Is anyone else starting to become a bit excited?

Suckit · 24-02-2021 03:30AM

cnocbui wrote: »

The only coin I think worth having is Bitcoin itself. Everything else is roulette.

Ethereum

cnocbui · 24-02-2021 04:09AM

Suckit wrote: »

Ethereum

No, not even that. It's not limited in supply, so it's not like bitcoin, which is a portable store of value with finite supply - a digital gold, if you will - it's meant to be used for stuff, and after all these years, I don't see that having eventuated, it's just another token being speculated on, rather than used for practical things as was originally intended. So if they can just start up the presses and push out tokens at will, but it's chief use is speculation, and it's not limited in supply, it's indistinguishable from the other several thousand coins who's makers can just churn them out when they want to get richer.

The main thing it has going for it is recognition and sentiment. it didn't rise in value recently because large corporations started to use it, it just got dragged along in Bitcoins wake. Bitcoin appreciated on it's own merits, being people and now corporations seeing it's uses and vaues and therefore bying in. Etherium and other alts have just tagged along on nothing more than hope.

Irish_rat · 24-02-2021 08:52AM

Mucashinto wrote: »

EDIT: Seriously though, is this pullback really a bad thing? Is there a coin you've bought where you felt genuinely good about the price that is down atm?

It could drop another 50% and I wouldn't bat an eye. The projects I hold will do a 100x over the next 5-10 years and no not bitcoin. Btc might do a 20x which I will hold too.

I've been late to the party, if I was accumulating during the bear I could be in 6 digits. I believe you need 40-50k in alts and a least one btc accumulated for the next bull run to make big returns.

Frozen Veg · 24-02-2021 08:53AM

Baby we are back. Green leaves everywhere.

hblock21 · 24-02-2021 09:02AM

etoro down for the past 16/17 hours... what the crap is going on there?

OEP · 24-02-2021 09:38AM

cnocbui wrote: »

No, not even that. It's not limited in supply, so it's not like bitcoin, which is a portable store of value with finite supply - a digital gold, if you will - it's meant to be used for stuff, and after all these years, I don't see that having eventuated, it's just another token being speculated on, rather than used for practical things as was originally intended. So if they can just start up the presses and push out tokens at will, but it's chief use is speculation, and it's not limited in supply, it's indistinguishable from the other several thousand coins who's makers can just churn them out when they want to get richer.

The main thing it has going for it is recognition and sentiment. it didn't rise in value recently because large corporations started to use it, it just got dragged along in Bitcoins wake. Bitcoin appreciated on it's own merits, being people and now corporations seeing it's uses and vaues and therefore bying in. Etherium and other alts have just tagged along on nothing more than hope.

Bitcoin doesn't have uses, it is used for speculation and currently a hedge against the government printing money (by a minority). The main thing Bitcoin has got going for it is recognition and sentiment, just like you said for Ethereum. Except Bitcoin was the first so has much better recognition and sentiment, hence the price difference. And Bitcoin will always hold that position.

The DeFi industry has grown a lot in the last couple of years and Ethereum is the main choice for that. They need to sort out their gas fees but it is showing its uses. The EIP-1559 could be the solution, if they manage to implement it

seannash · 24-02-2021 10:02AM

Frozen Veg wrote: »

Baby we are back. Green leaves everywhere.

I'm actually sick. I was convinced it was going lower and had my orders set.
Happy overall that we've recovered but was hoping I scooped up some bargains before it climbed back up

Unearthly · 24-02-2021 10:17AM

Alts nicely recovering to.

Still expecting some miners to take a big dump and start all over again but nice to see green

Dohnjoe · 24-02-2021 10:26AM

And the 24 hour figures are "green", therefore the newcomers buy, therefore the smart people buy and it goes up, amazing how this works every time.

Frozen Veg · 24-02-2021 11:20AM

Pump pump pump

pioneerpro · 24-02-2021 11:53AM

cnocbui wrote: »

No, not even that. It's not limited in supply, so it's not like bitcoin, which is a portable store of value with finite supply

It's capped at an annual maximum supply of 18 million ETH for inflationary and lifecycle concerns. Not much use as a fiat-pegged value store if the speculation goes into hyperdrive. But thats not really its use-case anyway tbh.

it's just another token being speculated on, rather than used for practical things as was originally intended.....Etherium and other alts have just tagged along on nothing more than hope.

To give just a tiny taste of the established (4+ years) dApp infrastructure and salient use-cases that have existed on Ethereum via ERC20 and similar architectures:

https://district0x.io/
https://gnosis.io/
https://aragon.org/
https://ujomusic.com/
https://golem.network/
https://www.augur.net/

And that's before we get to the inherent usecase of Non-Fungible Tokens themselves, although its a bit tulipmania atm:

https://www.nytimes.com/2021/02/22/business/nft-nba-top-shot-crypto.html

Its a nascent industry, and didn't benefit from getting put in cold-storage by the whole industry after the last crash. Compound that with it being a victim of its own success in relation to Eth 2.0 and gas price issues, and we're in a bit of a growth bottleneck.

