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Have 5k to invest in Cryptocurrency

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Comments

  • Registered Users Posts: 4,179 ✭✭✭ maninasia


    JJJJNR wrote: »
    potential is a word for crypto's alright, bitcoin dropped 500 dollars yesterday, I dont see any youtube advertising mentioning that. Anyone investing anything but small amounts into crypto now would need their head examined. Its been going one way and thats down.

    Book a flight to Hawaii and throw your money into the lava, at least then you'll see it going up in smoke.

    It's really a good time to start buying into crypto actually. I wish I started buying now rather than six months ago!


  • Registered Users Posts: 4,179 ✭✭✭ maninasia


    JJJJNR wrote: »
    It might be up from past high's, which were down to external factors, which dont exist anymore, its teetering on 5k, and has hit 5013 today, thats the lowest point in the bear run so far and the charts are pointing in one direction.

    So they were pointing up lol.


  • Registered Users Posts: 5,668 ✭✭✭ el diablo


    maninasia wrote: »
    It's really a good time to start buying into crypto actually. I wish I started buying now rather than six months ago!

    Quite a few people on this forum (the buy high, sell low brigade) thought it was a good idea to get into the markets at their all time high but won't touch it now that the market is down. Then they post that crypto is finished and that it's a scam etc. I'm sure they'll get back into the market when BTC heads north of $10,000 again. I won't mention any name but you know who you are. :P

    We're all in this psy-op together.🤨



  • Registered Users Posts: 5,672 ✭✭✭ seannash


    el diablo wrote: »
    Quite a few people on this forum (the buy high, sell low brigade) thought it was a good idea to get into the markets at their all time high but won't touch it now that the market is down. Then they post that crypto is finished and that it's a scam etc. I'm sure they'll get back into the market when BTC heads north of $10,000 again. I won't mention any name but you know who you are. :P


    I don't think there's that many people who got burned and are now out to shoutdown crypto to be honest.
    I think a lot of the people who got burned have stopped following crypto and this forum.
    I agree that some posters on here are sceptics but I dont see too many on here who were posting positive things when Crypto was up and negative when its on the way down.


  • Registered Users Posts: 1,847 ✭✭✭ Pintman Paddy Losty


    What's the story for miners these days? I'd imagine it's tough going trying to pay the leccy bill and having to cash in your mined coins for such a low price? Particularly for people who would have made significant investments in hardware and may have loans?

    Speaking about BTC miners in particular. Is it profitable at the minute or are lads shutting off their ASICs for a while?


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  • Registered Users Posts: 7,055 ✭✭✭ JohnnyFlash


    What's the story for miners these days? I'd imagine it's tough going trying to pay the leccy bill and having to cash in your mined coins for such a low price? Particularly for people who would have made significant investments in hardware and may have loans?

    Speaking about BTC miners in particular. Is it profitable at the minute or are lads shutting off their ASICs for a while?

    Quebec Hydro tripled the price of juice for crypto miners. Think a fair few of the big operations had moved there. Can’t imagine any small outfit is mining ethereum or bitcoin. Maybe some shîtcoins. Gonna be a lot of cheap graphics cards hitting the market soon. Great news for neckbeard gamers.


  • Registered Users Posts: 6,026 ✭✭✭ grindle


    Speaking about BTC miners in particular. Is it profitable at the minute or are lads shutting off their ASICs for a while?
    I'd find it very interesting if anybody is turning off.
    Maybe fly-by-nighters would turn off, people who believe it's going up over the long term will still be mining whichever coin is most profitable at any one time and buying BTC with the spoils for best cost efficiency. You might see it as a waste of electricity if they're making a slight loss right now but turning off is a waste of hardware at current difficulty levels and a slap in the face to their future selves if BTC goes where they think it will.


  • Registered Users Posts: 10,905 ✭✭✭✭ Bob24


    sabat wrote: »
    The best place to keep your 5k right now is in a deposit account and wait for the impending stock market crash when lots of good companies will have their share price dragged down below true value. Spend the summer doing research and forget about this crypto sh1te.

