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Old 26th February 2021, 10:19 PM   #1041
psionl0
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Originally Posted by ChrisBFRPKY View Post
Today the Federal Reserve suffers widespread disruption to payment services.

https://www.cnn.com/2021/02/24/busin...ire/index.html
I doubt that bitcoin could handle the volume of transactions that fedwire does. (The Ripple network might be an alternative though).
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Old 27th February 2021, 03:22 PM   #1042
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Originally Posted by psionl0 View Post
Not as impressive as their record with bitcoin. They have predicted 1000 out of the last 0 end of bitcoin forevers.
Here is another 0 prediction soundly argued.

"If Bitcoin were to be adopted as a global reserve currency," he speculates, "the Bitcoin price will probably be in the millions, and those miners will have more money than the entire [US] Federal budget to spend on electricity."

"We'd have to double our global energy production," he says with a laugh. "For Bitcoin."


https://www.bbc.com/news/science-environment-56215787

Elon Musk busted.
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Old 27th February 2021, 07:43 PM   #1043
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Originally Posted by psionl0 View Post
I doubt that bitcoin could handle the volume of transactions that fedwire does. (The Ripple network might be an alternative though).
Ripple isn't a cryptocurrency. It's a centralized block chain that could be taken over or controlled by a single entity.

IMO decentralization is a must to qualify as a cryptocurrency. Otherwise, you may as well continue to use Paypal.
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Old 27th February 2021, 11:12 PM   #1044
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Originally Posted by ChrisBFRPKY View Post
Ripple isn't a cryptocurrency. It's a centralized block chain that could be taken over or controlled by a single entity.
That isn't my understanding.

Ripple and Stellar are both decentralized networks that require consensus instead of competition to add new transactions to the chain. Although they have their own crypto currencies, their primary purpose is to transfer IOUs across the network. They rely on individuals having access to a "trusted gateway" on the network to work.
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Old 27th February 2021, 11:15 PM   #1045
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The software requires exponential power demand.
Winkelvoss bros would be selling now.
I bet they are not dumb.

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Old 27th February 2021, 11:17 PM   #1046
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Except quantum computing can mend this unforeseen glitch in the tree that grows to the sky.
Maybe Jack understands.
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Old 28th February 2021, 11:21 AM   #1047
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Originally Posted by psionl0 View Post
That isn't my understanding.

Ripple and Stellar are both decentralized networks that require consensus instead of competition to add new transactions to the chain. Although they have their own crypto currencies, their primary purpose is to transfer IOUs across the network. They rely on individuals having access to a "trusted gateway" on the network to work.
Their fancy way of putting it is that Ripple uses a distributed consensus ledger using a network of validating servers.

In English it simply means it's a centralized blockchain. Instead of validations across a decentralized network they rely on validations from "their" servers. Like Paypal, a closed system. Which effectively means they can create as many tokens as they want at anytime they wish to sell when they wish.

It's why I never bought into XRP.
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Old 28th February 2021, 07:33 PM   #1048
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Originally Posted by ChrisBFRPKY View Post
Their fancy way of putting it is that Ripple uses a distributed consensus ledger using a network of validating servers.

In English it simply means it's a centralized blockchain. Instead of validations across a decentralized network they rely on validations from "their" servers. Like Paypal, a closed system. Which effectively means they can create as many tokens as they want at anytime they wish to sell when they wish.

It's why I never bought into XRP.
Don't conflate the crypto with the transfer mechanism (this is the same mistake that many make with bitcoin vs bitcoin exchanges).

It is true that the validating nodes in Ripple form a "private club" which requires a 51% consensus before new nodes can be admitted. OTOH each node in Stellar can take part in the transaction validation process and anyone can run a Stellar node.

The real question is whether transactions can be controlled or blocked. This seems unlikely with Stellar but there was an incident in Ripple where the funds of one of the founders, Jeff McCaleb, were frozen after he left Ripple in 2015.
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Old 3rd March 2021, 08:27 PM   #1049
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Originally Posted by psionl0 View Post
Don't conflate the crypto with the transfer mechanism (this is the same mistake that many make with bitcoin vs bitcoin exchanges).

