How do you decide which crypto currency to buy?

I’ve actually found a good use for crypto since bailing post Musky playing Twitter clown…

Buying Baklava and dates from Iran. Try doing that using Amex 😂

Ok I don’t really have it clear in my head what feudalism is but POS to me means ‘The more I’m worth, the bigger say I have in how to better fully bags. Yuck!

As I understand it, it’s worse than that – because not only do people just have more control over the network the more they’re worth, but you also have to pay them to use it (verifying transactions etc).

And unlike POW, where the big miners have costs which balances it out a bit (ie they invest money on computers and electricty), on POS that doesn’t necessarily apply. So the more popular the network gets, and the more people use it, the more the rich get richer and everyone else pays them for the privilege. Hence feudalism.

Anyway, I’ve seen various arguments making that case, but nothing really countering it. Much of the crypto world seems pretty comfortable with the idea of a couple of dozen jillionaires basically owning the whole space.

Ummm deathcross sounds a bit ominous doesn’t it?

Looks like it’s all going a bit t..s up at the moment crypto value wise.I was 2500 up about two months back now about 6 hundred down.Do I cut my losses now.My original investment was 2500

Depends if you can afford to lose £2500! 🙂

I’m staying in as I’m thinking 5yrs down the line, not short term profit – I’ve only got £600 put in though.

There’s a lot of bad press around and if regulation of some sort does come that can only attract people back.

I’ll probably buy a bit more Etherium too while its low.

I’m putting all my money into Gencoin. what could possibly be wrong? 😉

Do I cut my losses now.

Only if you want to lose money. It’s a long term game. If you’re playing the short one you’re a couple of months too late. You either play one or the other.

Only if you want to lose money. It’s a long term game. If you’re playing the short one you’re a couple of months too late. You either play one or the other.

Depends when you got in…

Wow yes so I’ve watched my £450 over a few coins, almost get to £1000 and then after the crash am very surprised I’m now down to £380! Some may say I should’ve got out early but I’m happy to keep it there and see what happens.

I am shocked on how it just keeps going down and down and down! I’ve been so busy doing DIY and sorting tradesman out that I’ve not seen the news as to why it keeps divebombing!!

now about 6 hundred down.Do I cut my losses now

So they are now cheaper than where you first thought that they were good price to buy.

You should be buying more at a discount from where you originally valued them.

Im continuing to make a return on farming yields and creaming off profits in a combo of cash and buying more crypto.

These dips aren’t new and a good opportunity to buy and wait for it to increase…only buy what you can afford to lose i hasten to add.

@dannymite1981 – get a grip lad! 😉 Who sells when it’s dropping? Weak f*ckers that’s who! Hang on to it until you feel you’ve made what feel is a decent return! Diamond hands and all that.

farming yields

Diamond hands

buying more at a discount

It’s a bit sad to see the usual “crypto-investor” talk on STW.

@dannymite1981 you didn’t “invest”, you speculated.

As for selling, it depends if you think there will be another round of suckers.

BTW. A few weeks ago, I sold half of my original $1 “investment” for $100. Thanks, current “investors”!

Unless bitcoin shows some form of utility (which I strongly doubt, due to design issues), all you have is a scheme that needs more people to “invest” for you to make money.

buying more at a discount

It’s a bit sad to see the usual “crypto-investor” talk on STW.

Nah …. not me, i was making the case for a real investment that had been properly researched.

It’s a bit sad to see the usual “crypto-investor” talk on STW

“To infinity and beyond!” or something..

🚀

You should be buying more at a discount from where you originally valued them.

That’s one of those investment truisms that don’t stand up to scrutiny. When you buy you should be making a risk decision based on the factors that make it a good investment versus the risks that may make it a bad investment. If one of those risks manifests itself then it may be time to dump the investment. You will of course have a portfolio of investments so that the same risk doesn’t hit them all and overall you’re quids in. Or you could just HODL to the moon.

Edit: btw, Monero emerges as Crypto of choice for cybercriminals. Maybe that’s the one to buy, that way you too can be funding cybercriminals.

@terch – Ha, whatever!

That’s one of those investment truisms that don’t stand up to scrutiny. When you buy you should be making a risk decision based on the factors that make it a good investment versus the risks that may make it a bad investment. If one of those risks manifests itself then it may be time to dump the investment. You will of course have a portfolio of investments so that the same risk doesn’t hit them all and overall you’re quids in.

Very true ….

for a real investment that had been properly researched.

Monero emerges as Crypto of choice for cybercriminals.

