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Cardano (ADA)

  • 15-04-2021 7:00pm
    #1
    Banned (with Prison Access) Posts: 6 ✭✭✭ Ohhhhwhataday


    Hi lads and ladies just wondering if anyone else is investing in Cardano (ADA)

    A co founder of etherum wasn't happy direction etherum was going and set up cardano.

    Its recently been added to coinbase and it seems promised for a bright a future according to those in predictions but who knows.


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Comments

  • Registered Users Posts: 68 ✭✭ Ixlandia


    Hi lads and ladies just wondering if anyone else is investing in Cardano (ADA)

    A co founder of etherum wasn't happy direction etherum was going and set up cardano.

    Its recently been added to coinbase and it seems promised for a bright a future according to those in predictions but who knows.

    Yes I have a small holding in ADA for now and is currently floating at €1.20, Charles Hoskinson is the founders name and there is a lot of debate about his character over the years. Some like him and some don’t. He split from ethereum some years ago and claims cardano is better in many aspects than it, there are many on twitter who believe this will be worth a small fortune per ADA in years to come, as you say who knows.....


  • Banned (with Prison Access) Posts: 6 ✭✭✭ Ohhhhwhataday


    Ixlandia wrote: »
    Yes I have a small holding in ADA for now and is currently floating at €1.20, Charles Hoskinson is the founders name and there is a lot of debate about his character over the years. Some like him and some don’t. He split from ethereum some years ago and claims cardano is better in many aspects than it, there are many on twitter who believe this will be worth a small fortune per ADA in years to come, as you say who knows.....

    Yes there seems to be alot of hype built up around cardano on social media platforms.
    I just started buying a small amount everytime I get paid and go along for the ride.

    People seem to really believe in the technology and where it is going.


  • Registered Users Posts: 1,299 ✭✭✭ Boxfresh


    Yes there seems to be alot of hype built up around cardano on social media platforms.
    I just started buying a small amount everytime I get paid and go along for the ride.

    People seem to really believe in the technology and where it is going.

    I'm hearing a lot of hype about it too. I bought some last week to see where it take me.


  • Banned (with Prison Access) Posts: 6 ✭✭✭ Ohhhhwhataday


    Boxfresh wrote: »
    I'm hearing a lot of hype about it too. I bought some last week to see where it take me.

    Welcome aboard the cardano train 😁


  • Registered Users Posts: 465 ✭✭ Probes


    I only bought a wee bit a few months back, seems to be making a move now along with a load of others. I see a lot of people are using this as a hedge against ethereum.


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  • Registered Users Posts: 10,563 ✭✭✭✭ Father Hernandez


    Hi lads and ladies just wondering if anyone else is investing in Cardano (ADA)

    A co founder of etherum wasn't happy direction etherum was going and set up cardano.

    Its recently been added to coinbase and it seems promised for a bright a future according to those in predictions but who knows.

    Yep I bought some. Seems like a cool project and a lot of buzz about it. Early days with it being so 'cheap' too. Good time to get in on it.


  • Registered Users Posts: 2,655 ✭✭✭ thunderdog


    If planning to hold ADA long term, it’s worthwhile staking it


  • Banned (with Prison Access) Posts: 6 ✭✭✭ Ohhhhwhataday


    thunderdog wrote: »
    If planning to hold ADA long term, it’s worthwhile staking it

    Same here will be long term investment for me.

    It would take serious mass adoption for it to hit big numbers with a 45 Billion supply is the only thing.


  • Registered Users Posts: 2,233 ✭✭✭ massdebater


    thunderdog wrote: »
    If planning to hold ADA long term, it’s worthwhile staking it

    What's the easiest/best value way to do this with ADA? I've been slowly going through my holdings to get them staked and I'm only starting to go through my smaller holdings like ADA, DOT to start earning on them


  • Registered Users Posts: 11,195 ✭✭✭✭ Lex Luthor


    ADA has 5% rewards on Atomic Wallet
    DOT has 12% on Kraken


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  • Registered Users Posts: 203 ✭✭ ipitydafool


    What's the easiest/best value way to do this with ADA? I've been slowly going through my holdings to get them staked and I'm only starting to go through my smaller holdings like ADA, DOT to start earning on them

    Yes as mentioned you can stake them quite easily to the Atomic Pool on the Atomic Wallet. I am not shilling him but there is an Irish guy who has YT channel and a pool for cardano, if you wanting to learn more about staking cardano, features etc it has good educational content- Cardano with Paul is the channel. Personally think alot of the upside with cardano is priced in at current valuations, it may do wonderful things with adoption in africa etc and have potential but it is only getting native assets now and smart contracts wont be up and running until mid year, think testnet for them coming onboard at end of month. Like everything in crypto DYOR on projects that interest you.


