Bitcoins/Litecoins/Virtual Currencies

TJT

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I'm not trying to shit on anyone by saying this, but it still amuses me that the only reason anyone seems to put anything into crypto is still "it's an investment" and they're hoping to cash in.

To me the whole thing still reeks of a Ponzi scheme where no one actually gives a shit about "using" the crypto, but they'll endlessly rattle off how it could be useful decades from now in some utopian fantasy.
I would agree but the nature of Crypto right now is, for all practical purposes, getting the benefit of leverage without having to use leverage.

The axiomatic truth is that Crypto is not going anywhere. To think that it is going to plonk out of existence is foolhardy. I ignored crypto for a long ass time and I was again wrong 100% of the time.
 

Gravel

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I would agree but the nature of Crypto right now is, for all practical purposes, getting the benefit of leverage without having to use leverage.

The axiomatic truth is that Crypto is not going anywhere. To think that it is going to plonk out of existence is foolhardy. I ignored crypto for a long ass time and I was again wrong 100% of the time.
I guess my point is I never see anyone putting all their money into it because they believe in the technology, it's that everyone is looking for a pay day.

At least to me, it appears to be completely motivated by FOMO.
 

Caliane

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you should be ok, if you have your passphrase. From what I understand.

The passphrase can regenerate lost private keys. private keys generate public keys/addresses. And the chain knows what # of coin, went to what address.
you just need to redownload the app, and/or replace the device.
 
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LachiusTZ

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Coinbase is different from coinbase wallet... Unless I am not understanding this shit which is totally possible.

Ah yeah, thought you just meant an account. I don't use their wallets

you should be ok, if you have your passphrase. From what I understand.

The passphrase can regenerate lost private keys. And the chain knows what # of coin, when to what address.
you just need to redownload the app, and/or replace the device.

This i think.

I still have a crypto steel cold wallet I haven't used... Lol
 

Aaron

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I'm not trying to shit on anyone by saying this, but it still amuses me that the only reason anyone seems to put anything into crypto is still "it's an investment" and they're hoping to cash in.

To me the whole thing still reeks of a Ponzi scheme where no one actually gives a shit about "using" the crypto, but they'll endlessly rattle off how it could be useful decades from now in some utopian fantasy.

As I said a couple of pages back, for me, Crypto is the new gold. I bought into crypto for the same reason I would buy gold (if I could) back in the day. It's a better store of value and hedge against inflation than paper money. Sure, I could also invest in stocks, but I have burned myself on that, and it seems that they are already far, far too overpriced.

Hell, if in 2-3 years time, if I just get my money back with a few percent added, it'll be good since having it in a bank account at 0 interest rates and 4-5% inflation (where I live) means I'm losing value. But the trajectory only seems up.

If and when people actually start buying their lunch with Bitcoin, that would just be a win as it would mean more demand for it and the price will go up.

I mean, sure, I could lose, there are dozens of scenarios where Crypto goes to shit, but hell, there are more scenarios where fiat money goes to shit.
 

Izo

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Dogecoin stagnating around 0,6. Dogefather better bring it to the moon.
 

Tmac

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I'll bite on this Truebit I guess.

Can someone explain to me that if I transfer something to a wallet, like coinbase wallet, is it just on that phone? If I drop my phone in the lake is that shit gone? I don't have any desire to do cold storage with this stuff.

Yes. If your phone explodes your wallet goes w it.

But, you can recover it w your passphrase.
 

Furry

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As I said a couple of pages back, for me, Crypto is the new gold. I bought into crypto for the same reason I would buy gold (if I could) back in the day. It's a better store of value and hedge against inflation than paper money. Sure, I could also invest in stocks, but I have burned myself on that, and it seems that they are already far, far too overpriced.

Hell, if in 2-3 years time, if I just get my money back with a few percent added, it'll be good since having it in a bank account at 0 interest rates and 4-5% inflation (where I live) means I'm losing value. But the trajectory only seems up.

If and when people actually start buying their lunch with Bitcoin, that would just be a win as it would mean more demand for it and the price will go up.

I mean, sure, I could lose, there are dozens of scenarios where Crypto goes to shit, but hell, there are more scenarios where fiat money goes to shit.
Yea man, exactly. I keep crypto under my bed, and I pull out late at night to lovingly stroke against it's smooth surface. And I reassure myself that if everything burns down, all the people around me will gladly accept this precious lump of pure currency for whatever I truly need.
 
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swayze22

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ETH sucks ass. Gas fees are shit. Aren't they saying this is supposed to be the "transactional" currency?
 

Tmac

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I'm not trying to shit on anyone by saying this, but it still amuses me that the only reason anyone seems to put anything into crypto is still "it's an investment" and they're hoping to cash in.

To me the whole thing still reeks of a Ponzi scheme where no one actually gives a shit about "using" the crypto, but they'll endlessly rattle off how it could be useful decades from now in some utopian fantasy.

