Is anyone else starting to become a bit worried? mod note in first post

listermint

banie01 wrote: »

As a user of the tech and looking at its utility at the moment in areas of High and Hyper infation (Take Venezuala and Iran as examples) it is a much more easily accessible means of hedging against that.
The open ledger is to my mind at least overhyped.
The transferibility and immediate accessibility that crypto offers, is to my mind at least a reason to keep some at hand.

My current split of investments is 70% equities, 20% crypto and 10% in movable wealth.
In Ireland, moveable wealth such as Gold, precious metals or stones is hard to come by at reasonable prices and for bullion VAT is applicable.
Crypto, while highly volatile is inherently hard to seize and easy to transfer.
I'd roll back into BTC solely because IMO it is the most widely recognized and utilized of the tokens.

Yes you encounter issues with moving back to Fiat, but even that is an easy enough workaround.

Youll be moving to 70% Crypto 10% Equities and 20% moveable then no doubt

Earleybird

banie01 wrote: »

If I had spare cash, I'd be rolling into BTC now tho.

Says it all. You'd probably have spare cash if you hadn't invested in this junk to begin with.

banie01

listermint wrote: »

Youll be moving to 70% Crypto 10% Equities and 20% moveable then no doubt

I see no need to dilute the equity split as it stands.
Crypto is speculative, whatever about projects and other ephemera at the end of day it's a risky investment and far be it from me to try and dissuade anyone of that.
And TBH, if I was to do that now it would cost me more than I'm down in crypto.
Yes I am down money across the board, but I'm not going to go crystallizing actual losses unless something drastic happened in my personal life

makeorbrake

Earleybird wrote: »

Says it all. You'd probably have spare cash if you hadn't invested in this junk to begin with.

Your comment is equally telling. The tech stands - the same as it did last week or month. It's highly speculative so of course people can end up with big losses or wins.


However, if you think for a second crypto is dead, you're the one that's deluded here! What changes now is that institutional money will take total control of crypto, there wont be any pump for quite some time but there will be another - and it will be investor led rather than retail led.

will56

makeorbrake wrote: »

Your comment is equally telling. The tech stands - the same as it did last week or month. It's highly speculative so of course people can end up with big losses or wins.


However, if you think for a second crypto is dead, you're the one that's deluded here! What changes now is that institutional money will take total control of crypto, there wont be any pump for quite some time but there will be another - and it will be investor led rather than retail led.

Its funny how last year people were singing the praises of crypto and how it would destabilize the established wealth and financial systems, and now they are most the likely the ones that hold the vast amount of BTC and can pump and dump the price to suit

cravings

https://99bitcoins.com/obituary-stats/

makeorbrake

will56 wrote: »

Its funny how last year people were singing the praises of crypto and how it would destabilize the established wealth and financial systems, and now they are most the likely the ones that hold the vast amount of BTC and can pump and dump the price to suit

Huh? No...they're not the same two groups of people you're referring to. The original cypherpunks and very early crypto adopters - they'd be sick with this sh1t. However, it's the reality - wall street owns crypto's ass now. I just hope decentralized crypto finds a way to keep developing.

PlanBee

cravings wrote: »

https://99bitcoins.com/obituary-stats/

Look at the Bitcoin chart today, it looks Bitcoin is alive and getting back to go up!

cnocbui

As I rather suspected, the GFC never ended. About the only place that has convinced itself otherwise is the US, where boosters have been saying 'look at the economy go' while house sales are stagnant or falling. Now investors have realised the 2007 melt down was only paused and is back in gear - just look at those stock markets fall!.

Property market in Australia is crashing - unsettling noises about Oz banks having sub-prime debt. The Chinese have mountain ranges worth of debt. Europe is f'd as ever it has been since 2007.

Investors are getting out of investments and into cash as fast as they can. That's what I think is happening to BTC.

We'll soon be back to Godzilla armies worth of cash sitting at negative interest rates for a while and then there will be an exodus as investors greed overtakes fear and they go on the hunt for returns and asset prices will start to climb again.

