Cryoptocurrenices / Blockchain / Initial Coin Offerings

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Jemook
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Post by Jemook »

Cribey » Tue Jun 13, 2017 1:17 pm wrote:Hey Jem,

Absolutely keen!

I'm already part of a#Slack group in Melbourne. Wanna invite?

Would be great if GP offered Crypto trade, esp on Empty4 :yahoo:

Cheers.
Sure send me an invite I'll check it out. I'm sure one day GP will. At the moment watching the landscape.
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SWG123
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Post by SWG123 »

Ethereum ;)
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Jemook
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Post by Jemook »

Yeeha!
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garyfritz

Cryoptocurrenices / Blockchain / Initial Coin Offerings

Post by garyfritz »

Jemook » Sat Jun 10, 2017 4:18 am wrote:I've already doubled my portfolio ..
Cheers Jem! How much of that doubling came from bitcoin's run-up? From your first post in this thread until you said you'd doubled on the 10th, bitcoin ran up over 60%. If you bought in a few days earlier, you would have doubled your account just from the bitcoin growth. But obviously that won't always work...
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Jemook
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Post by Jemook »

garyfritz » Thu Jun 15, 2017 2:58 am wrote:
Jemook » Sat Jun 10, 2017 4:18 am wrote:I've already doubled my portfolio ..
Cheers Jem! How much of that doubling came from bitcoin's run-up? From your first post in this thread until you said you'd doubled on the 10th, bitcoin ran up over 60%. If you bought in a few days earlier, you would have doubled your account just from the bitcoin growth. But obviously that won't always work...
Heya! I'm up 150% now. Most of it is from Lykke where I got in at LKKUSD ~15c and it's now at ~40c and then Ethereum which I got in at ETHUSD $200 and it's now at $350. I have got some BTC but I usually spend it to buy other coins .. My collection is around 30 coins now. Some I really believe in, some are because I'm riding the popularity of them and then some are small punts that could see massive returns if they come good.
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tomele
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Post by tomele »

Courtesy Market Watch, Brett Arends:

----

If you've ever wondered what "cryptocurrencies" such as bitcoin, litecoin and ethereum are for, ask one of their legion of techie-libertarian fans.

And it's dollars to dogecoins (yet another one) that the conversation will go something like this:

You: So what's the purpose of bitcoin?
Fan: The technology is absolutely amazing!

You: Yes, but what's it for?
Fan: Really, the "blockchain" technology is a total masterpiece, way ahead of its time!

You: Yes, yes, I understand that. But what is it actually for?
Fan: You don't understand! It's a completely decentralized money system! Totally revolutionary!

You: Honestly, does it have a purpose? Any purpose at all?
Fan: It's the wave of the future!

And on it will go.

It's now a $100 billion market

Cryptocurrencies, or cybercurrencies, which have been in a massive financial mania until their sudden selloff this week, have two actual applications: online gambling and money laundering. Neither is the heart of a major business model. But that's it.

And these, preposterously, are the fundamentals behind a mania that has driven these currencies up thirtyfold, so that today, in aggregate, the market for them is a staggering $100 billion. None of the defenders' other arguments stack up.

Online currencies are hardly a "store of value" when they have fallen about 30% in a week. See: Bitcoin is suddenly on pace for its worst week since 2015

Are they really protections against the ravages of "inflation" and "monetary debasement" imposed by wicked governments? If so, how come people who keep their money in bitcoin and ethereum and the like have experienced Weimar Republic levels of consumer-price inflation just this week?

That is, after all, what it means when the price of your "currency" plunges. Bitcoins aren't just down 30% against the dollar in the past week. They're down 30% against the potato, the sack of rice, the gallon of gasoline and the new car.

Pure speculation

Admittedly, before all this, the price of these cybercurrencies had skyrocketed. Those who got in at the start of the year have turned $1 into $30. But this looks more like a speculation than a currency. And what will tomorrow bring? I have a pretty good idea how many potatoes I can buy with my dollars next week. Bitcoins? Good luck with that. Bitcoins aren't just down 30% against the dollar in the past week. They're down 30% against the potato, the sack of rice, the gallon of gasoline and the new car.

You notice, incidentally, that these bitcoiners continue to measure the market price of their beloved new currencies in terms of, er, old-fashioned U.S. dollars.

