Let's talk about Cryptocurrencies

[The Fonz]

Does anyone know how to get crypto back to cash? I’ve wanted off the ride for weeks but don’t know how. I also don’t have enough Bitcoin that it really matters if I never get it back - but I would like it back.

[Jason14h]

Originally Posted by The Fonz

Does anyone know how to get crypto back to cash? I’ve wanted off the ride for weeks but don’t know how. I also don’t have enough Bitcoin that it really matters if I never get it back - but I would like it back.

Every exchange will let you convert Bitcoin to USD

Where are you holding your coins ?

You can also use a Bitcoin ATM at a corner store - but the fees/FX rate are relatively crappy

[The Fonz]

Originally Posted by Jason14h

Every exchange will let you convert Bitcoin to USD

Where are you holding your coins ?

You can also use a Bitcoin ATM at a corner store - but the fees/FX rate are relatively crappy

Binance

Edit: I swear I’ve tried but can’t figure it out. Dumb or lacking patience, or both

[topfiverecords]

Originally Posted by The Fonz

Does anyone know how to get crypto back to cash? I’ve wanted off the ride for weeks but don’t know how. I also don’t have enough Bitcoin that it really matters if I never get it back - but I would like it back.

Depending on how much you’re talking, I’ll send you CAD by etransfer for it if you want to bypass the exchange cash withdrawal to bank account. PM me.

[dino7c]

Originally Posted by The Fonz

Does anyone know how to get crypto back to cash? I’ve wanted off the ride for weeks but don’t know how. I also don’t have enough Bitcoin that it really matters if I never get it back - but I would like it back.

If its a small amount and you don't need the money why not just let it ride. BTC in 5-10 my man. A little bit now could be a lot.

[Hemi-Cuda]

So what is Cardano exactly and why is now a good time to get in?

[karl262]

A better explanation than I could write, from r/cardano:

I'm just gonna write this. Many people (used to) think something like a newspaper was trustworthy. It reports news on a huge variety of topics and people (generally) took the word of the paper as gospel.

However, let's say you're an expert on Tennis, and the newspaper prints an article about Tennis. They misuse terminology, get the names of some famous athletes and coaches mixed up, misspell some important Tennis courts.

To a layman, wouldn't notice this, but to an expert in Tennis, it would call the rest of the paper into credibility... "If this is wrong, what else is?"

I feel this way about Cardano. I'm not an expert, but I know enough.

Right now, the situation with Cardano is as follows:

Proof of Stake is arguably more secure than Proof of Work. It is theoretically possible to break PoS much the same way it is theoretically possible to break Proof of Work, but it requires a practically 99.999999999% impossible situation.

In addition, Cardano's Proof of Stake is arguably best in class. Anyone who owns over 1 ADA can stake. Staking rewards are paid out every 5 days and compounded, so your next rewards are higher, and so on. Your funds are never locked, if you spend your ADA, your stake is amended automatically. If you add funds to your wallet, they are automatically added to your stake. Ethereum requires you to have 32 ETH to stake, that's like $60,000 required. How decentralised is that? Or you can trust a third party to stake for you and allocate your rewards to your fairly... Erm... That doesn't sound like a trustless, no-middle-man system to me.

Transaction fees are much lower, and much faster than Ethereum. There are over 1,600 staking pool operators that are independently ran. These can already process more transactions per second than Ethereum. When the Hydra protocol launches, each pool can process up to 1,000 transactions per second. This means over 1,000,000 TPS - that beats every other crypto and even Visa / Mastercard.

That's the scalability problem solved.

End of March, every single block will be produced by independent staking pool operators. That's the decentralisation issue solved.

Smart Contracts are also live end of March. In addition, tokens minted on Cardano will have first-class citizen rights. Currently, ERC-20 tokens on Ethereum are second-class citizens. This means ETH takes priority over other transactions. If BNB, or LINK, or VeChain, or Graph moved to Cardano they would enjoy

* Faster transactions
* Much Lower Fees
* More rights

Cardano has an ERC-20 converter in the works, and so far, Singularity, Celcius and DNATags are moving over to Cardano from Ethereum *because the fees are so freakin' high*


So I feel like your summary isn't quite good enough, and I don't know enough about ATOM or DOT, but based on what you wrote for Cardano and how you missed out on the key elements to how it actually competes, I can't trust what you wrote for the other projects.

