Cryptocurrency mega-thread

[Duritz]

As for price fluctuations, and using my example Walton again, I sent this message to a friend earlier to explain the fluctuations -

The issue that Walton has for now (as do a lot of the alts) is their value is in a big way tethered to the value of bitcoin. Let’s say WTC is 30 and BTC is 9000. That means WTC is 0.0333 of BTC, and on the exchanges that’s how it’s price is expressed. So you buy BTC and convert it to WTC. You can’t at this stage buy WTC directly with cash. So WTC is 0.0333 of BTC, therefore the USD price of WTC is worked out off the USD value of BTC. So, with BTC at 9000 usd WTC is 30. Bitcoin goes down due to whatever reasons, and it’s 6000 usd all of a sudden. WTC is still trading at 0.0333 of btc but now it is worth $20 USD, not $30. Nothing has changed at Walton or in their business etc, but because BTC is fluctuating and has gone down, their price goes down as a result.

So, what companies like Walton need is to get organic growth regardless of BTC. That is of course what they are trying to do, but these things take time. For now, their coin price is at the mercy of bitcoins fluctuations.

 

[Yellow Feathers]

You’re not listening.

Purchasing crypto was the bad bet.

I purchased it to troll a mate for a specific reason, which I won’t go into here as he is my mate.

As the troll got more expensive I sold, not wanting to lose all of the $500 on a silly joke.

Good luck to anyone who won the crypto currency lottery. Well done. But this is like one of those times where you play a bad hand in poker, and win against the odds. It’s still bad play. Do it every hand and you will lose.

I don’t know how many of you lived through the dot com bubble, but this looks exactly like it, just in a compressed time period and without regulation against market manipulation.

Discuss away, don’t think that I think my opinion is fact.

But one thing I do know is that technical analysis or “charting” is essentially astrology. Don’t do it. Look at the technology, the people, the fundamentals, the market they operate in.

No crypto has any fundamentals. They are all failing to solve the problems they claim to exist to solve. They are collectible Beanie Babies. Cabbage Patch dolls. eBay shares in 2005. Lehman Brothers shares in 2007.

But best of luck. I can’t predict the future so you may well own the world in a year.

I will spread my remaining money evenly among the most popular cryptos simply because I fear looking stupid if it takes off and everyone’s rich but me.

Because I am a dumb monkey-animal like everyone else.

There was no friend, no bet. That part was made up.

You put $500 into XRP and panic sold when the market crashed last week. And just like that, your quick foray into crypto was over.

 

[Deliverance]

Every crypto is different. DYOR.

Just out of curiosity, what counts as research? Reddit? Youtubers? Crypto kings on twitter? Or something else?

 

[Pea Nut]

But one thing I do know is that technical analysis or “charting” is essentially astrology. Don’t do it. Look at the technology, the people, the fundamentals, the market they operate in.

You clearly have massive doubts about crypto, which is absolutely fine. But this part of your post is absolute nonsense. Trading bots dominate all trading markets and have done for some time. They don't look at technology, don't understand people and can't analyse fundamentals. They do their work based off the maths and algorithm's that they are programmed with. Which is all generated from Technical Analysis techniques. To say technical analysis or charting is astrology is head in the sand stuff.

 

[Duritz]

This is what buffet says about it -

https://www.google.com.au/amp/s/amp.businessinsider.com/warren-buffett-on-bitcoin-price-2018-1

 

[Chubberson]

Just out of curiosity, what counts as research? Reddit? Youtubers? Crypto kings on twitter? Or something else?

You clearly haven't heard of a white paper, so I would suggest you START there. Relevant Discord groups may even have company reps that pop in and answer questions just like the above you have thoughtfully posted.

Reddit can be useful, there are some very dedicated reddit groups that have literally compiled everything from whitepapers to, employee hierachy flowcharts. Where these employees studied, worked, the projects they've completed. Positions they've held, like VP of Samsung, just one off the top of my head. Details of contracts, partnerships, it goes on and on.

I find it slothfully lazy that you would ask a question laced with condescension when EVERYTHING you seek, is underneath your right forefinger. I'll be over later to wipe your arse for you.

 

[skipper kelly]

Just out of curiosity, what counts as research? Reddit? Youtubers? Crypto kings on twitter? Or something else?

There is a large amount of academic research in journals. I've got a list of over 300 articles but only up to 2015. I'd guess that has at least doubled in the last couple of years.

My best 'guess' at research is starting off with reading about the ideas in the white papers etc and if you decide it has merit then look at who is doing it. IMO most people can come up with an idea and word it accordingly but not many if any will be able to make it happen.

