The State of Cryptocurrency

[R-T-B]

So has it crashed or not?

Still up over 400% from last year. So still, I'm going with "no."

 

[xkm1948]

So no cheapo GPU any time soon? Damn it!

 

[R-T-B]

So no cheapo GPU any time soon? Damn it!

Cheapo? No. Cheaper? Yes. (GTX 1080's for $750.00 is what I'm seeing right now, which is less, but still bad)

And I'd expect them to correctly target production come Volta/whatever is next, personally.

 

[xkm1948]

K then I guess it is time to save up for 1180Ti. Maybe buying a founder's edition card this time as well. Just spent $50 fixing my FuryX pump with Sapphire. Not gonna go OEM AIO cards again. Hopefully I can hang on until 1180Ti or 2080Ti drops.

 

[R-T-B]

I wish you luck.

 

[hat]

They'll be all over the new cards seeing how they mine... unless crypto really takes a huge dump, they'll be all over the next generation of cards as well.

 

[R-T-B]

unless crypto really takes a huge dump

It already has... I mean what's this thread called?

We've basically reached the middleground between unprofitable and insanely profitable, called "normal."

 

[RCoon]

It already has... I mean what's this thread called?

We've basically reached the middleground between unprofitable and insanely profitable, called "normal."

I'd like permission from members to rename this "The State of Cryptocurrency". A like will do so I can gauge response. The current title feels narrow considering the overall discussion.

 

[R-T-B]

I'd like permission from members to rename this "The State of Cryptocurrency". A like will do so I can gauge response. The current title feels narrow considering the overall discussion.

Now you're just farming likes...

(I'm messing with you, in case this could be misconstrued...)

 

[dorsetknob]

I'd like permission from members to rename this "The State of Cryptocurrency". A like will do so I can gauge response. The current title feels narrow considering the overall discussion.

Or You Could PM the OP ( @trogg100 ) and ask him to edit/change thread Title ( providing he still has editing permissions for that).
I'm sure he would appreciate the attention and care of a Superior mod such as yourself.

 

[trog100]

i am gonna give you 10 out of 10 for your "debating" ability ford.. its a shame that most of what you say is idealized nonsense.. i have to wonder where you get some of it from..

trog

So has it crashed or not?

do you really mean has it died or not.. at the moment lets just say its suffered a large downward price correction.. the nature of which is unknown..

it seems to be staging a mild recovery at the moment.. what happens next genuinely nobody know for sure.. some people may talk as if they know but they dont..

my theory is this.. some of the whales are deliberately crashing the market in a controlled fashion to clear it out.. get rid of the volatility (new speculators) and stabilize the market for the future.. during December it did get way out of hand.. but it is a just theory..

if my theory is correct.. after the "fake" crash cypto will come back stronger than ever.. more "fake" crashes will occur.. they have to to get rid of the froth.. but the general trend will be up..

trog

Or You Could PM the OP ( @trogg100 ) and ask him to edit/change thread Title ( providing he still has editing permissions for that).
I'm sure he would appreciate the attention and care of a Superior mod such as yourself.

i have okayed the title change.. and as a general rule i dont appreciate attention from mods.. its usually of a negative nature.. he he..

trog

an interesting piece here.. some double talk from china it seems.. banned but not banned .. he he

http://bitcoinist.com/lambos-china-luxury-cars-crypto-despite-ban/

trog

 

[FordGT90Concept]

i am gonna give you 10 out of 10 for your "debating" ability ford.. its a shame that most of what you say is idealized nonsense.. i have to wonder where you get some of it from..

People fear the unknown and apparently those rooting for cryptocurrencies completely lack understanding of how central banks work. As someone that has a basic understanding of both and for the reasons cited in the last two posts, I can say with certainty that pigs will fly before a cryptocurrency replaces the central banking system. Blockchain tech may be used here and there for specific reasons but it will all always tie back into central bank system it can't reasonably replace.


Let's dig deeper. Bitcoin uses the IEEE754 "double" (binary64) definition for describing values which only has 15 digits of precision. The US debt, by itself, is already at 13 digits (20 trillion) to describe. On top of that, the closer you get to 15 digits, the more likely rounding errors occur (9 becomes 9.00000000000000000001). Bitcoin was designed to be small.

Programs that work with USD should be using the decimal128 standard which is 6,144 digits. As mentioned above, decimal128 won't work with Bitcoin because Bitcoin has no system for keeping the purchasing power of a single Bitcoin somewhat constant. Deep, deep fractions are inevitable and will eventually lead to errors. The entire Bitcoin network is going to eventually be forced to change to "quadruple" (binary128) which is going to at least double the cost of computations because...like...no hardware...has FPUs designed to handle quadruple calculations.

