Author Topic: Cryptocurrencies  (Read 106166 times)

Aberhound

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Re: Cryptocurrencies
« Reply #430 on: January 19, 2018, 11:43:10 AM »
Crypto-currencies are of course wonderful inventions and are of great use - for drug dealers and terrorists.

This is really the bull case. If the economy for criminals, terrorists, tax evaders, and money launderers is large enough (and it is), some of these tokens might actually have value as currencies. But which token will become the fiat currency of the underworld? There is a pretty good chance it hasn't even been invented yet. Are we still at the Napster stage of digital currencies?
This is why I don't think there will be a Fedcoin. If there is a Fedcoin then politics means that eventually the government drug dealer and terrorism ops will come out just like we are now finding out about ISIS. I think instead there will be private cryptos, some of them set up by intelligence agencies or their friends. It is part of the trend of changing from the public wave to the private wave. When computers record everything it is no longer possible to have big government with big secrets. It will be much safer to have small government and big secrets hidden among millions of private companies.


SharperDingaan

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Re: Cryptocurrencies
« Reply #431 on: January 19, 2018, 12:41:18 PM »
Crypto-currencies are of course wonderful inventions and are of great use - for drug dealers and terrorists.

This is really the bull case. If the economy for criminals, terrorists, tax evaders, and money launderers is large enough (and it is), some of these tokens might actually have value as currencies. But which token will become the fiat currency of the underworld? There is a pretty good chance it hasn't even been invented yet. Are we still at the Napster stage of digital currencies?
This is why I don't think there will be a Fedcoin. If there is a Fedcoin then politics means that eventually the government drug dealer and terrorism ops will come out just like we are now finding out about ISIS. I think instead there will be private cryptos, some of them set up by intelligence agencies or their friends. It is part of the trend of changing from the public wave to the private wave. When computers record everything it is no longer possible to have big government with big secrets. It will be much safer to have small government and big secrets hidden among millions of private companies.

The beauty of the Bitcoin is that nobody could possibly have come up with a better 'store of value' for the underground economy; and the more distrusted 'big brother' is, the better this works! (the libertarian dream). The more 'mainstream' it becomes, the more valuable it becomes as well - as the greater variety and quantity of 'scum' produce network effects. http://www.starwars.com/video/my-kind-of-scum.

The more obvious 'containment' is the creation of ONE single direct CB competitor to Bitcoin, that 'rules them all' (other private currencies).
Fearless and inventive!

SD
 

clutch

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Re: Cryptocurrencies
« Reply #432 on: January 20, 2018, 08:16:10 AM »
Spent a couple hours studying cryptocurrencies and my brain feels the same way as when I studied the Efficient Market Hypothesis in my MBA. A bunch of real smart people suffering from a mass delusion. A libertarian fever dream mixed with some of the most elegant ponzi schemes ever devised. GLTA.

To crypto bulls, you probably look like this:
https://www.youtube.com/watch?v=UlJku_CSyNg

(i'm joking here; take it lightly)

rkbabang

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Re: Cryptocurrencies
« Reply #433 on: January 20, 2018, 10:46:01 AM »
Spent a couple hours studying cryptocurrencies and my brain feels the same way as when I studied the Efficient Market Hypothesis in my MBA. A bunch of real smart people suffering from a mass delusion. A libertarian fever dream mixed with some of the most elegant ponzi schemes ever devised. GLTA.

To crypto bulls, you probably look like this:
https://www.youtube.com/watch?v=UlJku_CSyNg

(i'm joking here; take it lightly)

I would think that is more a representation of people who still don’t get it.

Funny story.  My son just build his own gaming computer (an i7 7700k with a 1070 ti video card) and I was telling him last night that he should try to mine some altcoins and earn some of his money back.  My wife said, “so if he starts mining, how does he get his check?”.

roughlyright

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Re: Cryptocurrencies
« Reply #434 on: January 20, 2018, 10:54:40 AM »
RKbabang,

  What altcoins are you bullish on? do you care to share your thesis on the coin which is your highest conviction idea?

RichardGibbons

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Re: Cryptocurrencies
« Reply #435 on: January 20, 2018, 11:18:50 AM »
My son just build his own gaming computer (an i7 7700k with a 1070 ti video card) and I was telling him last night that he should try to mine some altcoins and earn some of his money back.  My wife said, “so if he starts mining, how does he get his check?”.

FWIW, I am mining zcash with a 1070, and recently I've been making in the region of $3-5 per day.  At this instant, it's $3.54 per day.  Your son's 1070 TI should be slightly better than that. 

It's not going to make anyone wealthy, but it's pretty fun.


rb

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Re: Cryptocurrencies
« Reply #436 on: January 20, 2018, 11:59:53 AM »
I would think that is more a representation of people who still don’t get it.

Funny story.  My son just build his own gaming computer (an i7 7700k with a 1070 ti video card) and I was telling him last night that he should try to mine some altcoins and earn some of his money back.  My wife said, “so if he starts mining, how does he get his check?”.
Next time get a Xeon and save yourself some money.

rkbabang

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Re: Cryptocurrencies
« Reply #437 on: January 20, 2018, 04:53:20 PM »
My son just build his own gaming computer (an i7 7700k with a 1070 ti video card) and I was telling him last night that he should try to mine some altcoins and earn some of his money back.  My wife said, “so if he starts mining, how does he get his check?”.

FWIW, I am mining zcash with a 1070, and recently I've been making in the region of $3-5 per day.  At this instant, it's $3.54 per day.  Your son's 1070 TI should be slightly better than that. 

It's not going to make anyone wealthy, but it's pretty fun.

We were looking into Zcash, Monero, Ether, etc but he decided to try this https://www.nicehash.com/cpu-gpu-mining

They use both your GPU and CPU and have you mine whatever is most profitable at the moment with each of them. They are about 1% more expensive than most pools, but you should make up the difference in higher earnings. It says that he is earning between $5.50 and $6.00 per day right now (it changes from second to second). Yes I know they were hacked a month ago, but I figure if you cash out once in a while there will never be much in there to loose. And they changed their setup so that every transfer out of their system is human approved so that should mitigate someone hacking in and wiping out all the accounts again.
« Last Edit: January 20, 2018, 04:55:51 PM by rkbabang »

Cardboard

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Re: Cryptocurrencies
« Reply #438 on: January 21, 2018, 07:31:42 AM »
"It says that he is earning between $5.50 and $6.00 per day right now (it changes from second to second). Yes I know they were hacked a month ago, but I figure if you cash out once in a while there will never be much in there to loose."

You cash out hmmm?

Sounds like a heck of a store of value. As soon as you make a few dollars, you want to leave asap because you are afraid of hacks. Then back to good old fiat despite its depreciating value.

I can only imagine what will happen to crypto values in the next crash when people rush to get their hands on liquid. They were selling their gold in the Great Recession to access liquidity...

Cardboard

clutch

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Re: Cryptocurrencies
« Reply #439 on: January 21, 2018, 07:55:17 AM »
"It says that he is earning between $5.50 and $6.00 per day right now (it changes from second to second). Yes I know they were hacked a month ago, but I figure if you cash out once in a while there will never be much in there to loose."

You cash out hmmm?

Sounds like a heck of a store of value. As soon as you make a few dollars, you want to leave asap because you are afraid of hacks. Then back to good old fiat despite its depreciating value.

I can only imagine what will happen to crypto values in the next crash when people rush to get their hands on liquid. They were selling their gold in the Great Recession to access liquidity...

Cardboard

So then gold isn't a store of value?