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[Enoch Root]

Originally Posted by GGG

Gold is Gold because it is gold. Gold could be rendered worthless by a loss of faith. These are the exact same arguments made thousands of years ago when gold became gold. Why would anyone want gold. People want gold because it is gold. Gold is the skin of the Gods not a holder of value.

The question is can Bitcoin replace gold. The answer is yes it could. To say never just misunderstands what Bitcoin is.

Your suit argument is also true regardless of the price of gold happens to be. Because the definition of nice suit gets to change to make your point and you get to cherry pick years. In 2000 Gold was $400 per ounce, $2000 in 2012 and $1100 in 2016. I was not aware the price of a suit changed that dramatically this century. $100 in 1900 is 3100 today gold was $20 an ounce making it worth about $600 today. So if I bought gold in 1900 I would have a have made 90-100x return vs 30x for inflation. By your argument that is not an inflation hedge.

It is certainly questionable whether in the next 25 years it stabilizes or not or is replaced. It’s kind of funny that the threats like hacking and being replaced with technology have similar analogs to gold in theft and mining tech resulting in cheaper extraction.

I think it’s weird that people are so keen to dismiss Bitcoin with absolute statements

First of all, I didn't cherry pick the years, I literally used the same ones from the example I saw (to the best of my memory) because it doesn't matter.
That's the point - it has been that way for hundreds of years.

As for recent volatility, yes there has been a fair bit of it in the last 20 years. Volatility is going to happen over short periods, and inflation hedges have never claimed to be perfect correlators to inflation - that is an unreasonable ask. Just as it would be unfair to assume that for Bitcoin. What does matter though, is that it continues to correlate over longer time frames - which it has always managed to do.

Regarding your last statement, what is weird is people who get emotionally connected to things like this. Whatever happens with Bitcoin is what it will be. So be it. But some people seem to want to cheerlead it, which I just don't get.

You say the answer is yes, Bitcoin could replace gold. Okay, tell us why - the onus is on the claim, so let's here it. Convince us.

[The Fonz]

Originally Posted by dino7c

If its a small amount and you don't need the money why not just let it ride. BTC in 5-10 my man. A little bit now could be a lot.

I’m not a believer in it’s viability. I gambled with it for a while, in and out of different cryptos, before the market collapsed a few years back. That’s all it is to me though is gambling, not an investment.

If I could dump it into USD (remaining on binance) that would be ideal. Then I’d look to buy back in next time it falls to ~15k and hopefully catch the next pump.

[accord1999]

Originally Posted by The Fonz

If I could dump it into USD (remaining on binance) that would be ideal. Then I’d look to buy back in next time it falls to ~15k and hopefully catch the next pump.

There's the option of exchanging your holdings into the "stable coins", USDT (Tether) and USDC that are designed to remain at a stable US$1 and supposedly are backed by reserves to keep it there (like the Hong Kong dollar). But there's always some risk that they may be lying, though Tether was recently investigated by NY State and only got a light punishment.

[afc wimbledon]

so a question, if all of the many different types of crypto all essentially perform the same function, then wont just one survive when the whole field has sorted itself out?

If it turns out that a bitcoin comes along that is better than the others, uses less power or cant be subject to market manipulation or is just easier to use as a currency then wont it kill every other crypto as dead as Google slaughtered every other browser?

[The Fonz]

Originally Posted by afc wimbledon

so a question, if all of the many different types of crypto all essentially perform the same function, then wont just one survive when the whole field has sorted itself out?

If it turns out that a bitcoin comes along that is better than the others, uses less power or cant be subject to market manipulation or is just easier to use as a currency then wont it kill every other crypto as dead as Google slaughtered every other browser?

