The rise and fall of CRYPTO | Crypto Craft

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The rise and fall of CRYPTO

  • #1
  • First Post: Jan 10, 2018 3:45am Jan 10, 2018 3:45am
At the beginning, it seemed as though bitcoins were an interesting idea. The technology looked convincing and the idea was attractive. A currency not allied to a particular country and with a limited issue? What could possibly go wrong?

There are currently over 2500 crypto currencies. Here is a link: https://coinranking.com/?page=1 50+ pages at 50 per page.

Here is an article from the Financial Times. Here is a news release by the FCA. Here is a question from a PIVX investor.
Gone to a better place
  • #2
  • Jan 10, 2018 5:15am Jan 10, 2018 5:15am
Would someone post a chart please? A chart of Bitcoin/Usd would be interesting. And a link to a broker who can take a trade on this pair would be even better.

And here is the big question: Is it possible to trade the other 2,500 crypto currencies and how easy is it to cash out?
Gone to a better place
  • #3
  • Jan 10, 2018 7:41am Jan 10, 2018 7:41am
Here you are, Mike. This is IG Markets demo account......

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  • #4
  • Jan 10, 2018 11:36am Jan 10, 2018 11:36am
Quoting Exodus
Here you are, Mike. This is IG Markets demo account...... {image}
Thanks Exodus. Well it looks like consolidating in the 13 - 17,000 range
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  • #5
  • Aug 30, 2018 8:24am Aug 30, 2018 8:24am
And now where are they all? Still driving Ferraris and announcing the end of fiat currencies? Or are they buying the dips?
Attached Image
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  • #6
  • Aug 30, 2018 10:15am Aug 30, 2018 10:15am
Still in profit so only hodling.
Money = Labour coupons
  • #7
  • Aug 30, 2018 10:16am Aug 30, 2018 10:16am
Quoting smikester
And now where are they all? Still driving Ferraris and announcing the end of fiat currencies? Or are they buying the dips? {image}

Are you here to expose cryptos? This was well-known hoax (at least their major part) and those who was fast and smart made money. Other still sitting with their 18K bitcoin longs

I admit it was a great experiment of transferring value from new users to old under the guise of financial revolution. Scam!
  • #8
  • Aug 30, 2018 11:11am Aug 30, 2018 11:11am
Quoting dispersion
{quote} Are you here to expose cryptos? This was well-known hoax (at least their major part) and those who was fast and smart made money. Other still sitting with their 18K bitcoin longs I admit it was a great experiment of transferring value from new users to old under the guise of financial revolution. Scam!
My personal opinion is that they were a scam from the start. I think blockchain is potentially a good technology. Just inventing a currency without any form of sovereign or asset backing was always suspicious to me.

I'm just stirring things up a bit to get current feeling.
Gone to a better place
  • #9
  • Aug 30, 2018 11:29am Aug 30, 2018 11:29am
I don't think that the energy consumption required by the mining process for all these cryptocurrecies is sustainable. With present use, if Bitcoin were a country it would be the 61st biggest power consumer in the world!

https://powercompare.co.uk/bitcoin/

And this is with its current level of usage; Which is basically just paranoid geeks and people buying porn and drugs.

If bitcoin, or some other cryptocurrency, was to become a more mainstream currency it would mean more fees for the miners, which would bring more miners and therefore the power consumption would become ridiculous.

And unfortunately there's no way around high power consumption. Bitcoin mining needs to be a computationally difficult problem to solve, but easy to verify. If the problem wasn't hard to solve then anyone could add a block to the blockchain and make themselves rich.

I think if it was to become mainstream. The United Nations would ban it on Environmental Grounds; I don't see how crypto can ever have a long-term future on the basis of its power consumption.
  • #10
  • Aug 30, 2018 8:00pm Aug 30, 2018 8:00pm
Quoting smikester
{quote} My personal opinion is that they were a scam from the start. I think blockchain is potentially a good technology. Just inventing a currency without any form of sovereign or asset backing was always suspicious to me. I'm just stirring things up a bit to get current feeling.
it's far from a scam, it was just another hype that went crash. happened with Tulips Tech shares ect.... this is no different a totally unstainable trend that reversed back to nominal value. the underlying can't be blamed for the hype and investor stupidity that took it to its artificial highs.

i don't trade cryptos but i think what they stand for is very interesting. (blockchain)
  • #11
  • Aug 30, 2018 8:10pm Aug 30, 2018 8:10pm
Quoting dispersion
{quote} Are you here to expose cryptos? This was well-known hoax (at least their major part) and those who was fast and smart made money. Other still sitting with their 18K bitcoin longs I admit it was a great experiment of transferring value from new users to old under the guise of financial revolution. Scam!
You're not doing yourself a favor by digging your head in the sand. Study it, research, learn it. Have you done any transactions using Bitcoin or have any hands-on experience of how it works, is used, and other benefits?
Bitcoin, not anything else.
  • #12
  • Sep 1, 2018 6:33am Sep 1, 2018 6:33am
Quoting dispersion
{quote}.. This was well-known hoax (at least their major part) and those who was fast and smart made money.
Other still sitting with their 18K bitcoin longs
I admit it was a great experiment of transferring value from new users to old under the guise of financial revolution. Scam!
Experiment??
Scam???
Are u talking about $$ that has lost 97% value in the last what 60-80 years???
Or the stock market that when explodes will leave billion people without food, house or pension????

Bitcoin is barely 9 years old.

Wait few years, will see $250000 a bitcoin.

