While that is certainly correct, the dollar is backed by the US government, (for what that is worth) who has your back with crypto?
Crypto, your opinion requested.
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That's as comforting as Bernie Madoff having your back. The U.S.dollar is not guaranteed by the U.S. Government. Nor can they control its value. Nor will they buy it from you. I guess the only positive is that they have to take it for payment of taxes. whoopee.
Given the rather high probability that the only way our excessive debt will be resolved will be through a devaluation of the dollar, it's hard to make the case for the Dollar vs Crypto. At least Crypto is limited in its issuance. They can print as many dollars as they want...and they will.
The current Administration is hell-bent on a lower dollar. They have publicly stated so. I believe them.
1900, True, not?
You've heard about Bitcoin, Ethereum, and probably Litecoin and Ripple. But have you heard of Pandacoin or DopeCoin? What about CryCash, Dogecoin, TeslaCoin, Philosopher Stones or WolfCoin? How many cryptocurrencies are there? And did you notice one of those isn't a real cryptocurrency? (Spoiler: it's WolfCoin—at least it wasn't real at the time of writing!)
Next week, there could be fewer or still more. New coins rise and fall, are created and destroyed, all the time. Some vanish because they never caught on; others because they weren't legitimate in the first place. Others have created great wealth, in the form of lambos or turned out to be scams. Given the increasing accessibility of the technology required to create a cryptocurrency, it's easier than ever to make your own coin. So how many cryptocurrencies are there, really? And why are there so many?
But cryptocurrency comes in two flavors: coins and tokens. Both contribute to the total count, but their differences are key. A coin operates on its own blockchain. Bitcoin and Ether are examples of coins. By comparison, tokens reside on preexisting blockchain infrastructure, like the Ethereum network.
Creating a coin, also known as an altcoin or alternative coin, takes a lot of work and resources, though not enough to dissuade developers. Building your own blockchain or forking an existing one with a few tweaks requires some specialized knowledge that you either need to have or pay for.
Creating a token is a comparatively cheaper and easier process. Instead of building and maintaining a forked blockchain, you can rely on Bitcoin or Ethereum blockchain technology.
Altcoins take the core blockchain protocol of an already existing coin and make a new one. Tokens just ride on top of the infrastructure that's already there. Since creating a token has a lower barrier to entry, there are more of them, swelling the bottom ranks of the cryptocurrency roster.
How many cryptocurrencies are there? As many as people are willing to create. But what's motivating them? Why are there still so many different cryptocurrencies? Are people just making them because they can?
Sometimes, yes! Part of what's so attractive about blockchain and crypto is its unprecedented accessibility. The code for the technology is open-source, widely shared and distributed. Decentralization means there's no governing, central authority making all the decisions. And when have people ever been able to create their own currency?
For the most part, people create new coins and tokens to modify, specialize or improve upon the core technology. Take the cryptocurrency Ripple, for example. Developers created Ripple because they weren't happy with how long it took to verify transactions on the bitcoin blockchain. With some modifications of the code, they were able to create a blockchain that processes cryptocurrency transactions within seconds and costs pennies.
Furthermore, currencies have different circulation caps, and some of them aren't capped at all. For instance, there will only ever be 21 million bitcoin. Cryptocurrencies can also have widely different applications. Some tokens are used as commodities, smart contracts or other digital assets, for instance.
Suffice to say, whether it's just for kicks, like Garlicoin, or to drive real innovation, like Ripple, there are all kinds of reasons to create a new cryptocurrency. People are still experimenting with the technology and testing its limits. Others are taking advantage of blind enthusiasm to run scams. Still more are looking for new ways to trade goods and do business. This means that the answer to how many cryptocurrencies there are will be different today from next month, or even next week.
Either way, most of the coins out there are for niche trading or exist as a developer's passion project. Perhaps one day, one of the hundreds of altcoins will surge through the ranks into the top 100. But for now, cryptocurrencies with the largest market caps, like Bitcoin and Ethereum, are the only relevant ones for the majority of traders.
