Page 5 of 6 FirstFirst ... 3456 LastLast
Results 61 to 75 of 82
Like Tree13Likes

Thread: Cryptocurrency

  1. #61
    Global Moderator Prince EWS's Avatar
    Join Date
    Jul 2003
    Location
    Cribbertopia
    Posts
    52,497
    Quote Originally Posted by Daemon View Post
    Tbh it seems like Zimbabweans are also using it as a store of value for their savings more than for daily use.
    Yeah the transaction fees are way too high at the moment to use it for mundane purchases. That's why BitCoin Cash forked off, but it doesn't seem like Zimbabweans are using that.

    It seems to be a combination of people deciding to keep their savings in it and businesses using it to get around Zimbabwe's banking issues when making large international transactions. I doubt local stores are accepting it when people want to buy bread.
    Rejecting 'analysis by checklist' and 'skill absolutism' since Dec '09
    'Stats' is not a synonym for 'Career Test Averages'

    Quote Originally Posted by Jeffrey Tucker
    People go into politics to change the world. That's a bad idea. The only good reason to go into politics is to sweep government away so that the world can change itself.
    Quote Originally Posted by Spark View Post
    All systems of government are therefore totalitarian dictatorships in disguise

  2. #62
    State Regular Chewie's Avatar
    Join Date
    Oct 2010
    Location
    Auckland
    Posts
    975
    I wrote my dissertation on bitcoin back in 2014 when it was $230 USD a bitcoin, regret not buying any then

  3. #63
    Eternal Optimist / Cricket Web Staff Member GIMH's Avatar
    Join Date
    Dec 2005
    Location
    SWA
    Posts
    57,635
    Quote Originally Posted by StephenZA View Post
    While I agree it is artificially high I do think that it is being adopted and accepted more than people realize. There is a lot of people in less developed countries using bitcoin as a needed currency (i.e. Zimbabwe) and much of that has nothing to do with FOMO. That is unlikely to end any time soon.

    As I've said in previous posts, people have been calling bitcoin a ponzi scheme for years and financial experts have been saying it's going to collapse at any minute, but it continues to be more positively used than many thought it would be. Its biggest test will come when governments themselves start producing their own regulated but probably more stable cryptocurrency, people may move across to that because it gives more peace of mind.
    Post reported. It should say ‘e.g. Zimbabwe’ as opposed to ie.

  4. #64
    Cricket Web: All-Time Legend
    Suicide Bob Champion!
    Join Date
    Aug 2010
    Location
    Not really needed on CW
    Posts
    24,381
    Quote Originally Posted by Prince EWS View Post
    Yeah the transaction fees are way too high at the moment to use it for mundane purchases. That's why BitCoin Cash forked off, but it doesn't seem like Zimbabweans are using that.

    It seems to be a combination of people deciding to keep their savings in it and businesses using it to get around Zimbabwe's banking issues when making large international transactions. I doubt local stores are accepting it when people want to buy bread.
    Ironically if there ever comes a time when it does get widespread adoption, wouldn't the scaling issues and the high fees see the price come down and a faster, more efficient coin start to rise?

    I don't really understand it all, but are the miners resistant to upgrades to a more efficient BTC because they're making a killing from fees?


  5. #65
    International Captain StephenZA's Avatar
    Join Date
    Jul 2012
    Location
    South Africa / UK
    Posts
    5,646
    Quote Originally Posted by Daemon View Post
    Tbh it seems like Zimbabweans are also using it as a store of value for their savings more than for daily use. No idea though because there appears to be very little information besides anecdotes and "zomg bitcoins are 13k in Zimbabwe" type articles.

    The high price in those headlines are misleading because with such low volume on the exchange, there's very low liquidity and massive spreads.

    In any case, I agree it's adoption by merchants and users is increasing, but my point was that I don't think it's at a rate that justifies the bloated market cap.
    It is a store for money for many Zimbabweans, but I know that it is also being used as a means to get money out the country and to make purchases for international goods; Even with great losses and transaction fees it is one of the few ways they have and it is better than keeping anything local.

    It would be interesting if Amazon started accepting bitcoin and apparently the Japanese are using it enthusiastically.

    I do agree it is hugely bloated at the moment. It will be interesting to see if it eventually just stalls or if it actually falls drastically.

    Quote Originally Posted by GIMH View Post
    Post reported. It should say ‘e.g. Zimbabwe’ as opposed to ie.
    Many apologies. If you strt going, after My bad gramar; I"m not gonna last the dy with-out getting baned?
    "Here are the opinions on which my facts are based." - Humanity
    "Man occasionally stumbles on the truth, but then just picks himself up and hurries on regardless." - Anonymous

  6. #66
    Global Moderator Prince EWS's Avatar
    Join Date
    Jul 2003
    Location
    Cribbertopia
    Posts
    52,497
    Quote Originally Posted by Daemon View Post
    Ironically if there ever comes a time when it does get widespread adoption, wouldn't the scaling issues and the high fees see the price come down and a faster, more efficient coin start to rise?

