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
    STCW262 likes this.
  3. Exilyth

    Exilyth Scruffy Nerf-Herder

    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.
    STCW262 likes this.
  4. 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.
  5. FromCtoSolidity

    FromCtoSolidity Space Hobo

    Sorry for replying to an old topic. I think that the discussion became focused on speculation, which is different from the title. As far as I know the point of crypto currencies is to facilitate direct payments between individuals without intermediaries such as banks. The fact that people decided to speculate on cryptos doesn't make cryptos special: people would speculate on anything to make an extra penny. The point of cryptos is to remove control of personal finances from banks and bring it back to individuals. A recent example of banks' lock down in Cyprus illustrates the point: banks have control over people's money not the working folks. If you'd search you tube for "john mcafee cryptocurrency" then you'd find a much better explanation then the one I've given. Having implemented a web site with payments by ethereum I should say that cryptos are very liberal. An individual is totally free to choose what to do with them. There is no big brother controlling and supervising every money transfer. And responsibilities are also very real: there is no nanny company to complain to and ask to undo mistakes. I like the elegance of payment solution that Ethereum allowed me to implement. It relieves me from a need to take possession of clients' funds, which makes my site less attractive to hackers then any bank or even a retail store. I simply deploy a "smart contract" that disburses buyer's payment among accounts of sellers a buyer bought from on my site. That "smart contract" acts a simple map facilitating p2p payments between buyers and sellers who don't know each other. That is quite different from Exchanges that possess the traders' funds and therefore represent attractive targets for thieves.
  6. grooinator

    grooinator Lucky Number 13

    The whole pseudoeconomics of it all (not just BitCoin) in general is dangerous and un-secure. If you value your computer and its all-around state, avoid these. Seek other venues of monetization.
  7. Daikon Ocelot

    Daikon Ocelot Spaceman Spiff

    I think I could agree with you.
  8. Shanehaumpton

    Shanehaumpton Space Hobo

    I have tried cryptocurrencies before but I guess it is not for me.

    Last 3 or 5 years ago this is the way to go but in todays standards I guess investment in some other things is more important especially with the outbreak of covid 19

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