Draghi is a smart cookie - he wasn't fooled.

Earleybird

makeorbrake wrote: »

Your comment is equally telling. The tech stands - the same as it did last week or month. It's highly speculative so of course people can end up with big losses or wins.


However, if you think for a second crypto is dead, you're the one that's deluded here! What changes now is that institutional money will take total control of crypto, there wont be any pump for quite some time but there will be another - and it will be investor led rather than retail led.

When did I say crypto is dead? I only wrote a few words, you should read them all next time.

I don't expect it to go anywhere. The ridiculous prices placed on all of the coins however is a journey going much further south.

TheAnalyst_

Bad days with investments happen. At the end of the day its only money so think of the bigger picture.

https://www.samaritans.org/your-community/samaritans-ireland-scotland-and-wales/samaritans-ireland

Pussyhands

The whole market is a sham.

Any movement in the market and people were giving reasons for it - south korea FUD, exchange displaying false prices, chinese new year etc.

I'm still waiting for those banker bonuses to come in!!!!

The market has shown time and time again it's completely irrational and doesn't act like a stock market where good news = price goes up and bad news = stock goes down.

Those massive price changes were likely I believe to be early holders of coins who had millions worth of coins and were manipulating it to make more money.

Remember, the amount of real money in this market is relatively small. If I created a coin tomorrow with 1,000,000 coins available and I bought one coin at 100 euro, that market cap is now at 100,000,000.

I've lost my 1k that I put in at the worst time last December, I'll leave it in there as it's worth like 50 euro I'd say at this stage.

It was a learning experience that wasn't excessively costly.

You can't be talking about making money in crypto while at the same time promoting it as a useable currency. Just completely going against each others concepts.

I really don't get why people say "I'm here for the tech, while putting money into currencies." Buying crypto doesn't support the tech at all. There's loads of private companies I'd imagine who would be looking to raise funds for blockchain R&D.

brendanwalsh

Even I can't muster up a bit of dark humour at a time like this. At this rate there will be nothing more left to slaughter. Upshot is the lads who got in early and got out early made the big bucks, the rest of us suckers have been getting rammed for nearly twelve months now.

Pussyhands

Pussyhands wrote: »

You can't be talking about making money in crypto while at the same time promoting it as a useable currency. Just completely going against each others concepts.

The two aren't mutually exclusive

HODL..

TheAnalyst_

brendanwalsh wrote: »

Even I can't muster up a bit of dark humour at a time like this. At this rate there will be nothing more left to slaughter. Upshot is the lads who got in early and got out early made the big bucks, the rest of us suckers have been getting rammed for nearly twelve months now.

Keep your money in it. Plenty of smart guys are saying it will go up to 1 million dollars.

https://blog.blockonomics.co/adventures-in-calculating-the-true-value-of-bitcoin-how-to-estimate-bitcoins-true-worth-9af5c9a11bcf

JJJJNR

BUY EVERYTHING!!!!!!

SachaJ

JJJJNR wrote: »

BUY EVERYTHING!!!!!!

If I had money spare I would be. No way Bitcoin or Altcoins are dead. People who have huge money in them want the price to come back up so it will.

I'm sitting on my XRP for a while anyway.

TheAnalyst_

People who have huge money in them want the price to come back up so it will.

That's the level of financial analysis that this thread needs. I suspect that you work in the city or maybe the Financial Times?

SachaJ

TheAnalyst_ wrote: »

That's the level of financial analysis that this thread needs. I suspect that you work in the city or maybe the Financial Times?

Jesus I must be out of touch as never heard anyone in Dublin referring to financial services as "the city" and I'm working there years.....

TheAnalyst_

SachaJ wrote: »

Jesus I must be out of touch as never heard anyone in Dublin referring to financial services as "the city" and I'm working there years.....

Because they don't.

makeorbrake

Earleybird wrote: »

When did I say crypto is dead? I only wrote a few words, you should read them all next time.

I don't expect it to go anywhere. The ridiculous prices placed on all of the coins however is a journey going much further south.

