Crypto Sold my house and put it all into bitcoin.

Discussion in 'Other Asset Classes' started by Laker, 7th May, 2020.

Join Australia's most dynamic and respected property investment community
Thread Status:
Not open for further replies.
  1. Ronen

    Ronen Well-Known Member

    Joined:
    24th Mar, 2021
    Posts:
    1,044
    Location:
    Melbourne
    Nope. It's not.
    The fact that no one looked for them, doesn't mean it's not gonna happen.

    As I said, all you need is the right stacks and people's life will be on the line.
    Not to mention that I personally get nervous knowing that my life savings are being controlled by software that is written by anonymous people that are set to gain from it.
     
    Last edited by a moderator: 10th Oct, 2021
  2. Guest

    Guest Guest

    So may words in this post, but such little content or insight. I don't know what you mean here. If you understand the specifics of IOTA's consensus mechanism (the 2.0 version being developed), explain how the rugpull occurs.

    No one is saying that the laws of physics need to be overcome. IOTA developers have claimed network capacity at ~1500 TPS (all nodes syncing, sub-10 second transaction finality) & are continuing to optimise.

    If you are saying that's not possible, then show me the math.

    With IOTA's protocol the nodes will be querying the opinions of other nodes on-tangle. Where a conflict arises, this will take more time (than any other transaction where no conflict is seen).

    Even if there is a theoretical limit to the number nodes, having the network broken into shards could result in many more nodes being added and only tracking their economic portion of the network.

    What number of nodes or consensus mana distribution would it take for you to consider IOTA to be decentralized and what evidence do you have that shows they couldn't achieve it?
    People have been looking for Satoshi for 10 years.
    Your argument falls apart because I provided evidence of something happening that you implied could never.
    I am bringing facts, you are bringing waving of the hand ("TheY woNT go UNDerGRoUnD", when there are already clear examples of that happening).
     
    Last edited by a moderator: 20th Aug, 2021
  3. The Prestige

    The Prestige Well-Known Member

    Joined:
    18th Jul, 2018
    Posts:
    140
    Location:
    Newcastle
    Crypto is here to stay in my opinion. It may not take off like the Bitcoin Maxi's believe but if there's money to be made I'm all ears
     
  4. Laker

    Laker Well-Known Member

    Joined:
    23rd Jun, 2015
    Posts:
    393
    Location:
    Vic
  5. DanW

    DanW Well-Known Member

    Joined:
    26th Jun, 2015
    Posts:
    760
    Location:
    Sydney
    I see alot of focus here on Crypto as a payment mechanism, in my opinion things have moved way past that. Sure it can be used to cheaply settle cross-border funds like VISA is doing with Ethereum and you've got the lightning network etc. But that never was a major innovation.

    Dive into DEFI (decentralised finance) a little bit, start to understand the money markets (borrowing, lending, decentralised market making, funding) and composability of assets to be used across chains and in different protocols and you start to realise that traditional banking is really screwed.

    If you don't believe in being exposed to the volatility of prices by holding crypto, then even the stablecoin (USD) markets have many diversified opportunities to earn very very good yields. There's risks and lack of regulation, but diversification and research go a very long way. I might have my $ across 10-15 different plays, and 1-2 of of them might lose money; But if I've made 20-50% return on the rest then I'm still beating the banks and the share market (and unlike the share market, the USD doesn't crash).

    However this thread is titled Bitcoin so maybe I'm going a bit off topic...
     
    chylld and The Prestige like this.
  6. The Prestige

    The Prestige Well-Known Member

    Joined:
    18th Jul, 2018
    Posts:
    140
    Location:
    Newcastle
    I am very excited if this all plays out! It is just crazy how many opportunities decentralized blockchain tech may unlock.
     
