Still waiting on EToro and Coinbase to accept my account but managed to get set up on Binance tonight. Received the final overpayment of my student loan this week so I'm going to stick that plus £100 into DOGE and see how it goes. If it totally tanks it's money that I never really had in the first place anyway.
Anyone here day trade Cryptocurrency?
- Thread starter BlockInlay
- Start date
BlockInlay
Octavate.band
the fluctuations this week have been nuts!!
BlockInlay
Octavate.band
https://finance.yahoo.com/news/bitc...qROEq80h6sNZfaEpADa56Yb9EYq8gHLIL8aS8yzyG93RF
Bitcoin is officially a new asset class: Goldman Sachs
Bitcoin is officially a new asset class: Goldman Sachs
DdBob
Dogue in teh desert
18 hours ago
Interesting that he mentions only Bitcoin. There are 10,000's of other crypto currencies out there, that differ from Bitcoin only by name, meaning there is a limitless supply for people willing to join this pyramid scheme with zero intrinsic value.
22 hours ago
It's basically Monopoly money that can't be counterfeited. Or think, a video game token (bitcoin) awarded for overcoming game obstacles (solving a math problem) recorded in a cheatproof score ledger (blockchain). And somehow, people have "assigned value" to these tokens OUTSIDE of the game!
BlockInlay
Octavate.band
Yeah, and the shit in your wallet? What's that?
DdBob
Dogue in teh desert
it's paper bills which are reality and not vurtual, it's credit and debit cards linked to actual funds or line of credit I have. It can be easily verified and there is no speculation about it , especially the actual funds. The credit is based on a track record of over thirty years. I can walk into any business and use the stuff in my wallet. I can't do that with the obscurocurrency. There is nothing cryptic about what is in my wallet.
We've been through this before. The dollars in your wallet ARE virtual. There is zero intrinsic value to them. They are valuable ONLY because people agree they are valuable. Obviously, given the strength of the US, US dollars instill a great deal of confidence, so they will almost certainly be viable. But they are valuable ONLY because of that confidence. It isn't impossible that some day in the future the USD will be worthless.
If you need proof of the lack of intrinsic value of fiat currency, look at what happened to the Mexican Peso in 1982. Look what happened to the Confederate dollar after the civil war. Look what happened to the Reichsmark after WW2.
DdBob
Dogue in teh desert
just the fact I can put a physical item into my physical wallet seperates it from the virtual wallet of the virtual currency. Can you place cryptocurrency into your wallet? The other thing is that the US dollar, the as you say "agreed upon" has been in use for almost 250 years.
One of the big things with the established currencies is that there is transparency and it is in all relative purposes understood by the vast majority of people...i.e to the average user it originates in a federal insured bank and it goes back to a bank.
Crypto is by nature of it's definition "cryptic" it is fueling the rich and elite.and not to mention the illegal activities.... it is not a democratized currency like the worlds currency because it takes lots of time to understand ( it's like electricity, most people don't care to invest the time into undertanding how a light works they just want it to work).
The worlds established currency can be and is used by the criminals but it is traceable and not as good for them which is why crypto thrives in the underworld, things like sex trafficking, drug kingpins, identity theft rings...all fueled with crypto and who wants to be part of that? I certainly don't want to support tthose industries.
You can print your bitcoin private key and stick it in your wallet. Then your bitcoin can be stolen - just like your dollars.
You have it exactly backwards with respect to transparency and democratization. Countries and other powerful entities can manipulate fiat currency at will with zero transparency to the holders of that currency. With crypto, everyone can see exactly everything going on, and "who" is doing what. You can't tell who the "who" is, other than a public key, but everyone does at least have visibility into what is going on. With fiat currency, manipulations are completely opaque.
And yes, crypto is a favorite of criminals, but so is the fourth amendment. In other words, what's good for your and my privacy and freedom is also unfortunately good for criminals as well. The two things are inexorably linked.
People have no clue how the tech behind credit cards work, but they use them just the same. Bitcoin or other crypto currency is no different.
DbBob there's no difference between the value of the dollars in your wallet, currency made out of 1s and 0s in the ether, shells traded by an indigenous population, fancy bottles of wine, custom shop guitars or Weimar Germany where it was cheaper to burn your notes than pay for fire wood - it's value comes from what people accept it to be worth - if people value cryptocurrency, which many do, then it has value.
