ESOC Crypto Corner

[Goodspeed]

Skeptics predict it will go further down before it goes back up.

If they didn't they wouldn't be skeptics

[Gendarme]

:hleung:

[Googol]

:hleung:

oos

[Radix_Lecti]

should be back at pre hype 4k soon.

[Snuden]

Skeptics predict it will go further down before it goes back up.

If they didn't they wouldn't be skeptics

So skeptics think it will go all the way down to 0?

[matty1248]

It's strange to me that so much of this 52 page thread is about people wanting to make a quick buck and the opposing doubters sticking their oar in to call it a bubble and a bad investment.
The real interest in crypto currency for me is that it can entirely wipe out every manual aspect of financial sector, from banking to lending to accountancy and also it's potential to lead to something closer to a true form of capitalism, balancing global finances and destroying the boom and bust trends of the last 50 years and more.
Almost none of our high street banks contain actual 'bankers' anymore, they are occupied by employees who simply put our information into their system and fecilitate very simple transactions we are making, and the amount of money required to operate these franchises and pay the staff is monumental. At the top end of the system you have the most valued real estate in our principle cities occupied by people who do actually work with numbers and have significant responsibilities, many of whom are unscrupulous and driven by greed. The cryptocurrency system negates the need for any of these things by simply doing all the work electronically.
Crpto can also remove human error entirely and remove the responsibility from people like those who created the 2008 financial bubble through subprime mortgage lending when the risks were so clear. As well as this it can spread the load on a global scale rather than on a national scale when there financial problems do emerge for one reason or another. The constitution of currency and finance can become a global democratic issue rather than a corporate and political football.
Lending is also simplified and becomes something like a pier to pier system, there can be a fairly stable global excess of money/'savings' which is pooled and a persons eligability to borrow from that pool will depend on their credit rating.
Accounting can also clearly become massively simplified in a world which trades exclusively in crypto just at the click of a button.
Whether the system is over inflated at this point and or failing to deliver whats required from it, the end goal and product is rather simple and clear to see and, possibly the main benefit/objective is to balance the playing field globally and to reduce the risk of 'bubbles' emerging.
It does, however, appear that it will take a long time to get to the point of crypto becoming the mainstream currency, but not for any technological reason. I would speculatively suggest that their are some big financial players encouraging turbulance in the market at this stage to try to propogate fear in smaller genuine investors, probably the market cap will need to go well beyond a trillion dollars before manipulation is beyond these players capability if it's even possible.
Also, whilst it may be true that no one can stop the block chain without closing down the entire internet, most western governments haven't really had much input on what they will accept here. If the government decides one day that it only wants one crypto currency of their choosing to be accepted as tender by merchants then it's not a hard step for them to take and whichever crypto currency you are invested in will simply die a death, regardless of whether the block chain is still active. It could well come to be that governments decide that they still want their own exclusive national currency's and in this way negate many of the potential benefits of crypto whilst they maintain this policy

[Snuden]

It's strange to me that so much of this 52 page thread is about people wanting to make a quick buck and the opposing doubters sticking their oar in to call it a bubble and a bad investment.

The real interest in crypto currency for me is that it can entirely wipe out every manual aspect of financial sector, from banking to lending to accountancy and also it's potential to lead to something closer to a true form of capitalism, balancing global finances and destroying the boom and bust trends of the last 50 years and more.

Almost none of our high street banks contain actual 'bankers' anymore, they are occupied by employees who simply put our information into their system and fecilitate very simple transactions we are making, and the amount of money required to operate these franchises and pay the staff is monumental. At the top end of the system you have the most valued real estate in our principle cities occupied by people who do actually work with numbers and have significant responsibilities, many of whom are unscrupulous and driven by greed. The cryptocurrency system negates the need for any of these things by simply doing all the work electronically.

Crpto can also remove human error entirely and remove the responsibility from people like those who created the 2008 financial bubble through subprime mortgage lending when the risks were so clear. As well as this it can spread the load on a global scale rather than on a national scale when there financial problems do emerge for one reason or another. The constitution of currency and finance can become a global democratic issue rather than a corporate and political football.

Lending is also simplified and becomes something like a pier to pier system, there can be a fairly stable global excess of money/'savings' which is pooled and a persons eligability to borrow from that pool will depend on their credit rating.
Accounting can also clearly become massively simplified in a world which trades exclusively in crypto just at the click of a button.

