Anyone considering selling a watch to put into Crypto?

[77T]

I agree Brian that BTC is the crypto with a target on its back. But that was a given for those who looked at the whole scheme. The value of work required goes up as the number of blocks in the chain grows - while conversely, the number of BTC left to mine goes down and the number of BTC earned for that increasing work load goes down every 4 years.



Philosophically speaking, the trading hump may still be ahead if we have hyper inflation by 2022. Also, until we see another yardstick in valuing BTC (and altcoins) - we are doomed to see a bust.

By that I mean dollars is the yardstick always used in comparo’s. False use methinks. Just Google it without reference to fiat currency and you get:



Another example, look at the Mt. Gox debacle (or choose any of the hacked wallet cases) - a current wallet that started with perhaps 50BTC’s in 2009*, and was then gutted today, is almost always headlined as “Bitcoin hacker steals $2,500,000 from computer geek”.

So the paradigm shift is not complete until a yardstick is standardized in units of effort methinks.


* When bitcoin was first mined in 2009, mining one block would earn you 50 BTC


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[huncho]

Originally Posted by beshannon

Bitcoin Bubble In Terminal Stage

https://seekingalpha.com/article/442...terminal-stage

i know you're just posting it for others to read and i don't know whether you're for, against, or neutral but ...

very bias'ed article that has too many assumptions. he mentions hard forks yet no one actually uses the hard forks in the real world, there is only and will only ever be one bitcoin. also mentions hacks but the bitcoin network has never been hacked, people get their wallets hacked because they give away their recovery phrases which is like giving away your social security number. then mentions that buying demand has disappeared but the daily amount of bitcoins being mined (900) has been consistently bought up over the last 3-4 months, it won't reflect in the price in real time because it's done behind the scenes directly from miners to buyers

also mentions that its too hard to store, but now you can just use cash app or coinbase and buy it with a few clicks on your phone and it was announced this week that 200+ banks will allow you to buy and hold it through them this year. then mentions search interest on google but this years run has been mostly from institutional investors, so why does google matter? and it still hasn't reached 2017 search result levels anyway. visa is in, mastercard is in, paypal and square are in (actually square made it easiest to buy it through the cash app), and fidelity and other brokerages are rushing to have the first etf which means they'll have to be buying bitcoin at some point

the value of bitcoin is in the technology, people think it's just some bs speculative asset that isn't backed by anything but then neither is the dollar which hasn't mattered in decades, but the dollar can be printed while this can't

most other cryptos are a scam, but eth and btc are here to stay and eth is actually what visa is using to implement crypto into their network. things like doge and all these other cryptos that have 20x'ed or more are for sure bubbles and will come crashing down hard at some point just like in 2018

it was written like it was by someone who is upset he hasn't gotten in. obviously there are pros and cons to bitcoin and crypto, i'm cool with hearing both sides and arguments and obviously i have my mind set regardless, but that article just reads weird to me, would fit better if they just replaced bitcoin with doge everywhere in the article

[huncho]

Originally Posted by 77T

I agree Brian that BTC is the crypto with a target on its back. But that was a given for those who looked at the whole scheme. The value of work required goes up as the number of blocks in the chain grows - while conversely, the number of BTC left to mine goes down and the number of BTC earned for that increasing work load goes down every 4 years.



Philosophically speaking, the trading hump may still be ahead if we have hyper inflation by 2022. Also, until we see another yardstick in valuing BTC (and altcoins) - we are doomed to see a bust.

By that I mean dollars is the yardstick always used in comparo’s. False use methinks. Just Google it without reference to fiat currency and you get:



Another example, look at the Mt. Gox debacle (or choose any of the hacked wallet cases) - a current wallet that started with perhaps 50BTC’s in 2009*, and was then gutted today, is almost always headlined as “Bitcoin hacker steals $2,500,000 from computer geek”.

So the paradigm shift is not complete until a yardstick is standardized in units of effort methinks.


