Cryptocurrency mega-thread

[Evolved1]

Biggest barrier seems to be not in accepting or processing the payment, but how do you value it versus the goods.

El Salvador will be an interesting case study, will a carton of milk be USD$1 and will charge in real-time whatever the equivalent in BTC is to USD$1? I haven't really spent any time reading up on how they plan to implement it.

I put a car up for sale once with cash or bitcoin as payment options. I've also paid for several online services using crypto. It's probably easier to set up than many banking services.

 

[faible]

I've also paid for several online services using crypto

Well doesn't that statement sound suspicious....

 

[Seeds]

as someone who has actually studied asset price crashes all the talk we are hearing to justify crypto now is the exact talk we always here before the big crash happens.

no one serious is talking about fundamentals with crypto now. It’s all about FOMO.

 

[Ghost Patrol]

as someone who has actually studied asset price crashes all the talk we are hearing to justify crypto now is the exact talk we always here before the big crash happens.

no one serious is talking about fundamentals with crypto now. It’s all about FOMO.

Right, so it's just coincidence that you copy pasted previous comments from a news.com article?

 

[Evolved1]

People fomo in at the top. Not after a 50% dump.

 

[Seeds]

Right, so it's just coincidence that you copy pasted previous comments from a news.com article?

You aren’t going to listen to me now are you.

 

[Seeds]

People fomo in at the top. Not after a 50% dump.

Exactly. FOMO can disappear very quickly once people stop believing it’s just a correction.

 

[Ghost Patrol]

You aren’t going to listen to me now are you.

If an alleged bitcoin millionaire lost money on crypto, will the price of milk go down?

Or does this theory of yours only work one way?

 

[Ghost Patrol]

Do millionaires even buy more milk?

 

[Seeds]

If an alleged bitcoin millionaire lost money on crypto, will the price of milk go down?

Or does this theory of yours only work one way?

Well ofcourse It works both ways.

 

[Evolved1]

Exactly. FOMO can disappear very quickly once people stop believing it’s just a correction.

Yes, and that's the stage we're in now. People have capitulated, which often marks the start of a new wave up.

Nobody is forcing you to buy or accept crypto, and I'm really struggling to understand your opposition here. We're contributing to society through CGT, and crypto has helped plenty of people from lower socioeconomic backgrounds become financially free.

Others ascribe value to their crypto. Have you considered the possibility that you just don't understand it?

 

[Seeds]

Yes, and that's the stage we're in now. People have capitulated, which often marks the start of a new wave up.

Nobody is forcing you to buy or accept crypto, and I'm really struggling to understand your opposition here. We're contributing to society through CGT, and crypto has helped plenty of people from lower socioeconomic backgrounds become financially free.

Others ascribe value to their crypto. Have you considered the possibility that you just don't understand it?

No it’s not. We are at the stage where a lot of people believe it’s a correction and there are still riches to be made.

you also buy out of FOMO. You arent basing it on fundamental value. You believe it’s a correction.

 

[Evolved1]

No it’s not. We are at the stage where a lot of people believe it’s a correction and there are still riches to be made.

you also buy out of FOMO. You arent basing it on fundamental value. You believe it’s a correction.

I don't care either way. I trade more than hold so volatility works well for me.

We're back trading in the same 30 to 42k zone that we've been in for over a month. There's really no need for dramatics about moons or crashes until something changes.

But yes, I believe bitcoin will eventually go to new all time highs. It might be this year, or might be in five years time.

 

[BEaston]

No we can’t get along cos you crypto traders are thieves. Or atleast trying to be. Those lambos don’t grow on a tree.

People making their money from crypto are only making it from other crypto traders. Is thieving from thieves acceptable?

 

[BEaston]

Nassim Taleb — a highly respected mathematical statistician has crunched the numbers and come up with the conclusion that the cryptocurrency is worth exactly zero, and that there is no evidence that blockchain — the process used to record transactions — is a useful technology.

“In its current version, in spite of the hype, bitcoin failed to satisfy the notion of ‘currency without government’ (it proved to not even be a currency at all), can be neither a short or long term store of value (its expected value is no higher than 0), cannot operate as a reliable inflation hedge, and, worst of all, does not constitute, not even remotely, a tail protection vehicle for catastrophic episodes.”

