Bitcoin
Bitcoin
Out of context: Reply #1126
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- set0
It's hilarious watching and listening to the new wave of wannabe get rich quick 'investors' that all jumped on the bandwagon recently, now moaning and whining about how much they've lost, selling out of panic. Hilarious.
They'll be kicking themselves again in a few months for selling.
- Yea you have to keep in mind that anyone who has made money on crypto, by definition they did it by holding onto their coins through multiple crashes.yuekit
- ignore them, they just make it easier to make money :)fadein11
- Just recently, up to the moment it turned down and beyond, investors were still telling everyone to buy.monospaced
- But I agree with you 100%, it’s hilarious that anyone would sell bitcoin at a loss over such a short timeframe.monospaced
- Depends how up you are though. Cashing out of bitcoin makes a lot of sense as it is unlikely to be one of the dominant winnersfadein11
- Which one is likely then? And why?monospaced
- I'm not selling my ether just yet thats for sure. Done v.well so farfadein11
- After reading up more on the whole space, seems like it's very up in the air right now. There are a number of competing alternatives that are superior in termsyuekit
- speed, scalability and other aspects. And all trying to do slightly different things. But because there are so many, no one has settled on a single alternative.yuekit
- But aren’t they all just trying to become the dominant crypto currency by getting the most people to invest? How is anyone doing that differently?monospaced
- Well over the long run the only way they are going to become dominant is by actually being adopted as a payment platform or application platform.yuekit
- All of the speculative interest is really just a run up to that...so all these teams are going to be building their technology and rolling it out over theyuekit
- Right.monospaced
- Partnerships and evolution of the tech are key i guess. How many people invest is pretty irrelevent in the longevity of one currency. 700 of them so its crystalfadein11
- ball on which of them will survivefadein11
- Another thing you have to keep in mind is that right now Bitcoin, Litecoin, Ethereum and Bitcoin Cash are the only coins that can be easily purchased with fiat.yuekit
- To buy the other coins, you have to first buy one of these and then convert it. But that's really just a temporary logistical issue.yuekit
- Just one example of how this whole field, assuming it does take off, is really in its infancy right now.yuekit
- Presumably at some point this year, Coinbase will be adding other coins to purchase directly...most likely Ripple, ADA, IOTA, NEO and the other big ones.yuekit
- So what is the benefit of having competing currencies, some of which are nothing but Ponzi schemes, and some which are not practical?monospaced
- mono - there are 700ish coins, most of them are based on the tech of 10ish coins. Not sure what you mean? it's a bubble, its worthless at thefadein11
- end of the day. Bitcoin was a freak example, not going to see returns like that again unless incredibly lucky. It was the only choice at the time.fadein11
- The reason there are competing currencies is because its an relatively easier way for the 'creator(s)' to get rich v.quickly. Litecoin founders are nowfadein11
- billionaires. People can also make cash quick if they are willing to risk a lot. Watch one currency for a day, pile a load of cash in, then get out at thefadein11
- end of the day, some jump 200% in a day. it's a casino. What don't you understand?
