Anyone Invested in crypto?

[Thor]

It all reminds me of the term 'vapor ware'. Nothing tangible, nothing proven. Like the numbers in my 401k when Obummer took office. They were never real.

Me? I'm investing in steel and lead. They are real. YMMV

 

[Kutnupe14]

Gold does not have "a long held imaginary belief in its value". In has intrinsic value in so such that it is DESIRED by many people for its beauty and use, NOT because they think it will rise in value. Yes, you CAN do something with jewelry - you can trade it for goods that the other person is willing to trade. Crypto currency is IMAGINARY - it has NO TANGIBLE FORM and can only be sold to someone else who THINKS that it will go up in value. I think it IS a ponzi scheme, and from the research that I have done on it, I would not INVEST in it, however, if I felt like gambling, it has a better short term chance of turning a profit than other GAMBLES, like the lottery.

Beauty is subjective. There no standard understanding of beauty. If you're attaching the idea of beauty to the idea of intrinsic value, then we clearly have two definitions of "intrinsic value." I find it odd that you mention jewelry, as that is of equally subjective value. If Leonard Di Vinci used a mold to cast a pin made of gold, and you used the same cast, and also made a pin, by your logic both should be worth the same amount, right. Noting that Both pins are exactly alike, do you believe that both would be worth the same amount, and equally desired? In my opinion, the Di Vinci piece would hold exponentially more value, simply because most trust that it would. Heck, if Di Vinci had created a silver, bronze, even a wood pin it would still hold more value than the gold one you created. Today, at this very moment, which would you rather have for understood value?... a wooden pin made by Di Vinci, or a gold one made by you?
This isn't about cryptos right now, this about your belief in the intrinsic value of gold. It's hard for me to explain it to you because, and I'm not trying to be insulting, I don't think you really understand intrinsic value, evidenced by listing beauty and jewelry as traits of such value.

 

[Kutnupe14]

No, I'm saying gold/silver have shown to hold value for centuries. Veerrry long term historic trend data available. The odds of it becoming worthless tomorrow are practically nil. what are the odds a bit coin could become almost worthless almost overnight? What new competing bit coin might emerge tomorrow knocking down the value of a good one today?

No. I'm saying it already had inherently high value which it has had for centuries. Today, more modern applications only increase that value, and those modern applications are increasing in both number and world market share.

people still want bling as they have for centuries, but now they also want cell phones and an internet-of-things. To imply gold is riskier is to imply people on a global scale will suddenly 1) not see value in bling and 2) give up their technology.

-rvb

I don't disagree. Gold has been deemed to valuable for a long, long time. But that value isn't because of utility, but rather because it rare, and people assigned a value to it. Many cultures have literally used shells, yes, sea shells as currency (i.e. the origin of the monetary slang word "clams"). And, you are right again that the odds becoming worthless tomorrow are almost nil. I'll point out that you said "almost," not impossible.
Ok, you're also talking about utility. You don't consider utility when determining intrinsic value. The word "intrinsic" I hoped explained that. Intrinsic, from it's Latin (possibly Greek) origins means "in its own right," standalone," or "in itself." No one is saying that gold doesn't have value, but it doesn't have standalone value. if none of the things you mentioned used gold, where would gold's value derive? Trust and belief that it is valuable, nothing more.

 

[bwframe]

I like to gamble. The question is; Is this a good gamble?

It seems complicated with a need to keep a close eye on it?

 

[Hkindiana]

Beauty is subjective. There no standard understanding of beauty. If you're attaching the idea of beauty to the idea of intrinsic value, then we clearly have two definitions of "intrinsic value." I find it odd that you mention jewelry, as that is of equally subjective value. If Leonard Di Vinci used a mold to cast a pin made of gold, and you used the same cast, and also made a pin, by your logic both should be worth the same amount, right. Noting that Both pins are exactly alike, do you believe that both would be worth the same amount, and equally desired? In my opinion, the Di Vinci piece would hold exponentially more value, simply because most trust that it would. Heck, if Di Vinci had created a silver, bronze, even a wood pin it would still hold more value than the gold one you created. Today, at this very moment, which would you rather have for understood value?... a wooden pin made by Di Vinci, or a gold one made by you?
This isn't about cryptos right now, this about your belief in the intrinsic value of gold. It's hard for me to explain it to you because, and I'm not trying to be insulting, I don't think you really understand intrinsic value, evidenced by listing beauty and jewelry as traits of such value.

You are proving my point. REAL things will always have SOME value, to someone, be it a wooden pin made by someone famous or a gold pin made by me. A BELIEF (such as in crypto) can lose ALL of its value as soon as people lose faith in its income generating potential.

