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BitCoin falling like a Dotcom


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1 minute ago, BatteredFanSyndrome said:

Isn't the majority of investing, minus the primarily can't miss stuff, the same way though?

 

No. Investing in fundamentals or looking at stocks that are down because of say a pandemic or stocks that will thrive in a pandemic is understanding what has actual value. Not that someone can predict massive gains. 

With Crypto, because it's not widely used and people no nothing about it, it's almost all a crapshoot. 

 

Speaking of which, doesn't anyone have real world examples they know of someone actually using blockchain?

 

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7 minutes ago, Hersh said:

Speaking of which, doesn't anyone have real world examples they know of someone actually using blockchain?

 

I’ve read numerous articles of different companies looking into how to use it

 

i listened to an interview with the tech fund manager at unicef and they just partnered with chainlink And what they’re hopping to do is use blockchain to manage supplies and supply status in an easy/instant/public way

 

the example she gave to relate to current day is managing covid vaccine rollout and being able to see things like stock, temp, and distribution 

 

🤷‍♂️ 

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Just now, tshile said:

I’ve read numerous articles of different companies looking into how to use it

 

i listened to an interview with the tech fund manager at unicef and they just partnered with chainlink And what they’re hopping to do is use blockchain to manage supplies and supply status in an easy/instant/public way

 

the example she gave to relate to current day is managing covid vaccine rollout and being able to see things like stock, temp, and distribution 

 

🤷‍♂️ 


what I don’t really understand is, is there nothing that did that already? I really gotta spend some time looking up examples cause I don’t understand enough 

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1 hour ago, Hersh said:


what I don’t really understand is, is there nothing that did that already? I really gotta spend some time looking up examples cause I don’t understand enough 

Well I think the idea is blockchain is significantly faster/cheaper/more reliable/easier

 

Not that they weren’t doing anything before, just that they’re moving towards using blockchain

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Doge outperforming Bitcoin over its existence is pretty great. An inflationary coin, that everyone knows has no use case, has been a much better store of value than BTC.

1 hour ago, Hersh said:


what I don’t really understand is, is there nothing that did that already? I really gotta spend some time looking up examples cause I don’t understand enough 


At its core, decentralized blockchains real value is basically a secure database that can’t be altered by one entity. 
 

It’s a pretty boring technology but people are trying to will it into existence as something really cool. Legitimately it’s most practical use case is non-fungible and transparent public records to prevent government and institutional corruption. 

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Posted (edited)
27 minutes ago, No Excuses said:

At its core, decentralized blockchains real value is basically a secure database that can’t be altered by one entity. 
 

It’s a pretty boring technology but people are trying to will it into existence as something really cool. Legitimately it’s most practical use case is non-fungible and transparent public records to prevent government and institutional corruption. 

Supposedly the decentralization also comes in play in its storage. 
 

im not sold on how awesome that aspect of it is. But it’s part of it

 

for example there are some projects that’s goal is to give uses tons of storage by utilizing unused storage other users have. 
 

I just don’t know how many people will want their stuff flying around sitting on unknown devices. I realize it’s supposed to be secure but time usually reveals flaws and it’s not like this has a lot of time on it yet...

 

 

 

On a different note verge up 30% since I snagged it last night LETS GO

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11 minutes ago, tshile said:

 

On a different note verge up 30% since I snagged it last night LETS GO

 

Everyone is gonna look for the next Doge to run up. 

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Posted (edited)
1 minute ago, Hersh said:

 

Everyone is gonna look for the next Doge to run up. 

That’s fine I bought thousands of verge last night so if I get out up any decent % it will be worth it :) 

 

up 40% last 24 hours and I’m up 33% now

 

LFG!!

Edited by tshile
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I got in ETC at midnight at $78. It's at $110 and I have no idea why. LOL

3 minutes ago, tshile said:

That’s fine I bought thousands of verge last night so if I get out up any decent % it will be worth it :) 

 

up 40% last 24 hours and I’m up 33% now

 

LFG!!