    I’m not exactly a crypto fanboy and I would be a bit skeptical, but I am wondering if a stock market crash could actually be a blessing for cryptos and reveal some coins as safe stores of value (I’d personally choose physical gold, but crypto might establish itself as another option out there).


  • Closed Accounts Posts: 4,791 ✭✭✭ JJJJNR


    Here’s some real info.

    Top 5000 wallet bitcoin holders are NOT selling.
    Look at their in’s and out’s on blockchain explorer’s.

    Do you think millionaire’s and billionaire’s take their advice from YouTube and Reddit and listen to FUD and fad’s? No.
    They are buying more and more, because they see it as a VERY profitable investment.
    They wouldn’t waste their time for small gains when they can get that via stocks, gold and currency exchanges.

    Honestly, if I’m going to do anything with my money, I’m going to do what the wealthy do. Not what some punk on YouTube or some Naysayers around here and Reddit say, just because they shout “you missed the boat” “it’s all a scam”.

    Sorry, but you are WRONG.
    And you will be proven wrong.
    And when you are proven wrong, you will simply disappear to another fad to spread more ****e doom and gloom.

    What exactly is wrong ? the models are going down, money is leaving bitcoin, money is leaving crypto, I'm an advocate for crypto but I wouldn't put long term money into now, gold is up in support and only 5 days ago China wiped over 500 billion off its stock market, if bitcoin was the safe place everyone touts it to be how come its value it being wiped, it dropped to 4918 over the weekend only to be propped up by two 10 million buy orders which sent the price back up, now its down again, fine if your looking for short term gains if you sell on the drop, but as a long term investment to hold.. no way


  • Registered Users Posts: 1,847 ✭✭✭ Pintman Paddy Losty


    JJJJNR wrote: »
    What exactly is wrong ? the models are going down, money is leaving bitcoin, money is leaving crypto, I'm an advocate for crypto but I wouldn't put long term money into now, gold it up and only 5 days ago China wiped over 500 billion off its stock market, if bitcoin was the safe place everyone touts it to be how come its value it being wiped, it dropped to 4918 over the weekend only to be propped up by two 10 million buy orders which sent the price back up, now its down again, fine if your looking for short term gains if you sell on the drop, but as a long term investment to hold.. no way

    Sensible advice. The dogs on the street know were in for a big correction in the stock market in the coming months. Gold has always been a safe bet. Crypto will not be a safe haven.


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  • Closed Accounts Posts: 11,812 ✭✭✭✭ evolving_doors


    Sensible advice. The dogs on the street know were in for a big correction in the stock market in the coming months. Gold has always been a safe bet. Crypto will not be a safe haven.

    Ok heres my shameless pump
    Recreational legalisation is starting in Canada in October.
    They're selling legal marijuana. Many of the large Canadian companies are going global and getting first mover advantage.
    Alcohol is scared.
    Crypto is based purely on sentiment with no product.


  • Registered Users Posts: 108 ✭✭ Aurora1966


    Go with ICX known as Icon, an excellent crypto on way up in next few years.


  • Registered Users Posts: 1,847 ✭✭✭ Pintman Paddy Losty


    Ok heres my shameless pump
    Recreational legalisation is starting in Canada in October.
    They're selling legal marijuana. Many of the large Canadian companies are going global and getting first mover advantage.
    Alcohol is scared.
    Crypto is based purely on sentiment with no product.

    Much as I dislike weed (drug of choice of the lazy unhygienic neckbeard), this could be a decent business opportunity. Are there companies seeking investment - for shares.. Not worthless meaningless tokens?


  • Banned (with Prison Access) Posts: 2,896 ✭✭✭ sabat


    Cannabis is a terrible investment-legalisation has brought the power of the market to its price and showed what it's really worth-about as much as exotic fruit and vegetables. There are literally warehouses full of unsold weed in all the US states that have liberalised their laws-growers are being forced to sell it off for a dollar or two a gram.


