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IGMOW (I Go My Own Way) 1 year, 10 months ago.
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Nothing that is based on a virtual world as any value.
If people do things and gain value from it, how isn’t that so? Digital doesn’t mean no value. A functioning community with things are exchanged, has more value that a pile of gold. Gold only has value if wanted, and people either want it because it looks pretty or because they assume others want it.
Ok I get your point but, gold has little value actually, but it can be used for jeluery, it is scarce, has some chemical and industrial uses, but we decided to adopt it like a store value.
Bitcoin is not much diferent from all the trillions of electronic money that Already exist.
People is not getting nothing out of bitcoin, bitcoin has a value of 7000 dollars, has little use as a trading method for the moment, all its value is mostly expeculative.
Facebook… fecebook should have less value than Medtronic or Stryker, becouse it produces NOTHING, but people love Facebook and been around wasting time, ok I get it, is their time.
Too much things that just exist in a non tangible, virtual world has gained more value than things that really exist.
It is clearly irrational, but that’s how it is, nothing can be done.
To those following me, be careful, I just farted. Men those beans are killers.
What is of value in the Crypto area is the development of technology that will facilitate the safe and secure exchange of currencies, and ownership of assets, at very low costs, via the decentralization of exchanging. In addition, Cryptocurrency has one advantage over regular currency (it has others, but just discussing one), that being the ability to exchange value at a far lower size than a single unit. Bitcoin can go something like hundreds of millions smaller than a single Bitcoin. It is something like 100th of a million:
https://en.bitcoin.it/wiki/Satoshi_(unit)What is going to be following here, and is now, is a discussion of utility, as it relates to cryptocurrency. The cryptocurrency had better be used to do something, and not just serve as something to bet on. Ripple does this, and other ones do also. One can also back Cryptocurrency with actual redeemable assets. Tether, for example, is supposed to be back by actual dollars. I have seen others backed by gold.
Anyhow, too much to talk about here. I am studying more on this, and trying to ramp up now, so I am not an idiot and can make money off it.
"I am my own thang. Any questions?" - Davis S Pumpkins.
What is of value in the Crypto area is the development of technology that will facilitate the safe and secure exchange of currencies, and ownership of assets, at very low costs, via the decentralization of exchanging. In addition, Cryptocurrency has one advantage over regular currency (it has others, but just discussing one), that being the ability to exchange value at a far lower size than a single unit. Bitcoin can go something like hundreds of millions smaller than a single Bitcoin. It is something like 100th of a million:
https://en.bitcoin.it/wiki/Satoshi_(unit)What is going to be following here, and is now, is a discussion of utility, as it relates to cryptocurrency. The cryptocurrency had better be used to do something, and not just serve as something to bet on. Ripple does this, and other ones do also. One can also back Cryptocurrency with actual redeemable assets. Tether, for example, is supposed to be back by actual dollars. I have seen others backed by gold.
Anyhow, too much to talk about here. I am studying more on this, and trying to ramp up now, so I am not an idiot and can make money off it.
The question is, do we needed it?
Why wold you want to have decentralized untraceable money?
Imagine I get you computer pass and I just pass your bitcoins to an USB and I go away… that’s it.
Bitcoin has no other utility than to be used as a replacement of electronic money, we already transfer electronic money fast, I could deposit money in your account from here, no problem.
Crypto became an speculative asset, in that exact moment it failed it purpose, and the speculation ain’t gonna stop.
That same speculation make it hard to use as a currency, becouse let’s imagine I have a bitcoin, I’m gonna buy a car but in the moment I go to the dealer bitcoin loses 10%, the dealer tells me, sorry I ain’t sellin, or you buy the car and next day bitcoin goes up 40% you lost value.
Becouse we don’t valie things in crypto, we value them in € or usd.
The only way crypto will become more than speculation is if cash desapear, and I don’t think that’s a good thing at all, the more electronic we go the less you control your own life.
