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Ren's old crypto thread || we know how to buy this stuff now (1 Viewer)

This is probably a dumb question from someone who knows very little about cryptocurrencies, but with most of these investments aren't you buying the underlying currency? So their value will definitely matter to someone who owns a stack of them, right?

And also how do the software companies and networks monetize cryptocurrency transactions?

Trying to better understand all of this.
Currently, yes these coins are being treated like investments and they aren’t really in use like they were intended. It’s almost comical to read those articles where a guy designed a secure storage facility to safely hold bitcoins so that they can’t be stolen. That’s so far away from the original purpose that it’s laughable.

I just never believed in the coins. Would you invest in the PayPal coin or Visa coin? They basically exist in the same way the Bitcoin exists on these exchanges.

 
A nice bump the last 24 hours.  Been accumulating the last few months.  Mostly buying ETH around $100 to $110 range.  Just past $140.  Holdings divided between EOS, ETH, LINK, and LTC.  

 
A nice bump the last 24 hours.  Been accumulating the last few months.  Mostly buying ETH around $100 to $110 range.  Just past $140.  Holdings divided between EOS, ETH, LINK, and LTC.  
Will not have another crazy run up like 2017, but these are up 23%, 15%, 8% and 12% today.  EOS has doubled since hitting bottom and ETH is up around 40% the last few weeks.  

 
Lol. The Ripple CEO criticizing a coin that us meant to do the same thing as his. I love his comparison of AOL afte Netscape 2.0, especially since Netscape isn’t around anymore. Feels like a bitter man with no traction trying to pan a competitor. It’s not really hypocritical for the JPM to say that bitcoin is a fraud and still use the technology but not offer their coin as an investment. Sounds like JPM wants to actually use the technology.

I’ve always maintained that the coin as an investment makes no sense to me and that I felt like the only winners would be software companies and networks. Bitcoin at $5 or $5k is irrelevant if seller and buyer deal in USD and just use the coin and network as a pass through.
A few things:

JPM's use of the "technology" is not really using the technology. They are taking an open network (the primary feature of the bitcoin network), walling it off, and using it for ledgers. JPM now has internally networked / blockchained ledgers. Super neat! Super innovative!

With respect to the only winners being the "software companies and networks," Bitcoin (and many many other projects) are the software (protocol) and network wrapped up in one. Using Bitcoin as a currency is one of the first applications, and frankly it's one of the most boring. It's kinda of like looking at the internet, seeing the packet switching feature, and ignoring everything else. 

 
Looks like I may have waited too long to jump in.   I really thought the crypto market had more room to drop before it worked its way back up from the grave —but I may have over-analyzed things.  Congrats to those who are benefiting from the recent rise. 

With all of that said—what changed besides a mystery buyer?  Serious question as I’m trying to figure out if this rally is for real or if it’s a dummy rally creating an exit point before it drops down even further than it was before.  Is the potential border shut down contributing to this?  I just feel like I’m missing something. I just don’t see a “real” reason why the crypto market should be 20-30% higher than it was just weeks/months ago.  

 
Looks like I may have waited too long to jump in.   I really thought the crypto market had more room to drop before it worked its way back up from the grave —but I may have over-analyzed things.  Congrats to those who are benefiting from the recent rise. 

With all of that said—what changed besides a mystery buyer?  Serious question as I’m trying to figure out if this rally is for real or if it’s a dummy rally creating an exit point before it drops down even further than it was before.  Is the potential border shut down contributing to this?  I just feel like I’m missing something. I just don’t see a “real” reason why the crypto market should be 20-30% higher than it was just weeks/months ago.  
I wouldn’t put too much thought into the mystery buyer conspiracy. Also the “real reason” is insignificant and nobody really knows the reasons for market moves.

Many indicators have hinted over the last couple months that a shift in trend was happening and price action the last 2 days has just further established that notion. The only thing that matters in trading are the charts. In fact it’s best to ignore the news altogether because it will only confuse your emotions and emotion is a money killer. 

 
https://blog.archive.org/2019/04/15/a-brave-new-world/

Two years ago, this seemed like a fun experiment. A way for the Internet Archive to support a like-minded tech organization, and at the very least, try out something new. This experiment, turns out, has amounted to something far more significant. And worth sharing.

Last week, we hooked up our cryptocurrency wallet to our Brave creator account. Those tiny micropayments that Brave users had tossed into the Archive’s virtual tip jar had accumulated, growing into more than 9k Brave Attention Tokens (BAT) – the equivalent of $2500 USD! 

