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Anybody into cryptocurrency

Discussion in 'Technology' started by grkrama, Jan 20, 2018.

  1. grkrama National Board President

    grkrama
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    Bitcoin has taken its own this year and a lot of cryptos cropping up, have invested in a few, want to know if others here have done if so in what currencies etc.
     
  2. asprin Staff Member

    asprin
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    Investment in bitcoin is out of question - missed the bus already, though I regret not giving it a chance when I had the opportunity (I first heard about it in 2012 I think and wanted to give it a try but found it hard to purchase it from India).

    Having said that I've invested in a couple in July last year, knowing very well that I can't count on it to reap rewards - a calculated risk. The investment isn't much so it won't make a difference to me even if the currency tanked. I'm going in with the expectations that I'm most probably gonna lose money. My mantra is "Hope for the best, prepare for the worst".
     
  3. Chewie Staff Member

    Chewie
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    I wrote my dissertation on bitcoin a few years back
     
  4. Dutch ICC President

    Dutch
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    IOTA is a cryptocurrency with a difference: not a sharkinfested tank like bitcoin....look it up.

    By a few and forget them and in a few years who knows.
     
    grkrama said thanks for this.
  5. grkrama National Board President

    grkrama
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    ya bought a handful of it soemtime ago, have to wait and see were it goes. Really like the premise of tangle network and being better than block-chain.
     
  6. grkrama National Board President

    grkrama
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    ya never invest more than you can loose is always a good rule to follow for cryptos, they are very volatile. Though i wouldnt say bitcoin bus is missed i would say the guy still has another 20-30x left in it over the next 5 years. the onl ysad thing is its no longer the currency it aimed to me but rather has become a volatile asset. Nobody is going to use bitcoin in daily usage.


    though from investment point of view altcoins good ones like Ether, litecoin, iota, electroneum, ada, atleast are better ROI.
     
  7. asprin Staff Member

    asprin
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    Current rate of bitcoin is 7 lacs/coin INR if I'm not wrong. It wouldn't make sense to buy it in whole and buying 1/10th won't make you much.
     
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  8. grkrama National Board President

    grkrama
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    Its ath so far is 16 lakh, so even by safe bet you have a double multiplier for whatever amount you invest in shorterm. given its predicted to have 10-20x in 5 years who knows 10000rs today may turn to 10lakh in 2020.

    But ya it would be better to take a gamble with other altcoins though for better roi.
     
  9. grkrama National Board President

    grkrama
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    This makes for a fun read, Time Travellers prediction of bitcoin :p

    https://www.reddit.com/r/Bitcoin/co...raveler_from_the_future_here_to_beg/?sort=new
    -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
    I am sending this message from the year 2025. Things are looking bleak here, and some of you will carry blood on your hands.

    If you don't believe me, please move on, as I have no way of proving to you I'm really who I claim to be.

    I don't want to waste any of your time, so I'm merely going to explain what happened.

    On average, every year so far, the value of Bitcoin has increased by about a factor ten. From 0.1 dollar in 2010, to 1 dollar in 2011, to 10 dollar in 2012, to 100 dollar in 2013. From now on, there's a slight slowdown, as the value increased by a factor ten every two years, to 1,000 dollar in 2015, to 10,000 in 2017, 100,000 in 2019, and 1,000,000 in 2021. From here onwards, there's no good way of expressing its value in dollars, as the dollar is no longer used, nor is any central bank issued currency for that matter. There are two main forms of wealth in today's world. Land and cryptocurrency.

    There are just over 19 million Bitcoin known to be used in the world today, as well as a few hundred thousand that were permanently lost, and we're still dealing with a population of just over 7 billion people today. On average, this means the average person owns just under 0.003 bitcoin. However, due to the unequal distribution of wealth in my world, the mean person owns just 0.001 bitcoin. That's right, most of you reading this today are rich. I personally live next to an annoying young man who logged into his old Reddit account two years ago and discovered that he received a tip of 0.01 Bitcoin back in 2013 for calling someone a "faggot" when he was a 16 year old boy. Upon making this discovery he bought an airline ticket, left his house without telling anyone anything and went to a Citadel.

