Let's talk about Cryptocurrencies

[worth]

if you had buy fills set for eth or ada, could have made some nice gains today. eth was at 700 and ada at 0.19 at one point. incredible.

[1_Flames_Fan]

Originally Posted by worth

if you had buy fills set for eth or ada, could have made some nice gains today. eth was at 700 and ada at 0.19 at one point. incredible.

Yeah had a nice buy order in overnight on Binance and improved my ADA position.

[Sluggo]

What happens when you run out of video cards to mine

https://twitter.com/user/status/1359169998938324999

[PsYcNeT]

Interestingly enough, it looks like some big mining groups switched off of ETH overnight to another coin (CFX maybe? Not sure), but there's been a big jump in my ETH gains in the last 24 hours even though my hashes are the same.

[Hemi-Cuda]

I see that BTC is down now from 70k to 60k CAD. Is it worth loading up some more or will it keep dipping?

[Raekwon]

Originally Posted by Hemi-Cuda

I see that BTC is down now from 70k to 60k CAD. Is it worth loading up some more or will it keep dipping?

Let me speak for Dino. BUY NOW ITS GOING TO A BILLION!!!!!


but seriously thats the problem with crypto, at least Dino bought crypto and hyped it up unlike the idiot Elon who bought it and then said its overpriced, lol.

I expect it to go back up and beyond.

[1_Flames_Fan]

Good day to invest in some BTC, down to around 56k Canadian on coinsquare as of now.

[afc wimbledon]

Originally Posted by Raekwon

Let me speak for Dino. BUY NOW ITS GOING TO A BILLION!!!!!


but seriously thats the problem with crypto, at least Dino bought crypto and hyped it up unlike the idiot Elon who bought it and then said its overpriced, lol.

I expect it to go back up and beyond.

as is always the case with this I ask why, I see no reason for it to go up or down or sideways, what mechanism in the larger economy makes it worth more or less?

[dino7c]

Originally Posted by Raekwon

Let me speak for Dino. BUY NOW ITS GOING TO A BILLION!!!!!


but seriously thats the problem with crypto, at least Dino bought crypto and hyped it up unlike the idiot Elon who bought it and then said its overpriced, lol.

I expect it to go back up and beyond.

Elon probably wants more at sale price...paper hands sell and the big guys will scoop it all up.

Won't hit a billion but 100k this year still IMO

[Raekwon]

Originally Posted by afc wimbledon

as is always the case with this I ask why, I see no reason for it to go up or down or sideways, what mechanism in the larger economy makes it worth more or less?

50/50? Lol, I can’t give you an answer besides because it was up? I totally agree that I don’t see the factors causing it to rise or fall besides adoption. I feel like this is a long con but FOMO also, what can we do?

[GGG]

Originally Posted by afc wimbledon

as is always the case with this I ask why, I see no reason for it to go up or down or sideways, what mechanism in the larger economy makes it worth more or less?

I’d agree with you in the short term there is no reason for the ups and downs of Bitcoin. Over the long term if it follows its track on being a gold replacement then its value will be dictated by two things.

The amount of wealth people want to store in an inflation independent currency and the amount of other coins that can gain enough popularity to provide a substitute.

So if demand for inflation independant currencies that are relatively easy to transfer and trade (relative to gold) increases then the value of a fixed supply coin goes up.

[worth]

There were 35,000+ BTC transferred by a few whales worth $1.92 billion over the past 24-48 hours which likely in some small or large way moved the market.

[Enoch Root]

Originally Posted by GGG

I’d agree with you in the short term there is no reason for the ups and downs of Bitcoin. Over the long term if it follows its track on being a gold replacement then its value will be dictated by two things.

The amount of wealth people want to store in an inflation independent currency and the amount of other coins that can gain enough popularity to provide a substitute.

So if demand for inflation independant currencies that are relatively easy to transfer and trade (relative to gold) increases then the value of a fixed supply coin goes up.

Flawed argument...

Bitcoin can't become a gold replacement BECAUSE its supply is finite and already limited. As a result, it won't work as a gold replacement because it won't work as an inflation hedge.

If other cryptos DO provide an easy substitute, then the scarcity argument fails.

[Yoho]

Originally Posted by Enoch Root

Flawed argument...

Bitcoin can't become a gold replacement BECAUSE its supply is finite and already limited. As a result, it won't work as a gold replacement because it won't work as an inflation hedge.

If other cryptos DO provide an easy substitute, then the scarcity argument fails.

You’re right it will be 10x better than gold not replace. You’re argument against inflation hedge because of it’s scarcity makes no sense.

You don’t understand Bitcoin value I get it, but I wouldn’t speak in absolutes, it sounds silly.

I think you should def load up on gold.

[afc wimbledon]

This thread increasingly sounds like an Amway meeting

[GGG]

Originally Posted by Enoch Root

Flawed argument...

Bitcoin can't become a gold replacement BECAUSE its supply is finite and already limited. As a result, it won't work as a gold replacement because it won't work as an inflation hedge.

If other cryptos DO provide an easy substitute, then the scarcity argument fails.

Why does a finite supply limit it’s ability to become an inflation hedge. Bitcoin is inherently deflationary.

I agree that if other crypto’s provide an easy substitute for Bitcoin then bitcoins ultimate value is pegged to the total supply of virtual currency and not bitcoins. This is what will put a cap on bitcoins value and it’s unclear what mechanism would set price. Gold is valuable because it is gold (yes there are industrial uses) but it’s value is really driven by the cultural value placed on it. Are we creating some weird cultural value of Bitcoin?

[afc wimbledon]

the reason Bitcoin cant or more to the point wont replace Gold in much of the world is that you cannot bury it or smuggle it out of the country stuffed up your backside all the while using it to bribe the soldiers you come across nor can you show off with it and you need access to a reasonably functioning banking system to access your wealth when stored in bitcoin, gold and diamonds have always been favored as you can both store wealth in them while being easy to hide and instantly available to save your life all at the same time.

[dino7c]

Originally Posted by Rathji

I remember the last bitcoin I had was worth about $150. I spent it all on Humble Bundles.

That is all.

ouch

[dino7c]

Originally Posted by afc wimbledon

the reason Bitcoin cant or more to the point wont replace Gold in much of the world is that you cannot bury it or smuggle it out of the country stuffed up your backside all the while using it to bribe the soldiers you come across nor can you show off with it and you need access to a reasonably functioning banking system to access your wealth when stored in bitcoin, gold and diamonds have always been favored as you can both store wealth in them while being easy to hide and instantly available to save your life all at the same time.

To be fair everything you have posted in this thread has aged like milk left out in the sun so...

[afc wimbledon]

Originally Posted by dino7c

To be fair everything you have posted in this thread has aged like milk left out in the sun so...

so no arguement against the logic then