The ramifications of blockchain technology?

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Re: The ramifications of blockchain technology?

#281  Postby OlivierK » May 28, 2019 6:55 am

Scot Dutchy wrote:We have to take Jamest's word that he is making money dont we?

Well yeah, we do, but he declared his long position in BTC, and his purchase price, before the recent rise, so I'm not sure there's much point doubting him. And honestly, whether his crypto holdings are as described or not doesn't affect anyone else anyway, so who cares?
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Re: The ramifications of blockchain technology?

#282  Postby Scot Dutchy » May 28, 2019 10:53 am

Point taken.
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Re: The ramifications of blockchain technology?

#283  Postby SafeAsMilk » May 28, 2019 11:42 am

jamest wrote:
SafeAsMilk wrote:
jamest wrote:
My cred is reflected in the charts.

If cred's in the charts, then Buffett's got you beat for decades. He's been doing this for more than five seconds, unlike you, and has made far more money than you could ever possibly hope to make.

WB's wealth coincides with his age, nationality and the economics of his time.

Not everyone his age, nationality, and economics is as wealthy as him. What he's shown is the ability to make whatever his situation is work to his advantage. You've been at it for five seconds, so have some humility instead of bragging about "cred", because compared to people who've been making and managing wealth for decades upon decades, you've got none.

He was a smart chap, obviously, but his country is now on the verge of being usurped by China, his country's currency is now on the verge of collapse, the stock markets are on the verge of catastrophic collapse, yet he still utters the same bullshit philosophy regardless.

His "philosophy" has, again, made more money than you can ever hope to make, over a far longer span of time, and has made him more profitable than any flash-in-the-pan scheme that's currently got your attention. Them's just the facts. In terms of cred, anyone with a brain in their head would take him over you any day of the week.
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Re: The ramifications of blockchain technology?

#284  Postby felltoearth » May 28, 2019 1:41 pm

I guess the difference between Jamest’s “take down” of WB and his “take down” of Einstein is with the former he actually has to put his money where his mouth is.
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Re: The ramifications of blockchain technology?

#285  Postby jamest » May 28, 2019 8:19 pm

I'm not saying that what WB did wasn't impressive, I'm just saying that what he did was enabled by the particular economic society in which he lived. Since I am strongly of the opinion that the world is on the verge of an economic revolution, the particular philosophy he used to accumulate his wealth will soon be obsolete. That's why I called him a dinosaur.
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Re: The ramifications of blockchain technology?

#286  Postby jamest » May 28, 2019 8:37 pm

OlivierK wrote:
I do note that when you talk about your investment strategy, you tend to do so in very absolutist terms (much as you seem to have pretty black-and-white views on other subjects). From a risk management perspective, there are certainly times where being half in and half out is a reasonable strategy, and with a large unrealised gain, you might want to consider a stop-loss strategy (or profit taking strategy, for that matter) more nuanced than "all out at $X" - effectively breaking your position into parts, and trading each part with different attitudes to risk - if you're not already doing so.

I intend to start trading on Binance as soon as I move home (hopefully) this summer. That will involve swapping crypto for Tether (stable coin equivalent to $1) for the expected dips and buying back in with Tether for the expected rises. Also, one can make money by swapping one crypto for another.
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Re: The ramifications of blockchain technology?

#287  Postby OlivierK » May 28, 2019 10:17 pm

Sure, but that's all beside the point I was making that there are more positions possible than "all in BTC", "all in coin X" or "all in tether". Even within crypto, diversification is a thing, and managing different tranches of capital using different approaches to risk is also a thing, even within a single currency (eg selling some percentage of coin on a dip using stop loss, but running the rest in case of a bounce, or setting second stop loss for the rest at a lower level). You may already be doing this, but if not, it's worth considering whether that would allow you to manage your risk in a more nuanced way.
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Re: The ramifications of blockchain technology?

#288  Postby jamest » May 28, 2019 10:45 pm

My position will become more sophisticated very soon, I'm sure. Regardless, I genuinely appreciate advice from someone who has worn the t-shirt. Many thanks.
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Re: The ramifications of blockchain technology?

#289  Postby Scot Dutchy » May 29, 2019 6:50 am

Well you cant go wrong with 10 cents can you.
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Re: The ramifications of blockchain technology?

#290  Postby tuco » Jun 03, 2019 6:52 pm

tuco wrote:
Svartalf wrote:So long as there are traders willing to exchange cryptostuff for real goods and services, I'll refrain from stating they are fraudulent.


I would be interested in numbers showing the use of bitcoin and other cryptocurrencies for purchases of goods and services vs purchases for speculation and investment.

The Revolution Will not be Centralized

What revolution?



