Author Topic: Cryptocurrency Thread  (Read 7873 times)

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Offline kevindavis007

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Cryptocurrency Thread
« on: December 04, 2021, 01:30:47 pm »
All things about Cryptocurrency should go here...
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Offline Cyber Liberty

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Re: Cryptocurrency Thread
« Reply #1 on: December 04, 2021, 02:02:12 pm »
:bkmk:
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Offline catfish1957

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Re: Cryptocurrency Thread
« Reply #2 on: December 04, 2021, 11:41:57 pm »
Stickied to the top.  I think we all need to have an open discussion on an area in the next 10 years that will impact us more than any of us realize.  I am hearing grumblings that by 2040 there are some who expect 30-50% of business will be managed in this manner.  This will be especially accelerated here if our country later loses it's status as world reference currency.

I am still trying to get my head around this process and what it means long term as far managing commerce, investing, and it's time and place in our economy.  My kids toy around with investing in it, in small measure, but me...  not my cup of tea.

1st a disclaimer...  Yes, I am an old fogey, and am set in my ways and systems that have served us, and generations before us.  I do know that there is a huge driver to go paperless, coinless, and seamless as possible.

Still there is strong sense of red flags for me, that right now this process is so rife with speculation, swings, and no base of backing, that this is no better than 17th century Dutch Tulips.  A second red flag for me, will be if there is a globalization type slant that skews currency valuation politcally toward certain party or parties.  This has a seedy NWO feel to it.  I don't like that one bit.

3rd and most serious red flag, is having virtual currency seems to inherently ultra dangerous, risky for fraud and hackers.  We've seen how much havoc hackers can do to a business, utility, etc.  Can imagine what would happen if one somehow was able to control currency on a world basis on a few keystrokes.

So my overall take is two thumbs down.  I know this may steam roll me at some point in time, but I for one hope I am long gone and dead before it comes to fruition.

@kevindavis007
« Last Edit: December 15, 2021, 09:52:42 pm by catfish1957 »
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Offline libertybele

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Re: Cryptocurrency Thread
« Reply #3 on: December 05, 2021, 12:01:07 am »
Stickied to the top.  I think we all need to have an open discussion on an area in the next 10 years that will impact us more than any of us realize.  I am hearing grumblings that by 2040 there are some who expect 30-50% of business will be managed in this manner.  This will be especially accelerated if here if our country ater loses it's status as world reference currency.

I am still trying to get my head around this process and what it means long term as far managing commerce, investing, and it's time and place in our economy.  My kids toy around with investing in it, in small measure, but me...  not my cup of tea.

1st a disclaimer...  Yes, I am an old fogey, and am set in my ways and systems that have served us, and generations before us.  I do know that there is a huge driver to go paperless, coinless, and seamless as possible.

Still there is strong sense of red flags for me, that right now this process is so rife with speculation, swings, and no base of backing, that this is no better than 17th century Dutch Tulips.  A second red flag for me, will be if there is a globalization type slant that skews currency valuation politcally toward certain party or parties.  This has a seedy NWO feel to it.  I don't like that one bit.

3rd and most serious red flag, is having virtual currency seems to inherently ultra dangerous and risk for fraud, and hackers.  We've seen how much havoc hackers can do to a business, utility, etc.  Can imagine what would happen if one somehow was able to control currency on a world basis on a few keystrokes.

So my overall take is two thumbs down.  I know this may steam roll me at some point in time, but I for one hope I am long gone and dead before it comes to fruition.

@kevindavis007

Same here and I too am set in my ways.  My overall take is two thumbs down. 

I've become stubborn and still hold up the lines at the grocery store to write a check because it is seen as so old fashioned and no longer acceptable.
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Re: Cryptocurrency Thread
« Reply #4 on: December 05, 2021, 12:07:56 am »
Stickied to the top.  I think we all need to have an open discussion on an area in the next 10 years that will impact us more than any of us realize.  I am hearing grumblings that by 2040 there are some who expect 30-50% of business will be managed in this manner.  This will be especially accelerated if here if our country ater loses it's status as world reference currency.

