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Official cryptocurrency thread (Bitcoin, Ethereum, Altcoin)
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Topic: Official cryptocurrency thread (Bitcoin, Ethereum, Altcoin) (Read 303987 times)
rfgqqabc
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Re: Official cryptocurrency thread (Bitcoin, Ethereum, Altcoin)
«
Reply #1110 on:
September 30, 2018, 01:50:19 PM »
I'm not sure why you used the word legitimate ace but gold is clearly a terrible means of exchange. If it wasn't we wouldn't have needed paper money. It's heavy and indivisible.
If not for price volatility Bitcoin would be a far superior medium of exchange.
Hey Mango, yeah I'm trading crypto full time at the moment. Nice call on xrp btw, got in a few days ago. It might actually hold the number 2 spot for a period after this. I saw it briefly went over today again. Def more of a short term play for me but it's shown a lot of strength.
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[21:05:17] Andrew W: you wasted a non spelling mistakepost?
[21:11:08] Patrick Leonard: oll
Mango99
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Re: Official cryptocurrency thread (Bitcoin, Ethereum, Altcoin)
«
Reply #1111 on:
September 30, 2018, 03:24:14 PM »
Quote from: rfgqqabc on September 30, 2018, 01:50:19 PM
I'm not sure why you used the word legitimate ace but gold is clearly a terrible means of exchange. If it wasn't we wouldn't have needed paper money. It's heavy and indivisible.
If not for price volatility Bitcoin would be a far superior medium of exchange.
Hey Mango, yeah I'm trading crypto full time at the moment. Nice call on xrp btw, got in a few days ago. It might actually hold the number 2 spot for a period after this. I saw it briefly went over today again. Def more of a short term play for me but it's shown a lot of strength.
No worries. Oct/Nov/Dec could be massive for XRP. Big conference tomorrow and Tues, and RippleNet (XRapid) properly launching sometime in Oct. Depending on what's rumoured at the conference could see a nice spike next 2 days. I predict $2-$3 EOY for XRP. Hopefully higher
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acegooner
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Re: Official cryptocurrency thread (Bitcoin, Ethereum, Altcoin)
«
Reply #1112 on:
September 30, 2018, 06:34:53 PM »
Quote from: rfgqqabc on September 30, 2018, 01:50:19 PM
I'm not sure why you used the word legitimate ace but gold is clearly a terrible means of exchange. If it wasn't we wouldn't have needed paper money. It's heavy and indivisible.
If not for price volatility Bitcoin would be a far superior medium of exchange.
Hey Mango, yeah I'm trading crypto full time at the moment. Nice call on xrp btw, got in a few days ago. It might actually hold the number 2 spot for a period after this. I saw it briefly went over today again. Def more of a short term play for me but it's shown a lot of strength.
Gold is a legitimate medium of exchange, it’s functionality/practicality in a modern day society is questionable but so is bitcoins. If we were ever to return to the dark ages due to war or natural catastrophe then gold would again be the standard.
Price volatility will always be bitcoins achiles heel, until it loses this volatility, it cannot be considered by the business community as an efficient way of selling goods or services. For bitcoin to succeed, it needs global acceptance. That is something it doesn’t have from the man in the street right through to the large institutions. Whether this might change in the future, who knows.
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rfgqqabc
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Re: Official cryptocurrency thread (Bitcoin, Ethereum, Altcoin)
«
Reply #1113 on:
September 30, 2018, 07:12:49 PM »
Quote from: acegooner on September 30, 2018, 06:34:53 PM
Quote from: rfgqqabc on September 30, 2018, 01:50:19 PM
I'm not sure why you used the word legitimate ace but gold is clearly a terrible means of exchange. If it wasn't we wouldn't have needed paper money. It's heavy and indivisible.
If not for price volatility Bitcoin would be a far superior medium of exchange.
Hey Mango, yeah I'm trading crypto full time at the moment. Nice call on xrp btw, got in a few days ago. It might actually hold the number 2 spot for a period after this. I saw it briefly went over today again. Def more of a short term play for me but it's shown a lot of strength.
Gold is a legitimate medium of exchange, it’s functionality/practicality in a modern day society is questionable but so is bitcoins. If we were ever to return to the dark ages due to war or natural catastrophe then gold would again be the standard.
Price volatility will always be bitcoins achiles heel, until it loses this volatility, it cannot be considered by the business community as an efficient way of selling goods or services. For bitcoin to succeed, it needs global acceptance. That is something it doesn’t have from the man in the street right through to the large institutions. Whether this might change in the future, who knows.
What have you bought or sold for gold?
Gold is a store of value and not a medium of exchange. I think gold would be considered a commodity now? Medium of exchange is a characteristic of money and not a commodity.
In the event of societal collapse/dark ages scenario I do not particularly see the value in gold, I think food/water/weapons would be more valuable at this point but I understand your point. Its a bit of a pedantic argument from my side (on both accounts but im not sure if im just confused)
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[21:05:17] Andrew W: you wasted a non spelling mistakepost?
