Cryptocurrency experience

if you cant buy or sell anthing whit in a minute it can change 30% more in price what do you think its worths

a big zero for me

its not worth what it is it all a big ponzi sceem to me

lol i get paid one bit coin per week when it was 400 dollars now i work a year i retire dont need to work it almost 20 k

i retire then it only worth 100 dollars

word of advice if your ahead by alot sell sell sell this a sceem for poeple whit big money its a buy and sell thing like stock market but worst in a way there nothing to back it up

or buy now and tell your freind and freind to sign up from what a read 100k noew signup made a big raise in price lol
 
One thing is for sure, you most likely shouldn't buy "deeptokens" when this shit goes live, if there is one thing to be almost sure about with the track record behind the coorporate creating "deeptokens" is that I can't see how I could be spending ethereum/ bitcoin/ whatever coin even tether / usd in that. :D
 
It will be crowded at the exit when the bitcoin bubble burst. Sure it can continue upwards awhile, but at some point the uselessness of the bitcoin and other similar "cryptocurrencies" will take it down. It's pure specualtion.


http://www.telegraph.co.uk/technology/2017/12/07/bitcoin-has-proven-completely-useless-currency/
"Any payment method that suffers from such violent swings is no payment method at all"

"A year ago, it cost roughly 20 cents to make a payment; that is now $7, and fees have been as high as $20. The increase has far outstripped that of Bitcoin’s own price, and is now starting to bite. Not only that, but the strain on the network, amid its frenzied buying, has seen transaction times slow down dramatically. It often takes hours for a transaction to be confirmed; a delay that makes Bitcoin useless in many situations."
 
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It will be crowded at the exit when the bitcoin bubble burst. Sure it can continue upwards awhile, but at some point the uselessness of the bitcoin and other similar "cryptocurrencies" will take it down. It's pure specualtion.


http://www.telegraph.co.uk/technology/2017/12/07/bitcoin-has-proven-completely-useless-currency/
"Any payment method that suffers from such violent swings is no payment method at all"

"A year ago, it cost roughly 20 cents to make a payment; that is now $7, and fees have been as high as $20. The increase has far outstripped that of Bitcoin’s own price, and is now starting to bite. Not only that, but the strain on the network, amid its frenzied buying, has seen transaction times slow down dramatically. It often takes hours for a transaction to be confirmed; a delay that makes Bitcoin useless in many situations."

i read today that one transaction for BTC costs 250 KWh in electricity alone. thats a little over 50 euro in my country lol
 
Is there anyone who has a simple tutorial how to get a Wallet? I have been mining on a webbased miner. (Bitzfree) , but I have no Idea how to transfer the btc into a Wallet.
 
Is there anyone who has a simple tutorial how to get a Wallet? I have been mining on a webbased miner. (Bitzfree) , but I have no Idea how to transfer the btc into a Wallet.

just read an article about those cloud mining services like bitzfree etc and they came to conclusion that not a single one of those actually paid out anything... i hope that its not true lol
 
Is there anyone who has a simple tutorial how to get a Wallet? I have been mining on a webbased miner. (Bitzfree) , but I have no Idea how to transfer the btc into a Wallet.


You can ignore the above comment.

You can at the very least transfer to coinbase or poloniex or you can read up on cold storage bitcoin wallet which is the ultimate security.
 
You can ignore the above comment.

You can at the very least transfer to coinbase or poloniex or you can read up on cold storage bitcoin wallet which is the ultimate security.

ultimate security makes it sound as if it is 100% safe... but as all of these are digital assets that needs to be transferred to a digital marketplace if you ever wanne get back some real currency for it you always have a risk of getting hacked. arent there CCs stolen this year of a value of 1 billion dollar or even more on total now? quite crazy, especially as the hacker are nearly 100% safe.
 
The whole thread reminds me of a pack of Neanderthals mocking the "new humans" whose camp recently appeared over the river. So tiny, so weak and unprotected, not a rival at all, not even equal. True, they've got some funny ideas and curious tools, but the coming winter will kill them off anyway, so why worry. The established order of things will carry on forever.
 
The whole thread reminds me of a pack of Neanderthals mocking the "new humans" whose camp recently appeared over the river. So tiny, so weak and unprotected, not a rival at all, not even equal. True, they've got some funny ideas and curious tools, but the coming winter will kill them off anyway, so why worry. The established order of things will carry on forever.


bitcoin_bubble.jpg


Reminds me more of the above. :silly2:
 
The whole thread reminds me of a pack of Neanderthals mocking the "new humans" whose camp recently appeared over the river. So tiny, so weak and unprotected, not a rival at all, not even equal. True, they've got some funny ideas and curious tools, but the coming winter will kill them off anyway, so why worry. The established order of things will carry on forever.

