Talk to me about crypto!

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Cleon
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Talk to me about crypto!

Post by Cleon » Sat May 08, 2021 7:32 pm

Yay or nay?
Have you?
Why or why not?

Seems like all the cool kids are doing it.
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Re: Talk to me about crypto!

Post by gaining_age » Sat May 08, 2021 7:53 pm

It's an algorithm.

The transaction action may be of more interest.

Each type kicks off nearly the same algorithm to get the cryptocurrency "mined".

There is no standard nor intrinsic value in the crypto itself. Keep an eye on the use consideration (or other secure transactions that derive from it) but it's speculative in general for investment so highly volatile in nature.
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Re: Talk to me about crypto!

Post by JimVH » Sat May 08, 2021 8:06 pm

I put a modest sum into the dog coin. It’s way, way up.

I will not buy anymore because I don’t understand it and can’t get that sketchy feeling out of my head.

I hope I’m smart enough to bail out at the right time.
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Re: Talk to me about crypto!

Post by sweetandsour » Sun May 09, 2021 4:55 am

I've stayed out and watched the market go up and down, and lately go mostly way up ... Too way up for me to get in now. I've tried hard to understand it but just can't quite get there. Most of the explanations I get just make it worse. Sort of reminds me of some of the math I took, like the chapter on series in Calc II. (Or maybe it was Calc III.).
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Re: Talk to me about crypto!

Post by MrPiper » Sun May 09, 2021 6:49 am

Crypto is in its infancy.
It will become the "internet base system" for all financial transactions eventually.
It will be the Visa, Master Card, American Express... but we don't have any idea which one or several will own the space so ALL coins are speculative while this is figured out over time.
Bitcoin is currently the "Gold" Etherium is "Silver. After that, most other coins currently run through the processes associated with ETH thus EVERY new coin and transaction CURRENTLY favors and grows Etherium.
ALL NFT's like DOGE are like buying comic books or bubble gum cards for collecting. They will die, with the exception of the few that are sold by artists and record companies that are used ONLY to purchase their art/ music etc...

Folks, many of us here are quite old and this seems strange, but our grandchildren may never actually see or touch or use ANY fiat currency. The world will be transacting ALL business with E-Currency.

This enables several things:
1) Every transaction, anywhere on earth, is traceable and taxable. Governments talk evil of this system but secretly they love the concept and are just frustrated that they do not YET run it.
2) While the "black market" will be more exposed in theory, the reality is that there will be more opportunity for fraud and deception than ever in terms of money laundering. Transactions that are made to appear legal on the system will in actuality represent a LOT of illegal activity. As such, since it all looks legal to the "algorithm it is less likely to be investigated.
3) NOTE THIS! This will EVENTUALLY be the way the AntiChrist who will reign will control ALL buying and selling. If you are not dedicated to the worship of that ruling one, your account will be turned off and you will starve and die.

Am I in? Yes. I began investing and learning about these systems while they were babies.

Right now, the market is in a "cycle" that seems to repeat VERY consistently every 4 years. It is, or may be close to it's apex so now is really a challenging time to decide to get in. At the end of each previous cycle, the market has lost about 70 to 90% of its value. It actually may be a good time to NOT get in right now.

Still others say this is a "super cycle" and will continue to around September with the top coins still capable of growing up to 3X additionally from where they are now. I am not sure, but will likely be bailing soon then waiting to get back in when the sky falls. Haven't really set an exit plan in place yet but soon.

FINAL NOTE: You don't have to predict the future and invest in the "winning" coin to make a lot of money. There will likely be a top 2 to 5 coins that will rule the world for the foreseeable future and right now, NO ONE has a clue which one or ones that will be, so you can just watch the market and unless you are a gambler on the tiny stuff that goes up thousands of percent then vanishes to obscurity, you can make real world gains over time, as with the other investing markets, by investing in whatever are the top 10 to 20 coins/projects going at any given time and trading them based on value and momentum.

NOTHING here is advice and I am not recommending ANYONE to get in or out of ANY investment, but I hope this adds a little to the education of those interested. I hope to inspire readers to DO THEIR OWN research and learn before risking their money. This is a very risky market.