[21:11:08] Patrick Leonard: oll
Jon MW
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Re: Official cryptocurrency thread (Bitcoin, Ethereum, Altcoin)
«
Reply #1114 on:
September 30, 2018, 09:44:57 PM »
Quote from: rfgqqabc on September 30, 2018, 07:12:49 PM
....
What have you bought or sold for gold?
Gold is a store of value and not a medium of exchange. I think gold would be considered a commodity now? Medium of exchange is a characteristic of money and not a commodity.
In the event of societal collapse/dark ages scenario I do not particularly see the value in gold, I think food/water/weapons would be more valuable at this point but I understand your point. Its a bit of a pedantic argument from my side (on both accounts but im not sure if im just confused)
Gold was used as a medium of exchange for about 2500 years - it doesn't seem like the worst theory in the world that it could again.
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rfgqqabc
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Re: Official cryptocurrency thread (Bitcoin, Ethereum, Altcoin)
«
Reply #1115 on:
September 30, 2018, 11:08:45 PM »
Quote from: Jon MW on September 30, 2018, 09:44:57 PM
Quote from: rfgqqabc on September 30, 2018, 07:12:49 PM
....
What have you bought or sold for gold?
Gold is a store of value and not a medium of exchange. I think gold would be considered a commodity now? Medium of exchange is a characteristic of money and not a commodity.
In the event of societal collapse/dark ages scenario I do not particularly see the value in gold, I think food/water/weapons would be more valuable at this point but I understand your point. Its a bit of a pedantic argument from my side (on both accounts but im not sure if im just confused)
Gold was used as a medium of exchange for about 2500 years - it doesn't seem like the worst theory in the world that it could again.
Agree with that, we have already seen a push from Arab countries (and ISIS) about a return of the Gold Dinar. I just don't think you can currently say Gold is a medium of exchange.
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[21:05:17] Andrew W: you wasted a non spelling mistakepost?
[21:11:08] Patrick Leonard: oll
acegooner
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Re: Official cryptocurrency thread (Bitcoin, Ethereum, Altcoin)
«
Reply #1116 on:
October 01, 2018, 06:41:17 AM »
Quote from: rfgqqabc on September 30, 2018, 07:12:49 PM
Quote from: acegooner on September 30, 2018, 06:34:53 PM
Quote from: rfgqqabc on September 30, 2018, 01:50:19 PM
I'm not sure why you used the word legitimate ace but gold is clearly a terrible means of exchange. If it wasn't we wouldn't have needed paper money. It's heavy and indivisible.
If not for price volatility Bitcoin would be a far superior medium of exchange.
Hey Mango, yeah I'm trading crypto full time at the moment. Nice call on xrp btw, got in a few days ago. It might actually hold the number 2 spot for a period after this. I saw it briefly went over today again. Def more of a short term play for me but it's shown a lot of strength.
Gold is a legitimate medium of exchange, it’s functionality/practicality in a modern day society is questionable but so is bitcoins. If we were ever to return to the dark ages due to war or natural catastrophe then gold would again be the standard.
Price volatility will always be bitcoins achiles heel, until it loses this volatility, it cannot be considered by the business community as an efficient way of selling goods or services. For bitcoin to succeed, it needs global acceptance. That is something it doesn’t have from the man in the street right through to the large institutions. Whether this might change in the future, who knows.
What have you bought or sold for gold?
Gold is a store of value and not a medium of exchange. I think gold would be considered a commodity now? Medium of exchange is a characteristic of money and not a commodity.
In the event of societal collapse/dark ages scenario I do not particularly see the value in gold, I think food/water/weapons would be more valuable at this point but I understand your point. Its a bit of a pedantic argument from my side (on both accounts but im not sure if im just confused)
I did say that golds functionality as a medium of exchange in modern times is questionable, so practically as is the case with bitcoin it’s not possible to buy everyday staples. You mention Gold is a commodity, there is no doubt it is today but so is bitcoin. Bitcoin can’t function properly as a currency because there is a finite number of units and that to a degree stokes it’s volatitlty, Central banks can increase or decrease money supply to influence the value of a particular currency and/or a particular asset class as we have seen since the financial crisis. That has been a large factor behind the bull run on stocks and bonds over the last ten years. We are overdue a crash.
My hunch is crypto currencies have a long way to go before the bear market ends, a lot of coins as was the case with tech stocks in the 90s will simply disappear. Personally, I am going large on AI and Robotics. This is where the tech revolution is taking place imo, as opposed to what is still a relatively small unregulated space in the crypto world.
«
Last Edit: October 01, 2018, 06:43:07 AM by acegooner
»
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Pokerpops
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Re: Official cryptocurrency thread (Bitcoin, Ethereum, Altcoin)
«
Reply #1117 on:
October 01, 2018, 07:04:29 AM »
Gold is tangible and there is a finite amount of it, crypto currency has neither of these properties.
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"More than at any other time in history, mankind faces a crossroads. One path leads to despair and utter hopelessness. The other, to total extinction. Let us pray we have the wisdom to choose correctly."