Totally, apart from it's nothing new at all and just a financial product which is being heavily speculated on. I won't go into why crypto is unfeasible for money (a few people have mentioned some of the issues such as transaction costs already) but just explaining why people are in a bubble at the moment:

Firstly, lay yourself down some facts. What's the actual value of bitcoin? Well, it has no uses (outside of speculation), so you can't add value there, so you have to look at the generation; the cost of actually mining the coin. In genesis, this would be effectively zero, coming to the modern day where it's what, $1500? There'll be some complex sum to average out the cost but lets say it's overall $1000 per bitcoin mined. So at the current rate (>$10000) you've got a speculation greater than 10 times the intrinsic value.

Now, you look at whether this is actually value at all (this is up to the individual - I personally see no value (intrinsic) in BTC but it's totally up to you).

Currently the bitcoin price is being pumped; let me give you an easy and simple example of how this works:

There are 10 apples, which each cost $1. Adam doesn't have any money to buy apples, but his friend Bethany does. Adam says to Bethany, if you give me $10 I will pay you back $12[SUP]1[/SUP]. Adam then buys 10 apples. Adam then contacts his friend Catherine who has a lot of money and says, shall we make some money together? Catherine likes this idea. So Adam tells Catherine to buy an apple from him, not for $1 but for $2. Then another apple, but this time for $3, and so on.

Catherine eventually ends up with 10 apples, but has spent 2+3+4+5+6+7+8+9+10+11= $65. Adam can now pay back Bethany the $12, and he has made a profit of $53.

David, Dale, Danielle, Darren and Diana have all been watching the price of apples and have all realised they have increased from $1 to $11 (10x...!), and want to get in on this action. They all part with $22 each and buy Catherine's apples.

Catherine is now sat on $220, from her initial risk of $65, a profit of $155. Adam and Catherine are happy with their efforts, and walk away. The pump is over. If there are no further investors willing to come in and speculate on apples, then the price will naturally tend towards the original, $1 - an individual loss each of $20. Now, there may be speculation on the price as it falls, however breaking from the story here I don't believe there will be with BTC - I see the crash happening simultaneously with a void in buy orders, which is the dreaded "even if you try to sell out, you can't" issue which happens in stock crashes.

[SUP]1- This is real-life actual investment, such as a bank account[/SUP]

Anyway, as I've stated throughout there is not anything inherently "wrong" with BTC, but anyone who tries to tell me it's something new (regarding the investment side) and that it's worth "$100k, $1m" or whatever, is a little slow or very inexperienced with real world financials.
 
Bump...

If any one of you (entropians) out there is thinking of dabbing into cryptocoins now, its better that you don't for the time being.

Why?

There is apparently this hot discussion about tethers (USDT) that is going around.

People are questioning its validity...and whether its really backed by 1 USD per 1 tether (USDT). With its now shocking supply of 1,169,049,990 USDT circulating.

And what's it gotta do with the other cryptocoins like BTC, ETH, LTC, etc?

Well the thing is there are crypto exchanges which do trading pairs coupled with USDT and if it turns out that USDT isn't really backed by 1 USD per tether.

Then there's a chance that the other crypto's prices aren't reflecting their true values but rather a "pumped" up one that was pushed up by these magically spawning "tethers".

And since most crypto exchanges also correlate with each other as well as offer a variety of crypto pairings...the fallout might become "pretty extensive".

Or so the rumor goes.
 
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Just more fud.

Those saying there are no uses for crypto are not digging deeper into the technology, the smart contracts, and all the good coming from them. Just parrotting the naysayers. Do your own research.
 
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Just more fud.

Those saying there are no uses for crypto are not digging deeper into the technology, the smart contracts, and all the good coming from them. Just parrotting the naysayers. Do your own research.

Ok - what's fud. I find it amazing that instead of putting forward a view - the believers tend to rely on either "we know something you don't"; "you are just dinosaurs" or finally wait and see.

If we want to get into the wait and see - within 6 months this will crash back down to pre-boom levels; I predict $1,000. Which actually for a bag of bits is a great price :yay:
 
Ok - what's fud. I find it amazing that instead of putting forward a view - the believers tend to rely on either "we know something you don't"; "you are just dinosaurs" or finally wait and see.

If we want to get into the wait and see - within 6 months this will crash back down to pre-boom levels; I predict $1,000. Which actually for a bag of bits is a great price :yay:

I did.. several times over in this thread. There is a point in which spoonfeeding is not appropriate.. especially on this forum, where it does very little help.. such as in your case, you dont care to learn or are not ready or very much in the fud.. or rather cast your own fud crystal ball based on convenience. Crypto is one of those things that you need to arrive to an understanding on your own. I have lit several beacons in my posts, if you will.

You are as many are in the money side of crypto rather than the tech.
 