Good trading.

BTW Cleon, most here will corroborate that I am not, nor ever have been, one of the "cool kids". Thus everything I say is suspect. Anyone here who questions my nerdness or lack of sanity, please direct all questions to Coco. He will verify all or your suspicions.

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Re: Talk to me about crypto!

Post by coco » Sun May 09, 2021 7:08 am

gaining_age wrote:
Sat May 08, 2021 7:53 pm
...There is no standard nor intrinsic value in the crypto itself...
There is no intrinsic value in any modern "fiat" money. It's just paper.
There are many terrible attributes of the lowly cob. Not the least of them is that it makes you look like a doof.

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Re: Talk to me about crypto!

Post by coco » Sun May 09, 2021 7:15 am

MrPiper wrote:
Sun May 09, 2021 6:49 am
...NOTE THIS! This will EVENTUALLY be the way the AntiChrist...

Am I in? Yes.
Image
There are many terrible attributes of the lowly cob. Not the least of them is that it makes you look like a doof.

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Re: Talk to me about crypto!

Post by gaining_age » Sun May 09, 2021 7:46 am

coco wrote:
Sun May 09, 2021 7:08 am
gaining_age wrote:
Sat May 08, 2021 7:53 pm
...There is no standard nor intrinsic value in the crypto itself...
There is no intrinsic value in any modern "fiat" money. It's just paper.
oh crap....
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Re: Talk to me about crypto!

Post by coco » Sun May 09, 2021 8:02 am

gaining_age wrote:
Sun May 09, 2021 7:46 am
coco wrote:
Sun May 09, 2021 7:08 am
gaining_age wrote:
Sat May 08, 2021 7:53 pm
...There is no standard nor intrinsic value in the crypto itself...
There is no intrinsic value in any modern "fiat" money. It's just paper.
oh crap....
Need more? Print more!
There are many terrible attributes of the lowly cob. Not the least of them is that it makes you look like a doof.

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Re: Talk to me about crypto!

Post by Stanley76 » Sun May 09, 2021 8:36 am

I have no interest in it. The fact that it can kill superman is enough of a reason for me to steer clear of it.
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Re: Talk to me about crypto!

Post by Cessna152rg » Sun May 09, 2021 10:32 am

I am a bit sceptical, I don't doubt that there is money to be made, a former colleague of mine is set for life after getting in early.

The first problem I have with crypto is that it takes enormous amounts of energy to produce and trade.
Bitcoin mining by design takes more and more computing power per bitcoin mined. This means enormous amounts of energy that could be put to better use.
Transactions also use a lot of energy, this is because of block chain technology and public ledgers that takes a lot of energy to run. Each transaction is equivalent to an average car driving over 700 miles!
The total energy use of the bitcoin system is greater than all of Norway.

The second reason is that since it is unregulated it is used for lots of sketchy purposes.
Here in Norway tax evasion using crypto is a big problem!
It is also mined by for instance Iran as a way to "sell" their oil, they burn it in power plants, mine bitcoin and that way bypass the oil embargo.

I don't see any reason to mess with cryptocurrency when we already have a functioning financial system.
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Re: Talk to me about crypto!

Post by Del » Sun May 09, 2021 11:47 am

coco wrote:
Sun May 09, 2021 8:02 am
gaining_age wrote:
Sun May 09, 2021 7:46 am
coco wrote:
Sun May 09, 2021 7:08 am
gaining_age wrote:
Sat May 08, 2021 7:53 pm
...There is no standard nor intrinsic value in the crypto itself...
There is no intrinsic value in any modern "fiat" money. It's just paper.
oh crap....
Need more? Print more!
This is a graph of the M2 Money Supply (US dollars, billions) over the last 25 years.
M2 is a calculation of the money supply that includes all elements of M1 as well as "near money." M1 includes cash and checking deposits, while near money refers to savings deposits, money market securities, near-cash mutual funds, and other time deposits (CD's).
For most of the curve, it tracks the natural growth of GDP during low inflation.