    "What is a Citadel?" you might wonder. Well, by the time Bitcoin became worth 1,000 dollar, services began to emerge for the "Bitcoin rich" to protect themselves as well as their wealth. It started with expensive safes, then began to include bodyguards, and today, "earlies" (our term for early adapters), as well as those rich whose wealth survived the "transition" live in isolated gated cities called Citadels, where most work is automated. Most such Citadels are born out of the fortification used to protect places where Bitcoin mining machines are located. The company known as ASICminer to you is known to me as a city where Mr. Friedman rules as a king.

    In my world, soon to be your world, most governments no longer exist, as Bitcoin transactions are done anonymously and thus most governments can enforce no taxation on their citizens. Most of the success of Bitcoin is due to the fact that Bitcoin turned out to be an effective method to hide your wealth from the government. Whereas people entering "rogue states" like Luxemberg, Monaco and Liechtenstein were followed by unmanned drones to ensure that governments know who is hiding wealth, no such option was available to stop people from hiding their money in Bitcoin.

    Governments tried to stay relevant in my society by buying Bitcoin, which just made the problem worse, by increasing the value of Bitcoin. Governments did so in secret of course, but my generation's "Snowdens" are in fact greedy government employees who transferred Bitcoin to their own private account, and escaped to anarchic places where no questions are asked as long as you can cough up some money.

    The four institutions with the largest still accessible Bitcoin balance are believed to be as following:

    -ASICminer - 50,000 Bitcoin

    -The IMF's "currency stabilization fund" - 70,000 Bitcoin

    -Government of Saudi Arabia - 110,000 Bitcoin

    -The North Korean government - 180,000 Bitcoin

    Economic growth today is about -2% per year. Why is this? If you own more than 0.01 Bitcoin, chances are you don't do anything with your money. There is no inflation, and thus no incentive to invest your money. Just like the medieval ages had no significant economic growth, as wealth was measured in gold, our society has no economic growth either, as people know their 0.01 Bitcoin will be enough to last them a lifetime. The fact that there are still new Bitcoin released is what prevents our world from collapse so far it seems, but people fear that the decline in inflation that will occur during the next block halving may further wreck our economy.

    What happened to the Winklevoss twins? The Winklevoss twins were among the first to die. After seeing the enormous damage done to the fabric of society, terrorist movements emerged that sought to hunt down and murder anyone known to have a large balance of Bitcoin, or believed to be responsible in any way for the development of cryptocurrency. Ironically, these terrorist movements use Bitcoin to anonymously fund their operations.

    Most people who own any significant amount of Bitcoin no longer speak to their families and lost their friends, because they had to change their identities. There have been also been a few suicides of people who could not handle the guilt after seeing what happened to the bag-holders, the type of skeptical people who continued to believe it would eventually collapse, even after hearing the rumors of governments buying Bitcoin. Many people were taken hostage, and thus, it is suspected that 25% percent of "Bitcoin rich" actually physically tortured someone to get him to spill his password.

    Why didn't we abandon Bitcoin, and move to another system? Well, we tried of course. We tried to step over to an inflationary cryptocurrency, but nobody with an IQ above 70 was willing to step up first and volunteer. After all, why would you voluntarily invest a lot of your money into a currency where you know your wealth will continually decline? The thing that made Bitcoin so dangerous to society was also what made it so successful. Bitcoin allows us to give into our greed.

    In Africa, surveys show that an estimated 70% of people believe that Bitcoin was invented by the devil himself. There's a reason for this. It's a very sensitive issue that today is generally referred to as "the tragedy". The African Union had ambitious plans to help its citizens be ready to step over to Bitcoin. Governments gave their own citizens cell phones for free, tied to their government ID, and thus government sought to integrate Bitcoin into their economy. All went well, until "the tragedy" that is. A criminal organization, believed to be located in Russia, exploited a hardware fault in the government issued cell phones. It's believed that the entire continent of Africa lost an estimated 60% of its wealth in a period of 48 hours. What followed was a period of chaos and civil war, until the Saudi Arabian and North Korean governments, two of the world's major superpowers due to their authoritarian political system's unique ability to adapt to the "Bitcoin challenge", divided most African land between themselves and were praised as heroes by the local African population for it.