  • Registered Users Posts: 2,233 ✭✭✭ massdebater


    Lex Luthor wrote: »
    ADA has 5% rewards on Atomic Wallet
    DOT has 12% on Kraken

    Thanks for that. I now have both of these set up to start earning


  • Registered Users Posts: 3,539 ✭✭✭ Potatoeman


    Some interesting ideas but not much to show for it yet. If they can manage to get interconnection between different crypto at a low cost then it will jump in price. Recent interview with Charles H below.

    https://youtu.be/BjNwEULkWs4


  • Registered Users Posts: 101 ✭✭ Somecrimesitry


    Potatoeman wrote: »
    Some interesting ideas but not much to show for it yet. If they can manage to get interconnection between different crypto at a low cost then it will jump in price. Recent interview with Charles H below.

    https://youtu.be/BjNwEULkWs4

    It's about to kick off next week:

    https://africa.cardano.org

    These short video clips give a sense of what's coming. If anyone has their finger on the sell button I'd hold off a while yet.

    https://www.youtube.com/watch?v=O7--PIaz_A0
    https://www.youtube.com/watch?v=l09YHErt90c
    https://www.youtube.com/watch?v=EGHIcGtKnW8


  • Registered Users Posts: 3,539 ✭✭✭ Potatoeman


    It's about to kick off next week:

    https://africa.cardano.org

    These short video clips give a sense of what's coming. If anyone has their finger on the sell button I'd hold off a while yet.

    https://www.youtube.com/watch?v=O7--PIaz_A0
    https://www.youtube.com/watch?v=l09YHErt90c
    https://www.youtube.com/watch?v=EGHIcGtKnW8

    I’d be interested to see how it handles loan defaulters and identity theft. It’s an issue with all decentralised finance.


  • Registered Users Posts: 7,884 ✭✭✭ Unearthly


    Cardano holders......assemble

    Finally a break out?


  • Registered Users Posts: 47 SkyRevNet


    I've recently started to dabble and invest some spare cash in crypto over the last month or so. I had some Cardano but I swapped it for ETH a couple of weeks ago so might pick some up again on the next pay cheque and hold it.

    I've been trying to do my own research (podcasts, online reading, books, youtube, etc.) to try and understand the technology behind certain blockchains (cardano, VET, ETH, etc.) and I can certainly see that some of the technology could cause huge disruptions in certain industries. However, I cannot get my head around why some of these crypto's have market caps in excess of billions.

    I can understand why a particular blockhain technology would be seen as having huge potential to change industries, but I cannot understand how that necessarily translates to increasing the value of the related cryptocurrency.

    I'm new to this gig, so I could be completely off the wall in my understanding of cryptocurrencies. At the minute, it just seems that (unlike the blockchain technology they are built on) their value is not linked to anything particularly valuable (other than the fact that they offer seamless, anonymous, fast, borderless payment options - which most crypto's offer and therefore this doesn't appear particularly unique). And if that's the case, why exactly is their value linked to?

    Are they seen as a "store of value" in they way that Gold/Silver might be? I could understand if this were the case, but then again, that would not necessarily mean that their value would go up if the underlying blockchain technology mainstreamed. The only way I could see this having a logical effect on price is if people were thinking "oh, that technology is getting very popular, so I'll buy the related crypto", which would effectively push up the price and encourage others to speculate further, which would further push up the price etc. etc. until the music stopped and the market for that coin eventually collapsed.


    What am I missing?


  • Moderators, Business & Finance Moderators Posts: 2,449 Mod ✭✭✭✭ Rob2D


    SkyRevNet wrote: »
    However, I cannot get my head around why some of these crypto's have market caps in excess of billions.

    Becasue 99% of the people don't care about the technology. People are just jumping in to make money before the next guy.

