Cryptocurrency

[psychocandy]

Bittylicious is easy to buy. Just not the cheapest.

[Drei]

Don't know - you only need a small amount of bitcoin to buy through bitsqaure. Now would be a good time to buy in after the bloodbath of the last 24 hours. Lots of weak hands cashing out / giving up.

I been trying to do that, could have made over £2k just by buying this morning... just ******* exchanges being a pain in ass, Coinbase cancelled my purchase about 20 times so I am going to not bother with that, Kraken I haven't actually tried to send funds to, Bitsquare I need bitcoins so it seems and I cannot find any sell orders for Litecoins, Stellar or Ripple (all went up since this morning). Do we just put a buy order and then hope for someone to accept it? I only want to trade for Money, not point going to Bitcoin then back to whatever, the rate BTC is fluctuating I don't think it is worth it, plus losing fees doing it.


Thing is if I send money to Kraken and I can't buy anything and decide to pull back the same amount I am going to lose money due to conversion rate and their cash-out fees Whole damn process is a damn minefield.

[AtW]

just ******* exchanges being a pain in ass, Coinbase cancelled my purchase about 20 times

Just? Imagine all exchanges were shut down and there was no way to sell your "coins" for real money.

How much would your "coins" be worth then?

[Drei]

Just? Imagine all exchanges were shut down and there was no way to sell your "coins" for real money.

How much would your "coins" be worth then?

Indeed but even if let's say a huge sale rises and you cannot sell, if you got your coins at a penny and now worth $300, surge happens price drops to $250 you can still sell at $250.

If you look back over this post I did ask Scoot to tell me what the real value of a bitcoin is. At least with money, if there is an apocalyptic event you can still use it to start a fire and warm yourself up
We need a cryptocurrency that has a better algorithm, something that picks the strongest FIAT and sticks with that so the value doesn't shoot up by huge % but very little.



I just read this on one of the crpto forums and it is pretty much what my opinion is:

Really??? So... everyone thinks that when you see your LTC at $34 this money is already yours? It is not yours not even when it is in your pocket!!! Suddenly your beloved FIAT may not be able to buy you half of what it did a month ago... Trust me, I´m in Venezuela and I know exactly what I´m talking about. The real thing is that this cryptos are NOT stocks, or commodities or whatever thing you may want to call them... They are intended to be traded for GOODS and SERVICES of every kind, to be accepted as payment by the guy who fixes your car because afterwards he´ll be able to trade those cryptos for milk and bread to take home. And the guy at the store who accepted those cryptos for milk and bread will be able to pay the store´s rent to you so you can pay the mechanic again... Get the picture? The main idea here, for everyone of us embedded in this new age of decentralized money is NOT to get FIAT profit, the idea is to help our lives and everyone´s life to turn in to a monetary system free from governments and geo-political greed, free from the banking system outrageous fees and faceless irresponsibility. Dont get in to cryptos looking for more FIAT (debt money) get in to cryptos wishing to help in turning this place a better place.

This is another good one:

The blockchain is just a distributed ledger. Because it's distributed, and each client has it's own copy, (ignoring the SPV approach for the moment) each and every client can verify their own copy of the ledger against others, making it, in theory, harder to slip a bogus transaction into the system, because you need to hoodwink the majority of nodes to do so.

In practice however the advent of pooled mining basically completely circumvents this distributed approach, since so many nodes of a given blockchain are funnelled through a usually very limited number of mining pools (centralised servers.)

If one of those pools, that for example controls >25% of the total network for any given blockchain is compromised, havoc ensues. >50% and devastation follows.

Bitcoin zealots will tell you that to compromise the BTC blockchain, an attacker would have to spend £millions. In reality, one visit from the <insert whatever gov alphabet agency here> to whoever owns/operates a large pool on any given blockchain and that blockchain is at their mercy.

tl;dr - Any blockchain that has pooled mining is trivial for TPTB to compromise. Which is just about all of them.

Like I said before, no one should buy cryptocoins unless they intend to use them for actual trading, if they use them as a commodity to be traded for FIAT then the whole idea is null and void. There are no currencies in the whole world that lose/increase their value in a matter of hours to over %50. If that happens is due to a regime change as it happened in Eastern Europe when the Communist Regime was abolished in those countries. I remember my gandma putting some money for me in a checking account. Was enough to buy a car at the time, after the change I went to MacDonalds and got myself a BigMac meal... but this is an extreme example and this happened over many years not quite overnight.

[Andy2]

when it is such a pain even for IT professionals to buy bitcoin , how can joe public even buy it or spend it
Also you have to pay a huge premium to buy and sell

[scooterscot]

me what the real value of a bitcoin is. At least with money, if there is an apocalyptic event you can still use it to start a fire and warm yourself up
We need a cryptocurrency that has a better algorithm, something that picks the strongest FIAT and sticks with that so the value doesn't shoot up by huge % but very little.

Then use the blockchain called 'Tether', it is pegged to the US $ and will never change value unless the dollar does. A good place to stash cash quickly on another block chain if you're looking to shelter from volatility, like I did myself the last couple of days.

[scooterscot]

when it is such a pain even for IT professionals to buy bitcoin , how can joe public even buy it or spend it
Also you have to pay a huge premium to buy and sell

This surprises me. Don't even work in IT.. maybe that's why.

[ChimpMaster]

when it is such a pain even for IT professionals to buy bitcoin , how can joe public even buy it or spend it
Also you have to pay a huge premium to buy and sell

This is exactly what cross my mind as I was trying to buy coins. I'm a hands-on tech savvy IT consultant and have also traded all sorts of financial instruments/derivatives for the past 17 years. But the Bitcoin thing is unnecessarily complicated and seemingly deliberately frustrating. It does not add up, it's not logical, and so at this time I will not take part.

[ChimpMaster]

That's quite the crash in BC $ value this past couple of days. Massive volatility.

Chart looks like price touched $1800 on 27/05 but is now partially recovered back up to $2200.

Looks like all other coins also crashed this past couple of days. Stellar from $0.55 to $0.35 (went low as $0.21). ETH from $200 to $160 (touched $100 on 27/05!).

Looks like a massive change of hands or the whales washing out.

[AtW]

Indeed but even if let's say a huge sale rises and you cannot sell, if you got your coins at a penny and now worth $300, surge happens price drops to $250 you can still sell at $250.

It would very quickly drop back to pennies if it's not possible to cash "coins" out into "fiat" currency.