Is like you said “I can make money out of it” that’s everyone plan, Bitcoin is not for “exchange “ is not a new tecnology to transfer, is an speculative asset, that was not the design, but is what is being used for, in that way it is bound to fail.
To those following me, be careful, I just farted. Men those beans are killers.
Here are advantages of currency, and assets, being in Crypto form:
* You can end up having very microscopic value used, so that you can do something like 1/10000 of a currency, and have it pay for processes. Also, the transaction fees can be reduced really, really low, and there not be a minimum on it needing to be sent.
* The blockchain (and other distributed ledgers) store the history of transactions across a network, so there is less places to have it be corrupted, and can be verified. The technology is being developed to prevent system exploits.
* The technology allows for creating new ways for financing, and divide up ownership of things currently not doable. You can, for example, use future production to back currency. You can also have parts of the operation of the business tokenized (I will use tokens here, instead of currency).
* By decentralizing the tracking of assets, you can then have them leave an organization and be traded on a market, where they can increase value.
* An economic system could allow private organizations to produce a finite amount of currency (tokens), as needed, and this be traded. Have exchanges swap these currencies, and you have an ability to increase the money supply, in a controlled way, without the need of a central bank. The currency can be released to actual production, rather than having a single point predict things. With this system also, you can kiss inflation goodbye.
* The reality is, with the Internet of Things, Blockchain, and other technology here, everything is getting tokenized now. Things will be able to be audited to find out where things went. It is coming.
* It is of value to have a pure speculation class, which can be used to measure the temperament of people who want to invest. If they crypto sector rises and falls, as it relates to the stock market, and other markets, it serves as an indicator.
* The way Bitcoin is set up is really stupid long-term. It works as a form of currency, in regards to being secure, and having a slow increase in supply. The technology driving it, proof of work, has issues with too much energy consumption (the mining, aka doing math problems to fight for the right to validate when things enter the public legder), and also being too slow. This is an issue. It is dumb. HOWEVER, because a market has created value for it, and thus is driving technology to be able to make it work better, and less expensively. It has spawned a bunch of other currencies racing to do things better. Also, the spike in energy consumption by it, is driving a need to improve the energy supply, and one can argue, green technology. It also needs to have things put in place, to allow people to use it as currency better. This last point here, is a case of externalities, as a result of Bitcoin, and cryptocurrencies. Bitcoin was designed to produce an alternative and save currency that would work better than gold in an internet environment, and be guaranteed to be limited. It, like all market things, is dependent on people wanting it, so it has value.
* This technology is needed to be developed. The financial industry is looking for ways to secure things better, and also make things less expensive. Billions are unbanked around the world, and they want to reach them.
* The technology in this area can also secure intellectual property rights, so say individuals can do designs for 3D printing, and have them printed locally, and get a cut of the production. There is more with this also. Look into the benefits of blockchain.
These are features. Idea isn’t necessarily to have things untraceable (though one can to counter police states), but to have things more secure through decentralization.
What is stupid is to try to put money in Cryptocurrencies as an “investment”. What is smart is learning about it, and turning that knowledge into wealth. There is increasing number of jobs in this sector.
And with this, I didn’t even get into what people think of in terms of Crypto and the criminal side. I also didn’t speak much of the currency side of things, because I find that too speculative now. It will remain pure read the market’s will until you get cryptocurrencies that are backed by utility.
"I am my own thang. Any questions?" - Davis S Pumpkins.
Let me add this to what I was saying. There is something related to the classic ICO, it is TAO (Tokenized Asset Offerings). It is Token/coin versions of actual assets, that get traded. Here are two articles on it:
https://www.nasdaq.com/article/how-tokenization-is-putting-real-world-assets-on-blockchains-cm767952
https://www.coindesk.com/goodbye-icos-hello-taos-tokens-will-change-2018/
"I am my own thang. Any questions?" - Davis S Pumpkins.
Did you read that last article?
Looks like bulls~~~ to me… just saying.
