Crypto predictions, dead or not.

Would you buy any crypto

  • Yes

    Votes: 9 27.3%
  • No

    Votes: 16 48.5%
  • Go back to south Australia

    Votes: 8 24.2%

  • Total voters
    33

teK--

Eats Squid
Totally agree, they can not continue into the future as they are. There are way too many at the moment anyway, and the vast majority are obvious ponzi schemes or scams (including Dogecoin).

The top ones will need to evolve and become less volatile to become more widely adopted.

As I said earlier, it is still very early days.
 

PINT of Stella. mate!

Many, many Scotches
Except for the fact that investment portfolios and whatnot in Panama involves banks and governments.
You've got to let them wet their beak at some point. Just ask Al Capone!
Crypto is only under-the-radar for as long as you aren't spending it.

Saying that crypto brings nothing new to dodging scruitinty is like saying people have always busted sanctions and terrorists have always moved money so crypto brings no new problems there either.
Except for the vast carbon footprint made mining an entirely unnecessary set of currencies

If you can give me a good argument as to WHY crypto-currencies are so necessary that their exhaustive use of resources is justified, I'll be all ears but until then all I can see is an expensive solution to a problem that doesn't exist.

* and this is coming from someone who works in the f**ing oil industry!
 

droenn

Fat Man's XC President
noob question:
how secure are those trading platform, can i buy some coins/token here and there and park it for 5 years?
not sure how all these wallet things work
Just to cover some basics of how it works to buy:

Mostly you're going to buy through a centralised exchange, which to operate in Australia will require you to provide sufficient ID ("know your customer"). Then you deposit Aussie dollars and buy much like you do shares, at the market value, or a limit value. An account with an exchange means you have a wallet (or an address that points to you and a public address for sending/receiving) held on the exchange. This is where you need to trust that the exchange is legit and that it is not vulnerable to hackers. Track record and reputation are key, need to read up on them to make a choice on which one to use and the associated trading fees they charge. There also also a range of options for trading crypto and leverage between exchanges but I'm not even going to start on that.

To be more secure, you can move your crypto to a private wallet - one where you hold the private keys for transactions ("not your keys, not your crypto"). This can be in the case of a software wallet (phone app or browser extension) or a hardware wallet (physical device that requires you to authorise transactions by pressing the buttons on the wallet). Phone wallets are generally safer than computer ones, just because the nature of phones being more secure than desktops. Hardware are the most secure because you have to hold it in your hands to operate. Now the important part is that any wallet will come with a ~24 word recovery phrase. If you lose this, or someone else gets it, you are fucked. Probably best to never type it on a computer, or any digital means, write it down by hand and hide it somewhere really secure.

You really owe it to yourself to read a lot about this if you want to look at crypto. You can leave it on the exchange if you accept the risks associated and come back to it in a few years. Or you can trust yourself a bit and store your private keys somewhere safe and hold it that way. There are plenty of people who are happy to buy crypto and leave it on an exchange, and the big exchanges seem pretty solid, but its all on you to do your own research about it and the risks associated. And all this applies to buying crypto in the first place, not worth it just to satisfy FOMO or because some bloke at the pub is on about a sure thing.

Edit: also, read up on the Tax implications. https://www.ato.gov.au/General/Gen/...rrencies-in-Australia---specifically-bitcoin/
 
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teK--

Eats Squid
You've got to let them wet their beak at some point. Just ask Al Capone!
Crypto is only under-the-radar for as long as you aren't spending it.



Except for the vast carbon footprint made mining an entirely unnecessary set of currencies

If you can give me a good argument as to WHY crypto-currencies are so necessary that their exhaustive use of resources is justified, I'll be all ears but until then all I can see is an expensive solution to a problem that doesn't exist.

* and this is coming from someone who works in the f**ing oil industry!
you seem fixated on proof of work cryptos though... When you consider the resources required to process transactions on a proof of stake blockchain, it probably is similar to that required for say the VISA network.

Crypto combines the anonymity of cash, convenience of near-instant international transactions, is (generally) an appreciating asset, does not require physical security or effort to transport and store (such as gold, silver, or cash), and is decoupled from the financial health of any particular country.

There is really nothing else on the planet like it at the moment.
 

PINT of Stella. mate!

Many, many Scotches
you seem fixated on proof of work cryptos though... When you consider the resources required to process transactions on a proof of stake blockchain, it probably is similar to that required for say the VISA network.

Crypto combines the anonymity of cash, convenience of near-instant international transactions, is (generally) an appreciating asset, does not require physical security or effort to transport and store (such as gold, silver, or cash), and is decoupled from the financial health of any particular country.
What you're touting is a magical elixir-like utopian crypto that doesn't appear to exist. From where I'm standing all I can see is an absolute clusterfuck with a million shysters all competing to make a quick buck in the confusion. It's not too dissimilar to the gold rushes of yore except gold had the advantage that if it all went pear-shaped you at least had the gold in your hand.

