Fraser Fyvie Posted September 9, 2021 Share Posted September 9, 2021 El Salvador: "We bought the dip!"Solana: "What dip?"I also got some Serum a few months ago. The concept sounds good and SBF isn't a bad horse to be backing. I was a bit worried that I was essentially doubling down on Solana though as Serum's success will be closely linked to Solana's, but it looks to be paying off. Up 40% today. $SOL doesn’t give a f**k about your dips. SBF is taking over the world. $FTT around all time highs as well, and will probably continue as they are starting to build out their NFT marketplace and signing Brady, Curry etc. What a chad. 0 Quote Link to comment Share on other sites More sharing options...
DiegoDiego Posted September 9, 2021 Share Posted September 9, 2021 $SOL doesn’t give a f**k about your dips. SBF is taking over the world. $FTT around all time highs as well, and will probably continue as they are starting to build out their NFT marketplace and signing Brady, Curry etc. What a chad. Most crypto projects are going after the few thousand folk who are active crypto users. SBF goes after the other 99% of the world. Him and Vitalik aren't even thirty yet. Arseholes. 0 Quote Link to comment Share on other sites More sharing options...
Detournement Posted September 9, 2021 Share Posted September 9, 2021 50 minutes ago, Suspect Device said: The whole financial system is built on trust when it comes down to it. I've been 'reliably informed' that my Gold ETF might not actually have the physical gold since the numbers don't add up between the actual physical gold in the world and the amount of gold which is theoretically held in all the ETFs. Whether that's true or not, I just don't know. The guy who reliably informed me is a gold obsessive though who is always expecting the financial ponzi scheme to come crashing down and his physical gold stash to be his saviour. There is less gold than the official total because America lied about their gold reserves during the 60s and early 70s so they could pay for Vietnam, the Space Race, nuclear supremacy and LBJ's Great Society without wrecking the Bretton Woods agreement. Eventually Britain and France got scared about their dollar holdings being devalued and asked for gold so America ended Bretton Woods and switched to the Petrodollar system. It doesn't matter though. As long as western states use their police and military to enforce economic hegemony the false total is the only one that counts. 1 Quote Link to comment Share on other sites More sharing options...
Detournement Posted September 9, 2021 Share Posted September 9, 2021 Crypto is just a speculative gambling market but as long as fiat keeps being printed in massive amounts crypto bubbles can keep going up. Crypto being entirely reliant on central bank fiat printing is a nice irony. -1 Quote Link to comment Share on other sites More sharing options...
Detournement Posted September 9, 2021 Share Posted September 9, 2021 Lol at the red dot. The arguments about publicly traded crypto being a superior currency to central bank fiat are long dead. They are simply speculative investments valued in fiat and like the stock market their current value is dependent on a glut of fiat cash due to huge amounts of printing. 1 Quote Link to comment Share on other sites More sharing options...
iron mike python Posted September 9, 2021 Share Posted September 9, 2021 11 minutes ago, Detournement said: Lol at the red dot. The arguments about publicly traded crypto being a superior currency to central bank fiat are long dead. They are simply speculative investments valued in fiat and like the stock market their current value is dependent on a glut of fiat cash due to huge amounts of printing. Sorry I hurt your feelings but there is a bit more to cryptocurrency than the speculative side if you care to look. I had to red dot you because your post is ignorant of this. 0 Quote Link to comment Share on other sites More sharing options...
iron mike python Posted September 9, 2021 Share Posted September 9, 2021 1 hour ago, Kapowzer said: I've got sizeable chunks of Etherium and Etherium Classic, reading above is the classic tainted? Its not really tainted, it is just not used that much and therefore is easier to attack. You can still sell your ETC Eth Classic for something else if you have it on an exchange. 1 Quote Link to comment Share on other sites More sharing options...
Kapowzer Posted September 9, 2021 Share Posted September 9, 2021 Cheers. Kraken have just told me dYdX is available. Anyone know much about it? 0 Quote Link to comment Share on other sites More sharing options...
Zetterlund Posted September 9, 2021 Share Posted September 9, 2021 10 hours ago, iron mike python said: This is the reason that crypto gets its value. Bitcoiners use the term "Verify!, don't trust". Basically everything on a decentralized blockchain can be verified if you put the effort in. Decentralisation is a spectrum and within crypto, assets and applications have their own sets of trust assumptions and you would have to put the effort in to see this being true (running your own Bitcoin/Eth node would be the pinnacle of this). You raise a very good point about gold and that is why people are more excited about Bitcoin than gold. We can see exactly who owns how many Bitcoin, thousands and thousands of computing units around the world are working to ensure this is known exactly. With Gold...... we don't really know and we need to trust. Also will synthetic gold become so good it is indistinguishable one day? Will an asteroid show up and be mined for gold? Safe to say if it's economically viable to mine gold on asteroids, gold bugs on Earth will be pretty chuffed with their investment. 0 Quote Link to comment Share on other sites More sharing options...