Im sorry, but I will keep my head low and retire the old way, can’t see a short cut as a choice.
To those following me, be careful, I just farted. Men those beans are killers.
Bitcoin’s whole basis is speculation, and that speculation is built on the resources it takes to farm it in the first place, which if you compare the cost to farm vs the value in return, it’s minimal at best, if not a loss. The cost of gpu’s has been artificially inflated as a result of crypto currencies to an astronomical level. The amount of electricity needed to continuously power the computers and the gpu’s to continue farming the currencies is ridiculous.
30 years from now you guys are gonna look back on this s~~~ and go “what were we thinking?” Crypto currencies (bitcoin esp) are a fad. A fad that has already jumped the shark, and been exposed. The minute it hit the market, the bankers tanked it. You KNEW that was coming. It was nothing more than a get rich quick scheme. If you weren’t in from the beginning, you were bound to be a sucker. Because the suckers were the ones who overpaid when the market was high thinking they could get some quick cash, hoping the bubble wouldn’t burst just yet.
Only, the bottom fell out and people for the most part lost their ass. The ones who used their credit cards paid ridiculous interest rates. The ones who loaned against their house, watched as their debt went up and their house value went down. Now they’re stuck paying the bank because crypto lost them money. On a mortgage they didn’t need to take out.
It was a reckless gamble. No different than throwing thirty grand on the craps table at the casino. Some are bound to win, most will lose.
Did you read that last article?
Looks like bulls~~~ to me… just saying.
Im sorry, but I will keep my head low and retire the old way, can’t see a short cut as a choice.
All assets are going to get tokenized, to facilitate trading. Tokenization is where they are going. There is no shortcut anywhere. You do your homework, and understand what you will invest yourself in. Because I have a Masters degree in Information Systems, and a BS degree in Management, I am studying this sector. I have a different understanding that a lot of people. I see value, not they way they do. I find screaming Blockchain to be absurd here, but it is important. I hold a view, that you don’t exchange off blockchains, but the blockchain serves as a permanent record that can be audited, which instills trust.
I will hold that, you will do what you do now, but on the back end, is the Crypto area and tokens being exchanged for one another. Banks are looking into it now. This is what is going on.
A ton is speculative BS here. But it is a bunch of BS because individuals are seeing value and trying to jump in.
For example here, I started a YouTube channel to put Crypto info into:
https://www.youtube.com/channel/UCU5A5GpPSaEfBK1-zsJJ2ZwThe channel is The Distributed Exchange: Blockchain and Beyond. I will be putting info in there and useful videos.
Do whatever works for you. I just see there is sufficient value to go into and become knowledgeable about. But pick your own thing.
"I am my own thang. Any questions?" - Davis S Pumpkins.
Did you read that last article?
Looks like bulls~~~ to me… just saying.
Im sorry, but I will keep my head low and retire the old way, can’t see a short cut as a choice.
All assets are going to get tokenized, to facilitate trading. Tokenization is where they are going. There is no shortcut anywhere. You do your homework, and understand what you will invest yourself in. Because I have a Masters degree in Information Systems, and a BS degree in Management, I am studying this sector. I have a different understanding that a lot of people. I see value, not they way they do. I find screaming Blockchain to be absurd here, but it is important. I hold a view, that you don’t exchange off blockchains, but the blockchain serves as a permanent record that can be audited, which instills trust.
I will hold that, you will do what you do now, but on the back end, is the Crypto area and tokens being exchanged for one another. Banks are looking into it now. This is what is going on.
A ton is speculative BS here. But it is a bunch of BS because individuals are seeing value and trying to jump in.
For example here, I started a YouTube channel to put Crypto info into:
https://www.youtube.com/channel/UCU5A5GpPSaEfBK1-zsJJ2ZwThe channel is The Distributed Exchange: Blockchain and Beyond. I will be putting info in there and useful videos.
Do whatever works for you. I just see there is sufficient value to go into and become knowledgeable about. But pick your own thing.