    You think too much.


  • Registered Users Posts: 47 SkyRevNet


    Rob2D wrote: »
    Becasue 99% of the people don't care about the technology. People are just jumping in to make money before the next guy.

    You think too much.

    To be honest, I thought that might be the case. Just assumed I was mis-understanding something very obvious. I'll just try and ride this wave, get out before it crashes, and buy more when I think the market will bounce again.


  • Registered Users Posts: 3,539 ✭✭✭ Potatoeman


    Rob2D wrote: »
    Becasue 99% of the people don't care about the technology. People are just jumping in to make money before the next guy.

    You think too much.

    This isn’t exactly true. There are reasons some perform better than others, there is a lot of speculation and a good bit is not researched but there are things you can look at. The big investors are not dumping money in everything, possibly a small amount but the institutions stick to the known ‘brands’.


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  • Registered Users Posts: 3,539 ✭✭✭ Potatoeman


    SkyRevNet wrote: »

    What am I missing?

    Do you understand the difference between BTC and ETH? What ETH does that BTC doesn’t and why BTC is valued at it’s price?


  • Registered Users Posts: 47 SkyRevNet


    Potatoeman wrote: »
    Do you understand the difference between BTC and ETH? What ETH does that BTC doesn’t and why BTC is valued at it’s price?

    I know ETH is built on the Ethereum platform, which has many uses. But in terms of comparing the actual crypto/tokens themselves, my understanding is that they are broadly similar in terms of their use and functionality.

    If i were to guess, I would say BTC is of higher value for a number of reasons including


    1. Limited/Fixed supply
    2. Early mover advantage
    3. Widespread press coverage means it is the most known/trusted


    I suppose what I don't really understand is why, when people talk about the future applicability of various platforms/blockchains (Chain Link, VET, Cardano, Ethereum) and how they will be hugely successful, they keep telling us the invest in the underlying crypto,as if that's a bet on the future of the platform/blockchains commercial success. The suggestion is that if the platform is a success, then that will drive up the price of the platforms token.

    To me, that would be like telling me that a particular PC/PS5 (for example Fifa 2021) game was going to be a huge commercial success, therefore I should buy the ingame currency to "bet" on the game. The two are linked yes, but the success of one does not beget the success of the other.

    I'm fairly new to all of this, so very much open to correction. But I've read nothing so far that can explain why the commercial success of a platform logically translates to price growth for the related crypto. From what little I can see of the market, prices look to be based on pure hype and speculation.


  • Moderators, Society & Culture Moderators Posts: 25,535 Mod ✭✭✭✭ Dades


    I broadly hold the same opinion.

    Maybe some of these currencies will be required for some unknown future application, but the money going in now is not venture capital to grow those businesses. It's going in to buy a high-risk speculative asset, in the hope that it can be subsequently cashed in for profit.

    Backing the technology is really only backing your own investment.


  • Registered Users Posts: 3,539 ✭✭✭ Potatoeman


    SkyRevNet wrote: »
    I know ETH is built on the Ethereum platform, which has many uses. But in terms of comparing the actual crypto/tokens themselves, my understanding is that they are broadly similar in terms of their use and functionality.

    If i were to guess, I would say BTC is of higher value for a number of reasons including


    1. Limited/Fixed supply
    2. Early mover advantage
    3. Widespread press coverage means it is the most known/trusted


    I suppose what I don't really understand is why, when people talk about the future applicability of various platforms/blockchains (Chain Link, VET, Cardano, Ethereum) and how they will be hugely successful, they keep telling us the invest in the underlying crypto,as if that's a bet on the future of the platform/blockchains commercial success. The suggestion is that if the platform is a success, then that will drive up the price of the platforms token.

    To me, that would be like telling me that a particular PC/PS5 (for example Fifa 2021) game was going to be a huge commercial success, therefore I should buy the ingame currency to "bet" on the game. The two are linked yes, but the success of one does not beget the success of the other.

    I'm fairly new to all of this, so very much open to correction. But I've read nothing so far that can explain why the commercial success of a platform logically translates to price growth for the related crypto. From what little I can see of the market, prices look to be based on pure hype and speculation.

    Your points 1-3 are pretty much right. It is a speculative asset with limited supply.