    I don't really understand it all, but are the miners resistant to upgrades to a more efficient BTC because they're making a killing from fees?
    Yep, precisely. This was the precise logic behind the breakaway creation of BitCoin Cash. A bunch of 'ground floor' BitCoin believers have moved almost all their stake into BCH for this reason.

  7. #67
    International 12th Man
    Join Date
    Jul 2011
    Location
    Australia
    Posts
    1,615
    Quote Originally Posted by Prince EWS View Post
    Yep, precisely. This was the precise logic behind the breakaway creation of BitCoin Cash. A bunch of 'ground floor' BitCoin believers have moved almost all their stake into BCH for this reason.
    Currently bitcoin is relying on litecoin to implement the lightning network so they can use that to fix their slow and expensive transactions but bitcoin just want to make a killing while they can as you said. They're nearing their end of lifecycle so why not.

  8. #68
    International Captain StephenZA's Avatar
    Join Date
    Jul 2012
    Location
    South Africa / UK
    Posts
    5,646

  9. #69
    Cricket Web: All-Time Legend
    Suicide Bob Champion!
    Join Date
    Aug 2010
    Location
    Not really needed on CW
    Posts
    24,381
    I honestly didn't think we'd hit 10k this year until about yesterday. Been waiting for a correction but it just refuses to come.

  10. #70
    International 12th Man
    Join Date
    Jul 2011
    Location
    Australia
    Posts
    1,615
    Put all my savings on on bitcoin, ethereum, litecoin and the new kid on the block iota. Hope I'm rich next year. Got myself a hardware wallet as well for safekeeping.

  11. #71
    Cricket Web: All-Time Legend
    Suicide Bob Champion!
    Join Date
    Aug 2010
    Location
    Not really needed on CW
    Posts
    24,381
    Haha when did you do this? There's a lot of uncertainty surrounding what the futures market will do to prices.

    Cash markets are created for investors, while futures market are created to hedge against risk. Early bitcoin adopters and miners will be on the sell side. On the buy side you better hope there are enough speculators to keep the price stable or even make it rise. Don't think there's any way to tell what will happen. Guess we'll find out on 10th and 18th December.

    Personally I'm just going to hodl and pray because I've no idea wtf is going on.

  12. #72
    International 12th Man
    Join Date
    Jul 2011
    Location
    Australia
    Posts
    1,615
    Quote Originally Posted by Daemon View Post
    Haha when did you do this? There's a lot of uncertainty surrounding what the futures market will do to prices.

    Cash markets are created for investors, while futures market are created to hedge against risk. Early bitcoin adopters and miners will be on the sell side. On the buy side you better hope there are enough speculators to keep the price stable or even make it rise. Don't think there's any way to tell what will happen. Guess we'll find out on 10th and 18th December.

    Personally I'm just going to hodl and pray because I've no idea wtf is going on.
    I've diversified equally on ethereum and litecoin as well so any potential risk in btc will be safeguarded. Prices are guaranteed to go up till end of 2018 as the crypto market as a whole is in bull phase similiar to the dotcom bubble. Theres just too many new entrants who are going to keep coming in to the market in droves next year that is going to keep pushing the prices. After 2018 its anyones guess, definitely look into iota, its said to be future proofed against quantum computing. I'm definitely eying to sell at the end of next year if theres any signs of collapse. Listen to a lot of podcasts to keep up to date with the crypto markets.

  13. #73
    Cricket Web: All-Time Legend
    Suicide Bob Champion!
    Join Date
    Aug 2010
    Location
    Not really needed on CW
    Posts
    24,381
    Alts have ****ed me hard over the last 36hours tbh, don't think I've got the stomach to look at IOTA.

  14. #74
    Global Moderator Spark's Avatar
    Join Date
    Feb 2010
    Location
    A Blood Rainbow
    Posts
    46,008
    So I only have a rudimentary understanding of the technology and underlying mathematics, but seeing this:

    John McAfee‏Verified account
    @officialmcafee
    Follow Follow @officialmcafee
    More
    Bitcoin now at $16,600.00. Those of you in the old school who believe this is a bubble simply have not understood the new mathematics of the Blockchain, or you did not cared enough to try. Bubbles are mathematically impossible in this new paradigm. So are corrections and all else

    Would make me run for the hills.
    Uppercut likes this.
    do you think people will be allowed to make violins?
    who's going to make the violins?

    forever 63*

  15. #75
    Cricket Web: All-Time Legend
    Suicide Bob Champion!
    Join Date
    Aug 2010
    Location
    Not really needed on CW
    Posts
    24,381
    Haha wtf does that even mean

Page 5 of 6 FirstFirst ... 3456 LastLast


Thread Information

Users Browsing this Thread

There are currently 1 users browsing this thread. (0 members and 1 guests)

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •