Welcome to Demonland - Coinjar

[hemingway 7,627]

Coin Jar. 

Beauty, just great.

What a depressing world. 

Thank god for the football. 

[Jjrogan 1,420]

47 minutes ago, Win4theAges said:

Try finding the right coin to jump on.

Had a look in 2018 and jumped on a couple of training stocks but luck of the draw really.

No doubt a life changer if you jump on the right coin though.

As this thread opened, it should be pointed out some are down 50 percent in the last 24 hours. No doubt also a life changer if you jump on the wrong one (or any).

Not really a store of value (currency) as much as a gambling fad.  

Play on. 

Edited May 19, 2021 by Jjrogan

[Dr. Gonzo 24,214]

58 minutes ago, Jjrogan said:

As this thread opened, it should be pointed out some are down 50 percent in the last 24 hours. No doubt also a life changer if you jump on the wrong one (or any).

Not really a store of value (currency) as much as a gambling fad.  

Play on. 

Same as any other shares or the entire capitalist system really

[AllMyTeamsAreWank 564]

9 hours ago, Wells 11 said:

Agreed, but it’s def a tough fight in here isn’t it. lol. let’s return to this subject in the future. 

Spot on! I think eventually the cream will float to the top which will see most altcoins fade out of existence. At the moment it's the wild west like late 90s world wide web. Won't be long I reckon before things like housing contracts, car VINs, elections are done on various block chains. People need to look beyond the token. 

[Kozquito 14]

15 hours ago, Diamond_Jim said:

it's no more dodgy than gold if you think about it

A metal with no real value other than scarcity

 

15 hours ago, Diamond_Jim said:

the real problem with Bitcoin is that it is so volatile price wise it is not a great medium of exchange

With all due respect, gold is an essential component in almost every single electronic and scientific instrument produced. Also, Bitcoin is not going anywhere but up in the long run, many other cryptos value are tied to it and based upon it. 

[Diamond_Jim 12,578]

39 minutes ago, AllMyTeamsAreWank said:

Won't be long I reckon before things like housing contracts, car VINs, elections are done on various block chains. People need to look beyond the token

That's where the interesting discussion is.

In this era of cyberhacking is blockchain the answer to computer security.

The power useage to recovery ratio used in bitcoin mining is obviously an issue. As I understand it every so often (annually perhaps or is it value driven) another link is added to the blockchain thus making it harder (more expensive ) to mine.

[Pickett2Jackson 3,904]

Crypto must be a money launderers paradise.  I suspect it also how politicians exahcnge bribes these days.  Untraceable.

[La Dee-vina Comedia 16,754]

15 hours ago, Mazer Rackham said:

No value at all except you can fashion it into rings & other pretty things which the other people in your village are prepared to buy off you in exchange for chickens, cows, sheep's wool, buckets of milk, axes,  ploughs, etc.

In my village I tried this with bitcoin but only got offered a few old tulip bulbs in return.

Thanks for the subtle incorporation of Economics 101 with the reference to tulip bulbs. 

16 hours ago, david_neitz_is_my_dad said:

I have a feeling the demographics of the MFC membership heavily favours those in the age group that wouldn’t know nor care what cryptocurrency is.

I think most people in this age group are thinking more about family crypts than cryptocurrencies. ("Cryptocurrency" is a strange expression, when you think about it.)

[Demon trucker 1,800]

18 hours ago, daisycutter said:

still reckon crypto is dodgy......if it's too good to be true..........etc

It's like all the .com company in the 90's, it can never be used for legal tender, until it has a fixed price, how can a company sell someone a car with a currency that is worth $1 one day and $22,000 the next day? only to see it crash a week later.

[Adam The God 30,239]

To da moon, am I right?

The dump is on. Again.

 

 

[old55 23,561]

There's two things going on with crypto at present which are not complementary and #1 is predominating:

1. They're a speculative high-risk investment instrument
2. They're trying to establish themselves as alternative to fiat currency - a reliable holder of value

Edited May 20, 2021 by Pollyanna

[daisycutter 29,613]

48 minutes ago, don't make me angry said:

It's like all the .com company in the 90's, it can never be used for legal tender, until it has a fixed price, how can a company sell someone a car with a currency that is worth $1 one day and $22,000 the next day? only to see it crash a week later.

seems to work well in zimbabwe

[Smokey 4,389]

I don't have a horse in this race, but I do find it curious that the original premise of crypto currencies was to take the power away from the evil banking corporations, yet ironically the same power has just been shifted to billionaires like Elon Musk who manipulate the markets for personal gain. Human nature will always prevail, regardless of the innovations to counter it. 

[Bitter but optimistic 22,239]

I have NFI as to what this thread is about !

[Smokey 4,389]

2 hours ago, Pickett2Jackson said:

Crypto must be a money launderers paradise.  I suspect it also how politicians exahcnge bribes these days.  Untraceable.