Hummm I put a bit of money in crypto, played a bit with iota, ripple, litecoin, but I don’t see it working, it just lacks a estructure, is disorder of cryptos, they all basically do the same.
In my view the crypto world might become bigger because of the always expanding stupidity of people, nothing else.
The value of cripto is 0, s~~~ has more value becouse of compost use. However what determines the value of X is not X, but people appreciation of X.
I lost most of the money I invested (1000€) I still own a few iotas, and a fragment of a bitcoin.
But I’m pretty shure I will lose everything. It was a gamble and I knew it, but you gotta play it dumb sometimes.
To those following me, be careful, I just farted. Men those beans are killers.
I might buy a few coins when prices hit bottom…which it looks like they may have with BTC…
My interest lies in mining. ASIC miners are not worth it right now, even the new baikal giant b wont last long for profits and at $10k a pop you may not even make your money back. May as well wait for the next option like the 10nm /7nm chips to get mass produced.
GPU mining can be profitable. My test rig makes money. The issue is getting the rig together as cards are so scarce and also not paying over the odds for the GPU’s.
Please remember, money itself has no value. It is just a concept for bartering.
Please remember, money itself has no value.
While true, it’s the medium accepted by all government institutions that can take your freedom if you don’t have enough of it.
"I've been thinking about what it would be like if we got back together."
"You know it's too late for that."I see simulacro.
Me? I ain’t investing one more cent in bitcoin or crypto.
Sorry I’m just not that smart to “understand “ this new “technology “
To those following me, be careful, I just farted. Men those beans are killers.
Please remember, money itself has no value. It is just a concept for bartering.
Which is why nobody considers sitting on a pile of cash as an investment.
Which is also why the idea that bitcoin = currency = investment just doesn’t add up. Its not a physical item with some use that gives it value, like rental properties. It doesn’t produce a good or service one could turn profits on, like businesses do.
The only way to make money off it is to find someone blindly willing to pay more for it than you did, and that guy is hoping someone will pay more for it than he did. What happens when people aren’t willing to pay more?
As I write this, Bitcoin is approaching $9700 per Bitcoin. By the time you read this, it is very likely going to be over $10000 again.
What is happening now is that governments are looking into taking Bitcoin to pay taxes. This is THE top use of other currency. So long as the value holds on currency long enough for people to exchange goods and services for other goods and services, it is of value, and can be crap underneath, so long as it allows for the transactions to become complete. Advanced and complex markets that finds buyers for things, enables a degree of security.
What messes up all this is a stream of currency being produced, not connected to anything, and worse if it is borrowed.
My forecast here is to expect to see billions of currencies, limited to different sectors, which will be exchanged on open markets. They will be structured, and operate, as they best match the area they are for. I will predict best practices will be to make such currency a finite pool, but allow it to be divided down into billionths of a unit, the way Bitcoin is. With this, and an exchange of goods and services in place, you can have a place where the money supply grows with different sectors, but locked into that sector. The environment will suck for lending, meaning interest goes away, but so be it. Interest screws up things, creating a timer that doesn’t map to actual activity.
Just my take, stay tuned.
"I am my own thang. Any questions?" - Davis S Pumpkins.
Please remember, money itself has no value. It is just a concept for bartering.
Which is why nobody considers sitting on a pile of cash as an investment.
Which is also why the idea that bitcoin = currency = investment just doesn’t add up. Its not a physical item with some use that gives it value, like rental properties. It doesn’t produce a good or service one could turn profits on, like businesses do.
The only way to make money off it is to find someone blindly willing to pay more for it than you did, and that guy is hoping someone will pay more for it than he did. What happens when people aren’t willing to pay more?