  • Closed Accounts Posts: 11,812 ✭✭✭✭ evolving_doors


    sabat wrote: »
    Cannabis is a terrible investment-legalisation has brought the power of the market to its price and showed what it's really worth-about as much as exotic fruit and vegetables. There are literally warehouses full of unsold weed in all the US states that have liberalised their laws-growers are being forced to sell it off for a dollar or two a gram.

    That was one or 2 states in the US where they gave everyone and anyone licences. This is being rowed back on as it's being smuggled over the borders into different states going back into the black market... i.e. not taxable.

    I'm talking about Canada.
    Note when he talks about changing the game for the alcohol and pharmacy/pharmaceutical sectors.
    There's a reason why Constellation brands (Molsen/Coors) bought 10% of this company. They're also looking into another one Aphria.

    https://www.cnbc.com/video/2018/06/28/canopy-growth-ceo-on-legal-marijuana-business.html?__source=sharebar%7Cemail&par=sharebar

    But anyway, I'm off topic if it's cryptos yer after.


  • Registered Users Posts: 5,668 ✭✭✭ el diablo


    That was one or 2 states in the US where they gave everyone and anyone licences. This is being rowed back on as it's being smuggled over the borders into different states going back into the black market... i.e. not taxable.

    I'm talking about Canada.
    Note when he talks about changing the game for the alcohol and pharmacy/pharmaceutical sectors.
    There's a reason why Constellation brands (Molsen/Coors) bought 10% of this company. They're also looking into another one Aphria.

    https://www.cnbc.com/video/2018/06/28/canopy-growth-ceo-on-legal-marijuana-business.html?__source=sharebar%7Cemail&par=sharebar

    But anyway, I'm off topic if it's cryptos yer after.

    Most of the gains have already been made for Canadian cannabis stocks. The market has known for a long time that legailsation is on its way.

    We're all in this psy-op together.🤨



  • Closed Accounts Posts: 11,812 ✭✭✭✭ evolving_doors


    el diablo wrote: »
    Most of the gains have already been made for Canadian cannabis stocks. The market has known for a long time that legailsation is on its way.

    Fair enough if you think it's valued to the max now. But I'm thinking about global moves.
    Imperial Tobacco is taking an interest now.
    https://www.bbc.com/news/business-44645569.
    So Globally you have potential for
    Tobacco alternative
    Alcohol alternative
    Medicinal alternative


    What would you say is comparably 'on the way' for cryptos... Like, where is all this going?
    Electronic transactions just sound like Paypal, Visa and Mastercard to me.


  • Registered Users Posts: 6,026 ✭✭✭ grindle


    What would you say is comparably 'on the way' for cryptos... Like, where is all this going?
    Electronic transactions just sound like Paypal, Visa and Mastercard to me.

    Electronic i/o aka credit/debit transactions... That's a surface-level understanding of what current and future cryptos are and will be capable of. So-called "Blockchain 1.0" projects like Bitcoin and Litecoin were meant for simple value-transfer with the height of their programmability being multi-sig transactions (multiple parties need to sign the transaction as valid before funds are moved).

    Blockchain 2.0 projects like Ethereum are capable of fairly complex instances of conditional "contracts" (if/else code) so running almost any type of application is plausible (but prohibitively expensive - limited by gas price) via the Ethereum Virtual Machine being powered by Ethereum's full nodes which are being paid to run the code and validate the machine's state.

    Let's say you want to set up an auction for a real-world asset using Bitcoin. The only use Bitcoin will have is as a value transfer denoting worth of the asset at a particular time and as a statement of record. There still needs to be some larger set of professional intermediaries between buyer and seller taking a cut.

