Let's talk about Cryptocurrencies

[accord1999]

Originally Posted by The Fonz

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.

Are you able to access this page?

https://www.binance.com/en/trade/BTC_USDT

This should bring you to the market for BTC to/from Tether and allow you to sell your BTC at market or your set limit price.

[worth]

Originally Posted by afc wimbledon

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

Ether, Ada, Link, Dot, and many other crypto currencies are more than just some digital way to capture and transfer wealth and they don't all do the same thing. They are similar in that they function as a currency for their environment, but these currencies are built upon and support their own projects. When you buy Ether or Ada, you are supporting the project that the currency is tied to. The project has intrinsic value as well. I suggest you do some basic research on a few different projects to see what interests you.

https://ethereum.org/en/
https://cardano.org
https://chain.link
https://polkadot.network

[afc wimbledon]

Originally Posted by worth

Ether, Ada, Link, Dot, and many other crypto currencies are more than just some digital way to capture and transfer wealth and they don't all do the same thing. They are similar in that they function as a currency for their environment, but these currencies are built upon and support their own projects. When you buy Ether or Ada, you are supporting the project that the currency is tied to. The project has intrinsic value as well. I suggest you do some basic research on a few different projects to see what interests you.

https://ethereum.org/en/
https://cardano.org
https://chain.link
https://polkadot.network

Yes but they are all in the end attempting to be a currency, and in the end that is all the projects seem to be, a method of fullfilling that task better, one of them will end up being the best, or at least percieved as being the best by the market, at some point unless there's something that I'm missing

[worth]

No, they are not all attempting to be a currency. Do some research on blockchain use cases, you will see there are multiple paths forward other than being a currency.

[Fuzz]

It calculates that Bitcoin's total energy consumption is somewhere between 40 and 445 annualised terawatt hours (TWh), with a central estimate of about 130 terawatt hours.

The UK's electricity consumption is a little over 300 TWh a year, while Argentina uses around the same amount of power as the CCAF's best guess for Bitcoin.

And the electricity the Bitcoin miners use overwhelmingly comes from polluting sources.

The CCAF team surveys the people who manage the Bitcoin network around the world on their energy use and found that about two-thirds of it is from fossil fuels.

"They're computations that serve no other purpose," says de Vries, "they're just immediately discarded again. Right now we're using a whole lot of energy to produce those calculations, but also the majority of that is sourced from fossil energy."

The vast effort it requires also makes Bitcoin inherently difficult to scale, he argues.

"If Bitcoin were to be adopted as a global reserve currency," he speculates, "the Bitcoin price will probably be in the millions, and those miners will have more money than the entire [US] Federal budget to spend on electricity."

"We'd have to double our global energy production," he says with a laugh. "For Bitcoin."

He says it also limits the number of transactions the system can process to about five per second.

This doesn't make for a useful currency, he argues.
And that view is echoed by many eminent figures in finance and economics.

The two essential features of a successful currency are that it is an effective form of exchange and a stable store of value, says Ken Rogoff, a professor of economics at Harvard University in Cambridge, Massachusetts, and a former chief economist at the International Monetary Fund (IMF).

He says Bitcoin is neither.

"The fact is, it's not really used much in the legal economy now. Yes, one rich person sells it to another, but that's not a final use. And without that it really doesn't have a long-term future."

What he is saying is that Bitcoin exists almost exclusively as a vehicle for speculation.

So, I want to know: is the bubble about to burst?

"That's my guess," says Prof Rogoff and pauses.

"But I really couldn't tell you when."

https://www.bbc.com/news/science-environment-56215787

Something has got to give, right? At some point, countries are going to ban this. Imagine being able to cut your emissions by 5%, or whatever, just by banning useless crytpo mining? It's going to be very tempting.

[afc wimbledon]

Originally Posted by Fuzz

https://www.bbc.com/news/science-environment-56215787

Something has got to give, right? At some point, countries are going to ban this. Imagine being able to cut your emissions by 5%, or whatever, just by banning useless crytpo mining? It's going to be very tempting.

the scary part is this is when crypto is at minimal levels of usage, maybe a 1000th in terms of transactions compared to Visa alone, if it actually took off it would rapidly become the worlds largest consumer of energy

[afc wimbledon]

Originally Posted by worth

No, they are not all attempting to be a currency. Do some research on blockchain use cases, you will see there are multiple paths forward other than being a currency.

that's a whole seperate discussion though, bitcoin isn't going up in price because people are interested in its use to provide secure elections or track medications in a hospital are they? the speculation in crypto is purely because the likes of Dino think that one or all of them will become a dominant currency, thus ensuring that the investment stays both safe and increases.

[karl262]

He's trolling. Starve him.

Sent from my SM-G973W using Tapatalk

[1_Flames_Fan]

Sold 75% of my small bitcoin holdings for ADA @ 2650, as was mentioned it likely has 10$ potential by end of year so divesting a bit from bitcoin is a good play Imo.

[Kybosh]

I've never done anything with crypto before but I'm considering putting a small sum ($500 or something) in if only to force myself to get better acquainted with the technology. I see so much potential value in the tech but who knows what things will look like in 5 or 10 years.

[dino7c]

Kevin O'Leary reverses his stance and puts 3% of his money in BTC and ETH.

[Raekwon]

Originally Posted by dino7c

Kevin O'Leary reverses his stance and puts 3% of his money in BTC and ETH.

Its all part of the plan, get all these rich people to accept and get onboard and then cash in and tank it so they lose their money. Right on schedule.

[Jason14h]

Originally Posted by Fuzz

https://www.bbc.com/news/science-environment-56215787

Something has got to give, right? At some point, countries are going to ban this. Imagine being able to cut your emissions by 5%, or whatever, just by banning useless crytpo mining? It's going to be very tempting.

This is actually the biggest threat I think. The electricity 'waste' is massive

But well all have unlimited, pollution free, renewable energy very soon, so Oil won't be needed and this wont be a concern.

At least that's what some of the other threads keep telling me.

[PsYcNeT]

I'm curious how much electricity cost is associated with PoS models vs PoW.

PoW has to account for a chunk of the issue.

[Canadianman]

I just bought 2k ADA. I'm hoping for $10 or higher before the next crypto crash.

[Kybosh]

When did you get in? I tried to buy some on Coinsmart but seems like I can't due to the hard fork. Not sure when that is going to be completed but looks like all trading is paused for right now.

[Hemi-Cuda]

China's Inner Mongolia has banned cryptocurrency mining

https://www.bnnbloomberg.ca/bitcoin-...ning-1.1570252

I wouldn't be surprised to see more countries start doing this, especially those with green energy initiatives

[Canadianman]

Originally Posted by Kybosh

When did you get in? I tried to buy some on Coinsmart but seems like I can't due to the hard fork. Not sure when that is going to be completed but looks like all trading is paused for right now.

are you asking me? I bought it around 8am this morning.


https://www.binance.com/en/support/a...d7235fb70f74e9

[Kybosh]

Originally Posted by Canadianman

are you asking me? I bought it around 8am this morning.


https://www.binance.com/en/support/a...d7235fb70f74e9

Sorry, yes, meant to quote initially. Thanks.

[Hemi-Cuda]

Originally Posted by Canadianman

are you asking me? I bought it around 8am this morning.


https://www.binance.com/en/support/a...d7235fb70f74e9

How do you buy through Binance? I tried using my credit card but it keeps erroring out