Discussion in 'Off Topic' started by marclar, Oct 2, 2019.
anyone invested in crypto? I have lost faith in the traditional financial system.
To many things seem out of place here.
1: What the heck is you PC being used for when mining crypto currency's?
2: All that heat and power used is not good for the environment. This is not your run of the mill computer mining for crypto currency's, people use many PC's that can dump more then a 1KW of heat each. and its not always small scale.
3: Not traceable when used online unlike a credit/debit card, crypto currency is often used for crime and allow hackers and scammers to get away with things like ransomware.
4: Not backed by anything, not that most traditional currency are any better there.
5: Extremely volatile, a bit coin could be worth thousands one day and the next day be worth far less.
6: Almost no place accepts cryptocurrency meaning you will have to trad it for cash if you want to spend it defeating the purpose.
7: It all seems like a scam/get rich quick scheme. Like make a cryptocurrency, wait for it to go up in value. Then as the creator sell a bunch of the cryptocurrency you were holding back or make more of them and sell them.
1) pc is being used to complete transactions on the block chain. solving the 'double spend' problem.
2) it is true that bitcoin uses about as much power as austria, but about 60% of it is from renewable solar or hydro power. thing about how much power is used by google, microsoft, or any other cloud data storage or server farms..
3) every transaction is completely tracable back to the origination point of who mined the coin. there are privacy coins that are untracable, however the govermnents are going after them because of that fact. every transaction on the block chain is completely transparent. meaning, if i have your wallet addres, i can see all of your transactions in and out, and balances. the whole 'not tracable' thing is a myth.
4) it is backed by the current value of fiat at purchase. fiat its self isnt backed by anything and only has value assigned to it by (humans, governments)
5) volitility is the name of the game for most coins correct. with that being said, you can chart and predict markets and be very profitable.
6) crypto is becomming more and more adopted, there are crypto atm's poping up everywhere. there is one in my local mall.. just give it time. crypto space is only 11 years old. and is the first new asset class since 1696 when the uk created government bonds.
7) the ICO craze of 2017 did have a ton of scams your right. but now crypto as a whole is being more and more governed. ico's that arent registered with the SEC are getting shut down, or massively fined.
bitcoin was the first and has the first mover advantage. but now we are on 3rd and even 4th gen blockchains that do not use 'proof of work' .. now they use a consensus algorithm that is much faster and uses a fraction of the power.
1: You can't be sure of that. There definitely could be something sneaky hidden in there. About the only coin I'd trust in that regard is FLDC.
2: true. But it's doesn't make it any less of a problem. But unlike data centers the heat from minning is almost always waisted and in alot of cases stolen.
3: no it's not. You can't get a name behind who spent what. Like with a debit/credit card. Tracking the wallet code doesn't give you much anything.
4: true and that makes is even scaryer.
5: I don't see it that way. it's far to simple to miniplate. Look at the price of Bitcoin every time the media says something bad about it or when a exchange gets shut down. It plumits.
6: are you sure? Because I travel alot and I mean alot and have yet to see anyone that takes crypto aside from scammers and a few small nich legit sites online. Even then most people will not use it or even be tech smart enough to use it.
I've built a rig and been mining via nicehash for about 2 years. I'm going more for the hedge against hyperinflation. Even though it is fiat, the market cap prevents inflation similar to USD tied to gold. The catch is it needs adoption by a major financial system. If the SEC approves all cryptos will go to the moon. Atm, a bet on crypto is really a crap shoot.
IMO, if you are seriously concerned with the financial system; which you should be (I mean just look at the recent NY Fed Repo market, we're SOL). Just buy precious metals. Silver has been and is still greatly undervalued to not just paper money but Gold too. Buy some and bury that shit somewhere.
I have to agree with sake.
precious metals is the way to go. Until someone find a more cost effective way to make a synthetic gold.
the problem with precious metals, is that the market is completely manipulated and controlled. mostly by jpmorgan who is indicted as we speak for getting caught red handed rigging the sliver market.... again. comex 589 is the 'rule' the cftc created to hold the prices down.
comex 589 rule expired a few days ago. the real price of gold is about 7k per oz...
did you know that visa, mastercard, amex, moneygram, lyft, uber, BOA, all of the banks in canada and india, and about 75% of banks in japan (SBI) run on ripples software called Xcurrent? it is a messenging software far superior to the current SWIFT system. xcurrent can use XRP or fiat for cross boarder payments and settlements. moneygram and SBI use Xrapid, which uses XRP for all its transactions..
check out the us debt clock that shows the real price now.
there is a lot more to it than there was back in 08.
Same can be sad about just about anything. Stocks are simply manipulated by the media. Bloomberg and other big business news outlooks can rise and dump stock over night. Just look at how super micro stocks crashed nearly 50% when Bloomberg made a fake report about spy chips on there servers.
Bit coin has been manipulated by hackers and governments alike.
There really is not way around that.
That site seems fishy. When I open it is say the us national debt is X but when I click on would debt is show a debt a few 100 thousand less.
No selling or dealing here, discussion is okay
Separate names with a comma.