This was an unexpected windfall. It was also proof that the current web, the one that’s driven by ads that know our every move, doesn’t have to be the web of the future. There could be a better way that’s secure, private and supported by its citizenry. To all of our Brave browser tippers, we thank you. Every little bit makes a big difference.

 
https://blog.archive.org/2019/04/15/a-brave-new-world/

Two years ago, this seemed like a fun experiment. A way for the Internet Archive to support a like-minded tech organization, and at the very least, try out something new. This experiment, turns out, has amounted to something far more significant. And worth sharing.

Last week, we hooked up our cryptocurrency wallet to our Brave creator account. Those tiny micropayments that Brave users had tossed into the Archive’s virtual tip jar had accumulated, growing into more than 9k Brave Attention Tokens (BAT) – the equivalent of $2500 USD! 

This was an unexpected windfall. It was also proof that the current web, the one that’s driven by ads that know our every move, doesn’t have to be the web of the future. There could be a better way that’s secure, private and supported by its citizenry. To all of our Brave browser tippers, we thank you. Every little bit makes a big difference.
The very best use for this is porn. Honestly. 

 
BAT is killing it; but I don't see a particular reason why other than the Brave Ad program going live soon.  I kind of doubt the bear is over.  Could easily see this being a pump that will fall/level out soon.  

The more I think about BAT, the more I think it will have tremendous downward pressure on it from people cashing out their 'free money' from BAT wallets.  There will also be a lot of upward pressure as applications and users enter the system.  I'm definitely here for the long haul but it'll be interesting to see how it holds up when the wheels meet the road.  

 
ren hoek said:
BAT is killing it; but I don't see a particular reason why other than the Brave Ad program going live soon.  I kind of doubt the bear is over.  Could easily see this being a pump that will fall/level out soon.  
Was gonna say this is a nice little run but I have no idea why.

 
BAT has been the only coin really going up in recent weeks.  Most have traded in a tight range with traders accumulating...probably be a move to over $6k this week for BTC.  

 
BTC touched above 5,600 and is still hovering around that price. Gotta figure it’s due for a small correction soon before moving above 6k. Golden cross happened too which is a long term bullish indicator. Just need to stay above the 200 MA to double confirm a new bull market. So glad I bought in at 4,100 a few weeks back. Will cash out at $100k :)

 
BAT has been the only coin really going up in recent weeks.  Most have traded in a tight range with traders accumulating...probably be a move to over $6k this week for BTC.  
BTC touched $6k today, about a week off...still strong upward trend.  

 
Bitcoin has quietly moved up to $6400, twice as high as the bottom of $3200.   Most of the other coins which have been rallying more than Bitcoin have been pretty stagnant the last week while Bitcoin has made a strong move up.  

 
100-300 percent gains the last few months and it really only has begun.   I can see Bitcoin going over $100k in a couple of years. 

 
A nice day today.   My crypto portfolio went from $19.5k to $23.5k.  Mostly in LTC, ETH and EOS at the moment.  
Over $27k now.  Spread out my holdings a bit....EOS, ETH, LTC, BTC, BCHABC, BAT, and BNB.  BTC shot up to over $7300 before pulling back a bit. 

 
Old man shakes his fist at the cloud. Both the ignorance and the obliviousness to irony of this Dunning-Kruger sufferer are staggering. "Sherman says the ban is necessary because crypto threatens to undermine the U.S. dollar and is only useful for criminal activities like money-laundering, drug-dealing, and tax evasion." I remember when these clowns said the same thing about the internet. 

 
Can we admit what a complete failure it was to pin BTC's future on the Lightning Network science experiment?  It's absurdly complicated, creates new problems for every one it solves, and normal people will never in a million years actually use it, never.  

Transaction fees are up around $3 on average.  It's really not viable or at least useful as digital currency.  Wild how the community was splintered so hard over this thing.  

Glad markets are looking up again.  If that was as bad as it's gonna get even after Bitfinex's Tether problems we may get to see the golden bulls again yet.  Still bullish on Eth/BCH/BAT 4lyfe.  

 
Can we admit what a complete failure it was to pin BTC's future on the Lightning Network science experiment?  It's absurdly complicated, creates new problems for every one it solves, and normal people will never in a million years actually use it, never.  

Transaction fees are up around $3 on average.  It's really not viable or at least useful as digital currency.  Wild how the community was splintered so hard over this thing.  

Glad markets are looking up again.  If that was as bad as it's gonna get even after Bitfinex's Tether problems we may get to see the golden bulls again yet.  Still bullish on Eth/BCH/BAT 4lyfe.  
Ideally, normal people are never going to see the back end of any of this. I don't know or care how American Express processes my transactions. That said, BTC will never be used for everyday transactions without second and third layer support on top of it. We don't need to put a latte transaction on the BTC blockchain. 

