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LotKid
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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: InnerWisdom] 2
#27845161 - 07/01/22 03:11 PM (1 year, 6 months ago) |
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Spoken like a true noob. What gives FIAT currency its value other than people just believing it has value? There's nothing backing FIAT currency and i bet you hold and use FIAT all the time without batting an eye while its buying power steadily decreases. So.... 
If you dont understand crypto and dont wanna take the time to learn then the crypto market probably isnt for you.
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geokills
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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: InnerWisdom] 2
#27845368 - 07/01/22 04:53 PM (1 year, 6 months ago) |
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Quote:
InnerWisdom said: Well, the thing with crypto is, what is it actually used for at the moment but speculation? Anybody know? Where is the value outside of what we believe it has?
The Shroomery has had some difficulty with our traditional banking relationships over the years due to our content (and we are far from the only industry that deals with this type of censorship). For quite some time, this cut off our ability to accept credit cards for payments from our sponsor advertisers, who provide the bulk of the funding that keeps this website running. Crypto offered a work around, and we have for many years had one third to one half of our sponsors remit their dues via cryptocurrencies.
That cryptocurrencies allow a pretty hefty dose of financial self-sovereignty offers both major benefits and potential risk; as it can allow for one to retain complete custody over their liquid net worth, in addition to allowing one to engage in bank-like services such as lending and investing, directly, without giving up custody or paying egregious fees to middling financial institutions (i.e. banks). This of course comes at the expense of some basic fall back safety structures such as federal deposit insurance that you will find in traditional finance, as well as chargebacks in the event that you are a buyer (however on the flip side, the lack of chargebacks is actually a positive consideration for sellers).
As an extension of the financial self-sovereignty benefit, consider that some half a trillion dollars is sent through annual remittances to low and middle-income countries (e.g. migrants who work away from home and remit money back to family in their home country). The speed is often slow and the charges for international remittances can add up quickly, depending on route, especially as a percentage of the transaction for smaller remittances. Step in crypto where you can remit internationally, instantaneously and often for practically zero expense (depending on the network/route you choose to use).
I believe blockchain tech will of course continue to mature, and in turn allow us to maintain personal sovereignty and easier access to use and delegate important credentials such as personal identity and health documentation.
--------------------
-------------------- ┼ ··∙ long live the shroomery ∙·· ┼ ...╬π╥ ╥π╬...
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LotKid
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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: geokills] 2
#27854920 - 07/08/22 02:23 PM (1 year, 6 months ago) |
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Nimpo
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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: geokills] 2
#27858575 - 07/11/22 11:40 AM (1 year, 6 months ago) |
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Might be too early
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geokills
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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: Forrester] 2
#27861480 - 07/13/22 05:22 PM (1 year, 6 months ago) |
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The sudden drops this morning were due to the Consumer Price Index (CPI) report, which was released this morning and came in quite hot. Because of its headline 9.1% inflationary jump, the Fed is likely to remain aggressive on raising interest rates in hopes to bring inflation back down to their long term target of 2%. Of course, the CPI report (as with all government released statistics), is rearward looking because it uses old data. While there was a 9.1% jump in June, gas prices (which were a huge contributor to the high CPI read) have been declining for weeks. So, there is some hope that the market (which attempts to be a forward pricing mechanism) will eventually warm up to the idea that the Fed can eventually take its foot off the gas to some degree. This is likely why you saw a somewhat muted reaction to the report. An initial knee-jerk selloff in equity and crypto based strictly on the headline number and a move toward marginally higher expected rate increases, with a moderating effect once traders realize that the effects of the rate hike cycle take time to affect these types of reports, and that the report in and of itself is on old data.
The hard part with this scenario however, is that it doesn't give the Fed much leeway to be dovish, and when the Fed has to raise rates too aggressively, it is likely they will go a bit too far (they almost always do - in BOTH directions), which can in turn stifle economic growth as debt becomes more expensive and companies therefore have a harder time financing growth. If we can stay above the recent lows in equities and crypto, that's the first step toward building a base that, with a little luck, can start to move away from the narrative that inflation will result in relentless interest rate hikes which will push the economy deeper into recession. Recall also that recessions are only really identified in the rear view mirror, and it is therefore fairly likely that we have already entered one.
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-------------------- ┼ ··∙ long live the shroomery ∙·· ┼ ...╬π╥ ╥π╬...
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Nimpo
Big Black


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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: geokills] 2
#27896486 - 08/09/22 08:09 PM (1 year, 5 months ago) |
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A little heavy on the fear mongering, but interesting read.
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Asante
Mage


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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: geokills] 2
#27897502 - 08/10/22 02:26 PM (1 year, 5 months ago) |
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I come back from the hospital, ten cent Lumen is now 12 
in this thread thats completely peanuts but +20% is pretty in other investment classes.
-------------------- Omnicyclion.org higher knowledge starts here
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ashfiken
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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: geokills] 2
#27900799 - 08/12/22 02:34 PM (1 year, 5 months ago) |
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Writing code gets you steel bracelets?! Tptb, must be scared shirtless if they would go to this length. Lock up the guy that invented the nuclear warhead/atomic bomb while you are at it there chiefs.
-------------------- hmm... "I'm naked and fearless... And my fear is naked." "life isn't worth living without the threat of death" "I got my plans in a ziploc bag, let's see how unproductive we can be" "nobody lives their lives fully except for bull fighters" My Trade List
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budmanman
OTD Masterbater



