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  1. #1
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    Lightbulb Cryptocurrencies

    The idea of a cryptocurrency is probably insane for most members of this forum. A currency that has no governing body and that is purely online, especially for a group of people that for many, technology is confusing enough already (http://www.sharetrader.co.nz/showthr...e-of-investors) As a source for this statement

    But cryptocurrencies in some form or another, will be the future. Whether it will take 1 year, 10 years or 50 years, eventually the idea that money will decentralized from governments and borders eventually is hard to deny.

    There have been a huge number of overnight millionaires with things like Bitcoin (The 'orginial cryptocurrency) where we saw a price rise from 0.06c each to $1000 (USD) each, 16,500% increase.(http://www.coindesk.com/price/) This was not a one off, or a scam or anything else of the like, this was a technology that started off small and cheap that then people realized was the future.
    As there becomes more and more interest in this type of technology, more cryptocurrencies and uses for them, will continue to be developed many of which will fail but some will succeed.

    How these currencies work is complicated and personal research will need to be done in order to scratch the surface of how they work. But a new cryptocurrency is beginning its journey, one that I can see creating a huge amount of wealth for those invested as well as becoming a new stream line payment system of the future.
    http://coinmarketcap.com/currencies/ethereum/

    Ethereum is a technology that allows for people to create code that deals with money (Named a smart contract) which is highly complex and in-depth. But simply put allows almost any industry to reduce fees by not needing a third party to deal with money. The code is smart, the code can think and transfer money from one party to another.

    It's complicated to explain, complicated to purchase, complicated to predict. But considering this is a investment forum I figured it would at least be interesting!
    Current price per Eth is $11.5 usd and unless something drastic happens I can see very little downside and huge upside for investment (DISC: Holding a small amount of Ethereum, but am in no way affiliated with Ethereum or its development other then investing)

  2. #2
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    Quote Originally Posted by Jinx View Post
    ...But cryptocurrencies in some form or another, will be the future. Whether it will take 1 year, 10 years or 50 years, eventually the idea that money will decentralized from governments and borders eventually is hard to deny...
    Very insightful. I think there's a distinct possibility that as govt's get rid of cash in order to prevent tax fraud, there's always the possibility that a govt can upset the people and turn them to something like cryptocurrency. Personally, I prefer the idea that in the future we will rid of tax altogether and almost completely get rid of government as people end up being given a basic income for doing nothing to live in a mostly automated world where jobs are only done as hobbies to get extra cash. That's my dream

    What I expect to happen is at some point people will feel oppressed by a government (or invaders of some type) and will take to alternate currencies. I'm not sure how successful this will be.

  3. #3
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    Thumbs down Not another bl***y programming dialect to learn

    Quote Originally Posted by Jinx View Post
    ...But cryptocurrencies in some form or another, will be the future. Whether it will take 1 year, 10 years or 50 years, eventually the idea that money will decentralized from governments and borders eventually is hard to deny...
    I deny that.

    See - That was easy as .

    These things come and go, like any speculative 'investment'. Maybe this one has legs and probably it does not.

    Best Wishes
    Paper Tiger
    om mani peme hum

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    Almost every one of these has come across to me as a pump-and-dump for people who feel like they missed out on bitcoin gravy train.

    However I do feel that the tech is interesting and will hopefully grow into something more useful as a currency rather than being held as capital appreciation.

  5. #5
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    Quote Originally Posted by Paper Tiger View Post
    I deny that.

    See - That was easy as .

    These things come and go, like any speculative 'investment'. Maybe this one has legs and probably it does not.

    Best Wishes
    Paper Tiger
    I would argue if you are willing to flat out deny it then you aren't/dont want to be up to date on the technology.
    Although these are certainly a speculative investment they have found partnership in Microsoft, Goldman Sachs, Every crypto exchange, so obvouisly a lot of people are willing to speculate about what could be a game changer in 5 years or so.

    Quote Originally Posted by unhuman View Post
    Almost every one of these has come across to me as a pump-and-dump for people who feel like they missed out on bitcoin gravy train.

    However I do feel that the tech is interesting and will hopefully grow into something more useful as a currency rather than being held as capital appreciation.
    I agree that pretty much every altcoin except Bitcoin has been a pump an dumb, but pretty much all of these pump and dumps have been of currencies that change nothing, bring nothing to the table. I wouldn't be surprised if the Eth price dropped to $1 but as long as more and more positive news continues to surface about the technology I'll be happy to hold - The same as investing in shares

  6. #6
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    These things are simply a store of value, with the benefit of being able to be used as a medium of exchange in a limited range of circumstances.

