Bitcoin and all that

[IronJambo]

1 minute ago, Smithee said:

 

It's backed by the nation's economy.

 

Ignoring that though, how is cryptocurrency making the situation any better? What's that backed by?

Perceived and speculative value really. Exactly the same as crypto.

[graygo]

46 minutes ago, Smithee said:

 

No it wouldn't, having a central reserve isn't the same as gold backing the currency.

Look up the gold standard if you want to know more.

Nobody claimed that the gold standard was still a thing but that link to the Bank of England's website is good enough for me to think that gold plays an important part in stabilising the economy.

[Unknown user]

Just now, IronJambo said:

Perceived and speculative value really. Exactly the same as crypto.

 

Not really.

[Unknown user]

1 minute ago, graygo said:

Nobody claimed that the gold standard was still a thing but that link to the Bank of England's website is good enough for me to think that gold plays an important part in stabilising the economy.

I've never said gold doesn't have a role.

 

We like gold, it's primary value comes from the fact that it has properties, it looks nice, we make jewellery out of it and we like it. If it stank of shit it wouldn't be worth much, it has value to humans because we like it.

 

Currency isn't backed by gold though, that's the claim that was made, it hasn't been for 50+ years.

[IronJambo]

4 minutes ago, Smithee said:

 

Not really.

No? A chosen crypto isn't worth what people choose to decide it's worth?

The only difference is the Great British Pound is "worth" what we're told it's worth. 

The problem with the latter is it's very static, compared to real currencies such as gas and oil that fluctuate in ways that the pound can't deal with. 

[Unknown user]

4 minutes ago, IronJambo said:

No? A chosen crypto isn't worth what people choose to decide it's worth?

The only difference is the Great British Pound is "worth" what we're told it's worth. 

The problem with the latter is it's very static, compared to real currencies such as gas and oil that fluctuate in ways that the pound can't deal with. 

 

Let's just say fiat isn't backed by anything and that we agree this is terrible (although the economy literally means the nation's worth, it's bricks and mortar, minerals and energy, it isn't nothing)

 

What's crypto doing to improve the situation?

[IronJambo]

1 minute ago, Smithee said:

 

Let's just say fiat isn't backed by anything and that we agree this is terrible (although the economy literally means the nation's worth, it's bricks and mortar, minerals and energy, it isn't nothing)

 

What's crypto doing to improve the situation?

It's blockchains that can improve things, not crypto. Crypto in some respects has the power to potentially redistribute wealth. As crypto grows, I believe stocks will shrink.

[hughesie27]

Tokenised Assets 😎

[Unknown user]

12 minutes ago, IronJambo said:

It's blockchains that can improve things, not crypto. Crypto in some respects has the power to potentially redistribute wealth. As crypto grows, I believe stocks will shrink.

 

I've said numerous times that blockchain is useful but cryptocurrency is just a virtual commodity in an unregulated market 🤷‍♂️ 

 

You're not buying blockchain though.

 

But look, you're into it so good luck to you, genuinely hope you don't lose your money

[IronJambo]

3 minutes ago, Smithee said:

 

I've said numerous times that blockchain is useful but cryptocurrency is just a virtual commodity in an unregulated market 🤷‍♂️ 

 

You're not buying blockchain though.

 

But look, you're into it so good luck to you, genuinely hope you don't lose your money

I know people that have paid a tenner per share to see them worth 25p a few years later. Everything's a risk.

 

Just best not to invest anything that would make you cry if it was to be burnt in the street in front of you. 

 

Edit: surely an investment in Binance or Ethereum is also and investment in their blockchains given that's what gives them their worth? 

Edited June 1, 2022 by IronJambo

[jambo89]

Intresting debate guys. I have a question though. If Crypto, a completly intangible item, is better than the known product of money, why would this be seen as better / taking back control from the elites? Surely the same arguments against a cashless society can be applied to crypto and if not why not?