* When bitcoin was first mined in 2009, mining one block would earn you 50 BTC


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a lot of articles try to click bait because that's the only way to get views these days. mt gox was tragic but it just goes to show how far crypto has come since then. buying bitcoin in 2015 was way too much work and involved going to some shady offshore site that looked like it was made in a 10th grade html class, and now its very simple and can be done through actual legit exchanges in the US. so many exchanges have had exit scams and disappeared with people's money unfortunately, but that only helps bitcoins case because there are 3-5 million coins lost forever

[77T]

Originally Posted by huncho

a lot of articles try to click bait because that's the only way to get views these days. mt gox was tragic but it just goes to show how far crypto has come since then. buying bitcoin in 2015 was way too much work and involved going to some shady offshore site that looked like it was made in a 10th grade html class, and now its very simple and can be done through actual legit exchanges in the US. so many exchanges have had exit scams and disappeared with people's money unfortunately, and that only helps bitcoins case because there are 3-5 million coins lost forever

Yes when Internet media begin to clickbait anything it means (to me) that the topic is going mainstream.

On that last part, I believe we may soon see a BTC “salvage mining” operation. Once in the blockchain BTC are never lost forever. That is, in the sense that “forever” only lasts until miners discover a way to recover them.

So, as the number of purloined BTC grows, and the effort to mine the ever shrinking number of remaining blocks becomes unproductful, look for novel forensic recovery efforts.

Even Blackbeard’s last doubloon may be found when undersea “Roomba-like” drones have surveyed every inch of the oceans.


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[huncho]

Originally Posted by 77T

Yes when Internet media begin to clickbait anything it means (to me) that the topic is going mainstream.

On that last part, I believe we may soon see a BTC “salvage mining” operation. Once in the blockchain BTC are never lost forever. That is, in the sense that “forever” only lasts until miners discover a way to recover them.

So, as the number of purloined BTC grows, and the effort to mine the ever shrinking number of remaining blocks becomes unproductful, look for novel forensic recovery efforts.

Even Blackbeard’s last doubloon may be found when undersea “Roomba-like” drones have surveyed every inch of the oceans.


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i agree, i would definitely say it's officially gone mainstream this year just because usually things hit retailers first through social media and whatever, but at this point it already got all the way into wall street which is definitely mainstream

regarding the salvage mining, will be interesting to see what happens. obviously people can try to crack recovery phrases but as of today it would take some ridiculous amount of years to achieve, but who knows what kind of processing we'll have in 10+ years. in the mean time, it only benefits the price action. once the lag of btc being bought from miners hits exchanges through supply shortages that will be when the price finally spikes and has a chance to hit the crazy estimates people are throwing out there. whether that will be this year, next year or after the next halving no one knows

[77T]

Originally Posted by huncho

but as of today it would take some ridiculous amount of years to achieve, but who knows what kind of processing we'll have in 10+ years

If I was Tim Cook, I’d have 2 million M1’s crunching away in their massive data centers with 12-y.o.’s at the controls…

Recall it’s also the solution structure at the core of mining. The mining of old was brute force of the GPU’s - I see the future including some novel constructs as well as Moore’s Law enabled machinery.



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[huncho]

Originally Posted by 77T

If I was Tim Cook, I’d have 2 million M1’s crunching away in their massive data centers with 12-y.o.’s at the controls…

Recall it’s also the solution structure at the core of mining. The mining of old was brute force of the GPU’s - I see the future including some novel constructs as well as Moore’s Law enabled machinery.



