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The Bubbly Bitcoin Thread -- Merged Threads

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OK some general musing on cryptos ... the way I see there are three killer apps of crypto ccurrencies: inflation proof store of value, smart contracts and low friction micro transactions.

So bitcoin looks like its going to dominate the store of value end of things. Etherium looks like potential front runner for smart contracts.So that leaves micro transactions - anyone any thoughts on what has good potential here ?.

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doomed   
23 minutes ago, goldbug9999 said:

OK some general musing on cryptos ... the way I see there are three killer apps of crypto ccurrencies: inflation proof store of value, smart contracts and low friction micro transactions.

So bitcoin looks like its going to dominate the store of value end of things. Etherium looks like potential front runner for smart contracts.So that leaves micro transactions - anyone any thoughts on what has good potential here ?.

Lightning network built on top of bitcoin. It is extremely unlikely a blockchain will scale well enough to handle micropayments in a decentralised manor. 

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4 hours ago, doomed said:

Lightning network built on top of bitcoin. It is extremely unlikely a blockchain will scale well enough to handle micropayments in a decentralised manor. 

Isn't that dash, the cash equivalent?

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I think the price is correcting ready for its next surge. Strangely people hardly ever seem to buy bitcoin on weekends.

seems there's always quite a softening in price as the weekends comes. must either be something to do with the exchanges work? Maybe it's more professional investors, or simply people tend to buy after work 

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New money doesn't deposit on weekends so if you send to an exchange you have to abide by working days. There's none of that in crypto land. It's a lean mean, fiat reducing grilling machine 24/7/365.

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Anyone got any comments on ripple or stellar, these cryptos seem to be up 1000s of %, look to be the 'Banksters' versions of cryptos.

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LC1   

Anyone buying in at these (seemingly insane to me) prices who isn't hedged by having also bought BTC at much lower prices? 

Is it a speculative bubble, or do the fundamentals really justify these dizzying heights?!

(Sort of rhetorical questions, but feel free to share your thoughts!)

 

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I had an add at the trenbdline on bitcoin, missed my entry by 50c. On lite coin I missed my 60c had a bid at 20$. Added some ether at 82, trying to buy ripple and stellar on a pullback (not happened yet), watching doge, looks like might be a runner and cheap as chips.

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My £15 entry point allows me just to sit and hold. At the time it looked like a crazy bubble so I only put a few hundred on as a punt.

i think everyone should have a punt of a few hundred. Not the end of the world to loose it. And a lot of upside. I'm glad I did.

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oracle   
8 hours ago, Mooping said:

First post.

Where is the best place to follow news about these cryptos?

what do you recommend as best wallets+exchanges?

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4 hours ago, jiltedjen said:

My £15 entry point allows me just to sit and hold. At the time it looked like a crazy bubble so I only put a few hundred on as a punt.

i think everyone should have a punt of a few hundred. Not the end of the world to loose it. And a lot of upside. I'm glad I did.

I agree.I started out with a half hearted spread bet on ig index (a punt) on bitcoin at 600£, never expected anything like this run, its been ballistic run.

Now im looking at all the other crypto, they trade like the old dotcom momentum stocks, put in what you can afford into a selection of cryptos, if you bag a 1000%er youll be seriously quids in. If youd of bought 200 quids worth of ripple a few months back, id need to calc what that would be worth today....

Ive also been looking into mining some of the alt coins, get a free stake and the computer pays to heat the room rather than pay the gas bill. Hope to get something set up shortly. Some good vids on you tube about putting your grahics cards to use.

Kraken is the way to go- coin floor is basic, i tried opening a polinex account but they seem to be asleep most of time.

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On 17/05/2017 at 8:54 AM, GreenDevil said:

Anyone got any comments on ripple or stellar, these cryptos seem to be up 1000s of %, look to be the 'Banksters' versions of cryptos.

Ripple had such a bad reputation in the crypto community back in 2013. I don't remember the whole debate, but it's distribution is kind of the antithesis of Bitcoin's distribution in that Ripple can simply create XRP out of thin air at a whim, and they have. They are attempting to bridge fiat and crypto which is honorable but if you've tried it you'll see it doesn't work (yet). The main problem is gateways - there has to be gateways to the banking system where you can take fiat in and out, but the problem is still the same one that Bitcoin has. The banks shut down most of the crypto operations and tell them to take their business elsewhere. So you will see the main gateway is Bitstamp.net and there wasn't a lot of other choices -if any- last time I looked. So keeping funds within the Ripple network is very dangerous. The value of a dollar inside the network is only as good as it's ability to be transported outside of the network back to a gateway bank, and become a real dollar. So the value of the network lies in the integrity of the list of gateway providers, and it's so so low right now and has been for years that I don't understand the price rise. But that's crypto.