[Unknown user]

5 minutes ago, jambo89 said:

Intresting debate guys. I have a question though. If Crypto, a completly intangible item, is better than the known product of money, why would this be seen as better / taking back control from the elites? Surely the same arguments against a cashless society can be applied to crypto and if not why not?

It's also worth remembering who has the most money to be able to buy crypto, thus controlling this unregulated market. For me it's mental to believe this is going somewhere, and the little man's in control.

 

But there is money to be made, if you treat it as a commodity and trade it. A big crash will happen again though.

[escobri]

https://www.msn.com/en-gb/money/other/bank-of-england-to-take-over-collapsed-stablecoin-cryptocurrencies/ar-AAXVkMD

I don't think they'll be doing this to save plebs like us, obviously big players have been losing money recently so lets bail them out.

[Watt-Zeefuik]

5 hours ago, IronJambo said:

You'd be easier to chat/debate with if you didn't just make up what people have said. Good luck moving forward in live whilst you watch the sector you work in go in a different direction from you.

 

The only thing in that post where I referred to what you said were direct quotes?!?

 

4 hours ago, graygo said:

SWIFT have a non Blockchain solution that does the same thing much slower and certainly not for the same cost although it's not surprising to hear SWIFT'S head of banking claim otherwise. Ripple/XRP/xRapid (I don't claim to understand exactly how it all works) is being trialled by hundreds of financial institutions, maybe they should stop those trials because you say it can't work.

 

I never said they can't work, I said there's almost always a better solution. My understanding is Swift payments can move much faster if you pay for expedited service, but I don't work at a bank so I don't ever see this in action. I don't know how the cost compares with xRapid.

 

And as I said I can believe that in 1% of the proposed use cases, blockchain actually solves a problem better. Maybe this is one of them.

[graygo]

37 minutes ago, Led Tasso said:

 

The only thing in that post where I referred to what you said were direct quotes?!?

 

 

I never said they can't work, I said there's almost always a better solution. My understanding is Swift payments can move much faster if you pay for expedited service, but I don't work at a bank so I don't ever see this in action. I don't know how the cost compares with xRapid.

 

And as I said I can believe that in 1% of the proposed use cases, blockchain actually solves a problem better. Maybe this is one of them.

 

Which is what I thought I said to you last night but it was Smithee.

 

 

[Sooperstar]

Crypto is a bit like a conspiracy theory for folk that think they're going to get rich from it. They're so invested that they just can't see beyond their own arguments.

[Unknown user]

2 hours ago, graygo said:

 

Which is what I thought I said to you last night but it was Smithee.

 

 

That was a curver at that time of night!

[Watt-Zeefuik]

43 minutes ago, Sooperstar said:

Crypto is a bit like a conspiracy theory for folk that think they're going to get rich from it. They're so invested that they just can't see beyond their own arguments.

 

TBF there's an awful lot of people with a lot of money who have jumped in with both feet. I understand why folk think the "smart money" is going in.

 

But it's the folks with lots of money already who are going to do fine, and those trying to get rich who are going to lose it.

[Unknown user]

42 minutes ago, Led Tasso said:

 

TBF there's an awful lot of people with a lot of money who have jumped in with both feet. I understand why folk think the "smart money" is going in.

 

But it's the folks with lots of money already who are going to do fine, and those trying to get rich who are going to lose it.

Bingo, and it's the folk with lots of money who can drive prices up and down in an unregulated market as they see fit.

[Unknown user]

In case anyone's reading and isn't sure, a Blockchain is essentially just a list of transactions that's shared and updated using certain protocols. When talking about Ripple, that's the name of one Blockchain.

 

Say you start with 400 units, you sell 100 of them. That gets recorded as a transaction and now you have 300 units assigned to your wallet. On Ripple the cryptocurrency units are XRP, these are what are traded on the crypto exchanges. Ripple can also be used to send fiat (real world) currency.

 

So Ripple seems a decent platform to me, but XRP doesn't bring anything to the party, except for generating interest and money of course.

