Crypto Currencies : ponzi or legit

[RobHawk]

17 hours ago, Carl the Llama said:

Do you honestly not understand that electronic money isn't as practical in a 3rd world economy as it is in a developed nation like ours?  I mean even here in England lots of people rely on cash or simply don't have the means to commit to a fully digital currency, how do you expect all of Nigeria to do it?  In the far flung future when literally everybody on the planet is online and literally every financial transaction all the way down to buying apples at a market stall is made electronically you may be proven right but before then it simply won't be feasible to dispense with physical cash and run Bitcoin as a primary currency and I'd be very surprised if either of us were alive to see it presuming that's even the solution when it happens and we don't simply continue trading in existing major currencies 

 

I'm not arguing against the benefits you see in it, I'm arguing that the infrastructure doesn't exist for it to be practicable on the scale you imagine.

To add to this - what do you thinks happening in Zimbabwe? 

Their cash points are empty and no body can get hold of "physical cash" but they all have phones and use those to transfer cash. I remember seeing something a while back where someone even gave money to a homeless man via phone. They all need them, as there no way of getting hold of money any other way, so they all have them. 

In some ways Zimbabwe are way ahead of us when it comes to the digital use of spending money. 

[James.]

22 hours ago, Izzy Muzzett said:

What price will you sell at James, just as a matter of interest?

I sold enough to get my original stake back when it was around $15k so I'm now just playing with profit. Given I effectively have zero risk I don't have a fixed level I'm looking to sell at, I'll just keep an eye on the news and see what happens.

[Izzy]

32 minutes ago, James. said:

I sold enough to get my original stake back when it was around $15k so I'm now just playing with profit. Given I effectively have zero risk I don't have a fixed level I'm looking to sell at, I'll just keep an eye on the news and see what happens.

Fair play mate. Good luck to ya 

[Carl the Llama]

4 hours ago, RobHawk said:

To add to this - what do you thinks happening in Zimbabwe? 

Their cash points are empty and no body can get hold of "physical cash" but they all have phones and use those to transfer cash. I remember seeing something a while back where someone even gave money to a homeless man via phone. They all need them, as there no way of getting hold of money any other way, so they all have them. 

In some ways Zimbabwe are way ahead of us when it comes to the digital use of spending money. 

That's quite interesting, I wasn't aware of that.  I guess we'll see what happens, still dubious that Bitcoin will replace entire economies but you never know...

[Guest]

23 hours ago, RobHawk said:

To add to this - what do you thinks happening in Zimbabwe? 

Their cash points are empty and no body can get hold of "physical cash" but they all have phones and use those to transfer cash. I remember seeing something a while back where someone even gave money to a homeless man via phone. They all need them, as there no way of getting hold of money any other way, so they all have them. 

In some ways Zimbabwe are way ahead of us when it comes to the digital use of spending money. 

I understand the usefulness and strength of digital banking. BKash in Bangladesh for example or paypal throughout the world but what has that got to do with cryptocurrencies? These digital systems are using othordox currencies aren't they?

 

I did see on the BBC today the story of the woman using bitcoin (bought with bank loans) to fund IS. Had to laugh a little.

[pazzerfox]

We are definitely in a bubble, but when it pops is anybodys guess.  "Can you use a credit card to buy bitcoin" is a massive google search term at the minute, which is scary!

 

It's intriguing though.  It only take a few big online retailers to start accepting bitcoin as a currency for all hell to break loose!!

 

Also, i read that Dubai want to introduce their own crypto by 2020.  Blockchain and Crypto seems here to stay.

Edited 18 December 2017 by pazzerfox

[Guest]

Anyone got any thoughts on electroneum?

[Mike Oxlong]

3 hours ago, toddybad said:

Anyone got any thoughts on electroneum?

 

[pazzerfox]

4 hours ago, toddybad said:

Anyone got any thoughts on electroneum?

It's too early to tell.  It's the first British crypto and it's the frst of it's kind if that's any help.

