Cryptocurrency

[ChimpMaster]

Hope you've got your seat belts on - the elevator is about to take off.

They've all come down this weekend....

At the time of writing:

BTC - 7%
ETH -12%
LTC -11%
XLM -12%

[Drei]

They may dip just a little but in the long run they all go up.

Scoot the moment anyone says stuff that makes sense all the crypto lovers jump up and scream heresy but they themselves cannot explain it.

The reason I compared the recession is because the market was booming and people were making huge money out of the fact that plenty were buying those mortgages. Same thing with crypto more or less, people paying huge sums for virtual coins thinking they will make a profit when in fact the people they are buying from are making that huge profit. Any new buyers essentially are paying an interest of %3000 on the crypto, at least with the mortgages it was %8 or whatever it hit before crashing. If crypto crashes it may cause another recession.

Saying that the UK was not hit by the recession is just being plain ignorant to the fact that there are so many people in the UK living pay-check to pay-check. I even heard contractors on massive daily rates complaining that they did not get paid one week and cannot afford to pay their bills... like WTF? Or others screaming that it is the end of the year and they have no money to pay corporation tax... again WTF are they doing with the money in the company accounts?

With the house market, if you got a mortgage for whatever value and then the house prices crash, which puts you in negative equity however you can still afford that mortgage or you already paid a substantial part of it... yes you can still live in that house and after a few years the prices will go back up. Someone we know moved in my area before we did, got the house just before the recession so they ended up paying around £50k more for their house than we did just after the crash. Both houses are now worth the same, only difference is instead of them making £150k profit like us on the house they are making £100k. Still 100k up. Difference with crypto is that unfortunately Land doesn't grow on trees, there will always be less land available than people.
With crypto you can pretty much have as many Alt Coins as you want doing exactly the same thing. Not like you can have a parallel Earth now can you?

My frustration besides wishing that I did put some money into Crypto purely for making some free money... is that the majority of "investors" have no idea how it work. I just gave you a great example with Bitcoins. Bitcoin is not made to be used for micro-transactions, it is impossible to use it for your daily shopping or paying your bills with it due to the huge fees. The fees alone will surpass the value of whatever you are buying, unless you buy something of high value. The fees will go up as the vale of the coin goes up due to the coin's value VS Actual Money.

What happens if indeed the world banks and government crash because of all the cryptocurrencies bypassing their hands? People keep shouting free the world, revolution, stick it to the man...

Do tell me, everyone adopts Bitcoins, it is used on a daily basis, it is now worth $1,000,000 and each transaction regardless if you buy a packet of gum or freaking plane will be $1100. What then? Remember, the transaction fee will go up depending on the wallet used and previous transactions.

[scooterscot]

They've all come down this weekend....

At the time of writing:

BTC - 7%
ETH -12%
LTC -11%
XLM -12%

Yes - cause of bitcoin. Hold tight - I said in the next 10 days - 8 days now.

Bit when bitcoin takes a small correction all alt-coins take a deeper cut. The ones I've chosen there was little else to cut back on. They'll also be the ones to move up the greatest.

Take XLM - down 12%. That'll be nothing by the end of this month. Mark my words.

[scooterscot]

They may dip just a little but in the long run they all go up.

Scoot the moment anyone says stuff that makes sense all the crypto lovers jump up and scream heresy but they themselves cannot explain it.

The reason I compared the recession is because the market was booming and people were making huge money out of the fact that plenty were buying those mortgages. Same thing with crypto more or less, people paying huge sums for virtual coins thinking they will make a profit when in fact the people they are buying from are making that huge profit. Any new buyers essentially are paying an interest of %3000 on the crypto, at least with the mortgages it was %8 or whatever it hit before crashing. If crypto crashes it may cause another recession.

Saying that the UK was not hit by the recession is just being plain ignorant to the fact that there are so many people in the UK living pay-check to pay-check. I even heard contractors on massive daily rates complaining that they did not get paid one week and cannot afford to pay their bills... like WTF? Or others screaming that it is the end of the year and they have no money to pay corporation tax... again WTF are they doing with the money in the company accounts?.

The point is about open ledger technology and decentralisation. Bitcoin was not created for micro-transactions. It is no coincidence bitcoin was created after 2008 financial crisis. Banks were fraudulent and remain so to benefit their own end.

ETH has many open ledgers creating many possibilities. OMG coin is one example for micro-payments.

I still don't know of anyone in my fraternity back home whose had to live from 'paycheck' to 'paycheck' since 2008, without having a least a couple of months put by. If people are really struggling like this then Brexit is the last thing they need.

Being almost 8 years since moving to Germany and must admit my financial outlook has changed somewhat. I hate debt. I try to avoid it always now. I never really appreciated how restrictive it was on every day life. In the UK is was just part of my life no questions asked. Payment of corporation tax happens quarterly and usually before I'd invoiced for that quarter! How I moaned. Paying corp tax 9 months after the year end seems mad to me now!

Whether we like it or not open ledger is here to stay. But don't expect all the answers for years to come, but now is the time to get onboard.

[scooterscot]

buckle up dorothy cause kansas is going bye bye

[FrontEnder]

buckle up dorothy cause kansas is going bye bye

So is most of the bitcoin I put into your tips....

[scooterscot]

China banded all ICO's during the weekend - Screwed up all the analysis.

Just hold.

[ChimpMaster]

China banded all ICO's during the weekend - Screwed up all the analysis.

Just hold.

Why would they do that?

Is it part of a wider ban coming into China for Cryptos?

[scooterscot]

Why would they do that?

Is it part of a wider ban coming into China for Cryptos?

A number of ICO's were just fraud. China is acting against that. Or least that's the story being put out there.

Why it is affecting legitimate projects... it's just panic from what I can tell. Try buying back into those coins that have had massive drops, near impossible. No one is selling.

[pjclarke]

https://www.theguardian.com/technolo...-focus-on-icos