End of Crypto?

[330ci]

Originally Posted by powerfunk

.

It's natural for people to have a negative kneejerk reaction to all the energy that crypto mining uses, but it really is a fundamental part of what it is: to mine BTC, you need to prove you spent computing resources, so there is no way to bring down the network, or centralize it, without massive computing resources.

How long into the future do people expect quantum computing to become advanced enough to threaten the validity of the blockchain?

[powerfunk]

Originally Posted by 330ci

How long into the future do people expect quantum computing to become advanced enough to threaten the validity of the blockchain?

Some people think it will happen soon; some people think never. I really can't make an educated comment on that. I think I heard "18 months" about 18 months ago.

[enjoythemusic]

^^^ by then we'll be using Elon Musk crypto currency :)

[330ci]

Originally Posted by powerfunk

Some people think it will happen soon; some people think never. I really can't make an educated comment on that. I think I heard "18 months" about 18 months ago.

So many leaps and bounds to go with quantum storage that I would have to believe its a long ways out. But still something that nags me anytime I think longterm

[ree7]

I feel that bitcoin is closer to gold than stocks.
Both has to be 'mined', finite and can theoretically be used for transactions.
Both are also independent from a singular central entity?

Investors who don't believe in gold would run the furthest away from bitcoin.

Right now I think the drawback of bitcoin vs gold is volatility.

Bitcoin has not been around long enough to prove itself as a stable store of value. Also it's market cap is still too small; too susceptible to manipulations. Hence the volatility.

Note that even gold could still be manipulated by entities. (https://www.straitstimes.com/busines...rket-for-years)

But why are central banks still buying these 'useless' pile of metals? (https://www.economist.com/finance-an...ockpiling-gold)

Finite resource? Transactional purposes? Independence from a singular central entity?
Bitcoin could offer these, and it wouldn't need to take up chunks of space like metals.

Would more people diversify their portfolio with bitcoin if it were as stable as gold?

Most traditional investors would wait until an asset is stable/proven. Time is the only answer here.
Meanwhile speculators can spend whatever amount they're willing to lose.

[Moondoggy]

I think bitcrap is exactly that however I did buy some and I’m checking out by the weekend.

Use and abuse I say.

[Mifune]

this ^ wacky conversation is still occurring...

we've been WELL BEYOND classification, use case and viability for YEARS.

[JoeJoeBobo]

I am hearing the reason Bitcoin is flying the last 5 days is due to US, Canadian and Philippine government ransom payments using the crypto coin because of hacks to FAA, TCCA, and PCAR.

Coincidence all 3 happened in first two weeks of 2023…I think not.

[330ci]

Originally Posted by JoeJoeBobo

I am hearing the reason Bitcoin is flying the last 5 days is due to US, Canadian and Philippine government ransom payments using the crypto coin because of hacks to FAA, TCCA, and PCAR.

Coincidence all 3 happened in first two weeks of 2023…I think not.

What has the world come to when you can't even pay a Ransom in USD anymore

[enjoythemusic]

Originally Posted by 330ci

What has the world come to when you can't even pay a Ransom in USD anymore

IKR?

(Friendly humor) What ever happened to all those many pallets of cash during the last USA war? We have to admit there are some places on the globe that still very much only desire hard currency from the USA. So demand is very much still there.

Wonder where all that hard cash goes to?

[Star Ferry]

Originally Posted by JoeJoeBobo

I am hearing the reason Bitcoin is flying the last 5 days is due to US, Canadian and Philippine government ransom payments using the crypto coin because of hacks to FAA, TCCA, and PCAR.

Coincidence all 3 happened in first two weeks of 2023…I think not.

(1) None of those governments are distinguishable from the criminal cartels they regularly do business with.

(2) This will all be worth it when the blockchain cures cancer.

[904VT]

Originally Posted by superdog

I have strong opinions on it BECAUSE I don’t understand exactly how it works. Given that I’m reasonably well educated…if a bit set in my ways and prefer my comfort zone.

But the more I learn, the less I like. That above is convoluted and complicated. Relatively anyway.

The minute I can buy it through my FA, I’m in. I’m not obtusely opposed to it. There is just so much that can go wrong. And if things do go wrong, as they sometimes will, there is zero recourse.

That’s scary.

Which firm is your FA with? Most of the Wires and big Banks offer to clients now. Some of the large IBDs may not. If an RIA though they will be able to do whatever they want and think best for clients.

[904VT]

Originally Posted by joeychitwood

Can someone explain to me in understandable terms how opening a crypto mining business in North Dakota which uses incredible amounts of electricity to run servers solving math puzzles is necessary at this point in the crypto business. Are more Bitcoins being produced as a result of this puzzle solving? I thought someone mentioned earlier in this thread that more crypto was not being produced, thus feeding its “investment” value. Where does all the money spent on equipment, electric power, and computing capacity come from, and how is that investment returned and to whom?