 

What did you buy it on? 

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17 minutes ago, Hersh said:

What did you buy it on? 

Voyager

 

which is a great crypto market if you don’t want access to crypto markets 

 

**** crashes all the time. Can’t even log in now. Need to move to something else...

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6 minutes ago, BatteredFanSyndrome said:

Coming back down.

Hah. Wonder if it’s over. Can’t even log in to do anything. 
 

(this is what I was talking about earlier - you try to time max peak and all the sudden the exchanges are down everywhere and you’re stuck waiting until the crash is over)

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3 minutes ago, tshile said:

Hah. Wonder if it’s over. Can’t even log in to do anything. 
 

(this is what I was talking about earlier - you try to time max peak and all the sudden the exchanges are down everywhere and you’re stuck waiting until the crash is over)

I thought it was over after doge day 4/20.  I'm just going to play this game for however long it lasts, as I don't have enough invested to be real worried about it.

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2 hours ago, No Excuses said:

Doge outperforming Bitcoin over its existence is pretty great. An inflationary coin, that everyone knows has no use case, has been a much better store of value than BTC.


At its core, decentralized blockchains real value is basically a secure database that can’t be altered by one entity. 
 

It’s a pretty boring technology but people are trying to will it into existence as something really cool. Legitimately it’s most practical use case is non-fungible and transparent public records to prevent government and institutional corruption. 

 

2 hours ago, tshile said:

Supposedly the decentralization also comes in play in its storage. 
 

im not sold on how awesome that aspect of it is. But it’s part of it

 

for example there are some projects that’s goal is to give uses tons of storage by utilizing unused storage other users have. 
 

I just don’t know how many people will want their stuff flying around sitting on unknown devices. I realize it’s supposed to be secure but time usually reveals flaws and it’s not like this has a lot of time on it yet...

 

 

 

On a different note verge up 30% since I snagged it last night LETS GO

 

Blockchain isn't just decentralized, its distributed.  And normally public - though there are some private blockchains 

 

One of the values with blockchain is in security - a hacker would have to take over a majority of the network which is all but impossible.  This is easier with a blockchain running DPoS (delegated proof of stake), but still very hard. 

 

And then another advantage is control.  With an ordinary bank account, you don't really control it.  Give out your CC # and someone can charge whatever they want on your account, sometimes months later and without your consent.  But with blockchain, unless you give up your private keys, you have full control over what happens, so this is impossible.   

 

 

 

 

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57 minutes ago, DCSaints_fan said:

Blockchain isn't just decentralized, its distributed

Thank you, distributed was the word I was looking for. 

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1 hour ago, DCSaints_fan said:

 

 

Blockchain isn't just decentralized, its distributed.  And normally public - though there are some private blockchains 

 

One of the values with blockchain is in security - a hacker would have to take over a majority of the network which is all but impossible.  This is easier with a blockchain running DPoS (delegated proof of stake), but still very hard. 

 

And then another advantage is control.  With an ordinary bank account, you don't really control it.  Give out your CC # and someone can charge whatever they want on your account, sometimes months later and without your consent.  But with blockchain, unless you give up your private keys, you have full control over what happens, so this is impossible.   

 

 

 

 


Appreciate all this. A follow up question: using the crypto coins to buy stuff instead of using cash is advantageous how? Or is it really just about crypto being an easier way to transfer currency?

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Posted (edited)
7 minutes ago, Hersh said:


Appreciate all this. A follow up question: using the crypto coins to buy stuff instead of using cash is advantageous how? Or is it really just about crypto being an easier way to transfer currency?

 

Depending on the blockchain, much cheaper transaction fees.  Someone in the finance world is gong to have to weigh in here, but I think CC merchant fees are still 1-3%.   With a public blockchain you can run your own transaction node and never have to deal with these fees.  Though if you want to convert crypto back to USD, you will have to deal with exchange fees which can also be as much as 1% such as on Coinbase.  And you have to deal with the problem of volatility.