Semantics. So it's not dead but apparently its junk. You then claim its price is going down yet you reckon you're still not claiming its dead. :rolleyes:

martyoo

Jesus I must be out of touch as never heard anyone in Dublin referring to financial services as "the city" and I'm working there years.....

London baby!

Earleybird

makeorbrake wrote: »

Semantics. So it's not dead but apparently its junk. You then claim its price is going down yet you reckon you're still not claiming its dead. :rolleyes:

You seem to be confused as to the purpose of cryptocurrency. You're investing in it for returns is that correct? In which case, yes, it is junk. Can you tell me why 1 bitcoin would be worth 1k or 100k? What's the cost to mine it, 5k maybe? Would probably suggest it shouldn't be worth much more than that. Is there something I'm missing?

It won't go anywhere the same way tulips didn't go anywhere. Are tulips dead? No, they are very much alive. Are they worth €1,000 each. No.

Is this making sense?

JJJJNR

This thread reminds me of the early days of the internet, when people were discussing it openly as never having a possible way to take off or be a success.

Sleeper12

JJJJNR wrote:

This thread reminds me of the early days of the internet, when people were discussing it openly as never having a possible way to take off or be a success.

It reminds me of someone trying to talk you into a pyramid scheme. They spend all your time talking about the business model rather than the product you would be selling or in the case of crypto currency talking about block chain rather than the currency itself

cnocbui

The US and Australian stock markets have both fallen so much that they are back to 2017 levels, wiping out all gains made in 2018 but the narrative is cryptos are a scam because look how they have just fallen and it's all over.

If the US stock market had lost $8 trillion as of 27th Oct, I can't wait to see an updated calculation.

makeorbrake

Earleybird wrote: »

You seem to be confused as to the purpose of cryptocurrency. You're investing in it for returns is that correct? In which case, yes, it is junk. Can you tell me why 1 bitcoin would be worth 1k or 100k? What's the cost to mine it, 5k maybe? Would probably suggest it shouldn't be worth much more than that. Is there something I'm missing?

It won't go anywhere the same way tulips didn't go anywhere. Are tulips dead? No, they are very much alive. Are they worth €1,000 each. No.

Is this making sense?

Ok, so we're back to the tulipmania analogy (which doesn't fit). It's quite simple. The laws of supply and demand apply. In the case of most crypto's, that revolves around speculation at the moment. That's not my expectation in the future (i.e. when we have proper adoption). If there's an algorithmically controlled (and limited) supply and people see 'value' in that offering, then price is likely to go up.
Now, as many skeptics have done, you'll probably say there's no intrinsic value. However, until such time as Bitcoin dies, people have placed value in it. Of course that could change but as it stands today, it has value.

Have I 'invested' in it - yes. However, I originally got into it with no expectation of making games way back as I believed in it. I want a world where no bloody bank can dictate to me where i can or can't spend my money - where nobody can track where i can spend my money and when a government or bank fails, suddenly we're all socialists at that point and someone helps themselves to my hard earned money.

Now I see tremendous utility in that. You may not but that's where we differ - I'll leave it at that. There's no confusion in my view. Just as an aside, only a proportion of crypto's deal with the notion of acting as money. There are a whole host of other use cases that are slowly but surely being implemented across a multitude of industries.

Sleeper12 wrote: »

It reminds me of someone trying to talk you into a pyramid scheme. They spend all your time talking about the business model rather than the product you would be selling or in the case of crypto currency talking about block chain rather than the currency itself

The first point is that you need to figure out what a pyramid scheme is. Here's the definition of one:
"a form of investment (illegal in the UK and elsewhere) in which each paying participant recruits two further participants, with returns being given to early participants using money contributed by later ones."
So...who are these two people that are trying to recruit you!? The only thing that's going on here is a discussion. Posts here don't generally end with a notice to those that don't hold crypto to start buying it. Grown adults do as they want.
Not sure where you're going with discussion of business model vs. product. And as for talking about blockchain rather than the specific crypto, that's interesting that you should suggest that to be the case of those that are enthusiastic about crypto. The reason I say that is that the conventional banking and investing world has been carrying on with this nonsense of 'blockchain good - bitcoin (/crypto) bad'.