“The total failure of bitcoin in becoming a currency has been masked by the inflation of the currency value, generating (paper) profits for large enough a number of people to enter the discourse well ahead of its utility.

He then goes on to argue that bitcoin can neither be a short nor long-term store of value. He looked at the comparison of gold versus bitcoin – which he said was not wise – to illustrate his point.

“Gold and other precious metals are largely maintenance-free, do not degrade over a historical horizon, and do not require maintenance to refresh their physical properties over time,” he said. “Cryptocurrencies require a sustained amount of interest in them.”

Finally he argued that bitcoin is not a safe haven for investments in a volatile world — to protect against nefarious governments or other catastrophes.

“Not even remotely,” he said, pointing to the market panic in March last year when bitcoin sank lower than the sharemarket.

Sure, most of this is true, however it's irrelevant to the point of making money via an investment.

 

[Evolved1]

If you buy bitcoin at $10,000 and sell it for $30,000, you're a thief.
If you buy CSL shares at $250 and sell for $300, you're a savvy investor.

Is that your logic?

 

[Seeds]

If you buy bitcoin at $10,000 and sell it for $30,000, you're a thief.
If you buy CSL shares at $250 and sell for $300, you're a savvy investor.

Is that your logic?

investing in companies that produce doesn’t just redistribute existing wealth. It helps create new wealth. It grows the pie. Crypto does not do that. It solely reallocates the pie. Actually it shrinks the pie as it disincentivizes work.

 

[Ghost Patrol]

investing in companies that produce doesn’t just redistribute existing wealth. It helps create new wealth. It grows the pie. Crypto does not do that. It solely reallocates the pie. Actually it shrinks the pie as it disincentivizes work.

If less people want to work, then businesses will have to pay higher wages to attract workers. Why don't you want a pay rise Seeds?

Do you think buying multiple houses for investment is good, because it drives prices up?

 

[Evolved1]

investing in companies that produce doesn’t just redistribute existing wealth. It helps create new wealth. It grows the pie. Crypto does not do that. It solely reallocates the pie. Actually it shrinks the pie as it disincentivizes work.

If that were true, the total crypto marketcap would stagnate. Instead it has grown from a peak of 800 million USD in 2017 to a peak of 2.6 billion earlier this year.

I'm not sure how you can argue that trading isn't work. Do you feel the same way about FOREX traders?

Anyway, trading is only one piece of the crypto pie. Others focus on different aspects.

 

[Seeds]

If less people want to work, then businesses will have to pay higher wages to attract workers. Why don't you want a pay rise Seeds?

Do you think buying multiple houses for investment is good, because it drives prices up?

We are each better off if everyone works As everything is cheaper.

if people stop working the costs of services go up. so do taxes On wages. these more than offset any wage gain I might get in terms of purchasing power.


plus there is still the added demand of the crypto millionaires.

 

[Evolved1]

We are each better off if everyone works As everything is cheaper.

if people stop working the costs of services go up. so do taxes On wages. these more than offset any wage gain I might get in terms of purchasing power.


plus there is still the added demand of the crypto millionaires.

Automation is the way of the future. Good for us, and good to drive down costs. Two birds with one stone.

Working 50+ hours a week to survive is low-level modern slavery.

 

[Ghost Patrol]

We are each better off if everyone works As everything is cheaper.

if people stop working the costs of services go up. so do taxes On wages. these more than offset any wage gain I might get in terms of purchasing power.


plus there is still the added demand of the crypto millionaires.

Do crypto millionaires drink more milk than other types of millionaires?

 

[maryjames]

Bank of Israel adopts Ethereum for digital shekel trial

en.globes.co.il

 

[maryjames]

as someone who has actually studied asset price crashes all the talk we are hearing to justify crypto now is the exact talk we always here before the big crash happens.

no one serious is talking about fundamentals with crypto now. It’s all about FOMO.

Lol I’m not sure if trolling here or you live in 1970s.

 

[BEaston]

If that were true, the total crypto marketcap would stagnate.

Not really because the input to crypto marketcap is from fiat currencies.