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Cryptocurrency Discussion Thread


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So yeah, I've recently gotten into Cryptocurrency...Not the mining aspect mind you, but the Exchange bit. I dunno , It just seems kind of fun to dink around with it, anyways,  I'd like to know the community's thoughts on Cryptocurrencies in general ^ ^

 

Edited by Vulcan
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I am not that much into it. But hey, it's apparently a good way to make more money in the future by investing in them.

The guy who invested in bitcoin in 2010 for the lulz is now a millionare. :P

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22 minutes ago, Sherbert Music-Guard said:

I wish I was old enough to invest in bitcoin back in 2010,

 

52 minutes ago, Mesme Rize said:

The guy who invested in bitcoin in 2010 for the lulz is now a millionare. :P

 

I get that , I've seen a lot of folks wishing they'd invest back in the hyper profitable days, But I don't think the deadline for high profits ended in 2010...I mean, If I had invested  in Bitcoin just late last year, it would've Doubled by Today...(Quadrupled if yah managed to sell it during the Christmas Rush)...not sure if the deadline's passed , but it does make yah think

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5 minutes ago, Vulcan said:

 

 

I get that , I've seen a lot of folks wishing they'd invest back in the hyper profitable days, But I don't think the deadline for high profits ended in 2010...I mean, If I had invested  in Bitcoin just late last year, it would've Doubled by Today...(Quadrupled if yah managed to sell it during the Christmas Rush)...not sure if the deadline's passed , but it does make yah think

I think that it's became a bubble,

I think the cryptocurrency bubble will burst fairly soon,

It might even cause the economy to crash

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1 minute ago, Sherbert Music-Guard said:

I think that it's became a bubble,

I think the cryptocurrency bubble will burst fairly soon,

It might even cause the economy to crash

True , That's a real possibility, and a scary one at that o_o 

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I've been meaning to invest a little into it. Like anyone would tell you, I'd say you should learn as much about it as you can and only invest what you don't mind loosing. See what happens. 

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25 minutes ago, Sherbert Music-Guard said:

Do you recommend any Cryptocurrency to invest in now before it crashes?

I'm afraid I can't do that, I'm pretty new to it myself and any cryptocurrency other than Bitcoin is a lot more high risk.

if you're lookin' to just play around with it...just for the fun of it, Bitcoin seems to be the most stable...and most easily acquired, Its price has risen by about 10 percent since 2 weeks ago. 

For Myself, I've decided to take a big risk with a good chunk of my spare cash on Verge, because it's fairly cheap at the moment and I think it'll make really good returns within the next few weeks...Not saying you should do the same, It's pretty much just as much a gamble as everything else.

 

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It seems like another trend of sorts, though with a much greater benefit; people who invested way back then are probably swimming in cash now. Though I'm sure Bitcoin (and many other cryptocurrencies alike) will probably be around for quite a while, I'm not sure how long they'll be valuable. :pout: Personally, i would invest in Gold and Silver sooner than I would invest in Bitcoin or other cryptocurrencies; precious metals have stood the test of time incredibly well, and most likely will for years to come.

I'm not very well versed on this subject, though, so take what I say with a grain of salt! :rarity:

Edited by Recherche
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I'm not convinced. The ups and downs they're having? Cryptocurrency is a huge risk. The bubble will burst and burst soon. It is not established and therefore faith in it, the very faith that gives it it's value, can be lost easily. 

If you're gonna invest, do it with something that has a proven track record. In a commodity people still value or always need. 

Gold and silver are obvious choices, but so is something like WD-40. People use that everyday. Same with oil. People always need oil. Real estate is a safe bet. For the most part, new land is not being made, so there will always be a steady value on what already exists. 

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As a staunch libertarian, lover of capitalism, and skeptic of fiat money, it's only natural that I'm interested in cryptocurrencies. But I'm not really in a situation where I can actually afford to invest any more than a tiny bit of money. If the world of cryptocurrency continues to grow, I may take a stab at it someday.

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Consider me skeptical just as much as how I'm still skeptical on Bitcoin for being a form of currency. But, as long as crypto-currencies have been proven to be safer and more beneficial as a tool than the current currency system the world is dealing with than I'll decide if I wish to join in.

Not so much of a capitalist. I don't adhere to any man-made political ideologies such as communism, fascism, socialism etc etc.

So on my stance, Money is just a tool to me to get by with the scarce resources of our planet. I don't bother investing in money to make more money long-term. Don't see the point to it honestly if I'm not gonna bother spending on my needs and wants (to some extent). :)

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13 hours ago, Sunset Rose said:

I've been meaning to invest a little into it. Like anyone would tell you, I'd say you should learn as much about it as you can and only invest what you don't mind loosing. See what happens. 

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BIT-CONEEEEEEECT!

If you're going to invest into cryptocurrency, make sure you don't buy into any potential scams and don't invest more than you can afford to lose. 

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I'm more than skeptical, I (and most people I know) think cryptocurrencies are a scam, frankly.

