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Cryptocurrency Traders Club - Page 5

Poll Results: How do you feel about crypto currencies in general (not any specific coin)?

 
  • 31% (20)
    This is the future of financial transactions and will replace current systems in 5-10 years!
  • 35% (23)
    It's an evolutionary step, but without regulation and standardization will likely be replaced eventually.
  • 20% (13)
    It's likely to go strong for a few years, but long-term will simply be viewed as a fad.
  • 12% (8)
    It's a ridiculous ponzi-scheme, and it could all collapse entirely any second now!
64 Total Votes  
post #41 of 319
Quote:
Originally Posted by Roulette Run View Post

Wow!!! In a matter of 10-15 minutes, I just sold 8000 BC at 1469/1470 then turned around and bought the same coins back at 1290!!! It went up and fell back down just that fast and I've got them back on at 1475. Wow!


Yeah I'm playing now too sold 2000 at 1400 now waiting for it to dip to 1150 so I can get 500 for free lol
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post #42 of 319
Do not underestimate the power of the federal bank and the big constructs in connection with it.

I don´t wanna sound lame but this is simple fact. I felt like i gotta say this because i´ve seen the
options in the poll not covering the picture of reality.
post #43 of 319
Quote:
Originally Posted by smex View Post

Do not underestimate the power of the federal bank and the big constructs in connection with it.

I don´t wanna sound lame but this is simple fact. I felt like i gotta say this because i´ve seen the
options in the poll not covering the picture of reality.

Did you not see where the Fed Chairwoman testified before congress this past week when she told them the Fed has no authority to regulate cryptos?
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post #44 of 319
No, i live on another continent and some news do
take longer until they reach me. Thank you.

But the thing is, the monotary system is much heavier
embedded in the peoples minds thru history, habits
and beliefs.

This represents a construct of security and cashflow
also bound to countries, companies and many other
groups of people.

Oil and raw materials will not be paid in crypto currencies
in the middle east.

There is also no need for the fed bank to control it until
the group of people of using this instead of regular currency
has grown that large to bring the current system in danger.
But this will not happen, and if it will something will happen
that will crush crypto currencies for sure.

We live still in a neo-feudal economy system that is basing on
structures that are several hundred or even thousand years
with some people at the top and a large mass dependat of theese
people on the bottom.

I really do not want to flame around or sound harsh but IMO this
will not happen -_-

Baah this could be a good post to start a flamewar which i do not want..
I´ll leave it as it is with this statement and wish us all a pleasant day (:
post #45 of 319
Quote:
Originally Posted by smex View Post

No, i live on another continent and some news do
take longer until they reach me. Thank you.

But the thing is, the monotary system is much heavier
embedded in the peoples minds thru history, habits
and beliefs.

This represents a construct of security and cashflow
also bound to countries, companies and many other
groups of people.

Oil and raw materials will not be paid in crypto currencies
in the middle east.

There is also no need for the fed bank to control it until
the group of people of using this instead of regular currency
has grown that large to bring the current system in danger.
But this will not happen, and if it will something will happen
that will crush crypto currencies for sure.

We live still in a neo-feudal economy system that is basing on
structures that are several hundred or even thousand years
with some people at the top and a large mass dependat of theese
people on the bottom.

I really do not want to flame around or sound harsh but IMO this
will not happen -_-

Baah this could be a good post to start a flamewar which i do not want..
I´ll leave it as it is with this statement and wish us all a pleasant day (:

