The State of Cryptocurrency

[damian246]

What is interesting is an article on the upcomming reward cut the bitcoin mining will go thru:
https://hx8800.com/bitcoin/bitcoin-mining-perils.html something to do with Murphy's law.
1rst it'll be harder to produce more capabilities, second electricity is in demand to cool those machines.
3rd the reward which goes from 50% to 25% if I'm not mistaken.

Actually the blockchain has done something to society, just not to the western. Some banks use blockchain instead of the
SWIFT system which has security issues-

 

[trog100]

It's clearly seen that all other coins are following Bitcoin. I haven't seen any altcoin rising while Bitcoin falls. That's why there's almost no chance that any other coin will overtake Bitcoin one day.

over the last couple of months bitcoin has been holding its price around the 6500 or 7000 mark quite well... the other coins like eth or litecoin have been going down and down.. so all other coins are not quite following bitcoin.. the relative values are changing with bitcoin holding value far more so than anything else..

trog

 

[FordGT90Concept]

It makes sense if you think about it. People are trading alt coins for BTC which they then exchange to dollars. This flow is keeping BTC steady while the rest deflate. BTC will be the last to deflate because everything else is flowing through it.

 

[trog100]

It makes sense if you think about it. People are trading alt coins for BTC which they then exchange to dollars. This flow is keeping BTC steady while the rest deflate. BTC will be the last to deflate because everything else is flowing through it.

there is a certain logic to that theory.. the other option is that most of the alt coins have to die with only a few of the major ones surviving this is just that process in operation..

at some point the price point of the major coins will stop falling.. a new price point will be established and things may start going up again for the surviving coins..

i have some idea of whats going on but little idea of what happens next.. he he..

i may read the wrong stuff but something big (and scary) is about to happen and i think its connected with whats going on in Syria..

trog

 

[Crusti]

over the last couple of months bitcoin has been holding its price around the 6500 or 7000 mark quite well... the other coins like eth or litecoin have been going down and down.. so all other coins are not quite following bitcoin.. the relative values are changing with bitcoin holding value far more so than anything else..

trog

Probably I've missed that, you're right. But anyway I think that on the whole when Bitcoin falls no other coin start rising - they're all falling together.

When bitcoin dies I won't weep. I do hope sonething better spawns from it though.

Why do you think it will die?

 

[GreiverBlade]

something to do with Murphy's law.

usually i would not post in a cryptocurrency thread .... but ... Murphy? ...

well ... it should be related to it... most law apply to BTC and altcoins ... ex:
If there is a wrong way to do something, then someone will do it.
Anything that can go wrong will go wrong.

but in that article case it's Moore's law rather ...

 

[damian246]

usually i would not post in a cryptocurrency thread .... but ... Murphy? ...

well ... it should be related to it... most law apply to BTC and altcoins ... ex:
If there is a wrong way to do something, then someone will do it.
Anything that can go wrong will go wrong.

but in that article case it's Moor's law rather ...

You mean Moore's Law most likely. The Processor power is coming to another limit and as mentioned before Nvidea profited nicely of the bitmania.
Now it is becoming more expensive to mine. Few countries have a cheap electricity to make it feasible.

 

[GreiverBlade]

You mean Moore's Law most likely. The Processor power is coming to another limit and as mentioned before Nvidea profited nicely of the bitmania.
Now it is becoming more expensive to mine. Few countries have a cheap electricity to make it feasible.

i was refering to the quoted post that put Murphy's and pointing it was specified Moore's in the linked article, oh wait ... it was your post i quoted...

"You mean Moore's Law most likely " apply to you then

anyhow ... i perfectly knew that

 

[R-T-B]

Why do you think it will die?

I mean, it already has in terms of betraying it's own core values. I'm pretty sure someone will always peg some value on it and trade it, but it's an old, dated, inefficient dying whale IMO.

 

[damian246]

As long as the people who believe in bitcoin stay with it it won't die. There are millions of people who like it.
Me included, just there are a few spots I don't like. E.g. the not controlled wallets are a weakness never addressed.

 

[Crusti]

I mean, it already has in terms of betraying it's own core values. I'm pretty sure someone will always peg some value on it and trade it, but it's an old, dated, inefficient dying whale IMO.

It's not old at all, it's on the beginning only. Let's wait for the next year and you'll see that you weren't right on that point.

As long as the people who believe in bitcoin stay with it it won't die. There are millions of people who like it.
Me included, just there are a few spots I don't like. E.g. the not controlled wallets are a weakness never addressed.

I'm sure that soon good blockchain systems will appear and we'll forget about fear of losing something and no one will know anything about our doings on web.

