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No Excuses

CNBC: Ethereum hits another record high, marking a more than 2,800% rally this year

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blood bath last night/this morning. HODL! Nothing goes up like that without correcting. Bitcoin has corrected like that 6 times in 2017 alone

 

XRP is still cruising

Edited by Skinz4Life12

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Yeah, even if I thought I had some idea what I'm doing (I don't) I just don't trust some random internet middleman with my money in a market that's largely speculation-based right now anyway.

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9 minutes ago, dfitzo53 said:

Yeah, even if I thought I had some idea what I'm doing (I don't) I just don't trust some random internet middleman with my money in a market that's largely speculation-based right now anyway.

 

You can always store your coins offline in a cold storage wallet

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4 minutes ago, tshile said:

Coinbase shut down trading

Such a shady system

 

Every single crypto exchange is shady. They all have something that really makes you raise your eyebrows.

 

If someone really wants to doubt what is going on in the crypto world, read this:

 

https://medium.com/@bitfinexed/bitfinex-never-repaid-their-tokens-bitfinex-started-a-ponzi-scheme-86a9291add29

 

This could all be a ponzi scheme.

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23 minutes ago, dfitzo53 said:

Yeah, even if I thought I had some idea what I'm doing (I don't) I just don't trust some random internet middleman with my money in a market that's largely speculation-based right now anyway.

 

Largely?   How about entirely?

 

 

5 minutes ago, No Excuses said:

 

 

This could all be a ponzi scheme.

 

 

tumblr_nct2tr_XRA41tq4of6o1_400.gif

Edited by Predicto
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15 minutes ago, Predicto said:

 

Largely?   How about entirely?

The way I originally typed the post I had used the word "totally", but I figured somebody would come along and point out some technicality about how bitcoin is currently used to pay for some things so it has an actual market relevance blah blah blah.  I used largely just to avoid anybody trying to nitpick.

 

Thanks Predicto.  Thanks for ruining Christmas.

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Just now, dfitzo53 said:

The way I originally typed the post I had used the word "totally", but I figured somebody would come along and point out some technicality about how bitcoin is currently used to pay for some things so it has an actual market relevance blah blah blah.  I used largely just to avoid anybody trying to nitpick.

 

Thanks Predicto.  Thanks for ruining Christmas.

 

 

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2 hours ago, Predicto said:

 

tumblr_nct2tr_XRA41tq4of6o1_400.gif

 

I think we will very likely see some cryptocurrencies adopted into the mainstream.

 

When the housing bubble crashed, it didn't mean that the houses and real estate itself was inherently toxic. 

 

I think the crypto market is flooded with horse**** and is badly in need of regulation, which will inevitably arise over time as it's adopted more and more. 

 

That's why I think right now it largely is a market propped up by just complete nonsense and likely a ton of fraud, but that doesn't mean the underlying technology is worthless. What's happening in the crypto world is really what happens when a lot of money is in play, and very little in place to regulate it fairly and honestly.

 

It's an industry ripe for fraud right now.

Edited by No Excuses

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4 minutes ago, No Excuses said:

 

I think we will very likely see some cryptocurrencies adopted into the mainstream.

 

When the housing bubble crashed, it didn't mean that the houses and real estate itself was inherently toxic. 

 

 

Cryptocurrencies may be adopted into the mainstream someday, but that doesn't mean they have any inherent value on their own. 

 

When the housing bubble crashed, the houses and real estate were still there.   With crypto currencies, there is nothing there except a huge waste of energy and server space.  There are no houses underlying those prices.  There aren't even any beanie babies.   

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Just now, Predicto said:

 

Cryptocurrencies may be adopted into the mainstream someday, but that doesn't mean they have any inherent value on their own. 

 

When the housing bubble crashed, the houses and real estate were still there.   With crypto currencies, there is nothing there except a huge waste of energy and server space.  There are no houses underlying those prices.  There aren't even any beanie babies.   

Yeah that's my issue...

 

The thing is it seems mostly propped up by people who think the lack of intrinsic value can be related to fiat.

 

Essentially, they have no idea how any currency works therefore to them they're all equal in terms of legitimacy.

 

My friends are all over this stuff and are making some money but listening to them talk is hilarious.

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9 minutes ago, Predicto said:

There are no houses underlying those prices.  There aren't even any beanie babies.   

 

 

This isn't really true.

 

Major businesses, like Disney, are already trying to see how they can integrate blockchain technology into their operations.

 

http://www.newsbtc.com/2017/09/25/dragonchain-disney-cryptocurrency-tech/

 

Sure it's all a bit theoretical at the moment, but that's really the case for any new technology. I don't think anyone should be dumping their live savings into cryptocurrencies, but it's really not that ludicrous to have a diversified portfolio for some crypto's that are generating significant market interest from companies and governments.

7 minutes ago, Springfield said:

Why should I pay for something using cryptocurrency instead of USD?

 

I don't think cryptocurrencies will have value for common people initially. It will mostly be used by corporations and governments for security and anti-fraud purposes.

Edited by No Excuses

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31 minutes ago, No Excuses said:

Major businesses, like Disney, are already trying to see how they can integrate blockchain technology into their operations.

How is implementing blockchain to simplify the record keeping system related to crypto currencies and value?

 

 

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52 minutes ago, tshile said:

Yeah that's my issue...

 

The thing is it seems mostly propped up by people who think the lack of intrinsic value can be related to fiat.

 

Essentially, they have no idea how any currency works therefore to them they're all equal in terms of legitimacy.

 

My friends are all over this stuff and are making some money but listening to them talk is hilarious.