 

Hope this helps someone, all my opinion though, there to be destroyed

[graygo]

38 minutes ago, Smithee said:

In case anyone's reading and isn't sure, a Blockchain is essentially just a list of transactions that's shared and updated using certain protocols. When talking about Ripple, that's the name of one Blockchain.

 

Say you start with 400 units, you sell 100 of them. That gets recorded as a transaction and now you have 300 units assigned to your wallet. On Ripple the cryptocurrency units are XRP, these are what are traded on the crypto exchanges. Ripple can also be used to send fiat (real world) currency.

 

So Ripple seems a decent platform to me, but XRP doesn't bring anything to the party, except for generating interest and money of course.

 

Hope this helps someone, all my opinion though, there to be destroyed

 

Yes Ripple can be used to send fiat however it makes sense (to me) to have one currency (XRP) rather than have to deal in a whole raft of currencies. Ripple also own 80% of XRP coins so have a vested interest in promoting it.

So rather than XRP not bringing anything to the party it brings the following imo, it's much quicker than SWIFT, it costs a tiny fraction per transaction compared to SWIFT and if Ripple takes off then XRP has a good chance of being dragged along with it.

Again, I don't profess to know it all but that's how I see it. Will I be convinced otherwise? Probably not because nobody can know for sure.

[Unknown user]

Just now, graygo said:

 

Yes Ripple can be used to send fiat however it makes sense (to me) to have one currency (XRP) rather than have to deal in a whole raft of currencies. Ripple also own 80% of XRP coins so have a vested interest in promoting it.

So rather than XRP not bringing anything to the party it brings the following imo, it's much quicker than SWIFT, it costs a tiny fraction per transaction compared to SWIFT and if Ripple takes off then XRP has a good chance of being dragged along with it.

Again, I don't profess to know it all but that's how I see it. Will I be convinced otherwise? Probably not because nobody can know for sure.

Not a chance IMO, XRP is traded on unregulated markets, it can't be part of the picture.

[graygo]

6 minutes ago, Smithee said:

Not a chance IMO, XRP is traded on unregulated markets, it can't be part of the picture.

 

It's 80% owned by Ripple, compared to the likes of Bitcoin that's regulated. Anyway, time will tell.

[Sooperstar]

54 minutes ago, graygo said:

 

Yes Ripple can be used to send fiat however it makes sense (to me) to have one currency (XRP) rather than have to deal in a whole raft of currencies. Ripple also own 80% of XRP coins so have a vested interest in promoting it.

So rather than XRP not bringing anything to the party it brings the following imo, it's much quicker than SWIFT, it costs a tiny fraction per transaction compared to SWIFT and if Ripple takes off then XRP has a good chance of being dragged along with it.

Again, I don't profess to know it all but that's how I see it. Will I be convinced otherwise? Probably not because nobody can know for sure.

It might make sense to you, but that doesn't mean it works or ever will in a global sense. And if it was to then anyone investing is speculating on managing to pick the chosen one.

[Dennis Reynolds]

Will it go much lower?

 

Good time to buy? 👀

 

[cuthy2k]

1 hour ago, Dennis Reynolds said:

Will it go much lower?

 

Good time to buy? 👀

 

I would hold off. Still crashing. 

 

And only be prepared to put how what you can afford to lose if the worst happens. 

[hughesie27]

Times like these rich people get richer.

[IronJambo]

10 hours ago, hughesie27 said:

Times like these rich people get richer.

Boom! Some people shit their pants whilst others see opportunity, fill their bags and wait. 

[Greedy Jambo]

Got to say, if you don't think there's a chance the whole thing could go to zero, you're a bit naive. 

[hughesie27]

4 minutes ago, Greedy Jambo said:

Got to say, if you don't think there's a chance the whole thing could go to zero, you're a bit naive. 

That's why you only invest what you are willing to lose.

Panic selling for a loss is crazy and makes buying in pointless and proves you weren't making the right decision in the first place.

