Bitcoins/Litecoins/Virtual Currencies

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TheBeagle

TheBeagle

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Gravel said:
Funny, I saw a headline (didn't care to click the article) about some guy predicting $250k by the end of 2023. I think you crypto people are hilarious. Every year people think it'll be $100k by the end of the (current year).
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Lol. Just look at people's posts on how to safely "store" their crypto and how insanely complicated and Byzantine the entire process is. 99% of the population will never participate in this shit.

Worth noting that when you're using someone elses server to check your UTXOs (whats in your 'wallet) you are providing them with your IP and connecting that to your holdings. Some may not care about this, but for BTC I think its worth running a node locally and running something like Sparrow on your PC to check UTXOs against a node that you control. That way you're not exposing yourself to the logging that these servers are 100% doing.
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This is reason #461 why crypto will NEVER be adopted into the mainstream. It will always be the domain of hyper techies and scammers. Sure, some people that can navigate this shit will make money buying dips and selling run ups but in the end, their goal is always the same thing - Make Money and money ain't crypto.
 
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Sanrith Descartes

Sanrith Descartes

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TheBeagle said:
Sure, some people that can navigate this shit will make money buying dips and selling run ups
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Star Wars Disney Plus GIF by Disney+
 
Flobee

Flobee

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TheBeagle said:
This is reason #461 why crypto will NEVER be adopted into the mainstream. It will always be the domain of hyper techies and scammers. Sure, some people that can navigate this shit will make money buying dips and selling run ups but in the end, their goal is always the same thing - Make Money and money ain't crypto.
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You sound like all the boomers talking about PCs and the internet in the 90's. User experience will improve with time, we're talking about a 10-100x improvement in sending and storing monetary value. Keep up Grandpa
 
TheBeagle

TheBeagle

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Flobee said:
You sound like all the boomers talking about PCs and the internet in the 90's. User experience will improve with time, we're talking about a 10-100x improvement in sending and storing monetary value. Keep up Grandpa
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Refresh my memory, how many times did your average tech consumer get completely scammed out of their money in the early 2000's on the scale of an FTX or Mt Gox? When you look at crypto it's scams all the way down.
 
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Flobee

Flobee

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TheBeagle said:
Refresh my memory, how many times did your average tech consumer get completely scammed out of their money in the early 2000's on the scale of an FTX or Mt Gox? When you look at crypto it's scams all the way down.
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Its not 1 to 1. However tons of people lost their pants on crappy dotcom investments. I fully agree that crypto is 100% scam. Bitcoin is the only thing that solves a real problem, crypto as a whole is just garbage affinity scams grifting off of the innovation that Bitcoin made
 
Mist

Mist

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Gravel said:
Yeah, I'm confused by that. How do you "lose" a peg to the dollar? You either derive your value from it or you don't. Crypto is full of idiots.
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Things are only worth what other people will pay for them.

If the underlying asset X backing the stablecoin is no longer worth approximately [ X/(number tokens) = 1 ] and therefore no one will pay $1 for them, then the peg is lost.
 
Gravel

Gravel

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Mist said:
Things are only worth what other people will pay for them.

If the underlying asset X backing the stablecoin is no longer worth approximately [ X/(number tokens) = 1 ] and therefore no one will pay $1 for them, then the peg is lost.
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Why is the stablecoin backed by another asset? That seems to defeat the purpose of pegging it to the dollar. You're basically saying it's pegged to two different things and if one fails it goes tits up.
 
Mist

Mist

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Gravel said:
Why is the stablecoin backed by another asset?
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In order to be consistently worth something, it has to be backed by another asset. If it's not backed by an asset with a relatively fixed price, then it's backed by sentiment, and therefore could never have a pegged value.

I don't think you're really thinking clearly here as to what the value of money is.
 
Sanrith Descartes

Sanrith Descartes

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Mist said:
In order to be consistently worth something, it has to be backed by another asset. If it's not backed by an asset with a relatively fixed price, then it's backed by sentiment, and therefore could never have a pegged value.

I don't think you're really thinking clearly here as to what the value of money is.
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My point was, you cant call something pegged if you aren't will to take actions to maintain the peg.
 
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Ranak

Ranak

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TheBeagle said:
Lol. Just look at people's posts on how to safely "store" their crypto and how insanely complicated and Byzantine the entire process is. 99% of the population will never participate in this shit.


This is reason #461 why crypto will NEVER be adopted into the mainstream. It will always be the domain of hyper techies and scammers. Sure, some people that can navigate this shit will make money buying dips and selling run ups but in the end, their goal is always the same thing - Make Money and money ain't crypto.
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Disagree. We've seen CEX/CeFi fail, but not DeFi. It still has a BRIGHT future. It's always been "your keys, your crypto", but people haven't understood it and some still don't after the debacle of 2022. DeFi has never been better than it is today. There are even self-custodied, recoverable DeFi wallet apps now that allow you to stake to top DeFi protocols in-app. It's how retail gets access to DeFi and yield opportunities. A ton of crypto is still simple ponzi/MLM trash, but there is real value in DeFi if you know how to analyze projects and participate, which is becoming easier and easier for normies and degens alike.

DeFi has always been the future, but it's now center-stage earlier than anticipated due to bad actors in CEX/CeFi.
 
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