Sleeper12

cnocbui wrote: »

The US and Australian stock markets have both fallen so much that they are back to 2017 levels, wiping out all gains made in 2018 but the narrative is cryptos are a scam because look how they have just fallen and it's all over.

If the US stock market had lost $8 trillion as of 27th Oct, I can't wait to see an updated calculation.

The difference is stocks in a company are worth something. You even get a dividend each year. Yes the price of the stocks can go up & down but the business of the stock you hold has a value. It owns buildings, offices, retail units & usually turns a profit each year.



Crypto has no real value at all. Zero. You are hoping someone else puts value on it enough to pay more than you did to make a profit.



Real currency has value. So much so that they don't even promise to back it up with gold anymore. Other countries buy your debt to keep your currency. China propped up the Euro during the banking crises they also propped up the US Dollar at the same time. I have yet to see anyone prop up crypto currency of any kind.

makeorbrake

Sleeper12 wrote: »

Crypto has no real value at all. Zero. You are hoping someone else puts value on it enough to pay more than you did to make a profit.

People affix value and have done so for years.

cnocbui

Sleeper12 wrote: »

The difference is stocks in a company are worth something. You even get a dividend each year. Yes the price of the stocks can go up & down but the business of the stock you hold has a value. It owns buildings, offices, retail units & usually turns a profit each year.



Crypto has no real value at all. Zero. You are hoping someone else puts value on it enough to pay more than you did to make a profit.



Real currency has value. So much so that they don't even promise to back it up with gold anymore. Other countries buy your debt to keep your currency. China propped up the Euro during the banking crises they also propped up the US Dollar at the same time. I have yet to see anyone prop up crypto currency of any kind.

Only some companies pay dividends, many do not, particularly in the US where the entire market is predicated on speculative investment on future value. Apple didn't pay a dividend until 2012 and currently pays only 1.5% The US has an annual inflation rate for 2018 of 2.5% So you are losing 1% a year.

The supposed 'worth' of companies as backing is also largely illusory as when companies go bust, shareholders usually get nothing - total loss - only secured creditors get a look in.

The stock market is effectively a ponzi scheme but it's of the acceptable kind.

They don't back your 'real currency' with gold because it doesn't have any real value. There is an apocryphal story that one trigger for the Great Depression was when someone walked into a bank and demanded to swap their paper dollars for the gold it was supposedly backed by and they weren't able to.

It's all a house of cards - look up 'paper gold' gold derivatives exceed the total actual physical quantity of gold many times over.

Sleeper12

makeorbrake wrote: »

The first point is that you need to figure out what a pyramid scheme is. Here's the definition of one:
"a form of investment (illegal in the UK and elsewhere) in which each paying participant recruits two further participants, with returns being given to early participants using money contributed by later ones."
So...who are these two people that are trying to recruit you!? The only thing that's going on here is a discussion. Posts here don't generally end with a notice to those that don't hold crypto to start buying it. Grown adults do as they want.
Not sure where you're going with discussion of business model vs. product. And as for talking about blockchain rather than the specific crypto, that's interesting that you should suggest that to be the case of those that are enthusiastic about crypto. The reason I say that is that the conventional banking and investing world has been carrying on with this nonsense of 'blockchain good - bitcoin (/crypto) bad'.

I know what a pyramid scheme is




When you go to a meeting for a pyramid scheme meeting you think it's for a genuine business. Let's say the purpose of the scheme is to sell hair products. The meeting will last an hour or two. They will have flip boards or possibly a projector. For the whole two hours they talk about the selling technique or the business model. They explain how you recruit sellers & you get a chunk of their profits & after six months you'll be a millionaire. They don't pass around the product you are selling for you to hold or smell because the product isn't really the product they are selling. The pyramid get rich scheme is what they are selling.


with Cyrpto currency it's the same thing. Anytime anyone starts snooping around things like who is ever going to use cyrpto as a currency? Is it suitable as a currency? Why do I pay more in fees to buy this than hard currency> Wasn't cyrpto designed to cost less than real currency. The reply to all of the above is "oh but my currency has blockchain". Blockchain might be good but that does not make crypto good or bad for that matter. Blockchain & crypto are two totally different things yet most try to confuse things by insisting that one has anything to do with the other.