[Greedy Jambo]

20 minutes ago, hughesie27 said:

That's why you only invest what you are willing to lose.

Panic selling for a loss is crazy and makes buying in pointless and proves you weren't making the right decision in the first place.

 

I agree with that. 

I've not sold, and i'm considering topping it up while it's cheap as chips, but it wont be anything big, because i do think there's a real chance the shit could hit the fan. 

[IronJambo]

The devs at Greening token have been working really hard over the last few months and have finally released their white paper today. The jist of them: responsible mining and a whole lot more. Come have a peak at a great project in it's infancy.

 

https://t.me/GreeningCommunity/2016

[Greedy Jambo]

I started to buy my usual at rock bottom prices, but i've sold the lot, the shit is going to hit the fan when the energy prices kick in. October to January is going to be horrendous. 

[IronJambo]

35 minutes ago, Greedy Jambo said:

I started to buy my usual at rock bottom prices, but i've sold the lot, the shit is going to hit the fan when the energy prices kick in. October to January is going to be horrendous. 

I'm just holding and riding the rollercoaster. 

 

I'll be buying Greening and staking it straight away.

[Greedy Jambo]

32 minutes ago, IronJambo said:

I'm just holding and riding the rollercoaster. 

 

I'll be buying Greening and staking it straight away.

 

Fair play, I could be wrong, but i'm waiting for the biggest crash yet, then i'll buy again at cheap as chips. Stress free, no win no fee. 

[Unknown user]

2 hours ago, Greedy Jambo said:

I started to buy my usual at rock bottom prices, but i've sold the lot, the shit is going to hit the fan when the energy prices kick in. October to January is going to be horrendous. 

 

That's a very UK-centric view on a global asset! But in truth it's impossible to know how much influence the UK economy has on that market, so you could be right, at least to an extent.

[Greedy Jambo]

7 minutes ago, Smithee said:

 

That's a very UK-centric view on a global asset! But in truth it's impossible to know how much influence the UK economy has on that market, so you could be right, at least to an extent.

 

I mean, im not an expert, but i'm pretty sure this is far bigger than just the UK, I might be going out on a limb here, but i'm my opinion, the whole world is ****ed. The USA is knackered, Russia is knackered, The UK is knackered. 

China for the win. 

[Unknown user]

13 minutes ago, Greedy Jambo said:

 

I mean, im not an expert, but i'm pretty sure this is far bigger than just the UK, I might be going out on a limb here, but i'm my opinion, the whole world is ****ed. The USA is knackered, Russia is knackered, The UK is knackered. 

China for the win. 

 

The scale of consumer price rises that we're seeing isn't happening everywhere else as far as I can tell.

 

[BlueRiver]

I’m curious about what effect the Ethereum 2 will bring, if any. It would leave BTC as the only major proof of work.

[The Grim Reaper]

11 hours ago, IronJambo said:

I'm just holding and riding the rollercoaster. 

 

I'll be buying Greening and staking it straight away.

Can you pleas explain what ‘staking’ means?

 

What exchange will this be on?

[hughesie27]

3 hours ago, The Grim Reaper said:

Can you pleas explain what ‘staking’ means?

 

What exchange will this be on?

Staking is basically like putting your money into a savings account. You will earn interest/free tokens. The terms of I Teresa will vary from coin to coin but you are effectively being "paid" to take coins out of circulation from the blockchain. Looks like Greeningn will pay 6% for staking annually. Some coins make you lock the coins away for this time so if you sell within the year you will lose any interest gained. Other coins like StrikeX will pay you 10% annually but you can withdraw at any time and keep any coins earned.

[The Grim Reaper]

Just now, hughesie27 said:

Staking is basically like putting your money into a savings account. You will earn interest/free tokens. The terms of I Teresa will vary from coin to coin but you are effectively being "paid" to take coins out of circulation from the blockchain. Looks like Greeningn will pay 6% for staking annually. Some coins make you lock the coins away for this time so if you sell within the year you will lose any interest gained. Other coins like StrikeX will pay you 10% annually but you can withdraw at any time and keep any coins earned.