 

Also, blockchain transfers cannot be reversed, there is no such thing as a chargeback.  This has advantages and disadvantages - its good for the merchant, but maybe bad for the consumer if their private keys are compromised.   

 

So blockchain acts alot like conventional cash would, but with a public ledger.  And with the smart contract based platforms such as Ethereum, Cardanoa, EOS.IO, etc. you also have receipts and more complex behavior such as notifications on transfers, not just a simple payment system like bitcoin.  This also makes theft a bit harder - if I have set up a notification system for transfer, having a private key is not sufficient to carry out a theft if the additional authorization fails (for example, a cell phone based notification to authorize transfer which would in effect be 2FA).

Edited by DCSaints_fan
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Posted (edited)
1 hour ago, DCSaints_fan said:

And then another advantage is control.  With an ordinary bank account, you don't really control it.  Give out your CC # and someone can charge whatever they want on your account, sometimes months later and without your consent.  But with blockchain, unless you give up your private keys, you have full control over what happens, so this is impossible


The downside is that if you lose your keys, or god forbid, fall for a scam, you’re straight out of luck with cryptocurrencies.
 

Banks in the US offer a layer of protection through reversibility of transactions.
 

The security side of cryptocurrencies isn’t really solving a pressing issue in US finance. I can see the upside for people in developing and authoritarian nations, where confiscation of financial assets by corrupt leaders/institutions is an issue, but it’s not a relevant issue in developed nations.

Edited by No Excuses
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1 minute ago, No Excuses said:

The security side of cryptocurrencies isn’t really solving a pressing issue in US finance. I can see the upside for people in developing and authoritarian nations, where confiscation of financial assets by corrupt leaders is an issue, but it’s not a relevant issue in developed nations.

Correct. 
 

except for the anti-fiat crowd but they’re just dumb dumbs for the most part. 

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11 minutes ago, No Excuses said:


The downside is that if you lose your keys, or god forbid, fall for a scam, you’re straight out of luck with cryptocurrencies.
 

Banks in the US offer a layer of protection through reversibility of transactions.
 

The security side of cryptocurrencies isn’t really solving a pressing issue in US finance. I can see the upside for people in developing and authoritarian nations, where confiscation of financial assets by corrupt leaders/institutions is an issue, but it’s not a relevant issue in developed nations.

 

I disagree its not an issue - I am constantly surprised by transactions showing up on my account for no reason.   And I have no direct ability to turn them off except at the whim of my bank who always says to talk to the merchant first.  That means I don't have direct control over my bank account and people who have my CC# can constantly nickel and dime me.

 

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I’ve never had an issue getting a transaction on a credit card removed that I did not authorize.

 

Debit cards might be a different thing but I’d never use one.

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Posted (edited)
27 minutes ago, DCSaints_fan said:

 

I disagree its not an issue - I am constantly surprised by transactions showing up on my account for no reason.   And I have no direct ability to turn them off except at the whim of my bank who always says to talk to the merchant first.  That means I don't have direct control over my bank account and people who have my CC# can constantly nickel and dime me.

 

That... is not a problem I’ve had or heard of before. 
 

except where someone’s card info is stolen and it’s never reported/changed 

7 minutes ago, Corcaigh said:

I’ve never had an issue getting a transaction on a credit card removed that I did not authorize.

 

Debit cards might be a different thing but I’d never use one.

They used to be but for the most part debit cards function like credit cards these days. 
 

you used to have to wait until a dispute was resolved to get your money back if you used a debit card. Which was why I told everyone I know to stop using them (unless you’re not responsible enough for a credit card which some people aren’t). But that’s changed since then, so I’m told. 
 

in fact for my cars I just log in, check the box next to the transaction, and hit dispute, write a sentence like “I did not make this purchase” I get credited back. I never hear a word unless the merchant contests it. 


hell I haven’t even had to do that in a while. They text me if it isn’t a normal looking thing and I just reply NO and that’s the end of it 🤷‍♂️ 

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