The crypto currency thread

Yeah lol XRP is a coin with a hidden agenda. It was the bank's only way of getting back at BTC's current value. I felt guilty when I bought XRP early on. I knew what it was but the trader in my heart couldn't say no (apparently I wasn't alone). I think XRP is properly valued right now (dislcaimer: I already closed my position ). Ultimately I think if XRP overtakes XBT, it'll just prove we're all sheep who prefer centralized currency vs decentralized currency. Then bitcoin is definitely going to go to shit. The altcoins may follow or a new one might take over.

And we still need cash because that's what most of us use as a medium of exchange. Of the top 10 cryptos, only XLM is used as a medium of exchange in Africa. Fun fact, the mastermind behind XLM is the same guy who started XRP but eventually got kicked out because his vision obviously didn't match what the banks wanted. So I have no worries about XLM's current value as it will surpass XRP for sure. I've already made massive ROI on XLM but I think there's still room to grow 5X before it starts slowing. Assuming XRP's value is accurate then XLM has room to grow to 10X. Since XRP is manipulated, I assume the current value is what Banks want.

Although I trade on TAs, I still invest in the crypto that have a solid plan for the future. No orgs in the world can come even close to what crypto funded orgs are trying to accomplish today because most of them are public and limited by their quaterly performance. It'll be interesting to see how the large orgs adapt to the new competition that doesn't need to worry about quaterly performance.

Case in point, if Snapchat was crypto based instead of public, it could've developped into a much better app than the native-ad focused model every public company has used in the past decade. Snapchat's stock won't recover and I'm pretty sure the only 2 reasons it's still floating is because :

a) Pre-IPO investors are still positive in ROI
b) Younger crowds who believed in Snap bought 1 stock for the principle of owning part of something they believe in, whether it goes up or down

Their fundamentals are abysmal and the lack of leadership from Snap is in my opinion going to cause Snap to go under or get acquired. (dislcaimer: I have a short position on Snap)

P.S. I've been using cryptocompare and blockfolio for tracking performance. Couldn't find a suitable EXCEL template to work with. If you know of any better one I'm all ears!

How come there is no update in this thread?
just curious and wondering! lol ound:

I thought there was just newer thread and conversation moved there?

I know little about on this subject so correct me if I am wrong, there is absolutely no backing to crypto currencies and no one knows who is administering the system.

Follow-up

Bitcoin’s price appears to be stabilizing, and the digital currency may even be gearing up for a short-term rally, technical indicators show.

https://www.bnnbloomberg.ca/bitcoin-bottom-signal-reemerges-as-price-approaches-oversold-1.1202183

Mike Nelson said:

I know little about on this subject so correct me if I am wrong, there is absolutely no backing to crypto currencies and no one knows who is administering the system.

Click to expand...

Mike, not quite true. It isn't backed by anything other than the energy involved to mine and the math that dictates that. As far as "administrating the system" - there are a bunch of major players who have a lot of power in the system and they aren't really secret. (I don't know if you would call it an "administration" though.)

Mike Nelson said:

I know little about on this subject so correct me if I am wrong, there is absolutely no backing to crypto currencies and no one knows who is administering the system.

Click to expand...

No one is administrating the system that's why these crypto currencies are still for me a giant hack and/or fraud. As in this case:

https://www.independent.co.uk/life-...cx-password-cryptocurrency-scam-a8763676.html

Cheers,

Way, way too many experts are predicting that this is going to zero, you might as well buy stocks, a much safer alternative.

The time to make money in crypto is long gone, the end is near.

This recent incident may be the beginning of the end for crypto.

Was there a link missing here quiznos?

Valcazar said:

Was there a link missing here quiznos?

Click to expand...

very probably :

[h=1]Sudden death of cryptocurrency leader sends Quadriga into tailspin, panicking clients[/h]https://www.cbc.ca/news/canada/brit...-exchange-gerald-cotten-death-india-1.5002955

Ahh.
I kind of feel "death" should be in quotes until the see a body.

.................so, you are suggesting is not dead and that he has absconded with the crypto money and is living the good life somewhere. If this is the case and he is found and exposed, then this can do horrible damage to the credibility of crypto currencies.

Not to crypto currencies themselves but the way they are kept. I heard an expert this week saying that each individual owning crypto should keep it himself and that there are different safe ways to do it. Unfortunately, I don't understand a lot about it and can not give the reference. She said it is like if you buy gold from a broker and thebroker keeps everything on his own. If he disappears, so does your gold and the money you spent... As this sector is not really regulated there is little that can be done now. Sorry not to be more informative. The problem is not the crypto itself but the way the transaction are done by most of the people.

Here is a link describing "hardware wallets " to keep your values: https://blockgeeks.com/cryptocurrency-safe/

I think the end on cryptocurrencies will come when one day people will lose confidence in it and then there will be a run on it like the run on banks during the depression.

Bitcoin surges as crypto market suddenly springs to life

Bitcoin up by 20% today... Why? Nothing clear. Anyway, too speculative and unrational for me.

https://www.bnnbloomberg.ca/bitcoin-surges-as-crypto-market-suddenly-springs-to-life-1.1238123 :yo:

It seems to me to be a Ponzi scheme. The person behind this is collecting hard currency, good to spend or convert at any time. Cryto currency is only good among fellow crypto currency holders.

Not really a Ponzi, where the guy on the top is always collecting money, playing with the investments of victims. Here there is nobody on top. Only peoples speculating on the future value and hoping they will sell with profit to someone speculating on the future value and hoping he will sell with profit to someone speculating on the future value and hoping he will sell with profit to someone, etc... You see the scheme... It was the same on the regular stock exchange markets before de "TECH" bubble bursted.

Ponzi scheme: https://en.wikipedia.org/wiki/Ponzi_scheme