Bitcoin's Rally Masks Uncomfortable Fact: Almost Nobody Uses It
Merchant transactions account for 1.3% of economic activity
Speculation remains the primary use, Chainalysis data show


The trend could be a troublesome sign for Bitcoin’s longevity. Its anonymous creator, Satoshi Nakamoto, envisioned Bitcoin’s use in everyday transactions, from buying coffee to paying for rental cars. More recently, investors have been emphasizing that Bitcoin has instead morphed into a digital version of gold -- an asset that holds value at times of economic uncertainty, as Bitcoin is uncorrelated to stocks or bonds. That may be wishful thinking, though.


“Bitcoin is the leader today, and may continue to be the leader due to having the largest network effect and ‘brand,’ but I don’t think Bitcoin itself will ever be ‘money,”’ Jeff Dorman, chief investment officer at Los Angeles-based Arca, said in an email. "Bitcoin doesn’t have to be money to be a success. A lot of great technologies end up being strategically important without living up to their initial road map."


https://www.bloomberg.com/news/articles ... dy-uses-it

---

What revolution?
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Re: The ramifications of blockchain technology?

#291  Postby jamest » Jun 03, 2019 11:05 pm

tuco wrote:
tuco wrote:
Svartalf wrote:So long as there are traders willing to exchange cryptostuff for real goods and services, I'll refrain from stating they are fraudulent.


I would be interested in numbers showing the use of bitcoin and other cryptocurrencies for purchases of goods and services vs purchases for speculation and investment.

The Revolution Will not be Centralized

What revolution?



Bitcoin's Rally Masks Uncomfortable Fact: Almost Nobody Uses It
Merchant transactions account for 1.3% of economic activity
Speculation remains the primary use, Chainalysis data show


The trend could be a troublesome sign for Bitcoin’s longevity. Its anonymous creator, Satoshi Nakamoto, envisioned Bitcoin’s use in everyday transactions, from buying coffee to paying for rental cars. More recently, investors have been emphasizing that Bitcoin has instead morphed into a digital version of gold -- an asset that holds value at times of economic uncertainty, as Bitcoin is uncorrelated to stocks or bonds. That may be wishful thinking, though.


“Bitcoin is the leader today, and may continue to be the leader due to having the largest network effect and ‘brand,’ but I don’t think Bitcoin itself will ever be ‘money,”’ Jeff Dorman, chief investment officer at Los Angeles-based Arca, said in an email. "Bitcoin doesn’t have to be money to be a success. A lot of great technologies end up being strategically important without living up to their initial road map."


https://www.bloomberg.com/news/articles ... dy-uses-it

---

What revolution?

The concept is quite new, as is the ever-improving technology. Things are improving across the board, for instance I recently discovered that there are visa debit cards (Wirex is the one I have acquired) which you can load with bitcoin and spend almost anywhere (similarly, gold-loaded cards such as this exist). So it's actually quite easy these days to use crypto (or gold) in most everyday life transactions. It's no longer the case that businesses have to accept crypto before you can use it.
The issue is one of awareness. I mean, at a push I'd guess that less than 99% of the readers of this post will have known that crypto visa cards exist.

The time will come when the stock markets do crash and fiat collapses, then panic sets in, and awareness of crypto will increase dramatically. I'm thinking that such events will spark lift-off for crypto in terms of the masses.

Also, I think that the primary source of attraction for newbie investors of bitcoin will be as a store of value, a hedge against such shit, similar to gold. An interesting article I came across recently:
https://www.ccn.com/generation-bitcoin- ... etf-expert

“When we talk to our younger clients – we have a core gold allocation in our portfolios, and they’ll ask about that and say, ‘What about crypto?’ And if you talk to, primarily millennials, and ask them which they prefer, bitcoin or gold, it’s a landslide. It’s not even close, it’s like 90% prefer bitcoin.”

One has to understand of course that within a decade or so the millennials will be taking the reins. It's a rapidly changing world and we either have to adapt or suffer the consequences.
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Re: The ramifications of blockchain technology?

#292  Postby jamest » Jun 11, 2019 1:23 am

Just checking in. No major changes really, BTC hovering close to 8K. Litcoin already looking interesting though as per my previous tip. However, many in the space are still predicting a massive plunge, so I'm moving a significant portion (most of it) of my portfolio into Binance with a view to transforming it into either Binance coin or Tether (asap).

This isn't investment advice, even if I were qualified (as per regulation) to give it. This is (just) now what I am doing to protect my investments. In effect, I am preparing to gain from my previous investments even from losses. There will be losses, fact. The market breathes in and out (up and down) even during a bull market.

What I am doing NOW is a means to maximising my profits. For example, I'm currently looking for the right moment to breathe out with a view to the right moment to breathe in thereafter. In effect, it's a means of owning the wave only at its crest and giving it away well before the trough, with an eye on buying close to the trough.