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yep, brute force to guess a hash lol. i think currently it would actually be impossible to crack those wallets but honestly if apple implemented something like square did and allowed people to buy/trade bitcoin and others on apple pay it would fly their revenue through the roof

[logo]

Originally Posted by huncho

the value of bitcoin is in the technology, people think it's just some bs speculative asset that isn't backed by anything but then neither is the dollar which hasn't mattered in decades, but the dollar can be printed while this can't

most other cryptos are a scam, but eth and btc are here to stay and eth is actually what visa is using to implement crypto into their network. things like doge and all these other cryptos that have 20x'ed or more are for sure bubbles and will come crashing down hard at some point just like in 2018

I am not super up to date on cryptocurrency, so I’m curious what you mean by the value of BTC/ETH technology vs other cryptocurrency. What tech aspects contribute to their value vs the others, and is it protected? My understanding was that while all these cryptocurrencies use blockchain technology which will no doubt have numerous applications outside of crypto, this tech isn’t “owned” by cryptocurrency such that an investment in crypto is not equivalent to an investment in blockchain tech. Or are you referring more to the internal structure of BTC/ETH vs others that may allow them to be better used in the future? Sorry for the newbie questions lol

[huncho]

Originally Posted by logo

I am not super up to date on cryptocurrency, so I’m curious what you mean by the value of BTC/ETH technology vs other cryptocurrency. What tech aspects contribute to their value vs the others, and is it protected? My understanding was that while all these cryptocurrencies use blockchain technology which will no doubt have numerous applications outside of crypto, this tech isn’t “owned” by cryptocurrency such that an investment in crypto is not equivalent to an investment in blockchain tech. Or are you referring more to the internal structure of BTC/ETH vs others that may allow them to be better used in the future? Sorry for the newbie questions lol

by tech i just meant the concept behind it. bitcoin uses a proof of work concept which essentially means miners compete with each other to solve complex algorithms in order to be rewarded with 12.5 bitcoin (as of today, until next halving), and the fees for transactions on this block, but also make it so the blocks that get added to the chain are "valid" and not manipulated to the benefit of someone trying to create fake transactions. proof of work is one of two concepts that solve the problem of not having an authority with final say in what is real and fake and with it, bitcoin has worked flawlessly and established itself as a super secure network that has never been hacked since it came about and that's really the reason why it's the biggest crypto right now, because it has simply worked for 10+ years

so when people say bitcoin isn't backed by anything it's actually not true. it's backed by the proof that a currency/commodity can run on a network with no authority behind it and not have any fake transactions or manipulation (and printing). the only downside is the amount of energy it takes to maintain the network and mine it, so most coins now are proof of stake, based off of the eth platform

with eth on the other hand, you're actually investing in the tech because it's essentially a software/platform. it's open source and it can allow anyone to grab it and create new crypto or implement blockchain tech to whatever needs fit them. this is actually what visa is using to implement crypto into their network. eth is the one that has much more potential in the future because it's something that can be implemented anywhere and by anyone and is very flexible. it solves the need for implementing blockchain from scratch, and also allows staking (locking coins in for APY interest). the only problem with it is that theoretically proof of stake allows someone to control 51% of the network because it works around the rule of whoever has more coins staked has more authority, so this is why a lot of cryptos implementing it need time to prove that they can't be attacked (many have been). also eth is expensive to transact but that is being fixed by eth 2.0

it's actually much more complicated than this and i only understand maybe 5% of it all lol, but that's the high level. there are great youtube vids that can explain it way better than i can

[Etschell]

every paper currency has failed. so it can be backed by a government and that means little over time.

bitcoin is a deflationary decentralized digital monetary network. no other deflationary decentralized monetary system with a better design and security protocol exists currently. right now bitcoin is still inflationary but by 2030 it wont be compared to every other system and asset class.

bitcoin solves a lot of problems. one is currency translation from one country to another. two is use of swift. three is counterfeits. four is use of 3rd party administrators. fifth is reliance on government promises (turkey, venezuela, argentina, etc.). sixth is speed - although not the fastest or cheapest it is still relatively fast and cheap for large dollar value transactions. there are many more but these are a few. seventh is control - the owner of the asset has complete control (not a bank, not a government).

ethereum is a development platform / network that can be used to generate income. eth itself can be used to transact within the development platform / network. basically it is a plug and play network. it really isn't a currency in the normal sense.

