Let's talk about Cryptocurrencies - Page 66 - Calgarypuck Forums - The Unofficial Calgary Flames Fan Community

Raekwon · 03-26-2021, 11:59 AM

I was thinking about this recently as adoption was increasing like Tesla purchasing etc. Won't high profile adoption like this actually stop the price of BTC from increasing? at least in the spikes we are used to. Bitcoin is now getting backing of physical goods so there is no longer an invisible ceiling and in fact bitcoin prices should start dropping as adoption increases BTC would have to start coming more in line with FIAT currencies.

Isn't this the reason for cryptocurrency to have a decentralized currency? I mean that doesn't work if the value keeps skyrocketing.

lets say 95% still using Fiat currency and 5% using crypto until the number flips fiat currency is still going to affect crypto prices especially if goods can be bought with either. If a Tesla costs 100k then its would cost 1.4 bitcoin I would think by association that would keep the prices stable?

Thoughts?

Winsor_Pilates · 03-26-2021, 12:29 PM

Quote:

Originally Posted by Raekwon

I was thinking about this recently as adoption was increasing like Tesla purchasing etc. Won't high profile adoption like this actually stop the price of BTC from increasing? at least in the spikes we are used to. Bitcoin is now getting backing of physical goods so there is no longer an invisible ceiling and in fact bitcoin prices should start dropping as adoption increases BTC would have to start coming more in line with FIAT currencies.

Isn't this the reason for cryptocurrency to have a decentralized currency? I mean that doesn't work if the value keeps skyrocketing.

lets say 95% still using Fiat currency and 5% using crypto until the number flips fiat currency is still going to affect crypto prices especially if goods can be bought with either. If a Tesla costs 100k then its would cost 1.4 bitcoin I would think by association that would keep the prices stable?

Thoughts?

I think the idea of Bitcoin being used for currency has largely passed.
Elon is just doing it to pump his holdings, both Bitcoin and Tesla. He's a master market manipulator.

The idea of Bitcoin as a gold like use case seems more prevalent and the reason for its large gains this year.

Raekwon · 03-26-2021, 12:32 PM

Quote:

Originally Posted by Winsor_Pilates

I think the idea of Bitcoin being used for currency has largely passed.
Elon is just doing it to pump his holdings, both Bitcoin and Tesla. He's a master market manipulator.

The idea of Bitcoin as a gold like use case seems more prevalent and the reason for its large gains this year.

If he wanted to pump his holdings why did he stop the increase after he bought them by tweeting that bitcoin prices were high? 10% drop after that on his 1.5b. Was he just testing the extent of his ability to manipulate it?

topfiverecords · 03-26-2021, 02:42 PM

Quote:

Originally Posted by Raekwon

If he wanted to pump his holdings why did he stop the increase after he bought them by tweeting that bitcoin prices were high? 10% drop after that on his 1.5b. Was he just testing the extent of his ability to manipulate it?

So if Bitcoin price appears it has leveled off for a while, those holders will cash out some for Teslas and then up it goes again while he’s gained a ton of BTC.

The Fonz · 03-28-2021, 11:09 AM

Is there a limit on the amount of Bitcoin that 1 person can withdraw/transfer to USD/CAD per day?

Yoho · 03-29-2021, 09:03 AM

https://twitter.com/user/status/1376468620155363330

PsYcNeT · 03-29-2021, 11:21 AM

Quote:

Originally Posted by The Fonz

Is there a limit on the amount of Bitcoin that 1 person can withdraw/transfer to USD/CAD per day?

I think how much you can sell to fiat might be more likely restricted by your bank/PayPal/etc. than the exchange.

I know CBPro has a cap of 200k USD per day in general transactions.

dino7c · 03-29-2021, 01:08 PM

I know people who have received million dollar wires from bitfinex in single transactions.

Not aware of any limit...I'm sure some exchanges have their own.

I have transferred over 500k of BTC between wallets in a matter of minutes...that is one of the major strengths of Crypto. I don't think there are limits with Bitcoin transfers...people have moved billions in a short period of time.

Canadianman · 03-29-2021, 02:15 PM

Quote:

Originally Posted by Canadianman

I'm a bit of a privacy hawk, and I started reading about monero today. That led me down a rabbit hole of other privacy-focused coins. Anyone ever heard of mobilecoin? It's fairly new, but given it is a mobile-focused coin (with the intent of it being easier to use than current coins), I thought it might be worth investing a few bucks into.