Nothing whatsoever backs it, and there's little actually determining it's value aside from what it's deemed to be worth by the people who manage the currency. Even with the US's badly managed fiat currency, it's at least backed by SOMETHING and it isn't completely determined by how much some person out there thinks it should be worth.

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Theoretically, once it gets to the point where mining is no longer possible, the value should somewhat stabilize to where it can be used as it's own currency. The problem is, the vast majority of people don't look at it as a currency, instead opting to buy low and sell high like with volatile stocks. The bigger problem is that if cryptos are ever to succeed as a currency, they must be disassociated from the Dollar, a proposition that I am skeptical of at best.

I put about $10 out of each of my paychecks into crypto, only because I know that hype will likely build up again at some point in the future and I liek money. As for long term investing though, I'll stick to gold and silver.

 

1 hour ago, A Wild Barik Main said:

Nothing whatsoever backs it, and there's little actually determining it's value aside from what it's deemed to be worth by the people who manage the currency. Even with the US's badly managed fiat currency, it's at least backed by SOMETHING and it isn't completely determined by how much some person out there thinks it should be worth.

As far as I can tell, the major cryptos such as Bitcoin and Litecoin are decentralized, so there isn't anyone actually managing them, though I wouldn't doubt that this is true for some of the other ones. Also, the value of the Dollar and Bitcoin are both driven by market forces, so they're actually both the same in that regard, Bitcoin being far more volatile obviously.

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(edited)

Update of about a week's worth of playing around in the cryptotrading world, 

So far I really love it, I tried to get into stock markets in the past but the fees were always a deterrent to me...but with exchanges like Bitrex and Binance...It's given me the opportunity to give it a shot with the spare change I had laying around and so far It's given me a bit of insight into how the stock market works and even if I only made a bit so far, It's honestly been pretty educational as a tool in learning business and finance...

It's like the world's most complicated strategy game...except you're going against players and bots from around the world. 

'course I wouldn't recommend anyone placing their life savings into it, nor even a chunk off their salaries...it makes for a fun afternoon with pocket change, but it's definitely not stable enough at its infancy for any major investment. 

afraid I can't do that, I'm pretty new to it myself and any cryptocurrency other than Bitcoin is a lot more high risk.

if you're lookin' to just play around with it...just for the fun of it, Bitcoin seems to be the most stable...and most easily acquired, Its price has risen by about 10 percent since 2 weeks ago. 

For Myself, I've decided to take a big risk with a good chunk of my spare cash on Verge, because it's fairly cheap at the moment and I think it'll make really good returns within the next few weeks...Not saying you should do the same, It's pretty much just as much a gamble as everything else.

 

 

Wew...Verge currency soared to 30%! Woo! Past Vulcan...We just made 5 Bucks!...I mean...It's not a lot...but considering we dinked around with around 15...It's pretty decent...I guess I'll try Sys next...It's price'll likely drop like bricks after it's upgrade...but It's tech is pretty solid and I'm thinkin' it could go up in a couple weeks.  

Edited by Vulcan
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  • 5 months later...

Although I was skeptical about Bitcoin for months, it seems I gave CryptoTab a chance, and so far it looks alright. It usually mines itself on certain times, but at a snail's pace at best without posting a link as a means to boosting profits.

And the majority of people were awfully skeptical regarding sharing links, but CryptoTab looks pretty safe and easy to earn without putting too much stress on the CPU. Anyway OP, here is the link if you wanna go for it: https://get.cryptobrowser.site/3598284

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  • 5 months later...

Actually I believe that te best time to Bitcoin was 7 yrs ago. The second best time is right now. But you should learn about it before you invest. Bitcoin is so much more than an investment. It’s taking control of your own money. You decide when and where your money goes. 

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Cryptocurrency is just Tulips. It's the south sea bubble 2.0 and anyone who will ever invest in it will be brought to ruin. Especially those who invested heavily in the thousands when it was only 12 dollars for a coin. There is already stories of people who joined early to mid game who have lost tens of thousands of dollars and are in debt now because of the crash. It will go up, sky rocket and then crash hard core again one more time before utterly failing and once it does, all other coins will fail with them with maybe, MAYBE a few clinging onto obscure internet sub culture groups in the dark web for use for trading for cp, drugs and hit men like the majority of bit coin is used for already. Every penny wasted on it could had been money spent on real money, like stocks in a legitimate company that sells an actual tangible government regulated and recognized product that has tangibility and substance to its value and use. I will never waste a single penny on it. 

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  • 6 months later...
  • 1 year later...
On 2019-11-01 at 12:39 AM, Dreambiscuit said:

I don’t understand cryptocurrency, where it’s acquired or how it’s used. It sounds like something for tech-savvy people to use and I am decidedly NOT tech-savvy.  

I hope no one minds me bumping this discussion because I have been into cryptocurrency and blockchain for a while and I feel like a lot of people could benefit from learning a few things from people who have been in the sphere. (However I don't think I should make a new thread on this unless it's necessary or requested) This is in no way an endorsement nor encouragement of you spending funds into digital assets (however, there is a lot of reward for a lot of risk). First and foremost cryptocurrency is not actually a physical commodity nor is it tangible nor does it have any fiat (cash) value innately. It is definitely not just for tech-savvy people, it is for those who want to learn. There are a lot of projects out there and there are a lot of cool things coming out which could benefit you, friends, or a company that you know about. 