In order for a truly independent crypto to succeed it requires both stability and widespread adoption. That's not going to happen when you have dozens of new currencies appearing daily and every Tom, Dick and Harry manipulating their relative worth with their crazy investments. It is literal anarchy with a good dose of libertarianism thrown in for good measure. Not really a great recipe for success.

Widespread adoption also means that it has to be accepted by the governments of the largest economies on the planet. which essentially means the USA, The Peoples Republic of China and the European Union have to get on board. The US might be a bit more receptive what with their historical fondness for snake oil but the EU has a lot of it's very existence tied up in the Euro and China would very much prefer something that they can control and manipulate - so they'll no doubt create their own which kinda takes away from the whole independence thing.
 

Asininedrivel

caviar connoisseur
I've got mates that have done very well out of crypto, Ethereum mostly I think. Having said that when they all got into it (circa 2016-17) I was considering but was turned off by the crypto wank - remember that period when it felt like 50% of blokes were talking about crypto and only crypto? Fuck. That. I'd almost rather listen to people energetically discussing reality tv.

Still think it's viable aside from the environmental damage it's doing. Any currency exchange that the narcotics trade relies on is unlikely to disappear imo.
 

teK--

Eats Squid
What you're touting is a magical elixir-like utopian crypto that doesn't appear to exist. From where I'm standing all I can see is an absolute clusterfuck with a million shysters all competing to make a quick buck in the confusion. It's not too dissimilar to the gold rushes of yore except gold had the advantage that if it all went pear-shaped you at least had the gold in your hand.

In order for a truly independent crypto to succeed it requires both stability and widespread adoption. That's not going to happen when you have dozens of new currencies appearing daily and every Tom, Dick and Harry manipulating their relative worth with their crazy investments. It is literal anarchy with a good dose of libertarianism thrown in for good measure. Not really a great recipe for success.

Widespread adoption also means that it has to be accepted by the governments of the largest economies on the planet. which essentially means the USA, The Peoples Republic of China and the European Union have to get on board. The US might be a bit more receptive what with their historical fondness for snake oil but the EU has a lot of it's very existence tied up in the Euro and China would very much prefer something that they can control and manipulate - so they'll no doubt create their own which kinda takes away from the whole independence thing.
Bitcoin literally ticks all the boxes I presented (the anonymity of cash, convenience of near-instant international transactions, is (generally) an appreciating asset, does not require physical security or effort to transport and store (such as gold, silver, or cash), and is decoupled from the financial health of any particular country). That is just one example.

The only uncertainty is whether Bitcoin will be the crypto that ultimately succeeds and retains value for another 5, 10, 50 years etc... Governments may not accept cryptos as a form of payment (yet), but they are recognised as an asset, and are taxable.

I already agreed with your statement that any long standing crypto needs stability and widespread adoption. The only way we will know whether any of the existing cryptos tick those boxes too, is to to wait.

Also I agreed with your argument there are too many cryptos at the moment, and the bulk are scams or won't survive. It is a crowded space at the moment and 1% or less are likely to survive the long run.

But to totally write off the idea of cryptos ,or blockchain technology in general, is short sighted. Even if Bitcoin or others aren't around in 100 years, we are guaranteed there will be others taking their place and be more widely adopted.
 

Dales Cannon

The Olden Dazed
Staff member
Problem I see is that crypto currencies don't generate revenue, the only increases are because someone is prepared to pay more per unit. Not unique in this but... ...volatile...
 

Cyclomaniac

Likes Dirt
Now let me start by saying that I am making no predictions, I am just seeing people's thoughts on it and it's future. To be honest I am surprised this hasn't been done before.

After making a decision to have a gamble on crypto I set a date to start.
Started selling bikes and parts, stopped smoking and all that to raise a sensible chunk to gamble, yeah the start of my gamble sucked as it timed with ultra high prices which dropped massively within a couple of weeks.

Although I know nothing about this online currency I have made a purchase with bitcoin before so it obviously works.

So back to my question, how do you see things going in the near and distant future with it.
When things dropped did you panic and sell or hold on. My belief is that if you gamble with bit or the other suspects that you may as well have it written off in your mind and ride it out, it can always go up but if you sell, well your horse has just lost with no dividend.

So let's start with you, why will it fail or flourish
safreek, I hold Bitcoin and Etherium as we as a couple of alts. I see it a a store of value more than anything else. I could put into savings but I think long term the value will increase rather than be slowly eaten by inflation. I have a mortgage too but I think it will beat the interest that I would save.
When it dropped I held as I don't think the market cycle has reached it's top. I have tried avoid the drops before but timing the pump is hard and even when you get it right the exchange might not let you buy back in due to high trading volume. Better to hodl. Short term volatility is normal but it still may take months before it gets back up to your buy in price.

I think block chain tech has a big future. Crypto is just part of that.

Some of you will hate me for it, just hold the same disdain for others. I could have bought a new car, boat, investment property, jet ski...
 
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