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Hitting 1 Million - Stocks & Crypto [formerly Long Road to Millionaire Topic]

Honest reporting on shorter-term trading activity and ideas
StepOne
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Re: Hitting 1 Million - Stocks & Crypto [formerly Long Road to Millionaire Topic]

#188681

Postby StepOne » December 21st, 2018, 2:48 pm

will89 wrote: an investment in ETH placed on the date of my first post discussing the subject, March 3rd 2017, would still result in a profit of 750% if you bought then and sold today. Lost shirts are relative.


Fine, but you were still lucky. Long-term ETH in all likelihood will be worthless in my opinion. You just happened to get out before the masses realised. All the research in the world doesn't mean you weren't lucky.

Yours in jealousy,
StepOne :-)

TraderTed
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Re: Hitting 1 Million - Stocks & Crypto [formerly Long Road to Millionaire Topic]

#189111

Postby TraderTed » December 24th, 2018, 1:31 pm

Bitcoin is one of the worst of the cryptos. About all it has going for it is its notoriety.


Bitcoin is the most powerful computing network on the planet. No other cryptocoin comes close on security.
What it has going for it is that nobody can corrupt it's open ledger of account. Not hackers, not government.
Nobody needs to rely on a third party to make a transaction. No banks required.
Buy and seller can be anywhere in the world and have their transaction confirmed in 10 mins.
Nobody can do a charge back and recover the funds.

TraderTed
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Re: Hitting 1 Million - Stocks & Crypto [formerly Long Road to Millionaire Topic]

#189113

Postby TraderTed » December 24th, 2018, 1:38 pm

It is, but my (badly) made point was there was or is nothing stopping others from coming up with other coins, as the market has done.


The market has not stopped most countries on the planet having their own currency. It's a free market. Dogecoin has inflation built in. It will never be worth the same as a Bitcoin. No different to the Sterling(Pound) vs. Japanese Yen. You create more units they going to be worth less in comparison.

GoSeigen
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Re: Hitting 1 Million - Stocks & Crypto [formerly Long Road to Millionaire Topic]

#189257

Postby GoSeigen » December 25th, 2018, 1:23 am

TraderTed wrote:
Bitcoin is one of the worst of the cryptos. About all it has going for it is its notoriety.


Bitcoin is the most powerful computing network on the planet.

We're going to need evidence for the claim. Even if true it means nothing as it is so unbelievably inefficient that only c400,000 transactions per day are possible.
No other cryptocoin comes close on security. What it has going for it is that nobody can corrupt it's open ledger of account. Not hackers, not government.

Well, that's not unique to Bitcoin. This idea was not patented and has little value to the holder of bitcoin.
Nobody needs to rely on a third party to make a transaction.

What about the 400,001th person who wants to do a transaction today?
No banks required.

Shame, I like banks, have large equity positions in banks. Does this mean the banks will have no more use and all go bust?
Buy and seller can be anywhere in the world and have their transaction confirmed in 10 mins.

Why so long? I can do the same thing in a matter of seconds with my [bank intermediated] credit or debit cards.
Nobody can do a charge back and recover the funds.

That's a shame. How do I get my money back when a retailer has cheated me?

GS

scrumpyjack
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Re: Hitting 1 Million - Stocks & Crypto [formerly Long Road to Millionaire Topic]

#189283

Postby scrumpyjack » December 25th, 2018, 1:34 pm

As I understand it with Bitcoin, it relies on vast amounts of electricity and computing power being used to 'mine' new bitcoins and validate transactions in the process. As there is a finite pool of undiscovered bitcoins to be 'mined' it becomes increasingly expensive to find them. The huge fall in bitcoin must have made a lot of mining activity uneconomic except where the power supply is free?

This does not sound like a viable model in the long term for a crypto currency, unless I've missed something?

It is also extremely un-green (if there is such word?)


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