[huncho]

Originally Posted by Etschell

every paper currency has failed. so it can be backed by a government and that means little over time.

bitcoin is a deflationary decentralized digital monetary network. no other deflationary decentralized monetary system with a better design and security protocol exists currently. right now bitcoin is still inflationary but by 2030 it wont be compared to every other system and asset class.

bitcoin solves a lot of problems. one is currency translation from one country to another. two is use of swift. three is counterfeits. four is use of 3rd party administrators. fifth is reliance on government promises (turkey, venezuela, argentina, etc.). sixth is speed - although not the fastest or cheapest it is still relatively fast and cheap for large dollar value transactions. there are many more but these are a few. seventh is control - the owner of the asset has complete control (not a bank, not a government).

ethereum is a development platform / network that can be used to generate income. eth itself can be used to transact within the development platform / network. basically it is a plug and play network. it really isn't a currency in the normal sense.

for #1 that's actually what citibank said too, they said they see its biggest currency use case as being the currency of foreign trade

[904VT]

So anyone still considering selling their watch to put into Crypto?

[beshannon]

Originally Posted by 904VT

So anyone still considering selling their watch to put into Crypto?

Interesting how all the crypto fanatics disappear when the prices plummet.

[Atone]

Originally Posted by beshannon

Interesting how all the crypto fanatics disappear when the prices plummet.

Most people who are in for the long haul don’t even look at prices. If you bought in at $1-$10k, it really doesn’t matter. Lots of new money came in this last cycle. I’m sure many folks are sweating if they thought their $50k entry was “safe”. It will be soon enough but that prob doesn’t help the current anxiety. The fanboys and “moonshot” people are def annoying.

[904VT]

Originally Posted by beshannon

Interesting how all the crypto fanatics disappear when the prices plummet.

Originally Posted by Atone

Most people who are in for the long haul don’t even look at prices. If you bought in at $1-$10k, it really doesn’t matter. Lots of new money came in this last cycle. I’m sure many folks are sweating if they thought their $50k entry was “safe”. It will be soon enough but that prob doesn’t help the current anxiety. The fanboys and “moonshot” people are def annoying.

Imo at least I think some of those fanboys are running pump and dump schemes.
Similar to M&M that is now just M. It’s like the Wild West coming back to finance.

[Mifune]

no one is gone... there is nothing to discuss other than you are missing a massive buying opportunity because of the long sideways movement.

think of it as a sleep giant... there are other life things to discuss.

the OTC and retail buying continues... the short squeeze plays continue... it's a boring time.

never stop DCA'ing.

[gabrielnovar]

I put over 90% of my net worth in crypto. Regardless I will journal this experience.

Personally I see a future where crypto really takes over industries .

Digital Art is my favorite. Say you can take your Alec Monopoly digital art to your fav. restaurant.

Then the restaurant has the hardware so you can put your artwork above while you dine. Its basically a form of clout/convo starter, and someone can buy your art instantly on the spot and take it on their phone.

Just one use case, but it will really allow artists to scale and sell easily vs hauling around actual pieces. Plus people love showing off their items. The art in my house is cool, but I show people of on my phone all the time lol....defeats the point.

Restaurants can have digital/moving art that really attracts people. Rare pieces that can be easily/bought/sold. The whole experience becomes interactive and a good convo starter.



Also I think it would create more interaction in a digital world. Like 'hey there is only 2 pieces of those ever made and you have one?'....

Lots of use cases for crypto.

[crew]

Originally Posted by gabrielnovar

I put over 90% of my net worth in crypto. Regardless I will journal this experience.

Personally I see a future where crypto really takes over industries .

Digital Art is my favorite. Say you can take your Alec Monopoly digital art to your fav. restaurant.

Then the restaurant has the hardware so you can put your artwork above while you dine. Its basically a form of clout/convo starter, and someone can buy your art instantly on the spot and take it on their phone.

Just one use case, but it will really allow artists to scale and sell easily vs hauling around actual pieces. Plus people love showing off their items. The art in my house is cool, but I show people of on my phone all the time lol....defeats the point.

