Author Topic: Cryptocurrency Master Thread (Read 221754 times)

wetwillie · « **Reply #1150 on:** March 07, 2018, 07:10:39 PM »

Read something the other day about people maxing out multiple credit cards to buy bitcoin at 17,000. That has to feel bad man.

The Big Train · « **Reply #1151 on:** March 07, 2018, 07:14:36 PM »

Would be terrible. I’ve also seen people taking out second mortgages and committing suicide over it. Can’t do that in this space, or any risky investing space for that matter.

Fake Sugar Dick (WARNING, NOT THE REAL SUGAR DICK!) · « **Reply #1152 on:** March 07, 2018, 07:52:19 PM »

This is gambling, not investing.

You are trading a "currency" that isn't backed by the taxing authority of any government.

The Big Train · « **Reply #1153 on:** March 07, 2018, 08:05:01 PM »

Quote from: Fake Sugar Dick (WARNING, NOT THE REAL SUGAR DICK!) on March 07, 2018, 07:52:19 PM

This is gambling, not investing.

You are trading a "currency" that isn't backed by the taxing authority of any government.

Translation: I do not understand, therefore I will make statements not backed by any authority outside of my own ignorance.

Fake Sugar Dick (WARNING, NOT THE REAL SUGAR DICK!) · « **Reply #1154 on:** March 07, 2018, 08:14:29 PM »

Translation:

The Big Train · « **Reply #1155 on:** March 07, 2018, 08:20:16 PM »

Quote from: Fake Sugar Dick (WARNING, NOT THE REAL SUGAR DICK!) on March 07, 2018, 08:14:29 PM

Translation:

Did you know we don't have a gold standard that the US dollar is backed by? Do you know that the US gov can print as much money as it wants? Your view of this is based on complete ignorance, which is fine, it's what you do best. You are welcome to stay ITT but just know that the grown ups talk ITT and don't really consider the opinions of the children. Ignorance is bliss.

Fake Sugar Dick (WARNING, NOT THE REAL SUGAR DICK!) · « **Reply #1156 on:** March 07, 2018, 08:23:55 PM »

Shut up, The Big Tuck.

CHONGS · « **Reply #1157 on:** March 07, 2018, 09:08:58 PM »

Didn't know TBT was a gold bug.

The Big Train · « **Reply #1158 on:** March 07, 2018, 09:12:54 PM »

Quote from: Chingon on March 07, 2018, 09:08:58 PM

Didn't know TBT was a gold bug.

To truly understand crypto you need a bit of background knowledge.

CHONGS · « **Reply #1159 on:** March 07, 2018, 09:31:10 PM »

Oh man it's so true.

You have to have a high IQ to understand crypto, so it well never be accepted by the masses.

Now if you'll excuse me I am going to go buy a cup of coffee with a piece of plastic with digital numbers related to pieces of paper being printed by billions in a facility somewhere.

Alas I fear us to be an uncommon breed amongst a plethora of crypto novices.

The Big Train · « **Reply #1160 on:** March 07, 2018, 09:42:23 PM »

It will never hit the masses until it is easy to use, I agree.

There's a reason that the Lightning Network is being developed to enable off chain transactions, which will greatly improve transaction capacity. The credit card industries have crypto beat by a ton because they rely on a trusted third party for verification. Confirming transactions using a trustless, decentralized system and no validated third party is a complicated engineering task. Which is why many are working on it.

Using off chain transactions also cuts on the transaction fees, so BTC may one day be able to be used for a cup of coffee again, while also be instant. If that's not possible then cross chain atomic swaps will convert to a better currency instantly(without user knowledge) to enable those kinds of smaller transactions.

Let me ask you this Chings, in 1995 when the internet was in its infancy for the masses, was Amazon.com(in its current state) a possibility? If you say no, which you will, I will just belly laugh because I know that's how most skeptics view crypto overall.

CHONGS · « **Reply #1161 on:** March 07, 2018, 09:51:12 PM »

165 IQ for me. Systems Engineer in silicon valley for over seven years straight out of college. Blockchain programmer. 755 GMAT score. Got full ride scholarship offers from multiple top tier business schools. Don't underestimate Bitcoin investors and enthusiasts.

The Big Train · « **Reply #1162 on:** March 07, 2018, 09:54:43 PM »

I expected a better crypto argument from the "Master of the atom" but I guess I assumed too much.

