Thoughts and experiences on cryptocurrencies?

Discussion in 'General Discussion' started by leprosy, Apr 14, 2018.

  1. leprosy

    leprosy Void-Bound Voyager

    Hey guys!
    What do you think of cryptocurrencies? We live in a world, in which we hear every day about the growth an fall of bitcoin and co. Every time I open facebook or a newspaper I read something about these cryptocurrencies. You do hear about this in talk shows too!
    Nevertheless, I'm still in the learning phase and try to distinguish between services and words like blockchain, ICOs, e-wallet. However, I think it is the easiest to jump in the cold water and invest in some coins or even in an ICO. Of course, I don't want to lose all my money that's why I would like to know how one chooses a good ICO or a profitable coin? What are the most important points in term of investing?
    I've already looked up some ICOs and watch them. What interests me the most rn is the Cultural Coin. However, as I don't have any experiences with cryptocurrencies and ICOs I don't know if it is a good choice or would be a good investment.
    What do you think? Do you have any thoughts, experiences or tips you'd like to share with me?

    I would really appreciate some tips. Thanks! :)
  2. Bonabopn

    Bonabopn Fluffiest Squirrel

    i think cryptocurrency is just a fancy way of gambling because it's luck-based
  3. Exilyth

    Exilyth Starship Captain

    I strongly believe Bitcoin to be not worth investing in because the way the blockchain works transactions are taking ages (read: up to minutes) to complete and it's only going to get worse the more people trade bitcoin.

    Can't say much about other crypto currencies, I'd have to read around.
    But from what I heard, some people got rich by trading between different crypto currencies - by exploiting differences in exchange rates (but people are already writing bots for doing that, so it is no longer worth it for humans to try).

    Big problem is that anyone can run a cryptocurrency site out of their basement - it's hard enough to trust random pseudonymous people on the internet even without money being involved.

    So, imho, if you like risks go for it, otherwise wait for that one non-blockchain cryptocurrency to establish itself as the trustworthy standard and use traditional investment options in the meantime.

    I've been contemplating getting a physical bitcoin back in the day, but now the price is just too high.

    Also I really hate how graphics card prices have skyrocketed early this year due to miners.
  4. Paul_Booker

    Paul_Booker Space Hobo

    The topic is very promising and interesting, but it seems to me that this is rather early for the majority of the people. Many simply see this as an instant profit tool, not as a logical development of technology and science. Of course, I personally earn money on crypto-exchanges, for example here, but I am also interested in ICO.
    Last edited: May 14, 2018
  5. leprosy

    leprosy Void-Bound Voyager

    Thanks for your answers and your point of view here. Especially, @Exilyth: I really see your point here, when you talk about running a cryptocurrency site out of someone's basement.
    However, in order to be fair, we have to distinguish between the several cryptocurrencies on the market. I know there are tons but they are not all the same. For example, the cultural coin is a new cryptocurrency, which provides access for museums and cultural events. Therefore, you can exchange the tokens for something, which I think is a good thing. Well, at least that's my opinion on this.
    Nevertheless, I'm well aware that lots of cryptocurrencies were set up in order to gain more money and make a profit, which makes them volatile. This, however, is a risk everyone needs to think about before investing in BTC and co.

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