Restaurants can have digital/moving art that really attracts people. Rare pieces that can be easily/bought/sold. The whole experience becomes interactive and a good convo starter.



Also I think it would create more interaction in a digital world. Like 'hey there is only 2 pieces of those ever made and you have one?'....

Lots of use cases for crypto.

I’m curious why you would do this. If it’s because you believe in it, are 23 years old and have a net worth of $10k, that might make some sense to me. If you’re 45 years old and have a million dollar net worth that’s a whole other story.
Either way, I hope it works out for you.

[airchitect]

I get so wore out by the “watches aren’t investments” crowd . Right now…..Rolex sports models are investments. Period. In fact they’re damn good investments if bought new from an AD. But no, don’t sell a Rolex for a digital mystery currency.


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[Atone]

Originally Posted by gabrielnovar

I put over 90% of my net worth in crypto. Regardless I will journal this experience.

Personally I see a future where crypto really takes over industries .

Digital Art is my favorite. Say you can take your Alec Monopoly digital art to your fav. restaurant.

Then the restaurant has the hardware so you can put your artwork above while you dine. Its basically a form of clout/convo starter, and someone can buy your art instantly on the spot and take it on their phone.

Just one use case, but it will really allow artists to scale and sell easily vs hauling around actual pieces. Plus people love showing off their items. The art in my house is cool, but I show people of on my phone all the time lol....defeats the point.

Restaurants can have digital/moving art that really attracts people. Rare pieces that can be easily/bought/sold. The whole experience becomes interactive and a good convo starter.



Also I think it would create more interaction in a digital world. Like 'hey there is only 2 pieces of those ever made and you have one?'....

Lots of use cases for crypto.

You only mention digital art as a main use for crypto. Depending on how much you’re worth that may mean a lot or a little as far as your 90% number.

[904VT]

Originally Posted by gabrielnovar

I put over 90% of my net worth in crypto. Regardless I will journal this experience.

Personally I see a future where crypto really takes over industries .

Digital Art is my favorite. Say you can take your Alec Monopoly digital art to your fav. restaurant.

Then the restaurant has the hardware so you can put your artwork above while you dine. Its basically a form of clout/convo starter, and someone can buy your art instantly on the spot and take it on their phone.

Just one use case, but it will really allow artists to scale and sell easily vs hauling around actual pieces. Plus people love showing off their items. The art in my house is cool, but I show people of on my phone all the time lol....defeats the point.

Restaurants can have digital/moving art that really attracts people. Rare pieces that can be easily/bought/sold. The whole experience becomes interactive and a good convo starter.



Also I think it would create more interaction in a digital world. Like 'hey there is only 2 pieces of those ever made and you have one?'....

Lots of use cases for crypto.

Digital Art.....that sounds like a bigger scam than Crypto. I'm not sure how we can consider any "art" rare that isn't real. These cryptos and digital tokens etc are just ways to scam masses out of their wealth imo and for wealthy to avoid certain things. What happens if there is no Digital/internet?

[turkeysub93]

Originally Posted by gabrielnovar

I put over 90% of my net worth in crypto. Regardless I will journal this experience.

Personally I see a future where crypto really takes over industries .

Digital Art is my favorite. Say you can take your Alec Monopoly digital art to your fav. restaurant.

Then the restaurant has the hardware so you can put your artwork above while you dine. Its basically a form of clout/convo starter, and someone can buy your art instantly on the spot and take it on their phone.

Just one use case, but it will really allow artists to scale and sell easily vs hauling around actual pieces. Plus people love showing off their items. The art in my house is cool, but I show people of on my phone all the time lol....defeats the point.

Restaurants can have digital/moving art that really attracts people. Rare pieces that can be easily/bought/sold. The whole experience becomes interactive and a good convo starter.



Also I think it would create more interaction in a digital world. Like 'hey there is only 2 pieces of those ever made and you have one?'....

Lots of use cases for crypto.

This digital art thing really brings out the suckers.