Let's talk about Cryptocurrencies

[dino7c]

Originally Posted by zamler

What about when Elon says something and crypto goes up? Is that okay? Morally indefensible lol someone think of those poor children. Space man baaaaaaaaaaaaaaaaaaaad call the feels police.

After the tweet

My Bitcoin went down
My ADA went up

Its nothing personal I just feel like the guy has too much power and should consider his actions more carefully. He is also full of #### in this case considering he didn't actually sell any.

[Azure]

Crypto is bigger than Musk, but not if people choose to let him control it.

Given his power over the market, it shows to me how far in the early stages we still are.

Most people are not even aware of our options such as ADA.

[Krovikan]

Originally Posted by Azure

Crypto is bigger than Musk, but not if people choose to let him control it.

Given his power over the market, it shows to me how far in the early stages we still are.

Most people are not even aware of our options such as ADA.

People let John McAfee do similar things, Cryptocurrency is full of pump and dump hucksters over its history.


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[Azure]

And it will be until properly regulated.

But people choose to panic and sell just because of what Musk says.

Does work well for those of us who just buy the dip as well.

[afc wimbledon]

Originally Posted by Azure

And it will be until properly regulated.

But people choose to panic and sell just because of what Musk says.

Does work well for those of us who just buy the dip as well.

isnt nonregulation the whole point of it?

[zamler]

People panic and sell stocks because of rumour or their cat hacked up a hair ball don't see why crypto is any different.

[1_Flames_Fan]

So I think it's time to move my crypto portfolio to a hardware wallet and off the exchanges.I have been looking at the Ledger Nano X. If anyone who uses one of those could let me know if it's a good choice or have another recommendation it would be much appreciated. The crypto I would like to store is BTC, ETH, XRP, XLM, ADA, MATIC and Safemoon. Thanks friends

[afc wimbledon]

Originally Posted by zamler

People panic and sell stocks because of rumour or their cat hacked up a hair ball don't see why crypto is any different.

A traditional economic view would be that normal stocks have a base value due to the inherent utility of the thing they make, how efficient they are at making it compared to the competition, how much competition there is etc.
Boeing might be in trouble right now but they still have orders, they still make money, pay a dividend and in some period of time people will start flying again airlines will buy planes and Boeing's stock will rise, the problem with crypto, or any other currency is the value is solely based on perception of value, there is no bottom for a currency which is why you would never 'invest' in a currency normally, you might look to trade on its short term fluctuations or if it was stable park your wealth in it while looking for an investment to move it to, and that's with a Government backed currency where you could reasonably expect them to defend the price, crypto doesnt even have this, any crypto could lose all value and cease to be a 'thing' in fact it is certain that in a year or two most cryptocurrency's will have disappeared, what you and others are betting on right now is which, if any, survive.

[Robotic]

Originally Posted by 1_Flames_Fan

So I think it's time to move my crypto portfolio to a hardware wallet and off the exchanges.I have been looking at the Ledger Nano X. If anyone who uses one of those could let me know if it's a good choice or have another recommendation it would be much appreciated. The crypto I would like to store is BTC, ETH, XRP, XLM, ADA, MATIC and Safemoon. Thanks friends

The Nano X is nice. Easy to use and has Bluetooth to connect to your phone. Not sure if it’s compatible with all your alt coins. Get it from the Ledger Website and not a third party like Amazon.

[karl262]

Originally Posted by afc wimbledon

A traditional economic view would be that normal stocks have a base value due to the inherent utility of the thing they make, how efficient they are at making it compared to the competition, how much competition there is etc.

Boeing might be in trouble right now but they still have orders, they still make money, pay a dividend and in some period of time people will start flying again airlines will buy planes and Boeing's stock will rise, the problem with crypto, or any other currency is the value is solely based on perception of value, there is no bottom for a currency which is why you would never 'invest' in a currency normally, you might look to trade on its short term fluctuations or if it was stable park your wealth in it while looking for an investment to move it to, and that's with a Government backed currency where you could reasonably expect them to defend the price, crypto doesnt even have this, any crypto could lose all value and cease to be a 'thing' in fact it is certain that in a year or two most cryptocurrency's will have disappeared, what you and others are betting on right now is which, if any, survive.

