Let's talk about Cryptocurrencies

[Jason14h]

Originally Posted by The Fonz

I struggle to see a future where cryptos are a legitimate currency. Wouldn't this cripple our economies? Imagine all of our government's lost tax revenue... how will we maintain infrastructure, education, healthcare, etc.

I'm open to having my mind changed - I really only started paying attention to this market about a month ago. I'm leaning skeptical though... I believe our governments would/will make crypto sales/purchases highly illegal before losing out on all of that tax revenue.

Why would the government lose revenue? If cash didn't exist all transactions could be tracked and taxed.

Bitcoin isn't at all anonymous....

[desiboy]

Originally Posted by 1_Flames_Fan

Everything rebounding nicely right now. Never panic sell unless you absolutely have to.

LOL, glad (relieved) to know! I promised myself I wouldn't check prices all day today, lest I get tempted (scared) to cash the f out. I even deleted the app/widget off my phone this morning! I have enough faith in the tech that I would almost put more money in it if I had some extra but the whole thing is a wild rollercoaster

[GGG]

Originally Posted by BananaPancakes

Ok, but here’s a radical idea. Maybe these regulations should be passed by elected officials and enforced by police departments and the CRA and not by independent billion dollar corporations.

Isn't mastercards stated reason for refusing the transaction compliance with federal regs?

[GGG]

Originally Posted by Tron_fdc

People need to understand that cryptocurrencies are in their infancy right now. It's not a speculatory tool to jump in and out of to make money; it's supposed to be used in the place of a fiat currency. Once pricing stabilizes, and once people start adopting it globally (and not necessarily bitcoin, it could be any iteration of a blockchain currency) you will see more and more people using it, and countries possibly adopting it in place of their fiat. The ENTIRE idea behind it is a decentralized, unregulated (and sometimes anonymous) currency that costs nothing to send to someone in order to pay for goods or services. The original whitepaper can be found here:

https://bitcoin.org/bitcoin.pdf

What people are seeing now are the issues when the currencies are converted to fiat. Exchanges are charging outrageous fees, and that's not the intent behind cryptos at all. I also assume exchanges are (or will be) reporting withdrawals to the tax man, and that's all part and parcel with "regulation". Same with exchanges being shut down or banned; that's fine, but if I'm in China and someone says I can pay in bitcoin, and I have bitcoin, there is NOTHING stopping me from doing so. In fact, that's how it used to work before exchanges even existed. The government would have no clue how to trace these transactions, other than a blockchain ledger recording ownership registrations. That's not going to happen anytime soon, seeing as half the government doesn't even know what the blockchain is, let alone how to utilize it.

Governments have no idea how to regulate them on their own, especially the currencies like Monero that are DESIGNED to be totally anonymous. If I have a pile of Monero, and it's the adopted global currency, CRA is going to have no way of knowing what I'm doing with it or where it's going, and THAT'S THE POINT. Credit card companies, banks, and financial institutions in general SHOULD be pushing for regulation or outright banning of them, seeing as they are the ones that stand to lose the most if it turns into widespread global adoption. Good luck with that though!

IMO it's going to take years (if not decades) for cryptos to take hold and legitimize. I really do think they are going to change our lives (for the better) once it happens though.

Why is it better to have no government regulation of monetary policy?

[BananaPancakes]

Originally Posted by GGG

Isn't mastercards stated reason for refusing the transaction compliance with federal regs?

Could you link to where you saw this statement and said regulations? I have yet to see anything official anywhere.

[Tron_fdc]

Originally Posted by GGG

Why is it better to have no government regulation of monetary policy?

When it comes to monetary policy I'm not saying it's better either way, that's up to the individual to decide. It's not really a discussion I want to get into either, because that leads down a pretty political path.

What IS better is the technology. The blockchain will (IMO) change our lives.

[Slava]

Originally Posted by Tron_fdc

When it comes to monetary policy I'm not saying it's better either way, that's up to the individual to decide. It's not really a discussion I want to get into either, because that leads down a pretty political path.

What IS better is the technology. The blockchain will (IMO) change our lives.