Not true, block chain transactions are in many cases traceable with the right resources. Additionally, the transaction of coin to fiat is highly traceable (the ATO is all over it these days). 

10 years ago it was untraceable, but todays block chain analysis engines have put a stop to that. 

Edited May 20, 2021 by Smokey

[AllMyTeamsAreWank 564]

3 hours ago, Diamond_Jim said:

That's where the interesting discussion is.

In this era of cyberhacking is blockchain the answer to computer security.

The power useage to recovery ratio used in bitcoin mining is obviously an issue. As I understand it every so often (annually perhaps or is it value driven) another link is added to the blockchain thus making it harder (more expensive ) to mine.

I personally don't think Bitcoin is the answer to your security question as it has positioned itself more as a storage of wealth. Something like ethereum which is more energy efficient (and apparently the 2.0 release will be something like 99% more energy efficient than the current) is definitely better placed to be a possible candidate for those use cases. 

[Diamond_Jim 12,578]

6 minutes ago, Bitter but optimistic said:

I have NFI as to what this thread is about !

that's the beauty of Demonland.

We haven't had a discussion of Ancient Greek terminology for some time. Eg Does Goodwin use the Socratic method?

Perhaps 17th century poetry

[Adam The God 30,239]

21 minutes ago, Pollyanna said:

There's two things going on with crypto at present which are not complementary and #1 is predominating:

1. They're a speculative high-risk investment instrument
2. They're trying to establish themselves as alternative to fiat currency - a reliable holder of value

Vis a vis #2, nothing can compete with fiat. Sure, the worth of a currency can decrease on global markets, but its domestic value is what's important. Particularly, as most people are beginning to buy more local product or buy very cheap multinational products (ASOS, Amazon etc).

As for the reliability of a fiat currency, that is totally in the hands of Treasury and DFAT. The Australian Government can control the strength or weakness of the AUD if it wants to. This is of course why some millennials (in particular) like the idea of decentralising the currency. Personally, I think that's a terrible idea. At the end of the day, the fascination with cryptos are mostly to do with #1 - profit and greed. How can I get a greater passive return for my money? But the thing most people fail to understand is how value is derived from a fiat currency.

The majority of the LNP, ALP and the Greens stupidly believe in Thatcher's taxpayer money myth. Taxpayers have no role in financing the Australian Government. None whatsoever. A fiat currency derives its value from the tax liabilities the fiscal authority demands every fiscal year, of every citizen and firm. So the Australian Government could increase the value of the AUD by increasing taxes or by buying up AUDs on the FEX, but it depends what the goal is and how that impacts on your foreign sector.

One of the greatest living economists, I'd argue the greatest we've ever had, would do a much better job of explaining currency valuation than I would. He does post on this site, but unless he sees this, I'll assume he doesn't want to post about it.

[Adam The God 30,239]

33 minutes ago, daisycutter said:

seems to work well in zimbabwe

Zimbabwe is pegged to the USD. Its currency as a result can be at the mercy of money markets and the foreign sector.

Edited May 20, 2021 by A F

[AllMyTeamsAreWank 564]

5 minutes ago, A F said:

One of the greatest living economists, I'd argue the greatest we've ever had, would do a much better job of explaining currency valuation than I would. He does post on this site, but unless he sees this, I'll assume he doesn't want to post about it.

Who'd have thought we'd have such a high profile fan!

[Demon trucker 1,800]

39 minutes ago, daisycutter said:

seems to work well in zimbabwe

Well that country is stuffed

[daisycutter 29,613]

44 minutes ago, A F said:

Zimbabwe is pegged to the USD. Its currency as a result can be at the mercy of money markets and the foreign sector.

i'm fully aware of that

my comment was sarcasm on the zimbabwe monetary "system" before it was forced to adopt the usd

Edited May 20, 2021 by daisycutter
spelink

[Jjrogan 1,420]

3 hours ago, Pickett2Jackson said:

Crypto must be a money launderers paradise.  I suspect it also how politicians exahcnge bribes these days.  Untraceable.

Closer to the truth than you might think. The ransom money for the colonial pipeline last week was paid in crypto.

Its not untraceable but it's definitely harder than the regular banking system.   And yes, its a launderers paradise. 

[AllMyTeamsAreWank 564]

1 hour ago, Jjrogan said:

Closer to the truth than you might think. The ransom money for the colonial pipeline last week was paid in crypto.

Its not untraceable but it's definitely harder than the regular banking system.   And yes, its a launderers paradise. 

Privacy coins like Monero are next to untraceable if used right. Most darknet markets don't accept Bitcoin anymore and will only accept Monero as payment because of its private ledger. 

Edited May 20, 2021 by AllMyTeamsAreWank