That said, ETH absolutely represents the most mature and community driven smart contract and dApp SDK in crypto; and many many companies are planning to fork the codebase for private chains. In essence, you may see the value of it in terms of blockchain rather than cryptocurrency. That said, many of the really exciting and important use cases re things like auditing and supply chain stuff would be dependent on a single, public, and transparently managed chain of public nodes.

Indeed, we're seeing a massive paradigm shift in relation to attitudes. Just look at the recent Bitcoin ETF, which the winklevoss twins (of Social Network fame) had refused twice by the SEC. Now its suddenly the hottest game in town! Watch ETH closely going forward is all I can say... Hopefully they get their **** together with the latest implementations to address gas bottlenecks pronto!

pioneerpro · 24-02-2021 11:56AM

OEP wrote: »

Bitcoin doesn't have uses, it is used for speculation and currently a hedge against the government printing money (by a minority). The main thing Bitcoin has got going for it is recognition and sentiment, just like you said for Ethereum. Except Bitcoin was the first so has much better recognition and sentiment, hence the price difference. And Bitcoin will always hold that position.

The DeFi industry has grown a lot in the last couple of years and Ethereum is the main choice for that. They need to sort out their gas fees but it is showing its uses. The EIP-1559 could be the solution, if they manage to implement it

More or less nail on head.

Bitcoin has first-mover advantage, gold-rush mentality, and a guaranteed rate of hyper-inflation. That's the complete summary of its current and future benefits. As a value-store, as a way of transferring value, and as a blockchain itself its pretty terrible.

Every possible thing you could think of as an advantage outside of pure speculative greed is done 10x better by some other coin, often altogether at once.

pioneerpro · 24-02-2021 11:59AM

hblock21 wrote: »

etoro down for the past 16/17 hours... what the crap is going on there?

Don't use ****ty low-commission brokers for crypto purchases. eToro, Trading212 and a load of american ones go down at the first sign of volume. You also get hit by the double dip of both stock market and crypto volatility hammering them. Not a good thing at the moment lol.

(That said, Kraken is a bloody disgrace as well when its busy so eh... yeah).

seannash · 24-02-2021 12:08PM

pioneerpro wrote: »

Don't use ****ty low-commission brokers for crypto purchases. eToro, Trading212 and a load of american ones go down at the first sign of volume. You also get hit by the double dip of both stock market and crypto volatility hammering them. Not a good thing at the moment lol.

(That said, Kraken is a bloody disgrace as well when its busy so eh... yeah).

Whats people aversion to using Binance. I've found it rock solid if I'm honest but Kraken is always the recommended one on Boards

Nermal · 24-02-2021 12:12PM

pioneerpro wrote: »

In essence, you may see the value of it in terms of blockchain rather than cryptocurrency. That said, many of the really exciting and important use cases re things like auditing and supply chain stuff would be dependent on a single, public, and transparently managed chain of public nodes.

What are these use cases, where the huge cost of secure decentralisation becomes worthwhile?

In what possible situation when performing an audit or operating a supply chain is there no central authority that all parties involved can trust?

sparrowcar · 24-02-2021 12:13PM

seannash wrote: »

Whats people aversion to using Binance. I've found it rock solid if I'm honest but Kraken is always the recommended one on Boards

Likewise. I'm new to this game but I tried Coinbase, etoro and Kraken and dumped them all for Binance. The Binance "lite" version on the phone is very handy also.

Unearthly · 24-02-2021 12:20PM

Plus 1 for Binance to. No issues with them at all yet

Rob2D · 24-02-2021 12:36PM

Yeah Binance is nice.

But the majority of my holdings are with a broker. I use Caleb & Brown and can highly recommend them if someone would prefer the broker route for investing larger amounts.

https://www.calebandbrown.com/

pioneerpro · 24-02-2021 12:36PM

Nermal wrote: »

What are these use cases, where the huge cost of secure decentralisation becomes worthwhile?

In what possible situation when performing an audit or operating a supply chain is there no central authority that all parties involved can trust?

To writ, trustless architecture is the way contract and auditing based stuff has been pivoting to - particularly in developing economies.

And huge cost? Not sure what you're citing.

This isn't a new concept. I'm not going to get dragged into sealioning here, but I'll give you two citations if you're genuinely curious.

Here's a very Irish example from Deloitte from a number of years ago:

https://www2.deloitte.com/ie/en/pages/technology/articles/beefing-up-blockchain.html

and Harvard Business Review from last year

https://hbr.org/2020/05/building-a-transparent-supply-chain

irish_goat · 24-02-2021 12:40PM

Looking at the €210 Euromillions thread and was thinking, would anyone be brave enough to stick the lot into crypto if they won this Friday night?

