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[2020] A little stock market sense

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Ralph Sir Edward said:
But the point of block chain is an unhackable audit trail. So any stolen property should have been easily identified. It was not. That is why I have no confidence in the cryptocurrency concept. It lacks security. What good is an audit trail that isn't used?

To use your physical wallet example. If every bit of money in it had a unique serial number (and it does), and every time a piece of money was automatically checked when it was exchanged (which it isn't - today); then what good would it do the person who stole it? The money couldn't be used for anything but starting a fire. Cryptocurrencies are supposed to work that way, but they don't.
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You’re conflating the problems experienced ten years ago with one of the first cryptocurrencies that did not yet have the auditing capabilities built into the blockchain like modern gen2/gen3 cryptocurrencies that have these functions inbuilt to their blockchains.

But in the end, security aside, cryptocurrencies only have value because people they have value.
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You can say the exact same thing about fiat currencies.

They have no other utility otherwise. You can't do anything with them, they have no physical existence. You can at least burn paper money for warmth. Even tulips has uses. . .
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This is not an accurate statement either. Do you understand what smart contract capable cryptocurrencies are being used for today? Forget about Bitcoin - it’s a dinosaur compared to Ethereum and Cardano for example. Bitcoin isn’t capable of smart contracts and likely never will be unless and until they fork Bitcoin into BTC2.

coinmarketcap.com

A Dive Into Smart Contracts and DeFi | CoinMarketCap

Contributor: smart contracts are essential to the decentralized finance space. What exactly are they?
coinmarketcap.com coinmarketcap.com

When we begin to understand the defi movement and how important smart contracts are to eliminate middle men and enable automated transfer of goods and services directly from buyer to seller - we can begin to see why defi is all but inevitable - even if it’s in its relative infancy today. There was a time when fiat currencies were crazy talk - when all currencies were tied to precious metals - but that time has come and gone and here we are with mass adoption of fiat currencies having become the norm. Cryptocurrencies are simply the next evolution of currency in the modern world.

Sent from my iPhone using Tapatalk
 
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Silicon Valley 'Super Angel ' Investor Ron Conway Says Crypto Economy is the Next Multitrillion Dollar Opportunity - Market:s and Prices Bit:coin News.


news.bitcoin.com

Silicon Valley 'Super Angel' Investor Ron Conway Says Crypto Economy Is the Next Multitrillion Dollar Opportunity – Markets and Prices Bitcoin News

Famed Silicon Valley "super angel" investor Ron Conway sees the crypto economy as the next multitrillion-dollar opportunity in innovation. The Silicon Valley legend likens Coinbase to Google after the company's IPO via a direct listing on Nasdaq.
news.bitcoin.com news.bitcoin.com


Richard
 
What Could Have Caused Bitcoin to Flash Crash On Sunday?


finance.yahoo.com

What Could Have Caused Bitcoin to Flash Crash On Sunday?

Bitcoin saw a dramatic $10,000 flash crash early on Sunday morning. Triggering over $10 billion in liquidations over the last 24 hours. What could have caused the drop?
finance.yahoo.com finance.yahoo.com
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Richard
 
Can't wait until tomorrow morning to see where GBTC and COIN open. I am out of both as of last Friday and may jump back in at the right price...

George

Update: I did jump back into GBTC at a price well less than where I sold. Still hoping for COIN to go lower...
 
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Bitcoin suffers flash crash following week of crypto hype.


www.cnn.com

Bitcoin suffers flash crash following week of crypto hype

After a hype-filled week for cryptocurrencies, Bitcoin experienced a flash crash over the weekend, plunging nearly 14% in less than an hour, from about $59,000 to $51,000, on Saturday night before rebounding. Other popular cryptocurrencies including ethereum and Dogecoin also fell dramatically...
www.cnn.com www.cnn.com


Richard
 
New federal regulations could spur cryptocurrency crash.


nypost.com

New federal regulations could spur cryptocurrency crash

Ask Wall Street’s C-suite types about cryptocurrencies, and they all admit they’re getting   into them one way or another. But keep asking questions, and they’ll tell you something else, too: the m…
nypost.com nypost.com


Richard
 
bogey21 said:
Can't wait until tomorrow morning to see where GBTC and COIN open. I am out of both as of last Friday and may jump back in at the right price...

George

Update #1: I did jump back into GBTC at a price well less than where I sold. Still hoping for COIN to go lower...
Update #2: Still waiting for COIN to go lower. Switched from GBTC (bitcoin) to ETHE (ethereum)...
Click to expand...
 
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