 
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That said, BTC will never be used for everyday transactions without second and third layer support on top of it. We don't need to put a latte transaction on the BTC blockchain. 
It could support everyday transactions if they just scaled blocksize with tx volume.  There might be a circumstantial use for 2nd/3rd/side chains, but it's not necessary to facilitate a busy throughput on the blockchain.  Blockstream just wants people to think it does so they can make money off it.  

The Gab/Dissenter thing seems kind of pointless; Bitcoin/LN are much higher friction than BAT, aren't any more 'free speech money' than an erc-20 token, and will depend on a network that can only be facilitated by massive centralized 3rd parties.  It's doubly pointless because people can just keep the native ad/tracker blocking turned on on Brave, never opt into the program, and never have their information given to "Silicon Valley".  That option already exists in Brave.  

Brendan Eich already tried to make Brave work on Bitcoin; it was the original currency they used when the program first started.  It didn't work, because sooner or later you have to deal with BTC's onchain problems.  Flip through the thread here:

Slow & costly to move small amounts of bitcoin outside of LN, period full stop. We prototyped from 9/2016 thru 10/2017 on bitcoin before switching to BAT (and granting BAT gratis). Fees went to 90% for users buying $5/month of bitcoin. (Don’t say they should’ve bought in bulk.)

https://twitter.com/BrendanEich/status/957644241731125248
But, if the Gab people want to tweak opensource software and pretend they're revolutionizing something, that is their right.  

 
Had $1500 worth of a new coin show up in my binanace account.   No idea if it was a glitch or what.   There is not trail on how it got there.  

 
Had $1500 worth of a new coin show up in my binanace account.   No idea if it was a glitch or what.   There is not trail on how it got there.  
did you have binance coin in your account?  I think they did some ICO type thing where people who had binance coin in account got tickets.  Seems you might have won in the lottery phase.

 
Bitcoin is going to break through $8000 again soon and may even test $8400 in the next few days.  
How do you know? How does anyone know anything?

I've (mostly inadvertently) done very well via BTC, and I don't know much about trading, but nearly all of the analysis I read about crypto currency doesn't seem to be rooted in...anything.

 
Good Posting Judge said:
How do you know? How does anyone know anything?

I've (mostly inadvertently) done very well via BTC, and I don't know much about trading, but nearly all of the analysis I read about crypto currency doesn't seem to be rooted in...anything.
You don't know anything for certain, but you can look at charts and see patterns.   On the big picture market prices are driven by the market forces of things like supply and demand.  On a smaller scale they are driven by human psychology, and that is where looking at charts comes in.   Right now Bitcoin is in an ascending triangle pattern with the top level at $8400.   We are approaching the point where we will break that.  And once it does there is really not much in the way of resistance until $10,000.  Now major news changes everything, but that is kind of what it looks like.  Now I am no expert on charts and there are different readings.  So.

 
You don't know anything for certain, but you can look at charts and see patterns.   On the big picture market prices are driven by the market forces of things like supply and demand.  On a smaller scale they are driven by human psychology, and that is where looking at charts comes in.   Right now Bitcoin is in an ascending triangle pattern with the top level at $8400.   We are approaching the point where we will break that.  And once it does there is really not much in the way of resistance until $10,000.  Now major news changes everything, but that is kind of what it looks like.  Now I am no expert on charts and there are different readings.  So.
Wasn't it found out that most bitcoin trading is fake, because it was taking place on unregulated exchanges?

And what's "resistance until $10,000?" That's just a five-digit number. If I buy some blueberries for $4.99, can't I just as easily say that there's no price resistance to $10?

 
Wasn't it found out that most bitcoin trading is fake, because it was taking place on unregulated exchanges?

And what's "resistance until $10,000?" That's just a five-digit number. If I buy some blueberries for $4.99, can't I just as easily say that there's no price resistance to $10?
Unregulated does not equate to fake.  There were a lot of pump and dump schemes that were run were some buyers would quitely accumulate large amounts of a coin then have a team of bidders buy up the coin on a que to run up the price.  Then have that same team pimp the coin on all the message boards while selling their crap at the higher prices.   That type of price manipulation was usually done on smaller coins.   If you understood what was going on you could watch the action and profit on it.   There has been a huge crackdown on those and they are not as common today.    

I am invested almost entirely on top 10 coins whose price is not easily manipulated.   Labling all Bitcoin trading as fake is kind of silly.   Bitcoin/Crypto is real and being adapted more and more by major corporations.   If you are uncomfortable trading in major exchanges like Binance located in Hong Kong, you might be more comfortable with Robinhood. 

 

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