Whether the system is over inflated at this point and or failing to deliver whats required from it, the end goal and product is rather simple and clear to see and, possibly the main benefit/objective is to balance the playing field globally and to reduce the risk of 'bubbles' emerging.

It does, however, appear that it will take a long time to get to the point of crypto becoming the mainstream currency, but not for any technological reason. I would speculatively suggest that their are some big financial players encouraging turbulance in the market at this stage to try to propogate fear in smaller genuine investors, probably the market cap will need to go well beyond a trillion dollars before manipulation is beyond these players capability if it's even possible.

Also, whilst it may be true that no one can stop the block chain without closing down the entire internet, most western governments haven't really had much input on what they will accept here. If the government decides one day that it only wants one crypto currency of their choosing to be accepted as tender by merchants then it's not a hard step for them to take and whichever crypto currency you are invested in will simply die a death, regardless of whether the block chain is still active. It could well come to be that governments decide that they still want their own exclusive national currency's and in this way negate many of the potential benefits of crypto whilst they maintain this policy

[Goodspeed]

It's strange to me that so much of this 52 page thread is about people wanting to make a quick buck and the opposing doubters sticking their oar in to call it a bubble and a bad investment.

Strange? I'd think it's exactly what you'd expect.

Software is in the process of transforming every industry. That includes the financial sector. Digital money is obviously going to be a thing. But the significance of applying blockchain to it is vastly overstated imo. The dollar itself is not far from being a digital currency. Who still uses cash? The change doesn't require blockchain at all. Smart contracts are great, instant overseas payments are great, but none of it requires blockchain. It's certainly one way to do it, but idk why people call it revolutionary.

[matty1248]

Well to be honest i don't frequent many forums, but with reference to my own perspective i find it strange.

I am in agreement that i don't really see the blockchain as fundamental, and in all honesty i don't have a strong understanding of it, it's simply the automation factor that i see value in. I'm sure a secure system can be achieved, and i don't think it's really a technological aspect that is restricting the progress of crypto. I suppose protectionism, understanding, conservatism and so on are the main hurdles to be crossed, and these are not factors to be diminished, progress must be kept in check and potential systematic problems should be very closely analysed.

[Vinyanyérë]

Robinhood is a good app because they send me push notifications whenever bitcoin crashes.

[Gendarme]

Man the days at $7,700 were rather grim. Finally the short paid off, although I suspect that this is only the beginning. This is probably going to crash hard.

[Gendarme]

There's blood in the streets.

[spanky4ever]

There's blood in the streets.

told you months ago first your on the hype for it, and now your in for the down of it - "good luck"

[Gendarme]

https://en.wikipedia.org/wiki/Trade

[spanky4ever]

hope you are not cleaned out @Snuden - honestly

[spanky4ever]

https://en.wikipedia.org/wiki/Trade

you flatter yourself 2 much turncoat

[Vinyanyérë]

https://en.wikipedia.org/wiki/Trade

Have you made money yet

[Gendarme]

I've been shorting with 5x leverage since $8,500. Not a large amount (because I lost a lot of money earlier with some bad moves), but yeah I've profited.

[Goodspeed]

You might be in over your head. You may think you're smarter than the market but you're effectively gambling

[Gendarme]

I might.

[Snuden]

hope you are not cleaned out @Snuden - honestly

?

EDIT: Guess I can't fault you for being dumb, you probably mean well.

As I have said 666 times, you only lose money when you SELL. Besides, I make MORE crypto when prices goes down, as whatever I do, the price is tied to fiat. Let's say that I made 1 ETH daily a week ago, I make 1.3 ETH a day with current rate.

The price could go to $1/1 ETH for all I care, I would just make more ETH. A drop of 25% in 2 days followed by a raise of 25% within a day would hurt me.

Thanks for your concern though.

[spanky4ever]

pure speculations then, and not "this is a fair currency" shit - lol @Snuden your just to much

[Snuden]

I doubt I have ever said "this is a fair currency"
I have probably said something like "this is a perfect means of payment" and/or "the technology is amazing in many cases"

Only an idiot would calculate anything in pure crypto at this point.

[Snuden]

FFS WOMAN!
I was just about to sleep and then I read how you apparently think everybody is an idiot.

Now I am wide awake!

[Snuden]

Kek.