DdBob
Dogue in teh desert
well keep telling yourself whatever you want b ut crypto will not be displacing "regular" money anytime soon....you are fooling yourself if you think there is no difference between credit cards and crypto, perhaps not on the backend but in usage....huge difference. Other than buying a tesla or a cutom guitar pedal or a botique weed vape where and how are you gonna use your bitcoin"key"...let's say you want to charge a new mattress at costco, can you do that with bitcoin and if so can you only do if standing on one foot and your tongue hanging out to the right? With a credit card I walk in and I stick my card in the card reader and sign my name.
Anyway i think it's pretty telling that the darkweb is what gave rise to cryptocurrency and it's why it's the choice over traditional money and banks with that crowd. I mean when someone buys a bulk listing of stolen passwords do you think they pay with greenbacks or a crypto?
DdBob
Dogue in teh desert
the majority will never value crypto. It's like Linux, it might be great but it'sa too much of a learning curve where people don't want to bother with it because the alternatives which are established work well enough , readily available and it's what they are used to. linux will never displace the alternatives and crypto's will nevber displace 'regular" currency.
same goes for iPhone and android....what's going to overtake those?
Lol, linux is in pretty much every electronic gadget you touch. Android IS linux with some Google sugar on top.
Crypto won't displace traditional currency in our lifetimes, but it will become a major currency of its own.
I'm buying in as an investment, not a currency.
if I invest in gold, DHL doesn't drop a nugget off at my door. If I put money in weed stocks (my next plan of attack), I don't get to wander around the farm digging up plants...
I think you're seriously underestimating how important this tech could evolve to be. I'm interested in ETH because it's more than a currency and could potentially change how businesses function.
I'm looking at it from a historian's lense and it's not too different from those speculating in oil circa the late 19th / early 20th C.
Back in the day the media believed people would die if these new fangled locomotives exceeded 15mph.
People thought the tv, radio and telephone were a waste of time.
25 years ago the internet was only for geeks, 15 years ago online dating was for weirdos and you couldn't charge for music or video content. Now it permeates our waking hours - how we communicate, work, relax, learn.
The world is changing fast and will continue to change at an accelerating pace and I believe crypto will be part of that.
You don't need to get on board, that's your perogative and no one is on here espousing that it's the most risk free snake oil you'll ever drink. We're adults making a calculated risk with our own money and there's nothing wrong with that.
DdBob
Dogue in teh desert
well that shit doesn't interest me so I'll take your word for it
DdBob
Dogue in teh desert
I'll just say I'm not a fan of investement stuff. i look at what it does to affordable housing and it makes me sick. It's the old agae of "you gotta have money to make money" except it's 'if you got mon ey and you can profit off others misfortune then you will make money"....not a fan
smorgdonkey
Kick Henry Jackassowski
I won't be joining in trying to convince detractors when the arguments against it are based on such an uninformed opinion. But hey, it's cool. You do you (to everyone - nobody in particular). Do what you need to do to achieve a higher level of happiness and well-being. I even wish this for people who I don't particularly like (of which none of you qualify). But I'm getting philosophical.
Back to general crypto talk:
And somehow criminals don't use cash?
Traditional investments make rich people richer and make little investors very little.
Cryptocurrency is something that is in infancy and everyone has a chance to get in before the power is hoarded. Not only that but its explosive profit possibilities are most often based upon the use cases, the technology, the potential of the projects, not profiting off of people and making them into 'victims'.
Finally, cryptocurrency is named for the encryption techniques used for the security of the technology, the blockchain, everything involved.
Back to general crypto talk:
And somehow criminals don't use cash?
Traditional investments make rich people richer and make little investors very little.
Cryptocurrency is something that is in infancy and everyone has a chance to get in before the power is hoarded. Not only that but its explosive profit possibilities are most often based upon the use cases, the technology, the potential of the projects, not profiting off of people and making them into 'victims'.
Finally, cryptocurrency is named for the encryption techniques used for the security of the technology, the blockchain, everything involved.
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China is already trying to do this. They've created a digital Yuan and are claiming that they'll prohibit any other cryptocurrency. That's one of the reason Crypto prices have dropped recently.
But that's the beauty of the distributed nature of crypto - no entity can control it. No doubt governments will attempt to ban, regulate, and tax crypto, but they will be largely unsuccessful.
Lerxst
spaghetti and blankets
IDK....cryptocurrencies lack the transactional economy of scale that traditional fiat currencies possess. The transactional infrastructure isn't there and when you add the value volatility into the mix, it's a significant barrier to common-widespread commercial use. Until those two issues are addressed it's going to be more niche currency and an investment vehicle for speculation.