We're already virtually cash-less. Even prior to COVID and the hygiene issues of physical notes, Paywave and other contactless methods were ubiquitous. I had two overseas holidays in a row where I came home without a single note of local currency.Wait until the Central Banks get hold of it and ban physical cash!
I don't know whether i fear criminals with crypto or governments with crypto more...
There's nothing backing the currency, that is the worry, but the world in a weird place in time and dumb shit holds value.We're already virtually cash-less. Even prior to COVID and the hygiene issues of physical notes, Paywave and other contactless methods were ubiquitous. I had two overseas holidays in a row where I came home without a single note of local currency.
BTW. Quick question to the cryptofans. What happens when your crypto of choice becomes rendered obsolete by the sheer pace of technological advancement?
I've already seen plenty of people on here say that Bitcoin's environmental issues are irrelevant because there are cleaner, more efficient CCs out there but what are going to be the shelf life of those currencies? If someone has a breakthrough and manages to mine a particular currency much more efficiently then aren't you looking at a flooded market and devaluation?
Or ask the Argentinians about their experience.Wouldn't that question be just as relevant, if not more so for fiat currencies?
Not as relevant as most currencies are tied to the GDP of the country (or group of countries in the case of the Euro) where they are produced and are usually the entire base of economies. If I work internationally I make sure I’m getting paid in USD, euros or pounds because I know they’re not going to collapse in value overnight!Wouldn't that question be just as relevant, if not more so for fiat currencies?
Unless you’re speculating on what quantum computing might do, this is not really how it works. And computation speed only relevant to PoW platforms.but faster processors and more efficient algorithms will lead to faster mining of a crypto currency automatically devaluing it and there’s no central authority to stop that from happening.
we’re not far off having quantum computing capability and the fact that the computation speed is only relevant to PoW belies the fact that iirc Bitcoin - the largest and most widely known crypto by a country mile- is part of the Proof of Work family and therefore still very much important to the argument.Unless you’re speculating on what quantum computing might do, this is not really how it works. And computation speed only relevant to PoW platforms.
What firm are you using to buy and sell?OK, I'm back.
Haven't really had much to say about my investment into crypt, it all went negative about 3 weeks after I started, fluctuating from 20% up to 45% down. 65% down was a hard, bitter pill to swallow but I stuck with it putting more and more money in. My main single crypto was eth and I was pretty chuffed when I finally possessed a complete coin/token whatever you wish to call it.
Some was bought at ATH and some in total dip, in the end it worked out to be around $2600 averaged for the coin. I set a sell limit of $4000 really as a bit of a joke to myself as I never expected it to reach that til next year.
I woke up a couple days ago to an email telling me that my coin had been sold fucken bam, $1400 profit. Now I sit back waiting for it to dip again, I hope.
I have crypto not linked to eth and it has gone up slowly but all the crypto I have that is used through etc is 15 to 20% up.
It is certainly a game for the strong minded, many a time I questioned my commitment as did my partner.
I am still committed to crypto and all money from profits will go back into it when dips happen.
I am now selling vintage bike parts to get ready for the recession and the inevitable crash of a totally overpriced stock market.
The thing that really cracks me up is that people think stocks are backed by real assets, let's just say you have shares in a huge multinational, if they go broke do you really think you will get a cracker back. Good luck on that, they are all financed by banks and banks take the front seat on being paid first.
Seriously, afterpay has no real assets, it's a paper business that can give nothing back if liquidated. Funny that, bit like a shitcoin in crypto
The sort of quantum computing capability that can crack crypto currencies (and other large prime number based encryption/signing techniques) is still a long way off. Current state of the art (from memory) is around 53 qubits. You need about 1,000,000 qubits to crack current crypto with a quantum computer. Scaling quantum computers has very real issues, so a 128 qubit machine is much more than twice as difficult as a 64 qubit machine. The quantum effects / superpositioning that make quantum computers so amazing are the exact things that make it so difficult to have many qubits operating in a coordinated manner.we’re not far off having quantum computing capability...
Can carry losses forward to subsequent years too. It may be beneficial to sell some of your shit coins in the same year to offset their loss against the ETH.Unfortunately yes, have been led to believe you can claim losses as well. Will see at next tax time. Still a pretty good gain
To be honest I nearly crumbled around Month ago, pretty hard to sell at much of a loss, portfolio now only 2% down. Seems weird but I want everything to drop so I can get in for a lot more. I prefer big profit over tax losses. Damn, that just made me realize I am an old manSome people deliberately sell at a loss and then rebuy when the price is a lot lower.