Crypto-currencies: The future is now

[ytrewq]

Another good news day:

World’s Worst Stock Market Slides Into ‘Death’ Territory
https://www.bloomberg.com/news/articles ... -territory

BTC $8,500+

[ytrewq]

Goldman Sachs jumps into crypto with both feet. Can't get any more 'Smart Money' than Goldman Sachs.

https://mobile.nytimes.com/2018/05/02/t ... sachs.html

This is a BF deal, for sure.

[ytrewq]

Oops. BTC was at $9,200 last post. Now at $9,700+.

Terrifying investment. Stay out of it.

[ytrewq]

CNBC Found Crypto Jesus Today

Video:

https://www.cnbc.com/video/2018/05/04/t ... r=sharebar

After a longtime history of crypto bashing and trepidation, the brown noser misfits at CNBC are now waving the "buy crypto!" flag. Puh-leeze!

As this site's main dork would say:

WINNING!

[fatbob]

ytrewq, what are your thoughts on xrp ripple? I like the the look of them...

[ytrewq]

XRP and ETH are both institutional plays. XRP is making the old financial systems the new thing again. ETH is something new altogether. Can't go wrong with either. Both expected to quadruple or more by year end.

BCH is replacing LTC. BTC for store of value play. BCH for consumer transactions play.

Do your own DD, but I'm only in major cryptos, FWIW. ICO's are too risky and smell like the dotcom mania of yore.

[ytrewq]

In all their usual infinite wisdom, the Thai government is set to impose 22% (15% + 7%) taxes on all crypto transactions.

https://www.coindesk.com/thailand-targe ... e-burdens/

To be sure, there are a plethora of crypto exchanges elsewhere where one can trade crypto, but unfortunately I am not aware of any off-shore crypto exchange that allows for trading in or converting to THB and then depositing to one's Thailand bank account. So, if the bill passes - and it is expected to pass - there may be disruption as every Thailand crypto exchange moves, or as every trader moves their funds/activities elsewhere.

International wires or debit card withdrawals are a helluva lot cheaper than paying 22%.

SOMEBODY aims to get their graft-on and cares not about crippling or murdering what could be an indirect source of significant cash inflows for the economy. The myopic vision of government is astounding.

[ytrewq]

ICE, parent company of NYSE solves custody solution issue. Opens door to massive institutional adoption/investment in BTC and other crypto. Suggests BTC is indeed gold 2.0.

https://www.cnbc.com/video/2018/05/08/w ... -says.html

"To da moon, Alice!"

[ytrewq]

After performing due diligence, I recently bought into the EOS ICO (eos.io).

In a nutshell, it is a decentralized operating system upon which developers can create and monetize software and services. It supports the most popular programming languages and there is a HUGE demand coming from India and other bastions of software talent to develop on it when it goes mainstream. It is currently in "alpha" stage and goes to "main launch" June 1, 2018. There are several working solutions created by 3rd parties already "live" on it, so it's not a "concept" ICO. The leadership team has a proven track record of several successful endeavors already. The EOS project started with $1 billion in private backing and has succeeded in raising ~$30 million per day for almost a year now via the long-running ICO.

It is widely considered to be the Ethereum killer app that solves native Ethereum's technical shortcomings and delivers on its vaunted promises. I won't even attempt to go into all of the things and ways EOS should dominate. It should become HUGE. EOS will absolutely eclipse ETH market cap soon (months?) after "main live" when the EOS token starts trading openly on exchanges.

This is the last week to get in on the ICO. Cheers!

--------
BTW, Thailand's leading banks are currently either piloting or implementing blockchain solutions. I expect they may roll blockchain out to government (land, immigration, etc.) within the next decade. No more manually signing multiple copies of stacks of documents.

Blockchain - It's a real thing.

[glalt]

How long before Bitcoin totally fails and is worthless? I guess that I am not smart enough to understand how something with nothing backing it can be worth anything except wet dreams.

[parrot]

How long before Bitcoin totally fails and is worthless? I guess that I am not smart enough to understand how something with nothing backing it can be worth anything except wet dreams.

