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Notices tagged with cryptocurrencies, page 2
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@guizzy The banks already try to starve the unbanked, so that they'll flee into the arms of the banking system.
I do see them moving into #cryptocurrencies in partnership with national financial regulators, but I see them bringing all the disadvantages of #fiat_currencies with them, except for uncontrolled growth of the money supply and getting killed in the 7-11 parking lot over $20.
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Texted another IT person from $EMPLOYER to inform him that #Dogecoin (DOGE) dropped by about 25% yesterday.
(He’s been telling me that he has paper gains of over $12K.)
Response: When it reaches $2.00, he thinks his gains will exceed $20K.
This is someone who should probably be pursuing less risky “investments” instead of speculating on currencies and #cryptocurrencies.
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So, it looks like I’m going to have to try out one or more #cryptocurrencies, such as #Bitcoin ( BTC ) or #Ethereum ( #ETH ).
But I’m not pretending that I can time the market, so I’m not looking to buy something that will rise high enough to make me a millionaire. I’m looking at them as a medium of exchange, a means to facilitate purchases and sales. At this point, I’m not looking at them as a store of value, and certainly not as an investment.
Despite my insistence in conversations with #sonTwo that he should likewise consider cryptocurrency only as a means to purchase things, his father-in-law has been reading about sky-high #BTC prices and is putting up a small amount of money to get started investing in #cryptocurrency.
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Since #sonTwo’s father-in-law is trying to get them started in #cryptocurrencies, I guess I need to do some reading.
I’m sure he’s looking at the $CRYPTOCOIN value in US dollars charts and thinking of it like the stock market. However, stock markets are regulated (even though I still think they are sometimes manipulated), and cryptocurrency exchanges are not.
I told my son (again) to concentrate on coins which are actually used to buy and sell goods and services rather than being led by upward curves on charts. I know the youngest ( #Daddy_A ) isn’t doing any cryptocurrency stuff, but I should ask the oldest ( #sonOne ) whether he’s doing it. If he’s doing it and can give his brother the same advice (but from the perspective of having done it), then it is more likely to be followed.
I should probably try to buy some cryptocurrency on “LocalBitcoins”:{https://localbitcoins.com/}, so I’ll have some skin in the game. That way, my conversations about the topic will be from the standpoint of someone who has some risk of losing money.
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Speaking of #blockchains and #cryptocurrencies, someone told me about "Eth 2" recently, so I threw that into #DDG and came up with this: https://nu.federati.net/url/278691 [www cnbc com]
#ETH #Etherium
Disclaimer: I own zero cryptocurrencies and have never used a blockchain for anything.
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Trying to read "Blockchain: a practical guide to developing business, law, and technology solutions", by Joseph J. Bambara and Paul R. Allen, but I'm finding it hard going.
At least in the first chapter or two (where I am), they are unabashed #blockchain enthusiasts. And while, I happen to think there are things that blockchains are good at, even when the book came out in 2018, there were some serious questions being asked about the use of blockchains in the context of #BTC and other #cryptocurrencies.
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I honestly don't think providing facilities to allow the large financial institutions to manipulate things like they did in #2008 is going make #cryptocurrencies safer for ordinary users. #coinbase !cryptocoins !cryptocurrencies https://nu.federati.net/url/148292
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@Gargron Answer: you can't keep track of all of them. Pick one or a small number that are of particular interest.
Maybe one of them has some interesting characteristics; maybe another is seeing uptake by some industry that interests you; maybe another is tackling sky-high transaction fees; maybe one more is based on a sort of escrow to make transactions less risky. So you would choose from a smaller set of #cryptocurrencies instead of whichever one currently appears on the first page of the cryptocurrency exchange rate trackers and the newspapers.
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@deadsuperhero @dtluna My understanding is that mining was designed to stop producing positive returns, so that miners would switch to transaction fees after a while. (But I should emphasize that there is a lot more reading about #Bitcoin and other #cryptocurrencies that I should be doing.)
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I haven't followed any links, but people are posting about a 10% drop in the #Bitcoin price today. #cryptocurrencies
CC: @jeffcliff @moonman
LinuxWalt (@lnxw48a1) {3EB165E0-5BB1-45D2-9E7D-93B31821F864}
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