Image
https://tradingeconomics.com/united-sta ... -supply-m2

Note how it spikes in 2020, representing all of the fake money created as "COVID relief." It jumps from $15 trillion to $20 trillion. That's a whopping 33% sudden growth in the amount of money moving through the economy.... while the amount of goods and services (GDP) supporting this currency has decreased.

So we need several years of full employment and Trump-level economic growth, starting quickly....... or else we will face double-digit inflation for several years.
============================

I have no idea whether crypto will be an adequate hedge against against dollar inflation.
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Re: Talk to me about crypto!

Post by SlowToke » Sun May 09, 2021 3:56 pm

Unless/until the economy runs on crypto currency, I don't trust it. Pretend money doesn't make sense to me but I'm a bit of a neanderthal when it comes to economics.
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Re: Talk to me about crypto!

Post by gravel » Mon May 10, 2021 12:06 am

Cessna152rg wrote:
Sun May 09, 2021 10:32 am
I am a bit sceptical, I don't doubt that there is money to be made, a former colleague of mine is set for life after getting in early.

The first problem I have with crypto is that it takes enormous amounts of energy to produce and trade.
Bitcoin mining by design takes more and more computing power per bitcoin mined. This means enormous amounts of energy that could be put to better use.
Unless you get in early it’s difficult to make money unless you spend a heap on processing… and the energy use is nuts. For this reason I’m also not a fan of NFTs.

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Re: Talk to me about crypto!

Post by DepartedLight » Mon May 10, 2021 12:18 pm

Well. Ya gotchyer
Image

And then, ya gotchyer
Image

That's all I have to say about that.
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Re: Talk to me about crypto!

Post by Del » Mon May 10, 2021 6:03 pm

The stock market just figured out today that we have some grave inflation risk. Big sell-off of tech stocks and other growth stocks.

Crypto is up quite a bit this week. Ethereum is up 15% over last week.

Sounds like folks are thinking crypto is the new "gold" -- for resting wealth while currency falls.
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Re: Talk to me about crypto!

Post by tuttle » Tue May 11, 2021 7:39 am

I still don't get it
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Re: Talk to me about crypto!

Post by Jester » Tue May 11, 2021 7:46 am

I made money on DOGE.
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Re: Talk to me about crypto!

Post by Cleon » Tue May 11, 2021 9:17 am

I think I'm jumping in. To what, I have no idea. I never take chances like this. I'm risk averse, but I'm gonna do it. I've lost many an opportunity because I never took the risk.
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Re: Talk to me about crypto!

Post by adauria » Tue May 11, 2021 9:45 am

The concept of cryptocurrency (as infosec guy I hate that "crypto" has become shorthand for "cryptocurrency," but that horse has left the barn) is very interesting as an example of the potential of blockchain technology. I understand the concepts and technical aspects of it pretty well. I understand the desire and see the compelling points being made by the zealots. I have just stayed the hell away from it like it's investment poison.

Could I have bought in years ago? I was certainly aware of it. I just didn't believe in it as a long-term play back then, and I still don't. I liken it to a ponzi scheme, despite the years of massive growth. I might even believe that it WILL eventually be an investible asset class instead of a speculative roller coaster, at least once it really gets the backing it needs. Today it's very impractical to actually use cryptocurrency for purchases (other than ransomware and black market items) - it's just being used as a casino bet. Right now, though, investment poison for me.

I also think NFTs are beginning to expose to people how hollow and valueless cryptocurrency really is. Of course, people are still buying up NFTs like they're candy, so apparently there are enough people who want to own the "original" nyan cat or whatever. I guess I also feel the same way about fine art collecting, and that isn't slowing down either.

Here's also 2 important differences between fiat currency and cryptocurrency - fiat currency can be used to pay taxes, and (more importantly), there's a massive military backing fiat currency (along with the rest of the government). Will governments eventually "print" or otherwise create so much fait currency ex nihilo that the government backing it no longer matters? Maybe, but it'll take a while (though the political class seems to be trying hard to rush this lately).

Maybe I'm a luddite on this one, but it's still a huge pass for me.

-Andrew

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