The transactional infrastructure is the Internet and a bit of free software. If you have access to those, you have access to crypto. There's already wide-spread commercial acceptance of bitcoin https://99bitcoins.com/bitcoin/who-accepts/
Anyone here day trade Cryptocurrency?
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Lerxst
spaghetti and blankets
There's native transactional limits in current cryptocurrencies that don't even scratch the surface of the time based volume requirements for broad acceptance. Just look up how many transactions per second a particular crypto is capable of then look up how many mastercard transactions get processed in that same second.
Chicken Man
Kick Henry Jackassowski
Yeah, if there are a lot of government-sanctioned alternatives, that'll definitely relegate true crypto to Betamax territory. Napster (in it's original form) died real quick once it got govt heat and there were safe, reliable e-stores to get music from.
I dont see how investing in crypto (or most other investments outwith shit like animal testing, weapons etc...) is profiting over others' misfortune, I might be missing something if you want to elaborate.
DdBob
Dogue in teh desert
isn't investing at it's core basically buy low and sell high? So in a house people /groups have a massive amount of money buy up a bunch of houses and then "flip them" at a profit. They reduce the overall amount of affordable houses because the average joe looking to buy a single residence to live in can't compete and he gets outbid...that is a misfortune for the single buyer who now can't afford anything in his price range because some investment group bought it to flip it and profit. That house might have been the single buyers dream home. This is happening bigtime in my city.
Or in the stock market the investor buys up stock sold at a reduced price because someone had to sell...or the market gets manipulated and someone with little experience goes in with good faith to get eaten alive by those in the know...it is a misfortune for him and a profit for the "in the know" investor.
It's a great tool for the trumps of the world
*edit* ....
and in the case of real estate investors I guess the question would be "well who is buying from the investors at the inflated price" well either more investors or the rich folk which then brings up a whole thing of class and gentrification or they are going to buy and then forfeit it to the bank because they can make the mortgage
I really don't see the correlation between flippong or letting houses and investing in shares. I just don't and I'm in full agreement that private landlords are not good for society in general.
As for some people getting shafted with investments, absolutely and it's sickening when people lose out but again, it's responsible adults taking calculated risks with their own money, I'm a noob and think I've done enough due dilligence but I could end up losing out. Y know what, that's on me and I'm not stupid enough to put money in to it that I can't afford to lose, not too dissimilar from enjoying the casino or a bet on the football, both of which I enjoy with no intention of getting rich. At least this has more potential as a long term investment.
If you don't want to play, you don't have to.
As for some people getting shafted with investments, absolutely and it's sickening when people lose out but again, it's responsible adults taking calculated risks with their own money, I'm a noob and think I've done enough due dilligence but I could end up losing out. Y know what, that's on me and I'm not stupid enough to put money in to it that I can't afford to lose, not too dissimilar from enjoying the casino or a bet on the football, both of which I enjoy with no intention of getting rich. At least this has more potential as a long term investment.
If you don't want to play, you don't have to.
DdBob
Dogue in teh desert
they are both investors....what is not to get ? One has basically immediate effect and the other has a kind of domino effect. the investing in shares is lining the pockets of uber capitalists , the jeffry Epstein's, the Donald trumps probably driving prices up too or at least fueling corporations to expand and conquer...creating the Budweiser's, the McDonald;s of the world....the Elon Musk's and the bezo's. I've never been a gambler. It's kinda like a professional dog racing person or a horse racing bloke There is work involved if you consider studying the horses or studying the investments but it's not really work contributing to society, it's just taking. I just can't get behind it.
smorgdonkey
Kick Henry Jackassowski
Cardano's system will be capable of a million transactions per second according to the developers.
Credit cards can do about 5000 per second.
So...that's pretty cool.
Lerxst
spaghetti and blankets
What's their current transaction per second rate?
Edit: IIRC that 5,000 transaction rate for CCs is on average with the network peek capacity for around 64-65,000 per second
smorgdonkey
Kick Henry Jackassowski
I get the sentiment of your post. One thing that is instrumental is that the Elon Musk and the Jeff Bezos types, before they get so rich that they can buy things in infancy and make money hand over fist is that they are generally given a whack of shares when they are worth nothing. They build their businesses (or sometimes just the idea and/or reputation of their business) until the market recognizes the value of the business and it is reflected in the share prices.
Then you hear BillyJoeBob is worth $5 billion. He doesn't really have $5 billion - he has 50 million shares that were allocated to him during the set up for the business to go public and now the shares have reached $1000 in value on the market. Maybe you already know this but I am sure that many don't.
As for the 'just taking' aspect of investing...I don't know. If nobody sells, then the prices keep going up if there is demand. Nobody HAS to lose, but when markets fluctuate (and yes, they do all of the time) people sell when they get spooked and people buy when the sellers are spooked. You have to decide which you will be.
I just got tired of people who are already wealthy have the advantages all of the time and I decided that I would buy and hold. When markets crashed in March 2020 with the onset of COVID, I started buying bank stocks which were falling with everything else. Who never loses? The banks. If you can't beat 'em buy their stock and let them make money for you. Of course prior to that I had invested in Bitcoin and both of those moves have turned out pretty well.
