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Blockchains, cryptocurrencies and the future...

Discussion in 'Forex' started by DB008, Aug 18, 2017.

  1. DB008

    DB008

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    Bitcoin is going bananas

    To name a few - Ethereum, Neo (Ant Shares), OmiseGO (OMG), TenX have also been rising in the past few weeks (some over 500%).

    There are thousands of Alt Coins - coins which aren't bitcoin, but basically leach off the Bitcoin Blockchain in their own way.

    What do l like about the cryptocurrency markets - it's open 24/7 (not like the ASX), everything is pretty much transparent, hard to manipulate and uses mathematics and cryptography.

    Some coins have been going crazy - 50% rise (and fall) within 24 hours.

    Talk that cryptocurrency's will overtake the banks and Ethereum is one which is leading the pack.

    Is Bitcoin and Alt-Coins - the tulip bulb mania bubble?


    Ethereum

    A Look At The Potential Blockchain Holds For The Mortgage Industry
    Immutability, decentralization, and transparency are some of the characteristics which have attracted entities across industries to explore the potential of blockchain technology. Although most projects initiated by enterprises are in the trial phase, recent developments show that the gap between testing and real-world application of blockchain is closing.

     
  2. DB008

    DB008

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    Bitcoin ATM's starting to pop up

    Interesting...

    upside-down-300x226.png
     

    Attached Files:

  3. OmegaTrader

    OmegaTrader

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    Cryptos are going nuts the volatility is out of control. Every man and his dog is loving it.
    From unemployed people living with their parents to engineers. So many people I know are in these bloody alt coins.

    The real problem I have is that no one I know who has it can even explain how it works. Is it pure speculation?

    The second problem is what do you actually own. It is not a yield producing asset. If I own a company I have a right to the cash flows. I have legal protections and regulation to protect me to an extent.
    What right do I have in bitcoin or cyrpto's. The right to transfer, is it really worth that much?

    So many risks.

    Who actually decides the important factors like the amount of currency. Out of the ones I know only a few are centrally controlled by a company. What is to stop people from deciding to print more, just like the recent bitcoin fork. What if I had bitcoin and didn't want that. Who is actually in control?
    Again no one can even explain to me who made that decision. The community. Who the FU@! is that.

    There is also a massive risk that major governments step in or the price just collapses.

    I don't doubt the technology but I don't understand where the fundamental value is coming from to set up a blockchain, surely it is not that valuable.

    How hard is it ?

    I don't think it is the criminals and other alternatives who are pushing the price.

    I think when it goes there is going to be alot of crybabies.

    This reflect my view in other posts. Why alot of people don't trade small cap stocks.Why would you with all of these crazy things around.Much more bang for your buck until it all goes bang.

    Currency is not meant to change by 50% a month. It is meant to be stable and controlled.

    Imagine going to the shop and the price of bread changing by 50%

    This is not currency.
    my twocents
     
  4. OmegaTrader

    OmegaTrader

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    An irony of sorts?
    Visiting aussiestocks, in the ad feed...ripple lol.PNG
    lol ahhaah

    :)
     
  5. DB008

    DB008

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    Ripple has jumped 40% in the past week. Korean pump and dump?
    Monero has also jumped some ~70% in the last 2 weeks.

    24 hour market, never closes, open and transparent. Craps all over the current corrupt financial system.
     
  6. OmegaTrader

    OmegaTrader

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    Keep believing that until the bubble bursts.
    Then wait for the blame game to start...
     
  7. Junior

    Junior

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    Many participants don't know the first thing about investing. I have a mate who was talking about mortgaging his home to get more funds in. It's like gambling, if you have a win early on you get a false sense of confidence. And almost everyone has had a huge win early on with Cryptos.

    I have grave concern for what will happen when this bubble truly bursts.

    I'm not criticising the technology at all, just the price volatility and the firm belief by many that the value of a coin will continue to grow. No asset, let alone a currency can appreciate 1000% in a year and then stabilise without a significant retrace.

    The supply/demand fundamentals and the number of different coins, constantly changing technology etc. is impossible for anyone to wrap their minds around, and therefore to ascertain the true value of a coin.
     
  8. OmegaTrader

    OmegaTrader

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    All I want to know is where is the value that say it is now worth $4000 instead of $2000.

    No one can even explain to me how they work.

    Sure there is some value, in a so called anonymous transactions. But that much value?? How?

    People are buying into the dream and alot of other people/ businesses are leveraging off that dream by facilitating the bubble to continue and taking their cut in the process.

