How's cryptocurrency looking now?

This is a part of our Cambodia forums to chat about anything, whether it relates to Cambodia or not. This discussion forum is at the top of our site because it's usually the busiest part of the expat community chatter with random topics on just about everything, including expat life, Khmer politics, Cambodian blogs we have or have come across, or whatever else our members want to discuss. Whether you're an expatriate, tourist, Cambodian or random traveler just passing through South East Asia, you are welcome to talk about anything or start new topics yourselves.
User avatar
StroppyChops
The Missionary Man
Posts: 10087
Joined: Tue May 06, 2014 11:24 am
Reputation: 700
Australia

How's cryptocurrency looking now?

Post by StroppyChops » Mon Jun 18, 2018 11:10 pm

Bitcoin is down 50 per cent, and that's not nearly the worst of it
Interactive Digital Storytelling team
By Joshua Byrd

By the end of 2017 it seemed like the sky was the limit for cryptocurrency, with prices ballooning to almost unfathomable new heights.

But over the course of this year, we have seen a relatively steady overall deflation of crypto coin prices and market capitalisation.

The combined market capitalisation of the top 50 largest cryptocurrencies has dropped over $387 billion this year, a decline of over 53 per cent.

Read the rest of the story here.
If you bought into the 2017 cryptocurrency hype, I hope you didn't buy in when the bubble was at it's biggest.
Bodge: This ain't Kansas, and the neighbours ate Toto!
User avatar
StroppyChops
The Missionary Man
Posts: 10087
Joined: Tue May 06, 2014 11:24 am
Reputation: 700
Australia

Re: How's cryptocurrency looking now?

Post by StroppyChops » Mon Jun 18, 2018 11:17 pm

Only Australians will get this...
"Are you thinking what I'm thinking, B1?"
"I think I am, B2!"
"It's cryptocurrency bashing day at the ABC!"

Cryptocurrencies like bitcoin cannot replace money, says Bank for International Settlements
By business reporter Michael Janda

Cryptocurrency devotees have a dream that one day humanity will be free from the yoke of money issued and control by governments through central banks.

But the central bank for central banks has hit back to tell them they're dreaming.

The venerable Bank for International Settlements, a 90-year-old institution based in Switzerland, has issued a research report concluding that cryptocurrencies are afflicted with inherent contradictions that make their widespread use as money impossible.

Read the full article here.
Bodge: This ain't Kansas, and the neighbours ate Toto!
Bubble T
Expatriate
Posts: 78
Joined: Wed Jun 13, 2018 3:00 pm
Reputation: 40
Cambodia

Re: How's cryptocurrency looking now?

Post by Bubble T » Mon Jun 18, 2018 11:39 pm

The article itself seems flawed and written from a place of desperation. The point it makes about transaction costs is simply either ill informed or an attempt at deliberate misinformation. The point about acceptance is uneducated, services like BitPay make it irrelevant. The points raised about fraud are misleading and only applicable to smaller scale crypto currencies (ie not bitcoin), and makes no points to even attempt to back up the claim that "cryptocurrencies remain more vulnerable to fraud and even potential debasement than currencies managed by responsible central banks." There's an interesting caveat in there too, and it goes to the heart of the issue; "responsible central banks".

Fiat currency is as intrinsically worthless as crypto currency. They are backed by governments and rise and fall with the credibility and stability of those governments. We can only trust fiat currencies as much as we trust the "responsible central banks" behind them, and the governments behind those. Crypto currency is different because people chose to adopt it voluntarily. No one was forced by law to hand in their physical gold for bitcoin as they were with US dollars and many other fiat currencies. Their fate doesn't rest in the hands of one bank or one government or one institution. Blockchain as a protocol transparent and indomitable when distributed on a wide enough scale. You don't need to entrust all your money to a bank or government anymore, people are starting to see the value in that, and that's why there are a wunch of bankers like the author of this piece trying to scare everyone off.
bartender3042
Expatriate
Posts: 39
Joined: Thu Sep 15, 2016 5:36 pm
Reputation: 12
Cambodia

Re: How's cryptocurrency looking now?

Post by bartender3042 » Tue Jun 19, 2018 5:32 am

Agreed with above post. The old school are shitting em selves at an unknown future.
User avatar
bolueeleh
Expatriate
Posts: 4440
Joined: Fri Jan 29, 2016 12:39 am
Reputation: 788
Location: anywhere with cheap bonks

Re: How's cryptocurrency looking now?

Post by bolueeleh » Tue Jun 19, 2018 9:32 am

and the new schools r shitting themselves too, with a new product in an immature market with little or new regulations, where by any tom dick or harry could start a new company and start mining or trading and selling, and no credibility at all, good luck with all that risk :beer3:
Money is not the problem, the problem is no money
DrDisFunkShunAll
Expatriate
Posts: 36
Joined: Thu Jun 07, 2018 8:20 pm
Reputation: 8
Cambodia

Re: How's cryptocurrency looking now?

