Cryptocurrency

[Gladiators 1,987]

 

They eventually will and many other big corporations will. And they all will likely be built on top of the Ethereum network which is why most of my chips are on ETH.

 

And if this is the case, financial reporting will become a complete clusterfock. Cash and cash equivalents are pretty easy to determine today. But if we have 500 different CC, all with their own values and volatility, I can't even imagine how much of a pain in the a$$ it would become to present and disclose that. There will have to be regulation and then, what's the point?

[penultimatestraw 473]

How much computing power is used to solve these algorithms which essentially does not do anything.

 

They should make a block chain algorithm that looks into solving drug interactions at a molecular level or something similar, and give away 1 coin when someone solves something important for society instead of a useless algorithm.

Yeah, I don't like the whole idea of assigning value to a nonsense equation. Then again, our government assigns arbitrary value to the $, so how is this any different?

 

And who creates the problems which the miners solve?

[iam90sbaby 2,610]

Once you guys understand blockchain let me and and get back with me, then we can have a realistic conversation about this.

[Gladiators 1,987]

Also, I don't think most of these guys care about the "end game" or really understanding cc. They just want to make a quick buck, which ATM appears to be a great decision.

 

Agreed, and I completely understand it from that perspective. But when I see people talking about how this is a "sure thing," "it can't be stopped," "it's only going to continue going up," I hesitate to get on board. If I were to invest, I'd like to understand the end game and risks, which no one seems to have a solid handle on. Or, they're unwilling to share it.

 

For those that have invested and have made money, I think it's awesome. Wish I had done the same in hindsight.

[penultimatestraw 473]

Once you guys understand blockchain let me and and get back with me, then we can have a realistic conversation about this.

I've watched videos you've linked, and read a bit. Seems like a string of independently verified bits of encrypted data? In the case of most cc, this translates to a currency with variable value. ETH claims to be able to do a lot more, but I'm still waiting for a practical example of a "smart contract".

[penultimatestraw 473]

 

Agreed, and I completely understand it from that perspective. But when I see people talking about how this is a "sure thing," "it can't be stopped," "it's only going to continue going up," I hesitate to get on board. If I were to invest, I'd like to understand the end game and risks, which no one seems to have a solid handle on. Or, they're unwilling to share it.

 

For those that have invested and have made money, I think it's awesome. Wish I had done the same in hindsight.

They won't answer those questions because they can't: no investment is a sure thing and cc have already been limited in some places. Making $ is the only endgame most investors care about.

[iam90sbaby 2,610]

Short answer?

 

Ethereum uses ethash while Bitcoin uses hash. They both can be used as a currency the purpose of Ethereum was never meant to be an alternative to currency but was meant to monetize the working of Etheruem.

 

Ethereum supports applications which make it more than just a currency.

 

Ethereum is also written in Turning where Bitcoin is written in a stack language.

 

 

I am sure you are just learning what all of that means, so I will wait an hour or so and then you can teach me all about it!

[iam90sbaby 2,610]

They won't answer those questions because they can't: no investment is a sure thing and cc have already been limited in some places. Making $ is the only endgame most investors care about.

 

Did you read that on your flip phone?

[penultimatestraw 473]

 

Did you read that on your flip phone?

Teehee, look at the dumb old guy who doesn't understand technology, yet somehow was smart enough to become a doctor?!?

 

I didn't read the bolded anywhere. What is your issue with what I said?

[penultimatestraw 473]

Short answer?

 

Ethereum uses ethash while Bitcoin uses hash. They both can be used as a currency the purpose of Ethereum was never meant to be an alternative to currency but was meant to monetize the working of Etheruem.

 

Ethereum supports applications which make it more than just a currency.

 

Ethereum is also written in Turning where Bitcoin is written in a stack language.

 

 

I am sure you are just learning what all of that means, so I will wait an hour or so and then you can teach me all about it!

No, I've read about this stuff months ago, and reread it more recently. It would be nice if you would stop being a pr!ck and help educate some of us, since you claim to have your finger on the pulse of cc.

[iam90sbaby 2,610]

No, I've read about this stuff months ago, and reread it more recently. It would be nice if you would stop being a pr!ck and help educate some of us, since you claim to have your finger on the pulse of cc.

 

You generally know what I said, but do you know what Turning is or stack language? Do you understand how Ethereum operates as more than just a currency? Do you understand how it can verify contracts? Do you understand how Bitcoin and other cryptos can speed up transactions times? The currency Swift system that we use takes what 5 days to send money internationally? That is way to slow for 2017.

 

I don't think there is anything is anything I could say to convince you to invest, the same way Apple or Android couldn't convince you to get a smart phone. You've made your money and are comfortable, I don't think you will take what you consider a risk so this conversation is pointless.

[mmmmm...beer 807]

Once you guys understand blockchain let me and and get back with me, then we can have a realistic conversation about this.

Bye then one Etherium will be worth eleventy bazillion (what used to be dollars)!! We can't miss out on it's rise to power! We will all be poor while you guys are living on yachts!