Sitting on debt-based fiat money, which is subject to inflation, is what is done when you are uncertain, and want liquidity. However, if a currency comes out early, with a new startup, that will have a lot of activity and experience growth, the currency used by the startup, ends up being worth a bunch, IF it is a set amount. What a start up can do is use this initial ICO currency to kickstart the business, get it to run, and then retire the currency once it is going. It is backing its financing on production and offering value, rather than giving up equity, or taking on unsecured debt. This form of financing provides greater control, and also doesn’t subject a startup to a timer of bonds or bank financing, that can kill it. The value of the currency issues is worth the economic activity of the business.
You actually are seeing this form of a use of tokens today, with gift cards, and even game currency used in games. It is just tied to centralized servers, and isn’t distributed. Heck, even Casinos uses tokens, in the form of chips.
It is another way to do financing, that can get rid of debt. Ventures that can either hit real big or flop, if they involve a network of exchange, can benefit here.
"I am my own thang. Any questions?" - Davis S Pumpkins.
Interest are bad?
Who said so? No interest means i can borrow a lot, people love to borrow money (and no pay back). But if you want to start a business and you don’t have the capital you ask for a loan, right?
Why wold anyone lend you money for free?
No interest means no gain, I rather use my money to print Obama face in paper and whipe my ass with it.
To those following me, be careful, I just farted. Men those beans are killers.
Crypto is an speculative asset with no other value at this moment, what is driving the market is people interest in it.
The amount of money invested in it gives it the value, sorry but the value of crypto is fiat invested i it… crypto is also debt.
To those following me, be careful, I just farted. Men those beans are killers.
Interest are bad?
Who said so? No interest means i can borrow a lot, people love to borrow money (and no pay back). But if you want to start a business and you don’t have the capital you ask for a loan, right?
Why wold anyone lend you money for free?
No interest means no gain, I rather use my money to print Obama face in paper and whipe my ass with it.
Question here: Can you say what is bad about borrowing with interest? If you say there is nothing, then you aren’t understanding debt. No interest means no gain as a lender. But, who says you have to run a system where there is debt and interest? There are other ways to start and fund ventures.
In regards to my other post about Bitcoin price, it went over $10000 within 24 hours of my post where I said that, and it is on the way to $11000.
"I am my own thang. Any questions?" - Davis S Pumpkins.
Question here: Can you say what is bad about borrowing with interest? If you say there is nothing, then you aren’t understanding debt.
There is nothing wrong with borrowing money and paying interest on it. Debt is a tool. Its not different than a hammer…one person might build something magnificent with other, and another might crush their thumb.
For example…I’ve got a small balance on my mortgage I could pay off any time, but I’m paying less than 3% interest on it. During the past few years that I could have paid it off at any time but opted not to, I haven’t had less than a 10% year in the market. Additionally, that debt has allowed me to build equity instead of rent…my 410 dollar mortgage is building me equity, and I’m not paying 850-900 in rent.
No interest means no gain as a lender. But, who says you have to run a system where there is debt and interest? There are other ways to start and fund ventures.
You mean like someone with a great idea for a startup who lacks funding could have an ICO to raise funds, and people would essentially get future gains based on the success of the startup? Do you realize this isn’t new? Its how the stock market works lol…coins based on an underlying business are essentially just stock. Coins based on speculation, like Bitcoin, are are ponzi scheme.
In regards to my other post about Bitcoin price, it went over $10000 within 24 hours of my post where I said that, and it is on the way to $11000.
And your also the guy posting about the bloodbath in the markets and crypto being safer than stocks right before the S&P has its best week since 2013. If I’m looking long term on investments…what can you tell me about Bitcoin to make me believe it will be around and be more valuable in 20 years? You’ll probably just puke out some garbage out it being limited in quantity, even though cryptos as a whole we have over 1000 coins available right now and literally anyone can start one lol. Or you’ll probably say something about the underlying technology, yet be 110% unable to say how Bitcoin will monetize opensource freeware and profit off it, or how Bitcoin is any better than any of the other 1000+ coins out there.
Beer that análisis is more or less my point of view.
I put 1000€ in crypto as an experiment, but I’m sure that money is lost at best.
To those following me, be careful, I just farted. Men those beans are killers.
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