Post by DrDisFunkShunAll » Tue Jun 19, 2018 10:16 am

Tldr; the article.

Bubble T, on point.


Ignorance 3.0
What people don't know about this market is that it is designed for democratic use — much like CEO — you like it, you use it.

And cryptocurrencies got smart and are riding the wave that were formerly reserved for a select few — insiders in institutions for ICOs.

First was Gutenberg, then came radio, then TV, then of course the Internet, and now decentralized peer-to-peer blockchain hosted ledgers — now, computers can conduct transactions for us and hold escrow, democratically.

This invention is not a part of some government or institutional initiative — no.

It is a cost-effective and time-saving force, coupled with at least a few more years of joyful growth, that *WHEN CORRECTLY IMPLEMENTED* allows intelligent traders to hitch onto a seriously rising star — for growth that used to only be reserved for the insider wealthy — a select few.

Market Adjustment
Now even traditional traders are moving in, and will pour in huge amounts of capital at just the right time — for them. Why? So they don't completely lose out! Look it up yourself.

They are attempting to corner a still nascent, but highly lucrative tech market — yes, I am sure institutional traders want to cash in, too, and are happy when crypto prices are DOWN, DOWN IN THE DIRT, for the Buy Low, Sell High sweep manoeuvre.

Now is a good time to BUY (mid-June 2018), since the technology is more than assured longevity as more and more big trading names stake huge sums and their rep on blockchain. Again, don't take my word for it, look it up.

Who wouldn't? Only the scared, uninformed, and stodgy competition have to shy away from these unignorable innovations and stellar products rippling through the markets.

Cryptocurrency start ups also empower innovation — more and more free-benefiting technology to incrementally, but inexorably, improve our lives, technology, processes, and bottom lines.

The Wild West?
Much like Las Vegas, a major city in the former "Wild West," the virtual cryptosphere is a haven to early adopters — currently gamers, gamblers, hookers, drug runners and con men — for now.

But at its core, blockchain is about technologists creating a technocracy — a hyper, geekfest of techfreaks, scientists, and early venture capitalists battling over standards and cyberspace market share claiming, "My network is better for market than yours. Hence, I and my way should rule."

Why people can't or won't see that blockchain frees and empowers business growth is a testament to the powers of entropy — the battle against stultifying ignorance.

But the change has already begun, the wheel is in motion, and blockchain is already a proven technology as a fund raiser, ledger cost-saver and as perhaps the greatest invention fueling technological growth and change in the early 3rd millennia ...

More and more uses of blockchain in data, accounting, logistics, government accounting, human resources, digital arts, and anything requiring the tracking of important numbers — i.e., nearly any business.

Hello, Future
Hope you can get on at some point, and now I'd like to say hello to future readers, as they read my post from the future, and with 20/20 vision from hindsight, confirm or vilify my prediction — blockchain will significantly permit more freedom (i.e., wealth) for more people than ever before.

The New Frontier — Virtually
Btw, those visions of the tech future — all true, just give it some time.

Rome wasn't built in a day, and the virtual "New Rome" is just barely building markets and thoroughfares to market, and is a ramshackle gold mining town compared to its eventual glory as a great, market-driven civilization.

But I'd join now, especially if you're a technologist or support virtual analogies of fine, Roman innovations like arches and aqueducts, newspapers, grid-based cities, highways, Roman numerals and concrete, all leading to a fine market-driven virtual civilization.

But there will be no Caesar — just a network of conscientiously maintained equipment and software of technocrats and their network nodes— a tech Senate is forming, so to speak.

Needed a new frontier? It's here virtually, growing, evolving, and open to massive growth ...
Last edited by DrDisFunkShunAll on Tue Jun 19, 2018 10:34 am, edited 1 time in total.
Yes, the Doctor is IN — Doctor DisFunkShunAll!

:fool: :good: =@ :P
User avatar
Kammekor
Expatriate
Posts: 614
Joined: Fri Sep 01, 2017 12:50 pm
Reputation: 173
Cambodia

Re: How's cryptocurrency looking now?

Post by Kammekor » Tue Jun 19, 2018 10:32 am

Bubble T wrote:
Mon Jun 18, 2018 11:39 pm
The article itself seems flawed and written from a place of desperation. The point it makes about transaction costs is simply either ill informed or an attempt at deliberate misinformation. The point about acceptance is uneducated, services like BitPay make it irrelevant. The points raised about fraud are misleading and only applicable to smaller scale crypto currencies (ie not bitcoin), and makes no points to even attempt to back up the claim that "cryptocurrencies remain more vulnerable to fraud and even potential debasement than currencies managed by responsible central banks." There's an interesting caveat in there too, and it goes to the heart of the issue; "responsible central banks".

