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By (user no longer on site) OP   
over a year ago

Don’t think I’ve seen a post about this but anyone interested in this? I know I am and I don’t doubt that there is going to be loads of other people who have invested too....future predictions if anyone has any? Would be really interesting to talk to someone in the finance industry...

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By (user no longer on site)
over a year ago

It only really works for the few at the start but thins out quite quickly as the rates go up and eventually tops out and people start losing money

Anything without hard collateral is always going to be a big gamble

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By (user no longer on site)
over a year ago

The environmental cost makes it totally redundant.The same transaction is possible without the thousand fold energy consumption.

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By *LCCCouple
over a year ago

Cambridge


"The environmental cost makes it totally redundant.The same transaction is possible without the thousand fold energy consumption.

"

But think of all trees saved because we don't need to cut them down to make coins

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By *xplicitlyricsMan
over a year ago

south dublin

At the moment its a rigged game, the price fluctuations we've seen over the past 6 months were engineered by people with enough influence within the industry to shift the prices.

Its a very volatile investment and its hard to say which way its going to go. It should also be noted that bitcoin split into Bitcoin and Bitcoin cash in 2017 and Ethereum, Ripple, Eos and Litecoin are all major cryptocurrencies who all have $10bn+ market caps. While Bitcoin gets the majority of the press there are others fighting for supremacy and who knows who will come out on top in the end.

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By (user no longer on site)
over a year ago


"The environmental cost makes it totally redundant.The same transaction is possible without the thousand fold energy consumption.

But think of all trees saved because we don't need to cut them down to make coins "

I guess this is a teachable moment.

Normal paper is made of cellulose from trees, but paper money is made from cotton and linen . Coins contain no paper.

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By *oi_LucyCouple
over a year ago

Barbados

I’ve posted a bit on here about cryptocurrencies in the past. Mainly trying to explain them in laymen’s terms when the topic comes up

I don’t work in the financial sector, but I am a technologist, I work for one of the worlds largest technology companies, and currently in my spare time studying a FinTech course.

I started investing in crypto just under a year ago. Partly by accident (was given some as a gift and started messing about with it). But I have managed to make significant enough returns to have invested in this FinTech course and have been working on a number of business ideas.

In this area opinions are like arseholes and everyone has them. There is a lot of survival bias and of course as soon as anyone who makes a prediction that comes true all heir other failed predictions are forgotten

My take on it: Bitcoin is the granddaddy and so will always hold a special place by that nature. But it is slow, expensive to transact with and siphons our vast sums of money from the ecosystem just to stay secure (giving that money ultimately to electricity companies). But it likely will survive just because it was the first. There are whole raft of technologies being built on top to try and work around its failings, eg Lightning Network. Those are sticking a very badly designed, Ill-fitting plaster on the problem. I believe they just won’t work ultimately.

Ethereum is interesting in that it has been used for ICOs for a lot of other tokens. Interesting there is a hearing today by the US SEC as to whether it should be classed as a security or not. This has major implications for trading it on exchanges. It’s ability to do smart contracts is interesting but people have still not quite worked out the actual killer app for that. And there are scalability issues, as shown by Crypto Kitties.

XRP is the one I am the most interested in and excited about. It is much maligned as Bitcoin maximalists often sneeringly refer to it as a ‘bankers coin’. They see it as the anti-crypto. Much of that sentiment is born from misunderstanding XRP. Some people falsely believe that Ripple (the company that holds the largest about of XRP, and is working with banks to integrate it with their systems) can control the network, or seize funds, or ‘print more’. They mistakenly conflate the centralised nature of Ripple the company with he decentralised nature of the XRP Ledger.

There are a gazillion other cryptocurrencies with specific usecases or market verticals. Eg Spankchain which is looking to revolutionise how we pay for adult services.

But ultimately I think long term value comes from actual real world utility. Currently if you want to send funds from the U.K. to, say, Australia then the fastest way is literally still a suitcase full of cash and a plane ride. Which is ludicrous when you think of today’s information at your fingertips world. Ripple is working to disrupt the existing correspondent banking system and the network of nostro/vostro accounts with a digital world in which value can move about the globe as quickly and cheaply as information can. XRP is a core part of that strategy.

I’ll stop there otherwise I could go on for hours and bore you to tears. But happy to discuss any particular aspects of this field.

-Matt

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By *LCCCouple
over a year ago

Cambridge


"The environmental cost makes it totally redundant.The same transaction is possible without the thousand fold energy consumption.

But think of all trees saved because we don't need to cut them down to make coins

I guess this is a teachable moment.

Normal paper is made of cellulose from trees, but paper money is made from cotton and linen . Coins contain no paper.

"

Don't be silly.