 

Bullsh!t.. if that ever happens, they'll still pay peanutstraw 30 bitcoins a year while the little anarchists are railing against the system.

[penultimatestraw 473]

 

You generally know what I said, but do you know what Turning is or stack language? Do you understand how Ethereum operates as more than just a currency? Do you understand how it can verify contracts? Do you understand how Bitcoin and other cryptos can speed up transactions times? The currency Swift system that we use takes what 5 days to send money internationally? That is way to slow for 2017.

 

I don't think there is anything is anything I could say to convince you to invest, the same way Apple or Android couldn't convince you to get a smart phone. You've made your money and are comfortable, I don't think you will take what you consider a risk so this conversation is pointless.

No I don't know all that stuff. I'm not in IT. Just as I wouldn't expect you to understand medical jargon through a google search, you shouldn't expect abstract tech concepts to inherently make sense to the uninitiated. But if cc can speed transactions and make them more secure, that's a great start. And no, I still don't understand what is so different about ETH - it seems all of this boils down to decentralized cryptography. For things like legal contracts, for example, I'm not sure how much value high-tech encryption adds.

 

But, you're right, I am not investing. Not because you failed to pique my interest with your investing advice, my financial station or aversion to technology. HI's regulation of cc will keep me out of the market, as I would be forced to buy from some less mainstream vendor.

 

But fvck, is it so horrible to help someone understand something you believe is revolutionary?

[vuduchile 1,945]

Theres tons of uncertainty and lots of unanswered questions here.

 

If youre looking for someone or something to completely assuage all your fears about investing in cryptos, good luck.

 

Every bullish outlook can be countered by an equally persuasive argument against the technology and its future.

 

If you jump on the bullish bandwagon, you cant look at it like you do your traditional investments.

 

I set up a coinbase account back in May but decided not to pull the trigger because it was high risk.

 

Since then, Ive won and lost money playing blackjacks, craps and betting on football. I look at this similarly. Had I put all that money into play on cryptos I would be sitting on a hefty sum right now.

 

Anyway, the magic investment fairy isnt gonna land on your shoulder and tell you everything is gonna be alright here.

 

If youre not a gambler, this isnt for you.

[iam90sbaby 2,610]

Bye then one Etherium will be worth eleventy bazillion (what used to be dollars)!! We can't miss out on it's rise to power! We will all be poor while you guys are living on yachts!

 

Bullsh!t.. if that ever happens, they'll still pay peanutstraw 30 bitcoins a year while the little anarchists are railing against the system.

So bitter.

[WhiteWonder 2,735]

Printing money, beautiful thing.

But money will be useless soon

[iam90sbaby 2,610]

No I don't know all that stuff. I'm not in IT. Just as I wouldn't expect you to understand medical jargon through a google search, you shouldn't expect abstract tech concepts to inherently make sense to the uninitiated. But if cc can speed transactions and make them more secure, that's a great start. And no, I still don't understand what is so different about ETH - it seems all of this boils down to decentralized cryptography. For things like legal contracts, for example, I'm not sure how much value high-tech encryption adds.

 

But, you're right, I am not investing. Not because you failed to pique my interest with your investing advice, my financial station or aversion to technology. HI's regulation of cc will keep me out of the market, as I would be forced to buy from some less mainstream vendor.

 

But fvck, is it so horrible to help someone understand something you believe is revolutionary?

Youve made it very clear you never wanted help with investing in cryptos since the beginning.

[WhiteWonder 2,735]

The currency Swift system that we use takes what 5 days to send money internationally? That is way to slow for 2017.

 

 

Is it not intentionally slow to aide in the detection of money laundering, terrorist financing etc?

 

All the other discussions aside, you don't see the downside to instant international money transfers? Maybe because I've spent time in bank loss prevention and anti money laundering, my view is skewed but there are checks and balances in place on funds transfers for a reason.

[iam90sbaby 2,610]

Is it not intentionally slow to aide in the detection of money laundering, terrorist financing etc?

 

All the other discussions aside, you don't see the downside to instant international money transfers? Maybe because I've spent time in bank loss prevention and anti money laundering, my view is skewed but there are checks and balances in place on funds transfers for a reason.

 

This is all out of the top of my head so some of the dates my be incorrect but wasn't the current system created in the early 1990s? I am sure when the system was created they tried to make it as efficient as they could but just haven't gone back and updated it yet.

 

Short term yes it probably prevents money laundering, terrorist financing, etc.. but they don't seem to have a problem financing themselves with other means and isn't it counter productive longterm to not have a faster system?

[penultimatestraw 473]

Youve made it very clear you never wanted help with investing in cryptos since the beginning.

Don't know what to say, other than your impression is incorrect. I've tried to dissuade guys from taking on high-interest debt to get in the market, but have repeatedly stated it seems like a good investment.