[RobHawk]

On 12/15/2017 at 10:27, FIF said:

I understand the usefulness and strength of digital banking. BKash in Bangladesh for example or paypal throughout the world but what has that got to do with cryptocurrencies? These digital systems are using othordox currencies aren't they?

 

I did see on the BBC today the story of the woman using bitcoin (bought with bank loans) to fund IS. Had to laugh a little.

Sorry FIF, missed your response. 

I think the big thing in crypto-currency's favor is its decentralisation from banks and governments, it's transparent from that point of view. That can cause issues with how its used, and i imagine will be one of the things that needs to be ironed out before mass adoption.

Interestingly the likes of Microsoft and paypal already accept bitcoin as a form of payment. And amazon are planning on creating their own coin too. It's thought that the weed industry will also be a major bitcoin player in the states/countries where its legal (and thats likely to increase too). 

What I 100% agree with you on though, is anyone taking out debt to buy Bitcoin, or buying bitcoin whilst in debt - Is an idiot! 

[cityfanlee23]

Blockchain is possibly one of the most important human creations in history.

It takes a lot of power away from the control of giant corporations and governments. 

 

Bitcoin is making me a fair bit at the present price, and i think within the next 3-5 years it will hit 100-200k per coin before it crashes. 

I think the price of Bitcoin will crash as it's technology is really terrible compared to new coins. 

I'm in 8 crypto last time I checked and I'll be investing into more in the coming weeks. 

 

Crypto is the future currency no doubt.

[cityfanlee23]

On 12/12/2017 at 15:55, FIF said:

It's not going to fill any void. It'll all end in tears for many.

Complete nonsense. 

[cityfanlee23]

Some of the biggest banks on earth including credit Suisse and Barclays are adopting blockchain for intrabank clearing for a start, Apple are trying to get a patent on a new timestamp system. Meaning apple customers will be using blockchain for many transactions. 

 

Crypto currency is here to stay, which ones will prevail is unknown, but to suggest they will all end Iin tears suggests someone who doesn't actually understand it.

[GaelicFox]

BOOM 

[Izzy]

4 minutes ago, GaelicFox said:

BOOM 

For a noddy like me, what exactly does that mean? I'm guessing you've made more money!!

[Innovindil]

Had my first experience with one of these over xmas/new year. Have no idea what any of it's all about tbh, not got the time to study it. Long story short, lifelong friend who's much smarter than me asked for some cash to invest in something called xrb. Turned the invested cash into 6x over 8 days. 

 

Told him to cash out half of it now, that's a small 5 figures between us with some left to roll. 

 

Probably my first and only delve into this madness but at least it was a success. My mate will write it off as a clever investment, even now to me it just seems like a strange way to gamble. 

[Ashley]

Rothscoin is now a thing too didnt thin it would be long before they got involved.

[Strokes]

On 20/12/2017 at 17:25, Izzy Muzzett said:

For a noddy like me, what exactly does that mean? I'm guessing you've made more money!!

It looks like £4100 invested and £15200 returned. 

[Kopfkino]

12 minutes ago, Ashley said:

Rothscoin is now a thing too didnt thin it would be long before they got involved.

 

I'm pretty sure it has nothing to do with Rothschild

[Colourmy]

Cryptocurrency or more importantly, the block chain technology is here to stay. As someone has alluded to, the gold rush has gone. BTC and the like will fail soon but the reincarnation is where it will be adopted by the mainstream. If you have a few quid to invest as a long game punt, go for it.

Don't get an interest free credit card with a 2k limit and hope a quick two weeks will see you double your money. That would be a disaster.

[nnfox]

So I dabbled a bit with this on coinbase. Invested (or gambled) about £400 with mainly Litecoin and Ethereum.  Ran it up to about £1k over a couple of months.  Interestingly, a lot of crypto spiked over Thanksgiving weekend and it was put down to lots of US investors talking over the dinner table so I figured a similar thing might happen over xmas and new year.  I decided that I would sell in the first week of Jan.  It peaked before then and was on the slide a little but I cashed out £600 and left £200 in, so whatever happens I am up now.  Gonna leave it for the long game now and see what happens. 