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By *ittleAcornMan
over a year ago

visiting the beach

Blockchain, the technology this is all built on is the interesting thing.

After the cryptocurrency bubble bursts. It will be this that survives.

It'll be underpinning your online banking, medical records, online commenting, all sorts.

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By *xplicitlyricsMan
over a year ago

south dublin


"

My take on it: Bitcoin is the granddaddy and so will always hold a special place by that nature. But it likely will survive just because it was the first. "

Friendster,myspace and bebo would like a word.

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By *ophieslutTV/TS
over a year ago

Central


"The environmental cost makes it totally redundant.The same transaction is possible without the thousand fold energy consumption.

But think of all trees saved because we don't need to cut them down to make coins

I guess this is a teachable moment.

Normal paper is made of cellulose from trees, but paper money is made from cotton and linen . Coins contain no paper.

Don't be silly."

Of course, there's now plastic as bank notes and they're probably melting those old ones down to make the coins, as they're known to all be contaminated with flour-like stuff.

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By *oi_LucyCouple
over a year ago

Barbados


"

My take on it: Bitcoin is the granddaddy and so will always hold a special place by that nature. But it likely will survive just because it was the first.

Friendster,myspace and bebo would like a word."

Well yes. I’m putting my money on XRP, not Bitcoin for that very reason. But you can’t deny that Bitcoin has first mover advantage and a lot more ‘lock in’ power compared to social networking sites did.

-Matt

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By *oi_LucyCouple
over a year ago

Barbados


"Blockchain, the technology this is all built on is the interesting thing.

After the cryptocurrency bubble bursts. It will be this that survives.

It'll be underpinning your online banking, medical records, online commenting, all sorts."

Yes, blockchain is very interesting. But I, personally, think it is very overhyped. I still think it’s main use case is in transacting value. There are all sorts of ideas about putting everything from avocado shipments, to medical records, to song lyrics on blockchain. In most cases the ideas are putting hype ahead of reality. But I’m sure there will be a happy medium there somewhere.

-Matt

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By *LCCCouple
over a year ago

Cambridge


"Blockchain, the technology this is all built on is the interesting thing.

After the cryptocurrency bubble bursts. It will be this that survives.

It'll be underpinning your online banking, medical records, online commenting, all sorts.

Yes, blockchain is very interesting. But I, personally, think it is very overhyped. I still think it’s main use case is in transacting value. There are all sorts of ideas about putting everything from avocado shipments, to medical records, to song lyrics on blockchain. In most cases the ideas are putting hype ahead of reality. But I’m sure there will be a happy medium there somewhere.

-Matt"

Will it all involve an exponentially rising amount of computing power?

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By *xplicitlyricsMan
over a year ago

south dublin


"

My take on it: Bitcoin is the granddaddy and so will always hold a special place by that nature. But it likely will survive just because it was the first.

Friendster,myspace and bebo would like a word.

Well yes. I’m putting my money on XRP, not Bitcoin for that very reason. But you can’t deny that Bitcoin has first mover advantage and a lot more ‘lock in’ power compared to social networking sites did.

-Matt"

First mover advantage is usually overhyped but with Bitcoin it might be different. But ultimately I dont think Id bet my money longterm on that (although I said similar 5 years ago so...)

Bitcoins value is being gamed by big players and people are seeing it which is another issue along with the scalability problems and transaction fees. One thing that does stand to it is that there are zealots who'll back it to the end which gives it a floor which things like stocks and currencies dont have. Its just impossible to assess where that is and whats a reasonable way to value where it "should" be because it doesnt have any underpinnings to its value the way stocks and currencies do.

If theres a downturn and youve got some money you dont mind losing its worth a shot but like any other gambling I wouldnt reccomend putting in any more than youre willing to lose.

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By *oi_LucyCouple
over a year ago

Barbados


"Blockchain, the technology this is all built on is the interesting thing.

After the cryptocurrency bubble bursts. It will be this that survives.

It'll be underpinning your online banking, medical records, online commenting, all sorts.

Yes, blockchain is very interesting. But I, personally, think it is very overhyped. I still think it’s main use case is in transacting value. There are all sorts of ideas about putting everything from avocado shipments, to medical records, to song lyrics on blockchain. In most cases the ideas are putting hype ahead of reality. But I’m sure there will be a happy medium there somewhere.

-Matt

Will it all involve an exponentially rising amount of computing power? "

If they stick with proof-of-work blockchains like bitcoin uses then yes. But there are other more efficient mechanisms such as proof-of-stake or consensus (which XRP uses).

The massive power consumption of Bitcoin is what is ultimately limiting it. It is resulting in de-facto centralisation of the network due to miners seeking economies of scale and cheap power.

-Matt

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By *LCCCouple
over a year ago

Cambridge


"Blockchain, the technology this is all built on is the interesting thing.