How Many Cryptocurrencies Are There?
blocklrYou've heard about Bitcoin, Ethereum, and probably Litecoin and Ripple. But have you heard of Pandacoin or DopeCoin? What about CryCash, Dogecoin, TeslaCoin, Philosopher Stones or WolfCoin? How many cryptocurrencies are there? And did you notice one of those isn't a real cryptocurrency? (Spoiler: it's WolfCoin—at least it wasn't real at the time of writing!)
Next week, there could be fewer or still more. New coins rise and fall, are created and destroyed, all the time. Some vanish because they never caught on; others because they weren't legitimate in the first place. Others have created great wealth, in the form of lambos or turned out to be scams. Given the increasing accessibility of the technology required to create a cryptocurrency, it's easier than ever to make your own coin. So how many cryptocurrencies are there, really? And why are there so many?
How Many Cryptocurrencies Are There?
There are currently more than 1,900 different cryptocurrencies. Today, there are 1,910, to be precise. At least as of today!But cryptocurrency comes in two flavors: coins and tokens. Both contribute to the total count, but their differences are key. A coin operates on its own blockchain. Bitcoin and Ether are examples of coins. By comparison, tokens reside on preexisting blockchain infrastructure, like the Ethereum network.
Creating a coin, also known as an altcoin or alternative coin, takes a lot of work and resources, though not enough to dissuade developers. Building your own blockchain or forking an existing one with a few tweaks requires some specialized knowledge that you either need to have or pay for.
Creating a token is a comparatively cheaper and easier process. Instead of building and maintaining a forked blockchain, you can rely on Bitcoin or Ethereum blockchain technology.
Altcoins take the core blockchain protocol of an already existing coin and make a new one. Tokens just ride on top of the infrastructure that's already there. Since creating a token has a lower barrier to entry, there are more of them, swelling the bottom ranks of the cryptocurrency roster.
Why Are There So Many Cryptocurrencies?
How many cryptocurrencies are there? As many as people are willing to create. But what's motivating them? Why are there still so many different cryptocurrencies? Are people just making them because they can?
Sometimes, yes! Part of what's so attractive about blockchain and crypto is its unprecedented accessibility. The code for the technology is open-source, widely shared and distributed. Decentralization means there's no governing, central authority making all the decisions. And when have people ever been able to create their own currency?
For the most part, people create new coins and tokens to modify, specialize or improve upon the core technology. Take the cryptocurrency Ripple, for example. Developers created Ripple because they weren't happy with how long it took to verify transactions on the bitcoin blockchain. With some modifications of the code, they were able to create a blockchain that processes cryptocurrency transactions within seconds and costs pennies.
Furthermore, currencies have different circulation caps, and some of them aren't capped at all. For instance, there will only ever be 21 million bitcoin. Cryptocurrencies can also have widely different applications. Some tokens are used as commodities, smart contracts or other digital assets, for instance.
Suffice to say, whether it's just for kicks, like Garlicoin, or to drive real innovation, like Ripple, there are all kinds of reasons to create a new cryptocurrency. People are still experimenting with the technology and testing its limits. Others are taking advantage of blind enthusiasm to run scams. Still more are looking for new ways to trade goods and do business. This means that the answer to how many cryptocurrencies there are will be different today from next month, or even next week.
All Cryptocurrencies Were Not Created Equal
How many cryptocurrencies are there? Probably too many or, depending on your view, still not enough. 2017 brought an explosion of new coins with the rise of initial coin offerings, also known as ICOs. Over the year, there was $5 billion in ICO investment, leading to the introduction of 700 new coins. This was enough to draw the attention of SEC regulators. If new regulatory oversight deters scam ICOs and ****coins, there could be far fewer new coins in 2018.Either way, most of the coins out there are for niche trading or exist as a developer's passion project. Perhaps one day, one of the hundreds of altcoins will surge through the ranks into the top 100. But for now, cryptocurrencies with the largest market caps, like Bitcoin and Ethereum, are the only relevant ones for the majority of traders.