… while the USD remains the number one Fiat choice for non-cyber

while the USD remains the number one Fiat choice for non-cyber

Let’s be honest. The USD is the currency you want to be holding if you were to land almost anywhere in the world – even closed countrieS…. It can be even more lucrative there where the black markets so desperate to get their hands on dollars. So it’s hardly a surprise it’s popular with thieves.

And with that, it seems it’s started to rise again…
Have i missed Musk spouting something on twitter by any chance i wonder

Bitcoin has been bouncing between ‘I’ll take a punt’ $30k and ‘I’ll cash out’ $40K since May, it’s tested those limited but nothings changed much.

If you looking a short term trade – just keep a eye out for a top 100 coin that’s going to be listed on Coin base. Buy 10k USD worth a few days before. Sell 12h after listing with 10% profit.

Where is this information available?
It’s pretty easy to do it if you have an account elsewhere with more listed, but surely if the info is publicly available then this will be priced in before the listing?
Massive opportunities for insider trading but unfortunately I’m not an insider

Hey I found some environmental good news about bitcoin!

Since China started booting out all the miners, the amount of computing power on the network (and therefore the amount of electricity consumed) has fallen by about 50% from its all time high in the middle of May.

The side-effects of this? Nothing at all.

The system just resets the mining difficulty level (another adjustment is due in about 4 days, currently estimated to drop it by a further 25%) and bitcoins and transactions will still be processed at exactly the same rate as before.

Indeed, the Bitcoin evangelists over at TrustNodes now believe that you could shut down >85% of the entire network without compromising performance.

Considering its current performance, we’d say it can probably handle just fine another 50% drop in current hash, so 75% from the previous adjustment, and we think it can handle another 50% drop from that again largely without any real problem

It turns out that having an environmental footprint the size of Germany was completely pointless after all! 🙂

Hey I found some environmental good news about bitcoin!

Somewhat relative definition of ‘good news’! Something completely pointless, consuming vast amounts of energy now consumes slightly less…..

Although I’d say the fact that China’s crackdown is actually working is good news, just need a few more countries to follow.

Yeah I was being deliberately flippant 😉

The good news, if there is any, is that you could cut the environmental footprint of bitcoin by 90% overnight with no negative effects on the network, the currency, the transaction speed or the value of BTC.

The bad news, is that there is a huge financial incentive for individuals not to let that happen.

It’ll be interesting to see where these miners end up. I have read that some are setting up in Kazakhstan. But many of the countries with regulatory regimes that well suited to large scale BTC mining (ie a relaxed attitude to the bribing of public officials) just don’t produce a spare country’s worth of electricity.

There’s talk of some of them pitching up in Texas, and a lot of the Republican senators etc in Texas are publicly pro-BTC. But it’ll be fun finding out if Texas’s famously solid power grid can cope with that…

China’s not “cracking down” @footflaps – they’re trying to control their own currency and they’re looking at the current cryptos and realise they can’t do it.

If being a shill for a despotic authoritarian regime in an effort to prove your misguided notions of crypto (to yourself) is your bag then knock yourself out 🙂

https://www.coindesk.com/china-blockchain-forkast-news

When China gets its digital coin out – it’s effectivly the end of any privicy or freedom for the Chinese. Whatevery they end up with is what the CCP choose to give them. CBDC are so much more than a method of digital payment.

What currency do you think China’s trading partners will be required to use? And all those countries around the world who have had China’s investment kindness the last decade?

You might not like open source bitcoin but I bet you’ll hate closed source dRMB.

Indeed. Even Footflaps agrees that digital currency is coming whether anyone likes it or not.

What he doesn’t grasp is what happens if only government issued digital currencies are used. It goes beyond the fact that the government can look at every single financial transaction of every citizen (and anyone else who uses their currency) but if you think governments have fun printing money just wait to see what happens when they realise money can be non-fungible.

‘Oh, you have savings? Well, we’ve decided that we aren’t too keen on savings at the moment so you can either spend your savings or in six months time it will be worth half what it is now. But of course, it’s entirely up to you.’

But yeah, I guess if you trust the government you have nothing to worry about.

Imagine having money that someone can ‘expire’. You can do that with crypto.

Even Footflaps agrees that digital currency is coming whether anyone likes it or not.

maybe i missed it – but i dont think he suggested that would would be shifting to 100% digital currency / blockchain

– anyone that wants local currency cash to die off is part of this problem more than the advent of digital currency.

– i mean even now what you state happens – hence why folks hide cash in other tangibles – Gold/Classic cars/property

maybe i missed it – but i dont think he suggested that would would be shifting to 100% digital currency / blockchain

I CBA going back through the entire thread but I’m pretty sure they’ve said several times that there is no point in open crypto-currencies because governments will soon be releasing their own digital currencies and banning the open ones.