Bitcoin usage among major payment processors has dropped 80%

https://thenextweb.com/hardfork/2018/11/21/bitcoin-cryptocurrency-blockchain-usage/


Headlines like the above don't encourage people to invest. In fact many cyrpto currency investors don't actually believe that it is suitable as a currency & only a tiny fraction of them use it as a currency.

makeorbrake

Sleeper12 wrote: »

I know what a pyramid scheme is
When you go to a meeting for a pyramid scheme meeting you think it's for a genuine business.

There you go. What 'meeting' have you been invited to re. Bitcoin for example? Or is it that Bitcoin are making big fat claims on their website?...oh wait....

Sleeper12 wrote: »

Headlines like the above don't encourage people to invest.

I don't disagree (although some see opportunity in that too).

Sleeper12 wrote: »

In fact many cyrpto currency investors don't actually believe that it is suitable as a currency & only a tiny fraction of them use it as a currency.

Also true. However, what's lost is the fact that Bitcoin is crypto 1.0 . There are a couple of generations of projects which have built on it and addressed many of the shortcomings. I don't have any problems with some of the critique but there are many that come at it from the perspective that these flaws can't be (and are not being) addressed.

Sleeper12 wrote: »

Blockchain & crypto are two totally different things yet most try to confuse things by insisting that one has anything to do with the other.

That's not true. Of course they have a LOT to do with each other. Crypto's run on the blockchain. It's kind of central to the whole thing. The thieving bankers started with this line of blockchain good and crypto bad - it's total bull****!

Sleeper12

makeorbrake wrote:

Also true. However, what's lost is the fact that Bitcoin is crypto 1.0 . There are a couple of generations of projects which have built on it and addressed many of the shortcomings. I don't have any problems with some of the critique but there are many that come at it from the perspective that these flaws can't be (and are not being) addressed.

I love the latest technologies. So what you are saying is that crypto is a bad investment at the moment and to wait till they improve it? Or get it working rather than improve it

makeorbrake

Sleeper12 wrote: »

I love the latest technologies. So what you are saying is that crypto is a bad investment at the moment and to wait till they improve it? Or get it working rather than improve it

Not necessarily - but I'm not giving investment advice - everyone makes up their own mind. Any 'investment' is speculative.

There is no doubt that it has problems to overcome. However, it's quite complex when you consider if it can overcome them. Probably it cant directly because its already out there - whereas a fresh project has the advantage of designing from the ground up to take account of the stumbling blocks that Bitcoin and others have come across.

That said, there are secondary solutions that are being looked at. Many don't like the idea that it comes at it in this way (eg. lightning network) but who's to say - Bitcoin was the first mover and has network effect.

It's quite difficult to say. But that doesn't mean that there isn't opportunity (to lose money or to make money).

makeorbrake

makeorbrake wrote: »

There you go. What 'meeting' have you been invited to re. Bitcoin for example? Or is it that Bitcoin are making big fat claims on their website?...oh wait....

I have seen advertising for middle aged couples going around educating rural Ireland on crypto..It was then I kind of laughed to myself and said it's definitely f*cked..

makeorbrake

Deleted User wrote: »

I have seen advertising for middle aged couples going around educating rural Ireland on crypto..It was then I kind of laughed to myself and said it's definitely f*cked..

Yup - but this is a very important distinction. That has nothing to do with the cryptocurrency. Of course, if something becomes a hot topic, shysters will try and incorporate their scam around it. But you dont have to deal with anyone other than an exchange to buy or sell crytpo (and potentially, you may not need an exchange either). There are plenty of Jordan Belforts in this world.