Breaking Down the Bitmain IPO
I wrote when I'm about to post on May 29th of 2014 it still holds true for me.
When the stores are out of food would you rather have crypto, or dollars, or even gold.
Or would you rather have this?
I still feel the same way 11 years later. If I can't eat it, keep myself warm with it, defend myself with it or wipe my butt with it it doesn't have any intrinsic value.
When the stores are out of food would you rather have crypto, or dollars, or even gold.
Or would you rather have this?
OP
I understand what you are saying. I am in both worlds, not just the future is bleak world.
OP
Thanks, great post.1900, True, not?
How Many Cryptocurrencies Are There?
blocklr
You've heard about Bitcoin, Ethereum, and probably Litecoin and Ripple. But have you heard of Pandacoin or DopeCoin? What about CryCash, Dogecoin, TeslaCoin, Philosopher Stones or WolfCoin? How many cryptocurrencies are there? And did you notice one of those isn't a real cryptocurrency? (Spoiler: it's WolfCoin—at least it wasn't real at the time of writing!)
Next week, there could be fewer or still more. New coins rise and fall, are created and destroyed, all the time. Some vanish because they never caught on; others because they weren't legitimate in the first place. Others have created great wealth, in the form of lambos or turned out to be scams. Given the increasing accessibility of the technology required to create a cryptocurrency, it's easier than ever to make your own coin. So how many cryptocurrencies are there, really? And why are there so many?
How Many Cryptocurrencies Are There?
There are currently more than 1,900 different cryptocurrencies. Today, there are 1,910, to be precise. At least as of today!
But cryptocurrency comes in two flavors: coins and tokens. Both contribute to the total count, but their differences are key. A coin operates on its own blockchain. Bitcoin and Ether are examples of coins. By comparison, tokens reside on preexisting blockchain infrastructure, like the Ethereum network.
Creating a coin, also known as an altcoin or alternative coin, takes a lot of work and resources, though not enough to dissuade developers. Building your own blockchain or forking an existing one with a few tweaks requires some specialized knowledge that you either need to have or pay for.
Creating a token is a comparatively cheaper and easier process. Instead of building and maintaining a forked blockchain, you can rely on Bitcoin or Ethereum blockchain technology.
Altcoins take the core blockchain protocol of an already existing coin and make a new one. Tokens just ride on top of the infrastructure that's already there. Since creating a token has a lower barrier to entry, there are more of them, swelling the bottom ranks of the cryptocurrency roster.
Why Are There So Many Cryptocurrencies?
How many cryptocurrencies are there? As many as people are willing to create. But what's motivating them? Why are there still so many different cryptocurrencies? Are people just making them because they can?
Sometimes, yes! Part of what's so attractive about blockchain and crypto is its unprecedented accessibility. The code for the technology is open-source, widely shared and distributed. Decentralization means there's no governing, central authority making all the decisions. And when have people ever been able to create their own currency?
For the most part, people create new coins and tokens to modify, specialize or improve upon the core technology. Take the cryptocurrency Ripple, for example. Developers created Ripple because they weren't happy with how long it took to verify transactions on the bitcoin blockchain. With some modifications of the code, they were able to create a blockchain that processes cryptocurrency transactions within seconds and costs pennies.
Furthermore, currencies have different circulation caps, and some of them aren't capped at all. For instance, there will only ever be 21 million bitcoin. Cryptocurrencies can also have widely different applications. Some tokens are used as commodities, smart contracts or other digital assets, for instance.
Suffice to say, whether it's just for kicks, like Garlicoin, or to drive real innovation, like Ripple, there are all kinds of reasons to create a new cryptocurrency. People are still experimenting with the technology and testing its limits. Others are taking advantage of blind enthusiasm to run scams. Still more are looking for new ways to trade goods and do business. This means that the answer to how many cryptocurrencies there are will be different today from next month, or even next week.