    The dream of somehow being alternative and rebelling or outsmarting everyone and becoming rich.

    You are no longer rebelling if every-man and his dog has it.

    In a way I feel sad that people can be so reckless. But that is what greed does to them.

    Then they will ask for help from the real system. Government intervention and even welfare.


    Then ABC will probably do a four corners and people will cry sympathy and say I got tricked.

    Just like when I got tricked when I over geared myself to speculate on property.

    It is just an evil system and so corrupt.. Poor me.

    digital tulips

    caveat emptor
     
  9. DB008

    DB008

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    Another one to have a look at is IOTA.

    Very interesting.

    IOTA
    is a revolutionary new transactional settlement and data transfer layer for the Internet of Things. It's based on a new distributed ledger, the Tangle (the network), which overcomes the inefficiencies of current Blockchain designs and introduces a new way of reaching consensus in a decentralized peer-to-peer system.




    Some more info here
    1 IOTA is on the market for between $1.20 - $1.40....
     
    Last edited: Aug 24, 2017
  10. DB008

    DB008

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    Maybe, who knows. Always have your fingers on the pulse and ready to sell....

    Bitcoin
    • Limited to 21 million Bitcoins ever mined/created. We will be using Satoshi's (A Satoshi is the smallest fraction of a Bitcoin that can currently be sent: 0.00000001 BTC, that is, a hundredth of a millionth BTC. In the future, however, the protocol may be updated to allow further subdivisions, should they be needed)

    • Secure (cryptographic algorithms) and open/public ledger (transparency). Hard to manipulate (unlike stock market). Open 24/7

    • Technology advances - fiat is expensive. I can send Ethereum around the world in minutes and for cents. Banks take days and are expensive.
     
  11. OmegaTrader

    OmegaTrader

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    1) Is not limited to 21 million, it just got forked or printed, using another name, there are multiple versions of it now.
    (In the future, however, the protocol may be updated to allow further subdivisions, should they be needed)

    2) who decided to fork it, just print more. Is that not manipulation. No one can explain to me who or what makes the decisions.
    3) No regulatory oversight or private property protection.
    4) Has large spreads and no central exchange to give a clear price, OTC market raises alot of conflict of interests. Even price discovery is complicated
    5) where is the value in the coin itself? (not the technology)
    6) No input or votes that investors can make in to decisions regarding the currency
    7)Completely unstable as a currency, the reserve bank looks at inflation to limit printing. Currency should not be moving 20% a month.
    8) In the future couldn't a company just create its own block-chain to short circuit the need for a coin
    9) Risk of regulator jumping in to limit the speculation
     
  12. DB008

    DB008

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    Yes, "Bitcoin" is limited to 21million. Please read the whitepaper.

    https://bitcoin.org/bitcoin.pdf

    Bitcoins are created each time a user discovers a new block. The rate of block creation is adjusted every 2016 blocks to aim for a constant two week adjustment period (equivalent to 6 per hour.) The number of bitcoins generated per block is set to decrease geometrically, with a 50% reduction every 210,000 blocks, or approximately four years. The result is that the number of bitcoins in existence is not expected to exceed 21 million.[2] Speculated justifications for the unintuitive value "21 million" are that it matches a 4-year reward halving schedule; or the ultimate total number of Satoshis that will be mined is close to the maximum capacity of a 64-bit floating point number. Satoshi has never really justified or explained many of these constants.

    When it forked, Bitcoin Cash was created. Bitcoin Cash is not Bitcoin, it is a variance of it, ie - Fork.
     
  13. OmegaTrader

    OmegaTrader

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    Who is making the decisions that is the main point.

    Isn't creating another bitcoin diluting the value by acting as a substitute. Even if it is not called bitcoin it is still a bitcoin by any other name. It does practically the same thing with a tweak.

    It is just supplying the demand for the coin and profits for the miners because once it is mined there is no money in it for miners. Essentially diluting the first lot of bitcoins.

    Again who is making the decisions and what is stopping them from printing more money???

    These thing don't even makes sense no one even knows what they are buying.

    People are still pushing the price up because it sound all mysterious and technologically advanced even when more are being created and substitute alt coins are coming online.

    wtf that doesn't even make sense. The demand is not based on fundamentals.

    Time will tell, I just hope you get out before the bubble pops.
     
  14. DB008

    DB008

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    No

    No
     
  15. OmegaTrader

    OmegaTrader

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    .

    Does any of this make any logical sense???


