\[HOW-TO\] Reason correctly about the price of crypto-currency
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[quote name=“TheTribesman” post=“40267” timestamp=“1386275516”]
LOL. But why on earth did you feel you have to say this?? Those who know, know. Those who don’t know, don’t want to know.
:)
[/quote]We are here to help, its the feathercoin way.
Great post Kevlar
We should add this thread to the guides section in a few days time.
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Thank you Kevlar :)
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I came to Feathercoin because of being scammed and manipulated. Feathercoin was here to point another way, to the greater use of coins. That’s why I stayed to help out.
Rep +*1000
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[quote name=“Entimp” post=“40271” timestamp=“1386276420”]
[quote author=TheTribesman link=topic=5472.msg40267#msg40267 date=1386275516]
LOL. But why on earth did you feel you have to say this?? Those who know, know. Those who don’t know, don’t want to know.
:)
[/quote]
Disagree… there are always folk that need a little pushing in the right direction (I usually refer to them as ‘Daily Mail Readers’)… Nice work Kevlar. The more folk we can persuade to hold tight and play the long game the better. There would a bit less speculation and we would all gain.
[/quote]
I stand corrected, but I think the speculation is here to stay. In fact, I personally think the landscape has changed forever. Only time will tell if the principles that CC’s are based on will hold up in the future. It’ll be interesting to see where things are in 2 years. And I still don’t think the network is consumer grade yet. Nowhere near. -
[quote name=“TheTribesman” post=“40346” timestamp=“1386291363”]
I stand corrected, but I think the speculation is here to stay. In fact, I personally think the landscape has changed forever. Only time will tell if the principles that CC’s are based on will hold up in the future. It’ll be interesting to see where things are in 2 years. And I still don’t think the network is consumer grade yet. Nowhere near.
[/quote]And Linux still isn’t grandma ready. But nobody cares about that anymore.
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[quote name=“zerodrama” post=“40353” timestamp=“1386292502”]
[quote author=TheTribesman link=topic=5472.msg40346#msg40346 date=1386291363]
I stand corrected, but I think the speculation is here to stay. In fact, I personally think the landscape has changed forever. Only time will tell if the principles that CC’s are based on will hold up in the future. It’ll be interesting to see where things are in 2 years. And I still don’t think the network is consumer grade yet. Nowhere near.
[/quote]And Linux still isn’t grandma ready. But nobody cares about that anymore.
[/quote]Apparently I need to wait 24 hours to give you more rep, ZD.
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[quote name=“zerodrama” post=“40353” timestamp=“1386292502”]
[quote author=TheTribesman link=topic=5472.msg40346#msg40346 date=1386291363]
I stand corrected, but I think the speculation is here to stay. In fact, I personally think the landscape has changed forever. Only time will tell if the principles that CC’s are based on will hold up in the future. It’ll be interesting to see where things are in 2 years. And I still don’t think the network is consumer grade yet. Nowhere near.
[/quote]And Linux still isn’t grandma ready. But nobody cares about that anymore.
[/quote]
I thought the USP was instant free transfers. The reality is up to 24hr wait for confirmation, and a transaction fee. How far down the line are instant transfers. By instant, I mean being able to walk into an airport, buy a ticket, and get on the next flight? Even if the software existed today, the confirmation speeds make it impossible.Maybe no-one cares, but it’ll all have to be sorted out before we spend any of our cc’s the way we spend fiat money. Until then, it’s all about speculating and moneymaking on crypto exchanges.
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[quote name=“TheTribesman” post=“40367” timestamp=“1386296399”]
Maybe no-one cares, but it’ll all have to be sorted out before we spend any of our cc’s the way we spend fiat money. Until then, it’s all about speculating and moneymaking on crypto exchanges.
[/quote]That’s backwards. Sell ice cream first, then air plane tickets.
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[quote name=“TheTribesman” post=“40367” timestamp=“1386296399”]
[quote author=zerodrama link=topic=5472.msg40353#msg40353 date=1386292502]
[quote author=TheTribesman link=topic=5472.msg40346#msg40346 date=1386291363]
I stand corrected, but I think the speculation is here to stay. In fact, I personally think the landscape has changed forever. Only time will tell if the principles that CC’s are based on will hold up in the future. It’ll be interesting to see where things are in 2 years. And I still don’t think the network is consumer grade yet. Nowhere near.
[/quote]And Linux still isn’t grandma ready. But nobody cares about that anymore.