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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: Enkidu] 2
#27949114 - 09/14/22 02:21 AM (1 year, 4 months ago) |
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The investment markets in general are not looking to good here lately everyone.
-------------------- Everything I have ever said is total bogus bs I am full of crud therefore everything I say should never be taken literal. And I am mentally unstable.
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LotKid
Never.Trust.A.Prankster



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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: gopher] 2
#27992611 - 10/10/22 06:54 PM (1 year, 3 months ago) |
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Yes i did. Go back and look
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geokills
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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: Nimpo] 2
#27994166 - 10/11/22 06:16 PM (1 year, 3 months ago) |
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Quote:
Nimpo said: Bear market bringing the salt in here.
They do tend to do that. 
Quote:
Y’all think we’ll ease out of this recession end of 2023, or midway through 2024?
If the Russian/Ukraine war can reach a resolution, 2023 would seem to be the probable pivot, as the Fed slows down or even stops its hike policies. Frankly, I still believe they will signal paring back a bit on rate hikes before the year is out. But the unfortunate thing is that the war is such a huge wildcard, between the supply and energy issues it exacerbates (which in turn plays into the inflation story and could keep central banks hiking), not to mention the legitimate potential to broaden into a larger and potentially nuclear conflict. The war is the biggest problem, as it is the largest unknown with the greatest potential ripple effects.
--------------------
-------------------- ┼ ··∙ long live the shroomery ∙·· ┼ ...╬π╥ ╥π╬...
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LotKid
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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: budmanman] 2
#28049683 - 11/13/22 08:38 PM (1 year, 2 months ago) |
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Friendly reminder to everyone, self custody anything youre not actively trading
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budmanman
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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: ManianFH] 2
#28052036 - 11/15/22 02:37 AM (1 year, 2 months ago) |
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-------------------- Everything I have ever said is total bogus bs I am full of crud therefore everything I say should never be taken literal. And I am mentally unstable.
Edited by budmanman (11/15/22 02:49 AM)
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LotKid
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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: ButtFace] 2
#28054170 - 11/16/22 09:04 AM (1 year, 2 months ago) |
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Trump is a no good politician like the rest of them. Everyone wants to blame all the inflation on Biden but who started printing a fuck ton of money in 2020? I know I still have the paper check with his name on it. You remember? The checks that were later than promised because some asshole had to have his name on them. Because everything he does is "look at me! Aren't I the best?!"
No, he's not the best. He's a piece of shit like the rest of them. Merica is in a fucked up spot and that fucktard aint the answer.
And his whole "death penalty for drug dealers"... fuck that guy.
My last felony conviction was "drug dealing". Guess in his eyes, I dont deserve to live. Well, maybe he wouldnt feel that way about me if i was in his tax bracket.
American politics should be labeled "for entertainment purposes only" at this point. Nothing but clowns and ass hats. There are no saviors.

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budmanman
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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: Forrester] 2
#28058697 - 11/18/22 05:30 PM (1 year, 2 months ago) |
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The spirit guide says to double down and don't be a pussy.
-------------------- Everything I have ever said is total bogus bs I am full of crud therefore everything I say should never be taken literal. And I am mentally unstable.
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Forrester
aspiring sociopath


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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: Asante] 2
#28062817 - 11/21/22 07:23 AM (1 year, 2 months ago) |
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Quote:
Asante said:
AS FORETOLD THE XLM IS AT 12 CENTS NOW, THE BUY OPPORTUNITY IS NOW,
(From the other thread)
But I'm just messing with ya
-------------------- Repugnant is a creature who would squander the ability to lift an eye to heaven, conscious of his fleeting time here. ------------------- Have some medicinal mushrooms and want to get the most out of them? Try this double extraction method.
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Forrester
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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: geokills] 2
#28100085 - 12/16/22 08:00 AM (1 year, 1 month ago) |
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Oh God what a pain in the ass. I found it tedious just writing it 3 times with a pen Good idea though.
I finally did get my ledger and all my funds are now out of the hands of Coinbase, whew. It was actually real easy to do.
-------------------- Repugnant is a creature who would squander the ability to lift an eye to heaven, conscious of his fleeting time here. ------------------- Have some medicinal mushrooms and want to get the most out of them? Try this double extraction method.
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budmanman
OTD Masterbater



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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: LotKid] 2
#28104314 - 12/18/22 10:41 PM (1 year, 1 month ago) |
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-------------------- Everything I have ever said is total bogus bs I am full of crud therefore everything I say should never be taken literal. And I am mentally unstable.
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Forrester
aspiring sociopath


Registered: 02/05/13
Posts: 9,351
Loc: Northeast USA
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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: Asante] 2
#28133426 - 01/10/23 10:17 AM (1 year, 18 days ago) |
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Quote:
Asante said: Bitcoin is just too costly to the world.
if we can do it at 0.1% of the cost, we must.
How much does $17000 worth of gold cost to mine?
-------------------- Repugnant is a creature who would squander the ability to lift an eye to heaven, conscious of his fleeting time here. ------------------- Have some medicinal mushrooms and want to get the most out of them? Try this double extraction method.
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PatrickKn


Registered: 07/10/11
Posts: 20,562
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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: Forrester] 2
#28133435 - 01/10/23 10:21 AM (1 year, 18 days ago) |
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And transport, and store and protect
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