I wouldn't interpret that as an indication that crypto if f**kéd. It's hardly even started yet for it to be screwed. Its just that its a hot topic and there are people with questionable ethics that will weave some bs scheme around the crypto buzzwords to try and offload money from someone who is not educated on the subject. Of course, given that crypto is implicated with money and the stories of guys having made big wads of cash out of it...it makes it so much easier to run a scam around it as unfortunately we all have an ability to get greedy!

makeorbrake

makeorbrake wrote: »

Yup - but this is a very important distinction. That has nothing to do with the cryptocurrency. Of course, if something becomes a hot topic, shysters will try and incorporate their scam around it.

Yeah, but that's pretty much 90% of "the crypto space"..yeah, maybe there's a development in the technology of money on the way..maybe blockchain has a possible purpose/use cases..but so much of crypto has just been ridiculous bubble psychology..from HODL, to everyone reading the white paper, to "I believe in the technology" etc..Like, as a bystander, who kind of paid attention to it from day one, and admittedly was kind of sickened I didn't throw e100 at it in the early stages, watching the hype, the FOMO, the lambos, and everything..tbh a lot of it seemed like lads that had watched a few too many conspiracy theory documentaries just getting caught up in a bubble..and being manipulated by subtle psychological tools..(hodl for instance, spelt wrong, sticks in the mind, gives on a sense of being part of a scene, causes people to hold on to their crypto until it's too late)..tbh, I half think the whole thing has just been a psy-op..

makeorbrake

Deleted User wrote: »

Yeah, but that's pretty much 90% of "the crypto space"..yeah, maybe there's a development in the technology of money on the way..maybe blockchain has a possible purpose/use cases..but so much of crypto has just been ridiculous bubble psychology..from HODL, to everyone reading the white paper, to "I believe in the technology" etc..Like, as a bystander, who kind of paid attention to it from day one, and admittedly was kind of sickened I didn't throw e100 at it in the early stages, watching the hype, the FOMO, the lambos, and everything..tbh a lot of it seemed like lads that had watched a few too many conspiracy theory documentaries just getting caught up in a bubble..and being manipulated by subtle psychological tools..(hodl for instance, spelt wrong, sticks in the mind, gives on a sense of being part of a scene, causes people to hold on to their crypto until it's too late)..tbh, I half think the whole thing has just been a psy-op..

I don't necessarily disagree with you BUT we need to untangle a couple of different components to it.

There are scammers with 'schemes' that they run where they try and implicate 'crypto' in their story. They are NOT crypto. Any serious people in the industry detest this - and detest getting tarred and feathered on the basis of the actions of these guys. Next year - when something else is topical, they will weave their con around that.

Otherwise, I think you are talking about the speculative interest in crypto. I don't disagree with anything you say. The space has become very toxic - that happened once people saw there was an opportunity to make fast $.

However, cast aside all that crud and look at the tech. It still has tangible potential for various types of monetary use. As regards projects applying blockchain tech in various industries - well many of them are trying to move beyond concept and others have moved into real world use albeit its still early days.

What "serious people in the industry"..do you know anyone involved in development?..do you consider yourself a serious person in the industry?..do you think you might have a certain cognitive bias to still focus on the positive even after so much of it has been shown to be horsesh1t?..Like, even all the mystique around yer man satioshi or whatever his name is..I dunno..the whole thing is like it's out of some bad dystopian novel..I have seen it suggested that it's putting the infrastructure into place for the A.I. to take over too..
Looking at the tech..seems environmentally unsustainable..People seem to be creating problems for it to solve..It isn't half as secure as it was purported to be initially..
I dunno man, I hope you didn't get too burned, if I remember correctly, you're one of the more reasonable on it..
But, like, if there ever was going to be a future for it, there will be a new standard, that probably won't be some libertarian dream..probably just the opposite in fact..every purchase you make anywhere logged by the machine..

Kenny Logins

Deleted User wrote: »

It isn't half as secure as it was purported to be initially..