All Cryptocurrencies Were Not Created Equal
How many cryptocurrencies are there? Probably too many or, depending on your view, still not enough. 2017 brought an explosion of new coins with the rise of initial coin offerings, also known as ICOs. Over the year, there was $5 billion in ICO investment, leading to the introduction of 700 new coins. This was enough to draw the attention of SEC regulators. If new regulatory oversight deters scam ICOs and ****coins, there could be far fewer new coins in 2018.
Either way, most of the coins out there are for niche trading or exist as a developer's passion project. Perhaps one day, one of the hundreds of altcoins will surge through the ranks into the top 100. But for now, cryptocurrencies with the largest market caps, like Bitcoin and Ethereum, are the only relevant ones for the majority of traders.
Breaking Down the Bitmain IPO
The taxpayers,just like they did in 2008
OP
The taxpayers,just like they did in 2008
Hence the risk, and possible consequences and or reward.
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I am an investor but know virtually nothing about Bitcoin and alike. I invest in what I know and can understand, what I am comfortable with and what I can tie to the current state of the financial world. When it comes to Bitcoin, I only know the very basics but apparently it does not matter how the Market is doing, who is in power, what the bond market is like or what the interest rates are. It seems like it's not tied to any of those factors and basically does its own thing. I choose not to invest on luck alone as I don't consider that "investing". To me that's just gambling and relying on lady luck.
That said, I know many that made a small fortune with Bitcoin. They think I am crazy not to invest in Bitcoin - but that's because Bitcoin has done so well as of the last year or two - if they had or do lose money in the future they will change their tunes. Basically, if you have the stomach to rely only on luck and the way the wind blows, then I suppose you could try it with a small amount you feel comfortable with. Me..... I am more conservative. I may not make big percentages of gain but I won't loose big bucks either. If I can consistently make 8%- 12% on my a year on my investments I am a very happy camper. I worked too hard for my money (no one ever gave it to me) and I won't invest in high risk investments. Other's who have more money or who are younger and still working, maybe.
Not saying Bitcion shouldn't be a small part of your portfolio, I am just too old school and can't wrap my brain around "mining" something not in the ground. lol
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DWalt
Member
The only way I would get into Crypto would be if I got in tight with someone who REALLY understands it. And that's not me. I am also in the camp of being satisfied with around a 10% inflation-corrected total ROI from financial instruments that I understand. But I am getting increasingly concerned about the probability of dollar devaluation, and am shifting to investments in companies having large percentages of their income coming from foreign sources. Also some foreign business equities, mainly Japanese and European.
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One problem I have with it is that the interest in it seems to be all investment driven. It's not really a currency until it's a widely accepted medium of exchange. Like you can buy groceries with it. Directly. At Kroger.
If supply is limited how are all these new companies launching weekly? And why all these new data centers? Well maybe data centers for all the new "investors" I can see.
Another thing I don't understand.
Another thing I don't understand.
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One of the small points I see all the time - people talk about investing in crypto currency, as if they think it is singular. it is plural (in the thousands). A previous post mentioned 1900. I thought I read it was close to 10,000. It changes so rapidly both estimates are now wrong.
Bitcoin is the biggest, it does have a maximum number of coins (21 million). At which point there will be no more inflation. That number hasn't been hit yet, so it is still 'inflating'. But the crypto ecosystem as a whole has massive run-away inflation. It costs next to nothing to launch a new one, so they are being created all the time.
Even bitcoin with its 'fixed' number of coins, isn't really fixed. bitcoin forked into bitcoin cash. Since then bitcoin cash has also forked.
A detail that is probably irrelevant, but the bitcoins don't exist (not even digitally). You're wallet does not hold any bitcoins, it holds the keys to your accounts. when you make a transaction, nothing gets sent from your wallet to another wallet. The blockchain should be thought of as an accounting ledger. The ledger is public - everyone can see every transaction. A transaction is simply a ledger entry: transfer x bitcoins from wallet a to wallet b. The keys authenticate the transaction. When someone loses their key, they haven't lost their bitcoin - they are still recorded on the ledger. They have lost the ability to conduct transactions.