It is true that the validating nodes in Ripple form a "private club" which requires a 51% consensus before new nodes can be admitted. OTOH each node in Stellar can take part in the transaction validation process and anyone can run a Stellar node.

The real question is whether transactions can be controlled or blocked. This seems unlikely with Stellar but there was an incident in Ripple where the funds of one of the founders, Jeff McCaleb, were frozen after he left Ripple in 2015.
This. To me it has to be decentralized to be a cryptocurrency. I'm well aware others may disagree but in a nutshell, that's my take on it. A centralized blockchain/server group could be taken over by a government agency. Game over for that coin.
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Old 3rd March 2021, 10:29 PM   #1050
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Originally Posted by ChrisBFRPKY View Post
This.
It is worth noting that Ripple Labs promised that for every new node that was admitted into their validation network, they would remove one. (I don't know how far they have gotten with this).

Originally Posted by ChrisBFRPKY View Post
A centralized blockchain/server group could be taken over by a government agency. Game over for that coin.
That's silly. Why would the Ripple nodes vote to give government owned nodes a majority say in the consensus process? (And don't forget that this can't happen with Stellar).

You might as well speculate on the possibility that a government might gain 51% of the bitcoin mining power.
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Old 4th March 2021, 09:32 PM   #1051
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Originally Posted by psionl0 View Post

That's silly. Why would the Ripple nodes vote to give government owned nodes a majority say in the consensus process? (And don't forget that this can't happen with Stellar).

You might as well speculate on the possibility that a government might gain 51% of the bitcoin mining power.
Because there's only around 835 of them and going against the Federal Government always ends in the same result. "I fought the law and the law won."
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Old 5th March 2021, 12:34 AM   #1052
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Originally Posted by ChrisBFRPKY View Post
Because there's only around 835 of them and going against the Federal Government always ends in the same result. "I fought the law and the law won."
The idea that the government would seek to destroy the Ripple network (even if it was constitutional) is pure CT.
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Old 6th March 2021, 02:14 PM   #1053
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Originally Posted by psionl0 View Post
The idea that the government would seek to destroy the Ripple network (even if it was constitutional) is pure CT.
It's not so much a fear that the government or some other entity will shut down the Ripple network, it's the knowledge that it could be shut down or taken over/edited. For instance, as you already noted above, someone could decide whether your coins/assets would be frozen, without any attack on the network.....That's why I compared it to Paypal, it's just numbers in a centralized ledger. This means individual control. Not something cryptocurrencies are known for.

To a smaller degree there exists some of the same fear about decentralized coins being 51% attacked, but that need not be the case with Ripple. There is no attack required.

Ripple is not for me for the reasons outlined. I know people have certain favorites and to each his own. I suppose Jeff McCaleb could probably explain it better, but there it is.
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Old 7th March 2021, 09:37 AM   #1054
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Originally Posted by ChrisBFRPKY View Post
It's not so much a fear that the government or some other entity will shut down the Ripple network, it's the knowledge that it could be shut down or taken over/edited.
By the same token, you could have exactly the same fear about bitcoin. Its ownership is concentrated in relatively few hands so no attack is necessary to mess up its prices (though it's in the interests of the whales not to do so). If there was the motivation to do so, governments around the world could certainly cooperate to shut down bitcoin (at least temporarily). They could commandeer major mining computers and force them to stop adding transactions to the block chain. Of course, that won't happen because cryptocurrency is more useful than brown paper bags for politicians as well as criminals.

Similarly, Ripple Labs isn't going to sabotage Ripple either. Major banks are using Ripple as a cheaper and faster alternative to SWIFT and they wouldn't do that if they had any concerns about the transactions on the Ripple network. Ripple Labs complies fully with KYC laws so there is no problem there either.

