The State of Cryptocurrency

[Outback Bronze]

Bitcoin isn't.

https://lightning.network/

 

[hat]

BTC seems to have been steadily rising the past few days... slowly, but it's going up. This is a good sign (for me). I haven't withdrew shit since around this time last year, and I've been mining the whole time the market has been in the gutter. It's not a whole lot, but I do have about .086 BTC right now. Now, if it hits 20k again, that's quite a gain...

 

[Space Lynx]

What do you guys think of TRON coin? gimmick or no? It's ranked number 9 of all the coins. I don't know, seems like there could be a rally around it, seems legit from everything I am reading, much faster than BTC and ETH

 

[notb]

https://lightning.network/

I meant the technological aspect. Bitcoin won't be faster than it is now.
Also, the company behind the link is just another "payment of the future" gimmick. I think we should be already getting "payment of today" stuff.
After so many years of BTC existence and 2-3 years of absolute crypto fever, I'd expect BTC to be at least accepted in most online *tech* stores. And it isn't. Just a few global brands tried their luck (possibly hoping to gather BTC and earn later on).

How far are we from a situation where I could pay with BTC in a restaurant or a nearby grocery store?
At the peak of BTC popularity 1-2 years ago, I may have risked "5-10 years". It was a popular topic: we had crypto startups, companies were looking for a way to accept BTC as a payment method.
Today "infinity" seems the most probable answer. Distributed ledger is here to stay for sure, but public cryptocurrencies vanished from long term plans and corporate meeting. No one cares.

What do you guys think of TRON coin? gimmick or no? It's ranked number 9 of all the coins. I don't know, seems like there could be a rally around it, seems legit from everything I am reading, much faster than BTC and ETH

You can expect any of the smaller cryptos to get a temporary bubble. If you're interested in earning this way, buy many.
Cryptos initially are marginally higher than 0 (at least the decimal precision).
XRP/USD was around 0.005 4 years ago.
Then it went to 0.2-0.3 when crypto bubble started in 2017.
It rallied to 1-3 at the peak of bubble in 2018.
And even today, with crypto bubble over, it's still 0.3.

So based just on XRP example you could have made a 60x return just because this crypto went from unknown to popular. And the bubble made it a 400x return investment.

In other words: if you believe cryptos are here to stay, you can diversify and simply buy many cryptos before they gain any traction. You'll earn a lot on those that will become mainstream and lose almost nothing on those that don't.

I wouldn't count on another bubble like the one we've seen a year ago, but who knows? There are enough stupid people on Earth.

 

[TheoneandonlyMrK]

I meant the technological aspect. Bitcoin won't be faster than it is now.
Also, the company behind the link is just another "payment of the future" gimmick. I think we should be already getting "payment of today" stuff.
After so many years of BTC existence and 2-3 years of absolute crypto fever, I'd expect BTC to be at least accepted in most online *tech* stores. And it isn't. Just a few global brands tried their luck (possibly hoping to gather BTC and earn later on).

How far are we from a situation where I could pay with BTC in a restaurant or a nearby grocery store?
At the peak of BTC popularity 1-2 years ago, I may have risked "5-10 years". It was a popular topic: we had crypto startups, companies were looking for a way to accept BTC as a payment method.
Today "infinity" seems the most probable answer. Distributed ledger is here to stay for sure, but public cryptocurrencies vanished from long term plans and corporate meeting. No one cares.

You can expect any of the smaller cryptos to get a temporary bubble. If you're interested in earning this way, buy many.
Cryptos initially are marginally higher than 0 (at least the decimal precision).
XRP/USD was around 0.005 4 years ago.
Then it went to 0.2-0.3 when crypto bubble started in 2017.
It rallied to 1-3 at the peak of bubble in 2018.
And even today, with crypto bubble over, it's still 0.3.

So based just on XRP example you could have made a 60x return just because this crypto went from unknown to popular. And the bubble made it a 400x return investment.

