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Cavalier Crypto 101 (1 Viewer)

SayWhat? said:
I guess I’m not super pumped about 2, 4, or 6 shares of CYDY, as the upside seems limited with it now trading at $3/share.  On the flip side, I have zero educated opinion on the status of crypto.

Seems like the better option to CYDY would be to find a CYDY-esque stock trading in the $0.20-$0.50 range and swing for the fences.   
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Anyone have any of these to suggest?

 
I have no dog in this race but let me get this right.  You guys bought your crypto shares at the high and you now want to sell for a stock as it begins its next bull run?  How many coins do you have of btc and eth?  I would NOT sell any of your crypto now.  It's literally starting a new bull cycle and will be at new all time highs within about 3 years.  Just giving y'all my opinion and I don't own any of these shares.  You will be so mad at yourselves if you decide to go this route. Just like I was dead right about CMC being a stud every down back (and nobody believed me), I will be dead right about this as well.  DON'T. SELL. YOUR. CRYPTO!!!

 
Rhythmdoctor said:
I have no dog in this race but let me get this right.  You guys bought your crypto shares at the high and you now want to sell for a stock as it begins its next bull run?  How many coins do you have of btc and eth?  I would NOT sell any of your crypto now.  It's literally starting a new bull cycle and will be at new all time highs within about 3 years.  Just giving y'all my opinion and I don't own any of these shares.  You will be so mad at yourselves if you decide to go this route. Just like I was dead right about CMC being a stud every down back (and nobody believed me), I will be dead right about this as well.  DON'T. SELL. YOUR. CRYPTO!!!
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I believed you on Cmac and made a killing on advice from Chet from the internet, but Rhythmdoctor pimping Crypto is a bridge too far.

 
It's not that I want your crypto.  I don't want to be responsible for it.  I am not even sure the wallets are still viable for some of the coins but they are worth so little the cost to transfer is worth the coins in many cases.  I was simply offering the cydy as a gift.  It's my personal cydy, the coins will not be spent.  I just can't keep up with it all when there is no value.  

The cydy is worth over 3k right now.  Not sure about the coins but guessing it isn't close.

 
Walking Boot said:
Oh, and can I get a link to the thread by the guy who was going to turn $1000 into $1,000,000 in a year by trading crypto every day? I can't seem to find it. Seems like it'd be a fun read.
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In the other crypto thread some guy thinks each bitcoin is going to be with a million dollars or something. Baffling to me. 

 
Capella said:
In the other crypto thread some guy thinks each bitcoin is going to be with a million dollars or something. Baffling to me. 
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That’s me. Bitcoin is either going to zero or it will be worth millions (today’s value of millions not the value of a dollar in 10 years). If you don’t see that I understand. It just means you don’t understand bitcoin. Bitcoin is freedom. Freedom from banks. Freedom from control. 

 
Walking Boot said:
You know, in the other thread, for all the Bitcoin Cheerleaders, I pointed out the exchange and transfer fees are so horrendous on crypto it really eats away at them, especially on transactions, and was roundly booed and shouted down for my opinion. Huh.
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The transfer fees are only applicable when people store their coins on exchanges. If you use cold storage, which is recommended, there is no fee to transfer bitcoin. 

 
Rhythmdoctor said:
That’s me. Bitcoin is either going to zero or it will be worth millions (today’s value of millions not the value of a dollar in 10 years). If you don’t see that I understand. It just means you don’t understand bitcoin. Bitcoin is freedom. Freedom from banks. Freedom from control. 
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🇺🇸 

 
Capella said:
🇺🇸
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About the most wonderfully understated response one can think of, except Bitcoin is international freedom. So more like a ring of flags like the U.N. has. Preferable in gold and black with stars (if you don't know what that means, by all means look it up).

 
@Warrior, @Capella, @rockaction - I posted the following in another thread but figured it's applicable here as well.

