NFT :o

[CaithLynnSayes]

18 minutes ago, TheVeryFirst said:

 

And if you don’t like the rules then you make your own.

 

Don’t know who you trust but looking at currency.com there are “according to data from CoinMarketCap, there are currently more than 13,506 in existence. {crypto} New tokens are popping up all the time “

 

I don’t trust that there are so many of them.

 

And that is why you do your research on them. It keeps baffling me that we live in the age that we have information literally at our fingertips but seem incapable of doing research, instead wave it off. It's kind of interesting really.

 

The fact that there are so many is because if the simple fact that the original (bitcoin) is open source. the cat is out of the bag, anyone can launch a coin. It's really a side effect of the fact that crypto is currently being used as an investment and even 'get rich quick' schemes/scams. All because of the simple fact that they hope to buy low and sell high, for fiat currency. I've explained it before. The more widespread adoption and actual transactions are being made, the more stable the market will become if and when a coin becomes the mainstream currency to buy goods and do business with. And it doesn't mean it has to be a single coin, it can be multiple. A good top 3 could be Bitcoin (obviously) Ethereum and Solana for example. Most others are typically pump and dump schemes, also known as sh!tcoins. As i said, do your research.

Saying "i don't trust that there are so many of them" should not mean that you are not interested, or scared of it. It's just like anything else in life really. you look up what it is, you research it. I mean... obviously, right?

[Ceka Cianci]

2 hours ago, CaithLynnSayes said:

It's perfectly fine to be sceptical of it. It's still relatively new and it's human nature to be wary of new things or say it's not going to ever work.

I never said it wasn't going to work..

It's had two major crashes in the last four years and had pretty quick recoveries.. That doesn't mean it's not going to bounce back from another.

It's more than likely here to stay, but until it's settled in it is more than likely going to crash again and more than likely recover pretty quick again.. Soon could be as early as early spring.

As far as regulation goes, it's been regulated already and been back in congress the past week, with half the CEO's from Crypto's wanting regulation.. The more it gets accepted in places in the U.S., the more likely it's gonna be back in congress again.. 

It's still young, so it's going to have it's ups and downs until it has more of a firm grip..

Edited December 11, 2021 by Ceka Cianci

[Extrude Ragu]

On 12/10/2021 at 1:14 AM, Scylla Rhiadra said:

Crypto-currencies and NFTs produce literally nothing of value. They don't feed people, cloth them, house them, or keep them safer.

The same could be said about paper money. It only has value if people think it has value and are therefor willing to trade it for material wealth.

I'm not a fan of Crypto because of the amount of power and electronics that gets used on it, but to say it has nothing of value I do not think is true. It might have nothing of value to you, but as long as there are people willing to trade it for material wealth, it has value. 

Another thing is with paper money, your government can make you poor at any time, by simply printing more money until your money becomes worthless. They can devalue your stored effort at any time.

This didn't used to be the case when Currency was backed by gold. It took work in the form of mining to generate currency. Paper money today that isn't backed by gold might seem normal but it is only 'yesterday' in terms of the history of money and could arguably be seen as an ongoing experiment. 

I think having a currency that is decentralised and difficult to regulate is a good back up, for a regulated system. Whilst a regulated system can provide stability and safety, it also takes power away from you and puts you at the whim of whoever is your leader in year xxxx

eggs in many baskets and all that. Not that I follow my own advice. 

 

[Coffee Pancake]

1 hour ago, Extrude Ragu said:

The same could be said about paper money. It only has value if people think it has value and are therefor willing to trade it for material wealth.

The difference with paper money is there are a vast number of factors contributing to it's accepted value, and the larger and more widely used that currency is, the more stable it's going to be. That's not to say things can't go catastrophically wrong, but such incidents are rare and unlikely to be triggered by a single factor or individual.

1 hour ago, Extrude Ragu said:

I'm not a fan of Crypto because of the amount of power and electronics that gets used on it, but to say it has nothing of value I do not think is true. It might have nothing of value to you, but as long as there are people willing to trade it for material wealth, it has value.

Crypto has no fundamentals at all. Value is entirely based on traded price, and depending on the crypto, one trader can cause massive swings by dumping or transferring their holdings, or in the case of Elon, pump a coin to the moon with a tweet or literally bomb it to nothing just by stating he doesn't own any (shib). This makes crypto exceptionally susceptible to manipulation, and makes the government actions of just printing more and more money rather trivial.

The only certainty crypto can offer is that there will be wild unpredictable swings, and the only way to win is to gamble you're on the right side of an influencers mood.