Cybercurrencies may make online purchasing and international money transfers marginally more efficient in theory, if hardly in practice. Would you risk moving your money from dollars into bitcoins just to save a few percentage points in transaction fees? You've seen that wiped out many times over this week just in price fluctuations.

Competition from all sides

Bitcoin, the grandaddy of them all, might at one point have claimed value as a unique entity. If it held a monopoly among the people who wanted to use a cryptocurrency so they could play online poker or finance international crime, it would have some worth. Yet in the past few years multiple competitors have erupted. There are now 25 with individual market values above $100 million, several above $1 billion. Yet all the bitcoins in the world are still "valued" at around $40 billion.

Fast-growing rival ethereum was worth bupkis at the start of the year. Today it's valued at $31 billion, or almost 10 times as much as the company ESRT, -0.05% that owns the Empire State Building.

Preposterous? You make the call.

----

Another train wreck.

Have fun playing with it. But be cautious

Thomas
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Jemook
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Post by Jemook »

Hi Thomas,

I'm not here to convince or sway however it's always important to balance ones views with both sides of the argument. While I appreciate that article the author has missed the most important part of the crypto universe which is blockchain and it's benefits. Bitcoin may just be a method of transferring money from one person to another but there is a whole other world out there of fantastic innovation happening in this space that is tied in to programmable currency. IMO some of these projects will completely change the world and the way we view and interact with money.

The main chunk of my portfolio is investing in exciting blockchain projects that have a good team, a loyal following and has a lot of potential. Let's come back in a year or so and we'll be able to tell each other "I told you so" one way or another :)

BTW if you want to get a good understanding of Bitcoin to see 'the other side' have a read of this - very informative and fun read:

https://www.amazon.com.au/Internet-Mone ... B01L9WM0H8

Cheers
Jeremy
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RedLineFred
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Post by RedLineFred »

How did you fair through yesterday's Ethereum Flash Crash?

more on it here:
http://fortune.com/2017/06/22/ethereum-crash/

Might also be an argument for not using Stops.
K-Lander
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Post by K-Lander »

It´s been a while since I last visited the forum. Nice to see the cryptocurrencies world has leaked in.

As Jem says, it is a revolution in the making that will transform our economy, wiping out the middleman in many areas of our daily lives. Things like notaries public, money remittance entities, even Uber and the like will dissapear in the not so distant future, replaced by a peer-to-peer economy in which value will be transferred electronically and at (almost) no cost.

The Market Watch article above is a poor view of what cryptos are, and especially of what bitcoin is. Bitcoin did not come to replace the dollar or the other traditional currencies, but to allow you to do things by yourself, without depending on third parties. Yet it is true that this year prives have been too volatile, in the long run it will be, in my humble view, the best investment we can make due to bitcoin´s increasing usage and deflationary nature. The article asks "what uses does it have beyond online gambling and money laundering?". Well, for starters, money has been laundered long before bitcoin even existed. Open an offshore corporation in the Virgin Islands or in, er, London, and you are set to go. You do not need bitcoin to gamble online. Just make a regular wire transfer to your favorite gambling website. You will be stripped off your money by the website AND by your bank, with the fees you will pay to get your money transferred.
So, what uses does bitcoin have? I´ll tell you what uses it has to me. In the last year and a half (when I first learned about it), I have stopped paying Paypal 5% of my billing to overseas customers, and I have grew the part of my savings I keep in bitcoin a nice 5-fold due to bitcoin´s increasing value. And I am buying in a bit more every month (yes, I believe it will keep going up, again, because of its increasing demand and deflationary nature).

BUT, this is a forum of traders, and albeit high volatility provides lots of opportunities for profit, the crypto markets are a completely unpredictable roller-coaster. Liquidity is low, so anyone with a few hundred thousand dollars can sway it at will. There is a lot of pump-and-dump going on, so a lot of people are getting burned really bad. Therefore, I would not recommend trying to apply forex systems to the crypto markets.

Well, take it for what it´s worth. Bitcoin is the future, probably a good long-term investment (I am convinced it is), but be warned that cryptocurrencies are a very, very young and dangerous capital market if you intend to trade them.

All the best,
K-Lander
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Post by K-Lander »

This is a long read, yet worth every minute of it. Enjoy...

https://hackernoon.com/why-everyone-mis ... 0b0151c169
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