Fiat currency is as intrinsically worthless as crypto currency. They are backed by governments and rise and fall with the credibility and stability of those governments. We can only trust fiat currencies as much as we trust the "responsible central banks" behind them, and the governments behind those. Crypto currency is different because people chose to adopt it voluntarily. No one was forced by law to hand in their physical gold for bitcoin as they were with US dollars and many other fiat currencies. Their fate doesn't rest in the hands of one bank or one government or one institution. Blockchain as a protocol transparent and indomitable when distributed on a wide enough scale. You don't need to entrust all your money to a bank or government anymore, people are starting to see the value in that, and that's why there are a wunch of bankers like the author of this piece trying to scare everyone off.
Come on, stop calling it a currency. Cryptos simply aren't until it's been widely accepted and people start using it for transactions. At the moment cryptos are just a mean to store value, and most people into crypto are there because they hope after them someone else will come and buy it back for even more. And then they'll exchange back to traditional currencies and and spend those.

<edit>
And everybody raving about the blockchain.... Bitcoin is about to move away from the blockchain, because the blockchain is pretty save, but also a pretty time- and energy consuming method. When lightning is introduced transfers will be allowed off-blockchain and that might change the way people look at it. And about safety.... Have you read the study from the university of Twente (Netherlands) last month, about the amount of miners needed to control a currency by changing date stamps in the blockchain? The method described in that study was used with at least one crypto within days of revealing the method. While there's potential there's also pretty big risks.
User avatar
bolueeleh
Expatriate
Posts: 4440
Joined: Fri Jan 29, 2016 12:39 am
Reputation: 788
Location: anywhere with cheap bonks

Re: How's cryptocurrency looking now?

Post by bolueeleh » Tue Jun 19, 2018 11:15 am

@DrDisFunkShunAll does your presentation comes with power point slides with ladies siping margeritas on the beach? :beer3:
Money is not the problem, the problem is no money
Bubble T
Expatriate
Posts: 78
Joined: Wed Jun 13, 2018 3:00 pm
Reputation: 40
Cambodia

Re: How's cryptocurrency looking now?

Post by Bubble T » Tue Jun 19, 2018 11:33 am

I should say for full disclosure that as of next month I'm working full time as an independent contractor for one of the world's largest crypto exchanges (in a non-managerial role). I'm not unbiased.
Kammekor wrote:
Tue Jun 19, 2018 10:32 am
Come on, stop calling it a currency. Cryptos simply aren't until it's been widely accepted and people start using it for transactions.
It is widely accepted and people do use them for transactions. I use my Bitpay Visa anywhere visa is accepted, which means I'm paying with bitcoin regardless of what currency the merchant is receiving. You sound like you're several years behind in terms of understanding how crypto currencies are being used on a day to day basis. The larger crypto currencies (Bitcoin, Etherium, Ripple, etc) all meet any standard definition of currency, so why wouldn't people call it that?
At the moment cryptos are just a mean to store value, and most people into crypto are there because they hope after them someone else will come and buy it back for even more.
Aside from the obvious contradiction between the first and second half of the quoted statement, most people are into crypto because they don't want to give their entire monetary wealth to banks (reasons vary), and they have realized they don't need to. As with any commodity, there are people who are just there to make some quick money but that's clearly not what the movement was founded on or where the momentum came from.
And then they'll exchange back to traditional currencies and and spend those.
What do you mean by "traditional currency"? There is nothing traditional about fiat money, and people had to be forced into using it under threat of jail time and confiscation of assets if they didn't agree. People have voluntarily adopted crypto as an alternative (which is still technically fiat but in a very different context).

Your rant about blockchain is misinformed to an extent that I'm unsure as to how to even reply to it. The point made regarding the study you cited has already been covered in my initial post in this thread.

My prediction is that eventually non-crypto fiat currency will only be used for paying taxes to the nations that issue them, and little if anything else.
User avatar
StroppyChops
The Missionary Man
Posts: 10087
Joined: Tue May 06, 2014 11:24 am
Reputation: 700
Australia

Re: How's cryptocurrency looking now?

Post by StroppyChops » Tue Jun 19, 2018 3:40 pm

I actually posted this to chum the waters, so to speak, and was not surprised at the responses - good to see Bubble T declaring his/her bias, although did not do so in the original rebuttal.

Also interesting that there has been little to no response on my original point that the "value" of almost all cryptocurrencies dropped by around 50% in a very small time margin, and it would be horrible to have bought into those falling cryptocurrencies just prior to the bubble bursting.

Almost choked on the level of techno-futurist lingo and thinly veiled adhoms thrown in to the drink the koolaid responses.
Bodge: This ain't Kansas, and the neighbours ate Toto!
Post Reply Previous topicNext topic
  • Similar Topics
    Replies
    Views
    Last post

Who is online

Users browsing this forum: Beerinthemorning, ron100, shnoukieBRO and 255 guests