Author Topic: Cryptocurrencies  (Read 181782 times)

wachtwoord

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Re: Cryptocurrencies
« Reply #920 on: October 29, 2019, 10:20:45 AM »
SD you're saying that the price will be higher if the accessible supply is lower. That is true, but how is that an impairment?

I wish all my investment were impaired in that fashion! It's like a company buying back shares without the associated cost.

Also 21M is not a magical number. It's not even the actual number as the actual number is 2100 trillion units. Arbitrarily 100M of these units is known as a Bitcoin.
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SharperDingaan

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Re: Cryptocurrencies
« Reply #921 on: October 29, 2019, 10:52:45 AM »
Agreed, ’immutable’ just means unchanging.
https://en.wikipedia.org/wiki/Immutable_object

To the coder, coding in Python, this is just an object (stored information) that cannot be changed – it has nothing to do with whether that object is ‘complete’ or not. The widespread view of the ‘tech’ silo.

To the business (user), paying the coder; ‘immutable’ means the record is reliable, and holds ‘no surprises’. The widespread view of the ‘business’ silo; is that if a record is ‘incomplete’, it is unreliable, and impaired. Don’t care why.

The technology removes the intermediaries, places reliance on the coding, and enables automation via the use of smart contracts. In a business, that’s an annual saving of tens of millions, and removes the bulk of the time-tested and well proven human external/internal control apparatus. It also removes the bulk of the sales staff, and the office space currently housing all these people. Fortunately there are simple, practical solutions, to the incomplete record problem.

The mining fee is a transaction cost; hence the more a Bitcoin costs, the more it costs to transact. But like any other business, Bitcoin has to compete against other non-bank payment systems (Hawala, Chiti, Casino's, etc); charge too much, nobody uses Bitcoin (and the higher that fee, the more likely that is to occur.) Some calculate that this transaction cost is extremely high; others claim it is zero - as until we hit the token cap, the 'system' pays, and not the transactors.

My own view is that for most users of Bitcoin, transaction cost is irrelevant (not price sensitive).
I also think that it is not cheap, and that ultimately, price will be used to 'throttle' processing speed (higher speed via fewer, high-value transactions, vs many low-value transactions). Friends in low prices would start at a transaction cost of $1000+ transaction, in return for its 'unique' benefits. Inclined to agree with them. 

SD
« Last Edit: October 30, 2019, 05:37:52 AM by SharperDingaan »

Liberty

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« Last Edit: December 08, 2019, 08:22:42 AM by Liberty »
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Gregmal

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Re: Cryptocurrencies
« Reply #924 on: January 08, 2020, 06:11:42 PM »
If anyone has followed whats gone down the past week or so, I think its incredibly important to notice what has happened with the major cryptos. This was one of the first times I noticed a VERY direct response via price action, responding to macro events, similar to gold, treasuries, and other safe haven instruments.

Often, for things to be effective, they have to be accepted within the context of certain uses. If nothing else, I found this unmistakable correlation to be somewhat landmark.

Now of course we can get back to debating the intrinsic value of voodoo currency...

rkbabang

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Re: Cryptocurrencies
« Reply #925 on: January 09, 2020, 11:54:48 AM »
If anyone has followed whats gone down the past week or so, I think its incredibly important to notice what has happened with the major cryptos. This was one of the first times I noticed a VERY direct response via price action, responding to macro events, similar to gold, treasuries, and other safe haven instruments.

Often, for things to be effective, they have to be accepted within the context of certain uses. If nothing else, I found this unmistakable correlation to be somewhat landmark.

Now of course we can get back to debating the intrinsic value of voodoo currency...

I noticed the same thing.  It shows how people are starting think about it, even though it obviously has no value because it isn't printed on green paper with pictures of good (i.e. dead) politicians on it.

Spekulatius

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Re: Cryptocurrencies
« Reply #926 on: January 09, 2020, 03:37:25 PM »
If anyone has followed whats gone down the past week or so, I think its incredibly important to notice what has happened with the major cryptos. This was one of the first times I noticed a VERY direct response via price action, responding to macro events, similar to gold, treasuries, and other safe haven instruments.

Often, for things to be effective, they have to be accepted within the context of certain uses. If nothing else, I found this unmistakable correlation to be somewhat landmark.

Now of course we can get back to debating the intrinsic value of voodoo currency...

I noticed the same thing.  It shows how people are starting think about it, even though it obviously has no value because it isn't printed on green paper with pictures of good (i.e. dead) politicians on it.

It’s gold for millennials. It’s also a solution if you need to launder money, live in Country with Capital controls and a crappy currency (which typically go hand in hand) and want to transfer you wealth. It might have its limitations, but if you need to move money under the nose from a government, than its the way to go.
Life is too short for cheap beer and wine.

SharperDingaan

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Re: Cryptocurrencies
« Reply #927 on: January 09, 2020, 05:43:57 PM »
If anyone has followed whats gone down the past week or so, I think its incredibly important to notice what has happened with the major cryptos. This was one of the first times I noticed a VERY direct response via price action, responding to macro events, similar to gold, treasuries, and other safe haven instruments.

Often, for things to be effective, they have to be accepted within the context of certain uses. If nothing else, I found this unmistakable correlation to be somewhat landmark.

Now of course we can get back to debating the intrinsic value of voodoo currency...

I noticed the same thing.  It shows how people are starting think about it, even though it obviously has no value because it isn't printed on green paper with pictures of good (i.e. dead) politicians on it.

It’s gold for millennials. It’s also a solution if you need to launder money, live in Country with Capital controls and a crappy currency (which typically go hand in hand) and want to transfer you wealth. It might have its limitations, but if you need to move money under the nose from a government, than its the way to go.

It's just hype. The price change is not unusual, and just happened to coincide with the ME news this time around. Hard to make the case that ME tension was the cause.

SD

TwoCitiesCapital

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Re: Cryptocurrencies
« Reply #928 on: January 10, 2020, 10:06:56 AM »
If anyone has followed whats gone down the past week or so, I think its incredibly important to notice what has happened with the major cryptos. This was one of the first times I noticed a VERY direct response via price action, responding to macro events, similar to gold, treasuries, and other safe haven instruments.

Often, for things to be effective, they have to be accepted within the context of certain uses. If nothing else, I found this unmistakable correlation to be somewhat landmark.

Now of course we can get back to debating the intrinsic value of voodoo currency...

I noticed the same thing.  It shows how people are starting think about it, even though it obviously has no value because it isn't printed on green paper with pictures of good (i.e. dead) politicians on it.

It’s gold for millennials. It’s also a solution if you need to launder money, live in Country with Capital controls and a crappy currency (which typically go hand in hand) and want to transfer you wealth. It might have its limitations, but if you need to move money under the nose from a government, than its the way to go.

It's just hype. The price change is not unusual, and just happened to coincide with the ME news this time around. Hard to make the case that ME tension was the cause.

SD

This is kind of what I was wondering.

Did it pop on the news of Iran and then drop on the quick resolution?

Or did it pop because it was massively oversold and drop because it didn't have the momentum to carry through resistance at 8k.

Hard to say it Iran was causal or coincidental.

Gregmal

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Re: Cryptocurrencies
« Reply #929 on: January 27, 2020, 11:45:45 AM »
Again perky and behaving like a safe haven asset.