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Cryptocurrency poll
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Cryptocurrency poll

  #21 (permalink)
Elite Member
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I didn't read what was on the link provided before responding but for the moment I am assuming it's about government issued digital money (Fedcoin???).

Although very similar I don't think digital currencies issued by governments should be mixed up with crypto currencies. One of the benefits (alleged) purposes of crypto currencies is to cut out the middle players, something that will not happen with government issued digital coins. In fact I believe the outcome in time will be just the opposite. Once paper money is gone, assuming the digital currencies will replace all of it at some point in time, governments will have complete control of everyone's money, with the exception of those in hard assets, ie, precious metals, collectibles, etc.

There are many other possibilities with crypto currencies that can not be done with government issue digital currencies. Whether or not any of this will happen remains to be seen. In many ways it reminds me of the .com rage and then bust in 2000 or so. While I guess one could say it got us where we are now (no judgement on that) a lot of people got burned.

Update

I went back and read the article in the link you provided and I am in error, it does relate to bitcoin, et al. The clue I missed was that the source is the IRS. However, there is another effort going on in the government to issue it's own digital currency which is what I thought you were referring to and what I responded to. From my understanding this hasn't gone mainstream yet and is being discussed somewhere in the bowels of the government.


Last edited by Cheech; July 21st, 2017 at 03:17 AM.
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  #22 (permalink)
Market Wizard
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TWDsje View Post
The original premise of bitcoin as a currency that could eventually replace fiat is a fantasy of delusional libertarians that don't completely understand our complex monetary system based on debt, interest rates, and growth. In this respect cryptocurrencies are effectively worthless. Their volatility makes them unsuitable as a carrier of value, and much of their movement is based purely on manipulation. Without the gigantic players like those in equities and treasuries there is nothing to bring the market to balance. It takes longer for reality to settle in. Pump and dump is the name of the game, and eventually just as many people lose money as gain it in bitcoin. The run is over when new buyers willing to donate market cap disappear. Then the only thing to provide a floor is the cost of electricity.

However, blockchain technology itself is a revolutionary step forward in tracking and processing financial transactions. So in this respect we are only at the beginning stage of growth. Developments like smart contracts in Etherium, and large financial institutions starting to adopt the technology are significant investment opportunities. The key is to invest in the technology, and not insane financial theories.

Well said. I agree.

With regards to Blockchain/The technology 'Raoul Pal' has an interesting theory that it will become a commoditized product and pricing will eventually go like cloud computing has.

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  #23 (permalink)
Trading Apprentice
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Cryptocurrencies are Ticker symbol for now!


The Cryptocurrencies for now are just another Trade Tickers from my point of view as long as its in the stock market because it's still in the infantry stage even if it has been in existence for a few years compared to the USD, Euro, CAD, JPY etc as a currency. The Cryptos still has a long way to go with Stabilization of its systems and Acceptability by more big and bigger corporations and businesses and we should not forget Recognition by everyone in the world, I'm not talking about recognition by grand paps and moms I'm referring to some users of the internet, not everyone knows about Cryptocurrencies what it can and will do in the coming Months, Years and decades from now. However I see a positive road ahead for the Cryptocurrencies.
That is my 2 cents about it.

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  #24 (permalink)
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TWDsje View Post

However, blockchain technology itself is a revolutionary step forward in tracking and processing financial transactions. So in this respect we are only at the beginning stage of growth. Developments like smart contracts in Etherium, and large financial institutions starting to adopt the technology are significant investment opportunities. The key is to invest in the technology, and not insane financial theories.

I am very new to this crypto currency arena and find it very confusing. It does appear to be a disruptive technology therefore has some potential if one has some crazy money to play with.

I'm attempting to discern what you mean about "investing in the technology" and where these investments should be made. For the moment I'll assume that the underlying technology you are referring to is the blockchain and not any of the underlying crypto coins.

Major companies like IBM, Google, Microsoft, ... all seem to have varying levels of blockchain related development projects in the works. I presume that means that they are working on applications that use the blockchain that are not necessarily, or intentionally, related to any crypto currency.

Likewise there are startups that are also developing applications that use blockchain but are raising money by ICOs therefore one in order to invest in these companies it is necessary to do so by being inside of the crypto currency ecosystem. By investing in the former companies the cryptocurrecy ecosystem can be avoided, in the latter it cannot. If I buy a Application coin it is paired to a base coin (BTC, ETH, ETC, ...) therefore will be potentially subjected to the very manipulation that you are referring to.

