[Finance] The cryptocurrency (Bitcoin etc) thread

[Knocky's Nose]

@justin_bons recently wrote a scathing analysis of the top 20 ranked crypto currencies, which is well worth reading and I think a far more accurate critique of where we are right now.



He has an obvious bias against centralisation, which is often insightful, but not always relevant to others. The argument that the whole of crypto is a ponzi scheme strikes me as lazy and ill informed and seems to be the current US centric sentiment. There is tons of interesting stuff happening in Europe and Asia, that many of the US have no knowledge of or interest in. There are also some US based organisations, which are also making big progress in crypto, they are just hidden under a pile of rubbish and speculative nonsense, some of which does resemble ponzi schemes.

As soon as he said XRP was centralised I switched off. He clearly doesn't do his research.

 

[Tom Hark Preston Park]

Web3 is Going Just Great

A timeline recording only some of the many disasters happening in crypto, decentralized finance, NFTs, and other blockchain-based projects.

web3isgoinggreat.com

Molly White
She's Alright

 

[Knocky's Nose]

If only someone could invent a payment card that could be debited instead of having to carry physical cash around. Oh.

Correct, but many people still want to use cash - and debit cards are a bit different to the whole CBDC concept....

 

[Knocky's Nose]

Web3 is Going Just Great

A timeline recording only some of the many disasters happening in crypto, decentralized finance, NFTs, and other blockchain-based projects.

web3isgoinggreat.com

Molly White
She's Alright

I'd love to know who pays her to run that site...

 

[Adders1]

Fools gold with no intrinsic value.

 

[schmunk]

As soon as he said XRP was centralised I switched off. He clearly doesn't do his research.

 

[Knocky's Nose]

The Inherently Decentralized Nature of XRP Ledger

XRP Ledger is in many ways a more transactional, functional and decentralized ledger than either Bitcoin or Ethereum.

ripple.com

Also, Ripple did not do "weekly XRP dumpings" - it was Monthly and was of late, in the main, the holdings of a former founder.

Ripple have spent Millions buying back shares from early investors funding rounds, and are also spending Millions buying back XRP from the secondary market for use with ODL partners.

We all have our preferences, we all see what we see in our chosen cryptos - and at the end of the day, it's your money. Mine is in XRP, XLM and XDC. Let's see if it pays off - or I lose everything.....

 

[sparkie]

My tiny brain doesn't understand this.

Which in a nutshell is my whole problem with crypto - I don't understand any of the crypto jargon. This alone leads me to deeply distrust the whole crypto system.

 

[chickens]

My tiny brain doesn't understand this.

Which in a nutshell is my whole problem with crypto - I don't understand any of the crypto jargon. This alone leads me to deeply distrust the whole crypto system.

The whole thing seems (to me) to be based on a very similar business model to the below:

 

[Ⓩ-Ⓐ-Ⓜ-Ⓞ-Ⓡ-Ⓐ]

My tiny brain doesn't understand this.

Which in a nutshell is my whole problem with crypto - I don't understand any of the crypto jargon. This alone leads me to deeply distrust the whole crypto system.

Same. I'm already lost at "Blockchain"

 

[beorhthelm]

FTSE are setting up crypto indicies. which is nice.

 

[CheeseRolls]

European Bank not all that keen on Bitcoin it would seem!
https://www.ecb.europa.eu/press/blog/date/2022/html/ecb.blog221130~5301eecd19.en.html

 

[schmunk]

European Bank not all that keen on Bitcoin it would seem!
https://www.ecb.europa.eu/press/blog/date/2022/html/ecb.blog221130~5301eecd19.en.html

That is pretty damning, particularly the section headline "Bitcoin is rarely used for legal transactions"...

 

[beorhthelm]

That is pretty damning, particularly the section headline "Bitcoin is rarely used for legal transactions"...

the most damning thing there is using arguments from 2017.

 

[Tom Hark Preston Park]

FTSE are setting up crypto indicies. which is nice.

Not really. That toxic unregulated shit needs to be ring-fenced in its own private ghetto where it can cause least harm to the wider financial sector. Give it a veneer of respectability and it's only a matter of time before major pension funds, local authorities and the like won't be able to resist dipping their toe in the water, as is already starting to happen across the pond. And we all know where that will end up (think exposure to Icelandic banks in 2008)

 

[Knocky's Nose]

Not really. That toxic unregulated shit needs to be ring-fenced in its own private ghetto where it can cause least harm to the wider financial sector. Give it a veneer of respectability and it's only a matter of time before major pension funds, local authorities and the like won't be able to resist dipping their toe in the water, as is already starting to happen across the pond. And we all know where that will end up (think exposure to Icelandic banks in 2008)

Regulation is 100% coming. The SEC have taken on a large number of staff and I can see them shutting down 99% of the garbage coins and tokens out there.

Once regulation is properly in place, the investment funds and institutions will come rolling in. That's when the 'proper' crypto prices will leap upwards.

Gold, Silver and the right Crypto will be the way ahead when the Western financial markets collapse. The BRICS nations have been aligning their ducks for a few years in readiness whilst the West is only just cottoning on and starting to panic. Sunak is very much pro-crypto and wants London to be a tech-hub for just that.

 

[Neville's Breakfast]

The Inherently Decentralized Nature of XRP Ledger

XRP Ledger is in many ways a more transactional, functional and decentralized ledger than either Bitcoin or Ethereum.

ripple.com

Also, Ripple did not do "weekly XRP dumpings" - it was Monthly and was of late, in the main, the holdings of a former founder.

Ripple have spent Millions buying back shares from early investors funding rounds, and are also spending Millions buying back XRP from the secondary market for use with ODL partners.

We all have our preferences, we all see what we see in our chosen cryptos - and at the end of the day, it's your money. Mine is in XRP, XLM and XDC. Let's see if it pays off - or I lose everything.....

So they take in money from new investors to pay out old investors… isn’t there a name for that strategy ?

 

[Knocky's Nose]

So they take in money from new investors to pay out old investors… isn’t there a name for that strategy ?

Think what you like, see it how you will, but DLT, Blockchain and CBDC's (Google that lot) are incoming, wether you like it or not.

Big changes ahead, and you can bet your soon to be defunct paper money on it.

 

[Knocky's Nose]

European Bank not all that keen on Bitcoin it would seem!
https://www.ecb.europa.eu/press/blog/date/2022/html/ecb.blog221130~5301eecd19.en.html

A great diversion tactic. Nobody will use Bitcoin for cross border payments or any other type of settlement as it's slow, expensive and unreliable. They will be using XRP, XLM and XDC to move money.

This report is just a case of 'tell them what we're NOT going to use so we can crack on with what we ARE going to use without being pestered'

 

[Neville's Breakfast]

Think what you like, see it how you will, but DLT, Blockchain and CBDC's (Google that lot) are incoming, wether you like it or not.

Big changes ahead, and you can bet your soon to be defunct paper money on it.

I only use paper money in businesses that don’t accept cards. Locally that means the chippie, hairdresser and Chinese takeaway. I use an internationally traded digital currency called sterling that backs my digital transactions. I am actually up to speed on bitcoin like scams from my career in financial markets and recognize a Ponzi scheme when I see one. Many well known financial players are involved but only to pick the pockets of the unwary.