[/quote]
I thought the USP was instant free transfers. The reality is up to 24hr wait for confirmation, and a transaction fee. How far down the line are instant transfers. By instant, I mean being able to walk into an airport, buy a ticket, and get on the next flight? Even if the software existed today, the confirmation speeds make it impossible.Maybe no-one cares, but it’ll all have to be sorted out before we spend any of our cc’s the way we spend fiat money. Until then, it’s all about speculating and moneymaking on crypto exchanges.
[/quote]If that were true, gyft.com wouldn’t exist.
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It’s a nice way of looking at things but it is not entirely correct. Of course fiat is losing value daily, but not to the amount of 1000/1 in the time since bitcoin came into being to now. If that were the case then other commodities such as a loaf of bread would also have gone up in price 1000 fold, but they have not. Maybe bread has gone up 2 fold in the same time period. So really it is the bitcoin that has gained value.
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[quote name=“robUK” post=“40412” timestamp=“1386310808”]
It’s a nice way of looking at things but it is not entirely correct. Of course fiat is losing value daily, but not to the amount of 1000/1 in the time since bitcoin came into being to now. If that were the case then other commodities such as a loaf of bread would also have gone up in price 1000 fold, but they have not. Maybe bread has gone up 2 fold in the same time period. So really it is the bitcoin that has gained value.
[/quote]I don’t think that the point he was trying to make was the rate at which fiat is losing value, it is more that the system is broken and people need to take a hard look at how we all look at currency and how our economic system works.
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[quote name=“MTRisner” post=“40416” timestamp=“1386311695”]
[quote author=robUK link=topic=5472.msg40412#msg40412 date=1386310808]
It’s a nice way of looking at things but it is not entirely correct. Of course fiat is losing value daily, but not to the amount of 1000/1 in the time since bitcoin came into being to now. If that were the case then other commodities such as a loaf of bread would also have gone up in price 1000 fold, but they have not. Maybe bread has gone up 2 fold in the same time period. So really it is the bitcoin that has gained value.
[/quote]I don’t think that the point he was trying to make was the rate at which fiat is losing value, it is more that the system is broken and people need to take a hard look at how we all look at currency and how our economic system works.
[/quote]+1 sir. (rep that is)
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I think it’s way too early to peg gains and losses of crypto to gains and losses of fiat. If anything has lost value pegged to crypto it’s Gold, not the reserve currencies. I still think during this shift period from fiat to crypto investors will not see crypto as an alternative to fiat, they’ll see it as alternative to Gold as a storage of value. FTC’s price has nothing to do with the devaluation of fiat as countries desperately compete to raise exports to save their economies by offering the cheapest option. FTC’s price is pegged to BTC, which is viewed as ‘digital Gold.’
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[quote name=“Horizon” post=“40467” timestamp=“1386321277”]
I think it’s way too early to peg gains and losses of crypto to gains and losses of fiat. If anything has lost value pegged to crypto it’s Gold, not the reserve currencies. I still think during this shift period from fiat to crypto investors will not see crypto as an alternative to fiat, they’ll see it as alternative to Gold as a storage of value. FTC’s price has nothing to do with the devaluation of fiat as countries desperately compete to raise exports to save their economies by offering the cheapest option. FTC’s price is pegged to BTC, which is viewed as ‘digital Gold.’
[/quote]The comparison to gold is very interesting and the point here, more so than many might think, is an apt one: since banks and governments has begun moving away from the tangible to fueling growth with debt (obviously accumulating debt to finanace projects is ancient, but nothing like we’ve seen since the late 70s/early 80s), ‘gold’ has lost significant value.
‘Gold’, far different than the piece you can actually hold, because the piece you actually hold hasn’t been wrung through the securities department of huge banks 50+ times. Similar points can be made about many commodities; my favorite anecdote comes out of Michael Lewis’ book Boomerang, about the financial crisis. One of the more paranoid (realistic?) investors he interviewed kept physical gold bars and hundreds of thousands of dollars in physical nickels* (metal = a bit under $0.07) in a vault, largely due to his belief that buying it electronically is largely worthless. While worthless may be a strong word, I’d certainly say a case could be made that artificial ‘gold’ is being created by banks at a higher rate than BTC are being mined.
I’ll stop before getting into this: [url=http://www.zerohedge.com/news/2013-11-25/how-gold-price-manipulated-during-london-fix]http://www.zerohedge.com/news/2013-11-25/how-gold-price-manipulated-during-london-fix[/url]
*He, incidentally, was heavily questioned at multiple levels for trying to buy X amount of a specific form of currency.