 

I had a friend (a nurse with no tech savvy) ask about ETH months ago. I had heard about it because of you, and told her some people thought it was a great investment. I'd invest if it were practical to do so in HI, but it isn't. I am fortunate that I can afford to take the risk, but that doesn't mean there aren't a lot of uncertainties in the cc universe. Rather than chalking up the criticisms to ignorance, you'd strengthen your claims by acknowledging the risk involved.

[Reality 3,121]

Youve made it very clear you never wanted help with investing in cryptos since the beginning.

This.

 

It's ok though, to each their own, you've given more than enough info for people to do their own homework, the rest is up to them.

[edjr 6,580]

It's just so complicated

 

why can't I just log on and focking buy bitcoin?

[drobeski 3,061]

It's just so complicated

 

why can't I just log on and focking buy bitcoin?

you can

[edjr 6,580]

you can

 

 

on coinbase right now

[vuduchile 1,945]

 

 

on coinbase right now

There are a few verification steps but it does work eventually.

[edjr 6,580]

There are a few verification steps but it does work eventually.

 

waiting now

 

Going to take a flyer and buy 1/2 a bitcoin

[iam90sbaby 2,610]

 

waiting now

 

Going to take a flyer and buy 1/2 a bitcoin

 

You should buy 10 Ethereum instead.

[mmmmm...beer 807]

 

waiting now

 

Going to take a flyer and buy 1/2 a bitcoin

Ahh the ol' buy high trick eh... mmmmm

hmmmm...

[Gladiators 1,987]

 

waiting now

 

Going to take a flyer and buy 1/2 a bitcoin

 

The $15 you were going to borrow that chick won't buy 1/2 a bitcoin. HTH

[edjr 6,580]

 

You should buy 10 Ethereum instead.

 

 

Thought I had to buy BC and was going to exchange for Ether

[Mookz 1,346]

I accidentally bought Ytterbium instead. Now I have a strange growth on my neck.

[WhiteWonder 2,735]

 

This is all out of the top of my head so some of the dates my be incorrect but wasn't the current system created in the early 1990s? I am sure when the system was created they tried to make it as efficient as they could but just haven't gone back and updated it yet.

 

Short term yes it probably prevents money laundering, terrorist financing, etc.. but they don't seem to have a problem financing themselves with other means and isn't it counter productive longterm to not have a faster system?

Maybe but financial institutions put a lot in place to deter those activities post 9-11. Just something to consider. I have no clue when the technology was created but I highly doubt you will see regulated financial institutions in a rush to speed up international or domestic wires. Even f their system had the capabilities

[Mookz 1,346]

Bit of a sell-off underway.

 

Tana, instead of going into debt to invest in cryptos, how about you take me in as a boarder? I'll give you $500/month for your spare room (which you can use to buy ETH), and you won't hear a peep out of me. As a bonus I'll exercise the gaskets on your Yonanas machine regularly.

[vuduchile 1,945]

Bit of a sell-off underway.

 

Looking to buy more as it moves lower :

[tanatastic 2,062]

Hoping ETH creeps down before I can invest. Was at 402 earlier now 440.

[iam90sbaby 2,610]

I think it is going to trend downwards for a month or so. ETH floor around 350-400 BC around 6-8 and LTC around 60.

[KSB2424 3,148]

Bloodbath

[vuduchile 1,945]

And now theres this:

 

https://www.yahoo.com/tech/nasdaq-plans-offer-bitcoin-futures-204100133.html

[edjr 6,580]

Mark Cuban: Bitcoin is more of a collectible than a currency

Billionaire tech entrepreneur Mark Cuban made a case that cryptocurrencies like Bitcoin and Ethereum are more of a collectible than a currency.

“If they were truly currencies, you wouldn’t try to convert them or value them based off of other currencies. [Their value] would just be intrinsic,” Cuban told J. Kyle Bass of Hayman Capital in an hour-long interview earlier this month that aired on RealVision Television, a subscription-based financial video service.

Cuban, who described himself as “more spectator” in the digital currency space, said that he’s a big fan of blockchain, the underlying technology. But when it comes to Bitcoin, Cuban sees issues with transactions.

“It’s going to be very difficult for it to be a currency when the time and expense of doing a transaction is 100 times what you can do over a Visa or MasterCard, right?” Cuban said.

 

 

 

[vuduchile 1,945]

 

Mark Cuban: Bitcoin is more of a collectible than a currency

 

Billionaire tech entrepreneur Mark Cuban made a case that cryptocurrencies like Bitcoin and Ethereum are more of a collectible than a currency.

 

If they were truly currencies, you wouldnt try to convert them or value them based off of other currencies. [Their value] would just be intrinsic, Cuban told J. Kyle Bass of Hayman Capital in an hour-long interview earlier this month that aired on RealVision Television, a subscription-based financial video service.

 

Cuban, who described himself as more spectator in the digital currency space, said that hes a big fan of blockchain, the underlying technology. But when it comes to Bitcoin, Cuban sees issues with transactions.

 

Its going to be very difficult for it to be a currency when the time and expense of doing a transaction is 100 times what you can do over a Visa or MasterCard, right? Cuban said.

 

 

 

How are fiat currencies valued?