Crypto currency, the currency for crooks based on air.
I used some bitcoin in place of a wire transfer last week. It worked well. Amazing what air can do these days!
Crypto-currencies have lost 30% of their value in the last 3 weeks
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Re: Crypto-currencies have lost 30% of their value in the last 3 weeks
#42Gold, which is possibly the oldest store of value used by civilization, is just as volatile. The inflation-adjusted price per Troy ounce of gold went from a high of around $2400 in the the late 1400's, to a low of $200 in 1919; then, it rose in fits and starts until it peaked at nearly $1600 in 1980; it then declined, again in fits and starts, until it bottomed just below $400 in 2002; then it rose to nearly $2000 in…
An element of volatility is time, so Crypto is not reallt comparable to Gold..
Re: Crypto-currencies have lost 30% of their value in the last 3 weeks
#43Hopefully everyone looses confidence in mining and I can start buying cheap used GPUs.
"looses"
Enough.
Re: Crypto-currencies have lost 30% of their value in the last 3 weeks
#44Any speculations on why this is happening, and whether/how much they will grow in the near future ?
1st of aug there is a fork (maybe) which makes people very nervous. Most people I know sold off because of that (and not understanding what stuff means as in ; all crypto is the same and this sounds dangerous!). And correction which was needed anyway. I'll be buying.
Other metrics indicate could be just that it's holiday season. In the northern hemispheres, people are outdoors & enjoying the summer.
This coincides with the sudden drop in Google searches for bitcoin and others, also I've noticed the number of users online on poloniex has dropped significantly. This seasonal pattern was first observed with bitcoin, check this out: https://medium.com/@octskyward/bitcoin-s-seasonal-affective-...
Also, other negative news: 1. Alphabay, the largest darknet market went offline, not sure if that is significant. 2. Bitnumb, largest(?) crypto exchange in South Korea got hacked, also not sure how much impact this had, but usually an exchange hack has a short term effect on prices and there has been a lot of recent activity in SK.
Other reason may be that boom and bust cycles are a natural occurrence of crypto markets. They were getting white-hot for the last few months and finally need some time to cool. So move along, nothing to see.. The cycle continues. The next boom might be bigger than anything we've seen before :-)
Re: Crypto-currencies have lost 30% of their value in the last 3 weeks
#45Gold, which is possibly the oldest store of value used by civilization, is just as volatile. The inflation-adjusted price per Troy ounce of gold went from a high of around $2400 in the the late 1400's, to a low of $200 in 1919; then, it rose in fits and starts until it peaked at nearly $1600 in 1980; it then declined, again in fits and starts, until it bottomed just below $400 in 2002; then it rose to nearly $2000 in…
Except that during crisis Gold is guarantee to fall back at worst to it's "practical" value as a metal being used for jewelry. Even tulips bulbs have a practical value as every gardener could tell you.
However the practical value of a crypto currency is zero. And no technical small talk was able to contest this truth so far.
EDIT: Downvote what you can't contest, how mature!
Re: Crypto-currencies have lost 30% of their value in the last 3 weeks
#46Gold, which is possibly the oldest store of value used by civilization, is just as volatile. The inflation-adjusted price per Troy ounce of gold went from a high of around $2400 in the the late 1400's, to a low of $200 in 1919; then, it rose in fits and starts until it peaked at nearly $1600 in 1980; it then declined, again in fits and starts, until it bottomed just below $400 in 2002; then it rose to nearly $2000 in…
Except that during crisis Gold is guarantee to fall back at worst to it's "practical" value as a metal being used for jewelry. Even tulips bulbs have a practical value as every gardener could tell you. However the practical value of a crypto currency is zero. And no technical small talk was able to contest this truth so far. EDIT: Downvote what you can't contest, how mature!
Unless said crises is global and the internet is dead world wide you would always be able to sell your cryptocurrency to someone in a stable economic market somewhere in the world. When the local fiat currency inflates to worthlessness cryptocurrencies shine.
Re: Crypto-currencies have lost 30% of their value in the last 3 weeks
#47Why am i not surprised? Nearly all or maybe all ICOs since May have been a deliberate scam. That is beyond the word 'bubble'. That is just it - collective scam. Crowdsourced Bernie Madoff.
Re: Crypto-currencies have lost 30% of their value in the last 3 weeks
#48Hopefully everyone looses confidence in mining and I can start buying cheap used GPUs.
Where do you find them - eBay?
If you live near a place with cheap housing, less then $0.10/kWh, and within a 1hr drive to a microcenter you can...
1. Talk to the microsoft returns people and say "If you see anyone dropping off a bunch of graphics cards give them my number"
2. Check E-waste places
3. Check ebay
4. Check CraigslistRe: Crypto-currencies have lost 30% of their value in the last 3 weeks
#49Re: Crypto-currencies have lost 30% of their value in the last 3 weeks
#50Gold, which is possibly the oldest store of value used by civilization, is just as volatile. The inflation-adjusted price per Troy ounce of gold went from a high of around $2400 in the the late 1400's, to a low of $200 in 1919; then, it rose in fits and starts until it peaked at nearly $1600 in 1980; it then declined, again in fits and starts, until it bottomed just below $400 in 2002; then it rose to nearly $2000 in…
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