"As someone who made money off GameStop, Dogecoin and a lottery ticket this year, the best financial advice I can give you is to just be a f#$king idiot."
Blockchain-based solutions, he said, bring a risk of generating âdistractionsâ, whereas centralised ledgers can âdeliver everythingâ, for example user experience and security, âpretty much just as wellâ.
This is a new area for me but am guessing that CBDC has the promise to reduce transaction and friction costs for digital payments.
An interesting read. Lot's to think about. Privacy being one. And then the question raised earlier about an EMP or solar event.
Guaranteed access. Your account / wallet could effectively be turned off by your government should it want to and the resulting hardship would be devastating.
Then there is the old M*A*S*H episode were it was time to turn in the blue currency for the red currency.
Blockchain-based solutions, he said, bring a risk of generating âdistractionsâ, whereas centralised ledgers can âdeliver everythingâ, for example user experience and security, âpretty much just as wellâ.
This is a new area for me but am guessing that CBDC has the promise to reduce transaction and friction costs for digital payments.
Kurtster is actually right here. Currency has value because we agree it does. Your bills with an extra zero are worth 10X what mine are because we agree on it. Blockchain has a lot of value and many other applications, but bitcoin has a value because we all say it does.
It's far from the ground floor, and as with many other investments - once you hear about it, it's probably too late.
Blockchain has value because the system can freeride off of somebody else's energy input. Think of it as legal theft.
Bitcoin has value because SOME people agree it has value.
Fiat currency has value because almost all people agree it has value and because it has relatively autonomous central banks with massive financial power to ensure that it keeps its value.
Location: Perched on the precipice of the cauldron of truth
Posted:
May 4, 2021 - 9:08am
kurtster wrote:
Most importantly, we have the RRHOF. It's even better if you're a Raider fan. You can also find a large group of Steeler haters, albeit for different reasons but it is a shared misery at their hands that is always looking for company ... The Immaculate Reception ...
That explains a lot â youâre living in a toxic, delusional environment!
I was there, in Three Rivers, for the Immaculate Reception. My claim to fame!
Grabbed a little Ethereum last night. If it goes bust Iâm coming to live in your backyard.
I hope it doesn't tank. But if it does we have a rather large and growing California expat community here. And the available healthcare is pretty good, too.
Most importantly, we have the RRHOF. It's even better if you're a Raider fan. You can also find a large group of Steeler haters, albeit for different reasons but it is a shared misery at their hands that is always looking for company ... The Immaculate Reception ...
So with an update from 12 days ago since I did my readjustment to holding only Ethereum and Bitcoin cash, I'm up roughly 45% with the bulk of the increase being in Ethereum. Going to let it ride and see what happens. Might put some more in Ethereum in a dollar cost averaging scenario, but not sure at this point.
Grabbed a little Ethereum last night. If it goes bust Iâm coming to live in your backyard.
So with an update from 12 days ago since I did my readjustment to holding only Ethereum and Bitcoin cash, I'm up roughly 45% with the bulk of the increase being in Ethereum. Going to let it ride and see what happens. Might put some more in Ethereum in a dollar cost averaging scenario, but not sure at this point.
Until it's accepted by the farmer selling his eggs, or the marketplace bazaar, then it's not a viable currency. Big Companies are willing to jump in, to make sure they're there if something happens, but it's like so many other "innovations" that lack vision for the future. The kids are trying to make it happen, so they get a sense of being able to Change the World, but they're naive.
Blockchain, OTOH, can be very useful for transactions, medical records, etc. But that's not the same as trying to replace fiat currency in a world where a well-placed EMP can cut you off from all your stuff that you've stored online.
Kurtster is actually right here. Currency has value because we agree it does. Your bills with an extra zero are worth 10X what mine are because we agree on it. Blockchain has a lot of value and many other applications, but bitcoin has a value because we all say it does.
It's far from the ground floor, and as with many other investments - once you hear about it, it's probably too late.
"ThatâÂÂs what cryptocurrency is all about not novel technology, not empowerment, but making money. It has failed as an actual currency outside of some isolated examples of failed national economies. No, cryptocurrency is not a currency at all: itâÂÂs an investment vehicle. A tool for making the rich richer. And thatâÂÂs putting it nicely; in reality it has a lot more in common with a Ponzi scheme than a genuine investment. What âÂÂvalueâ does solving fake math problems actually provide to anyone? ItâÂÂs all bullshit."
While it's value is speculative (no underlying value), more retailers, companies are accepting it as payment/currency.
Until it's accepted by the farmer selling his eggs, or the marketplace bazaar, then it's not a viable currency. Big Companies are willing to jump in, to make sure they're there if something happens, but it's like so many other "innovations" that lack vision for the future. The kids are trying to make it happen, so they get a sense of being able to Change the World, but they're naive. Blockchain, OTOH, can be very useful for transactions, medical records, etc. But that's not the same as trying to replace fiat currency in a world where a well-placed EMP can cut you off from all your stuff that you've stored online.