Nice one, thanks mate. 

[BlueRiver]

2 minutes ago, hughesie27 said:

Staking is basically like putting your money into a savings account. You will earn interest/free tokens. The terms of I Teresa will vary from coin to coin but you are effectively being "paid" to take coins out of circulation from the blockchain. Looks like Greeningn will pay 6% for staking annually. Some coins make you lock the coins away for this time so if you sell within the year you will lose any interest gained. Other coins like StrikeX will pay you 10% annually but you can withdraw at any time and keep any coins earned.

A fellow StrikeX holder? Howdy partner. 

[IronJambo]

3 hours ago, The Grim Reaper said:

Can you pleas explain what ‘staking’ means?

 

What exchange will this be on?

It's on Ethereum but it's yet to be decided what platform is going to launch on.

Staking your tokens is when you take up an option to lock them in for a set period of time in reward for a set percentage return. A bit like putting them in savings account but with better interest.

 

[That thing you do]

12 hours ago, Smithee said:

 

The scale of consumer price rises that we're seeing isn't happening everywhere else as far as I can tell.

 

No its not. In uk its 215% but spain 48% for example.

 

This is why this inflation thing is part higher costs part highway robbery as energy companies are making obscene profits.

[That thing you do]

On 01/06/2022 at 03:08, Smithee said:

 

It's backed by the nation's economy.

 

Ignoring that though, how is cryptocurrency making the situation any better? What's that backed by?

 

Actually its backed by nothing and thats 100% accurate.

 

In the 70s all currencies were backed by gold, essentially, you could only print the notes you could back with gold. This gave currency value.

 

Bretton Woods stopped that. The US temporarily suspended the gold standard to print money for Vietnam. Then never put it back.

 

Now fiat is not backed by anything and the money printing is a symptom that eventually, a currency with unlimited supply ends up worthless ie dollar buys less tomorrow than today or you get hyperinflation when you lose control. Also historically, fiat currencies dont survive when debt to GDP hits 150%. That might be why centrsl bank digitsl currencies are planned in a number of places because plenty of countries are not far off that.

 

Bitcoin was invented just after the financial crash in 08 and that is not a coincidence.

 

A finite supply is deflationary, by cutting out the central banks and using blockchain confirmations, you make it much more efficient especially cross border. I think there are better cryptos now but the idea was to fix the causes of the banking crisis.

Edited August 13, 2022 by That thing you do

[That thing you do]

As for staking there are a few types

 

Lock ins: as others have said, lock in for x days and recieve more coins at a set percentage rate.

 

Flexible: remove at any time (rewards are lower)

 

Double sided: where you add a share of two coins (BTC/ETH) for example and are rewarded according to their performance.

 

Single sided: staking only one coin of a pair

 

NFT staking: Enjin NFTs include a value of ENJ within the NFT to give it a nominal starting value. Their network, efinity, will give you EFI for any ENJ held and any ENJ infused in NFTs. If your season ticket was an nft on efinity it could effectively be subsidised for you (without Hearts paying a penny) check it here www.efinity.io 

[The Grim Reaper]

27 minutes ago, IronJambo said:

It's on Ethereum but it's yet to be decided what platform is going to launch on.

Staking your tokens is when you take up an option to lock them in for a set period of time in reward for a set percentage return. A bit like putting them in savings account but with better interest.

 

Ok thanks, I’ll keep an eye on it. 

[hughesie27]

1 hour ago, That thing you do said:

 

Double sided: where you add a share of two coins (BTC/ETH) for example and are rewarded according to their performance.

Isn't this Farming?

2 hours ago, BlueRiver said:

A fellow StrikeX holder? Howdy partner. 

Yep I've posted about it a fair bit in here before. Be coming up to a year since I bought in. 

[BlueRiver]

Wrong thread. 

Edited August 13, 2022 by BlueRiver
Wrong thread