cryptocurrencies

Discussion in 'Business & Economics' started by mathman, Feb 9, 2021.

  1. Saint Valued Senior Member

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    BTC hits 52k already, will it go up to 60k?
     
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  3. RainbowSingularity Valued Senior Member

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    it is no longer that simple

    many may talk as if this is simple
    but it is not

    peoples expectation of something becoming more popular regardless of its real value, gains more potential value
    this drives potential price

    demand is created by talk
    people believe a company will invest
    they will buy at higher prices

    people hear a company buying them
    people believe the item will have more stability long term & so pay more for it

    these are 2 different aspects

    supply & demand by limiting supply is an out moded concept many decades ago when the stock markets were created
     
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  5. Saint Valued Senior Member

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    I don't care, I invested 1000 at 35000/BTC, hope to earn some money to buy a new Ipad.

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  7. RainbowSingularity Valued Senior Member

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    lol

    what did apple shares do ?
    maybe bitcoin will be similar
    unless 1 large government goes to war against it
    but such a move could make it simply go even higher

    apple shares have gone from
    30 cents per share in 2001
    to
    131 dollars per share in 2021

    bitcoin is probably here to stay but at what price
    no body knows

    ravaging panic greed knows no compromise

    equally
    with the global pandemic there is spare money being thrown at stocks & crypto
    once the 2nd generation vaccines have become standardized
    the heat will probably come off cypto
    but that wont be for another 2 years

    there will be some teething problems with crypto
    when it moves to become a trading currency mechanism to enable online shopping in bitcoins
    that mechanization of the global system will cost a bit of money
    & it will create a few upsets in conventional currency markets
    but it looks like a forgone conclusion of evolution

    in between vaccine standardization & bitcoins becoming a online shopping currency
    they may lose a bit of their increasing value.
    once they become standardized as a trading currency for online shopping, they may lose some of their speculation value
    but they will gain distribution value
     
    Last edited: Feb 18, 2021
  8. Michael 345 New year. PRESENT is 71 years old Valued Senior Member

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    The code to generate Bitcoin is I presume extremely complex

    Immune to hacker's? Hard to quantify

    Immune to a self destruct virus? Has the code burried within - on --/--/-- date delete yourself

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  9. Seattle Valued Senior Member

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    6,987
    You're worth several billion already so does it really matter?
     
  10. Seattle Valued Senior Member

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    6,987
    I think it's been hacked several times already over its short lifespan, if you lose/forget your password/hard drive you lose your money and you can only buy it, hold it in funky accounts. You can't transfer it to your standard (Schwab for example) brokerage account.

    It's not quite ready for prime time IMO.
     
  11. RainbowSingularity Valued Senior Member

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    6,153
    what was that system devised to create multiple cloud based verification systems to maintain a collection of data ?
    im guessing such a thing can be created for bitcoins
    but it would need to rely on some countrys having govt run servers that maintain up to balance off against private servers being targeted to disrupt prices to interfere with the market( so someone can make a quick billion & vanish into the shadows)
     
  12. Saint Valued Senior Member

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    4,181
    If you get the seed of somebody's BTC wallet, does it mean you can take all his coins and transfer to you own wallet, and the owner will never know who stole his coins?
     
  13. Sarkus Hippomonstrosesquippedalo phobe Valued Senior Member

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    9,003
    If you're in the EU, or Canada, or some more enlightened location, then you can always dabble in crypto-based ETFs.
    I hold no crypto-assets directly, but I do hold units in an Ethereum ETF - which aims to track the price of Ethereum. The company issuing the ETF buys, holds, and sells Ethereum as and when people buy/hold/sell the ETF. The ETF is available in all markets where the government haven't decided to ban them... and unfortunately the UK is one such place where they've been banned (as of earlier this year). The FCA (Financial Conduct Authority) gave 4 main reasons:
    1. No reliable basis for valuation
    2. Presence of market abuse and financial crime
    3. Extreme volatility
    4. Inadequate understanding and a lack of clear investment need.

    But rather than simply require people to jump through a few more hoops in order to buy/sell them (i.e. prove that they understand and accept the risk etc), they opted for an outright ban, claiming it will save UK public GBP 80-90 million. Well, it's cost them that at the moment, as the price has since doubled. Anyhoo - I still hold my units - we weren't required to sell them. But we can't buy any more. Which means if I want to play the peaks and troughs then I'd need to go the direct route - which I find to be inherently riskier... and more expensive.

    But anyway, my point is that if you're in a jurisdiction that hasn't banned such vehicles, then you can probably dabble in crypto really quite easily via most brokerage accounts.
     
  14. Sarkus Hippomonstrosesquippedalo phobe Valued Senior Member

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    Yes. Which is why you should never share such things with anyone, and keep them safe.
     
  15. Sarkus Hippomonstrosesquippedalo phobe Valued Senior Member

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    I'm reasonably sure that Bitcoin (i.e. the blockchain) itself has never been hacked. It's a near Trillion-dollar prize for anyone who does, though, so I'm sure more than a few have tried. Also, being a decentralised environment, one would possibly need to hack a critical mass of nodes at the same time so as to get your hacked chain seen as the legitimate one. Simply hacking one node won't cut it as transactions are only authorised after a number of different confirmations. That's the whole point of the technology. So that makes it much harder from the outset.

    What do get hacked are the exchanges, and their hot wallets. Which is why keeping your crypto in off-line wallets is recommended, and why more and more of the exchanges are holding the crypto they hold for their customers off-line as well - some claim 100% held off-line. But hacking the actual blockchain... that's different. Some of the newer chains may have been hacked, but I don't think any of the big players have been. Yet.
    But I may be wrong.

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  16. Michael 345 New year. PRESENT is 71 years old Valued Senior Member

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  17. Saint Valued Senior Member

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    Is Bitfinex a safe platform to buy and store dogecoin?
     
  18. Sarkus Hippomonstrosesquippedalo phobe Valued Senior Member

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    It is advised by many/most to store crypto off-line, in a hardware wallet, for example, and not leave it in an exchange's on-line wallet.
    Not all hardware wallets will be able to store all types of coins, though, so you'd need to do your research on which h/w wallets are Dogecoin friendly.

    As for storing in a Bitfinex wallet - the site has been hacked in the past (August 2016) and is likely not considered the safest bet, although I have no idea what recent security measures they now have in place.
     
  19. Saint Valued Senior Member

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    My 1000 investment has grown to 1600, still holding my coins in Binance wallet.

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  20. Sarkus Hippomonstrosesquippedalo phobe Valued Senior Member

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    Good for you.
     
  21. Saint Valued Senior Member

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    4,181
    Now big dip, a bit scare.
     
  22. RainbowSingularity Valued Senior Member

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    6,153
    your bought in @ 50k(roughly)
    high was 80k

    many people trying to play with it
    but many governments caught with their pants down & their hands on themselves playing with themselves instead of doing their job
    now they are panicking
     
  23. James R Just this guy, you know? Staff Member

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    35,782
    I read an interesting article on the environmental impacts of Bitcoin yesterday.

    Apparently, the annual electricity consumed by Bitcoin mining is roughly equivalent to the annual electricity consumption of the country of Norway. Or, to put in another way, Bitcoin miners currently use about 0.1% of all the world's annual electricity usage.

    About 40% of the electricity used by Bitcoin miners comes from renewable resources, which means that the remaining 60% is pumping more greenhouse gases into the atmosphere, contributing to the climate change.

    It should be pointed out that Bitcoin mining is essentially a useless process. The calculation being performed using all that electricity is not "required". It is just what is required to enter the continuous "lottery" to get new Bitcoin.
     

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