    Traditional currencies are widely accepted, and rest on the issuing government's power to tax. Physical assets like gold or land have a value largely determined by supply and demand.

    Traditional currencies and physical assets have a greater degree of transparency. I can see the 5kg of silver that I use as a doorstop, I can stand on my land, and there is an entire global industry devoted to keeping my shoebox of US dollars on the straight and narrow.

    I am, however, somewhat less sanguine about Bitcoin et al

  7. #7
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    Quote Originally Posted by GTM 3442 View Post

    Traditional currencies and physical assets have a greater degree of transparency.
    Do you realise that the blockchain (the technology behind bitcoin and Ethereum) is completely transparent and that's one of the main appeals? I feel this was poor wording and not in regards to transparency at all.

    Secondly I agree with the silver and land examples but where you state that the US dollar has value because of a global industry what makes you assume this isn't true for bitcoin currently, to a lesser degree of course but can certainly continue to grow?

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    Quote Originally Posted by Jinx View Post
    Do you realise that the blockchain (the technology behind bitcoin and Ethereum) is completely transparent and that's one of the main appeals? I feel this was poor wording and not in regards to transparency at all.

    Secondly I agree with the silver and land examples but where you state that the US dollar has value because of a global industry what makes you assume this isn't true for bitcoin currently, to a lesser degree of course but can certainly continue to grow?
    I can use a dollar coin without having to know anything about its ancestry or its "audit trail" ( for want of a better phrase). The physical artifact is sufficient in itself.

    To use a Bitcoin, I must interrogate a database to establish its authenticity. So must any other party who uses that particular Bitcoin. Possession of a Bitcoin is not sufficient to establish authenticity.

    As an idle query, how long will it take before the world's supply of disk space is taken up by the block chain history of all the squazzabazillions on bitcoins out there? ;-)

  9. #9
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    back up your wallet
    Also I've lost coins due to online wallet providers evaporating. I didn't want to run a 10 different wallets for the various coins I mined so I onlined a few of them. Poof! Gone.
    To me accidental loss, eg Hard drive failure with no back up is also a risk with crypto coins.
    I also stored coins temporarily on a site associated with pooling the mining operations and then Poof , website gone.

    So the rewards need to be high to account for these extra risks.

    BTC has been on a bit of a roll recently,

  10. #10
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    Price update, when this was first posted the price per Eth was $11.5 usd.

    Now its $14 usd
    21% increase in two months isn't too bad
    Pleased I trusted myself and diversified my portfolio into cyrptocurrenies.

  11. #11
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    There certainly are risks associated with BTC and Ethereum but that doesn't mean these risks are negatable.
    "To me accidental loss, eg Hard drive failure with no back up is also a risk with crypto coins." This isn't a risk caused by cryptocurrencies themselves this is due do individual carelessness.
    "
    I also stored coins temporarily on a site associated with pooling the mining operations and then Poof , website gone." This is very unlikely to happen to my primary Ethereum wallet Mist as it's designed and updated by the very people developing Ethereum. But I still take your point.

    I'm very jelous of your ability to mine, my PC is too outdated to make mining worth it and I have no other means of mining without purchasing new equipment

    "
    BTC has been on a bit of a roll recently" BTC's roll has primarily been driven by Chinese buying pressure of Bitcoin, unlike Ethereums which has been driven by new app development and radically increases in publicity and adoption.

    How much in NZD have you managed to mine with how much investment if you dont mind me asking for interests sake

  12. #12
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    Price now $21 usd
    82% increase in two and a half months.
    Next post will be at $30

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    Now sitting on $11, so a 27% loss in two and a half months.
    Luckily i managed to sell a fair amount at $21 before the implosion.
    Still believe in the tech

  15. #15
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    Hi guys I'm a clueless technophobe and i try to understand Bitcoin but out of my league forever re trying to mine etc. Im sure i must be wrong but i saw parts of a in-depth 2 part bit coin doco on AlJazerra that there are only ever 120 million bit coins that will exist. ; but that doesn't make sense if they are constantly being mined? Im int in preferably ASX companies involved in Bitcoin. So far I've found DCC thread for this started by Clip on S/T may be a few more out there . DCC website.

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