1 hour ago, Extrude Ragu said:

This didn't used to be the case when Currency was backed by gold. It took work in the form of mining to generate currency.

Money tied to the value of a single commodity is generally a bad idea, especially when that commodity has practical value. It works for Latinum in Star Trek as that material is both rare, can't be replicated (presumably can't be transported) and is otherwise completely useless.

1 hour ago, Extrude Ragu said:

I think having a currency that is decentralised and difficult to regulate is a good back up, for a regulated system. Whilst a regulated system can provide stability and safety, it also takes power away from you and puts you at the whim of whoever is your leader in year xxxx

This is part of the crypto mythos that sadly doesn't stand up to scrutiny. It's been common for "crypto banks" to oops (blame hackers) and run off with everyone's money. It doesn't (and can't) scale like an actual currency does. Bitcoin being the closest to currency status can take minutes to hours for transactions to complete with only niche usage, the solution is more unregulated "crypto banks" playing technical games, not to mention intense pressure on holders of bitcoin not to transact with it - No one wants to buy a morning coffee only to find out they could have bought a house before the caffeine has worn off, or want to pay extraordinary transaction fees.

Decentralization is also not entirely true, only some parts are. https://www.vice.com/en/article/wxdnxy/amazons-server-outage-took-down-a-decentralized-crypto-exchange

A government leader driving a currency into the floor is possible, however it takes a sustained and deliberate effort over the course of years. See https://en.wikipedia.org/wiki/2018–2021_Turkish_currency_and_debt_crisis for an ongoing example. With the worst intentions, dear leader can't do the kind of damage Elon could do by tweeting "I just sold all my ____", even if he didn't actually own or sell any ____.

Blockchain as a technology has some uses, but money isn't one of them.

 

NFTs are just the next step in this whole mess. Receipts for worthless digital trading cards. Even if the buyers owned the trading card (and they most certainly don't), that wouldn't help .. we all remember beanie babies or pogs. Wash sales are a systemic requirement for their appearance of value.

I sell some NFTs to Bob (by quietly giving him the money to buy them), then get Sally to do the same trick, then find Mark and use the anonymous blockchains "proof" of value to convince him to part with his money. Mark is left holding the receipt for a pixel ape he doesn't understand, doesn't actually own or control, and can't sell unless he can find another mark. This same scam is routinely performed on eBay for collectables (such as beanies). You will find plenty of these https://en.wikipedia.org/wiki/List_of_confidence_tricks in operation today if you know what to look for.

 

[CaithLynnSayes]

5 hours ago, Ceka Cianci said:

I never said it wasn't going to work..

I didn't try to insinuate that you did. My apologies if it came across that way.

5 hours ago, Ceka Cianci said:

As far as regulation goes, it's been regulated already and been back in congress the past week, with half the CEO's from Crypto's wanting regulation.. The more it gets accepted in places in the U.S., the more likely it's gonna be back in congress again.. 

I said before that in its current form bitcoin can't be regulated. I also like to point out that i said that it doesn't necessarily mean that bitcoin in its current form will be the new world currency. It is the first form of cryptocurrency and it has its flaws. Speed would be one of them. I do strongly believe that there will be a version of bitcoin eventually that will be used as an actual currency, and not just a savings investment as is the case now.

Could you tell me what you mean by "CEO's of crypto"? I think you mean the exchanges. Again, try to see the wider picture. If bitcoin, or any future version of it becomes the 'standard'. Why would you need an exchange into fiat when (lets not forget) crypto is intended to disrupt the current money (fiat) system.

 

@Coffee Pancake

45 minutes ago, Coffee Pancake said:

Decentralization is also not entirely true, only some parts are. 

The vice article that you linked to tells the same story i told before. It is the exchange that is centralized. Not the crypto being traded on it. It really all boils down to what i've been repeating here a couple of times now. Crypto is currently being used as an investment, a piggy bank. Exchanges are being used on a single website that have a single (point of attack) so when AWS for example experiences an outage,  then people start running around like chickens without a head panicking. People just don't use it as a currency as much as it is actually intended. This is why you see things like this happening.

[CaithLynnSayes]

@Klytyna You seem to think the posts i made here are funny? Mind telling us what you're thinking?

[Coffee Pancake]

11 minutes ago, CaithLynnSayes said:

People just don't use it as a currency as much as it is actually intended. This is why you see things like this happening.

The point is that people can't use it as a currency. Crypto has shockingly high transaction overheads, either in terms of processing time or fees. Speculation and wild value fluctuations further disincentivize actual spending.