 

[Kutnupe14]

I like to gamble. The question is; Is this a good gamble?

It seems complicated with a need to keep a close eye on it?

Gamble no. keeping a close eye on it, yes. If you know how to chart stocks and do a fundamental analysis, you can make informed decisions. That's not to say it's not risky. It is. Put in what you are willing to lose. However, if you do your research, checking out the price trends and comparing them to the markets buying them (as well as understanding the Blockchain technology), you would be in a better position than most people investing in it.

 

[Kutnupe14]

You are proving my point. REAL things will always have SOME value, to someone, be it a wooden pin made by someone famous or a gold pin made by me. A BELIEF (such as in crypto) can lose ALL of its value as soon as people lose faith in its income generating potential.

No, I'm not proving your point. I agree with everything you said. I can't use a bitcoin as kindling for a fire, unlike paper. I can't use a bitcoin as step to get canned food off the top shelf, unlike a brick of gold. What you're saying is that because it's tangible it has value. Well ok, no debate there.... but that's not the debate we're having. We're discussing the overall value of gold and what justifies it staying such for thousands of years.... and that's all imaginary value based on trust, because obvious using gold a step doesn't justify it's price.

 

[dave29]

Bloodbath for the past several days on all Cryptos.

I have some LiteCoin and it's way down.

 

[Kutnupe14]

Bloodbath for the past several days on all Cryptos.

I have some LiteCoin and it's way down.

Oh yeah, it's been terrible. Lots of weak hands are selling, Dixon poo poo'd Bitcoin, and Charlie Lee made a joke that people thought was a FUD. Been here before, will be there again. Hodl

 

[bwframe]

Reason for the downswing?

 

[dave29]

Reason for the downswing?

Chinese banning crypto exchanges at the end of the month, along with some influential financial people running their mouths.

 

[Kutnupe14]

Chinese banning crypto exchanges at the end of the month, along with some influential financial people running their mouths.

Exactly. Should be interesting next few weeks. Right now, I'm considering it a sale!

 

[PistolBob]

So i just buy them through there and they go up like stocks?

Hehehe...or DOWN like stocks.

 

[PistolBob]

As soon as the estate of my dead Nigerian Uncle sends me that cash I might look into cryptocoins...but I doubt it.

 

[Kutnupe14]

As soon as the estate of my dead Nigerian Uncle sends me that cash I might look into cryptocoins...but I doubt it.

Lol, it's certainly not a game for weak hands.

 

[NKBJ]

It's that emotional surge in greed followed by the huge sucking sound.
Best wishes, good luck, many bikinis and may you conquer Jamie Diamond.

 

[Kutnupe14]

It's that emotional surge in greed followed by the huge sucking sound.
Best wishes, good luck, many bikinis and may you conquer Jamie Diamond.

I look at it this way. Is there an interest for one of the largest banks in the world to attack a technology that would weaken their monopoly on how money is handled? If, and it's still and if, blockchain cryptos take, there's no reason to store your money in a bank. You no longer have to worry about commissions, exchange rates, transfer fees, withdrawal limits etc, etc, etc. Banks stand to lose a LOT of money.

 

[dave29]

I messed up this morning. LiteCoin went all the way down to $33.90, and I thought to myself, I will check tonight around 6-7pm when the Chinese wake up and begin selling off again, probably be even cheaper, and I will buy another 100 coins. Well, 4 hours later it was up to $57 and climbing. I really thought this would keep going down for the next several days. You can't predict this stuff at all. Oh well.

 

[Kutnupe14]

I messed up this morning. LiteCoin went all the way down to $33.90, and I thought to myself, I will check tonight around 6-7pm when the Chinese wake up and begin selling off again, probably be even cheaper, and I will buy another 100 coins. Well, 4 hours later it was up to $57 and climbing. I really thought this would keep going down for the next several days. You can't predict this stuff at all. Oh well.

I'm right there with you. I was shocked to see that it was the North American markets driving the price. The bump up was totally unexpected. That's a really good sign, as it would appear that weak hands have for the most part exited the market, and it's starting to stabilize. If you want to swing trade, when the weak hands enter back in, the price should again take a pretty solid bump and post LTC above $100.

 

[Kutnupe14]

So Jamie Dimon, CEO of JP Morgan Chase called Bitcoin a fraud, and a bubble, and the market was driven down. Well, the crypto market is starting to recover, and guess which entity scooped up a lot of Bitcoin during the drop? Yep, JP Morgan Chase. Crooked Banksters.