Anyone Into Crypto?

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Bazza06
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Post by Bazza06 »

Pivot wrote: Thu Dec 30, 2021 10:54 pm If we park the valuations for a moment, one should also note that while Bitcoin is a digital currency with no underlying asset, it provides a valuable service to poor souls that get to live in tightly controlled dictatorships.

While dictators typically don’t allow their subjects to move money out of the country, there are published cases where ‘foreigners’ get to buy fantastic real estate for absolute bargain paid for in crypto, so that the seller can access his funds in the free world.
Naturally this is being demonized by strong-men authorities, while their govt is planning their own crypto that will enable them to control the population even tighter.

Second important point is that many cryptos are ‘utility tokens’ not currencies, e.g. ETH. The ETH is also called the gas on the Ethereum exchange, to cover the cost of transactions performed on the network.

So the value of ETH represents the value of performing transactions on the Ethereum platform. As ETH (gas) gets more expensive, it attracts competition in a form of competing Blockchain platforms. E.g. Algorand founded by Silvio Micali, brilliant scientist from MIT, and Turing Award winner, planning to disrupt financial sector with DeFi services. The value of Algorand reflects the value of performing transactions on Algorand platform.

Having said that, at this stage the price of the utility tokens are purely speculative, as punters take bets on which platform will actually deliver value, as shown in futuristic presentations with emerging business models.
You make a good point regarding accessibility to those who live in less democratic countries, and one I omitted to mention earlier.

I can’t recall the percentage, but a large proportion of those living in Africa do not have a bank account, but they do have mobiles, which opens up access to them.

Algorand is a very good project, and the crypto arena, and crypto is a rather generic term as most “crypto” are not currencies as you point out, is dominated by highly intelligent individuals operating in a very complex space.
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Neil1911
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Post by Neil1911 »

I'm starting to think you have a vested interest 🤔

Are you perchance a "highly intelligent individual operating in a very complex space"? :D
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martinto8
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Post by martinto8 »

I do believe banks will have some adaptation of crypto and its underlying blockchain technology so it will find its way into mainstream banking if it has not already done so

For 2022 I will be looking closely at the ISO 20022 list as these will have centralised adoption

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XDC - XDC
Stellar Lumens - XLM
Iota - IOTA
Algorand- ALGO
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pmg
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Post by pmg »

"Bitcoin is not regulated in Britain, which means that investors are not sheltered by consumer protection laws if they lose their money through a hack on an online exchange, for example.


The Financial Conduct Authority, the City watchdog, has warned that people who buy Bitcoin often do not understand it and that it is an extremely risky investment as prices could fall to zero. "
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Bazza06
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Post by Bazza06 »

Neil1911 wrote: Thu Dec 30, 2021 11:42 pm I'm starting to think you have a vested interest 🤔

Are you perchance a "highly intelligent individual operating in a very complex space"? :D
I have been into crypto since 2017, but I am far from a highly intelligent individual in any space.
Whilst I have an interest, I've never made any recommendation for people to invest. Many could not handle the volatility.

I follow the crypto markets every day, and I have seen the swing from it being a market of retailers, to now increasing amounts of money coming from institutions.

In creating this thread, I was interested to know whether there was similar interest from those here.
Last edited by Bazza06 on Fri Dec 31, 2021 1:49 pm, edited 1 time in total.
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Bazza06
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Post by Bazza06 »

pmg wrote: Fri Dec 31, 2021 10:55 am "Bitcoin is not regulated in Britain, which means that investors are not sheltered by consumer protection laws if they lose their money through a hack on an online exchange, for example.


The Financial Conduct Authority, the City watchdog, has warned that people who buy Bitcoin often do not understand it and that it is an extremely risky investment as prices could fall to zero. "
That is absolutely correct.
My personal view is that it will never go to zero, although everything is possible.

Regulation in crypto is likely to happen, and many welcome it.
Institutions are keen to enter the space, and some already are, but for those that are not, it is the lack of regulation that is holding them back.

It is a 2.5T market that they cannot ignore.
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neilj007
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Post by neilj007 »

First they ignore you, then they laugh at you, then they fight you, then you win - I think we're in the fight stage
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Bazza06
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Post by Bazza06 »

neilj007 wrote: Fri Dec 31, 2021 2:14 pm First they ignore you, then they laugh at you, then they fight you, then you win - I think we're in the fight stage
I've seen this saying a few times in reference to crypto.
Didn't realize until recently that it is attributed to Gandhi.
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Pivot
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Post by Pivot »

pmg wrote: Fri Dec 31, 2021 10:55 am "Bitcoin is not regulated in Britain, which means that investors are not sheltered by consumer protection laws if they lose their money through a hack on an online exchange, for example.


The Financial Conduct Authority, the City watchdog, has warned that people who buy Bitcoin often do not understand it and that it is an extremely risky investment as prices could fall to zero. "

I believe that many cryptos will fail and get deprecated, taking few gamblers with them. If someone is buying crypto tokens without understanding what they do to add value, they are gambling with no apparent edge.

I do have a small portfolio of crypto tokens as an experiment, as I work in IT and I should understand how they actually operate. However, I have basic understanding of what the tokens (I hold) do , what market do they plan to disrupt and what is their adoption rate.

As soon as big banks adopt this tech — and they are working on it — intense competition will replace the demonisation. Sadly, retail investors will have to pay serious premium to enter the market at that late stage.
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Pivot
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Post by Pivot »

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