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Thread: Cryptocurrency

  1. #91
    Quote Originally Posted by TheRoland View Post

    I do not remember quite enough to summarize the book's thesis fairly but we've learned a lot (of technical, software stuff!) in 4 years that will likely prevent bitcoin from being used as a general currency, which I think was fairly integral to what this book wanted.
    Could you expand or link to something explaining what you mean by this? Are you referring to like how long it takes transactions to be confirmed on chain?

  2. #92
    Quote Originally Posted by JCS View Post
    Could you expand or link to something explaining what you mean by this? Are you referring to like how long it takes transactions to be confirmed on chain?
    That's probably a symptom of technical issues I don't fully understand re: block size and consensus, but yeah, transaction time in the hours is absolutely lethal when the price of bitcoin can change so much while the transaction is still floating (and might not actually be confirmed).

    The other major issues are probably the volatility of gas (the crypto kind). The current $2.00 per transaction isn't killer but that's been 10x that before. If adoption was anywhere near the global banking system, that'd be back at 10x presumably. The power requirement argument is sort-of silly at the moment, but stop being silly if you imagine scaling up from a million enthusiasts to a global banking system. EDIT: Although, really, the current $2.00 is pretty terrible if you're buying something cheap like a box of ammo or a tank of gas.

    I understand the hard limit of total bitcoin is an issue, too, but I'm not an economist so I could take or leave that argument.


    None of this implies there's no point to crypto, but that book was all about that bitcoin was real money and I'm skeptical.
    Last edited by TheRoland; 11-19-2022 at 01:29 PM.

  3. #93
    Quote Originally Posted by Borderland View Post
    Some comparisons to the S&P 500.





    In other words, extremely volatile.
    Can you provide a source for the info you posted on crypto value over time?
    Likes pretty much everything in every caliber.

  4. #94
    I found this for Bitcoin from 2014 to today.

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    Likes pretty much everything in every caliber.

  5. #95
    Everyone that has ever had to transfer a large sum of money to someone has an intrinsic understanding of the value of cryptocurrency and Blockchain ledgers, even if they don't know it yet.

    I remember when Bitcoin crashed from ~$1600 and people said the same things, so I don't really take the current smugness that seriously.

    Cryptocurrency was one of the brief periods where the wingnuts were able to out earn the pros, which is why so many people are attracted to it. That period is over, obviously. That has nothing to do with the underlying tech and utility.

  6. #96
    Quote Originally Posted by MickAK View Post
    Everyone that has ever had to transfer a large sum of money to someone has an intrinsic understanding of the value of cryptocurrency and Blockchain ledgers, even if they don't know it yet.
    .
    What do you mean by this?

  7. #97
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    Quote Originally Posted by GJM View Post
    A lot of people dismiss Buffett due to his age, and assume as an old man he struggles to understand the latest tech. They do so at their own peril.

    I'll add that it was my understanding that one of the claimed advantages of cryptocurrency was the separation from government control of the currency. Looks like the FTX debacle shows that isn't true:
    https://www.msn.com/en-us/money/comp...ts/ar-AA14gGpp
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  8. #98
    Abducted by Aliens Borderland's Avatar
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    Quote Originally Posted by GJM View Post
    Can you provide a source for the info you posted on crypto value over time?


    https://www.moneygeek.com/investing/...ncy-or-stocks/
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  9. #99
    Abducted by Aliens Borderland's Avatar
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    Quote Originally Posted by DMF13 View Post
    A lot of people dismiss Buffett due to his age, and assume as an old man he struggles to understand the latest tech. They do so at their own peril.

    I'll add that it was my understanding that one of the claimed advantages of cryptocurrency was the separation from government control of the currency. Looks like the FTX debacle shows that isn't true:
    https://www.msn.com/en-us/money/comp...ts/ar-AA14gGpp
    I'll go with a savvy investor, which Buffet seems to be, any day of the week. Most financial investors would love to have his record with investments. So yeah, he knows the financial terrain and the places to capitalize on investments. You don't get to be #3 as the guy with the most money on Forbes by making bad moves.

    I'll just question the regulation. Fools rush in.

    https://www.npr.org/2022/11/18/11374...hing-they-can-

    Here's a good one.

    https://youtu.be/hLKa24D1KUk
    Last edited by Borderland; 11-19-2022 at 08:51 PM.
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  10. #100
    Abducted by Aliens Borderland's Avatar
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    Quote Originally Posted by MickAK View Post
    Everyone that has ever had to transfer a large sum of money to someone has an intrinsic understanding of the value of cryptocurrency and Blockchain ledgers, even if they don't know it yet.

    I remember when Bitcoin crashed from ~$1600 and people said the same things, so I don't really take the current smugness that seriously.

    Cryptocurrency was one of the brief periods where the wingnuts were able to out earn the pros, which is why so many people are attracted to it. That period is over, obviously. That has nothing to do with the underlying tech and utility.
    Not true. I know nothing about Crypto and Block Chain. I've done 20k deals with 100 dollar bills as payment with a revolver in my back pocket. No, it wasn't a drug deal. Some people still use cash.

    WTF is wrong with people these days. Try cash and know it's your word and a little trust.

    Banks still take cash the last time I checked.
    Last edited by Borderland; 11-19-2022 at 09:50 PM.
    In the P-F basket of deplorables.

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