You're not starting a flame war when you are telling us what you believe and you are not attacking people. I agree with much of what you just said, yes, there will be resistance to change, there is always resistance to progress. You can bet there were a lot of blacksmiths who were not very happy to see the automobile come into existence, but if a system is built that people see as reliable and more evenly implemented than fiat currencies, more and more people will adopt it, including many who are against it today. Major banks are on the verge of getting into the game on the exchange side and that will bring a lot of weight and stability with it. That being said, even major banks should not be totally trusted either.
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post #46 of 319
Thanks for throwing this together. I am new to mining and have not yet traded. So far I have only mined about 1 LTC and a good amount of NUT. I figured the best thing for me to do trade wise would be to get in with the LTC and start trading that way. As I am brand spanking new to all this, I would appreciate any links you could throw my way that would allow me to read up more. I hope to be joining this club within a week. Thank you all in advance!
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post #47 of 319
I think that too but the problem is that the banks offer safety, especially the fed bank
paying for the safety by generating inflation that is more or less calculable.
Of course from time to time some bank or company of any kind dies, but they are in
a line of other banks and companies and get either saved or eaten by them.. again
held by the biggest that creates value at will because it isnt bound on anything material
since long time ago.

The big problem with cryptos is that it is not centralised and by that not controllable and
predictable compared to the system to create value at will which offers a great danger.

A much greater danger than such a centralised system securing it self thru small but predictable
inflation.

The power needed to establish the needed security for cryptos would take such a massive amount
of money and political influence that only the ruling class ( poloticians > bound thru law to the
freedom of our economy > which is trying to secure it self without stopping ) would have and theese
people would not risk their bread ( or cars, houses, land, money and all imaginable values bound
to that money) to establish something and give away out of their "mouths" just for so called "better"
and more "fair" world.

So again, it is rotating in one circle.. The idea and working principes of the monitary system or better
said the idead of security thru having things in general which is again bound on money.. and there we are
at the beginning and the and of that circle taking a new round and a new round and again and again.

For some people here it would be the biggest HORROR even not having their computer / rig anymore.
What to say then about the peoplie having MUCH more who are running theese system(s)

Sorry for my bad english
Edited by smex - 3/2/14 at 5:42pm
post #48 of 319
I enjoy reading your arguments, I'm just glad that I'm catching the crypto train.
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post #49 of 319
Thread Starter 
Quote:
Originally Posted by smex View Post

I think that too but the problem is that the banks offer safety, especially the fed bank
paying for the safety by generating inflation that is more or less calculable.
Of course from time to time some bank or company of any kind dies, but they are in
a line of other banks and companies and get either saved or eaten by them.. again
held by the biggest that creates value at will because it isnt bound on anything material
since long time ago.

The big problem with cryptos is that it is not centralised and by that not controllable and
predictable compared to the system to create value at will which offers a great danger.

A much greater danger than such a centralised system securing it self thru small but predictable
inflation.

While I agree with much of your previous assessment and statement, I have significant issues with the accuracy of this one. While it is true that banks (especially central banks) have offered relative safety against total destruction of wealth - it is also true that the price for that is much more than many people realize. I'm not sure how it is where you live, but in most countries there are some basic principles at work which nullify much of the advantages of banking in general (which is why many countries/states/towns/companies have created their own currencies for nearly as long as currency has existed).

I'm not suggesting that most people (a significant majority in fact) don't agree with your assertion - they most certainly do - however, I'm not one of those people. The problem is that most people don't actually think about their 'wealth' at all - I'm not referring to those considered 'wealthy' by saying that... even a college student with nothing but a used car to their name is affected by this. This is the first way in which the central banking model is destructive to wealth - devaluation. Much credibility is given to inflation metrics - which in general only consider things that don't hold value - as a determination of whether a central bank or fiat issuing government is 'doing it's job' economically speaking. However, the bottom line is that the things which are truly a store of value are constantly becoming more and more expensive relative to those currencies.

When my grandfather started working (around the time the Federal Reserve was created), he was making $40/week... on that income he managed to buy a plot of land, build a house on it, buy a truck to go to work, and feed and clothe his family. They definitely weren't rich... but they had enough to survive. By the time he retired he was making around $20K/year working part time - largely because he continued to buy real estate in numerous locations, and invested in different funds/companies which (for the most part) paid dividends and appreciated. What did not was the fiat currency he kept in a shoebox "for a rainy day"... other than a slight increase in value for the notes/coins that have numismatic interest... they're worth the same amount today that they were then.

