Do you envision any other cryptocurrency overtaking Bitcoin in the upcoming years?
Bitcoin?
- Thread starter SenseiSteve
- Start date
easyhostmedia
Well-known member
Bitcoin and crypto markets crash on US crackdown reports
The drop appears to coincide with reports that the US Treasury is planning to tackle financial institutions for money laundering carried out through digital assets.
uk.finance.yahoo.com
John @ S4
Active member
I don't think that bitcoin is going away or that any other crypto currency is going to replace it anytime soon. There are so many of them out there and they are so fragmented, unless something suddenly appears out of nowhere and becomes huge, then I think the only one that can come close is Ether, but that's a long way behind BC right now.
Personally I'm against Bitcoin because of it's insane energy consumption and consequent environmental impact. All crypto currency mining and transactions use energy of course but most are much more efficient than BC.
ekodiena.com
Personally I'm against Bitcoin because of it's insane energy consumption and consequent environmental impact. All crypto currency mining and transactions use energy of course but most are much more efficient than BC.
The huge environmental cost of Bitcoin | EKO Diena
Tesla just bought $1.5 billon or Bitcoin, pushing it's value to a new record high, but it also has a huge environmental cost.
ekodiena.com
easyhostmedia
Well-known member
Bitcoin and crypto markets crash on US crackdown reports
The drop appears to coincide with reports that the US Treasury is planning to tackle financial institutions for money laundering carried out through digital assets.
uk.finance.yahoo.com
This reminds me of May 2013 when
Liberty Reserve was shut down by United States federal prosecutors under the Patriot Act after an investigation by authorities across 17 countries.
TikToker makes Scamcoin as a joke and within an hour its m-cap reaches $70 million!
But it isn't about to make him a millionaire anytime soon.
www.moneycontrol.com
It actually went to $1 billion valuation shortly after.
Despite the real value of digital currency, that's exactly why I stay away from any cryptocurrency. It's all hype, unless it's backed by something of real value.
easyhostmedia
Well-known member
I still think it will go the same way as Liberty Reserve (which was the bitcoin of its time)TikToker makes Scamcoin as a joke and within an hour its m-cap reaches $70 million!
But it isn't about to make him a millionaire anytime soon.
It actually went to $1 billion valuation shortly after.
Despite the real value of digital currency, that's exactly why I stay away from any cryptocurrency. It's all hype, unless it's backed by something of real value.
And just another reason how all crypto is based on nothing but hype. When the value of your asset depends on someone's single tweet, that's not an asset I'd like to own.
www.cnbc.com
As much as $365 billion wiped off cryptocurrency market after Tesla stops car purchases with bitcoin
Tesla CEO Elon Musk said Tesla would suspend car purchases using bitcoin, wiping off billions of dollars of value from the cryptocurrency market.
easyhostmedia
Well-known member
Its simply because Bitcoin and any cryptocurrency are not legaltender, so have no monetary valueAnd just another reason how all crypto is based on nothing but hype. When the value of your asset depends on someone's single tweet, that's not an asset I'd like to own.
As much as $365 billion wiped off cryptocurrency market after Tesla stops car purchases with bitcoin
Tesla CEO Elon Musk said Tesla would suspend car purchases using bitcoin, wiping off billions of dollars of value from the cryptocurrency market.
Well, they do have monetary value because they are traded for actual money. They are just not backed by a real economy, and that's the problem.
It's interesting that @S4 Hosting made the comment about the environment back in April 19th, and the reason for Tesla not accepting Bitcoin anymore (based on Elon's tweet), is because of the environment.
DOGEcoin was all hype, there's a few more out there, but while they're hype, I did successfully make a few dollars from it by buying low and then selling (I still have about $50 which is going to be a lost cause as I bought that set at $0.45. Oh well, $50 lost, but hundreds gained.
Etherium is where I have my bet set, but still hold Bitcoin too.
They do have value, and while the item itself may not be used much in purchasing power, you can still convert back to cash and make money on it. But that is playing the stockmarket on what the value "might be" at any given time - no different than what the value of $1 is. Until more places accept Bitcoin as payment, it's going to be a slow grid to become a curency.
The US Governement has labeled Bitcoin (and other cryptocurrencies) as an asset, and is taxible through regular gains/losses - but those are only realized when you convert the currency to dollars. The EU (and most countries) have similar laws in place.