The most important technical aspect of Stellar (if you are still scared of Ripple) is that it uses consensus rather than competition to add transactions to the block chain. This uses far less energy than bitcoin and points the way forward for decentralized transactions.
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Old 8th March 2021, 06:25 PM   #1055
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Originally Posted by psionl0 View Post
By the same token, you could have exactly the same fear about bitcoin. Its ownership is concentrated in relatively few hands so no attack is necessary to mess up its prices (though it's in the interests of the whales not to do so). If there was the motivation to do so, governments around the world could certainly cooperate to shut down bitcoin (at least temporarily). They could commandeer major mining computers and force them to stop adding transactions to the block chain. Of course, that won't happen because cryptocurrency is more useful than brown paper bags for politicians as well as criminals.

Similarly, Ripple Labs isn't going to sabotage Ripple either. Major banks are using Ripple as a cheaper and faster alternative to SWIFT and they wouldn't do that if they had any concerns about the transactions on the Ripple network. Ripple Labs complies fully with KYC laws so there is no problem there either.

The most important technical aspect of Stellar (if you are still scared of Ripple) is that it uses consensus rather than competition to add transactions to the block chain. This uses far less energy than bitcoin and points the way forward for decentralized transactions.
I've traded Stellar. I moved out of it after the first major move up, I think it was from the .08 to the .15 cent range. Likely as with ADA, I missed out on further profits. I don't mind so much as I achieved my set goal with the ADA, but FIVE-MILLION-DOLLARS in lost gains has bothered me a bit.

Sometimes my stubborn trade rules kinda suck, but they have kept me winning as long as I don't break them.
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Old 13th March 2021, 12:09 PM   #1056
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Another new high for Bitcoin. Currently trading at $60,218.00

Psionl0, is your trigger finger itching yet? Or will you continue to hold all BTC?


added info: Well that didn't last long. An hour or so later Bitcoin blew past $61K and now testing $62K, currently trading at $61,778

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Old 13th March 2021, 09:41 PM   #1057
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Originally Posted by ChrisBFRPKY View Post
Ripple isn't a cryptocurrency. It's a centralized block chain that could be taken over or controlled by a single entity.

IMO decentralization is a must to qualify as a cryptocurrency. Otherwise, you may as well continue to use Paypal.
Wikipedia refers to xrp as a cryptocurrency, for whatever that's worth. As does Investopedia.
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Old 13th March 2021, 09:48 PM   #1058
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Originally Posted by psionl0 on 20th December 2020 View Post
If you can afford to gamble then "buy and hold" is a reasonable consideration. Also, buy and sell at 2 or 3 times your purchase price has a reasonable chance of succeeding.
Originally Posted by psionl0 on 8th January 2021 View Post
First hurdle: check. Conservative speculators (including those who bought 3 years ago) may sell here.
Second hurdle: check. Greedy people have been rewarded for their patience. If you bought in at $20K then you can now triple your money.

I was going to suggest $100K as a final mile stone for the truly reckless but this bubble isn't as steep as the previous one so the legendary peak bubble price to pre-bubble price ratio of 20:1 will probably not hold.

Hodling is still the sound investment strategy it always has been but you could cash out now and wait for the crash then buy back in if you wish.
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Old 15th March 2021, 02:02 PM   #1059
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Originally Posted by psionl0 View Post
Second hurdle: check. Greedy people have been rewarded for their patience. If you bought in at $20K then you can now triple your money.

I was going to suggest $100K as a final mile stone for the truly reckless but this bubble isn't as steep as the previous one so the legendary peak bubble price to pre-bubble price ratio of 20:1 will probably not hold.

Hodling is still the sound investment strategy it always has been but you could cash out now and wait for the crash then buy back in if you wish.
You were right.

50% rule. When it hit my pie in the sky magic number, I sold 50% and still held the other 50% in case my number was conservative. In this case it was.

We're in uncharted waters. I've rescinded my 2nd magic number. I now think $100K is conservative.

If I'm wrong and the bubble bursts early I'll buy back my sold coins at a discount. To me the best plan is to make money whether BTC goes up or down. By holding all, one is limited to only profit from a sustained increase. At some point taking some profit is not only smart but a sound investment/trading strategy considering past bubbles.