Anyone ever heard of it? Thoughts/discussion? Or just feel free to post telling me that it has no fundamental value and will crash to -$10,000 soon.

Up about 400% in 4 days. Crazy.

accord1999 · 03-29-2021, 02:27 PM

Quote:

Originally Posted by Canadianman

Up about 400% in 4 days. Crazy.

If you invested in it, congrats.

Recalling the 2017 bull run and its famous "alt-season", it seemed like almost every coin will have its day in the sun with massive appreciation, for a time. However, if you look at the current prices of most coins, very few are above or even close to their all-time high as they didn't have staying power. The challenge of alt-coins has been getting in at the right time and getting out at the right time, and not get tied to a position as it corrects back down.

Azure · 03-30-2021, 11:14 AM

Quote:

Originally Posted by Yoho

https://twitter.com/user/status/1376468620155363330

The Ethereum Blockchain has high fees.

I hope they go with the Crypto.org Mainnet eventually.

You can transfer for like $.001 right now.

PsYcNeT · 03-30-2021, 12:29 PM

ETH fees will become much lower around July when mining dies, but yeah for the time being, gas is unreal.

Azure · 03-30-2021, 01:50 PM

How bad is the return on ETH mining supposed to get? I haven't read much into it.

Winsor_Pilates · 03-31-2021, 11:17 AM

Can someone explain the whole Etherium planned burn thing that's supposed to happen soon?

tony-soprano · 03-31-2021, 02:16 PM

GLQ anyone? Also, is the hype around Cardano something I should take more seriously?

accord1999 · 03-31-2021, 02:24 PM

Quote:

Originally Posted by Azure

How bad is the return on ETH mining supposed to get? I haven't read much into it.

Quote:

Originally Posted by Winsor_Pilates

Can someone explain the whole Etherium planned burn thing that's supposed to happen soon?

This post has a concise summary of the primary components of the current mining reward and what would change if EIP-1559 is adopted in the summer:

https://www.reddit.com/r/EtherMining...miner_revenue/

PsYcNeT · 03-31-2021, 03:22 PM

I wouldn't expect ETH to be the mining coin du jour if it's return is cut by 30% or more.

FIRO, Aeternity, Conflux and possibly even Raven could compete in that pricing sphere; they are mostly all ETH-20 based and most use the same miner software, though not all are on the biggest exchanges (but I'd argue that Gate.io and Bittrex are growing, especially internationally).

There are myriad factors that will play into the viability of ETH mining this summer vs other coins such as

Price of ETH - If it goes over 2,000 USD and stays there, it becomes very attractive
Other tokens increasing in value - All the tokens noted above jump around, but have the potential to become much larger
Block Difficulty - ETH has only been getting progressively harder to mine (almost 3x harder than last April as of writing), and is now frequently over 6P the last week. It will only get worse
Exchange Adoption - If you see any of those 4 coins get brought into say, the Coinbase ecosphere, their pricing will most likely jump as trading will become much easier

PsYcNeT · 04-02-2021, 09:30 AM

Well, ETH did it. About 2070 USD as I write this. All the other coins I mentioned are up as well. Great time to mine right now!

dino7c · 04-02-2021, 11:28 AM

ETH finally taking off

VladtheImpaler · 04-03-2021, 02:01 PM

So, let me ask you experts for some guidance. Let's say I am paranoid that the Bolshewoke Revolution happens, and they come for my assets, and/or degeneration of society continues to the point we have hyper-inflation, etc. Clearly, I don't want to be lugging around gold and silver coins in my backpack. How do I go about acquiring BTC? How safe is the BTC from hacking/theft? How safe is it from the POV of being seized by the "government" or by Google? If I were to have to make a run for it to ... Belorussia, how easy would it be to "safeguard" my assets in BTC? I can see the value in terms of a hedge against hyper-inflation, but is it a hedge against chaos? You still need a functional internet and a functional economy at a minimum, right?
Not coming from a point of criticism, but actually want to see a reason to buy some BTC. I have watched Lex Fridman interview Buterin, Pompliano, Carter, Maceli, so I am not completely ignorant, but I do not feel that I have adequate answers to the questions I asked in the first paragraph....