In other words: if you believe cryptos are here to stay, you can diversify and simply buy many cryptos before they gain any traction. You'll earn a lot on those that will become mainstream and lose almost nothing on those that don't.

I wouldn't count on another bubble like the one we've seen a year ago, but who knows? There are enough stupid people on Earth.

JP Morgan is stupid then? Mmm

As I said , corporate coins are arriving , money's on the rope's, it will kick in eventually.

 

[notb]

JP Morgan is stupid then? Mmm

Do you actually understand what J.P. Morgan is doing? And I really mean understanding.
The fact that you see things falling down doesn't mean you understand gravity.

As I said , corporate coins are arriving , money's on the rope's, it will kick in eventually.

Corporate technologies based on blockchain, not coins. And they're here already.
You can't invest in them, you can't mine them. It's just an alternative transaction database technology.

 

[TheoneandonlyMrK]

Do you actually understand what J.P. Morgan is doing? And I really mean understanding.
The fact that you see things falling down doesn't mean you understand gravity.

Corporate technologies based on blockchain, not coins. And they're here already.
You can't invest in them, you can't mine them. It's just an alternative transaction database technology.

Like PayPal, I know, and I said it would be as it is, a visa alternative that only makes the big guy's money but it's not cash and it's not going away this crypto derived capital.
You think you are the only one who can read, arrogance tut.

 

[damian246]

Crypto in the end is all about FIAT, most Altcoin Founders ulterior motif is around that in the end.

Sadly though.

 

[chicobonito12]

much faster than BTC and ETH

Faster but with less developed infrastructure. It will take time until it will have the same range of useful tools as its bigger counterparts. Ethereum alone has a million scanners (etherscan, ehtplorer, cryptohound etc.). Tron is still on the way to having all that.

 

[notb]

Faster but with less developed infrastructure. It will take time until it will have the same range of useful tools as its bigger counterparts. Ethereum alone has a million scanners (etherscan, ehtplorer, cryptohound etc.). Tron is still on the way to having all that.

Seriously, who cares about these things? Cryptocurrencies need more real life use, not more tools for playing around with themselves.
It life if we had a new video format that no one uses, but we're happy because of all the great editing tools we can make...

And yeah, as far as transaction confirmation goes, a "new" crypto will be faster than one with longer history. It's built into the concept.

The other way to make a blockchain faster is just to make the algorithm simpler, which wouldn't really add "value" to public coins... But this is what private blockchains can benefit from.

 

[Outback Bronze]

Cryptocurrencies need more real life use

Its still a nascent technology.

I was reading that the first credit card was from 1950. Look at how long that took to adapt.

A little something for ya : ) https://medium.com/swlh/advantages-of-bitcoin-payments-fdc92a01e5ca

Im guessing you will refute..

 

[damian246]

Its still a nascent technology.

I was reading that the first credit card was from 1950. Look at how long that took to adapt.

A little something for ya : ) https://medium.com/swlh/advantages-of-bitcoin-payments-fdc92a01e5ca

Im guessing you will refute..

Well I'm pretty pro Crypto

• CHEAP: average price of transactions is just 10–20 cents. Even if you send 1 million. Not if using Online wallets
• FAST: Transactions get registered in blockchain usually within half an hour, or if you integrate your system with specific wallet provider or use Lightning Network then it will take few seconds. Can take up to 48 hours to pass on BTC
• EASY: There’s no bureaucracy, you can start accepting Bitcoin payments right away and set up everything in 1 hour. Still my mom can't use it, way too nerdy
• And the most importantly: It’s DECENTRALIZED. Everyone from any part of the world can send money to anyone they want. No one can come in between and stop them. Who cares??

So it is made like any marketing, hypy

 

[FordGT90Concept]

Still don't get why people call decentralized as an advantage for cryptocurrencies. Most popular cryptocurrencies use proof of work model which is horribly inefficient. Centralization reduces the inefficiency to a relatively tiny amount and it's employing a lot of people on the way. Centralization also leads to relative stability which is critical to currencies that are economically necessary.