Likewise, I will never sell all.
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Old 15th March 2021, 11:11 PM   #1060
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Originally Posted by ChrisBFRPKY View Post
You were right jagged it.
ftfy.

Don't forget that I have made the prediction that bitcoin won't break the $100K barrier this time around.
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Old 17th March 2021, 12:03 PM   #1061
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If anyone's interested, Cardano (ADA) coin will be added to Coinbase and begin trading at 9AM PT tomorrow, Thursday 3/18/21. It should see a nice jump in price due to the Coinbase effect. ADA is currently trading at $1.25

ADA deposit options have been available since yesterday.

And yes this is the one I sold at .12 cents

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Old 21st March 2021, 02:49 AM   #1062
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Dramatic decline underway.
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Old 21st March 2021, 08:05 PM   #1063
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Originally Posted by Samson View Post
Dramatic decline underway Nothing much happening with bitcoin prices lately.
ftfy.
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Old 21st March 2021, 10:24 PM   #1064
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Originally Posted by psionl0 View Post
ftfy.
Never surrender.
Permabears never surrender.
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Old 23rd March 2021, 11:47 AM   #1065
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I'm willing to wager that those that bought in at the $20K level aren't that concerned over the recent BTC price.
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Old 3rd April 2021, 06:20 PM   #1066
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Originally Posted by trustbutverify View Post
Wikipedia refers to xrp as a cryptocurrency, for whatever that's worth. As does Investopedia.
Sorry I missed this earlier. Yes XRP does some things other crypto currencies do, and yet it lacks the most important feature of decentralization. Efforts have been made to appear less centralized but it still falls short. I suppose you could argue that a Prius is a Corvette using the same analogy. Yea, it's not.

To me, and many other die hard crypto geeks, the only way to kill a true crypto currency would be to shut down the internet on a global scale indefinitely. (Even at that point you'd have pockets of small networks running the blockchain. The rest simply need catch up to restore full operation once networked.) Something with a limited or central network does not qualify as that was not in the scope of the first crypto currency created. IMO.
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Old 3rd April 2021, 09:00 PM   #1067
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Originally Posted by ChrisBFRPKY View Post
Something with a limited or central network does not qualify as that was not in the scope of the first crypto currency created. IMO.
Stellar solved that problem while still retaining the consensus model.

You must admit that proof of work or even proof of stake are terrible validation techniques because of the energy they waste. It we could come up with an equitable "block" reward system for nodes participating in the consensus process then I am sure that we would have a crypto that was a winner.
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Old 4th April 2021, 03:03 AM   #1068
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Originally Posted by psionl0 View Post
Stellar solved that problem while still retaining the consensus model.

You must admit that proof of work or even proof of stake are terrible validation techniques because of the energy they waste. It we could come up with an equitable "block" reward system for nodes participating in the consensus process then I am sure that we would have a crypto that was a winner.
I'm with you on saving energy. On every coin for that matter. I'd love to see ASICs be phased out completely. If everyone switched to an algorithm run on CPUs it would be a great start. Much more energy efficient and the network would expand as well but with less energy consumption. Monero did that with RandomX awhile back. Seems to be working for them. It's still mineable with a graphics card but nothing profitable. CPUs are the answer. At last check their entire network was running at 2.3 GH/sec.

A block reward or staking system solves a lot of issues and promotes decentralization. If Stellar has or is working on a reward system for nodes undoubtedly there would be many additional nodes added. It would require a hard fork to do, and they certainly could...It's something to watch/hope for. I'll buy a few if they do.
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Old 7th April 2021, 04:46 AM   #1069
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Curiously, it is a feature of overvalued markets that milestones always surprise.
However they are a rubber band.
Bitcoin will traverse the scenic route to zero.
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Old 7th April 2021, 06:43 AM   #1070
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When?
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Old Today, 04:52 AM   #1071
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Originally Posted by psionl0 View Post
When?
About now.
Looks many months or years till buyers above 60k will be gratified with a profit. Greedy monsters.
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Old Today, 04:58 AM   #1072
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Originally Posted by Samson View Post
About now.
Too late!
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