CHONGS · « **Reply #1163 on:** March 07, 2018, 10:00:41 PM »

8manpick · « **Reply #1164 on:** March 07, 2018, 10:03:47 PM »

Quote from: The Big Train on March 07, 2018, 09:42:23 PM

Let me ask you this Chings, in 1995 when the internet was in its infancy for the masses, was Amazon.com(in its current state) a possibility? If you say no, which you will, I will just belly laugh because I know that's how most skeptics view crypto overall.

While I believe in Crypto in general to some degree, this is a bad argument. Just because industries or companies have exploded in the past doesn't mean this will. The graveyard far outnumbers the Amazon's.

The Big Train · « **Reply #1165 on:** March 07, 2018, 10:04:17 PM »

Chings this really disappoints me. You seem to only comment on stuff you actually know stuff about, this is a rogue case. This is a losing argument and I'm really surprised you let it last this long.

Fake Sugar Dick (WARNING, NOT THE REAL SUGAR DICK!) · « **Reply #1166 on:** March 07, 2018, 10:08:22 PM »

Anyone want to bundle these (to minimize risk of course), securitize them, get Amazon to write a swap on them, and sell them to teacher's pensions and credit unions as AAA paper with me?

wetwillie · « **Reply #1167 on:** March 07, 2018, 10:09:49 PM »

blockchain is here to stay, there is no question about that. The individual coins today may or may not exist in a decade but blockchain technology will absolutely be in use at scale.

The Big Train · « **Reply #1168 on:** March 07, 2018, 10:12:19 PM »

Quote from: 8manpick on March 07, 2018, 10:03:47 PM

Quote from: The Big Train on March 07, 2018, 09:42:23 PM

Let me ask you this Chings, in 1995 when the internet was in its infancy for the masses, was Amazon.com(in its current state) a possibility? If you say no, which you will, I will just belly laugh because I know that's how most skeptics view crypto overall.
While I believe in Crypto in general to some degree, this is a bad argument. Just because industries or companies have exploded in the past doesn't mean this will. The graveyard far outnumbers the Amazon's.

The analogy is what Amazon.com is now. In 1995 it could never be that because of CSS, jQuery, css etc at the time. This wasn't an argument to the direct Amazon.com site, since it was a purely book site at the time. What was the internet in 1995? It was nothing compared to what it is today, that's the analogy

Bitcoin and crypto are just 10 years old, yet everyone thinks innovation in the space should be 30 years along.

The Big Train · « **Reply #1169 on:** March 07, 2018, 10:16:32 PM »

Quote from: Fake Sugar Dick (WARNING, NOT THE REAL SUGAR DICK!) on March 07, 2018, 10:08:22 PM

Anyone want to bundle these (to minimize risk of course), securitize them, get Amazon to write a swap on them, and sell them to teacher's pensions and credit unions as AAA paper with me?

The amount of ignorance here is just astounding

https://blog.coinbase.com/announcing-coinbase-index-fund-3925fbf548db

CHONGS · « **Reply #1170 on:** March 07, 2018, 10:16:41 PM »

Of course the concept of a blockchain is useful.

No where did I dispute that.

The Big Train · « **Reply #1171 on:** March 07, 2018, 10:20:01 PM »

Quote from: Chingon on March 07, 2018, 10:16:41 PM

Of course the concept of a blockchain is useful.

No where did I dispute that.

Just the best use case so far that built an industry you dispute. Comical.

CHONGS · « **Reply #1172 on:** March 07, 2018, 10:20:40 PM »

Cite?

The Big Train · « **Reply #1173 on:** March 07, 2018, 10:23:33 PM »

Quote from: Chingon on March 07, 2018, 10:20:40 PM

Cite?

Quote from: Chingon on March 07, 2018, 09:31:10 PM

Oh man it's so true.

You have to have a high IQ to understand crypto, so it well never be accepted by the masses.

Now if you'll excuse me I am going to go buy a cup of coffee with a piece of plastic with digital numbers related to pieces of paper being printed by billions in a facility somewhere.

Alas I fear us to be an uncommon breed amongst a plethora of crypto novices.

Is this a joke?

CHONGS · « **Reply #1174 on:** March 07, 2018, 10:27:02 PM »

Yes, but not about crypto currencies.