Zetterlund Posted September 9, 2021 Share Posted September 9, 2021 23 hours ago, gaz5 said: The answer is pretty simple. To use the system for it's intended purpose the price of XRP for utility doesn't matter to institutions, only that enough liquidity exists to handle the number of transactions they need to process. The utility for large institutions is the "on demand liquidity", that means they don't have to park billions in offshore accounts that they can't use just in case they need to settle a debt, and that on demand liquidity being used for near instant settlement anywhere in the world. They are essentially buying XRP to settle a contract, sending it to someone straight after purchase and that someone instantly selling it (which is the purpose) so the price for the institutions using it doesn't matter, outside of that buy and sell and the 30s in between the price being stable enough not to create a large spread. But given the current methods use $ as a bridge currency and take 5-30 days (if a payment corridor exists) that ForEx risk already exists. The whole point though is that they DONT hold it for any length of time. That's the Nostro/Vostro (locked up, unusable) liquidity problem it solves. Its bought and sold as required. $10000 per coin is madness, utterly Fantasyland stuff and I do giggle at that myself. I could see it go 3 figures, but not in the near future. $4-$10 max this cycle IMO, the top end of that only with a settlement with the SEC. The draw of having a coin like XRP is that if they had their own, and they all had their own, then there would be trust issues as they would ask each need to trust each other (the CBDC problem). With a central coin, freely traded on an open market, no one entity controls it, so you remove that counterparty risk. It's why I think something like Ripple (maybe not Ripple) will be required for a bridge for CBDCs. And I think that's where they're angling their side ledgers at, with the XRPL as the central master ledger. But as someone who has a working knowledge of the SWIFT system, which Ripple is looking to replace and does around $5T a day in throughout, grabbing even 5% of that market share in future should drive utility based pricing for the coin. . Would current participants in SWIFT really care about using a different centralised system? It's for the benefit of global trade and the financial system after all. And even if they used the current incarnation of XRP it's still relying entirely on Ripple. Also, wouldn't there be the hypothetical possibility of retail investors doing a Gamestop/AMC and say "we're not selling", leading to liquidity issues? I suppose it just seems strange to me that the global financial system would rely on a technology that isn't actually controlled by themselves. Would be absolute scenes if Ripple rolled out a private XRP 2.0 for the banking elites only. 1 Quote Link to comment Share on other sites More sharing options...
gaz5 Posted September 9, 2021 Share Posted September 9, 2021 Would current participants in SWIFT really care about using a different centralised system? It's for the benefit of global trade and the financial system after all. And even if they used the current incarnation of XRP it's still relying entirely on Ripple. Also, wouldn't there be the hypothetical possibility of retail investors doing a Gamestop/AMC and say "we're not selling", leading to liquidity issues? I suppose it just seems strange to me that the global financial system would rely on a technology that isn't actually controlled by themselves. Would be absolute scenes if Ripple rolled out a private XRP 2.0 for the banking elites only.XRP isn't centralised, that's a common misconception. The validators in the network are Independent of Ripple so it's pretty similar to most Decentralised tokens.But I think institutions will care, yes. Mainly because SWIFT is inefficient, expensive, takes ages, requires then to park billions in unusable liquidity and can only be used between institutions with existing trusts (which is why you literally can't send settlement transactions to many places around the world without established corridors. They care because Ripplenet could literally save them billions of $ over SWIFT and Nostro/Vostro.Why would retail investors do an "I'm not selling" as one combined group on XRP any more than they would any other Crypto? That's not really an argument that makes any sense to me. The risk there is minuscule. They obviously wouldn't, but if they did it wouldn't matter, there would always be sellers at some price level.But given the current global bridge currency is USD and that is controlled entirely by the FED (who printed more than 25% of the USD that has EVER existed in a single year last year) they already have massive amounts of counterparty risk in the system they use currently. Arguably, using XRP as a bridge currency reduces that level of risk.The global financial system already relies on technology that isn't controlled by themselves, just a worse technology that until Ripple launched hadn't been updated in nearly 40 years. SWIFT until very recently was just a messaging system, it couldn't even transfer any money.The real answer is that no one really knows how it plays out, we can't see the future as with any other speculative investment, but I've been in financial services IT my entire adult life (more than 20 years), laterally in a bank, and I think Ripple and ODL in particular is a potential game changer for global settlement. I could be very, very wrong, of course, but I like the tech and the use case. 0 Quote Link to comment Share on other sites More sharing options...