    Ethereum would allow you to tokenise the asset (if the asset has any significant value you should have a lawyer involved for this), set the auction up with a start time, set a grace period for final bids before contract is writ, specify increments allowable (to stop spammy $1 attempts at frontrunning), using an oracle to peg the sale to USD value with the amount payable at auction's end in Ether which is then transferred to the seller immediately once the contract is finalised.
    There's no comparison there. Bitcoin will one day have Rootstock integrating with the main chain (Ethereum clone - not a built-from-ground-up competitor, an actual clone), but I'd rather bet on innovators than people willing to scab off of other's innovation just because they have an ideological disposition towards Bitcoin*cough*their money is tied up in Bitcoin*cough*filthy maximalists*coughcough*

    That's just one fairly simple example, there are more complex contracts and use-cases and as the transaction cost lowers there will be greater scope to increase complexity. Transaction costs will decrease by multiple orders of magnitude due to sidechain networks which will eventually grow as large as the current Ethereum network currently is (maybe larger? who knows, this is new ground).


  • Registered Users Posts: 4,657 ✭✭✭ makeorbrake


    grindle wrote: »
    Bitcoin will one day have Rootstock integrating with the main chain (Ethereum clone - not a built-from-ground-up competitor, an actual clone), but I'd rather bet on innovators than people willing to scab off of other's innovation just because they have an ideological disposition towards Bitcoin*cough*their money is tied up in Bitcoin*cough*filthy maximalists*coughcough*
    Crafty barstewards - I wasn't aware they've got that on the roadmap. I'm inclined to think though it may come too late. BTC already has a significant area to make it's own (whether that is 'store of value' ...which I think it is AND/OR transactional cryptocurrency). I think B'Core would be better off sticking to those - plenty of work to be done for the foreseeable to achieve either of those successfully.
    What would you say is comparably 'on the way' for cryptos... Like, where is all this going?
    Check out the list of the top X number of cryptos on coinmarketcap.com . Do a couple of minutes google on a few of them and you'll get a very varied set of potential/aspirational use-cases.


  • Registered Users Posts: 6,026 ✭✭✭ grindle


    Crafty barstewards - I wasn't aware they've got that on the roadmap. I'm inclined to think though it may come too late.
    It's not on the Core roadmap, it's an outside initiative being funded and advised by many big names either due to "One Single Coin" idealism or as a hedged bet. The fact it uses Solidity is telling. If you ask a Core maximalist what they think of Ethereum they'll say "Rootstock!". Yeah, Rootstock wouldn't exist without Ethereum...good luck with that.
    Core devs don't really care about any sidechain, they just hope something comes to fill the gap. They only care about security, how to retain Bitcoin's position as most secure and how to keep spinning that it's the most valuable.
    Lightning Network? Saviour of Bitcoin re: scaling and low transaction fees?
    The guy who co-created that must be smart, what's his name?
    aHWKWZI.png

    Joseph Poon - smart guy. Wonder what he's up to now? What's he dialled into and where does he see this tech going in the future I wonder?

    xGRJ0DI.png

    Oh...right. Soz Bitcoin. #soznotsoz

    If BTC does become the primary store of value (doubtful with current implementation) I think every other project could be seen as a sidechain whether it provides value or not, especially with projects like Wanchain and Metronome working towards making every chain work together as a unified ledger. People like LukeJR (conservative in every way, total dickhead, great coder) hate alts, but see value in using alts as experiments for what can be incorporated into BTC. What I don't think he has a good grasp on is market movement. Hypothetically, if BTC is in the trillions (definitely plausible, yet in no way indicating it's true value) and other concepts are in the tens or hundreds of billions - people aren't going to dump their altbags just to please him or his ideal or turn a blind eye to progress. We could very easily be looking at BTC as crypto's much-loved yet quasi-retarded mother in 20 years.
    BTC already has a significant area to make it's own (whether that is 'store of value' ...which I think it is AND/OR transactional cryptocurrency). I think B'Core would be better off sticking to those - plenty of work to be done for the foreseeable to achieve either of those successfully.

