Crypto predictions, dead or not.

Would you buy any crypto

  • Yes

    Votes: 8 28.6%
  • No

    Votes: 12 42.9%
  • Go back to south Australia

    Votes: 8 28.6%

  • Total voters
    28

dirtdad

Likes Dirt
Cryptocurrency is just an attempt for criminals to make their job easier.
It has no redeeming features.
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...
 

PINT of Stella. mate!

Many, many Scotches
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...
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?
 

Flow-Rider

Wheel size expert
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?
There's nothing backing the currency, that is the worry, but the world in a weird place in time and dumb shit holds value.

377526
 

Tubbsy

will do custom titles for cash
Staff member
Wouldn't that question be just as relevant, if not more so for fiat currencies?
Or ask the Argentinians about their experience.

My understanding about the Bitcoin is that there’s a finite amount; once they’re all discovered there will be no more. So scarcity will play a part in future values, like many commodities. Not all crypto is finite, so inflationary risks will vary.

Warren Buffett is not a fan apparently. Like so many investments, dO yoR pwn rEserches, plenty of respectable white-collar types have made money from dealings with questionable legal and environmental consequences down the chain.

Any criticism of Bitcoin is going to need at least a passing reference to its fiat equivalent, Shirley.




Tedious but apparently necessary disclaimer: I don’t own any, and don’t advocate for or against crypto. Just making conversation.
 

PINT of Stella. mate!

Many, many Scotches
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!

Occasionally you’ll get rogue situations like Zimbabwean dollars or the rouble in the ‘90’s but ultimately fiat currencies are regulated by central banks/reserves etc. and there are safeguards against counterfeiting and oversupply.

Technologically speaking the value of a dollar isn’t going to change by much just because they start using plastic bank notes instead of paper 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.

This whole “‘ra ra’ my money is free from gummint control” is basically just another libertarian wet dream and ultimately destined to go the same way as every libertarian utopia attempted in the past.
 

droenn

Eats Squid
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.
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.
 

PINT of Stella. mate!

Many, many Scotches
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.
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 of course, it’s yesterday’s news in which case my original point still stands.


*Incidentally as we all know there is a worldwide semiconductor shortage on the go right now and I can’t buy my long-listed for GR Yaris because fucking Toyota have stopped taking orders because of this chip shortage. Same goes for the PS5!
The last thing we need is to be wasting what little available silicon we have on perpetuating this invisible nerd token pyramid scheme!
 

safreek

Vealcake
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 :D 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:D 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
 

Flow-Rider

Wheel size expert
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 :D 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:D 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
What firm are you using to buy and sell?

(Share market)
When large companies go insolvent or into receivership, there's an order to which people that are owed money get paid, understanding money going in and out, and possible losses is quite a job in itself, even accountants struggle with it. It's up to yourself to do the research or pay someone to do it for you to check what assets a company holds to back their shares, there's still ways that CEO's can lie and thieve this shit too but sold assets are usually listed on financial reports. Some companies do hold assets of value, some sell the assets or borrow against them to grow the business, some sell the assets to bump up the figures so that CEO's can quit and retire with profits from their allocated shares in the company. The type of stuff that goes on in companies could be written into a book with 2000 pages.
 

SummitFever

Eats Squid
we’re not far off having quantum computing capability...
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.

Quantum computing may well get there or it may be another room temperature superconductor / cold fusion etc.
 

Flow-Rider

Wheel size expert
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.
Some people deliberately sell at a loss and then rebuy when the price is a lot lower.
 

safreek

Vealcake
Some people deliberately sell at a loss and then rebuy when the price is a lot lower.
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 man
 
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