 

[damian246]

It's not old at all, it's on the beginning only. Let's wait for the next year and you'll see that you weren't right on that point.
I'm sure that soon good blockchain systems will appear and we'll forget about fear of losing something and no one will know anything about our doings on web.

hahaha the problems lies in the human part of the enterprise and not on the blockchain.

 

[hat]

I've had the idea in my head for a long time now that I could/would use the bitcoins I've earned mining for Nicehash for "frivolous purchases" such as... better PC hardware. I looked into it a little bit and evidently Newegg takes bitcoin, but I think you have to use bitpay? I've been using Coinbase for a long time now, and I just found out they have their own debit card that links to your account. Bitpay has one too, but Coinbase's seems more convenient. Evidently theirs derives the BTC value of whatever you bought and deducts that amount from your wallet, while with Bitpay's card, you have to manually shuffle around (sell) BTC and load that into your Bitpay card.

So, in theory, I could use BTC in my every day life just as easily as I do my debit card. I could even do ATM withdrawls.

 

[Crusti]

hahaha the problems lies in the human part of the enterprise and not on the blockchain.

And how could someone check what I'm doing on the web if I'll use end-to-end encrypted service which doesn't require any of my information to register?

 

[Space Lynx]

ten bucks says Monero Coin triples in price by end of year, and BTC gains 1-2k max. I think people like @FordGT90Concept underestimate how corrupt the world is. politicians won't pass any legislation against crypto for a reason, meaningful legislation anyway. criminals, banks doing shady stuff, politicians wanting to filter some backchannel donations, all possible with Monero coin - sit on it for awhile and then BTC in the caymens under an affiliate organization - profit

the world is corrupt and Monero has given them a voice of Anonymity

I myself am going to invest in some Monero, I really do think it will skyrocket someday. I predicted it would go from 50 to over 100 a few years ago. I am getting the same feels deep inside.

 

[yotano211]

ten bucks says Monero Coin triples in price by end of year, and BTC gains 1-2k max. I think people like @FordGT90Concept underestimate how corrupt the world is. politicians won't pass any legislation against crypto for a reason, meaningful legislation anyway. criminals, banks doing shady stuff, politicians wanting to filter some backchannel donations, all possible with Monero coin - sit on it for awhile and then BTC in the caymens under an affiliate organization - profit

the world is corrupt and Monero has given them a voice of Anonymity

I myself am going to invest in some Monero, I really do think it will skyrocket someday. I predicted it would go from 50 to over 100 a few years ago. I am getting the same feels deep inside.

If you like the coin so much then you should put down all of your money on it. Cash out all of your retirement account, if you have any, and go for it.

 

[R-T-B]

If you like the coin so much then you should put down all of your money on it. Cash out all of your retirement account, if you have any, and go for it.

"Put all your eggs in one basket" said no investor, ever.

 

[yotano211]

"Put all your eggs in one basket" said no investor, ever.

but but....., this person likes Monero so much.

 

[FordGT90Concept]

ten bucks says Monero Coin triples in price by end of year, and BTC gains 1-2k max. I think people like @FordGT90Concept underestimate how corrupt the world is. politicians won't pass any legislation against crypto for a reason, meaningful legislation anyway. criminals, banks doing shady stuff, politicians wanting to filter some backchannel donations, all possible with Monero coin - sit on it for awhile and then BTC in the caymens under an affiliate organization - profit

the world is corrupt and Monero has given them a voice of Anonymity

I myself am going to invest in some Monero, I really do think it will skyrocket someday. I predicted it would go from 50 to over 100 a few years ago. I am getting the same feels deep inside.

Cash? Online orders of illegal products are still at risk of search and seizure while in transit (and have at least the destination on the package; most carriers also require the sending address which must line up with a valid billing address). That's why most deals happen in person where cash is exchanged for product.

Congress is too busy with other matters to take up small fish like cryptocurrencies. All action was undertaken by regulatory agencies under previous directives.

 

[Space Lynx]

Cash? Online orders of illegal products are still at risk of search and seizure while in transit (and have at least the destination on the package; most carriers also require the sending address which must line up with a valid billing address). That's why most deals happen in person where cash is exchanged for product.

Congress is too busy with other matters to take up small fish like cryptocurrencies. All action was undertaken by regulatory agencies under previous directives.