I am still trying to get my head around this process and what it means long term as far managing commerce, investing, and it's time and place in our economy.  My kids toy around with investing in it, in small measure, but me...  not my cup of tea.

1st a disclaimer...  Yes, I am an old fogey, and am set in my ways and systems that have served us, and generations before us.  I do know that there is a huge driver to go paperless, coinless, and seamless as possible.

Still there is strong sense of red flags for me, that right now this process is so rife with speculation, swings, and no base of backing, that this is no better than 17th century Dutch Tulips.  A second red flag for me, will be if there is a globalization type slant that skews currency valuation politcally toward certain party or parties.  This has a seedy NWO feel to it.  I don't like that one bit.

3rd and most serious red flag, is having virtual currency seems to inherently ultra dangerous and risk for fraud, and hackers.  We've seen how much havoc hackers can do to a business, utility, etc.  Can imagine what would happen if one somehow was able to control currency on a world basis on a few keystrokes.

So my overall take is two thumbs down.  I know this may steam roll me at some point in time, but I for one hope I am long gone and dead before it comes to fruition.

@kevindavis007
Well, I agree. The valuation seems arbitrary, and not based on anything but acceptance. That looks like a bubble, with nothing tangible to fall back on. At least with something like silver or gold, I can make jewelry...

Disclaimer: Having recognized that Rap was just taking 'capping' and 'signifying' (street game) to the next level, I did not anticipate that it would be around long, and certainly not mainstream. To each his or her own, but I think that may have been more wishful thinking than a realistic viewpoint. I grossly underestimated the determination to, and potential for exploiting that market. My views on the future of trends that are at least in part social, may be incorrect, and grossly so.
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Offline catfish1957

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Re: Cryptocurrency Thread
« Reply #5 on: December 05, 2021, 04:36:45 am »
Well, I agree. The valuation seems arbitrary, and not based on anything but acceptance. That looks like a bubble, with nothing tangible to fall back on. At least with something like silver or gold, I can make jewelry...



You are 100% correct.  Arbitrary and apparantly uncontrollably volitile is an understatement.  Look at this Bitcoin valuation chart.  I can say pretty safely that BTC won't be that reference currency when you see swings like this.  Again, OTOH, I fear some international organization like IMF will take the concept, attempt to strip nations of currency sovereignty, and we will be forced into some IMF currency that may crypto in nature.  That day of reckoning (conversion) will be the ultimate day of winners and losers.

« Last Edit: December 14, 2021, 03:03:23 pm by catfish1957 »
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Offline catfish1957

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Re: Cryptocurrency Thread
« Reply #6 on: December 05, 2021, 04:46:27 am »


I've become stubborn and still hold up the lines at the grocery store to write a check because it is seen as so old fashioned and no longer acceptable.

You aren't the only one.  When there are transactions that I want to make sure that are fully documented and recorded, I always use checks.  A picture of a cancelled check shows proof of payment, who, what, when, and where.   When you look at a credit card statment, there are many times, the payee is differnet than you thought.  Sometimes, I have to rack my brain to figure what I item or service I bought in the first plance.   And try to work the system with a transaction number?  Naww... 
I display the Confederate Battle Flag in honor of my great great great grandfathers who spilled blood at Wilson's Creek and Shiloh.  5 others served in the WBTS with honor too.

Offline catfish1957

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Re: Cryptocurrency Thread
« Reply #7 on: December 14, 2021, 01:57:47 pm »
Laura Ingraham had an interesting op-ed point in her monlogue last night about how the millenials have lost faith in the American financial system and feel left behind.  Those points could be argued at length, but one interesting point she made is that she believes that is why there such interest in Crypto (Bitcoin) by this demographic.

Me?  If there is one good takeaway, I hope the young invest small amounts and get to see in real time, how and why large sums of money can evaporate in one speculative "poof".  Some lessons are better learned when you are young.
I display the Confederate Battle Flag in honor of my great great great grandfathers who spilled blood at Wilson's Creek and Shiloh.  5 others served in the WBTS with honor too.