My view, not advice

And yes, sell me your bitcoins if goes down , $7000 now.
Beware of robber banks (RB), bad advisors.
  • #13
  • Sep 1, 2018 6:39am Sep 1, 2018 6:39am
Quoting smikester
Would someone post a chart please? A chart of Bitcoin/Usd would be interesting. And a link to a broker who can take a trade on this pair would be even better.
And here is the big question: Is it possible to trade the other 2,500 crypto currencies and how easy is it to cash out?
Two charts, 2013-14 and 18-19

And no, these 2000 other currencies are mostly worthless, without exchange, etc...

All we need is patience....
Phones replaced mail, right???

Lightbulbs replaced candles, right???
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Beware of robber banks (RB), bad advisors.
  • #14
  • Edited Sep 2, 2018 4:56am Sep 1, 2018 6:49am | Edited Sep 2, 2018 4:56am
Quoting 4thelasers
I don't think that the energy consumption required by the mining process for all these cryptocurrecies is sustainable. With present use, if Bitcoin were a country it would be the 61st biggest power consumer in the world!...
The United Nations would ban it on Environmental Grounds; I don't see how.... e basis of its power consumption.
You sound like lonely confused environmentalist
Don't overthink

No offence.!!!

Here's 2 ideas - invest in PoS cryptos.... or DPoS.
If you don't know what's that - my point above is proven

Second idea!!!
You know how Volkswaggen Group and Caterpillar have produced more than 20 billion cars and trucks with total power consumption gazillion bazzilion watts??
That puts Volkswaggen etc as the 18th and a half power consumer.... bla bla

I think Trumpy, McDonald's and The Vatican would attack it and annex Volkswaggen on Blabla Grounds....
And Egypt should take over France, because France is in 5th place, on.... Donut Eating Grounds


Silly ehh???
How stupid that sounds!!!
Capital letters make u sound smart bubba ????
And point proven.

PS:
I have my own thread, Rise of Crypto, where serious discussion is appreciated. But only hard arguments All welcome.

Good luck and good chat here.!!
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Beware of robber banks (RB), bad advisors.
  • #15
  • Sep 2, 2018 4:52am Sep 2, 2018 4:52am
Quoting smikester
{...Just inventing a currency without any form of sovereign or asset backing was always suspicious to me.

I'm just stirring things up a bit to get current feeling.
Thinking of Turkey, Venezuella...Argentina ....

Veeeery solid sovereign useless paper. right?
LOL.

Last weeks with gold drop (technical) and some meagre bitcoin news - bumping up
Beware of robber banks (RB), bad advisors.
  • #16
  • Sep 2, 2018 6:10am Sep 2, 2018 6:10am
Quoting smikester
Would someone post a chart please? A chart of Bitcoin/Usd would be interesting. And a link to a broker who can take a trade on this pair would be even better. And here is the big question: Is it possible to trade the other 2,500 crypto currencies and how easy is it to cash out?
Right now, the price is just above 7K (USD); whatever, I don’t think it’s possible to reach your target in this year actually.
  • #17
  • Sep 2, 2018 8:58am Sep 2, 2018 8:58am
Just to share my experience here. Before I was reading so much about the Bitcoin and ETH, trying to predict what will happen, however, I do not think that someone succeeded to do any predictions....
Anyway recently I have taken few algorithmic trading courses from EAForexAcademy, where they include experts in the course. And one think these course helped me to understand, that it is not really about making a prediction but using where the price is going at the moment. More, with the Experts it is much easier and it really does not matter if the price is going up or down, and what level it is.
  • #18
  • Sep 2, 2018 12:02pm Sep 2, 2018 12:02pm
Interesting that Crypto-currency supporters would mention hyper-inflation in their support of the block chain technology. Another comparison frequently mentioned is gold (see Not-KPMG's post above). These two comparisons pretty much define the reason for trying to create a currency that has a stable value. Block chain is an interesting concept and a very clever one, designed to track and limit currency value and use. Am I wrong here? That was the whole point wasn't it?

Instead what has happened is to produce a thousand crypto-currencies which have no meaning to the average working person in terms of access or value, whose value has fluctuated vastly more than most fiat currencies or other standards, such as gold. This is almost exactly the opposite of what was intended. The proliferation of crypto-currencies has been driven by greed where start ups have clearly been enviously looking at Bitcoin and saying to themselves, yes, I could make one of those and while I'm at it, stash a few billion for myself. I mean, can anyone tell me how Bitcoin, for example, could be distributed fairly to the larger population for use as a stable method of exchange? Should everyone have their own block chain currency based on their individual net worth?

In an imperfect market it is impossible to create a perfect currency. It is, however, possible to invent an infinite number of imperfect currencies. Which reminds me, I owe one of my neighbours a favour for some logs he dropped off for us.
Gone to a better place
  • #19
  • Sep 2, 2018 1:09pm Sep 2, 2018 1:09pm
@smikester, if you create a crypto for yourself or your company, you are easily the centralized point of attack vector. That fact alone (to me) makes your crypto useless, worthless, and irrelevant for any usage.

Same goes with Bitcoin Cash - Roger Ver, Bitmain, etc etc, centralized attack vectors.
Same goes with EOS - 21 block producers, not distributed among thousands or millions.

So some people like to make hypothetical statements about "what if there's more cryptos" or "what if i create my own" blah blah, it's all going to be useless, there is one crypto that is truly decentralized. If you can recreate that and disappear as did Satoshi, then maybe you have a winner, but otherwise they are all bad, or decent at best....

... aside from Bitcoin (BTC)
Bitcoin, not anything else.
  • #20
  • Sep 3, 2018 1:41am Sep 3, 2018 1:41am
Quoting Pandass
.... there is one crypto that is truly decentralized. If you can recreate that and disappear as did Satoshi, then maybe you have a winner, but otherwise they are all bad, or decent at best.... ... aside from Bitcoin (BTC)
Thank you for that.
Carbon-Dioxide: the gas of life! https://youtu.be/ttJBdr6eBuo
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