    I wonder sometimes if they're trying to weasel themselves into the position of being digital gold as a means towards subverting currencies eventually, but the way they've reacted towards their own community - alienating and excommunicating anybody who disagrees with Core like digital Jehovah's Witnesses - makes me side more with JohnnyFlash from a philosophical standpoint when it comes to looking at BTC as a Greater Fools Token.
    Do the ends justify the means? I don't think so. Cryptos are by design subversive, but Core are kicking their own biggest fans and proselytisers in the balls by boiling everything down to "Well, our coin is the biggest, most valuable, so if you don't like it, get fúcked!". It seems logical that if they've turned their own back on what it was supposed to be, that the general crypto-pop would turn against them. The larger the community grows and sticks with crypto for reasons beyond brainless profit, the less hold BTC should have unless it evolves.


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  • Registered Users Posts: 4,657 ✭✭✭ makeorbrake


    grindle wrote: »
    If BTC does become the primary store of value (doubtful with current implementation) I think every other project could be seen as a sidechain whether it provides value or not, especially with projects like Wanchain and Metronome working towards making every chain work together as a unified ledger.
    It's very hard to read. It's only recently really that I've broadened my horizons and opened my eyes to other projects. Clearly bitcoin has some major limitations at present but it's very tricky to try and second guess how things will mature...as per your supposition above - it's interesting to think it could play out that way.
    On that though, a lot has been made of all of crypto being dominated by the state of play of bitcoin at any given time (due to the fact that btc has the proper pairings). However, why isn't ETH immune to this now - given that ETH has probably the same level of pairings as BTC has at this stage? Some commentators suggesting that once other alts de-couple from bitcoin (by way of the whole pricing, on/off ramping), then they will be immune from the bitcoin specific market movements but I'm not seeing that with ETH.?
    grindle wrote: »
    Hypothetically, if BTC is in the trillions (definitely plausible, yet in no way indicating it's true value) and other concepts are in the tens or hundreds of billions - people aren't going to dump their altbags just to please him or his ideal or turn a blind eye to progress. We could very easily be looking at BTC as crypto's much-loved yet quasi-retarded mother in 20 years.
    This may be where they are coming unstuck. Some very clever people have developed some great tech but they are not of a mindset to close it out to full real world implementation...because they concentrate on the code in and of itself...leaving a disconnect.
    You'd imagine it will be the projects that are actively partnering with industry (so that they end up with a product/platform/protocol that actually delivers in a real world environment) that will survive? There are so many projects where they spew out the tech in a vacuum - with there then being a disconnect with proper / real implementation and application. From what I can gather, there are now younger projects that are making a better fist of this (and of course, there's Ethereum with it's Enterprise Alliance).
    I think the BTC folks are not as hooked in - in that respect...regrettably.
    grindle wrote: »
    I wonder sometimes if they're trying to weasel themselves into the position of being digital gold as a means towards subverting currencies eventually, but the way they've reacted towards their own community - alienating and excommunicating anybody who disagrees with Core like digital Jehovah's Witnesses - makes me side more with JohnnyFlash from a philosophical standpoint when it comes to looking at BTC as a Greater Fools Token.
    Do the ends justify the means? I don't think so. Cryptos are by design subversive, but Core are kicking their own biggest fans and proselytisers in the balls by boiling everything down to "Well, our coin is the biggest, most valuable, so if you don't like it, get fúcked!". It seems logical that if they've turned their own back on what it was supposed to be, that the general crypto-pop would turn against them.
    Yeah, this time last year when BCH forked away, I bought the story ref. influence from miners feathering their own nests. Although, there's an issue there (with BCH), I think I've seen since then that it's far from clearcut. If they (BTC) were collaborating with industry more closely, I'd imagine they would have been more focused in solving the growing pains that the project has come up against. One of the anarchocapitalist guys made the point recently that back in December/Jan., they should have reacted to what happened by increasing the block size - even if just as a quick fix - to try and improve the experience of those new people back then that first tested the waters with bitcoin. A lot of momentum has been lost between the run in to the end of 2017 and recently - with the likes of stripe, expedia, etc. rolling back on offering bitcoin as an option.
    grindle wrote:
    The larger the community grows and sticks with crypto for reasons beyond brainless profit, the less hold BTC should have unless it evolves.
    The logical thing I would have thought is that whatever ends up the best fit for real world use case(s) should rise to the top whilst others fall by the wayside. On the flipside, sometimes the first mover maintains relevance. Right now bitcoin is synonymous with blockchain/crypto. Maybe that is somehow enough for it to remain relevant....not sure - and when I buy back in, I may buy a small fraction of bitcoin as a hedge to balance out my other picks - but my current thinking is no more than that.