Offline kevindavis007

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Re: Cryptocurrency Thread
« Reply #8 on: December 15, 2021, 09:45:58 pm »
I do think that Crypto is going to be part of our future. The main thing is to be careful there are a lot of scams out there.


There are legit places to get them, like Coinbase or Crypto.
"If we die, we want people to accept it. We're in a risky business, and we hope that if anything happens to us it will not delay the program. The conquest of space is worth the risk of life."

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Offline catfish1957

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Re: Cryptocurrency Thread
« Reply #9 on: December 15, 2021, 10:04:39 pm »
I do think that Crypto is going to be part of our future. The main thing is to be careful there are a lot of scams out there.


There are legit places to get them, like Coinbase or Crypto.

@kevindavis007

Glad you recycled by.  Got some questions...

1. How easily is it to move the coin? 
2. Are you getting the full exchange rate during purchase or disposition?
3. Are there surcharges or other hidden expenses during transactions
4. About what percent of the commerce areas you've dealt with accepts your Crypto?
5. Have you gotten any advice around capital gains when you convert?  1st in,  first out?  Exemptions?
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Offline DefiantMassRINO

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Re: Cryptocurrency Thread
« Reply #10 on: December 15, 2021, 10:16:56 pm »
Crypto is no different than any other means of storing and transferring wealth, like any other free-floating currency.  The value lies in what someone is willing to pay or exchange for it.

In the past, BitCoin spiked when Chinese were desperate to aquire it so they could electronically export their wealth out of China behind the back of the Chinese Communist Party.

The key to it working are the underwriting and reserve margins of the exchanges to support crypto-conversion transactions.  If everyone rushes to sell their BitCoin at once, the exchanges may not have the resources on hand to execute every transaction on demand - exactly what happens when their is a run on a bank.

If the full faith and credit of the United States wasn't available to support the Dollar, it would be just another piece of paper.  In a similar manner, the crypto exchanges are the key to the liquidity of the crypto currency.
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Offline kevindavis007

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Re: Cryptocurrency Thread
« Reply #11 on: December 15, 2021, 10:30:46 pm »
"If we die, we want people to accept it. We're in a risky business, and we hope that if anything happens to us it will not delay the program. The conquest of space is worth the risk of life."

Gus Grissom

Offline catfish1957

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Offline Free Vulcan

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Re: Cryptocurrency Thread
« Reply #13 on: December 18, 2021, 05:14:06 pm »
Like @DefiantMassRINO said, crypto is just another medium of exchange and store of wealth.

As such it falls under the same economic and financial rules like any other economic asset. The problem is the techno geeks, in their usual god-complex hubris, think all the smoke and jargon they utter makes crypto immune from those rules. (My favorite being something that sounds like a junior high drama queen cheerleader, complete with eye roll 'But you're ooooooooooolllllllllllllllld, you are a fossil and just don't understannnnnnnnnnnnd!')

It does not.

All exchangeable assets fall under the most basic rules of economics - scarcity, or lack of it. AKA supply and demand, the ratio and balance thereof.

And a great deal of crypto is about as sound as our own Federal Reserve fiat currency, that can be minted anytime, anywhere, and in any amount. Not exactly a great improvement.

Physical currencies like gold and silver hold value and attract users because they require skin in the game to create, in that case extensive investment in mines and equipment that create a breakeven level as either incentive or disincentive to extract. If metals become too cheap and lose too much value, it will not be worth it to mine, and supply will be static till it does so again.

Bitcoin, the original crypto, is the model for the right kind of currency, at least on a basic level. It requires proof-of-work to be minted, in that case crunching the algorithms before adding them to the block chain. That creates a scarcity pinch point where it's only worth 'mining' if it is worth the time of the miner.

There are a whole bunch of other issues with crypto, such as the privacy of the block chain, the electrical resources used to mine it, and the breadth of distribution of the currency itself, to name a few. There alone have been publicized cases of millions of current dollars of bitcoin being on computers that ended up in the landfill.