Mango99
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Posts: 866
Re: Official cryptocurrency thread (Bitcoin, Ethereum, Altcoin)
«
Reply #1118 on:
October 02, 2018, 12:04:37 PM »
Quote from: Mango99
No worries. Oct/Nov/Dec could be massive for XRP. Big conference tomorrow and Tues, and RippleNet (XRapid) properly launching sometime in Oct.
Depending on what's rumoured at the conference could see a nice spike next 2 days.
I predict $2-$3 EOY for XRP. Hopefully higher
Alternatively they could "sell the news" and we'll see a drop of 5%. Doh.
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nirvana
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Re: Official cryptocurrency thread (Bitcoin, Ethereum, Altcoin)
«
Reply #1119 on:
October 02, 2018, 12:33:53 PM »
Out of interest..when you predict 3 bucks..is it just hope, repeating something you've heard on the zillion ramp vids,
or some kinda knowledge
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Mango99
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Re: Official cryptocurrency thread (Bitcoin, Ethereum, Altcoin)
«
Reply #1120 on:
October 02, 2018, 01:05:31 PM »
Quote from: nirvana on October 02, 2018, 12:33:53 PM
Out of interest..when you predict 3 bucks..is it just hope, repeating something you've heard on the zillion ramp vids,
or some kinda knowledge
Though not on your list, I'd say it was mainly research. Obviously some hope too though. Hype videos tend to suggest $589 at EOY, which is ridiculously unrealistic imo.
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nirvana
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Re: Official cryptocurrency thread (Bitcoin, Ethereum, Altcoin)
«
Reply #1121 on:
October 02, 2018, 07:40:42 PM »
Quote from: Mango99 on October 02, 2018, 01:05:31 PM
Quote from: nirvana on October 02, 2018, 12:33:53 PM
Out of interest..when you predict 3 bucks..is it just hope, repeating something you've heard on the zillion ramp vids,
or some kinda knowledge
Though not on your list, I'd say it was mainly research. Obviously some hope too though. Hype videos tend to suggest $589 at EOY, which is ridiculously unrealistic imo.
Haha, I'm sold on the $589.
I'd link research to knowledge - just fascinates me how anyone researches these almost abstract concepts that are so new
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rfgqqabc
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Re: Official cryptocurrency thread (Bitcoin, Ethereum, Altcoin)
«
Reply #1122 on:
October 02, 2018, 10:59:31 PM »
100,000,000,000 * 589 = 58,900,000,000,000
59 Trillion market cap. Not that marketcap is a great metric in crypto due to the poor liquidity of virtually every coin (even bitcoin is arguably illiquid despite the high trading volumes the slippage on selling 1% of the total supply in a week would be huge) See scams like Dentacoin for this.
"For purists, who believe “money” refers only to physical “narrow money” (bank notes, coins, and money deposited in savings or checking accounts), the total is somewhere around $36.8 trillion. If you’re looking at “broad money,” which isn’t just physical money and includes any money held in easily accessible accounts, the number is about $90.4 trillion."
https://www.marketwatch.com/story/this-is-how-much-money-exists-in-the-entire-world-in-one-chart-2015-12-18
589 is such an absurdity.
Ace, I think you are right that BTC makes a poor currency. As the "digital gold" it makes a lot more sense to me but we have to see what happens with layer two solutions before making any strong conclusions. Agree with your other thoughts re markets and central banks but I'm a touch more hopeful time wise. Scary chart below, not sure why it wouldn't embed. Not sure on how we plan on getting out of a financial crises this time.
https://imgur.com/1165ddT
Also would you have any trading book recommendations? I've read a few classics like Stock Market Wizards, Reminisces of a stock operator but always looking for more.
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[21:05:17] Andrew W: you wasted a non spelling mistakepost?
[21:11:08] Patrick Leonard: oll
Killerkilsby
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Re: Official cryptocurrency thread (Bitcoin, Ethereum, Altcoin)
«
Reply #1123 on:
October 05, 2018, 01:18:51 AM »
Anyone used Uphold as their wallet?
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lucky_scrote
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Re: Official cryptocurrency thread (Bitcoin, Ethereum, Altcoin)
«
Reply #1124 on:
October 05, 2018, 08:51:43 PM »
Quote from: Pokerpops on October 01, 2018, 07:04:29 AM
Gold is tangible and there is a finite amount of it, crypto currency has neither of these properties.
This is just not true and a misconception that really needs clearing up.
Gold is tangible because it's physical. Its properties are that it is hard to forge, it is scarce/finite and is extremely difficult to damage or destroy to its atomic structure.
Bitcoin (not cryptocurrencies) is finite. For this to change there would need to be a huge change to the protocol (by huge, the change is so absurd you may as well just choose a different coin) and for that you need consensus (not happening). I think it is about time people should understand that an asset doesn't have to be in a physical form. Every 10 minutes Bitcoin's blockchain gets one block longer, to do so requires an incredible amount of computing power. Each block in size it increases is a proof of a successful and trustless protocol that can make a transmission of value without a single person deciding if its "good" or not.
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