Zetterlund Posted September 9, 2021 Share Posted September 9, 2021 19 minutes ago, gaz5 said: XRP isn't centralised, that's a common misconception. The validators in the network are Independent of Ripple so it's pretty similar to most Decentralised tokens. But I think institutions will care, yes. Mainly because SWIFT is inefficient, expensive, takes ages, requires then to park billions in unusable liquidity and can only be used between institutions with existing trusts (which is why you literally can't send settlement transactions to many places around the world without established corridors. They care because Ripplenet could literally save them billions of $ over SWIFT and Nostro/Vostro. Why would retail investors do an "I'm not selling" as one combined group on XRP any more than they would any other Crypto? That's not really an argument that makes any sense to me. The risk there is minuscule. They obviously wouldn't, but if they did it wouldn't matter, there would always be sellers at some price level. But given the current global bridge currency is USD and that is controlled entirely by the FED (who printed more than 25% of the USD that has EVER existed in a single year last year) they already have massive amounts of counterparty risk in the system they use currently. Arguably, using XRP as a bridge currency reduces that level of risk. The global financial system already relies on technology that isn't controlled by themselves, just a worse technology that until Ripple launched hadn't been updated in nearly 40 years. SWIFT until very recently was just a messaging system, it couldn't even transfer any money. The real answer is that no one really knows how it plays out, we can't see the future as with any other speculative investment, but I've been in financial services IT my entire adult life (more than 20 years), laterally in a bank, and I think Ripple and ODL in particular is a potential game changer for global settlement. I could be very, very wrong, of course, but I like the tech and the use case. Aye I don't doubt the technology can be a game changer as I said earlier (and long overdue in 2021). Just always been amused at the idea of the banking elite buying XRP off Joe Bloggs the punter to keep the world spinning. XRP was one of the first coins I bought in 2017, just before the big pump. Watched helplessly as it dumped from the highs while I was away on holiday with no access to my coins. Lots of lessons learned in 17/18 0 Quote Link to comment Share on other sites More sharing options...
iron mike python Posted September 10, 2021 Share Posted September 10, 2021 13 hours ago, Zetterlund said: Safe to say if it's economically viable to mine gold on asteroids, gold bugs on Earth will be pretty chuffed with their investment. Yeah, that is quite an interesting paradox, right? Obviously it is unlikely that there are Gold asteroids anywhere close to us . 0 Quote Link to comment Share on other sites More sharing options...
iron mike python Posted September 15, 2021 Share Posted September 15, 2021 Price rises see record jump as food costs soar in August - BBC News Inflation sky rocketing.... good to know your Great British Pounds are working well for you. Enjoy your 3% pay cut that you all got over the past year. And remember: Bitcoin is the scam. 0 Quote Link to comment Share on other sites More sharing options...
welshbairn Posted September 17, 2021 Share Posted September 17, 2021 (edited) https://www.sciencedirect.com/science/article/abs/pii/S0921344921005103?dgcid=author Edited September 17, 2021 by welshbairn 0 Quote Link to comment Share on other sites More sharing options...
gaz5 Posted September 17, 2021 Share Posted September 17, 2021 https://www.sciencedirect.com/science/article/abs/pii/S0921344921005103?dgcid=authorOne of the reasons BTC will be overtaken by other projects in the long run.The "Netscape or AOL" of 2021.A great invention that's at the forefront of a technical paradigm shift that'll eventually be surpassed by better, more efficient technology. 0 Quote Link to comment Share on other sites More sharing options...
Detournement Posted September 17, 2021 Share Posted September 17, 2021 On 15/09/2021 at 08:39, iron mike python said: Price rises see record jump as food costs soar in August - BBC News Inflation sky rocketing.... good to know your Great British Pounds are working well for you. Enjoy your 3% pay cut that you all got over the past year. And remember: Bitcoin is the scam. You can't buy anything with Bitcoin. Anything you want to buy in the UK you need to use GBP. 0 Quote Link to comment Share on other sites More sharing options...
iron mike python Posted September 17, 2021 Share Posted September 17, 2021 (edited) 7 minutes ago, Detournement said: You can't buy anything with Bitcoin. Anything you want to buy in the UK you need to use GBP. If you have some Bitcoin on a crypto.com card (or any cyrpto credit card company) and want to buy a chair, You can use some of your Bitcoin to buy the chair by exchanging to GBP at the time of transaction. The Chair seller is happy because they get GBP, you are happy because you now have a chair and less BTC in your Crypto.com account. Edited September 17, 2021 by iron mike python 0 Quote Link to comment Share on other sites More sharing options...
Detournement Posted September 17, 2021 Share Posted September 17, 2021 Aye but you still bought it in GBP so you are subject to the same inflation as everyone else. 0 Quote Link to comment Share on other sites More sharing options...
Fraser Fyvie Posted September 17, 2021 Share Posted September 17, 2021 2 minutes ago, Detournement said: Aye but you still bought it in GBP so you are subject to the same inflation as everyone else. You are holding BTC to the point of transaction so how are you subject to the same inflation? 0 Quote Link to comment Share on other sites More sharing options...
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