Let's talk about Cryptocurrencies

[chemgear]

Originally Posted by Table 5

There's a pretty crazy ####coin the kids are starting to talk about.

Apparently called "silver"?

Has gone up 225% YoY, and almost 40% just since the start of January!

And the poorer brother, gold.

[Wormius]

Wonder if there’ll ever be a reversal where platinum exceeds gold again.

[GGG]

Originally Posted by Fuzz

Whatever becomes common, it's going to be regulated and probably controlled by Big Finance. It's not going to be Bitcoin. Hell, looking at that page the current transaction fee is ~$530 USD. That'd make for a very expensive pizza order.


Other concerns are the very real threat of a 51% attack, as miners consolidate. Also, with quantum computers ramping up, the fear that they will break the encryption
algorithm bitcoin uses is real, and rapidly approaching.


story:
https://finance.yahoo.com/news/quant...150000966.html


Current projection is just over 2 years:
https://quantumdoomclock.com/explanation

If you could accurately predict that moment you could accurately predict the next financial crisis. Bitcoin is too linked it’s taking a huge swath of investment firms with it when it goes down.

[chemgear]

With gold and metals doing what they're doing as a "flight" to safety, the debasement trade, etc. I thought the argument was that crypto was supposed to be the same trade or at least some semblance of it. With all the shenanigans with Trump, the US dollar and bitcoin just doesn't seem to behave like it at all.

[afc wimbledon]

Originally Posted by chemgear

With gold and metals doing what they're doing as a "flight" to safety, the debasement trade, etc. I thought the argument was that crypto was supposed to be the same trade or at least some semblance of it. With all the shenanigans with Trump, the US dollar and bitcoin just doesn't seem to behave like it at all.

Bitcoin has roughly acted like a tech stock and so isn't seen as a safe haven in the coming storm, it has also been the victim of it's own success to a degree, anything that has swung massively up isnt likely to hold it's value in a market correction

[Fuzz]

Originally Posted by GGG

If you could accurately predict that moment you could accurately predict the next financial crisis. Bitcoin is too linked it’s taking a huge swath of investment firms with it when it goes down.

It's a projection, based on known knowns, not a prediction. The projection will change as we know more.

I'm not worried about it taking down the financial system. Bitcoin is worth about 1.75 trillion.

The biggest holders are Satoshi, MicroStrategy, Tesla, Tether, and the likes. That's about 10% of the total.

https://www.kraken.com/learn/who-owns-the-most-bitcoin

If investment firms go down with the crypto boat, they probably deserve it.