All the sunk costs come out of the profits of the miners. Similar to cost of carry of commodities but instead of impacting prices directly they impact mining demand which in turn impacts pricing.

[Mifune]

January 2023...




:p

[superdog]

^^^

Fwiw, a blip in time. I’m in the camp that believes in crypto and it’s future. I’ve mentioned this in the past.

But the rest of the financial markets too are, imho, being propped up by nothing.

I personally don’t take too much stock (pun intended) in anything that happened this past month.

[LeonidYrc]

Crypto will be forever:)

[joeychitwood]

To me, a one month jump of 11 to 142% in crypto values based on ??? doesn’t seem like the reassurance of its stability and long term success that people think it is.

[superdog]

Originally Posted by joeychitwood

To me, a one month jump of 11 to 142% in crypto values based on ??? doesn’t seem like the reassurance of its stability and long term success that people think it is.

I agree with you.

You said it better than I could.

Again, I think, and hope, there is a future for it. But it’s not going to be like this. Just my humble opinion.

[huncho]

Originally Posted by joeychitwood

To me, a one month jump of 11 to 142% in crypto values based on ??? doesn’t seem like the reassurance of its stability and long term success that people think it is.

there are stocks that have done the same thing in january, more than a few have doubled this month. regardless though, no one is buying these coins like xrp/matic/etc because they're useless, so it's just an artificial squeeze and most won't even be around in a few years, but just saying this is also happening in the stock market where supposedly price is based on values and statistics...yet absolutely nothing has changed on the macro level yet

we've seen tesla go from 200 to 100 and back to 180 in less than 2 months, this is not a normal market

[330ci]

Btc is up almost 11% today... wtf

[stockae92]

Can people even explain it? I don't know. I do own them, as a gamble / insurance. :)

[Cliffnopus]

Krypto.jpg

What about Krypto?

[330ci]

Originally Posted by Cliffnopus

Attachment 1348914

What about Krypto?

You're brilliant. Time to mint a coin and become a crypto billionaire

[superdog]

Originally Posted by Cliffnopus

Attachment 1348914

What about Krypto?

I love that picture.

[bosphorus]

Originally Posted by stockae92

Just like in a casino, don't play with the money that you can't afford to lose ...

Lol you can’t afford to lose any at the end of the day.

[Star Ferry]

Originally Posted by bosphorus

Lol you can’t afford to lose any at the end of the day.

Speak for yourself

[HHIslander]

Originally Posted by 330ci

Btc is up almost 11% today... wtf

Technicals most likely. The next stop is 25k and it’s rushing to get there. It’s not trading on any fundamentals that I’m aware of.

[330ci]

Originally Posted by HHIslander

Technicals most likely. The next stop is 25k and it’s rushing to get there. It’s not trading on any fundamentals that I’m aware of.

Just seems wild. SKL and GRT seem to be my best performers. Doubled my money in a few months on them. Meanwhile I can't tell whether to dump before the "big crash" comes. Or whether to hold to the moon. Or some strategy in between.

[brandrea]

Originally Posted by HHIslander

Technicals most likely. The next stop is 25k and it’s rushing to get there. It’s not trading on any fundamentals that I’m aware of.

What are the fundamentals relative to crypto currency?

How do you value it? I’m interested in learning more but i don’t understand how it trades.

Is it like a commodity like gold … a finite amount? Is it more like a currency? What underpins its value?

Thank you

[HHIslander]

Originally Posted by brandrea

What are the fundamentals relative to crypto currency?

How do you value it? I’m interested in learning more but i don’t understand how it trades.

Is it like a commodity like gold … a finite amount? Is it more like a currency? What underpins its value?

Thank you

For Bitcoin, it’s practically impossible to give it a value. It doesn’t really have any fundamentals, or at least none that are necessary to give it an accurate value by any generally accepted financial analysis techniques. For btc and other currency/store of value cryptos, there is really nothing that underpins it’s value, other than perhaps the psychology of speculation.

When I was referring to fundamentals, perhaps I should have used the word “news”. It wasn’t moving up for any valid reason that I could see.

It’s neither like gold nor is it a true currency. I’d put it in a class all by itself. That’s part of the problem with it, it’s impossible to find a valid comparison that could help with valuation.

I don’t trade it, but I know some who do. They use nothing but technical analysis and claim to have good results. If you want to learn how to trade it, I’d read up on some basic technical analysis strategies and go from there. Let me know and I can post a few links for some good reads.

Good luck with it.