How many bitcoins do you have? I don't do crypto, but I assume the software will show you that you have x bitcoins. But there isn't an account anywhere holding x bitcoins. It is all calculated from the blockchain. For all the transactions of your wallet ID, it adds up all the 'in' entries, subtracts the 'out' entries, and the result is your x bitcoins.
If you have an exchange hosted wallet, the exchange owns the keys, not you. Governments have seized bitcoins by compelling the exchange to surrender the keys. They don't need your wallet.
I "invested" the $85 stuck in Venmo because I couldn't find a place that had anything I wanted to spend it on.
I am not buying anymore.
My various mutual funds may hold a "token"
amount.
I will try and counter you mine hold none!I "invested" the $85 stuck in Venmo because I couldn't find a place that had anything I wanted to spend it on.
I am not buying anymore.
My various mutual funds may hold a "token"
smithman 10
US Veteran
My son, who is a fairly successful investor, tells me he has made some money buying and selling crypto.
But he tells me not to put any money into it that I am not willing to lose. He's basically telling me I'm not smart enough to understand it.
I believe him.
But he tells me not to put any money into it that I am not willing to lose. He's basically telling me I'm not smart enough to understand it.
I believe him.
Eventually, this house of cards will come tumbling down. I have no interest in these "investment" vehicles that are based on nothing but people's greed.
A long time ago, I got a phone call from a flim-flam phone salesman whose first words were, "Sir, would you like to have more money?"
Me: "Mmmmm...no, I don't think so."
Him: "What?? Why wouldn't you want more money?"
Me: "Because I still have some. I won't need any more until this is all gone."
Him: <click>
I'm sure he shared his encounter with a looney bin escapeewith his fellow phone salesmen.
But I still have some money left. Won't need any more until it's all gone.
A long time ago, I got a phone call from a flim-flam phone salesman whose first words were, "Sir, would you like to have more money?"
Me: "Mmmmm...no, I don't think so."
Him: "What?? Why wouldn't you want more money?"
Me: "Because I still have some. I won't need any more until this is all gone."
Him: <click>
I'm sure he shared his encounter with a looney bin escapeewith his fellow phone salesmen.
But I still have some money left. Won't need any more until it's all gone.
Buy Tik tock when we can figure out who owns it.
Baja wrote:
I agree with that completely. Even if I could afford to do it, I wouldn't know what to do with it. It doesn't actually do anything that I can recognize in my world.
It's similar to investing in gold. You can pay $3400 an ounce, more or less these days, and then what? Hope it goes to $5,000? And then what? The value of gold is intrinsic, but since we do not buy and sell groceries with gold, what good is it? When the balloon goes up, a box of 100 CCI .22 LR Mini-Mags will be worth more than an ounce of gold.
That's the view from my saddle. YMMV
I agree with that completely. Even if I could afford to do it, I wouldn't know what to do with it. It doesn't actually do anything that I can recognize in my world.
It's similar to investing in gold. You can pay $3400 an ounce, more or less these days, and then what? Hope it goes to $5,000? And then what? The value of gold is intrinsic, but since we do not buy and sell groceries with gold, what good is it? When the balloon goes up, a box of 100 CCI .22 LR Mini-Mags will be worth more than an ounce of gold.
That's the view from my saddle. YMMV
fatcat3
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THIS!
What really kills me is buying crypto and non-physical gold/silver for EOTWAWKI. Huhhhh, how are you going to access it?????
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Several people have commented that they don't understand crypto well enough to invest in it. Actually, if you did understand it, there is no way in the world you would buy it.
There is only one way to make money in crypto: https://en.wikipedia.org/wiki/Greater_fool_theory
There is only one way to make money in crypto: https://en.wikipedia.org/wiki/Greater_fool_theory
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