It's clearly no longer a longterm investment for most as too many choices.fadein11 - Only 1 or 2 are going to survive and those will be the ones who have partnered well and evolved the poor tech of bitcoin.fadein11
- I would say sitting longterm on one currency is a sure fire way of losing all your money.fadein11
- It's being treated like a casino but the people behind the bigger projects are very serious and have some pretty ambitious ideas.yuekit
- In terms of why more than one -- they fulfill different use cases. Some like Bitcoin are only a currency, others like Ethereum are a platform for buildingyuekit
- blockchain-based applications.yuekit
- And you have currencies targeted at different uses, and platforms built using different approaches. Basically the space has gotten very crowded and confusingyuekit
- due to all the interest in the technology, combined with the huge monetary incentives.yuekit
- You just described a Ponzi scheme.monospaced
- It’s not that I don’t understand!!! It’s part of the industry I work in. I just want to hear how people justify it. It fascinates me to no end :)monospaced
- Ethereum is an evolvement. Bitcoin is useless as a currency in practical terms as it cannot process transactions fast enough. The true beauty of crypto (or 2ndfadein11
- I know WAY too much about crypto currencies and have for years. I am not an investor though. Just an observer.monospaced
- and 3rd gen crypto) is the object orientated nature of the coins. As you say they can be given roles. Blocks of currency can be assigned a role and not used forfadein11
- anything else. It's social benefits are endless though these will likely be eroded by the traditional institutions who likely end up controlling it.fadein11
- e.g public money can be assigned roles, no corruption, it can only be spent on what it was assigned to. The applications are endless. This also has huge benefitfadein11
- s for personal finance. But Bitcoin was like a test case, in reality it was not fit for purpose. Can't see an future in it personally.fadein11
- What I find interesting about it...beyond just the idea of a decentralized currency...is that these coins could be set up to enable different economic systems.yuekit
- So you could have a coin that is pegged to a real-world resource, or a coin that pays dividends to its users, etc...yuekit
- yep - what I said above but not only a partic currency for one role, a single currency can be split into many roles.fadein11
- @mono - you work for PWC still? Accountants hate crypto because they are one of the targets for removal.fadein11
- I know from personal experience that PWC are doing nothing in this space.fadein11
- Yeah. Not talking about PwC though. Just finance in general. PwC isn’t involved in it, but they sure do talk about it. They are advisors after all ;)monospaced
- I am also not making any claims about cryptocurrencies. I’m just discussing with you guys. It’s not a challenge, so please don’t take it as one.monospaced
- I didn't mean to come across like an ass. The financial services sector in general are acting v.much like the music industry did when Napster dropped. It amazesfadein11
- me.fadein11
- I like to read about it. We talk about it at work. https://www.pwc.com/… I know lots of people just like you all who are into it.monospaced
- Eh. Link too long.
It’s just PwC’s blockchain services.
https://www.pwc.com/…monospaced - Yes. The skepticism from the traditional financial system we all rely on is real. And for good reason. Like I said. It’s fadcinating. My questions are valid.monospaced
- It back to sets point. This stage of wild investors with get rich quick dreams not quite working out is hilarious, no?monospaced
- god yes they are. I never claimed to be an expert. but have followed it for years like you. I have only dipped my toe in last 6 months mainly out of FOMOfadein11
- and so far it has given returns way beyond anything else. But I also realise it is essentially bullshit until put into practical use on a big scale.fadein11
- You get v.defensive. We are genuinely on the same page most of the time. I just tend to rant a little here :)fadein11
- wow, hadn't seen that from PWC. I used to work for KPMG, they are offering similar.fadein11
- https://home.kpmg.co…fadein11
- It's interesting because it isn't really the whole product is it. It's a heavily diluted version of it. But yep interesting for sure.fadein11
- Like all accounting firms, including KMPG, they aren't a bank or investment firm, so no, they don't offer the "whole product." That's never been their game.monospaced
- I think I asked valid questions, and it was in fact you getting defensive though :) You did put me in a position where I felt I HAD to defend myself though.monospaced
- I hope you realize that. Anyway, like I said, not here to challenge or argue, just to discuss. Congrats on the returns ... go spend 'em! Invest in you.monospaced
- The crypto market reminds me a lot of the Web 2.0 era if you guys can remember back that far. Lots of people chasing trends and copying each other in the hopeyuekit
- of becoming the next big thing. And of course 95% of those companies failed. But then again, it also produced platforms like Facebook and Twitter that areyuekit
- now playing a big role in everyone's lives.yuekit
- The market is already bouncing back BTW, just in the time we made this comments thread :)yuekit
- @mono, Jesus you are odd.fadein11
- All I am saying is they are just offering block chain technology via a partner/supplier in an attempt to look cutting edge. It's blatantly obvious they will dofadein11
- everything in their power to kill crypto/blockchain tech though as it pretty much totally removes them from the equation. I imagine they are v.concerned.fadein11
- lose the totally* :)fadein11
- @yuekit - reminds me more of the 1st dotcom boom than web 2.0. wild west shit. but yep agree with all you have said.fadein11
- There is absolutely nothing odd about me or what I’ve said in this thread here. Your insistence is what’s odd.monospaced
- I’m not refuting what you’re saying, only helping to clarify and trying to discuss.monospaced
- It's all good mono, you sounded v.defensive at times, apologies for misreading your comments.fadein11
- ditto :)monospaced