Can you kind of dumb this down for me? I have to say that my grasp and understanding of blockchain is poor at best. So how will this change our lives? What applications are there?

[Tron_fdc]

Here's a few

https://blockgeeks.com/guides/blockchain-applications/

The applications are endless. There's even an altcoin that utilizes the blockchain for a gun ownership registry, that (in theory) would know who owns a particular firearm, where it is and if it was fired.

https://cointelegraph.com/news/crowd...cation-system-

https://bitcoinmagazine.com/articles...-family-safer/

Anything that requires a smart contract between 2 parties, or anything that requires a ledger of any kind can use blockchain technology. It's fascinating.

[Jason14h]

Originally Posted by Slava

Can you kind of dumb this down for me? I have to say that my grasp and understanding of blockchain is poor at best. So how will this change our lives? What applications are there?

Sports game tickets exchanges! No more fake tickets!

[chemgear]

Yikes, sub 7K now.

[Canehdianman]

Yeah I had a buy order for ETH at 900 that got fulfilled this morning.

I'm guessing we might go down to 750 or so before bouncing.

[Krovikan]

I have a bad feeling we will hit 5k BTC and 500 Eth, I hope I am wrong and the bleeding stops.

Sent from my Pixel 2 XL using Tapatalk

[Canehdianman]

Originally Posted by Canehdianman

Yeah I had a buy order for ETH at 900 that got fulfilled this morning.

I'm guessing we might go down to 750 or so before bouncing.

Originally Posted by Krovikan

I have a bad feeling we will hit 5k BTC and 500 Eth, I hope I am wrong and the bleeding stops.

Sent from my Pixel 2 XL using Tapatalk

Already dipped to 730ish, so you might be right.

Man, I'm not sure I have a single investment (crypto or otherwise) in the black today.

[Fuzz]

Goldman Sachs sees most of these going to zero. I have to agree, there is no actual value to any of these things. Bitcoin has proven to be worthless as a currency to buy stuff with. I think in the future one crypto-currency may figure it out but there is going to be lots of skepticism going forward.

Most digital currencies are unlikely to survive in their current form, and investors should prepare for coins to lose all their value as they’re replaced by a small set of future competitors, Goldman’s Steve Strongin said in a report dated Feb. 5. While he didn’t posit a timeframe for losses in existing coins, he said recent price swings indicated a bubble and that the tendency for different tokens to move in lockstep wasn’t rational for a “few-winners-take-most” market.
“The high correlation between the different cryptocurrencies worries me,” Strongin said. “Because of the lack of intrinsic value, the currencies that don’t survive will most likely trade to zero.”

https://www.bloomberg.com/news/artic...o-goldman-says

[The Fonz]

I just wish the ride could have lasted 1 more month.

****sucker, I was doing so well.

[Krovikan]

Originally Posted by Fuzz

Goldman Sachs sees most of these going to zero. I have to agree, there is no actual value to any of these things. Bitcoin has proven to be worthless as a currency to buy stuff with. I think in the future one crypto-currency may figure it out but there is going to be lots of skepticism going forward.



https://www.bloomberg.com/news/artic...o-goldman-says

100% most (but not all) of the cryptos currencies will go to 0, most of them are just stupid or rip-offs. Even a high percentage of the tokens will go to 0, not everything needs to be solved with a blockchain.

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[Wormius]

I hope those people who spent their life savings on mining equipment at least broke even. I wonder if that some of that that specialized mining equipment can be re-purposed for anything.

[photon]

Hurry up and sell the video cards on Kijiji!

[jammies]

Originally Posted by Wormius

I hope those people who spent their life savings on mining equipment at least broke even.

I don't. A giant waste of resources that accomplished nothing useful, let those who contributed to the bubble provide a lesson to others. Not that it'll make any long-term difference, but the schadenfreude still tastes sweet.

[Krovikan]

Originally Posted by photon

Hurry up and sell the video cards on Kijiji!

I just sold 4 GPUs for 1150, 2x580 $900, 1xR9 $150, 1x580 (heat issues) $100.

After those sales and cashing out some coins earlier, I have 3 GPUs left and have returned 150% on original investment. Currently, have 5.5k USD in coins still on top of that 150%.



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