 

[BACCS]

xVia and xCurrent were primarily designed to not require XRP and instead make use of a ledger. xRapid (the oldest of the 3) requires the use of XRP. You could use XRP with xVia and xCurrent if you so wished, in the same way you could top up a half full flute of Dom Perignon with Prosecco if that's what you wanted to do.

There has been an update recently that now requires XRP to be used for all of their products. Obviously there will be a transition phase, but it has commenced. I’ll try to find the article I saw it in.

 

[ash_1050]

There has been an update recently that now requires XRP to be used for all of their products. Obviously there will be a transition phase, but it has commenced. I’ll try to find the article I saw it in.

I'd be curious to read that article, as they're shooting themselves in the foot by doing that. As I mentioned a couple days ago XRP is a solution looking for a problem, and the xCurrent and xVia systems are vastly superior without the utilisation of XRP.

 

[Evolved1]

Which is what's holding the space back. Progress comes from a standardised non volatile means of exchange, and the majority of non contributors to the space instead see crypto as something that should fluctuate wildly provided they profit from it. 99% of the conversation on here is people discussing how much money they've made/lost or price swings rather than discussing implementation, uptake and methods of creating a more mature product. And there's nothing wrong with that, but while it's viewed as a commodity it's going to be treated as a commodity which is why in the long run anything people are making money off probably won't succeed.

Fair points. The cryptos that survive generally have a cult following community that outlast any bear market.

There's enough BTC maxi's to see it through for the next decade, and probably a similar amount of dog coin cultists. ETH should be ok too. I'm not so sure about the rest.

I personally don't see this space transitioning completely into the mainstream. It's a whole different world, and I like it this way.

 

[BACCS]

I'd be curious to read that article, as they're shooting themselves in the foot by doing that. As I mentioned a couple days ago XRP is a solution looking for a problem, and the xCurrent and xVia systems are vastly superior without the utilisation of XRP.

I’m struggling to find it, sorry. I’ll have a better look on my laptop tomorrow, bit harder on the phone.

 

[The Dice Man]

Golden Cross happening right now. Bullsih?