    You might wonder, what is our plan now? It's clear that the current situation can not be sustained, without ending in a nuclear holocaust. I am part of an underground network, who seek to launch a coordinated attack against the very infrastructure of the Internet itself. We have at our disposal about 20 nuclear submarines, which we will use to cut all underwater cables between different continents. After this has been successfully achieved, we will launch a simultaneous nuclear pulse attack on every densely population area of the world. We believe that the resulting chaos will allow the world's population to rise up in revolt, and destroy as many computers out there as possible, until we reach the point where Bitcoin loses any relevance.

    Of course, this outcome will likely lead to billions of deaths. This is a price we are forced to pay, to avoid the eternal enslavement of humanity to a tiny elite.

    This is also the reason we contacted you.

    It doesn't have to be like this. You do not have to share our fate. I don't know how, but you must find a way to destroy this godforsaken project in its infancy. I know this is a difficult thing to ask of you. You believed you were helping the world by eliminating the central banking cartel that governs your economies.

    However, I have seen where it ends.
     
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  10. Perfect Square Sportsbookie

    Perfect Square
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    I've managed few cryptocurrencies. BTC (Bitcoin), ETH (Ethereum) and maybe I think LTC. I have a ton to say but I'll put my article later :P I've seen BTC raise from $500 to $19000. Cryptocurrencies aren't very reliable they fluctuate. Never tried mining BTC as because in 2018, even in 2016 it required special GPUs and more power to be able to generate any profit from it. BTC I think is a good digital currency to invest and hold it for long-term. But if you're looking for quick profit e.g: Like it did from $500 to $19000. Ethereum is going really well and I expected it to go up.

    If you think you're late then yes you're late. But some experts still say it will reach $50K by the end of 2018. (Which I honestly don't see). But it still can be a good long-term investment. Only time will tell where will bitcoin go (Currently It's price is around $12K). People also say that all BTCs will be mined by 2020. I think after 2 more years, we'll have a clear thought on BTC as well as other Cryptocurrencies on their future...

    EDIT : I've used the currency as a normal currency. Didn't treated much as a stock and would like to see it as a normal currency.
     
    Last edited: Jan 20, 2018
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  11. blockerdave ICC Board Member

    blockerdave
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    as long as you accept that cryptos generally have no inherent value and are purely vehicles for speculation, then sure they are worth a dabble.

    there is a problem with cryptos that is this - if the crypto is aligned to a network that itself has value (e.g. a blockchain solution for "x" where x is a desirable service or outcome) then initially the crypto has inherent value to the consumer of x, as token with which they can reward others (in a true blockchain) for verifying their transactions.

    but since the crypto is finite, if the service is genuinely popular, the value of the crypto rises since consumers compete to get more tokens to purchase more x (get more transactions validated), which itself makes the crypto worthy of speculation. now "x" itself becomes less valuable as a service, because there is a volatile and increasing tax on transactions. consumers are edged out by speculators. the crypto will still rise for some time, but it is purely a speculative bubble at this stage.

    blockchain technology is ace. cryptos are toys. the future is multiple enterprise blockchains that speak to each other, and there are alternative incentives to tokens/cryptos for verifying transactions.
     
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  12. Dutch ICC President

    Dutch
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    Its such a paradox that the frenzied speculation that has taken hold of the crypto world was actually one of the things the original conceptors of the digital currencies wanted to change in the world......the sharks will always come.
     
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  13. Dutch ICC President

    Dutch
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    Dave,
    Have you seen the docu on Netflix? Doesnt go in depth but is a good little portrait of some of the personalities involved....
     
  14. blockerdave ICC Board Member

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    Nope. I'll check it out, cheers.
     
  15. hardik85 Club Captain

    hardik85
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    maybe just a bubble about to burst
     

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