Official cryptocurrency thread (Bitcoin, Ethereum, Altcoin)

[Doobs]

So is bitcoin about to hit its peak, and do people care if we are talking dollars or sterling? 

Well done those who kept the faith.

[EvilPie]

So is bitcoin about to hit its peak, and do people care if we are talking dollars or sterling? 

Well done those who kept the faith.

I still don't get it and not sure I ever will but it's definitely an interesting watch.

I wonder if the recent surge is people trying to find a reasonably safe haven for their money pending the upcoming potential global recession?

[StuartHopkin]

Over $20k!

[AndrewT]

Is this stuff being used for anything yet or is it still just tulips?

[youthnkzR]

Is this stuff being used for anything yet or is it still just tulips?

Tulips are pretty tho   

[EvilPie]

So is bitcoin about to hit its peak, and do people care if we are talking dollars or sterling? 

Well done those who kept the faith.

Pretty much doubled since you wrote this post. £27k today and looks like it peaked at about £30k early January.

Absolutely insane what's happening with it and I can't deny I'll never understand it.

[RED-DOG]

Shizzle my nizzle.

[Marky147]

Pretty much doubled since you wrote this post. £27k today and looks like it peaked at about £30k early January.

Absolutely insane what's happening with it and I can't deny I'll never understand it.

Same as that, but I know a few here are on it, and a few other lads I know from poker were into it as well.

Enjoy a free sweat for them, and hope it does go to the moon!

[RED-DOG]

Blimey!


BBC News - Bitcoin surges past $60,000 for first time
https://www.bbc.co.uk/news/business-56390409

[bergeroo]

People asked what crypto is being used for. The NFL collectable market has exploded

https://www.bbc.com/news/technology-56371912

A lot of poker players are getting into NBA Top Shot. Digital basketball cards

I have been on Sorare. It is digital footballer cards, you then enter then into tournaments where you can win money too which is a cool thing that the other digital cards don't have. I can't afford the big league so I have been brushing up on my Japan and Korean league knowledge!

[Pokerpops]

Amidst news of Ruben Dias and his support of NFTs and of Manchester City and other football clubs attaching themselves to the exploitation of fools this is an extract from an article I read earlier today…

Zilliqa is a cryptocurrency trading operation. It moves in a world of finance that provides absolutely zero benefit to society, one that exists simply to be traded in. Nothing illegal in that. Except, as the Financial Services Authority reported in January: “Investing in crypto assets, or investments and lending linked to them, generally involves taking very high risks with investors’ money. If consumers invest in these types of products, they should be prepared to lose all their money.”


Anyone able to counter with some of the benefits of crypto?

[bergeroo]

I would counter by saying the much of the financial sector provides zero benefit to society as do many businesses as a whole including things like bookmakers, share trading companies etc.

What a weird argument. Where is that article from?

You used the term exploitation. But with football teams being sponsored by the likes of payday loans companies and and bookmakers and actually owned by repressive regimes who exploit their population I don't think NFTs are the problem here!

[Doobs]

I would counter by saying the much of the financial sector provides zero benefit to society as do many businesses as a whole including things like bookmakers, share trading companies etc.

What a weird argument. Where is that article from?

You used the term exploitation. But with football teams being sponsored by the likes of payday loans companies and and bookmakers and actually owned by repressive regimes who exploit their population I don't think NFTs are the problem here!

I think you'd have to specify which bits of the financial sector provides zero benefit to society.  Much of it is banks and insurers and I clearly benefit from their existence even if some practices have been a bit shitty over time.  I could probably make an argument that even hedge funds can do good things? 

Think it is safe to say that even bookmakers have provided some benefits to society from enjoyment of their products and support for the horse racing and other sporting industries, even if the lives wrecked probably makes it harder to argue a net positive.   

Anyway you seem to have ducked the question, what are the benefits of NFTs other than enriching the original creators? 

Figure most must be a zero sum game with the early adopters winning and a lot of losers down the line.  Maybe some of it has some value like truly iconic bits of internet history, but I can't see much demand for slightly different whales in 50 years time when the hype has gone.   WP to those that got in early with all of it, and those who truly get pleasure from owning their artwork.

I do think a lot of truly valuable collectables did start off as things that weren't really collectables.  Like I got corgi cars to play with, vinyl to listen to, and my stamp collection has likely done pretty woefully by comparison.  I'd probably duck anything that is designed to be collectable either in the real world or virtually.

[bergeroo]

If you view NFTs in a similar way to a piece of art, I think that is a fair comparison and makes a bit more sense. In my opinion, art really doesn't have much benefit to society apart from people think it looks nice, or maybe even beautiful. It certainly isn't worth the amount that a lot of people pay for it.There are a lot of NFTs being created by artists, they are then selling them on forums on OpenSea and making a living.

Some of the NFTs are actually really creative. Even some of the avatar type things are quite fun. A game like Sorare is fun because it is fantasy football.

But yes a majority of NFTs are absolute shite just jumping on the bandwagon. But in my opinion, a majority of art is also absolute shite, so there we go. A lot of NFTs are just digital art.

Something like a cryptopunk is now basically like a digital asset. Compare it to a diamond for example in my opinion.

What is the benefit of art apart from enriching the original creators? Same thing really. But nobody says art is dangerous when you go and overpay for some crappy painting.
/
The whole concept of collectability is an interesting one isn't it? It is like what do rich people do with their surplus income? Do they donate it to charity or do something useful with it, or do they spend it 'collecting' some random thing and then just storing it in their house and occasionally looking at it.

Conclusion. I think NFTs are stupid. I also think art is stupid.

Crypto itself though is not stupid.

[The Camel]

If you view NFTs in a similar way to a piece of art, I think that is a fair comparison and makes a bit more sense. In my opinion, art really doesn't have much benefit to society apart from people think it looks nice, or maybe even beautiful. It certainly isn't worth the amount that a lot of people pay for it.There are a lot of NFTs being created by artists, they are then selling them on forums on OpenSea and making a living.

Some of the NFTs are actually really creative. Even some of the avatar type things are quite fun. A game like Sorare is fun because it is fantasy football.

But yes a majority of NFTs are absolute shite just jumping on the bandwagon. But in my opinion, a majority of art is also absolute shite, so there we go. A lot of NFTs are just digital art.

Something like a cryptopunk is now basically like a digital asset. Compare it to a diamond for example in my opinion.

What is the benefit of art apart from enriching the original creators? Same thing really. But nobody says art is dangerous when you go and overpay for some crappy painting.
/
The whole concept of collectability is an interesting one isn't it? It is like what do rich people do with their surplus income? Do they donate it to charity or do something useful with it, or do they spend it 'collecting' some random thing and then just storing it in their house and occasionally looking at it.

Conclusion. I think NFTs are stupid. I also think art is stupid.

Crypto itself though is not stupid.

Is Soare just like fooptball index?