There's a great article titled: The Bullish Case for Bitcoin.  It's a long read but well worth it if you're at all interested in Bitcoin.  In the article the author explains how money has 4 stages in its evolution. I have taken that excerpt and pasted it below.  When you understand the evolution of money you begin to see the potential for Bitcoin which has been the best performing asset of the last decade despite people continually claiming it is going to zero.

The Evolution of Money

There is an obsession in modern monetary economics with the medium of exchange role of money. In the 20th century, states have monopolized the issuance of money and continually undermined its use as a store of value, creating a false belief that money is primarily defined as a medium of exchange. Many have criticized Bitcoin as being an unsuitable money because its price has been too volatile to be suitable as a medium of exchange. This puts the cart before the horse, however. Money has always evolved in stages, with the store of value role preceding the medium of exchange role. One of the fathers of marginalist economics, William Stanley Jevons, explained that:

Historically speaking … gold seems to have served, firstly, as a commodity valuable for ornamental purposes; secondly, as stored wealth; thirdly, as a medium of exchange; and, lastly, as a measure of value.

Using modern terminology, money always evolves in the following four stages:

1. Collectible: In the very first stage of its evolution, money will be demanded solely based on its peculiar properties, usually becoming a whimsy of its possessor. Shells, beads and gold were all collectibles before later transitioning to the more familiar roles of money.

2. Store of value: Once it is demanded by enough people for its peculiarities, money will be recognized as a means of keeping and storing value over time. As a good becomes more widely recognized as a suitable store of value, its purchasing power will rise as more people demand it for this purpose. The purchasing power of a store of value will eventually plateau when it is widely held and the influx of new people desiring it as a store of value dwindles.

3. Medium of exchange: When money is fully established as a store of value, its purchasing power will stabilize. Having stabilized in purchasing power, the opportunity cost of using money to complete trades will diminish to a level where it is suitable for use as a medium of exchange. In the earliest days of Bitcoin, many people did not appreciate the huge opportunity cost of using bitcoins as a medium of exchange, rather than as an incipient store of value. The famous story of a man trading 10,000 bitcoins (worth approximately $94 million at the time of this article’s writing) for two pizzas illustrates this confusion.

4. Unit of account: When money is widely used as a medium of exchange, goods will be priced in terms of it. I.e., the exchange ratio against money will be available for most goods. It is a common misconception that bitcoin prices are available for many goods today. For example, while a cup of coffee might be available for purchase using bitcoins, the price listed is not a true bitcoin price; rather it is the dollar price desired by the merchant translated into bitcoin terms at the current USD/BTC market exchange rate. If the price of bitcoin were to drop in dollar terms, the number of bitcoins requested by the merchant would increase commensurately. Only when merchants are willing to accept bitcoins for payment without regard to the bitcoin exchange rate against fiat currencies can we truly think of Bitcoin as having become a unit of account.

Monetary goods that are not yet a unit of account may be thought of as being “partly monetized”. Today gold fills such a role, being a store of value but having been stripped of its medium of exchange and unit of account roles by government intervention. It is also possible that one good fills the medium of exchange role of money while another good fills the other roles. This is typically true in countries with dysfunctional states, such as Argentina or Zimbabwe. In his book Digital Gold, Nathaniel Popper writes:

In America, the dollar seamlessly serves the three functions of money: providing a medium of exchange, a unit for measuring the cost of goods, and an asset where value can be stored. In Argentina, on the other hand, while the peso was used as a medium of exchange—for daily purchases—no one used it as a store of value. Keeping savings in the peso was equivalent to throwing away money. So people exchanged any pesos they wanted to save for dollars, which kept their value better than the peso. Because the peso was so volatile, people usually remembered prices in dollars, which provided a more reliable unit of measure over time.