That said, I have friends who have purchased things with Bitcoin, and a buddy sold a motorbike with Bitcoin - so they do have value, as long as people say it has value. I haven't bought anything substantial, but have had fun in the stock market with it.
DOGEcoin was all hype, there's a few more out there, but while they're hype, I did successfully make a few dollars from it by buying low and then selling (I still have about $50 which is going to be a lost cause as I bought that set at $0.45. Oh well, $50 lost, but hundreds gained.
Etherium is where I have my bet set, but still hold Bitcoin too.
They do have value, and while the item itself may not be used much in purchasing power, you can still convert back to cash and make money on it. But that is playing the stockmarket on what the value "might be" at any given time - no different than what the value of $1 is. Until more places accept Bitcoin as payment, it's going to be a slow grid to become a curency.
The US Governement has labeled Bitcoin (and other cryptocurrencies) as an asset, and is taxible through regular gains/losses - but those are only realized when you convert the currency to dollars. The EU (and most countries) have similar laws in place.
That said, I have friends who have purchased things with Bitcoin, and a buddy sold a motorbike with Bitcoin - so they do have value, as long as people say it has value. I haven't bought anything substantial, but have had fun in the stock market with it.
John @ S4
Active member
The whole episode was really bizarre from Tesla as far as I can see. Surely it was clear that there was going to be a lot of negative press and environmentalist backlash towards a company that makes electric cars and solar roofs, suddenly investing massively in an incredibly power hungry (and mostly mined using coal powered energy in China) cryptocurrency.
No cryptocurrency is overly environmentally friendly for the same reasons, but BitCoin is by far the worst.
@bigredseo I feel that the decision for more places to accept Bitcoin is based on pure gamble. Store owners hope that the small % of sales that's made through Bitcoin will result in them gaining a higher value over time. A completely understandable strategy. Ask them to commit 100% of their sales to Bitcoin and you'd probably start seeing a lot of resistance.
As much as I personally think the stock market being same as gambling, comparing stocks to crypto is a bit like comparing apples to oranges. Stocks are backed by a real product or a service the company creates, with multiple variables helping assess the direction of that value. Crypto's price going up depends solely on someone else out there willing to pay more for your digital coin.
As much as I personally think the stock market being same as gambling, comparing stocks to crypto is a bit like comparing apples to oranges. Stocks are backed by a real product or a service the company creates, with multiple variables helping assess the direction of that value. Crypto's price going up depends solely on someone else out there willing to pay more for your digital coin.
Stocks go up or down based on perceived value, it's not really much different. A rumor that Apple says they might release a new earbud, stock prices jump. Apple confirms 2 weeks later, they jump again. Theres a rumor of a color blue not available, stock drops. They don't sell enough and miss Q2 projections, stock drops.
Same with airlines, trains, food, corn, etc. Rumors and projections move the market. Yes there's a physical tangible product, but nobody is getting a piece of it if the company is liquidated.
Same with airlines, trains, food, corn, etc. Rumors and projections move the market. Yes there's a physical tangible product, but nobody is getting a piece of it if the company is liquidated.
Interesting reads on cryptocurrency. Talk about volitivity.
www.aljazeera.com
www.aljazeera.com
Turkey adds crypto firms to terror funding regulations
Presidential decree adds cryptocurrency exchanges to anti-money laundering and terrorism financing rules.
China bans finance firms from servicing crypto transactions
China’s latest attempt to clamp down on a burgeoning digital trading market has sent crypto prices hurtling down.
server
Member
Years before I liked an idea of creating a virtual product (I mean creating something on computer), because there is no waste, no pollution. Though I didn't think about PC hardware and data centers then.
Now that insanity with crypto.. Impossible to get decent VGA card. How much irrelevant work is done while calculating/processing nonsense operations. I can't take crypto seriously; yes, I might have to, but now it's just incompatible with my understanding about the value of things.
easyhostmedia
Well-known member
Yes. i think because it is starting to be used the same way Liberty Reserve was being used and we all know what happened to thatInteresting reads on cryptocurrency. Talk about volitivity.
Turkey adds crypto firms to terror funding regulations
Presidential decree adds cryptocurrency exchanges to anti-money laundering and terrorism financing rules.China bans finance firms from servicing crypto transactions
China’s latest attempt to clamp down on a burgeoning digital trading market has sent crypto prices hurtling down.
-
HostingDiscussion
A community for web hosting professionals and enthusiasts, since 2002.
