Bitcoins/Litecoins/Virtual Currencies
- Thread starter Tripamang
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Big Phoenix
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Market can stay irrational for a long time. Obviously Im no currency or financial expert but I dont see how a medium with finite amount and high volatility serves as a currency. Its the Tesla of the financial world.
Arden
Blackwing Lair Raider
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Khane
Got something right about marriage
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It hasn't been a currency for a long, long time. It's a digital commodity now.
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Big Phoenix
Pronouns: zie/zhem/zer
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Technically true but new reserves being discovered and new methods of extraction open up more and more of the resources on the planet.
Commodity how though? I get that its starting to be seen as a digital form of gold, but gold actually has real world applications that backs up its value.
Khane
Got something right about marriage
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Blockchain has a real world application as well.
Gold has real world applications, but it's also a shiny object people like to turn into jewelry and trinkets and show off with. Bitcoin isn't much different in that regard honestly.
The funny thing about Bitcoin is its value was originally in its decentralization and disconnect from government agencies. Wall Street has kind of fucked that ideal but in turn increased its value by investing in it.
Big Phoenix
Pronouns: zie/zhem/zer
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Sure but blockchain isnt specifically tied to BTC is it? I assumed its just the underlying tech that can be incorporated into whatever.
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*cough*
Just to throw it in here, silver has way more practical and industrial use than gold, and it’s severely undervalued at the moment. At a small percentage of your overall portfolio along with gold with and crypto, of course.
Just to throw it in here, silver has way more practical and industrial use than gold, and it’s severely undervalued at the moment. At a small percentage of your overall portfolio along with gold with and crypto, of course.
Hekotat
FoH nuclear response team
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During my internet outage I got bored and started cleaning out bookmarks that were no longer used, old or invalid. During this process I was able to locate the wallet I used when I farmed LTC back in the day and recovered all 11 of my LTC.
Now, the question is should I sell now or hold? Does LTC have a future such as BTC or are we forever doomed at 200/coin scenario. Any thoughts on this?
Now, the question is should I sell now or hold? Does LTC have a future such as BTC or are we forever doomed at 200/coin scenario. Any thoughts on this?
Caliane
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Adoption is obviously a big driver. And adoption is not necessary the best coin wins. look at dogecoin..
litecoin is still #8 in marketcap. which is some measure of adoption. Although, #3 is binance coin, 7 is XRP, 10 is bitcoincash.. and doge broke #10 for a bit there as well... So, theres certainly some wtf? there.
What role is the coin going to play? bitcoin as people say is the hold of value, digital gold, but has failed as a currency. And right now is massivly winning as the leader. everything else follows.
Eth is #2. Its more of a platform. and it has competition. ADA notably, which is at #6. although, these don't need to be exclusive. and a bunch of other coins like this which will be more platforms/investments, then again, actual use currencies.
Litecoin is a faster version of Bitcoin. smaller blockchains. Intended to speed it up, so its useable as a currency. its #8 currently, which is a huge advantage...
stellar/xlm #11, nano #71, and from what I understand Iota #24 all do this job.. better. xlm is fast, and low fee. nano is fast and no fee. (not sure on IOTA, didnt do any research on it. but it gets brought up alot during nano conversations.)
you can look at $ and see litecoin is taking off just like everything else. doesn't seem to be any impact of "being outclassed by better tech" yet.
Hell, nano which is really effective at transferring coins, and really small amounts quickly, has really really low on marketcap. its adoption is shit.
tl/dr. I don't believe in the litecoin tech, but theres no evidence of it being overtaken by its competition any time soon.
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Arden
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"Nano is fast and no fee." That's a big deal. Fast and no fee would be magic words in a spending currency. I looked up a little about nano after seeing that, thinking maybe nano could become the "everyday" currency to BTC's "gold reserve." But it looks like they've already made as much nano as they will ever make. As a reserve commodity, I think the finite limit of BTC actually helps it. But the inability to make more nano seems to doom it's chances as a "spending" currency... unless I'm missing something, which is very possible.
Sanrith Descartes
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I am done with crypto. Sent a wire to verify my bank with Gemini and get the response "We got it, but we dont like the format your bank used. You will get your money back in 2-10 business days." Once the real banks and brokerages move into the space I will circle back. Too much amateur hour with the current crypto exchange infrastructure.
Caliane
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why do you want a spending currency to be inflationary?
otherwise, guys go give nano a test. download natrium to your phone, (a nano hotwallet), and go to https://nano-faucet.org/ and get some free nano. (about 30c worth atm)
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Arden
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I would imagine you would at least need to be able to increase the amount of spending currency. Obviously, you'd want to be smart/conservative with it, but if it was terminally finite, you could run into a scenario where a few people basically hoard all (or almost all) of the currency and plunge 99.999999999999% of the rest of the world into abject poverty.
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So as I'm exploring this whole scene and trying to figure out the best way for an Old who happens to be decent with computers to do OK in it I'm leaning towards the thought that Bitcoin is a store of wealth (like gold) and everybody will transfer it into a more liquid/usable form for actual spending.
But now I'm curious about masternodes. Are any of you people running them? Is it worth the effort? Is there really an upside in the payout from them?
But now I'm curious about masternodes. Are any of you people running them? Is it worth the effort? Is there really an upside in the payout from them?