I read somewhere recently that a non-trump person can never convince a trump person otherwise. Likewise, I believe, with crypto-currencies. When amazon listed for $18 and wasn't turning a profit, at least I could see (understand) a potential in the company. Now I want to kick myself in the pants for not investing early. If I remember correctly, khondam (udon member) was an early advocate of bitcoin back when it went 'public' and was selling for about $400. I didn't understand the concept then........and didn't feel a bit of regret when the price spiked to nearly $18000 tenish years later. If people can make money on it, not at my expense, then more power to them. As Daymond John might say:

[glalt]

I had an opportunity with Apple stock. A friend of mine started buying early and tried to talk me into buying. He insisted that the stock would go up to $200 a share. I think the price back then was about $25 a share. He became an Apple stock millionaire. He was working in Iraq at that time. He was making a lot of money there but, his job was dangerous. When the job was finished, he moved to South Korea with his Korean wife. He was in his early fifties. While there, he developed an aggressive type of cancer and died within a year. He left his wife VERY well off. He never had a chance to enjoy his money. I have always been and still am conservative. And NO, I am by no means wealthy. I always remember that old saying that if the dog had not stopped to take a crap, he would have caught the rabbit.

[ytrewq]

I guess that I am not smart enough to understand how something with nothing backing it can be worth anything except wet dreams.

That fiat in your pocket is backed by a "promise". Not gold, land, or anything tangible. It has no value other than participants agree it has value. It has been and remains the #1 vehicle of choice for transferring value between drug dealers, terrorists, and other criminals. It is 100% anonymous and leaves no trail when transferred from person to person.

Historically, money has been everything from massive carved circular stones weighing tons - to tulips that eventually whither and die - to clumps of shiny metal dug from the dirt.

Most people have no idea whatsoever about the concept of money. Imagine a Roman's reaction to your handing him a $100 piece of colored paper, or better yet: your whipping out your check and writing whatever value you care to deem. How ridiculous is that, really?

Your admitted ignorance about crypto currency is not unusual other than you can admit it. However, more and more people are educating themselves and afterwards agreeing crypto currencies have value and far better than fiat. That is the very definition of money.

Educate yourself, or remain ignorant. Those are your clear choices. The proliferation and adoption of this new form of money will continue, regardless.

[glalt]

I choose to remain ignorant. I can put my paper money in my pocket and easily spend it in whatever country it was issued. As for the dollar, it is good in many other countries. Gold is good but it is too difficult to easily spend. Man created the crypto currency and man can also eventually hack it. It is probably being hacked now.

[Stantheman]

For me Crypto-currency is not much different then the stock market, its all "Paper" money. Wonder if anyone, maybe ytrewq, has actually converted the currency to something real like a house or car.

[glalt]

For me Crypto-currency is not much different then the stock market, its all "Paper" money. Wonder if anyone, maybe ytrewq, has actually converted the currency to something real like a house or car.

I would think that people holding Bitcoin were quite sick when it went from $18,000 down to $6,500.

[ytrewq]

Already addressed in my previous posts, Skippy:

crypto-currencies-the-future-is-now-t31 ... ml#p505139

"Nobody who has been in it since pre-2017 cares"

and

crypto-currencies-the-future-is-now-t31 ... ml#p506320

"Futures, the first vehicle to enable smart money to short crypto, became available when crypto peaked. It is insane to expect crypto to do anything other than go down from there."

[Read entire post for context]

[ytrewq]

This is where crypto is at right now:


http://www.businessinsider.com/ico-dotc ... eum-2018-6?

'Selling crypto now is like selling Apple in 2001'

I think some guy is misquoted as saying "10 years ago". I think he meant/said 20 years ago.

Eos.io is the future. Do your own DD.

[glalt]

Apple has a product, some think it is an excellent product. Bitcoin has no product and only exists in the mind with absolutely nothing behind it. I have never understood how someone with a powerful computer setup can "mine" Bitcoins. IMHO, nothing comes from nothing.

Some years back, I bought some penny stock. It took a number of years and it finally took off. By that time I had moved to Thailand and somewhere along the line, I lost the stock certificates. I contacted the company and found that I was still a registered owner. I was then able to sell the shares. If I lost my Bitcoin codes, I would have been SOL.

[parrot]

There's an interesting podcast about people who have 'lost' their bitcoins at https://www.npr.org/sections/money/2018 ... oin-losers