 

FWIW crypto and blockchain technology is here to stay and will be big in 10-15 years from now.  It's a little unknown as to which will be the winner. BTC is big at the moment but it has been out performed by both Ethereum and Litecoin and there are loads of others springing up all over the place.  The future winners may not have even been created yet.

 

Very interesting times though.

 

 

[Guest]

On 19/12/2017 at 23:51, cityfanlee23 said:

 

Crypto currency is here to stay, which ones will prevail is unknown, but to suggest they will all end Iin tears suggests someone who doesn't actually understand it.

Horse racing is here to stay but which horse is going to win? Lots of people will get badly burnt.

[Colourmy]

1 hour ago, FIF said:

Horse racing is here to stay but which horse is going to win? Lots of people will get badly burnt.

As they do with every investment asset. The scarcity, the difficulty of mining the remaining coins all add up to a reasonable success for Bitcoin. 

Bitcoin will go, but many more, much smarter and quicker block chains are waiting in the wings. 

All of the big names in early adoption in any industry have gone, or have become something else, this won't be any different.

 

I haven't got any Crypto because the first run of anything ends up worthless very quickly, particularly when it is technology led.

It is currently a speculative, media-led gold rush with little tangible worth. That needs to recede and the asset to actually have a minimum worth before I'd even consider jumping in .

Edited 23 January 2018 by Colourmy
added to

[Guest]

1 minute ago, Colourmy said:

As they do with every investment asset. The scarcity, the difficulty of mining the remaining coins all add up to a reasonable success for Bitcoin. 

Bitcoin will go, but many more, much smarter and quicker block chains are waiting in the wings. 

All of the big names in early adoption in any industry have gone, or have become something else, this won't be any different.

That's my point.

 

It's simply gambling and in the end most gamblers lose. whether it's this year or in the next 10.

 

I've seen the effects of gambling up close and if anything the UK is being led down a gamblers route in so many areas.

 

I wish all of you the best of luck and I'm sure we'll hear of plenty of winners (just not when they lose it again). I just want young minds to be aware that any particular cryptocurrency is not a definite winner and look more cautiously at where they place the little money they have.

 

I've done alright with a cautious, "sensible" approach to accumulation of wealth and I worry for people in this "get rich quick" ethos system. 

 

There must be a black mirror episode to help somewhere.

[Colourmy]

21 minutes ago, FIF said:

That's my point.

 

It's simply gambling and in the end most gamblers lose. whether it's this year or in the next 10.

 

I've seen the effects of gambling up close and if anything the UK is being led down a gamblers route in so many areas.

 

I wish all of you the best of luck and I'm sure we'll hear of plenty of winners (just not when they lose it again). I just want young minds to be aware that any particular cryptocurrency is not a definite winner and look more cautiously at where they place the little money they have.

 

I've done alright with a cautious, "sensible" approach to accumulation of wealth and I worry for people in this "get rich quick" ethos system. 

 

There must be a black mirror episode to help somewhere.

I agree FIF , I'm not a gambler by nature. Speculative and /or criminally biased " assets" are never going to put food on my table. However, the concept of blockchain technology will revolutionise the way we all carry out transactions. It will be a near-cash free society in 10 years.

The downside, of course, is that giants in the retail world will operate a staff free operation. Amazon already has a store in Seattle where no tills exist, the technology is such that cameras follow you and charge your account based on what you put in your trolley. 

No cash, no staff on tills and probably shelves stacked by automation. 

Banks will be online only, the High street will be a thing of the past in 10 years.

 

The populist view may say I'm being dramatic but the once reliable high street shops will become living quarters for the influx of new arrivals. Delivery services will be the norm for as little as a loaf of bread, such will be the fall of traditional fall of conventional shopping.

 

Oh, and stopping blockchain technology would mean turning the internet off!

Edited 23 January 2018 by Colourmy