What
How
Who
Why

In any order

Then when and where.

 

[Duritz]

You clearly haven't heard of a white paper, so I would suggest you START there. Relevant Discord groups may even have company reps that pop in and answer questions just like the above you have thoughtfully posted.

Reddit can be useful, there are some very dedicated reddit groups that have literally compiled everything from whitepapers to, employee hierachy flowcharts. Where these employees studied, worked, the projects they've completed. Positions they've held, like VP of Samsung, just one off the top of my head. Details of contracts, partnerships, it goes on and on.

I find it slothfully lazy that you would ask a question laced with condescension when EVERYTHING you seek, is underneath your right forefinger. I'll be over later to wipe your arse for you.

 

[Deliverance]

You clearly haven't heard of a white paper, so I would suggest you START there. Relevant Discord groups may even have company reps that pop in and answer questions just like the above you have thoughtfully posted.

Reddit can be useful, there are some very dedicated reddit groups that have literally compiled everything from whitepapers to, employee hierachy flowcharts. Where these employees studied, worked, the projects they've completed. Positions they've held, like VP of Samsung, just one off the top of my head. Details of contracts, partnerships, it goes on and on.

I find it slothfully lazy that you would ask a question laced with condescension when EVERYTHING you seek, is underneath your right forefinger. I'll be over later to wipe your arse for you.

There is a large amount of academic research in journals. I've got a list of over 300 articles but only up to 2015. I'd guess that has at least doubled in the last couple of years.

My best 'guess' at research is starting off with reading about the ideas in the white papers etc and if you decide it has merit then look at who is doing it. IMO most people can come up with an idea and word it accordingly but not many if any will be able to make it happen.

What
How
Who
Why

In any order

Then when and where.

Thanks mate. The journal articles interest me. First I've heard of them. Are they freely available or subscription only? I've yet to see anything particularly useful through the most common channels.

 

[skipper kelly]

Thanks mate. The journal articles interest me. First I've heard of them. Are they freely available or subscription only? I've yet to see anything particularly useful through the most common channels.

I accessed them through a uni database. I would say most are subscription only.

 

[PP34]

If you read back a few pages you’ll see that I discuss volatility. While people are using BTC as an investment tool rather than a currency, volatility is a frustrating issue. When bitcoin or some other cryptocurrency is used for its main purpose - as a currency - volatility won’t be such a problem. The share market is ridiculously changeabl at the moment, but people still use it. Traditional currencies can be volatile too - look at what happened to the mark in Weimar Republic Germany ; Zimbabwe recently suffered from hyperinflation. Bitcoins need to be adopted as currency not investment. They aren’t tethered to anything such as government bonds or a gold standard; they’re just a secure, private and easy way of moving vast sums of money across continents. That’s why governments hate them.

But what is going to make people use Bitcoin and the other coins as a currency?

I'm a huge fan of cryptocurrency and watching a doco about Bitcoin the other day helped me to better realise the value of blockchain and using the blockchain as a public ledger. But I just don't see how we go from this crazy period we're in of almost every person buying cryptos to make an extra buck to instead using cryptos as a proper payment method.

Why will people just decide one day to stop seeing crypto as a money maker and instead as an alternative to fiat currency? If anything the rampant speculation is probably going to get worse. The mainstream media and the newcomers who get into crypto as a result of the stories have bought into crpyto because of the investment potential. When the Aussie media started taking notice last year they were talking about cryptocurrency being either a good or bad investment and the recent drop was an opportunity for them to rip into cryptos. Hardly a thing was said about the potential for crypto to be used to pay for food, property, bills etc. You never see the mainstream media talking about the AUD as an investment opportunity.

The share market is a completely different thing. It's volatile because people are buying into ownership of companies and companies are constantly impacted by what happens in the real world. At the end of the day you don't pay for things with shares.

The examples you stated of currencies being volatile are extreme and rare. They also involve currencies becoming worthless. Currencies don't go through huge drops from being worth a heap to worth very little. You don't pay for a pizza with 16 AUD and then have to worry about that 16 AUD being worth a Ferrari two years later.

 

[PP34]

Typical know it all post from someone that works in the finance or banking sector. Ask yourself what is at the core of distributed ledger technology. The answer lies within.

Everyone knows about the tech. But some on here don't want to admit that crypto has probably ended up as something completely different to what it was meant to be.

Bitcoin was never invented so people could throw money into it and hope to get rich. Satoshi had Bitcoin in mind as an alternative to how we traditionally deal with our money. Instead of banks having our money and then paying via card/cash we could instead own some Bitcoins or parts of one and send them directly to whoever we wanted, without banks or governments having any involvement.