Of course, that all occurred during a time of relative fiscal responsibility by both the US government and the central banks. Then came free and easy credit - both for the individual and for the governments both here and elsewhere in the world. My parents' lives tell a similar story but not quite as rosy... when my parents started working they made a combined income of around $7500 per year... but they were able to buy a small house and pay it off in 3 years! They then saved enough to buy and build a large custom home with savings accumulated over another 3 years - that house is now worth about $600K... which is actually more than their income for the past 20 years was! They always maintained a similar amount of money in savings... that savings is worth less than the total of the funds deposited - the number is bigger, but less than 4 times bigger... and the cost of almost everything is 6-10 times greater than when they saved it (with healthcare being closer to 20 times).

Banks don't just destroy peoples wealth through forced inflation like is occurring with QEx or whatever they're calling monetizing US debt loads these days. Banks get free money to invest - and are given authority to restrict people's ability to disrupt this. Although it might be reported due to money laundering laws now... no bank in the world will prevent you from making a $1M deposit. On the other hand, no regulated bank in the world will allow you to simply withdraw that same amount should you be lucky enough to have a balance that allows this. Of course, if you do actually have a bank balance of that nature - then you actually can avoid the final way... fees. Twenty years ago no one paid fees for having a bank account... you got paid to keep money in one (I even remember the 80's where I was making 10% interest in a 5 year CD). Now, depending on how poor you are, they literally rape you (financially speaking at least). Under $10K balance? Fee. Auto-transfer from savings to checking to cover a debit? Fee. Withdraw from an ATM? Fee. Another bank's ATM? Two separate fees. Wrote a check? Fee. Need checks? Charges and fee. Online transfer between money market account and directly associated savings account? Fee.

I could keep going on but you get the idea. For the average person, yes - the fact that they don't have to think about protecting a stack of paper from thieves, and can swipe their debit card and buy their groceries is equal to security. But those people are still trying to figure out why they are having problems finding a job after they posted pictures of themselves in compromising positions on their Facebook page. These are the same people that believe the government that bailed out the first group of people that lost them their retirement accounts - banks - is going to take care of them in their old age... rolleyes.gif

In summary: crypto currencies are risky as hell, stand a good chance of enabling (or at least failing to prevent) a ton of scams, fraud, and accidental loss... and I'd still rather own some than have nothing but a bank balance. Of course, since I can simply 'invest' a nominal amount of money in my electrical bill, and buy a few extra GPUs which will be used for gaming if nothing else... it's win-win in my book. That way I can take the other "silly money" and trade it to people for gold, real estate, firearms, ammunition, food stores, solar panels, etc... all of which I expect to be nearly useless... but a hell of a lot less useless than the FDIC seal on the banks door should there be systemic failure in the banking system... which considering the fact that it's already happened to a small degree twice in my lifetime... is virtually guaranteed.

And back on topic... DOGE = much scared, many losses, sky falling! (Just bought a bunch more @ 165 & 167). biggrin.gif
post #50 of 319
Quote:
Originally Posted by DiGiCiDAL View Post

Exchanges:
Mt. Gox (Japan)
BTC-e (Belarus)
BTER (China ?)
Cryptsy (US)
MintPal (UK)
CoinEx (?)
Huobi (China)
BTCChina (China)
Vault Of Satoshi (Canada)
Bitstamp (UK)
PoloniEx (?)
CoinedUp (?)

Glossary:
(To be developed)

Trading Tools/Platforms:
BitcoinWisdom - Charting/Order Depth

Suggestions? Shoot me a PM or post in the thread and I'll gladly put it in!

CoinBase?

EDIT: also i think better currencys due to | with or with out regulations will popup but, these other currency probably still have some value and will linger around.

also what about list of current crypto coins, like all the types of coins.
Edited by cdoublejj - 3/3/14 at 1:42am
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