Bitcoin is currently transitioning from the first stage of monetization to the second stage. It will likely be several years before Bitcoin transitions from being an incipient store of value to being a true medium of exchange, and the path it takes to get there is still fraught with risk and uncertainty. It is striking to note that the same transition took many centuries for gold. No one alive has seen the real-time monetization of a good (as is taking place with Bitcoin), so there is precious little experience regarding the path this monetization will take.
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Rhythmdoctor said:
@Warrior, @Capella, @rockaction - I posted the following in another thread but figured it's applicable here as well.

There's a great article titled: The Bullish Case for Bitcoin.  It's a long read but well worth it if you're at all interested in Bitcoin.  In the article the author explains how money has 4 stages in its evolution. I have taken that excerpt and pasted it below.  When you understand the evolution of money you begin to see the potential for Bitcoin which has been the best performing asset of the last decade despite people continually claiming it is going to zero.
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I wouldn't mistake my sense of humor for a real critique of Bitcoin. I generally hold the belief -- and it is a belief based on experience rather than the workings of economics -- that non-centralized economic units of measure better reflect true value than state-centralized ones. So I laugh not at Bitcoin, but rather at the dynamic that Bitcoin engenders among people.

It's more of a sociological and anthropological laughter than an economic critique.

I was an econ major, but I have no leg to stand on when criticizing or evaluating currency. Take me for what it's worth. 

 
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Rhythmdoctor said:
That’s me. Bitcoin is either going to zero or it will be worth millions (today’s value of millions not the value of a dollar in 10 years). If you don’t see that I understand. It just means you don’t understand bitcoin. Bitcoin is freedom. Freedom from banks. Freedom from control. 
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When I read that I need to store my bitcoin on a separate computer that's only has the original OS software and a bitcoin wallet and that I should only use it on battery power for transactions and keep it far away from any other computers...well...I'll give up my freedom and go with a bank that offers fraud protection and gov't backing from theft.

 
BassNBrew said:
When I read that I need to store my bitcoin on a separate computer that's only has the original OS software and a bitcoin wallet and that I should only use it on battery power for transactions and keep it far away from any other computers...well...I'll give up my freedom and go with a bank that offers fraud protection and gov't backing from theft.
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Lol. There was a show, maybe 60 minutes, when Bitcoin was the rage that showed a company that had off-site cold storage of Bitcoins to protect against theft and to keep track of them for high value clients. It made me chuckle when the point of Bitcoin at the start was to create a currency for people to conduct transactions with lower fees, across boundaries, etc. The problem is that now it’s only discussed as an investment and you get articles like the above that go through all kinds of machinations to try and explain how Bitcoin will be worth as much as all the wealth in the world, but you can’t even buy a pizza with it anymore.

 
You can download a non-custodial wallet, write down your pass phrase (key), and secure your bitcoin in under 5 minutes. My 9 and 13 year old kids have wallets.

You don't really don't need to go the cold storage route these days unless you are storing millions and/or are extremely paranoid. 

 
BassNBrew said:
When I read that I need to store my bitcoin on a separate computer that's only has the original OS software and a bitcoin wallet and that I should only use it on battery power for transactions and keep it far away from any other computers...well...I'll give up my freedom and go with a bank that offers fraud protection and gov't backing from theft.
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That’s entirely inaccurate. I store my crypto on a ledger nano which is essentially a jump drive.  if I want to transfer to someone else or to a different wallet I simply attached that jump drive to my computer and prompt the transaction. Pretty simple and it’s free!

 
Rhythmdoctor said:
@Warrior, @Capella, @rockaction - I posted the following in another thread but figured it's applicable here as well.

There's a great article titled: The Bullish Case for Bitcoin.  It's a long read but well worth it if you're at all interested in Bitcoin.  In the article the author explains how money has 4 stages in its evolution. I have taken that excerpt and pasted it below.  When you understand the evolution of money you begin to see the potential for Bitcoin which has been the best performing asset of the last decade despite people continually claiming it is going to zero.
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Lol...best of luck. 