Possibly, but if Pablo Escobar at Monero coin instead of cash, he wouldn't have had to store in crates and bury it all the time because had so much he couldn't spend it fast enough. If he had Monero coin he could have created networks globally / instantly. He was only limited by cash and slowness of it. Politicians might look at the same way when they need to move large amounts of money, etc. Who knows. You are probably right though, Crypto is probably dead in the water, but we will see. Even if it stays where it is right now for a few years only changes back and forth 5-20% that entire time, I think its safe to say it has a large enough community / believers that it just won't ever go away, especially when you can use it to buy stuff from Overstock, Newegg, etc. Until government bans it (which they never will) it will exist whether we like it or not. I'm not sure I would ever play the betting game, but if Bitcoin is going to exist then so will Monero and Zcash... and ANON is key for a lot of people... so my logic says ANON coins will go up. Monero is up already, 101 to 117 in just a few days... so my prediction is already coming true... should have invested then cashed out at 150 or 160, dangit.

 

[FordGT90Concept]

...especially when you can use it to buy stuff from Overstock, Newegg, etc.

Literally no advantage over debit/credit card.

Monero is up already, 101 to 117 in just a few days...

That's terrible inflation. Inflation is bad in currencies, mmkay?

 

[yotano211]

Possibly, but if Pablo Escobar at Monero coin instead of cash, he wouldn't have had to store in crates and bury it all the time because had so much he couldn't spend it fast enough. If he had Monero coin he could have created networks globally / instantly. He was only limited by cash and slowness of it. Politicians might look at the same way when they need to move large amounts of money, etc. Who knows. You are probably right though, Crypto is probably dead in the water, but we will see. Even if it stays where it is right now for a few years only changes back and forth 5-20% that entire time, I think its safe to say it has a large enough community / believers that it just won't ever go away, especially when you can use it to buy stuff from Overstock, Newegg, etc. Until government bans it (which they never will) it will exist whether we like it or not. I'm not sure I would ever play the betting game, but if Bitcoin is going to exist then so will Monero and Zcash... and ANON is key for a lot of people... so my logic says ANON coins will go up. Monero is up already, 101 to 117 in just a few days... so my prediction is already coming true... should have invested then cashed out at 150 or 160, dangit.

Are you really saying that if Pablo had Monero he can store it better than real cash. What Pablo did was highly illegal, the only way for him to hide the money was to burrow it. He was doing all of that to hide it from the authorities in the legal system from many countries. He could only show or bank so much money to draw action away from him.
Politicians or countries move large amounts of cash by either checks or direct deposits.

 

[Space Lynx]

Are you really saying that if Pablo had Monero he can store it better than real cash. What Pablo did was highly illegal, the only way for him to hide the money was to burrow it. He was doing all of that to hide it from the authorities in the legal system from many countries. He could only show or bank so much money to draw action away from him.
Politicians or countries move large amounts of cash by either checks or direct deposits.

eh I still believe Monero > Monero > zcash > monero > bitcoin exchange in a distant friends name or some random person i picked and gave 10k cash to, has a better chance of staying ANON for large transactions in the Caymens, or other places the Law doesn't reach so fast. if you wanted to get out fast and with a lot of money and not have your accounts frozen... monero... then find someone who is depserate for 10k cash, give it to them upfront, then have them get the rest of the money for you in their name, they cash it all out, boom your walking around the caymens with 200k in cash. - you can vanish without having your accounts frozen. the government and IRS does move fast on lot of corrupt politicians it seems, i remember reading about a few who had their accounts frozen... if they had monero they coulda booked rpivate plane and started over somewhere else.

monero is dangerous, personally i think it all needs to be shut down, all the exchanges.

 

[sepheronx]

Current cryptocurrency market was becoming very bloated with too many altcoins, and bitcoin was getting way over inflated. I still think it is over inflated. But cryptocurrencies still hold 1 key advantage of them over fiat - anonymous trading. Due to sanctioning other nations, crypto now can be a good alternative to trade with other nations since it can be reconverted back into fiat currency or used to purchase other goods from other nations which are not sanctioned, by sanctioned countries.

 

[Space Lynx]

Current cryptocurrency market was becoming very bloated with too many altcoins, and bitcoin was getting way over inflated. I still think it is over inflated. But cryptocurrencies still hold 1 key advantage of them over fiat - anonymous trading. Due to sanctioning other nations, crypto now can be a good alternative to trade with other nations since it can be reconverted back into fiat currency or used to purchase other goods from other nations which are not sanctioned, by sanctioned countries.

that is part of the point I was trying to make, debit/credit/cash can be traced somewhat, even if not for very long, also their reach is much smaller than say monero transferred to someone across the world instantly without me having to register anything in a name, etc. thats why its inherently dangerous. but who knows, time will tell.