That, essentially, is what good trading is about. Which means that even if BTC halves in price this week, I'll still make a profit.

In other words I'm now personally at the stage where profits are no longer contingent upon the price I bought in at compared to the current price. So spare me your laughter if it all goes pear-shaped on the price, because I've transcended that realm now.

I cannot seem to avoid transcending realms. ;)
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Re: The ramifications of blockchain technology?

#293  Postby jamest » Jun 17, 2019 11:24 pm

Bitcoin is well over 9K now so currently looking very good, though a significant correction could come at any point. I'm hoping it comes well after the 10K mark and gets no lower than 10K (ever again), but I'm prepared for all scenarios.

Something important I wanted to mention/discuss, related to something Thommo said somewhere (I can't find it), is that although there is a finite amount of bitcoin, it isn't infinitely divisible. In fact, it's only divisible to 8 decimal places and 0.00000001 Btc is called a 'satoshi'. So, 100,000,000 satoshi = 1 bitcoin. This is a fixed metric and there's no lower denomination of bitcoin than a satoshi.

So, let's imagine that bitcoin eventually becomes the world's currency. There's a finite amount of it and that amount is only finitely divisible. The implications of the above means that 1 satoshi can never be more than enough to pay for the cheapest products, currently equivalent to roughly $/£0.1 now.

If there are a 100,000,000 satoshis per bitcoin and the price of 1 satoshi is constrained thus, then the very uppermost price of BTC is similarly constrained due to its own 20 million (ish) finite amount.

So, I've been wondering from a mathematical stance wrt the world's economy whether this amount of satoshis would suffice? Also, what would be the overall economical implications for such a rigid metric, globally? Intelligent opinions welcomed, as always.
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Re: The ramifications of blockchain technology?

#294  Postby jamest » Jun 18, 2019 12:21 am

For what it's worth, I realise why nearly everything I've said here has been pooh-poohed. I honestly feel like the bloke going down to the pub in early 17th century England, imploring everyone to join me in my trek to this place I've heard about called Jamestown (the irony! :grin: ).

Life's short and is what you make of it. That's why those people fucked off from England in the first place, and they had a lot more to risk than their wealth.

It's still not too late, is all I'll add.
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Re: The ramifications of blockchain technology?

#295  Postby Scot Dutchy » Jun 18, 2019 4:25 pm

When Facebook come in on the act you really know it is a big con:

What is Libra? All you need to know about Facebook's new cryptocurrency

Facebook claims it wants to reach people without access to a bank account, and that Libra is the best way

On Tuesday, Facebook announced a digital currency called Libra that will roll out for use in 2020 and allow the platform’s billions of users across the globe to make financial transactions online.

The new technology threatens to change the landscape of banking and is already the subject of scrutiny, as Facebook faces increasing calls for regulation and antitrust measures.

But regulatory questions aside – how soon can you use Facebook’s new digital coin to buy coffee? Here’s what you need to know.


You need a bank account here. You cant live without one.
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Re: The ramifications of blockchain technology?

#296  Postby felltoearth » Jun 18, 2019 5:55 pm

Nope. Nope. And nope.
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Re: The ramifications of blockchain technology?

#297  Postby kiore » Jun 18, 2019 9:00 pm

jamest wrote:For what it's worth, I realise why nearly everything I've said here has been pooh-poohed. I honestly feel like the bloke going down to the pub in early 17th century England, imploring everyone to join me in my trek to this place I've heard about called Jamestown (the irony! :grin: ).

Life's short and is what you make of it. That's why those people fucked off from England in the first place, and they had a lot more to risk than their wealth.

It's still not too late, is all I'll add.


It didn't work out so well for those early settlers of Jamestown you know, disease, shipwreck....financial ruin.
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Re: The ramifications of blockchain technology?

#298  Postby Svartalf » Jun 18, 2019 9:06 pm

which Jamestown are you talking about?
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Re: The ramifications of blockchain technology?

#299  Postby Scot Dutchy » Jun 19, 2019 6:35 am

His fantasy Jamestown just like all his fantasies based on nothing not even fresh air.
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Re: The ramifications of blockchain technology?

#300  Postby jamest » Jun 20, 2019 9:51 pm

kiore wrote:
jamest wrote:For what it's worth, I realise why nearly everything I've said here has been pooh-poohed. I honestly feel like the bloke going down to the pub in early 17th century England, imploring everyone to join me in my trek to this place I've heard about called Jamestown (the irony! :grin: ).

Life's short and is what you make of it. That's why those people fucked off from England in the first place, and they had a lot more to risk than their wealth.

It's still not too late, is all I'll add.


It didn't work out so well for those early settlers of Jamestown you know, disease, shipwreck....financial ruin.

Yes, I know. Likewise for crypto investors. Last year, for instance.
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