After the cryptocurrency bubble bursts. It will be this that survives.

It'll be underpinning your online banking, medical records, online commenting, all sorts.

Yes, blockchain is very interesting. But I, personally, think it is very overhyped. I still think it’s main use case is in transacting value. There are all sorts of ideas about putting everything from avocado shipments, to medical records, to song lyrics on blockchain. In most cases the ideas are putting hype ahead of reality. But I’m sure there will be a happy medium there somewhere.

-Matt

Will it all involve an exponentially rising amount of computing power?

If they stick with proof-of-work blockchains like bitcoin uses then yes. But there are other more efficient mechanisms such as proof-of-stake or consensus (which XRP uses).

The massive power consumption of Bitcoin is what is ultimately limiting it. It is resulting in de-facto centralisation of the network due to miners seeking economies of scale and cheap power.

-Matt"

It's hugely wasteful not just in terms of electricity, but also computing power. Imagine if all that computing power was used for something more important than buying drugs on the dark web.

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By *oi_LucyCouple
over a year ago

Barbados


"Blockchain, the technology this is all built on is the interesting thing.

After the cryptocurrency bubble bursts. It will be this that survives.

It'll be underpinning your online banking, medical records, online commenting, all sorts.

Yes, blockchain is very interesting. But I, personally, think it is very overhyped. I still think it’s main use case is in transacting value. There are all sorts of ideas about putting everything from avocado shipments, to medical records, to song lyrics on blockchain. In most cases the ideas are putting hype ahead of reality. But I’m sure there will be a happy medium there somewhere.

-Matt

Will it all involve an exponentially rising amount of computing power?

If they stick with proof-of-work blockchains like bitcoin uses then yes. But there are other more efficient mechanisms such as proof-of-stake or consensus (which XRP uses).

The massive power consumption of Bitcoin is what is ultimately limiting it. It is resulting in de-facto centralisation of the network due to miners seeking economies of scale and cheap power.

-Matt

It's hugely wasteful not just in terms of electricity, but also computing power. Imagine if all that computing power was used for something more important than buying drugs on the dark web. "

Yes it is a waste of computing power to some degree, but these are highly specialised processors whose sole job is to calculate cryptographic hashes and compare them. There isn’t anything all that much more they could be doing. But it is the running of these processors that consumes the electricity.

And as for viewing bitcoin as just a means for buying drugs online, it is very much past that. Alas people’s outdated views taint the rest of the cryptocurrency world. Which is why when i was calling around banks to get a business current account for a cryptocurrency micropayment service I was trying I set up they all just said ‘sorry, we don’t touch cryptocurrencies’.

-Matt

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By *heislanderMan
over a year ago

cheshunt

Remember Joe Kennedy - Joe Kennedy exited the stock market in timely fashion after a shoeshine boy gave him some stock tips. He figured that when the shoeshine boys have tips, the market is too popular for its own good.

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By *e DevilMan
over a year ago

Blantyre

99 out of every crypto currency will fail. And there are thousands. Its all about the hype. Buy for pennies start the rumours about mergers and bonuses and this or that is predicted and your pennies will gain a tiny bit of value . Sell them and move on . If your not in on that initial hype watch all those pennies disappear when you stick in your pounds. Bubble has well and truly burst on bitcoin . It will drop lots further.

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By *G CoupleCouple
over a year ago

kent

Quite interested in crypto but don’t have the time for it sadly. A few months ago I did a bit of research which coin to have a bash at, set up my pc to mine the coin.

Almost 1000 coins now. Not really seen much of a price increase untill today.

I know it will fall down and go up but I’m gonna wait a few years to see how it goes.

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By *LCCCouple
over a year ago

Cambridge


"Blockchain, the technology this is all built on is the interesting thing.

After the cryptocurrency bubble bursts. It will be this that survives.

It'll be underpinning your online banking, medical records, online commenting, all sorts.

Yes, blockchain is very interesting. But I, personally, think it is very overhyped. I still think it’s main use case is in transacting value. There are all sorts of ideas about putting everything from avocado shipments, to medical records, to song lyrics on blockchain. In most cases the ideas are putting hype ahead of reality. But I’m sure there will be a happy medium there somewhere.

-Matt

Will it all involve an exponentially rising amount of computing power?

If they stick with proof-of-work blockchains like bitcoin uses then yes. But there are other more efficient mechanisms such as proof-of-stake or consensus (which XRP uses).

The massive power consumption of Bitcoin is what is ultimately limiting it. It is resulting in de-facto centralisation of the network due to miners seeking economies of scale and cheap power.

-Matt

It's hugely wasteful not just in terms of electricity, but also computing power. Imagine if all that computing power was used for something more important than buying drugs on the dark web.