I understand your position on not buying into the hype about bitcoin replacing fiat currencies as I don't buy into that either. What is unclear to me is whether you are suggesting to avoid the crypto currency ecosystem completely and simply invest in the stocks of companies that are playing in that field? If it's OK to by App coins (Smart contracts) then wouldn't there still be a flow through effect because these coins are still tied to a base coin that can be manipulated?

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  #25 (permalink)
Trading Apprentice
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Everyone alive today should embrace this technology because if Cryptocurrencies succeed in this generation, it's going to be the future.
I have already embraced the technology.

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  #26 (permalink)
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The best thing about cryptocurrencies is all you need is one number code for the wallet you want to put money into. That's it. You enter one string you copy and paste into a field and click enter. The transaction is done. If you're requesting money you give them your wallet's address.

With regular currency, if you want to make a transaction, you typically need to enter in a 16 digit credit card number, cvc code, the expiry on the card, and the name. It's a hassle.

The second best thing is that it's relatively instant and the cost is minuscule compared paypal or other methods. It beats a wire.
People should be allowed to transfer money freely and instantly between other people or businesses without other entities taking a share or snooping around.

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  #27 (permalink)
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Itchymoku View Post
The best thing about cryptocurrencies is all you need is one number code for the wallet you want to put money into. That's it. You enter one string you copy and paste into a field and click enter. The transaction is done. If you're requesting money you give them your wallet's address.

With regular currency, if you want to make a transaction, you typically need to enter in a 16 digit credit card number, cvc code, the expiry on the card, and the name. It's a hassle.

https://en.bitcoin.it/wiki/Address
A Bitcoin address, or simply address, is an identifier of 26-35 alphanumeric characters....

There are currently two address formats in common use:
Common P2PKH which begin with the number 1, eg: 1BvBMSEYstWetqTFn5Au4m4GFg7xJaNVN2.
Newer P2SH type starting with the number 3, eg: 3J98t1WpEZ73CNmQviecrnyiWrnqRhWNLy.

I think I'll stick to my 16 digit credit card number, cvc code, and expiry rather than have to remember something like that!


Itchymoku View Post
The second best thing is that it's relatively instant and the cost is minuscule compared paypal or other methods. It beats a wire.

It does now for very small sums, and maybe it will in the future for larger sums, but for now for sums over say $2k its more expensive.

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  #28 (permalink)
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Changing Views Slowly

I was of the impression that Bitcoin was used mostly for illegal activity (tax evasion / purchasing drugs online).

There are traders in London, UK who will trade Bitcoins for cash at up to £15k per transaction - meeting you in highly populated locations in the City. Swapping dirty money into cryptos seems like the easiest way to funnel your untaxed income into a bank account.

I also have heard of people using it to buy drugs on the darkweb, paying in bitcoin and getting packages delivered to PO Boxes.

However, although I think it's mostly used by criminals or for illegal activity, I also think it does have a future as a global currency. The spread of globalisation through technology has disrupted many markets in recent decades and I think this is just another key moment. Listen to the below podcast - some of the things Dr Malgren has to say are very interesting, and the blog post by Kevin Muir (I like a lot of his stuff) is interesting too. My opinion is beginning to shift.


Macro Voices - Discussion with Dr Pippa Malmgren on Crypto's.

https://www.macrovoices.com/podcasts/MacroVoices-2017-07-20-Pippa-Malmgren.mp3



The Macro Tourist (Kevin Muir):

SPOT THE HORSE | THE MACROTOURIST

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  #29 (permalink)
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<Game show buzzer sound>

NOPE! Mike, you left out an option which I would have chosen.

It is the future of legal contracts. Blockchains in general will revolutionize commerce, and more importantly will bring much of the worlds "dark capital" [google it] into the light.

Just my opinion, but I recall as an engineering undergraduate hearing about a course in "Packet switching." I decided to skip it. Turned out to be the internet. Oops!

In the movie "The Graduate" there is the famous line: "Plastics"

I have a friend whose son is starting his degree in computer science. He asked me where I thought things were headed. I told him one word: "Blockchains"

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  #30 (permalink)
Market Wizard
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So Bitcoin has now split in two, which comes with it a whole lot of other issues. How can anything that splits like this because some of the people behind the scenes can't agree, be considered a viable currency?

Bitcoin fork happens | Business Insider
Bitcoin falls, futures for new 'bitcoin cash' briefly leap nearly 50% as 'miners' officially split currency | CNBC
Bitcoin Cash Brings Legal Risk, User Outrage for Coinbase | Fortune.com

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