 

 

Yep.  Whenever you hear anyone start rambling about "fiat money" you can be 99.9% sure that they have zero understanding of actual economics, and are just parroting some pseudo-Austrian econobabble that they read on a blog or message board.  

 

(the other 0.1% are scammers pushing the bubble for their own gain)

Edited by Predicto
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39 minutes ago, No Excuses said:

 

 

This isn't really true.

 

Major businesses, like Disney, are already trying to see how they can integrate blockchain technology into their operations.

 

http://www.newsbtc.com/2017/09/25/dragonchain-disney-cryptocurrency-tech/

 

Sure it's all a bit theoretical at the moment, but that's really the case for any new technology. I don't think anyone should be dumping their live savings into cryptocurrencies, but it's really not that ludicrous to have a diversified portfolio for some crypto's that are generating significant market interest from companies and governments.

 

I don't think cryptocurrencies will have value for common people initially. It will mostly be used by corporations and governments for security and anti-fraud purposes.

 

You are missing the point.  When Bitcoin goes up 1000% in value, what does that rise in value represent?  You compared it to the housing market, but the housing market represents the theoretical value of the underlying houses.  The US Dollar represents the underlying economic activity of the entire United States economy. 

 

What does a bitcoin actually represent as an INVESTMENT, and why does the fact that a business like Disney might possibly "integrate blockchain technology into its operations" someday suddenly give an individual bitcoin some enormous and ever growing value?  

 

Other than the effect of greed and magical thinking that has motivated every other bubble and ponzi scheme in history, from the tulip bulb mania of 17th Century Holland to the Beanie Babies of 1990s America?  

 

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Regardless of what happens, I guarantee McD5 bought bitcoin when it was at $998 and sold it just before this bloodbath.

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2 minutes ago, Forehead said:

Regardless of what happens, I guarantee McD5 bought bitcoin when it was at $998 and sold it just before this bloodbath.

 

Oh, don't worry about him.  He's already retired to this house in the Caymans.

 

mansion.jpg

 

This is his car

 

aventador-sv.jpg

 

 

this is his new wife

 

model.jpg

 

 

And this is his mistress

 

mistress.jpg

 

they're really good friends, actually, but they are happy to share him.

 

 

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18 minutes ago, Predicto said:

 

You are missing the point.  When Bitcoin goes up 1000% in value, what does that rise in value represent?  You compared it to the housing market, but the housing market represents the theoretical value of the underlying houses.  The US Dollar represents the underlying economic activity of the entire United States economy. 

 

What does a bitcoin actually represent as an INVESTMENT, and why does the fact that a business like Disney might possibly "integrate blockchain technology into its operations" someday suddenly give an individual bitcoin some enormous and ever growing value? 

 

Bitcoin isn't the only player in the market. 

 

And I agree that we have no idea of the real value of mostly any cryptocurrency.

 

I think the industry is chalk full of scams, frauds and artificial value inflation. I think this is entirely a product of the fact that it's poorly regulated and has no oversight. That doesn't take away from the fact that the technology itself is legitimate and offers real world application.

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26 minutes ago, Predicto said:

 

What does a bitcoin actually represent as an INVESTMENT,

 

 

You mean like gold and silver?

 

 

4 hours ago, dfitzo53 said:

Yeah, even if I thought I had some idea what I'm doing (I don't) I just don't trust some random internet middleman with my money in a market that's largely speculation-based right now anyway.

 

They have nothing on reputable established institutions like AIG, Enron, Lehmann Brothers, Madoff etc.

20 minutes ago, Forehead said:

Regardless of what happens, I guarantee McD5 bought bitcoin when it was at $998 and sold it just before this bloodbath.

 

I have it on good authority that McD5 was a participant in an ICO that did not go well.

Edited by Corcaigh

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39 minutes ago, tshile said:

How is implementing blockchain to simplify the record keeping system related to crypto currencies and value?

 

The idea is that they will be using the blockchain platform for contracts and payment systems for some (or most?) aspects of their operations as well.

 

It's really hard to pinpoint how all of this will play out in the long term, but you likely wouldn't be seeing significant investments from companies like IBM and Cisco if this was just another tulip or beanie baby like Predicto thinks all of this is. I think his position is on the opposite end of the extreme. There is a good reason to approach this with a healthy dose of skepticism, but I think at this point, outright dismissal is unwarranted.

 

Approach this industry with caution.

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As has been widely commented, the maturity of blockchain technology and applications is like the internet almost before the web circa 1992. 

But back in 1992 people with their dialup and ****ty basic message boards were not thinking of 4k video on demand was just a few years away.

 

Aside from the bubble issue, bitcoin has some very fundamental technical issues. They may be addressed, OR something else might take its place. 

 

But whatever technology wins there is huge demand for value exchange via decentralized digital networks that is not under the control of banks and nation states. Read about the Aragon project as one interesting idea. https://blog.aragon.one/


 

 

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5 minutes ago, No Excuses said:

 

Bitcoin isn't the only player in the market. 

 

And I agree that we have no idea of the real value of mostly any cryptocurrency.

 

I think the industry is chalk full of scams, frauds and artificial value inflation. I think this is entirely a product of the fact that it's poorly regulated and has no oversight. That doesn't take away from the fact that the technology itself is legitimate and offers real world application.

 

 

The technology can be legit.  It may have real world applications someday.  Who cares?

 

That doesn't convert individual bitcoins into an investment.  

 

I'm not mocking the technology.  I'm mocking the idea that a bitcoin has massive value as an investment, and that what any of these people is doing is really "investing."   

 

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