Yes it is a waste of computing power to some degree, but these are highly specialised processors whose sole job is to calculate cryptographic hashes and compare them. There isn’t anything all that much more they could be doing. But it is the running of these processors that consumes the electricity.

And as for viewing bitcoin as just a means for buying drugs online, it is very much past that. Alas people’s outdated views taint the rest of the cryptocurrency world. Which is why when i was calling around banks to get a business current account for a cryptocurrency micropayment service I was trying I set up they all just said ‘sorry, we don’t touch cryptocurrencies’.

-Matt"

I thought they used graphics cards? Hence the worldwide shortage. Although I had heard of some that use spare hard drive capacity too.

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By *LCCCouple
over a year ago

Cambridge


"Quite interested in crypto but don’t have the time for it sadly. A few months ago I did a bit of research which coin to have a bash at, set up my pc to mine the coin.

Almost 1000 coins now. Not really seen much of a price increase untill today.

I know it will fall down and go up but I’m gonna wait a few years to see how it goes. "

If it's not coin then is £6,850,000 worth! Not bad for a months work!

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By *oi_LucyCouple
over a year ago

Barbados


"Blockchain, the technology this is all built on is the interesting thing.

After the cryptocurrency bubble bursts. It will be this that survives.

It'll be underpinning your online banking, medical records, online commenting, all sorts.

Yes, blockchain is very interesting. But I, personally, think it is very overhyped. I still think it’s main use case is in transacting value. There are all sorts of ideas about putting everything from avocado shipments, to medical records, to song lyrics on blockchain. In most cases the ideas are putting hype ahead of reality. But I’m sure there will be a happy medium there somewhere.

-Matt

Will it all involve an exponentially rising amount of computing power?

If they stick with proof-of-work blockchains like bitcoin uses then yes. But there are other more efficient mechanisms such as proof-of-stake or consensus (which XRP uses).

The massive power consumption of Bitcoin is what is ultimately limiting it. It is resulting in de-facto centralisation of the network due to miners seeking economies of scale and cheap power.

-Matt

It's hugely wasteful not just in terms of electricity, but also computing power. Imagine if all that computing power was used for something more important than buying drugs on the dark web.

Yes it is a waste of computing power to some degree, but these are highly specialised processors whose sole job is to calculate cryptographic hashes and compare them. There isn’t anything all that much more they could be doing. But it is the running of these processors that consumes the electricity.

And as for viewing bitcoin as just a means for buying drugs online, it is very much past that. Alas people’s outdated views taint the rest of the cryptocurrency world. Which is why when i was calling around banks to get a business current account for a cryptocurrency micropayment service I was trying I set up they all just said ‘sorry, we don’t touch cryptocurrencies’.

-Matt

I thought they used graphics cards? Hence the worldwide shortage. Although I had heard of some that use spare hard drive capacity too."

Yes you can use graphics cards for some. But Bitcoin for example it is just not really economical to use them. Most big mining operations use custom ASICS.

-Matt

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By (user no longer on site)
over a year ago

This is taken from an article from Jan 2018...not sure if the shares have remained at that level.

"Shares in photo firm Eastman Kodak soared nearly 120% after it revealed plans to mint its own crypto-currency, the KodakCoin."

https://www.google.co.uk/amp/s/www.bbc.co.uk/news/amp/technology-42630136

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By (user no longer on site)
over a year ago


"The environmental cost makes it totally redundant.The same transaction is possible without the thousand fold energy consumption.

But think of all trees saved because we don't need to cut them down to make coins

I guess this is a teachable moment.

Normal paper is made of cellulose from trees, but paper money is made from cotton and linen . Coins contain no paper.

"

Less than 2% of money is in cash the rest is digital.

Positive money have good information about the British monetary system.

Crypto Currencies started 03 January 2009 which was the first bitcoin to be mind.

Since then block chain technologies have been used for more than just money. Protein folding, smart contracts, cloud storage, domain names etc

The ethereum blockchain is a Turing complete programing environment which means anything a computer can do you can now do on a blockchain which means the program is decentralised and censorship proof even from governments.

Ethereum is kind of like a decentralised computer that anyone can program on and it cannot be shut down unless someone has enough computing power which no-one does and is very unlikely to ever have.

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By *.D.I.D.A.SMan
over a year ago

London/Essex... ish... Romford to be exact

So have we reached the bottom or is this a bull trap? The bull run of 2017 was consumer hype driven. 2018 was about continuing with developing the fundamental technology. Keep ya eyes peeled!

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By *eisurepleasureMan
over a year ago

belfast

I bought some telcoin

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By *eisurepleasureMan
over a year ago

belfast

I’m into Telcoin at mo

It has pumped lately

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