A centralized digital currency makes a lot more sense to me. Much more efficient, damn near instant, almost free, and easy because it would tie in directly to existing bank/credit union accounts. I think the only reason why it hasn't happened because governments would have to order it to happen. It's not something the Fed (for example) can just decide to do on its own.

 

[damian246]

Still don't get why people call decentralized as an advantage for cryptocurrencies. Most popular cryptocurrencies use proof of work model which is horribly inefficient. Centralization reduces the inefficiency to a relatively tiny amount and it's employing a lot of people on the way. Centralization also leads to relative stability which is critical to currencies that are economically necessary.

That is an easy one: Paranoia

 

[hat]

Because it's "money" that's "ours" and not "theirs". Even if it sucks, at least the governments of the world aren't controlling it. At least, not as much as official money.

 

[FordGT90Concept]

Here comes another round of manipulation...
Bitcoin jumps 20 percent, mystery order seen as catalyst

Today’s gain was probably triggered by an order worth about $100 million spread across U.S.-based exchanges Coinbase and Kraken and Luxembourg’s Bitstamp, said Oliver von Landsberg-Sadie, chief executive of cryptocurrency firm BCB Group.

“There has been a single order that has been algorithmically-managed across these three venues, of around 20,000 BTC,” he said.

Price surged from $4200 to $4838 in less than an hour. The market cap at the time it occurred was approximately $74.25 billion.
https://coinmarketcap.com/currencies/bitcoin/#charts

$0.1 billion came in, 6 million trades occurred, and the market cap surged to $85.25 billion. Then immediately thereafter the manipulators likely cashed out causing the market to sag to $82 billion while they pocketed about $13.4 million in profit.

 

[trog100]

who knows but its showing signs of life.. i recon factoring in the cost of building a mining machine and chasing the price too high i am about 7 K down on my crypto activities..

trog

 

[hat]

I haven't bought shit since I got my 1070s almost 2 years ago. I've withdrawn a lot of BTC since then, but I've been piling it up since sometime in Feburary last year. As of now, with this current increase in BTC price, I have about $500 worth of the stuff (nearly .1BTC).

Now, I can make more than that in one month by taking extra days at work. And if I keep it up all year, I can certainly make way more. But it's nice to have something going on the side like this. Of course, the eternal question is whether it will rise or fall. What if I withdraw it now and it's worth $6k tomorrow? What if I hold on to it and it falls to $2k?

 

[moproblems99]

What if I withdraw it now and it's worth $6k tomorrow? What if I hold on to it and it falls to $2k?

If you are banking your future on crypto, you have made some poor choices which I am pretty sure doesn't apply to you. In either case, hold on it and see if foo...people make the same mistakes again.

 

[hat]

Yeah, I'm kind of waiting for the next big boom, if there is going to be one. But it's just play money at this point.

 

[TheMadDutchDude]

I’ve got to find my Nano. It’s around here somewhere. Time to start making some money!

 

[hat]

I'm getting $1.33/day right now with two 1070s mining... GrinCuckaroo29. No idea what exactly that is...

 

[FordGT90Concept]

Assuming those GPUs are using 200w (low balling it), 24/7, that comes to 4.8 kwh. As long as you're paying $0.277 or less per kwh and the hardware is paid for, you're making money.

If it's closer to 300w (high balling it), 7.2 kwh, $0.185.

 

[trog100]

my 8 x 1070 card miner has been switched off for months now.. i havnt the heart to rip it down and flog the bits.. he he

litecoin is up 60% over the last month which is looking promising for me..

cardano is up over 100%.. i have a 1035 of those.. trouble is its worth f-ck all in the first place..

trog

 

[moproblems99]

I'm getting $1.33/day right now with two 1070s mining... GrinCuckaroo29. No idea what exactly that is...

Really? I may have to throw a miner up.