I think in the next 2 years we'll see an explosion in the number of cryptos.

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[dino7c]

Originally Posted by afc wimbledon

A traditional economic view would be that normal stocks have a base value due to the inherent utility of the thing they make, how efficient they are at making it compared to the competition, how much competition there is etc.
Boeing might be in trouble right now but they still have orders, they still make money, pay a dividend and in some period of time people will start flying again airlines will buy planes and Boeing's stock will rise, the problem with crypto, or any other currency is the value is solely based on perception of value, there is no bottom for a currency which is why you would never 'invest' in a currency normally, you might look to trade on its short term fluctuations or if it was stable park your wealth in it while looking for an investment to move it to, and that's with a Government backed currency where you could reasonably expect them to defend the price, crypto doesnt even have this, any crypto could lose all value and cease to be a 'thing' in fact it is certain that in a year or two most cryptocurrency's will have disappeared, what you and others are betting on right now is which, if any, survive.

that is not a fact or certain...you were saying similar things 4 or 5 years ago

[afc wimbledon]

Originally Posted by karl262

I think in the next 2 years we'll see an explosion in the number of cryptos.

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To what purpose?

[topfiverecords]

Originally Posted by karl262

I think in the next 2 years we'll see an explosion in the number of cryptos.

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Haven’t we already. There’s approximately 10,000 right now.

[karl262]

To whatever purpose the creator of a token chooses, maybe as a digital certificate of authenticity that can be transferred to demonstrate chain of custody. Maybe to demonstrate ownership shares in a company. There are endless reasons to create a new digital token and many platforms to host on.

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[afc wimbledon]

Originally Posted by karl262

To whatever purpose the creator of a token chooses, maybe as a digital certificate of authenticity that can be transferred to demonstrate chain of custody. Maybe to demonstrate ownership shares in a company. There are endless reasons to create a new digital token and many platforms to host on.

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None of these make sense as a crypto though, why would anyone want to endlessly pay for this? all you need is a single trusted 3rd party, correct me if I'm wrong but you have to endlessly pay for crypto's, computer owners have to be incentivised to operate a crypto and you need a lot of them, that would be a costly way to create a token to indicate ownership

[topfiverecords]

Originally Posted by karl262

To whatever purpose the creator of a token chooses, maybe as a digital certificate of authenticity that can be transferred to demonstrate chain of custody. Maybe to demonstrate ownership shares in a company. There are endless reasons to create a new digital token and many platforms to host on.

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I also get tokens at the arcade but there’s no value hanging onto them once I leave. No one else will give me quarters for them as hard as I try.

[Jay's Beagle]

Sorry to derail this for a second. Where are all of you buying or selling your crypto?

Is wealthsimple a good option? Any help would be appreciated.

[Canadianman]

Originally Posted by Jay's Beagle

Sorry to derail this for a second. Where are all of you buying or selling your crypto?

Is wealthsimple a good option? Any help would be appreciated.

I use Newton to send my CAD. If you want ETH or BTC, then you can buy it from Newton. If I want something that Newton doesn't sell what I want, I buy Stellar (XLM) or some other coin with a low transfer fee, and send that to my account on another exchange. Then use that to buy whatever I want.



I have accounts with Binance and FTX.

[PsYcNeT]

I use Binance for trading (cheapest trading) and as a mining pool since it supports ETH, Storj and XMR with static addresses, and now I'm using Gate.io to trade my Chia on.

I use Coinbase to cash out since it's direct to PayPal.

I've never bought crypto with fiat so I'm not sure what the best option is for that.

Reminder that I have a 10%/10% affiliate link for Binance, so if you sign up there we get 10% of each others trade fees as extra tokens in perpetuum.

https://accounts.binance.com/en/register?ref=X1QCXYYB

[Fuzz]

China starts to realize they can't really control crypto currencies, and is making moves towards banning them.


https://www.cnbc.com/2021/05/18/chin...-business.html


I wonder if they make the big step to banning mining? What affect would that have on them? I presume mining would have to become more profitable, and transaction costs would go way up?