While there are crypto schemes to address this problem, the reality is BTC (and to a lesser extend ETH) are the only games in town, and they determine the fate of the entire industry.

[Ceka Cianci]

10 minutes ago, CaithLynnSayes said:

I didn't try to insinuate that you did. My apologies if it came across that way.

 

No need to apologize, there was no offense taken. We are just discussing. Also if I misunderstood anything you were saying, I too apologize.

On that note, I'm gonna be bowing out of the conversation.. I got my second shot yesterday and it has me to where, all I want to do is crawl back into bed and stay there.. hehehe

Right now I'm going to be investing in good tea, a big fluffy comforter and winter jammys..

Everyone have a great night.

[CaithLynnSayes]

Just now, Coffee Pancake said:

The point is that people can't use it as a currency. Crypto has shockingly high transaction overheads, either in terms of processing time or fees. Speculation and wild value fluctuations further disincentivize actual spending.

While there are crypto schemes to address this problem, the reality is BTC (and to a lesser extend ETH) are the only games in town, and they determine the fate of the entire industry.

I totally agree. Today this is absolutely the case. It keeps developing though. Interesting times ahead.

[Coffee Pancake]

Just now, CaithLynnSayes said:

I totally agree. Today this is absolutely the case. It keeps developing though. Interesting times ahead.

I don't think it's going to matter. When regulation comes, it comes because of BTC and ETH, and will tank all the technically better evolutions of the technology overnight. The only reason were seeing slow pondering steps towards regulation is the investor class are up to their necks in it and can literally purchase time to divest.

If you're not a member of the investor class, trying to ride their coat-tails and hop off the train before it crashes is probably worse than spending every penny you make in a casino, they will have a heads about any game changing policies, you will not.

[SHTAX]

On 12/11/2021 at 8:42 PM, CaithLynnSayes said:

/me coughs loudly...

You also seem to be demonstrating not understanding the core principle of cryptocurrency. By clicking your Google Search link i'm assuming you want me to read the article "Someone stole $120 million in crypto by hacking a DeFi website", correct? 

Allow me to explain how this is a trap many people seem to fall for. - In my previous post i said that it is decentralized. Cryptocurrency by its nature is decentralized but if you 'trust' a website to safeguard your crypto, aka you don't own and control your private key(s) then sure that website can and will eventually be hacked and your bitcoin will be stolen. This is misunderstanding how crypto works yet again. If you want to truly safeguard your bitcoin, you never ever trust a third party with your password/private key. Please look into Mt Gox if you want to read all about bitcoin's "first market crash" and what caused it. An interesting documentary on the matter is 'The Rise And Rise of Bitcoin' > https://www.youtube.com/watch?v=qk4gZrBR9CU In it you will learn what happened on Mt Gox. A well known quote in crypto is "You don't control your private key, not your bitcoin"

So recap: bitcoin is decentralized but you centralize it by trusting a single website with your bitcoin security effectively going against cryptocurrencies core principal and creating a single point of vulnerability, then yes, of course it will eventually get hacked and stolen. Not sure why i had to explain this, but hey, i just did, didn't i  

(FYI, also not personally attacking you bud, just explaining )

sis, you are wasting ur time here...most of them will never get it coz they dont want to, they scared and stuck... btw, folks....nft breedables are way more fun 

[bigmoe Whitfield]

6 hours ago, SHTAX said:

sis, you are wasting ur time here...most of them will never get it coz they dont want to, they scared and stuck... btw, folks....nft breedables are way more fun 

I'm not sure whom you are speaking for,  me myself, I am not scared,  I will never deal with anything that relates to crypto,  once my REAL money goes digital and is useable and maintains it's same value, like the dollar in my pocket does,  then I'm fine with that, but crypt,ntf, no, never.  100% will never be stable.

[Mr Amore]

The gaming industry's attention is on Ubisoft right now, and their implementation of NFT hasn't taken off yet.

 

[Silent Mistwalker]

On 12/10/2021 at 5:44 AM, Lindal Kidd said:

I agree 100% with Scylla, but with an observation.

People say that cryptocurrencies are intrinsically worth nothing, nada, zero. This is true, but it ignores the fact that all of the so-called "fiat currencies" including the US dollar, are in the same boat.

Unless it is backed by some tangible thing of value, no currency has any value other than a group's collective belief that it does. When people stop believing a cryptocurrency, or a government-issued currency, has value...then it won't.

I've been waiting for the rest of the world to catch up for the past 50 years. ¯\_(ツ)_/¯