Bitcoin, Cryptocurrency, and the Future of Global Finance

#701
#701
AM64 said:
Now, I never said "ours" was 50/50. Here's a funny twist on that kind of thing. Several years ago when fortunes were different - my wife was on active duty and doing pretty well as a Commander and then Captain, she said I should get my own bank account and credit card. I came from the kind of family where everything was joint, but for years she had her own credit card and bank account in addition to the joint ones. I was a bit annoyed that I had a limited retirement income at the time and that the nice income I had from a few years had evaporated - and I didn't spend it; so I did just what she suggested. I have a nice bank account and limited credit card expense which gets paid in full every month, and recently she brought up the "I don't even know how much you have or have access to it if something happened to you." Oh, and she conveniently forgot the separate accounts were her idea. Maybe the best idea she ever had in my opinion.
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We have our personal accounts and a joint account that we dump money in for the bills. Works pretty good except I end up paying for almost everything except our monthlies out of my money. No telling what she's saved up.
 
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#703
#703
hog88 said:
We have our personal accounts and a joint account that we dump money in for the bills. Works pretty good except I end up paying for almost everything except our monthlies out of my money. No telling what she's saved up.
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I'm paying utilities for both houses. She pays the insurance. Groceries are basically split by who goes to the store. Our retirements are about the same, but I spend less. The personal credit card is nice because I can buy presents and she doesn't see it pop up on the card before the occasion. The other nice thing about separate accounts is that it eliminates the problem that a lot of wives had when the husband died and they had no credit - everything is fully established both ways.
 
#704
#704
hog88 said:
We have our personal accounts and a joint account that we dump money in for the bills. Works pretty good except I end up paying for almost everything except our monthlies out of my money. No telling what she's saved up.
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Get divorced and see how much of "your money" becomes "our money" and good luck finding any of "her" money. Women become devils when it comes to divorce and money and they're not far removed from it when you're married.
 
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#705
#705
McDad said:
Don't feel badly. Friend of mine said his wife bought 5 early on. They sold at $600 once she told him about it.

For some reason I don't let him forget it.
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I saw a meme that said if you'd bought $100 in BTC in 2010 you'd have $150 today because you would have sold early too.
 
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#706
#706
VolStrom said:
Get divorced and see how much of "your money" becomes "our money" and good luck finding any of "her" money. Women become devils when it comes to divorce and money and they're not far removed from it when you're married.
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Divorce LOL She's made it clear we are "till death do us part"
 
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#710
#710
The initial lure has to be there for what the gov ultimately desires. Just seems a loss of freedom of purchase to me in the future. Look no further than Colonial Pipeline. JMO.
 
#711
#711
I finally feel like I have a good understanding of why ETH is more secure than BTC.

These cryptos are democracies. If you own coins, you can vote (unless you own through Coinbase or Gemini, or whatever, in which case they vote for you without your input). So the supply of BTC is fixed, but that can change with 51% of the vote...they call this a "51% attack".

Mining capability is measured in hashes. If you do a calculation of how many terahashes it would take to perform a 51% attack, it would require $4.5B worth of mining equipment (plus energy costs). There are people and governments rich enough to do this. Doesn't seem likely either type of party would do something like this, but there is the risk. If you're a rich guy, why would you spend $4.6B just so that you can inflate the supply of BTC? What would you gain from that? If you hold 51% of BTC, why would you want to devalue it? Governments are wild cards and don't face the same incentives as billionaires, so they're the only ones that seem plausible to me (but still, why do it only to inflate the supply?).

Because ETH is switching to proof of stake, to perform a 51% attack, you would have to own 51% of the ETH staked. Right now that amount is only 3.5M ETH, but at current values, that's about $10.5B, so to perform a 51% attack, you'd have to buy $5.3B worth of ETH. So when the ETH upgrade to PoS is complete, that's going to be more like 100M ETH x whatever the price is at the time. Say it's $5k, then it'd cost $2.51T to perform a 51% attack. There are still governments rich enough to do this, but what would be the point?

