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Blockchain Tech and Cryptocurrencies

AnonymousDeac said:
How are people feeling?
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Trying to decide which of the big 3 to purchase on this 10% - 15% off sale.

Also trying to figure out what in the world happened at 3:21 (EST). According to Coinbase: BTC, ETH, and LTC all bounced by about 5% at exactly 3:21. I wonder if Coinbase got jammed up?
 
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AnonymousDeac said:
End of day, can you make money on Bitcoin? Yes, definitely. And can you buy today and still make money? Yes. But eventually that bubble is going to pop and it's the people buying in now that are going to get crushed. All of the early investors have been playing with house money for months.

It's impossible to know when and thus I have no confidence but my guess is late January / early February. I do have confidence that it's going to burst and I don't think we're that far away.
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This post has aged quite well.

Not sure if this truly is the popping of the bubble but it's not looking good.
 
Yep, I'm all the way down to only up 20% on my initial investment now. Not sure how to proceed from here
 
Screamindemon3 said:
Yep, I'm all the way down to only up 20% on my initial investment now. Not sure how to proceed from here
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Kinda sucks how all the alts are basically tethered to BTC. It's been a hell of a ride.
 
AnonymousDeac said:
This post has aged quite well.

Not sure if this truly is the popping of the bubble but it's not looking good.
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For my money, you've maintained the sanest voice in crypto since day 1 around here.

Looking forward to Augusta if you can make it.
 
And that TCP/IP protocol stuff never took off.

And that internet never took off.

But really the argument should be Friendster failed and MySpace failed, but Facebook succeeded. Askjeeves failed and dogpile failed, but google (and yahoo to a degree) succeeded.

A lot of the blockchain networks we see today will fail. But some will also succeed. If you’re in crypto for the long haul, that’s how you should be evaluating your investments.
 
AnonymousDeac said:
And that TCP/IP protocol stuff never took off.

And that internet never took off.

But really the argument should be Friendster failed and MySpace failed, but Facebook succeeded. Askjeeves failed and dogpile failed, but google (and yahoo to a degree) succeeded.

A lot of the blockchain networks we see today will fail. But some will also succeed. If you’re in crypto for the long haul, that’s how you should be evaluating your investments.
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Yes, the argument is that people are confusing the innovation with who will actually ultimately gain from the innovation. The government will be the facebook. Everything that's being invested in now are the friendsters.
 
I skimmed it as the current technology is rudimentary compared to what will come. I stopped reading when it gave hashgraph legitimate consideration. The current technology can and will be improved but yes, that doesn’t mean the networks of the future exist today. But if that’s what you believe, then keep an eye out and get in on the ground floor for what is the real future.

As for the other component, which government will be Facebook? Why would one government bother with blockchain when they can use an internal database? And is there only going to be one solution run by the government? What about privacy networks? Or rapid transaction networks? Or one for the internet of things (sorry SD3, not IOTA)?

And this all begs the larger question, why does a government have to be involved? Haven’t the last few years hinted at an alternative?

I’m always down to discuss the possibility of crypto going to zero but don’t think this rationale is strong.
 
I just still don't understand how governments are going to allow this to flourish without oversight and accountability, which seem to be core components of the appeal of blockchain currency. It isn't trackable, and it is kept accountable by the 'crowd'. Government is going to want to tax it, and more importantly it is going to want to be able to follow the money from user to user. Otherwise it will be impossible to tell who is cheating the taxes, who is buying cotton candy, and who is funding a terrorist.

Is that an insane viewpoint? I still haven't seen a cogent argument for why this is good for the US Government, and until it is, the government will always have the ability to squash it. I see no motivation from the government side of the coin (pun intended) for blockchains to be a better currency than the US Dollar (which they have great control over).
 
The point is not to be good for the US govt and taxes
 
buckets said:
The point is not to be good for the US govt and taxes
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Exactly...but in the end the US Government is going to have to approve of the final solution or it will have the ability to kill it.
 
An interesting thing happened a little more than a year ago.

In the early days of blockchain and specifically Bitcoin, as Wrangor is noting, the government was either dismissive or anti-Bitcoin. They were concerned of its use for money laundering and other illicit activities. Then, in 2016, they kinda just shut up. They realized that Bitcoin is far from anonymous and after just two transactions, they could socially engineer just about any node on the Bitcoin network. They realized that not only could they track everything happening on Bitcoin, they could do it far better than traditional methods of payment. And with most of the black market not knowing how well they could do it.

This gives the judicial branch the ability to catch criminals, the IRS the ability to monitor tax evasion, etc.

IRS: http://fortune.com/2017/08/22/irs-tax-cheats-bitcoin-chainalysis/
3 Govt Agencies: https://themerkle.com/three-us-agencies-rely-on-chainalysis-to-analyze-bitcoin-transactions/

And more than anything, I think the recent Senate hearings highlights the stance the government is likely going to take with cryptocurrencies (and cryptoassets). https://techcrunch.com/2018/02/06/virtual-currencies-oversight-hearing-sec-cftc-bitcoin/
 
This is just a giant, well run Ponzi scheme. Why would legal businesses accept payment in "currencies" that can have 5-15% volatility in the day of a purchase? How can a business be viable if they sell something at 9AM for $100 in crypto that becomes worth $90 by the time they make their bank deposit?
 
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