  7. The Prestige

    The Prestige Well-Known Member

    Joined:
    18th Jul, 2018
    Posts:
    140
    Location:
    Newcastle
    I ponder how long untill a crypto based voting system will be used for the US elections. Trump will probably still say they are rigged
     
  8. The Prestige

    The Prestige Well-Known Member

    Joined:
    18th Jul, 2018
    Posts:
    140
    Location:
    Newcastle
    NFT concert tickets...Boom! no more scalping
     
  9. crosek

    crosek Well-Known Member

    Joined:
    15th Feb, 2021
    Posts:
    69
    Location:
    Melbourne
    I am said "Bitcoin Maxi" :)

    Up 165% with half my net worth at the moment. Held through the 50% drawdown. Will continue to accumulate and hold, once bear market starts I will borrow against my Bitcoin to buy more Bitcoin.

    Once you realise what it is and how it works, it is really difficult to put your money anywhere else. I am looking to build a dual occ soon but even that is really difficult to justify, it will only be for cashflow and personal lifestyle rather then for making the best investment choice.

    Ask away any questions if you are interested :)
     
    The Prestige and Laker like this.
  10. Ronen

    Ronen Well-Known Member

    Joined:
    24th Mar, 2021
    Posts:
    1,044
    Location:
    Melbourne
    Why?

    Why?

    Blockchain is A technology.
    It's not some magical technology that solve world hunger.

    Both your examples can be solved with many technologies, all are based on encryption (NOT crypto as they refer to it now).
    Blockchain is just a "chain" of events or a leger that are encrypted in such a way that each "transaction" or "link" change the chain and need to be authenticate.
    In crypto currently, because you don't have trusted authority to "sign" the chain - you need to run it through pools of untrusted computers that need to "work hard" to prove they can be trusted to solve a mathematical problem (essentially finding the "signature" for the chain that fills certain criteria).

    The only reason you need this large pool of computers wasting heaps of power is that you cannot trust anyone in the network.

    In your examples, the network is not public. It's not spread across large number of untrusted machines, so you don't need to do this power wasting process.
    Signing a message (which is what "blockchain" is) is easy. And once you sign it - you cannot change it without breaking the signature.

    It's not even a new thing. CRC exist for many many decades. Then hashing functions and then RSA.
    Even the "wallet address" and "wallet password" are just private and public keys, just like any other RSA (and similar) crypto functions.
     
  11. Guest

    Guest Guest

    I am sure smart contract writers would find a way to work around any price limitation on resale of tickets :cool:
     
  12. The Prestige

    The Prestige Well-Known Member

    Joined:
    18th Jul, 2018
    Posts:
    140
    Location:
    Newcastle
    Why are you such a negative Nelly?
     
    codeninja likes this.
  13. The Prestige

    The Prestige Well-Known Member

    Joined:
    18th Jul, 2018
    Posts:
    140
    Location:
    Newcastle
    nfts are a one of one. ticket gets purchased on the blockchain and when you enter the venue to 2 factor authenticate it. Maybe via retina?? A man can dream
     
  14. Guest

    Guest Guest

    If ticket buyers weren't able to resell their tickets, fewer people would buy tickets early in case their plans change... would probably have a detrimental impact for promoters / shows in my opinion.
     
  15. The Prestige

    The Prestige Well-Known Member

    Joined:
    18th Jul, 2018
    Posts:
    140
    Location:
    Newcastle
    I disagree. There is no reason you could not reassign the ticket
     
  16. The Prestige

    The Prestige Well-Known Member

    Joined:
    18th Jul, 2018
    Posts:
    140
    Location:
    Newcastle
    It would just take place later in the ledger
     
  17. The Prestige

    The Prestige Well-Known Member

    Joined:
    18th Jul, 2018
    Posts:
    140
    Location:
    Newcastle
    and there would be a trail of the history of the ticket
     
  18. Guest

    Guest Guest

    Then it doesn't stop scalping. As I said smart contracts could be written to obscure the real price paid for one of the tickets.
     
  19. Ronen

    Ronen Well-Known Member

    Joined:
    24th Mar, 2021
    Posts:
    1,044
    Location:
    Melbourne
    Cause I've seen so many times people try to re-invent the wheel.
    The technology exists. No need to try to push the "new" technology everywhere.

    You guys are talking as if this "new technology" is something that didn't exist before.
    The only new thing here is PoW
     
    charttv likes this.
  20. Guest

    Guest Guest

    Proof of work has been around since the 1990s: Proof of work - Wikipedia
     
Thread Status:
Not open for further replies.