Yes, it's fractional reserve banking. No way does tether have $1.3tn liquid in reserve; they are acting like a central currency bank but they don't have the economic output a regular fiat issuer does.

Talking about the tech is fine (5$) but the uptake which is happening (i.e. Ripple being used by Amex & Santander) is not reflected in the coin stock. The prices are being driven as investment stock and anyone "investing" in ICOs is taking all the risk of the stock market with none of the benefits, apart from rapid growth which is unbelievably high risk due to the linked nature of most coins

My point is, ripples coin offering didn't pay its coin holders (shareholders) a premium when the tech was sold. The "value" of the coin may have increased but that would be dwarfed if tether were to pop.
 
What is a human being? Monkey who at a certain point in it's development discovered a future.
Meaning, it got an ability to predict (possible) future(s). This is the watershed moment, before that an animal, after that - a human being.

There's an alternative statement which is prolly even more widespread that says it's the moment in evolution where monkey learned to (produce and) use tools... but it's not really correct for the simple reason there's several animals that use tools.

Let's look at it from the bird's eye view.
What happens next? Singularity, which is defined as generic artificial intelligence that is able to learn and improve itself. An event which may or may not happen (for reasons I can't go into here).

What definitely will happen (in a sense, is already happening), is series of "mini-singularities" in several different technologies.
It goes like this. In the last centuries mankind's progress has sped up so much that the next generation is struggling to keep up with the advancements and the generation before that is left out entirely. Our grandmothers and grandfathers can't understand their grandchildren's tech. There's exceptions but u get the picture.
As the speed of the progress increases, the falling off the sledge now starts to happen sooner and sooner. We are now down to 1 generation difference level. Fathers increasingly fail to grasp the tech of their son's generation.

Why I'm telling you this? Because this is how the definition of a human being comes to an end. The only being in nature that was able to predict future will lose this ability. Not all at once but the process is clearly going to that direction. The logical end state is, the vast majority of the mankind will not be able to predict the future (even the short term future, eventually) with any acceptable degree.
After that point, anything happening around you will be magic. You can see it but you can't understand any of it.
There will always be someone (smartest among humans, augmented with tech) or something (singularity) that can understand it and thus also is able to see/predict the future, but we can't call this group or entity "mankind" any more. For all intents and purposes we got 2 different species at this point. And I don't mean it figuratively, I mean it as a purely pragmatic/scientific statement.

Pretty stark picture... but should make you feel better whenever you for the life of you can't grasp what the heck they're talking about.

Anyway, yes, there's lot of speculation going on around bitcoin (to use a generic term). Regardless, you may very well understand that part but still completely fail to understand the full implications of the blockchain concept itself.

So don't feel bad about it. We will all end up there eventually.
 
Entropians, I love you and I want to say agree again, you owe it to yourselves to look into what is really going on here....

As $5 and others have said, please look past bitcoin price and $$$ and find out about the implications of the technology.. look into Venezuela's hyper inflation, look into the amount of bank fraud, look into the amount of people in this world that still don't have access to banking and more importantly lending systems, look into the current state of international bank transfers, exchange rates, intellectual property rights, and on and on..

And all of that doesnt sell you, I will offer one more thing, probably the biggest thing of all..you wont read about anywhere (and I have done alot of reading in the cryptospace lately)....

Learn about the at least 4 or 5 asteroids that we have already identified. One has a value of 10 quadrillion dollars in nickel and iron alone, another contains more gold than we have ever excavated in the history of humanity. Another just passed by earth recently full of platinum

This is not sci-fi, these are real, named asteroids, we know exactly where they are and we know what's in them. They are also in their unoxedized form naturally. There are 2 companies already targeted missions around 2020.

Where do you think all of the stored value in the world is going to go when all precious metals become common?

Thoughts?
 
Learn about the at least 4 or 5 asteroids that we have already identified. One has a value of 10 quadrillion dollars in nickel and iron alone, another contains more gold than we have ever excavated in the history of humanity. Another just passed by earth recently full of platinum

This is not sci-fi, these are real, named asteroids, we know exactly where they are and we know what's in them. They are also in their unoxedized form naturally. There are 2 companies already targeted missions around 2020.

Where do you think all of the stored value in the world is going to go when all precious metals become common?

Thoughts?

My thoughts are you should take this course: http://www.open.ac.uk/courses/qualifications/q64-phy and then come back and tell me how we're going to mine asteroids. If you do it in the recommended timescale, you'll have an undergrad degree just in time to see those first mining ships leave earth :rolleyes:
 

Gold is Cold
Diamonds are Dead
Limousine is a Car


Know what's real. Please dont get burnt.

:launcher:
 
Yes, its all very exciting.

But my point is being that the pricing atm, in my opinion, doesn't quite correlate well with the existing tech.