  • Registered Users Posts: 6,026 ✭✭✭ grindle


    On that though, a lot has been made of all of crypto being dominated by the state of play of bitcoin at any given time (due to the fact that btc has the proper pairings). However, why isn't ETH immune to this now - given that ETH has probably the same level of pairings as BTC has at this stage? Some commentators suggesting that once other alts de-couple from bitcoin (by way of the whole pricing, on/off ramping), then they will be immune from the bitcoin specific market movements but I'm not seeing that with ETH.?
    Numerous reasons.
    Fiat on-ramps account for maybe 5% of CMC volume, tethered trading is ~another 5% - all the rest is tied to Bitcoin as the largest name and most prominent gateway to alts. Biggest brand wins. Big brand goes down, alts get dragged down by bots. Listening to a maximalist dick like Richard Heart explaining it reveals an unfairness with the current crypto status quo which I think is a bit sickening - "Oh, people want an alt? Got to buy Bitcoin. Bitcoin gets bought, price goes up. Win!"

    Crypto fanatics who think BTC will become the dominant world currency are always trying to increase their stack of BTC and the worth of BTC at all costs - they'll allow ETH's ratio to grow to a certain extent and then sell to BTC. It's hard for ETH's price to rise against Bitcoin without a huge push into ETH from outside the current cryptosphere.

    Ethereum also works against itself because people raise funds in Ether and sell it for IRL funds. e.g. the EOS sell-off. That won't stop unless cryptos can be accepted as currencies for all business costs.
    You'd imagine it will be the projects that are actively partnering with industry (so that they end up with a product/platform/protocol that actually delivers in a real world environment) that will survive?

    Precisely why I really started my crypto-journey with Ethereum. I had a small amount of BTC earlier or whatever, figured I'd throw some money in "just in case" but forgot about it. Always figured in the worst case Satoshi would come along and empty his wallets (and everybody else's by proxy). Ethereum made me realise blockchain has a use outside of the lunatic fringe of idealists. Not that there's anything wrong with that fringe or their ideals, but it seemed unlikely to me.
    The logical thing I would have thought is that whatever ends up the best fit for real world use case(s) should rise to the top whilst others fall by the wayside. On the flipside, sometimes the first mover maintains relevance. Right now bitcoin is synonymous with blockchain/crypto. Maybe that is somehow enough for it to remain relevant....not sure - and when I buy back in, I may buy a small fraction of bitcoin as a hedge to balance out my other picks - but my current thinking is no more than that.

    We're still so early it could retain that advantage for a while. It could also be flipped in the next month. Nobody knows except the person or people willing to pump billions in. I had hopes for ETH to flip it this year or next but I think it'll be short-lived either way as ETH has the ICO selling pressure & as this "digital gold" mantle gains more acceptance some form of Bitcoin hitting trillion cap seems more and more likely.


  • Registered Users Posts: 4,657 ✭✭✭ makeorbrake


    grindle wrote: »
    Listening to a maximalist dick like Richard Heart explaining it reveals an unfairness with the current crypto status quo which I think is a bit sickening - "Oh, people want an alt? Got to buy Bitcoin. Bitcoin gets bought, price goes up. Win!"
    I have no problem hearing any btc maximalist (or equivalent for any other coin) out. However, R.H. is a disgusting reprobate. Disgraceful that anyone would give the likes of him a platform...and just in case anyone is still left wondering, check out how he made his first few dollars.


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