Yep on the first bolded. Nice to be able to get in on the ground floor of something for a change and roll the dice on my own.
On the second bolded. It's all crypto, if it is not fiat cash in hand. You may or may not remember when the Twin Towers went down, credit / debit cards were instantly worthless as in useless. The only thing that worked for a few days was cash. Didn't take an EMP or a Coronal Mass Ejection, although those are matters that I pay close attention to and have for at least the past 10 years. I have been an advocate of hardening our grid since I became aware of the real danger.
Back to it's all crypto. The only difference is that government money has a somewhat fixed exchange value, while the official crypto changes value constantly. I hope you have some cash in small bills in your earthquake kit. Large bills can be hard to make change for ...
While it's value is speculative (no underlying value),
more retailers, companies are accepting it as payment/currency.
Until it's accepted by the farmer selling his eggs, or the marketplace bazaar, then it's not a viable currency. Big Companies are willing to jump in, to make sure they're there if something happens, but it's like so many other "innovations" that lack vision for the future. The kids are trying to make it happen, so they get a sense of being able to Change the World, but they're naive.
Blockchain, OTOH, can be very useful for transactions, medical records, etc. But that's not the same as trying to replace fiat currency in a world where a well-placed EMP can cut you off from all your stuff that you've stored online.
"Thatâs what cryptocurrency is all about not novel technology, not empowerment, but making money. It has failed as an actual currency outside of some isolated examples of failed national economies. No, cryptocurrency is not a currency at all: itâs an investment vehicle. A tool for making the rich richer. And thatâs putting it nicely; in reality it has a lot more in common with a Ponzi scheme than a genuine investment. What âvalueâ does solving fake math problems actually provide to anyone? Itâs all bullshit."
While it's value is speculative (no underlying value), more retailers, companies are accepting it as payment/currency.
"Thatâs what cryptocurrency is all about not novel technology, not empowerment, but making money.
It has failed as an actual currency outside of some isolated examples of failed national economies.
No, cryptocurrency is not a currency at all: itâs an investment vehicle. A tool for making the rich richer.
And thatâs putting it nicely; in reality it has a lot more in common with a Ponzi scheme than a genuine investment.
What âvalueâ does solving fake math problems actually provide to anyone? Itâs all bullshit."
Which makes sense in the stock world: Apple announces profits, stock rises. What wind blows BTC in its direction up or down?
It is the winds of supply and demand like any other commodity along with direct and immediate geopolitical influences as well as trash talk. That and they are all interrelated to some extent. More and different things to pay attention to. More the big picture ...
How is this possible? What events/things/signs give anyone the ability to know the direction that the value is going?
kurtster wrote:
So here we are. Coinbase did their IPO and away we go with crypto ETF's.
... With PP you have a choice of 4 different ones including Bitcoin, Bitcoin Cash, Etherium and Litecoin. So WTF, I jumped in a month ago. I was quickly up 25% overall across the 4 and it held through the IPO until Turkey made their declaration and the Fed spoke up. They all quickly retreated and I'm presently up about 10%, which in a month ain't bad. Had I known what was actually driving the price up I would have sold and waited for the drop and buy back in. I didn't go in looking to do anything like this, just bought it for a position and go long and see what happens.
Now that I have lived through this cycle and much more aware of the nutz and bolts, I sold Bitcoin. The ship has sailed on that as it is really too late to get in as a little guy, unless you actually want to use it for buying and selling things as a currency.
Of the remaining options I have concluded that the best choices going forward are Bitcoin Cash and Etherium as far a solid growth is concerned. Litecoin is nice but doesn't do anything.
We seem to have bottomed out for now with the likely hood of another sharp downturn unlikely and this is a prime time to get in as a reasonably safe parking place for cash over the long term as opposed to CD's or a savings account that doesn't pay squat. With the ease of access, should something go nuts, bailing can be done quickly enough to save the nut at the very least. The buying and selling spreads seem to be within reason, too.
I think of crypto in terms of it being a commodity, not an equity. Commodities as a whole is where I have focused my financial interests and learning as of the past 10 or so years. And FOREX.
If you want me to go deeper, just ask.
Please do remember that the only reason I brought any of this up was to talk about this brand new investment option available to anyone who has PayPal and might be curious about how it works, what it can and cannot do. Not to demonstrate any prowess on the subject. I'm learning as well, hands on, in real time.
Oh, and the hold on my funds is now over after 72 hours. The drift being from PP is that this will not happen again going forward now that my security / integrity has been established. We'll find out soon once I dump Litecoin.
Oh, and my prediction going forward is that Bitcoin will go down to somewhere between 40k and 45k and become range bound until someone like Musk comes along again or we have more definitive direction from the likes of The Fed and other foreign government entities. I expect Bitcoin Cash and Ethereum to have basically bottomed out, remain flat to slightly sloping upwards. Ethereum has a secondary purpose which makes it more likely to gain as its purpose is built around the development of related apps and whatnot.