The mainstream interest has been about it being an investment opportunity. How is that going to help turn it into a currency alternative?

Some on here are in denial. There is no incentive for anyone to go out and either accept crypto or pay for things with crypto. The man buying a pizza with Bitcoin and that pizza ending up being real expensive isn't some rare occurence. It would have happened to anyone who has paid for something with Bitcoin since 2010.

 

[Chief]

You invest in Walton (as an example) by buying their coins. Their coin is what people have to buy to use their business model so if their business grows, the demand for their coin grows which of course means it’s value goes up. As demand grows price rises.

The business model is primary, they have a product and a service they are/will provide, the coin is the medium.

Why would anyone underpin a business process with such an unstable input when more stable options are available?

 

[Duritz]

Why would anyone underpin a business process with such an unstable input when more stable options are available?

In the case of Walton, the benefits of the blockchain make their business model many levels superior to the currently employed methods world wide. Blockchain is the reason their model is superior, so the stability of current methods is irrelevant.

They have indicated one way around the volatility is to have a variable cost of their “child coins” (the things the companies will need to purchase to use the service), using a formula so that the effective fiat cost of the child coins remains stable. Effectively tether it to fiat value. Best of both worlds therefore.

 

[Deliverance]

I accessed them through a uni database. I would say most are subscription only.

Thanks. Ahh I miss those uni days and unlimited journal access.

 

[Chief]

Yeah because the internet was just a fad, re dot com bubble.

Spend less time painting miniature elves and fairies and more time researching what your potting. I've left the above quote so you know that what you have posted is absolute garbage.

How many problems have actually been solved by any of these currencies?

Not vaporware press releases - actual solutions.

How many people are online boasting about losing money? The winners stories in the currency ponzi scheme are survivorship bias.

Then -in the currencies - there’s the heavy reliance on charting.

But anyway, nobody will change their mind based on the evidence now they have bought in.

The technology? The best description I’ve heard is a cool shiny new thing looking for a useful application.

It might find one sooner or later.

 

[YippeeYiYeo]

Look if you aren’t interested in blockchain then stop reading the thread. It’s quiye clear what your position is and bleating the same sentiment over and over is becoming tiresome.

 

[Chief]

Look if you aren’t interested in blockchain then stop reading the thread. It’s quiye clear what your position is and bleating the same sentiment over and over is becoming tiresome.

I think I’ve had about two exchanges on it.




On iPhone using BigFooty.com mobile app

 

[Pea Nut]

Look if you aren’t interested in blockchain then stop reading the thread. It’s quiye clear what your position is and bleating the same sentiment over and over is becoming tiresome.

I think it's good to hear all angles of opinion regarding Crypto. What is frustrating is when that opinion is glaringly uninformed.

 

[PP34]

Look if you aren’t interested in blockchain then stop reading the thread. It’s quiye clear what your position is and bleating the same sentiment over and over is becoming tiresome.

You're not interested in any posts that criticise cryptocurrencies in any way at all.

You got any idea how cryptocurrencies are going to eventually be used for their true purpose?

 

[woota]

You're not interested in any posts that criticise cryptocurrencies in any way at all.

You got any idea how cryptocurrencies are going to eventually be used for their true purpose?

Yes.

 

[Chubberson]

How many problems have actually been solved by any of these currencies?

Not vaporware press releases - actual solutions.

How many people are online boasting about losing money? The winners stories in the currency ponzi scheme are survivorship bias.

Then -in the currencies - there’s the heavy reliance on charting.

But anyway, nobody will change their mind based on the evidence now they have bought in.

The technology? The best description I’ve heard is a cool shiny new thing looking for a useful application.

It might find one sooner or later.

Chief you don't understand the tech anyhow, so why do you care how many problems it's solved. Some will be successful, lots won't, just like the dot com bubble.

Are people from this thread bombarding your painting and boardgames thread lambasting you for sinking thousands of dollars into boardgames and fantasy miniatures that don't solve any problems whatsoever? Why does playing financial daddy to us appeal to you? Isn't the big footy site the 'choose your own adventure' we always thought it was? To be continued.........

 

[PP34]

Yes.

Go on.....

How do you solve the volatility issue?

 

[Duritz]

You're not interested in any posts that criticise cryptocurrencies in any way at all.

You got any idea how cryptocurrencies are going to eventually be used for their true purpose?

I described it a few posts up. In fact I’ve written a lot about it itt

 

[jezzajay]

Roaming Tokyo today...bitcoin is clearly well ingrained here. The Japanese are well onto it!!