This guy explains it



Note: I believe that ETH democracy is based on ETH held and BTC is based on machines on the network, but I might have a detail wrong here
 
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#712
#712
n_huffhines said:
Mining capability is measured in hashes. If you do a calculation of how many terahashes it would take to perform a 51% attack, it would require $4.5B worth of mining equipment (plus energy costs). There are people and governments rich enough to do this. Doesn't seem likely either type of party would do something like this, but there is the risk. If you're a rich guy, why would you spend $4.6B just so that you can inflate the supply of BTC? What would you gain from that? If you hold 51% of BTC, why would you want to devalue it? Governments are wild cards and don't face the same incentives as billionaires, so they're the only ones that seem plausible to me (but still, why do it only to inflate the supply?).
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Exactly right!!! This is the reason BTC will likely only be a store of value in its current state. If you put utility behind it then you possibly give State actors with the Billions needed the motive to manipulate the market. Having said that, if you look at the crypto market there are coins out there that do not have this problem that will take off in a big way once the utility phase hits. We have talked about some of those in this thread.
 
#713
#713
reecetn said:
Exactly right!!! This is the reason BTC will likely only be a store of value in its current state. If you put utility behind it then you possibly give State actors with the Billions needed the motive to manipulate the market. Having said that, if you look at the crypto market there are coins out there that do not have this problem that will take off in a big way once the utility phase hits. We have talked about some of those in this thread.
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Which do.you think have the most utility value?
 
#714
#714
lawgator1 said:
Which do.you think have the most utility value?
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I personally think HBAR, ADA, XLM have a bright future. I am extremely excited about VET - VeChain and XRP - Ripple with the utility they have and the players involved.

This lawsuit against ripple will bring much needed clarity to crypto and weed out a bunch of scams which in my opinion will set off a boom for the survivors, because the money will all flow into the winners pockets just like in 2000.

Ripple currently has a private ledger that 80 central banks are testing that will be used to replace swift in the cross border payment market. When that goes live we are talking 4 trillion dollar a day volume. The current price of .89 will not be enough with only 100,000,000,000 XRP in existence.
 
#715
#715
num_xrp_accts.png
6 Wallets hold 1 billion plus XRP each.



xrp chart.png

Those 6 Wallets are buying all the XRP that was sold in this panic sell off.


Not financial advice just an observation.
 
#717
#717
n_huffhines said:
Mining capability is measured in hashes. If you do a calculation of how many terahashes it would take to perform a 51% attack, it would require $4.5B worth of mining equipment (plus energy costs). There are people and governments rich enough to do this.
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Or, they could just ban it.
 
#718
#718
Velo Vol said:
Or, they could just ban it.
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But why? The idea that the US government would ban crypto is scary, and that's such a governmental overreach that asset devaluation wouldn't be my biggest worry. Imagine a government that bans digital assets that streamline business. Imagine what a disadvantage that would create for us in international business
 
#720
#720
Velo Vol said:
You don't need me to tell you this, but every time there's even a rumor some government is going to start regulating crypto, there's a 5% selloff.

That's not good.
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What's not good? That speculators react to rumors? I'm not worried about them
 
#721
#721
Velo Vol said:
You don't need me to tell you this, but every time there's even a rumor some government is going to start regulating crypto, there's a 5% selloff.

That's not good.
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Volatile markets are where huge profits are made. Having said that volatile markets are not for everyone.
 
#724
#724
Thunder Good-Oil said:
“Trading” profits COULD be made.
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The problem for most is they for some reason think it is smart to sell in said volatile market after a 50% correction. Then when the rebound occurs they are left holding an empty bag. Patience is so simple and yet so few have it.

For the life of me I cannot understand how people do this when all crypto wallets are in public view with charts showing trends that clearly state when the top volume traders are buying and selling. All you have to do is pay attention to this data and you will be fine.
 
#725
#725
reecetn said:
The problem for most is they for some reason think it is smart to sell in said volatile market after a 50% correction. Then when the rebound occurs they are left holding an empty bag. Patience is so simple and yet so few have it.

For the life of me I cannot understand how people do this when all crypto wallets are in public view with charts showing trends that clearly state when the top volume traders are buying and selling. All you have to do is pay attention to this data and you will be fine.
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There should be a great deal of fear. What determines a fair value (rather than appreciation created from speculation) is still very much unknown. What governments will do is unknown. There might be a finite quantity of the well known cryptos, but there is no barrier to create more as there are how many thousands of them now?
 
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