I’ll argue that if it’s not vulnerable to market manipulation then the crypto will not get off the ground. Manipulation seems to be the entire game - you can get away with what would be illegal in the stock market.

[topfiverecords]

Anyone know of a good iOS app for push notifications? Would like to be able to set a price target (on a specific exchange preferably) and get notified.

[GGG]

Originally Posted by Enoch Root

First of all, I didn't cherry pick the years, I literally used the same ones from the example I saw (to the best of my memory) because it doesn't matter.
That's the point - it has been that way for hundreds of years.

As for recent volatility, yes there has been a fair bit of it in the last 20 years. Volatility is going to happen over short periods, and inflation hedges have never claimed to be perfect correlators to inflation - that is an unreasonable ask. Just as it would be unfair to assume that for Bitcoin. What does matter though, is that it continues to correlate over longer time frames - which it has always managed to do.

Regarding your last statement, what is weird is people who get emotionally connected to things like this. Whatever happens with Bitcoin is what it will be. So be it. But some people seem to want to cheerlead it, which I just don't get.

You say the answer is yes, Bitcoin could replace gold. Okay, tell us why - the onus is on the claim, so let's here it. Convince us.

Convince you of what? That Bitcoin will replace Gold? Who knows. I don’t think I ever stated that. I was speculating as to the maximum value of Bitcoin if it did replace gold. Then you and AFC came in with reasons why it wouldn’t so you were the one making a claim. I’m not a Bitcoin cheerleader by any means I own 1/10th of a coin.

Obviously you didn’t cherry pick the years but the quotes about an ounce of gold vs buying a suit do. I looked over 120 years and what you said is not true from 1900 to now gold has increased in value at a greater rate than inflation.

[The Fonz]

What is gold’s average increase in value since 1900? 3x inflation?

[DownhillGoat]

Originally Posted by The Fonz

What is gold’s average increase in value since 1900? 3x inflation?

It was 20.67 in 1900. By today's standards that's ~$641.

It currently sits at ~$1735 (all in USD).

So with inflation it's roughly tripled since 1900.

Why?

[GGG]

Originally Posted by DownhillGoat

It was 20.67 in 1900. By today's standards that's ~$641.

It currently sits at ~$1735 (all in USD).

So with inflation it's roughly tripled since 1900.

Why?

Demand for gold is driven by fear of inflation.

[karl262]

Originally Posted by afc wimbledon

so a question, if all of the many different types of crypto all essentially perform the same function, then wont just one survive when the whole field has sorted itself out?

If it turns out that a bitcoin comes along that is better than the others, uses less power or cant be subject to market manipulation or is just easier to use as a currency then wont it kill every other crypto as dead as Google slaughtered every other browser?

This is a Ken M level of troll. Well done!

"...that a bitcoin comes along..."



I'd bet one of these new bitcoins you speak of that you're really a high level blockchain programmer.

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[afc wimbledon]

Originally Posted by karl262

This is a Ken M level of troll. Well done!

"...that a bitcoin comes along..."



I'd bet one of these new bitcoins you speak of that you're really a high level blockchain programmer.

Sent from my SM-G973W using Tapatalk

wasn't sure what else to call it frankly, 'a crypto currency' seemed a bit of a mouthful.
Wasnt trolling at all, I am trying to understand this, none of it makes any sense to me, it is an honest question, maybe it would be better to ask why would we have 10 or 20 or more crypto's? what would be the point or more to the point what market force would keep all of them going?

Like I said none of this makes sense to me

[The Fonz]

Originally Posted by accord1999

There's the option of exchanging your holdings into the "stable coins", USDT (Tether) and USDC that are designed to remain at a stable US$1 and supposedly are backed by reserves to keep it there (like the Hong Kong dollar). But there's always some risk that they may be lying, though Tether was recently investigated by NY State and only got a light punishment.

Thanks for this suggestion, this sounds like what I would like to do. I just tried to move it into tether on the P2P market and they won’t let me buy USDT with my BTC though, they want cash.