 

[ZenZimZaliben]

See the problem with the Fed and Banks is zero transparency. The beauty of the blockchain is 100% transparency and 100% accountability. The Pentagon couldn't just "lose" 21 Trillion and the Fed goes "don't worry we will just print more to stabilize the economy."

 

[FordGT90Concept]

The fed is apolitical. It looks at economic data, cost of living, liquidity of cash, and so on and makes their decisions based on that data. Transcripts of the meetings are published.

The Pentagon thing is Congress' job to investigate and prosecute.

 

[TheoneandonlyMrK]

The fed is apolitical. It looks at economic data, cost of living, liquidity of cash, and so on and makes their decisions based on that data. Transcripts of the meetings are published.

The Pentagon thing is Congress' job to investigate and prosecute.

I sometimes imagine people just jumping up and down in front of their pc shouting IM right.
Believe what you want about the fed a Few people were made very rich by its creation and are kept well stocked..

The available cash explosion thats occoured since its creation is a clear early stage planning run for bitcoin mate , you just dont see it, yes itll be fedcoin but those lazy bastard's are not actually going to fully create their own.

Cryto in kind Is here to stay, its final shape might not yet be known but please see the reality we face crypto currency is the next big thing.

 

[ZenZimZaliben]

The fed is apolitical. It looks at economic data, cost of living, liquidity of cash, and so on and makes their decisions based on that data. Transcripts of the meetings are published.

The Pentagon thing is Congress' job to investigate and prosecute.

Yeah that's what they tell you they do...but what they actually do seems to be very different. Why else would a lot of people want to Audit the Fed? Could it be corrupt? Naw there is nothing corrupt about an entity that made the government strip people of Gold to trade in for fiat...you seem to be very disillusioned to the corruption levels of the fed and our government. Look at all the wonderful stuff coming to light now..course not a word from the propaganda news shows, but it's exploding on the internet right now.

The blockchain would remove a ton of this corruption because you can't hide it.

 

[FordGT90Concept]

The available cash explosion thats occoured since its creation is a clear early stage planning run for bitcoin mate , you just dont see it, yes itll be fedcoin but those lazy bastard's are not actually going to fully create their own.

There was a central US bank since 1791 (dates back to Hamilton). The Federal Reserve System was created from that in 1913. The "cash explosion" didn't happen until after Nixon ended the US Gold Standard in 1971.

"Federal Reserve Nex Steps in the Payments Improvement Journey" makes only one mention of cryptocurrency:

The payments industry also has begun exploring potential uses of digital currency and distributed ledger technology in delivering faster payment solutions.

Chain is likely the one the Fed is watching because it's operated by Visa. It's not doing great.

https://twitter.com/i/web/status/950031660506079232

The blockchain would remove a ton of this corruption because you can't hide it.

You're forgetting that people do have a right to privacy to some extent. It's one reason why cash is still so popular. The fed doesn't know squat about individuals in the system for a reason.

 

[Captain_Tom]

People fear the unknown and apparently those rooting for cryptocurrencies completely lack understanding of how central banks work. As someone that has a basic understanding of both and for the reasons cited in the last two posts, I can say with certainty that pigs will fly before a cryptocurrency replaces the central banking system. Blockchain check may be used here and there for specific reasons but it will all always tie back into central bank system it can't reasonably replace.

The funny thing is I would agree with Trogg that your debating ability is alright, but everything you are saying is idealized BS. Like you are seriously constantly contradicting yourself and spouting the same nonsense idiots say, but just in a better organized fashion.

Your example of "the internet disappearing" is especially hilarious. The internet isn't going anywhere Mr. 1980's, and if it did collapse we wouldn't be using useless paper as currency! We would be using food, water, and other essential supplies as currency after whatever bizarre catastrophe destroyed the internet.

In fact you seem to fundamentally misunderstand the inherent utility cryptocurrencies bring to the financial market. They are a new asset class that will make much of our current system wholly obsolete, but I never said it will COMPLETELY replace banking. They will be integrated into the existing system.

USD is here to stay and paper money will always be a fallback. But it doesn't need to be replaced to become far less important than it is now. For example we do indeed still buy paper books, but anyone who said "the internet will fail" is still a moron.

 

[ZenZimZaliben]

You're forgetting that people do have a right to privacy to some extent. It's one reason why cash is still so popular. The fed doesn't know squat about individuals in the system for a reason.

You get privacy. It doesn't say FordGT90Concept has 50BTC it says wallet asdfljkHJOh98!@#jdaoi has 50BTC.

 

[trog100]

There was a central US bank since 1791 (dates back to Hamilton). The Federal Reserve System was created from that in 1913. The "cash explosion" didn't happen until after Nixon ended the US Gold Standard in 1971.