    NO

    Once you drink the Kool-Aid.....

    Do you ever go back?

    NO

    Should I waste my time trying to argue?

    NO



    This explains alot




    Again, time will tell
     
  16. DB008

    DB008

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    Will there be dips and massive movements?
    Yes, of course there will be.
    The crashes/dips will almost certainly be faster and bigger than the current share market crashes, but so will be the rebounds.

    IMO - Bitcoin (and cryptocurrency's) are are just the next step in the evolution of finance.


    Google Chrome 2.jpg

     
  17. OmegaTrader

    OmegaTrader

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    lol

    Just more propaganda spruiking bitcoin.


    Does coles accept bitcoin?
    Does nab accept bitcoin?
    Can employer pay me in bitcoin?
    monetary policy?
    regulation?
    criminal activity?
    competitors?
    counterpart risk?
    private property ownership?
    market manipulation?
    Lack of input in decision making?
    OTC price discovery?



    third world people mine bitcoin,ahh that doesn't make it a currency. just means that wages are super low in that country.

    Risk is off the chart, it's just been going straight up that is all.

    I will thoroughly enjoy when the crypto bubble crashes. Then I can say told you so.

    Unfortunately however immature that sounds.

    I hope people don't chicken out when that happens and face the music.

    I will remember you DB008
    ahaha

    ahahah
     
  18. OmegaTrader

    OmegaTrader

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    buy me now ad on aussie.

    ad from assie.PNG



    welcome to the future.

    where we make the same mistake that we did in the 1600's

    But this time is different we have fancy imaginary coins

    they will never crash

    noo
     
  19. DB008

    DB008

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    Good on ya mate. Keep the negativity coming...


    Cash is useless in Venezuela thanks to hyperinflation — so people are turning to bitcoin
    As Venezuela suffers its worst meltdown in history, with inflation skyrocketing and basic necessities running in short supply, many have taken to bitcoin mining in a bid to survive, according to a report in the current issue of the Atlantic.

    The reason? Electricity is now cheaper and more affordable in the crisis-hit country than most basic goods. That's because under President Nicolás Maduro, electric power is heavily subsidized to the point that it's essentially free, the Atlantic said.

    Bitcoin mining works like this: Miners use computer hardware to perform complex computations that ultimately create each new link in the bitcoin blockchain — the massive, decentralized ledger technology that underpins the cryptocurrency. In return, they are rewarded with bitcoin. One of the key requirements to mine bitcoin is to have a large supply of power.




    Bitcoin ATMS - worldwide
    https://coinatmradar.com/


    Ukraine to Install 150 Bitcoin ATMs in 2017, 30 by the End of August

    Ukraine is expected to install 150 bitcoin ATMs in the country by the end of the year, with 30 expected to be in place by the end of August.

    According to Mike Chobanyan, the co-founder of NGO Bitcoin Foundation Ukraine and the head of KUNA Bitcoin Agency, a firm that supports bitcoin users in Ukraine, a group of entrepreneurs have ordered the 150 bitcoin ATMs into the country; however, their identity remains a secret.



    Successful blockchain trial for bank guarantees
    10 July, 2017
    ANZ and Westpac have teamed with IBM and shopping centre operator Scentre Group and have now successfully digitised the bank guarantee process used for commercial property leasing.

    The trial used Distributed Ledger Technology (DLT) to eliminate the need for current paper-based bank guarantee documents, resulting in a single source of information with reduced potential for fraud and increased efficiency.

    The partners involved in the trial have today released a whitepaper detailing how the solution worked and how it could be used in other situations that rely on bank guarantees.

    In addition to eliminating the need for physical document management, the trial also addressed other inefficiencies in the current bank guarantee process, including the challenges in tracking and reporting of a guarantee’s status through multiple changes.




    China just stopped ICO's because they were running away and the scam artists were everywhere. So, they will be regulating them. I'm sure that the USA isn't far off either.

    What else would you like the talk about?
    Will a lot of these new cryptos crash and burn, for sure. I think only a handful will survive.
     
  20. Smurf1976

    Smurf1976

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    Cheap computers and cheap electricity to run them with is what makes it profitable in one place versus another.

    As a business it has more in common with smelting metal, particularly aluminium or magnesium, than with any other conventional business. Cheap electricity is the key - hence why smelters are built where power is cheap not necessarily where the ore is mined (pure coincidence if both the ore and cheap power happen to be available in the same place). Labour cost is a far lesser consideration and it's the same with Bitcoin.
     

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