Are you Bill Gates talking about the internet? You could be Bill Gates talking about the internet.
 
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Tmac

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ETH sucks ass. Gas fees are shit. Aren't they saying this is supposed to be the "transactional" currency?

I think PoS will lower gas fees. However, if you look at it like a wire transfer gas fees are significantly cheaper. If that tells you how far our financial institutions have progressed.
 

Gravel

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Are you Bill Gates talking about the internet? You could be Bill Gates talking about the internet.
This is such a stupid fucking retort.

You literally just said you had a whopping 20 hours of "understanding" about BTC. And then went on to "hope you become a hundred thousandaire."

Let's play a hypothetical where I don't need crypto to have a 500% return to make me rich, because I already have plenty of money. And let's say I've got a six figure check coming today. What reason do I have to put it into BTC? It's not a very stable store of value. I could hope it's a hedge against inflation, but it could just as easily dip 20% tonight and no one has any clue why. It's a volatile, speculative asset, and the vast majority of people are using it in hopes that it has some astronomical increase in value. Honestly, most of the shit in this thread reads very similarly to GME.

I'm not saying there is no use case for crypto, not that there isn't a future where we're all using it to replace fiat (although I've previously said there's no way BTC is the one that does it). All I'm saying is it looks like everyone is lying to themselves to pump this shit up in hope they can convince everyone else to make them rich.
 
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LachiusTZ

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This is such a stupid fucking retort.

You literally just said you had a whopping 20 hours of "understanding" about BTC. And then went on to "hope you become a hundred thousandaire."

Let's play a hypothetical where I don't need crypto to have a 500% return to make me rich, because I already have plenty of money. And let's say I've got a six figure check coming today. What reason do I have to put it into BTC? It's not a very stable store of value. I could hope it's a hedge against inflation, but it could just as easily dip 20% tonight and no one has any clue why. It's a volatile, speculative asset, and the vast majority of people are using it in hopes that it has some astronomical increase in value. Honestly, most of the shit in this thread reads very similarly to GME.

I'm not saying there is no use case for crypto, not that there isn't a future where we're all using it to replace fiat (although I've previously said there's no way BTC is the one that does it). All I'm saying is it looks like everyone is lying to themselves to pump this shit up in hope they can convince everyone else to make them rich.

You should do exactly like you would with any investing.

Slowly add over time.

But there is a decent argument to put some into equities, some into physical metals, some into crypto, some into capital items like rentals, keep some cash, pay down debt etc.
 
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swayze22

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This is such a stupid fucking retort.

You literally just said you had a whopping 20 hours of "understanding" about BTC. And then went on to "hope you become a hundred thousandaire."

Let's play a hypothetical where I don't need crypto to have a 500% return to make me rich, because I already have plenty of money. And let's say I've got a six figure check coming today. What reason do I have to put it into BTC? It's not a very stable store of value. I could hope it's a hedge against inflation, but it could just as easily dip 20% tonight and no one has any clue why. It's a volatile, speculative asset, and the vast majority of people are using it in hopes that it has some astronomical increase in value. Honestly, most of the shit in this thread reads very similarly to GME.

I'm not saying there is no use case for crypto, not that there isn't a future where we're all using it to replace fiat (although I've previously said there's no way BTC is the one that does it). All I'm saying is it looks like everyone is lying to themselves to pump this shit up in hope they can convince everyone else to make them rich.
I'm skeptical of all the fake coins. But you just described every emerging market in history

let's say its like 2000-2004 and "I heard about this internet thingy and this google thing let me put a few dollars in there and see what happens" - that is exactly where i'm at with crypto.

I have learned in my old age not to be prejudiced against a source of income. If i can make money...let's try it out. I'm not putting my house in this shit.
 

Gravel

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Posts like that are depressing. You're comparing investing in the ownership of a company to hitting the lottery. If you're just "putting some dollars into this Google thing" you're a completely uninformed investor.

You'd be better to compare to with arbitrage, since you all keep claiming it's a currency.

"Let me just throw some money into this yuan thing and see what happens." Except you're also expecting it to exchange for hundreds of times it's current value for no apparent reason.
 

Rangoth

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That is the major problem with all crypto though and why it will never be a "day to day" currency. It is awesome as an investment tool or trading market, but not as a daily use.

Why on earth would I buy my lunch with 0.00034 BTC(or insert any coin here) if the "value" of that coin could change by 10% in a week? It's just fucking stupid. Of course the downside of price stability means it becomes a shitty investment or at least neutral(ish) when compared to something like a bank. I suppose it still has the anonymous and decentralization appeal, which is a real appeal so that may be the tie-breaker.

Sadly the market driven value change for coins is not something I know how to address, but I can't see anyone buying shit with coins on the regular basis until the price stabilizes.