You see a news story every now and then about how they have "partnered" with various banks but until it actually happens I think it's wishful thinking. The reason Bitcoin continues to thrive is because it cannot be shutdown, but Ripple is effectively shutdown unless the bankers relent and allow gateways to thrive, something I cannot see happening soon.

That's my understanding, and I have used it. And I didn't like it. You also have to submit documents to do anything useful on it. For me it's a step backwards.

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This is pretty bearish news for Bitcoin:

Yours were one of the more interesting projects on Bitcoin, and were trying to do something technically innovative (micro-transactions) to try and make a chronically unprofitable field (online publishing) work. If they've been forced off of Bitcoin because of network congestion, it really shows what a problem scaling is becoming. The 'store of value' use-case still works, but if everyone steadily moves onto other networks to get things done, does the network effect start to erode? Tough call, and I guess that's why the markets are so nuts right now.

In happier news, I see that ETH has finally broken $100. And I think this smart grid project, announced today and built on the main net, is maybe the coolest real thing I've seen in crypto. There's a lot of froth out there but, at least Ethereum's all-time-high corresponds to an all-time-high in products getting built and new use-cases being found.     

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I think we can say we have reached the moon. 

just hit £1,500 a coin. 100 times what i paid for my first coins.  9900% increase on my original investment. 

If i put in 5 grand back then it would of been worth 500k now, just imagine i might of been able to put a deposit down on a studio in the rough parts of the big smoke, Oh now a man can dream.

Will have to made due with taking the doggen to the local cornish beach instead. 

will fall back this weekend as usual, probs wont pass this new high until the end of next week. 

Edited by jiltedjen

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22 hours ago, Darby Ram said:

This is pretty bearish news for Bitcoin:

Yours were one of the more interesting projects on Bitcoin, and were trying to do something technically innovative (micro-transactions) to try and make a chronically unprofitable field (online publishing) work.

This is much like Changetip, which recently closed due to a lack of users and engagement. The decision to move their entire business over to Litecoin, which has Segwit but a less secure consensus algorithm and only escapes network congestion due to not being used, shows poor judgement.

They'd be better off contributing to lightning network development until they have a viable business model.

22 hours ago, Darby Ram said:

happier news, I see that ETH has finally broken $100. And I think this smart grid project, announced today and built on the main net, is maybe the coolest real thing I've seen in crypto. There's a lot of froth out there but, at least Ethereum's all-time-high corresponds to an all-time-high in products getting built and new use-cases being found.

Being Turing-complete, Use cases have never been an issue for Ethereum. The problems are security and centralisation. At least your comment makes it clear your intention is to shill for your eth investment with your zero-sum vision.

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1 hour ago, darkmarket said:

Being Turing-complete, Use cases have never been an issue for Ethereum. The problems are security and centralisation. At least your comment makes it clear your intention is to shill for your eth investment with your zero-sum vision.

I hold both Eth and Bitcoin and I don't have a zero-sum vision at all: the optimal outcome is that both Ethereum and Bitcoin succeed. Bitcoin maximalism, on the other hand, is by definition a zero-sum vision.

To be honest, I find it a bit sad that the vision of Bitcoin a few years ago has now retreated to such a narrow definition use-case. In 2013, people were talking smart contracts, the internet of money etc etc - now those things are disappearing. And I also think that Bitcoin maximalism is responsible for the failure to tackle the scaling crisis or the concentration of mining interests and hence the market has re-rated other crypto-currencies against Bitcoin over the past couple of months. Assuming that Bitcoin always has the right answer is a bad place spot to be in - so, in the case of Yours Network, the expectation is that they spend their development time fixing the network, rather than their transaction fees buying access to a network where settlement is timely - because the path-of-least-resistance is for developers to head for the network that functions now and which has a plan to keep the lights on for the next five years.     

If you think that observing the obvious problems with Bitcoin, and the shifts in relative valuations between crypto-currencies, is "shilling", then I recommend a quick Bible study session. One verse ought to do it: "Why do you look at the speck in your brother's eye, but fail to notice the beam in your own eye?"

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Bitcoin is basically the same as it always has been, the network being attacked by spam transactions is nothing new. The work on smart contracts based on formal programming for a secure environment continues. The scaling debate is only a problem for people who only ever wanted a get-rich-quick scheme, most of whom moved over to Ethereum and created a huge bubble without addressing the key underlying weaknesses.

Good luck creating secure smart contracts written in Solidity with PoS consensus even Vitalik doesn't believe in.

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