"Federal Reserve Nex Steps in the Payments Improvement Journey" makes only one mention of cryptocurrency:
Chain is likely the one the Fed is watching because it's operated by Visa. It's not doing great.

https://twitter.com/i/web/status/950031660506079232

You're forgetting that people do have a right to privacy to some extent. It's one reason why cash is still so popular. The fed doesn't know squat about individuals in the system for a reason.

and most countries in the world are doing their best to outlaw cash transactions under the bullsh-t guise of only criminals want to hide what they are doing.. exactly the same as with crypto.. wise up chaps those that control out lives want to know everything we do.. soon any attempt to stop them doing this will be seen as a crime..

privacy is only something that criminals need.. honest folks have nothing to hide.. he he

trog

 

[ZenZimZaliben]

Let me just put this here. You can see every wallet and what it holds...you just don't know who owns the wallet.

https://bitinfocharts.com/top-100-richest-bitcoin-addresses.html

 

[FordGT90Concept]

The internet isn't going anywhere Mr. 1980's, and if it did collapse we wouldn't be using useless paper as currency!

Had a major, regional outage last summer here.

You get privacy. It doesn't say FordGT90Concept has 50BTC it says wallet asdfljkHJOh98!@#jdaoi has 50BTC.

The fed doesn't even know that much unless they had reason to seize my credit union's assets.

Let me just put this here. You can see every wallet and what it holds...you just don't know who owns the wallet.

https://bitinfocharts.com/top-100-richest-bitcoin-addresses.html

If you don't know who holds it, how does that help fight corruption at all? If there's fraud involved, investigators present their case to a judge and the judge, if evidence is sufficient, issues a search warrant. The investigators usually start at the property where they figure out where the individual banks at and then they request the ledger(s) from that specific client from the bank whom hands it over. At this point, investigators know everyone the individual did business with via credit or debit transactions. They're still clueless about cash transactions though other than withdrawals and deposits.

In order to identify who owns a crypto wallet, you'd have to subpeon the exchange used which may or may not even keep records on that.

 

[Captain_Tom]

Had a major, regional outage last summer here.

If you don't know who holds it, how does that help fight corruption at all? If there's fraud involved, investigators present their case to a judge and the judge, if evidence is sufficient, issues a search warrant. The investigators usually start at the property where they figure out where the individual banks at and then they request the ledger(s) from that specific client from the bank whom hands it over. At this point, investigators know everyone the individual did business with via credit or debit transactions. They're still clueless about cash transactions though other than withdrawals and deposits.

In order to identify who owns a crypto wallet, you'd have to subpeon the exchange used which may or may not even keep records on that.

1) It would be very easy to track self-declared accounts owned by banks buddy. They brought this up in the recent SEC/CTFC hearing. It is true that it is hard to track an entire country's worth of people if they are all using Bitcoin, but it IS easier to track company's accounts.

See why the power brokers hate crypto? It's easier for the people to police their governments/institutions, and it's harder to watch the entire populace as a whole. A nightmare for dictatorships.


2) Was there a regional outage? Well then use cash while it's down! AGAIN: NOBODY IS SAYING CASH WILL DIE.

 

[ZenZimZaliben]

If you don't know who holds it, how does that help fight corruption at all? If there's fraud involved, investigators present their case to a judge and the judge, if evidence is sufficient, issues a search warrant. The investigators usually start at the property where they figure out where the individual banks at and then they request the ledger(s) from that specific client from the bank whom hands it over. At this point, investigators know everyone the individual did business with via credit or debit transactions. They're still clueless about cash transactions though other than withdrawals and deposits.

Well if I tell you my address for my wallet you now know. Govs/Banks wallets would be public just not the private key. In fact here is my LTC wallet address if you would like to add funds - LSHNPjpw1NFXxQ7fVtrStZYndHxMLPj81y

 

[FordGT90Concept]

See why the power brokers hate crypto? It's easier for the people to police their governments/institutions, and it's harder to watch the entire populace as a whole. A nightmare for dictatorships.

Power brokers don't "hate crypto," they simply acknowledge the fact it has no value except whatever is given to it through speculation.

2) Was there a regional outage? Well then use cash while it's down! AGAIN: NOBODY IS SAYING CASH WILL DIE.

Which begs the question no one answers: when cash is created based on a cryptocurrency, what function enforces its off-the-grid status?

Well if I tell you my address for my wallet you now know. Govs/Banks wallets would be public just not the private key.

That's no different than the account number and routing number the banking system already uses.

The problem stems from the anonymity of all the members in the ledger. Every investigation would require figuring out who owns every wallet the individual did transactions with. That's a monumental task and would inevitably lead to law enforcement possessing databases of wallet affiliations. This leads to the same 4th amendment challenges that gun registries run into. At the end of the day, Bitcoin's scheme protects criminals and makes for a poor tool to bring them to justice.