The bottom line is this: if you don't invest, you are just a spender or maybe a spender and a saver. Spenders only make money from their jobs and they only earn what the banks pay on their savings which is not even close to keeping up with inflation. That's the part that made it an easy decision for me.
smorgdonkey
Kick Henry Jackassowski
Their current transactions per second is miniscule but nobody is really using it yet so the point is moot right now. As the ecosystem grows it will be scaling up but that's the thing...nobody is actually using cryptocurrency right now. The amount of people even involved in crypto is said to be less than 5% of the world so right now, people buying the coins are generally doing it out of faith that the systems will continue to develop.
https://www.forbes.com/sites/michae...rtup-that-raised-271-million/?sh=7002cdf44b1f
smorgdonkey
Kick Henry Jackassowski
I guess that I would be the person on this forum who most believes that this technology will be adopted(?). I am not saying that there is no chance that I am wrong - there is always a chance. I believe that there is a high probability that this technology will be common and mainstream in 10 to 15 years.
Most countries will indeed probably have there own cryptocurrency but that won't necessitate making others illegal. There are companies which already specialize in trading between cryptocurrencies and it will only get easier and cheaper. There are already cryptocurrencies that are pegged to specific national currencies. The potential is just so phenomenal.
As time passes people become more open and apt to adopt new technologies. Twenty years ago there were many people who wouldn't even use a bank card. Twenty years before that, there weren't any bank cards. Now some people never carry cash - that's electronic currency.
For a broader interest on adopting technology, check this out:
https://ourworldindata.org/technology-adoption
There is a chart just a short scroll down that is quite informative.
Most countries will indeed probably have there own cryptocurrency but that won't necessitate making others illegal. There are companies which already specialize in trading between cryptocurrencies and it will only get easier and cheaper. There are already cryptocurrencies that are pegged to specific national currencies. The potential is just so phenomenal.
As time passes people become more open and apt to adopt new technologies. Twenty years ago there were many people who wouldn't even use a bank card. Twenty years before that, there weren't any bank cards. Now some people never carry cash - that's electronic currency.
For a broader interest on adopting technology, check this out:
https://ourworldindata.org/technology-adoption
There is a chart just a short scroll down that is quite informative.
This is the crux of it. Between the DJing and day gig I've essentially worked 2 full time jobs for the past decade.
The hot tub is the only extravagant thing I have, I don't want a sports car or a 5 bedroom detached house though we could afford them. So what do you do with your money that you accumulate?
The 3 options I've observed - watching it lose value vs inflation sitting in a bank, buy to let another property which I'd rather not do or invest.
I mentioned it in another thread, our mortgage is paid off now and byba twist of fate, my car and student loans too at the same time so I'm now completely debt free with a big chunk of extra money each month. I'm not jist leaving my hard earned dough in the bank to continually lose against inflation and I'm not just going to start buying shit I don't need or want.
DdBob
Dogue in teh desert
fwiw I was an early user of debit cards. It must've been 1996 perhaps 1995 and i never looked back in fact from day one of going to debit I pretty much never even used cash. I only recently started using cash again in January of this year when pot went legal here and that is the only currency the dispensaries accept other than some thrid party bank connect thing for online order but I don't do the online ordering.
*edit* Oh and I also haven't had a landline since 2011 I think
smorgdonkey
Kick Henry Jackassowski
That sounds like a great situation to be in.
And on the investing front, for crypto anyway, have a look at Vechain VET. The application is tracking/tracing. I think it's about 13 cents USD right now. I am not into buying everything that's dirt cheap thinking that it can get to Ethereum's level but when something comes up that seems to have an application in the world, the cheaper the better sort of thing.
https://bitnewstoday.com/news/vechain-vet-confirms-305-ton-ocean-plastic-cleanup-results/
smorgdonkey
Kick Henry Jackassowski
fwiw I was an early user of debit cards. It must've been 1996 perhaps 1995 and i never looked back in fact from day one of going to debit I pretty much never even used cash. I only recently started using cash again in January of this year when pot went legal here and that is the only currency the dispensaries accept other than some thrid party bank connect thing for online order but I don't do the online ordering.
*edit* Oh and I also haven't had a landline since 2011 I think
And here I am, investing in all of this technology that I believe will be common and widely adopted which, when discussed with people, makes their expressions go blank...which reminds me of when I got a heat pump back in 2008. But I generally only use a bank card for withdrawing money or depositing money. I use cash for minor purchases, eTransfers for some, and a credit card with a points system for the every day expenses and so on.
fwiw I was an early user of debit cards. It must've been 1996 perhaps 1995 and i never looked back in fact from day one of going to debit I pretty much never even used cash. I only recently started using cash again in January of this year when pot went legal here and that is the only currency the dispensaries accept other than some thrid party bank connect thing for online order but I don't do the online ordering.
*edit* Oh and I also haven't had a landline since 2011 I think
One might question why the dispensaries only accept cash...
Lerxst
spaghetti and blankets
welp, when the discussion is why it isn't currently widely adopted for commercial transactions right now, it's more than kinda relevant. Don't get me wrong, I'm not saying that it will never happen but I'm explaining why many businesses are not going to be eager to accept cryptocurrencies as a primary form of payment at this moment.