Anyone ever bought Bitcoin?

wlu.29 said:
The use case for crypto is still shaky at best
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The problem is that the concept of a digital currency totally makes sense, but it is much easier to implement within the traditional banking system than outside of it. FedNow allows for instant and cheap money transfers. More systems will enable similar smooth transfers. The problems presented by crypto far outweigh the issues it solves. Traditional banking uses trust instead of a 'trust no network' approach. Look at how much fraud and fubars result from people "being their own bank." It just isn't something the general public or any business really wants to get involved in, and there is nothing about it that is user-friendly. Are you expecting the public to guard a secret passkey? 20% of bitcoins are estimated to be lost forever because their passwords were lost. The whole thing is nebulous, and all institutions can easily implement something with similar perks without all the lumps.

We are 12 years into Bitcoin and likely will be talking about adopting being just around the corner in another 10 years. Backers at some point will quit trying to sell it as a new currency but instead something like a safe asset reserve, which defeats the whole point of the whole thing. I don't think cryptocurrency in general would have gotten any attention 12 years ago if they knew how far long it would be in 2024. It is still circle jerking and trying to find some other fool to hold the bag. It has gone no where as a currency.
 
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BB in Crazy!!!! said:
I just unstaked a large portion of my Cosmos and sold some FET at 2.40. Next sale is 3.25.
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Could you share more info on the process? I have several coins but I've never done an unstaking.

You can PM if you prefer
 
kimocomplex said:
Could you share more info on the process? I have several coins but I've never done an unstaking.

You can PM if you prefer
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I had it staked in my Exodus wallet. I just hit unstake and confirmed the amount. Then I have to wait 21 days. That’s it. I saw Cosmos start to climb so I figured it’s time to have some unstaked so I can take some profits if it continues to climb.
 
BB in Crazy!!!! said:
I had it staked in my Exodus wallet. I just hit unstake and confirmed the amount. Then I have to wait 21 days. That’s it. I saw Cosmos start to climb so I figured it’s time to have some unstaked so I can take some profits if it continues to climb.
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But do you get rewards, or are they already calculated in your current total?
 
My collaegue says it will hit a million after a few cycles.
 
Prefect said:
The problem is that the concept of a digital currency totally makes sense, but it is much easier to implement within the traditional banking system than outside of it. FedNow allows for instant and cheap money transfers. More systems will enable similar smooth transfers. The problems presented by crypto far outweigh the issues it solves. Traditional banking uses trust instead of a 'trust no network' approach. Look at how much fraud and fubars result from people "being their own bank." It just isn't something the general public or any business really wants to get involved in, and there is nothing about it that is user-friendly. Are you expecting the public to guard a secret passkey? 20% of bitcoins are estimated to be lost forever because their passwords were lost. The whole thing is nebulous, and all institutions can easily implement something with similar perks without all the lumps.

We are 12 years into Bitcoin and likely will be talking about adopting being just around the corner in another 10 years. Backers at some point will quit trying to sell it as a new currency but instead something like a safe asset reserve, which defeats the whole point of the whole thing. I don't think cryptocurrency in general would have gotten any attention 12 years ago if they knew how far long it would be in 2024. It is still circle jerking and trying to find some other fool to hold the bag. It has gone no where as a currency.
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It has advanced the tech and how they operate. Do you think the Fed and banks aren’t going to copy and take what we have already advanced and learned in crypto?
 
BB in Crazy!!!! said:
It has advanced the tech and how they operate. Do you think the Fed and banks aren’t going to copy and take what we have already advanced and learned in crypto?
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And they should and have. The best ideas of crypto are best implemented without using blockchains. Blockchains are too cumbersome, slow, and expensive to keep up with the number of transaction that take place in real life like with credit cards for example. Going to a trustless system is pointless when the burden far exceeds the expense due to a few bad actors. At that point, it is nothing more than wanting to circumnavigate banking regulations for criminal activities and taxes.
 
Prefect said:
And they should and have. The best ideas of crypto are best implemented without using blockchains. Blockchains are too cumbersome, slow, and expensive to keep up with the number of transaction that take place in real life like with credit cards for example. Going to a trustless system is pointless when the burden far exceeds the expense due to a few bad actors. At that point, it is nothing more than wanting to circumnavigate banking regulations for criminal activities and taxes.
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It’s also to circumnavigate banks and the Fed having total control of your money. We are reaching a point where banks and the government can just shut your money down when they want. First it’s to stop criminal activity. Then it’s to stop anything they see fit. Protests, false information, or even whenever they seem fit.
 
Prefect said:
And they should and have. The best ideas of crypto are best implemented without using blockchains. Blockchains are too cumbersome, slow, and expensive to keep up with the number of transaction that take place in real life like with credit cards for example.
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Bitcoin and Ethereum mainnet are slow but current blockchain networks and L2s have a TPS rate that far exceed the credit card ones. And are cheaper too.
 
BB in Crazy!!!! said:
Stocks?
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No, a stock’s price is at least partially a function of a firm’s product and how much money it is making. A cryptocurrency’s price is based solely on how many other people are buying a cryptocurrency. There is no other driver for its demand. For a product, of which a stock price is a function, the driver for demand is based on people’s need and desire to buy that product as well as the price of substitutes and everything else that affects a product’s demand.

With cryptocurrency, it’s circular. The demand for cryptocurrency is a function of the value of cryptocurrency which is a function of the demand for cryptocurrency.

So basically, you buy some amount of crypto. Then, how much the crypto you bought appreciates or depreciates depends on how many people purchase it after you do. Kind of how I’m a pyramid scheme your paycheck depends on how many other people you can suck into the scheme.
 
BB in Crazy!!!! said:
It’s also to circumnavigate banks and the Fed having total control of your money. We are reaching a point where banks and the government can just shut your money down when they want. First it’s to stop criminal activity. Then it’s to stop anything they see fit. Protests, false information, or even whenever they seem fit.
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This is not reality. You are creating a fictious threat to justify people abandoning not just conventional banking with its regulation and protection but to also abandon the most globally accepted current, the U.S. dollar. This is like thinking it makes sense to cut off your nose to spite your face.
 
Prefect said:
And they should and have. The best ideas of crypto are best implemented without using blockchains. Blockchains are too cumbersome, slow, and expensive to keep up with the number of transaction that take place in real life like with credit cards for example. Going to a trustless system is pointless when the burden far exceeds the expense due to a few bad actors. At that point, it is nothing more than wanting to circumnavigate banking regulations for criminal activities and taxes.
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Just when I thought you couldn’t say anything more ignorant. You’ve exceeded my expectations.
 
Jack Reacheround said:
So basically, you buy some amount of crypto. Then, how much the crypto you bought appreciates or depreciates depends on how many people purchase it after you do. Kind of how I’m a pyramid scheme your paycheck depends on how many other people you can suck into the scheme.
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Basically, everyone wants to be the first into a crypto or pyramid scheme. Anyone in on the scheme won't be critical of it or be realistic in its portrayal because its price solely depends on finding someone to buy your bag. It is not a business that sells a product or service to the public. It is pumped with Tether, which is no longer Tethered to the dollar and is printed out of thin air to pump up the price of Bitcoin. Wash trading is rampant. 90% of trades are fake to pump the price up. No other commodity would legally have this be allowed. Crypto is not a currency but just a get rich scheme and it would be best to remember that no one cares about its use. All the players would find it a nightmare if its price stabilized like any trusted currency. That is why ,in my opinion, it is doomed to be a colossal failure as a currency. Everyone vested in it is its own worst enemy.
 
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