 
Psychopav said:
Or my bank?
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Bitcoin is a hedge against the inevitable failure of fiat currency. There are banks right now that are limiting withdrawals. That’s banks telling owners of their own money that they can only withdrawal x amount. This is going on right now in Lebanon. 

In US banks you’re only allowed to have 6 withdrawals  from your savings account per month or else you pay a penalty. Many banks also charge a monthly service fee. Banks make gobs of money off your $$$ and still charge fees!! 

All fiat currency goes to zero. Guaranteed the US is going to utilize the current situation to roll out a digital dollar. Mark my words. Unlike bitcoin, however, it will be on a private blockchain and will have unlimited supply meaning it can be manipulated and controlled just like the paper dollar is today. 

 
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Rhythmdoctor said:
That’s entirely inaccurate. I store my crypto on a ledger nano which is essentially a jump drive.  if I want to transfer to someone else or to a different wallet I simply attached that jump drive to my computer and prompt the transaction. Pretty simple and it’s free!
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I pulled up a nano that was is storage for 3 years.  Took 12 hours to update and get it where I could use it.

 
So everyone owns the crypto I recover, if it's ever comes back plus 1000 cydy less taxes.

I will be happy to sell the cydy only for btc.  About .30 btc

 
Mr.Fister said:
Anybody looking at Ripple lately? Thoughts?
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I don’t like Ripple because they are working with major banks and go directly against the original concept of bitcoin which is transparency, freedom and becoming your own bank. If you’re in crypto purely for profit then XRP might be for you. But for me personally, I’m not touching ripple because it goes against what I stand for which is FREEDOM :Braveheart:

XRP is on a private blockchain which has no transparency and can be manipulated and altered. Much of the beauty around bitcoin is that it is a public blockchain where each transaction is transparent and validated by the blockchain itself. Even though it’s public and transparent it still offers privacy because the transactions are tied to a string of characters not someone’s personal info. 

 
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@Getzlaf15, @Walking Boot,

why the laughing emoji response to my posts? I’m not telling jokes nor trying to be funny I’m responding to critics in a calm and peaceful manner. I’m providing my knowledge based on 5 years of being into crypto. Does it make you feel better to ridicule? It doesn’t make me feel good. 

 
Rhythmdoctor said:
@Getzlaf15, @Walking Boot,

why the laughing emoji response to my posts? I’m not telling jokes nor trying to be funny I’m responding to critics in a calm and peaceful manner. I’m providing my knowledge based on 5 years of being into crypto. Does it make you feel better to ridicule? It doesn’t make me feel good. 
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I live in the real world, not your fantasy bitcoin world that will never happen.

XRP is solving huge issues with cross border payments.  Doing it 2-3 seconds, not tens of minutes and burning up massive amounts of electricity to do so. Banks mostly use Swift to process cross border payments that take several days to settle.  Or they deposit huge sums of money in bank accounts of the countries they are doing business in so the other company can get paid quickly. Either way is extremely expensive and not timely.

They are slightly ahead of their plan of achieving critical mass in this niche by 2025. They have been adding banks weekly for over a year now. Companies that do business internationally no longer have to tie up insane amounts of capital to pay companies in other countries quickly when they do a lot of repeat business. Again, XRP is doing this in seconds at the cost of a fraction of a penny. Your post about them was laughable.   Banks are not going away.

 
Getzlaf15 said:
I live in the real world, not your fantasy bitcoin world that will never happen.

XRP is solving huge issues with cross border payments.  Doing it 2-3 seconds, not tens of minutes and burning up massive amounts of electricity to do so. Banks mostly use Swift to process cross border payments that take several days to settle.  Or they deposit huge sums of money in bank accounts of the countries they are doing business in so the other company can get paid quickly. Either way is extremely expensive and not timely.