Father Hernandez · 24-02-2021 12:44PM

irish_goat wrote: »

Looking at the €210 Euromillions thread and was thinking, would anyone be brave enough to stick the lot into crypto if they won this Friday night?

I was reading it earlier and thought the same!

I think a couple of million - €2/3 million max would be interesting to do.

Just need to win it next..

Unearthly · 24-02-2021 12:49PM

irish_goat wrote: »

Looking at the €210 Euromillions thread and was thinking, would anyone be brave enough to stick the lot into crypto if they won this Friday night?

I think at that stage you've won life so can forget about money :pac:

cnocbui · 24-02-2021 12:51PM

OEP wrote: »

Bitcoin doesn't have uses, it is used for speculation and currently a hedge against the government printing money (by a minority). The main thing Bitcoin has got going for it is recognition and sentiment, just like you said for Ethereum. Except Bitcoin was the first so has much better recognition and sentiment, hence the price difference. And Bitcoin will always hold that position.

The DeFi industry has grown a lot in the last couple of years and Ethereum is the main choice for that. They need to sort out their gas fees but it is showing its uses. The EIP-1559 could be the solution, if they manage to implement it

Bitcoin's use as an alternative to gold is not minor. It's greater than all other uses of alts put together and multiplied by a very large number.

The DeFi industry is a dead duck, crypto enthusiasts are just too idealistic and naive to recognise it. 10 sovereign countries are exploring digital currencies, including the US, Russia, UK, China, Sweden, Switzerland, etc.

It's the ripple situation all over again. These countries look at digital currency tech and then roll their own, just like all those businesses Ripple touted as partners did; came, looked, bought into the blockchain tech itself and ignored the ripple tokens.

India plans to introduce a law to ban private cryptocurrencies such as bitcoin in the country and provide a framework for the creation of an official digital currency during the current budget session of parliament.

And there you have it - this is what's going to happen to DeFi in every country that issues a digital currency. I don't think Bitcoin will be banned outside India because it isn't a currency threat, just a store of value alternative.

Alt coins that look like a currency or financial transaction tokens will be exterminated

OEP · 24-02-2021 01:04PM

cnocbui wrote: »

Bitcoin's use as an alternative to gold is not minor. It's greater than all other uses of alts put together and multiplied by a very large number.

I wouldn't call that a use case, but we can differ on that. I also think it's use as an alternative to gold is way overstated - a few companies and hedge funds have put a little bit into Bitcoin just to cover themselves i.e. speculation. It's a speculative tool, like the rest of them but has much better recognition.

Jafin · 24-02-2021 01:09PM

irish_goat wrote: »

Looking at the €210 Euromillions thread and was thinking, would anyone be brave enough to stick the lot into crypto if they won this Friday night?

I wouldn't put the whole lot in, but after taking care of family and friends (and myself of course) it'd definitely stick a decent chunk in. Not that I'd really need the gains I suppose. €210 million is more than one person needs for their whole life.

cnocbui · 24-02-2021 01:16PM

OEP wrote: »

I wouldn't call that a use case, but we can differ on that. I also think it's use as an alternative to gold is way overstated - a few companies and hedge funds have put a little bit into Bitcoin just to cover themselves i.e. speculation. It's a speculative tool, like the rest of them but has much better recognition.

A little bit? Grayscale currently has €27.4 billion in bitcoin. The Irish government's 2019 revenues amounted to €61 billion.

I think you and I differ in our definition of small.

Scuid Mhór · 24-02-2021 01:17PM

What a year this is turning out to be.

MuddyDog · 24-02-2021 01:31PM

Binance is great. The only problem I have with it is still being unable to find a historical list of what I bought/sold on it so I keep that manually. I can click into the coin and see what it's currently worth to me which is fine as I will know how much I put into it but for whatever reason I can't find these historical transactions anywhere on the app!

Rob2D · 24-02-2021 01:35PM

cnocbui wrote: »

And there you have it - this is what's going to happen to DeFi in every country that issues a digital currency. I don't think Bitcoin will be banned outside India because it isn't a currency threat, just a store of value alternative.

Alt coins that look like a currency or financial transaction tokens will be exterminated

But how could you ban them? Just like the drug trade, people would find the workarounds and the value would only go up. It would be a nonsense endeavour.

Which would mean I wouldn't be at all surprised to see the Irish government attempt it :pac:

Fazorb · 24-02-2021 01:35PM

MuddyDog wrote: »

Binance is great. The only problem I have with it is still being unable to find a historical list of what I bought/sold on it so I keep that manually. I can click into the coin and see what it's currently worth to me which is fine as I will know how much I put into it but for whatever reason I can't find these historical transactions anywhere on the app!

Go to the "Home" logo

Go to "More"

Go to "Orders"

Go to "Order history"

Is anyone else starting to become a bit excited?

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