– anyone that wants local currency cash to die off is part of this problem more than the advent of digital currency.

One thing that I’ve realised over the years is that no one gives a shit what you, me, or any normal person wants. Companies want our data and our money. Governments want whatever companies want.

– i mean even now what you state happens – hence why folks hide cash in other tangibles – Gold/Classic cars/property

Yes, but with the advent of government backed digital currencies that could well become a thing of the past. Not only will the government be able to track each and every currency unit they will be able to require you to attach a record of exactly what you spent it on.

Blockchain analysis software will be able to spot any suspicious activity and apply penalties automatically.

This is why China wants to ban open crypto.

Governments around the world will see the level of control China can now exert over it’s citizens and decide they want a piece of that. All in the name of catching drug dealers and pedophiles, of course. Knowing everything about every part of your life will be necessary to keep everyone safe.

If they couldn’t get ID cards through UK parliament, I doubt they’d vote through surveillance of every single financial transaction of every citizen.

It won’t be advertised as a surveillance method. If this thread has taught us nothing it’s that most people don’t understand crypto/blockchain/digital currency and are reluctant to even try to learn anything.

It’ll be promoted as an easy safe way of paying for things (oh, and of course catching pedophiles, you aren’t in favour of pedophiles, are you?) and the joys of blockchain analysis, non-fungible currency, etc will only become apparent afterwards.

CBA going back through the entire thread but I’m pretty sure they’ve said several times that there is no point in open crypto-currencies because governments will soon be releasing their own digital currencies and banning the open ones.

What’s that got to do with anything I wrote ?

What’s that got to do with anything I wrote ?

I quoted the bit I was replying to. Maybe I misunderstood what you were saying.

Or possibly cultural differences are an issue. I live in Norway where the vast majority of transactions are cashless. In fact, I would say being able to use cash at all only has a few years left as we are likely to follow Sweden if they end cash transactions in the next couple of years.

Personally, I haven’t touched a bank note in years so it could just be that the end of physical cash is a reality to me in a way people in the UK can’t imagine yet.

It won’t be advertised as a surveillance method. If this thread has taught us nothing it’s that most people don’t understand crypto/blockchain/digital currency and are reluctant to even try to learn anything.

Except you can already do that with Bitcoin et.al. (albeit there’s a stumbling block in identifying who owns the wallet you cans ee the money ending up in). But then would anyone not be shocked if the CIA/GCHQ hadn’t found a way around that?

‘Oh, you have savings? Well, we’ve decided that we aren’t too keen on savings at the moment so you can either spend your savings or in six months time it will be worth half what it is now. But of course, it’s entirely up to you.’

Are you arguing for crypto or fiat at this point? Because I’m sure if Boris is looking into it then he won’t be basing the new British wealth distribution on your ability to buy up RTX3060’s off CCL and ebuyer. It’ll be issued by the BoE and they’ll still issue as much or as little as they fancy.

Who do you trust more, the CCP, or some proto-crypto-anarchist who bought into Bitcoin over a decade before this thread started and now owns 80% of it, but you don’t know who they are or what their motives are? Better the enemy you know.

[Maybe or maybe-not hypothesizing straw man content]
I mean…. if you were the kind of person who thought money was concentrated in all the wrong hands, and you had the mathematical skills to create a cryptocurrency, which you knew would be bought up by people with money they could afford to lose (the very definition of money being in the wrong hands), then what could the end game actually be? For all we actually know the whole ponzi scheme could be a decade-long financial terrorism plot!
[/Maybe or maybe-not hypothesizing straw man content]

Yes, but with the advent of government backed digital currencies that could well become a thing of the past. Not only will the government be able to track each and every currency unit they will be able to require you to attach a record of exactly what you spent it on.

have you met the tax man ?

Who do you trust more, the CCP, or some proto-crypto-anarchist who bought into Bitcoin over a decade before this thread started and now owns 80% of it, but you don’t know who they are or what their motives are? Better the enemy you know

No one ‘controls’ bitcoin. Also, no one owns 80% of it. The largest wallet (Binance’s cold wallet) owns 1.6%.

https://bitinfocharts.com/top-100-richest-bitcoin-addresses.html

So the question is not if I trust a single proto-crypto-anarchist over the CCP, it’s whether I trust a lot of individuals with their own priorities over the CCP, and the answer to that is I absolutely trust a group of individuals over the CCP.

have you met the tax man ?

Yes, and with CBDCs and no alternatives he will be living in all our heads 24 hours per day.