They are slightly ahead of their plan of achieving critical mass in this niche by 2025. They have been adding banks weekly for over a year now. Companies that do business internationally no longer have to tie up insane amounts of capital to pay companies in other countries quickly when they do a lot of repeat business. Again, XRP is doing this in seconds at the cost of a fraction of a penny. Your post about them was laughable.   Banks are not going away.
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A healthy discussion and response is much better than laughter and ridicule. 

Bitcoin takes about 10 minutes per transaction because it is being validated on a public blockchain by millions of computers around the world. Fast doesn’t = secure. Bitcoin is secure and decentralized.

I’m not trying to convince anyone that banks are going away nor did I make that claim. What I will say is that banks are not a good thing for we the masses. Central Banks manipulate our currency and control everything about our daily lives. The Central Bank is a private institution that is centralized and has very little transparency. They print money at our (American taxpayers) expense. The money they print is a debt owed by us and future generations. If you’re in favor of that then by all the XRP you want. I, however, will not be supporting that system. You can support freedom from banks and freedom for future generations by buying and using Bitcoin, imo. 

Finally, what is completely useless is ridicule of another’s knowledge that I’m providing because I care about normal people (non-elite). And I’m doing that in a factual and kind way. Not once I have I responded to all the rude comments with rudeness myself. I have remained civil and calm in my replies and I would ask you and everyone else do the same.

 
Rhythmdoctor said:
A healthy discussion and response is much better than laughter and ridicule. 

Bitcoin takes about 10 minutes per transaction because it is being validated on a public blockchain by millions of computers around the world. Fast doesn’t = secure. Bitcoin is secure and decentralized.

I’m not trying to convince anyone that banks are going away nor did I make that claim. What I will say is that banks are not a good thing for we the masses. Central Banks manipulate our currency and control everything about our daily lives. The Central Bank is a private institution that is centralized and has very little transparency. They print money at our (American taxpayers) expense. The money they print is a debt owed by us and future generations. If you’re in favor of that then by all the XRP you want. I, however, will not be supporting that system. You can support freedom from banks and freedom for future generations by buying and using Bitcoin, imo. 

Finally, what is completely useless is ridicule of another’s knowledge that I’m providing because I care about normal people (non-elite). And I’m doing that in a factual and kind way. Not once I have I responded to all the rude comments with rudeness myself. I have remained civil and calm in my replies and I would ask you and everyone else do the same.
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yet you rudely keep posting in the wrong thread for this.

 
Rhythmdoctor said:
A healthy discussion and response is much better than laughter and ridicule. 

Bitcoin takes about 10 minutes per transaction because it is being validated on a public blockchain by millions of computers around the world. Fast doesn’t = secure. Bitcoin is secure and decentralized.

I’m not trying to convince anyone that banks are going away nor did I make that claim. What I will say is that banks are not a good thing for we the masses. Central Banks manipulate our currency and control everything about our daily lives. The Central Bank is a private institution that is centralized and has very little transparency. They print money at our (American taxpayers) expense. The money they print is a debt owed by us and future generations. If you’re in favor of that then by all the XRP you want. I, however, will not be supporting that system. You can support freedom from banks and freedom for future generations by buying and using Bitcoin, imo. 

Finally, what is completely useless is ridicule of another’s knowledge that I’m providing because I care about normal people (non-elite). And I’m doing that in a factual and kind way. Not once I have I responded to all the rude comments with rudeness myself. I have remained civil and calm in my replies and I would ask you and everyone else do the same.
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What if I don't want to wait 10 minutes to buy a cup of coffee?

 
BassNBrew said:
What if I don't want to wait 10 minutes to buy a cup of coffee?
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wrong thread but...

Back when people used to write checks, did they sit there in line while the check cleared the bank? Imagine a world where you don’t sit there and wait for the 4 dollar transaction to clear. 
 

(It’s unlikely a 4 dollar coffee transaction is ever going to be settled directly on chain. There are second and third layer solutions for that)

good to see these same questions from 2017 popping back up. The cycle is coming back around.

 
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