Why I switched to crypto after 10 years on Forex

Pat494

Legendary member
14,622 1,578
To make it more relevant I wish posters would go a step further and actually name a good broker and currency. Preferably one that has some backing e.g. gold.
If one's computer is stolen or has a catastrophy, is one's coin account lost ?
 

MasterOfCoin

Experienced member
1,228 477
If one's computer is stolen or has a catastrophy, is one's coin account lost ?
No.

Well, that is assuming you have followed standard precautions.

One's account is lost if you lose the keys to it. If the only copy of those keys is on said computer, then yes, your account is toast. Irrecoverable.

Lose the keys and you've lost the lot.

o_O

But that's very much the point of cryptocoins- it's your account, your coins, you are the bank and thus responsible for keeping your own account safe.

😁
 
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MasterOfCoin

Experienced member
1,228 477
To make it more relevant I wish posters would go a step further and actually name a good broker and currency. Preferably one that has some backing e.g. gold.

Oh, the long gone days when currency had value backed by something real 🤣 🤣 🤣 🤣

However, unlike fake 'paper' currencies, which are essentially worthless (your paper bill entitles you to exchange it for ...... another paper bill, at the issuing central bank), cryptocoins are backed by the same principal that makes gold so valuable.

Gold has high value because it is scarce, hard to locate, mine, extract and purify, durable, easily divisible and widely accepted as a store of value.

Cryptocurrency is backed by a process called mining, named after the real world activity it emulates. Crypto-mining is hard, severely restricting the supply of new coins and thus assuring the scarcity of supply required of a store of value.

So, you can't just wave a magic wand and write a stimulus cheque for billions of new coins, creating ballooning and unsustainable debt and devaluing the currency, oh no. [ Morons in charge of central banks take note ] o_O

And yhar, crypto coins are divisible to tiny fractions, making even miniscule transcations easy.

It's basically digital gold.
 
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timsk

Legendary member
7,578 2,357
Cryptocurrency is backed by a process called mining, named after the real world activity it emulates. Crypto-mining is hard, severely restricting the supply of new coins and thus assuring the scarcity of supply required of a store of value.

So, you can't just wave a magic wand and write a stimulus cheque for billions of new coins, creating ballooning and unsustainable debt and devaluing the currency, oh no. [ Morons in charge of central banks take note ] o_O
Hi MOC,
I know nothing about crypto', but take note when I see members like you evangelising about it! ;-)

The point you make (quoted) is clear enough, but isn't the value of cryptro' offset by the abillity to create a new digital currency at the press of a button at any time? Correct me if I'm wrong, but didn't Bitcoin do well when it was the only game in town; now it has new currencies to compete with and the list grows daily. For all its (many) failings, the Bank of England can't - well, not easily anyway - just withdraw good ol' GBP and replace it with somethiong else. Does this make sense - or am I spouting rubbish (as usual)?
Tim.
 
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0FXTrader0

Established member
552 86
They just banned bitcoin trading in UK last week
 

MasterOfCoin

Experienced member
1,228 477
The point you make (quoted) is clear enough, but isn't the value of cryptro' offset by the abillity to create a new digital currency at the press of a button at any time?
Well, @timsk you ask the right questions.

What Bitcoin did, or rather solved, was the problem of how you transfer/exchange value (coins or parts thereof) without a bank or 3rd party involved. It did not address, or even attempt to, the added value that could be implemented by adapting the technology in specific ways. This is what other currencies have done.

Yes, any Tom, Dick or MasterOfCoin could (and do) create new cryptocurrencies. But whether they subsequently have any value or not is a reflection of their usefulness and widespread adoption.

Thus, new currencies that facilitate something useful or solve existing problems will do well and gain value.

And if they don't, then no one will use them and they die.

But much as the introduction of a speedboat has little impact on global shipping, new specialist coins generally have little impact on already established coins with large numbers of users.

:)
 
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0FXTrader0

Established member
552 86
FT:

Crypto derivatives for retail investors banned by UK regulator​

Underlying assets have ‘no reliable basis for valuation’, says FCA
 

MasterOfCoin

Experienced member
1,228 477
FT:

Crypto derivatives for retail investors banned by UK regulator​

Underlying assets have ‘no reliable basis for valuation’, says FCA
Indeed.

... derivatives.

Banning a not-crypto conventional product category is not the same thing as banning bitcoin trading. Not at all.
 

Pat494

Legendary member
14,622 1,578
My advice is to buy gold necklaces and bracelets.
If you are so pushed that you ned to buy food for gold you can easily snip off a link or two.
What ya think ?
Is waterworld just down the road a bit ? Without the water.
If
Hell's Angels are getting to be in charge then honest people are in a load of trouble.
The do-gooders mean well BUT they are upsetting the system in HA's favour.
That Taiwanese fishing captain that had a shootout with Somali pirates and won. should get a medal not a jail sentence imho
 
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MasterOfCoin

Experienced member
1,228 477
Is waterworld just down the road a bit ?
WaterWorld's a few decades off, so we probably won't live to see it.

Climate change consequences are as devastating as they are slow.

(Just ask the Romans. Oh, no. wait, you can't. They didn't see it coming.)

I'm actually rather glad about that, in a way, as I wouldn't like to be around when the several billion people who live in coastal cities need to relocate to much scarcer and already occupied higher ground.

Really can't see that happening peacefully and amicably ;)

Or did I somehow miss the huge humanitarian airlifts to relocate refugees from recent conflicts and welcome them with new jobs, homes and citizens rights???? .... No, I thought not.
 

MasterOfCoin

Experienced member
1,228 477
That Taiwanese fishing captain that had a shootout with Somali pirates and won. should get a medal not a jail sentence imho
Chinese Captain, Taiwanese boat. But anyhow..

Oooooooh, poor defenceless swimmers desperately trying to stay afloat. Sob, sob, sob, so cruel and callous to shoot them.


Those being the same folks who minutes earlier had been shooting at the fishermen, intent on pillage.

If you'd rescued them from drowning they'd have as soon thrown you overboard to the sharks as thank you.

Bleeding hearts be dammed.

Waste of good bullets tho. A bucket of chum would've been cheaper.

:devilish:

Back to cryptocoins ...........
 

WalletInvestor

Member
84 27
I would also be interested in what platform you use and what coins do you think are good. I've never looked into crypto funds, but I'm really interested in cryptocurrencies, I have never invested but I'm considering it.

What bothers me a bit is - even though the way the blockchain works does add a lot of security - I'm not sure what is becoming of the crypto world. I'm thinking about DeFi right now - so many new tokens are emerging, some are obviously scams but some really blow up in price. At first glance, I saw lots of potential, but on second thought it feels like a bubble. We are going further and further from the original concept and value of the technology. What do you think?

I wonder if sticking to bigger coins and maybe putting some smaller amounts in tokens is a good strategy. (Although bigger doesn't always mean better - Tether, for example, is one that I'm cautious about.)
 

MasterOfCoin

Experienced member
1,228 477
I wonder if sticking to bigger coins and maybe putting some smaller amounts in tokens is a good strategy. (
No wonder required.

Simply apply the 'acid' tests:

Ignoring all other aspects of a particular coin, ask;

What goods and services can be bought directly with the coins ?
How widely accepted are they?
How many wallets have been created for these coins?
How quickly do transactions get confirmed by the network?
Does the value of the coins fluctuate wildly by the hour?

The answers to these few simple questions will tell you if a currency is worth bothering with.

:)
 
 
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