Bitcoin blockchain is about secure as you can get. You'd need 51% of the entire network's computing power just to have a crack at it.

breadmond

I'm in the industry in so far as I work for a company who love to bang on about Blockchain along with other buzzwords. The technology has some potential but I don't think it will be as revolutionary as a lot of crypto heads do. At the end of a day a Blockchain is just a database that's distributed with some cryptographic verification baked in. I don't think anyone outside the industry would have heard of a Blockchain were it not for the crypto bubble. They're an interesting new tool but they're not going to change the world. (in my opinion of course!)

It's like a load of lads going around with a horn for Microsoft Excel..

makeorbrake

Deleted User wrote: »

What "serious people in the industry"..do you know anyone involved in development?..do you consider yourself a serious person in the industry?..do you think you might have a certain cognitive bias to still focus on the positive even after so much of it has been shown to be horsesh1t?

Take a breath because you're in rant mode here! Think about it. Whether you like it or not, it's a complete industry. There are people that work full time - whether in development or from the financial aspect, etc. If you worked professionally in an industry and some shysters came around and used some cover story that implicated the industry you work in to pull off a scam, would you like it? Surely you're not going to get me to prove this? It's logical.

Deleted User wrote: »

Looking at the tech..seems environmentally unsustainable..People seem to be creating problems for it to solve

Thats open to debate. If stranded power (google it) is used, who cares? There is also the argument that some have an issue with this because they see no value in crypto in the first instance. If we are going down that road, I don't believe in Christmas so could you please not hack a tree down this year and waste energy lighting it up!
That said, yes there are newer projects that dont have the energy usage overhead. Its too early to say - but perhaps they may come further to the fore.

Deleted User wrote: »

I have seen it suggested that it's putting the infrastructure into place for the A.I. to take over too..

Well, i don't know about 'take over' but if you think that A.I. technology is not being developed, then I'd suggest you google it. It's as much of a hot topic as blockchain/crypto.

Deleted User wrote: »

I dunno man, I hope you didn't get too burned

I have no complaints in that department.

Deleted User wrote: »

But, like, if there ever was going to be a future for it, there will be a new standard, that probably won't be some libertarian dream..probably just the opposite in fact..every purchase you make anywhere logged by the machine..

Yes, that's what the 'establishments'/governments want. The original cypherpunks would not be happy with the way things have turned out. However, I'd be satisfied if I have the opportunity to use decentralised blockchain on a day to day without having a bank or government dictate how I spend my hard earned money. That remains to be seen as governments are going to try to control this.

Apologies..didn't mean to sound like I was ranting..shur we'll see what happens..

makeorbrake

breadmond wrote: »

I'm in the industry in so far as I work for a company who love to bang on about Blockchain along with other buzzwords. The technology has some potential but I don't think it will be as revolutionary as a lot of crypto heads do. At the end of a day a Blockchain is just a database that's distributed with some cryptographic verification baked in. I don't think anyone outside the industry would have heard of a Blockchain were it not for the crypto bubble. They're an interesting new tool but they're not going to change the world. (in my opinion of course!)

You're quite right. At it's core, it's just a ledger and ledgers have been around since the year dot. However, two important aspects...

- It's immutable
- It's transparent

There's fraud in every industry. There are trust issues in every industry. Despite the simplicity at it's core, it can address these issues - meaning applications across almost every industry.

https://coingape.com/tens-thousands-bitcoin-miners-shutting-down/amp/

Just came across this now..thought I'd post it here..this was always the thing..it costs what e1000 to e1500 to mine a bitcoin?..so what happens when it's not really worth the effort?

Kenny Logins

[Deleted User] wrote: »

https://coingape.com/tens-thousands-bitcoin-miners-shutting-down/amp/

Just came across this now..thought I'd post it here..this was always the thing..it costs what e1000 to e1500 to mine a bitcoin?..so what happens when it's not really worth the effort?

Difficulty adjustment?

asteroids over berlin

oh no we are all doomed!

Not!
Keep the faith grasshoppers

Pintman Paddy Losty

asteroids over berlin wrote: »

oh no we are all doomed!

Not!
Keep the faith grasshoppers

I'm afraid youre no longer the source of authority you once thought you were mate. You've be shown to be a false prophet.

Listen to the pintman if it's profits yer after.