What is Cryptocurrency?


You understand currency--fiat, correct? 1usd, 1eur, and you understand .50usd, .01usd. We can discuss the connection between fiat and reserves later--if needed. If you've heard of bitcoin you know what a cryptocurrency is. It is, in essence, a store of value for some--and for others it is an easy way to convert their fiat monies into digital monies. The intent of bitcoin is allowing a decentralized source of storing money and to be able to be used, sent or spent 24/7 (on the blockchain network) as well as allowing the opportunity for people the opportunity to mine(use their computer's processing power) said currency. Bitcoin, Ethereum, Litecoin and XRP are examples of cryptocurrency that are typically in the news. 

What is Blockchain?

Blockchain is the network which keeps all transactions recorded. For example using etherscan you can see all transactions that utilize ETH or ethereum. The best part about blockchain is it cannot--cannot--cannot be modified nor changed after information is put on the blockchain. If I send monies from one wallet--to an exchange--to an offshore account--to another wallet it will be recorded. You won't know that it was ACTUALLY me--but you'll see the flow of money on the network (if you were watching and paying attention). 

                                                                                                                   What is a Whitepaper?

For certain projects there is an immediate paper upon coin release which tells you what you are going to be invested in. Sometimes these papers will just lay out the "abstract" and will tell you nothing else--others will go through the ins and outs of the coins protocols. This is where "Do your own research" or "DYOR" comes into play. With enough research on projects you can find something that fits your lifestyle! 

                                                                           What is Centralization and is it important? 
Centralization is important for a few reasons--but let's look at where it could be useful. Government, Financial Institutions, Corporations. All of these have done very well in certain cases. But when the centralized institutions look more for the big boys than the little guys--and the small investors the small institutions--does that mean that decentralization could pave the way for smaller companies to get a big advantage? In some essence--yes it could mean that. The benefit of Google/Amazon/Microsoft being the centralized authority when it comes to the internet is if we are utilizing their servers then we are expecting their income to be the reason they work so hard to maintain stable connections to their .com websites. With decentralization instead of it being all held in one room with hundreds of servers at Google's home base--imagine hundreds or thousands of computers acting as servers around the world each able to bounce/relay information off of each computer. Instead of being in one room--they are spread out so the benefit is no one single entity holds the keys. 

We have just recently noticed a boom away from the centralized banking industry into the Decentralized Finance area wherein you are able to earn anywhere from 6% to 40% interest per year. This is much better than certain banks which allow only .01% in some cases (or in certain countries a -.5% interest rate).  

Hot Topics in 2021?

DeFi - Decentralized Finance -- rewards paid out in cryptocurrency based on holding, or staking (in a contract) cryptocurrency. Think of earning interest at a bank, except with decentralized finance it takes the middle man out of it and allows the distribution of rewards based on algorithms or contractual agreements.

NFT - Non fungible Tokens -- not actually a cryptocurrency but it can be an artwork, it could be a will for your assets, an NFT could be a song. No two NFT are alike.
 

Do you have any suggestions?

Look at what you do in your daily life--where do you spend your money? What do you do? For example--If I browse the web and I donate to people my original thought may be "Brave Browser" which allows you an ad-free script-free tracker blocking service which nets you BAT token as well. (It is a chromium browser, so google chrome based) Not only can I donate to people on twitter, or others--I can contribute to websites and creators who allow it! Irregardless of price, knowing I am giving back to the community--that is huge. 

Do you shop? Do you use prepaid debit cards? Do you like to create games, or gaming content? Do you want to create a company which impacts the world? Blockchain has the opportunity to change the world in many ways not just through trading currency. While you can daytrade cryptocurrency I can say 100% if you hold any of the assets you purchase, you will always have more than if you try and trade the market for quick 10-40% gains.

                                                                                                            Where to invest?

Do your research, Nomics, Coinmarketcap, coingecko all of these sites give you different outliers on information and names of coins as well as the amount of money that flows in and out of it daily/weekly/monthly rate of price appreciation. When investing always look into the project, and only invest what you are willing to go to zero. But I can almost guarantee if you manage your research projects and you invest wisely you may realize your paper wealth is something you never would have imagined. 

Watch out for taxes in certain countries and also if I had any suggestion if you buy a cryptocurrency. Look for "use case" meaning--can you utilize it? Is there a real world function for the project? If there is--you are more likely to see a safer investment than one which has no use case. 

Last but not least:

The same amount of people who own bitcoin--equates to the number of people who were on the internet in 1997. You are not too late.

I have my own projects I like and I have bias for and against on others, I have tried to be as open and honest as I can about some of the topics in the past. So if anyone wants to talk or learn about cryptocurrency I would always encourage it. There are many fun things coming out in the future. I hope you all stay safe and have been well. 

*necromancing the thread with hope, desire and love*

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