So while I'm not against crypto, I try to avoid the hype and look for legit opportunities based on solid principles.
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Offline catfish1957

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Re: Cryptocurrency Thread
« Reply #15 on: December 18, 2021, 10:52:13 pm »
Like @DefiantMassRINO said, crypto is just another medium of exchange and store of wealth.


And a great deal of crypto is about as sound as our own Federal Reserve fiat currency, that can be minted anytime, anywhere, and in any amount. Not exactly a great improvement.



While I am not a fan or strong believer in our own currency.  Look at Reply #5 vs. $USD if you really think there is any analogy of "soundness" between the two.  Stability like that would debilitate the financial markets.
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Offline Bigun

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Re: Cryptocurrency Thread
« Reply #16 on: December 18, 2021, 11:29:56 pm »
Gold, Silver, Platinum, Diamonds, and other things with intrinsic value.
"I wish it need not have happened in my time," said Frodo.

"So do I," said Gandalf, "and so do all who live to see such times. But that is not for them to decide. All we have to decide is what to do with the time that is given us."
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Offline Free Vulcan

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Re: Cryptocurrency Thread
« Reply #17 on: December 19, 2021, 02:48:24 am »
While I am not a fan or strong believer in our own currency.  Look at Reply #5 vs. $USD if you really think there is any analogy of "soundness" between the two.  Stability like that would debilitate the financial markets.

This is a whole new market. It will be wild west for awhile.

I wouldn't recommend most people buying into it.
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Offline kevindavis007

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Re: Cryptocurrency Thread
« Reply #18 on: January 02, 2022, 01:42:50 pm »
"If we die, we want people to accept it. We're in a risky business, and we hope that if anything happens to us it will not delay the program. The conquest of space is worth the risk of life."

Gus Grissom

Offline kevindavis007

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Re: Cryptocurrency Thread
« Reply #19 on: January 02, 2022, 01:47:02 pm »
"If we die, we want people to accept it. We're in a risky business, and we hope that if anything happens to us it will not delay the program. The conquest of space is worth the risk of life."

Gus Grissom

Offline Gefn

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Re: Cryptocurrency Thread
« Reply #20 on: January 02, 2022, 01:53:49 pm »
Bkmark
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Offline catfish1957

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Re: Cryptocurrency Thread
« Reply #21 on: January 02, 2022, 01:53:50 pm »
Amazon Crypto Token 2022: When is Amazon launching it?
https://www.marca.com/en/lifestyle/us-news/2021/12/20/61c0c786e2704e09078b457a.html

If I am forced to go Crypto, might as well as find one with some semeblence of political alignment....    :silly:

https://coinmarketcap.com/currencies/lets-go-brandon/



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Offline kevindavis007

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Re: Cryptocurrency Thread
« Reply #22 on: January 02, 2022, 04:19:24 pm »
If I am forced to go Crypto, might as well as find one with some semeblence of political alignment....    :silly:

https://coinmarketcap.com/currencies/lets-go-brandon/




This is my favorite Crypto:



Dogecoin
https://dogecoin.com/


and my second favorite:



Shiba Inu
https://www.shibatoken.com/
"If we die, we want people to accept it. We're in a risky business, and we hope that if anything happens to us it will not delay the program. The conquest of space is worth the risk of life."

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Offline kevindavis007

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Re: Cryptocurrency Thread
« Reply #23 on: January 08, 2022, 07:50:03 pm »
"If we die, we want people to accept it. We're in a risky business, and we hope that if anything happens to us it will not delay the program. The conquest of space is worth the risk of life."

Gus Grissom

Offline catfish1957

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Re: Cryptocurrency Thread
« Reply #24 on: January 31, 2022, 03:39:29 pm »
Saw where BTC has been as low as $33K  of late.  Any comments on causes or market conditions from our partipants?
I display the Confederate Battle Flag in honor of my great great great grandfathers who spilled blood at Wilson's Creek and Shiloh.  5 others served in the WBTS with honor too.