The blockchain bottleneck appears to be causing a lot of scaling problem for widescale implementation and is very costly and slow for the time being. (Or as far as I've read.)

However, the bitcoin's lightning network and ethereum's raiden network do look to be very interesting...if successfully implemented. (Though a bit similar in concept.)

But we'll still have to see how it goes when they're working on the mainnet.

So long story short,

If your in it for speculation/investment/money making.

Don't.

You might burn a hole in your wallet.

If your in it for the tech, then its interesting to keep up to date with it...as well as holding some cryptocoins and using the wallets and whatnots.

:laugh:

@gwit, FUD = Fear, Uncertainty and Doubt. (A simple google would do wonders. XD)

On another note, tether's circulating supply just grew to 1,368,089,837 USDT. And being pretty opaque about their accounts, doesn't bode well in my opinion.

And mind you, that's a 200 million increase in supply....in a mere 9 days since my last post?
 
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If someone wants to offer their best advice for which crypto to go into, they should post when they got it, how they got it, and why. Nothing else matters.
 
My thoughts are you should take this course: http://www.open.ac.uk/courses/qualifications/q64-phy and then come back and tell me how we're going to mine asteroids. If you do it in the recommended timescale, you'll have an undergrad degree just in time to see those first mining ships leave earth :rolleyes:
OK, I tried that and it took me -5 years. Google "how to mine asteroids" and you get this:

The Asteroid Capture and Return mission — the central focus of the KISS study — blueprints the technological know-how to moving an asteroid weighing about 1.1 million-pound (500,000 kilograms) to a high lunar orbit by the year 2025. The mission's cost is expected to be $2.6 billion.Apr 24, 2012
Looks like you got the required timescale about right but forgot the minus sign? :wtg:
 
OK, I tried that and it took me -5 years. Google "how to mine asteroids" and you get this:


Looks like you got the required timescale about right but forgot the minus sign? :wtg:

Firstly, it took me 30s to read the conclusion which said that it would be feasible to capture (i.e. not mine) an asteroid. But disregarding this distinction, they were looking at rocks 7m in diameter (which is miniscule) and the flight time to bring them to orbit was 6 to 10 years. Additionally, there would have to be a program setup to find the asteroids and filtered by size, there are very few which even come close to the intended size range.

Let's just not even go to the difficulties in transporting mass from space to earth.

This is the problem with the internet - anyone can Google anything and pretend they're a motherfucking expert.
 
Firstly, it took me 30s to read the conclusion which said that it would be feasible to capture (i.e. not mine) an asteroid. But disregarding this distinction, they were looking at rocks 7m in diameter (which is miniscule) and the flight time to bring them to orbit was 6 to 10 years. Additionally, there would have to be a program setup to find the asteroids and filtered by size, there are very few which even come close to the intended size range.

Let's just not even go to the difficulties in transporting mass from space to earth.

This is the problem with the internet - anyone can Google anything and pretend they're a motherfucking expert.
If you keep thinking inside oudated paradigms, your first impulse is to bring it down.
However if you think it over, that would be a terrible waste.
It costs 15-20 grand to lift 1kg of material to low Earth orbit. Any material lifted up there is worth significantly more than down on the Earth's surface.

I'm no motherfucking expert but somehow I keep beating you hands down on every turn... :smoke:
 
It costs 15-20 grand to lift 1kg of material to low Earth orbit. Any material lifted up there is worth significantly more than down on the Earth's surface.

It costs about 4180 J/(kg*K) to heat beer, therefore a warm beer is worth significantly more than cold one. :cool:
 
Presumably, Aio, you are taking the asteroid comments too literally as far as timescale. I only meant to outline the future, it will happen eventually (and its starting now)..even if many of us will be long gone doesn't change that likely fact. There will be new stores of wealth needed in the future when precious metals become more common.
 
It costs about 4180 J/(kg*K) to heat beer, therefore a warm beer is worth significantly more than cold one.
Heating up a perfectly cold beer is a crime against humanity! :D

OK, I get your point, all the raw materials in orbit right now are worthless as we don't have any production capabilities up there. Yet, those capabilities will be there in the near future. SpaceX has already significantly lowered the price of going up to orbit and once this process has started it will keep bringing the price down even more. This is a major game changer. In a world where lift up from the gravity well costs the same as the airplane ticket to Sydney... the orbital factories, lunar base and plans to colonize Mars are not only possible, it's pretty much unavoidable.

It doesn't mean we can't drop materials to the surface, the tech to do that already exists and the cost per kg is negligible. In other words, it will be even cheaper to cool down a hot beer than warm it up. :tongue2:

Yes, it won't happen next year or year after that. Then again, it's not in the distant unspecified future either. Meanwhile, people are still considering precious metals a good long term investment...
 
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