    Ethereum and Cardano are platforms/technology with more functionality. It’s open source code so anyone can work on creating an app/platform on it but needs to be accepted and integrated into it.

    Ethereum got to market first but Cardano has better code, that’s why Ethereum2 is being rolled out. They got to market first but now need to rollout more updates. It being number2 means more investment in it which drives up price but makes it more expensive for anyone running on it also more apps means more network congestion and high fees.

    You need to look at what each one offers an decide if you think it has promise, it’s like the early days of the internet where people are throwing money at everything.

    I see Cardano as a medium to long term hold. VET has some interesting ideas in supply chain management and could do very well though businesses don’t want to take the chance using it during a global pandemic so it’s a wait an see.


  • Registered Users Posts: 1,188 ✭✭✭ mutley18


    What's everyones predictions for ADA price come Jan 2022? I am hoping for maybe $3


  • Registered Users Posts: 47 SkyRevNet


    Potatoeman wrote: »

    I see Cardano as a medium to long term hold. VET has some interesting ideas in supply chain management and could do very well though businesses don’t want to take the chance using it during a global pandemic so it’s a wait an see.

    I suppose that's really the cruxx of what I am asking. I understand the value behind the VET blockchain and I can certainly see it (or a similar product/platform) being a huge commercial success. But what I don't understand, is why that success would necessarily translate to the crypto currency, which is essentially a separate application built on the same blockchain, see huge price increases. I don't see how they are linked.

    When people buy and sell shares, they are essentially buying ownership of the net assets of a company they hope is/will be profitable in the future, which will give them entitlements to those profits. Buying crypto's does not provide ownership of any future commercial success related to that blockchain.

    Or at least that's my understanding of crypto's.

    I've still got skin in the game and won't be selling any time soon. So I obviously have some faith in the market.


  • Registered Users Posts: 7,884 ✭✭✭ Unearthly


    SkyRevNet wrote: »
    I suppose that's really the cruxx of what I am asking. I understand the value behind the VET blockchain and I can certainly see it (or a similar product/platform) being a huge commercial success. But what I don't understand, is why that success would necessarily translate to the crypto currency, which is essentially a separate application built on the same blockchain, see huge price increases. I don't see how they are linked.

    When people buy and sell shares, they are essentially buying ownership of the net assets of a company they hope is/will be profitable in the future, which will give them entitlements to those profits. Buying crypto's does not provide ownership of any future commercial success related to that blockchain.

    Or at least that's my understanding of crypto's.

    I've still got skin in the game and won't be selling any time soon. So I obviously have some faith in the market.

    Yeah a lot of the coins themselves don't have use and are just speculative based off the technology, however some coins may have some use.

    Take a platform that's built on blockchain technology. The middle company aggregator is no longer needed as buyers and sellers can connect through the blockchain, the currency used can be the crypto and a part of the fee can go to token holders and another part of the fee can go to maintaining the blockchain. Something off the top of my head

    It's still very early in the technology so we haven't seen many traditional online business models converted to blockchain yet as the building blocks that enable it are still in production


  • Registered Users Posts: 1,276 ✭✭✭ padair


    Hi lads and ladies just wondering if anyone else is investing in Cardano (ADA)

    A co founder of etherum wasn't happy direction etherum was going and set up cardano.

    Its recently been added to coinbase and it seems promised for a bright a future according to those in predictions but who knows.

    Yep, bought some a could of years back. It's fairly risen . I did not know about coinbase. Onwards and upwards


  • Registered Users Posts: 447 ✭✭ iAcesHigh


    SkyRevNet wrote: »
    I've recently started to dabble and invest some spare cash in crypto over the last month or so. I had some Cardano but I swapped it for ETH a couple of weeks ago so might pick some up again on the next pay cheque and hold it.

    I was wondering, how do you pay CGT on transfer from one crypto to another, do you take the value at the time of transfer or?


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  • Registered Users Posts: 47 SkyRevNet


    As far as I know there is no Revenue guidance on that particular scenario.

    But I would say that that transaction would be considered a "disposal" of your original holding of crypto and therefore you would have to file a return (by Oct next year) and pay the CGT due to revenue (by mid-November of this year).

    The amount taxable would be based on market value of crypto at the date of the transaction.


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