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Old 19th October 2017, 16:08   #46
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re: The Cryptocurrency & NFT Thread

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Originally Posted by ragh_bhushan View Post
Isn't the number of bitcoins that can be mined limited to 21 million? Won't that make bitcoin deflationary?
I did not know that(21 million). Thats like putting a value on the intrinsic wealth of the universe.
Well, if it is limited, it clearly brings out the reason as to why it will never be the medium of exchange. Its self explanatory, right. Once everything is mined, the hoarders would not spent it unless absolutely necessary because 2 weeks later you will get a better deal.

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Who are these men in the current scenario considering bitcoin? I have not done much homework on other cryptocurrencies and I maybe wrong but bitcoin seems to be quite decentralised to me.
There is no single group of men. Its just men who are not "yourself". Developers who mine, entities owning the means of production of the hardware, stakeholders in networks, just a lot of people who do not fit the definition of "all people". The issue is basically in whose interest would they use their leverage.
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Old 20th October 2017, 12:17   #47
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re: The Cryptocurrency & NFT Thread

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Originally Posted by ragh_bhushan View Post
Please do not treat this as an investment advice. I personally do not think that cryptos are tools for financial investment as it is too volatile right now.
Currencies without intrinsic value should never be used as storage of wealth. This holds good for fiat currency, as well as crypto-currencies.

It is really an anomaly that cryptocurrency has become an investment instrument. It is supposed to be a currency, but most governments will frown upon you if you try using it as currency since it affects collection of sales tax. So these cryptocurrencies will make hay for a while, until governments around the world get a handle over it, and figure out how to control it.

The most important thing that came out this cryptocurrency boom is blockchains, whole applications go way beyond finance. In another 20 years, everything around us will be based on blockchains. Your school/college records, passport details, travel records, minutes of meetings, etc. By that time, even Universal Basic Income (UBI) may become a reality as most jobs will vanish. Then most of us will have same pay from the government just for being citizens.

https://www.fastcompany.com/40482312...conomic-system

So the concept of investment will become irrelevant.
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Old 2nd November 2017, 20:37   #48
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re: The Cryptocurrency & NFT Thread

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Originally Posted by ragh_bhushan View Post
Safest strategy for newbies would be to just buy and hold. I would also suggest to study as much about the tech behind it as possible. It truly is fascinating!
Newbie alert.

I am looking for the best websites/forums around to understand investing in cryptocurrency. While the whole mining concept goes way over my head, I would like to understand the principles/advantages/etc. Do we have any reliable cryptocurrency forums around?

Also, can we buy coins like Dash in India or can these just be converted from one coin to another?
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Old 2nd November 2017, 20:46   #49
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re: The Cryptocurrency & NFT Thread

Here is a different kind of theft. Cryptocurrency miners stealing your CPU cycles, from both Desktop and mobile phones.

https://arstechnica.com/information-...cryptocurrency
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Old 2nd November 2017, 21:25   #50
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re: The Cryptocurrency & NFT Thread

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Originally Posted by akshaymahajan View Post
Newbie alert.

I am looking for the best websites/forums around to understand investing in cryptocurrency. While the whole mining concept goes way over my head, I would like to understand the principles/advantages/etc. Do we have any reliable cryptocurrency forums around?
Here is a link which has enough resources to get started.
PS: I do not endorse the views of the owner of the website. He has just compiled good resources together.

Apart from these, there is good amount of activity on reddit forums. You can PM me for more details.

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Also, can we buy coins like Dash in India or can these just be converted from one coin to another?
As far as I know, most other cryptocurrencies have bitcoin/ethereum as a medium of exchange although some exchanges offer direct buy of other currencies but I have no personal experience of using them.

I would advise anyone getting involved in any cryptocurrency to thoroughly do their homework and not jump in because of fear of missing out. The opportunity is good but one must understand all foreseeable risks of getting onboard.
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Old 3rd November 2017, 00:02   #51
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re: The Cryptocurrency & NFT Thread

Thanks for the URL, will be reading a bit. FOMO has given way to quiet desperation and AOMO (acceptance of missing out :() , now that BTC has soared past $7000. In other words, in the time I have been thinking of buying a fraction of a BTC, the INR buying price went from 2.8L to 3.3L to 3.6L to 4.94L when last checked. I have well and truly missed the bus.
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Old 3rd November 2017, 13:39   #52
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re: The Cryptocurrency & NFT Thread

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Originally Posted by digitalnirvana View Post
I have well and truly missed the bus.
Well, you haven't missed out it seems. As the saying goes,
"The best time to invest was yesterday. The second best time is now/today."
I had the same apprehensions when I started out few months back, but some research on the bitcoin price trends and predictions helped convince myself to get my hands dirty in cryptocurrency. I started investing small amounts during my employment stint in the US.
There are quite a few exchanges in India getting popular, however I haven't seen DASH listed in any of them. One such exchange with multiple currencies listed is Koinex - they have Bitcoin, Ethereum, Litecoin & Ripple. Please note that I am in no way endorsing them, nor do I have an account with them.

Good Luck!
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Old 4th November 2017, 09:17   #53
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re: The Cryptocurrency & NFT Thread

Economist published a new article a few days back. It is about the greater fool theory .

While it is true that Bitcoin is giving unprecedented returns, it is not because of any inherent value of the investment channel. So far, very few transactions can be done through bitcoin. The value you derive out of it comes out after converting it to traditional currencies, which is what it seeks to replace. The rising prices are because everyone wants to cash in on the rise, and that's a good thing as long as the music is playing. When it stops, it will be a crash.

Some people have mentioned recently that it is a Ponzi scheme- it indeed has elements of that. The difference could be that a Ponzi scheme can be deflated very quickly once people find out that the factories etc. involved are not real and people are being duped. In this case, the bubble might prolong for a decade or even more, and the price will continue to rise.

I asked a Professor here about cryptocurrency. He mentioned something interesting. If these currencies come anywhere close to becoming legitimate for usual transactions, the Government would step in and regulate them. Also, if they are actual currencies, their values cannot fluctuate to the extent that they do. At least in the next decade, they won't assume legitimacy, which means that people treating them as investment options could continue to ride on the gravy train.

Having said this, I also feel that since it is not going to deflate very soon, it might be worthwhile to invest a bit of money into it and take whatever comes out of it. I'll invest about Rs. 1.2 lakhs next month- distributing it equally between ripple, bitcoin and ethereum. There's no fear of missing out rationale in long term investment- if you think something is not worth the risk for your profile, don't proceed. I remember having burnt my fingers investing in the stock of Rasoya proteins 2 years ago. It was recommended by many reputed analysts and the returns predicted were very impressive. I did not look at the usual figures of P/E, beta etc. and invested believing everyone else. The stock was delisted because of a scam involving the director of the company and I lost all the money. Thankfully, it wasn't something that I could not recover from. But it taught me an important lesson- risk preference is a personal choice and you should never step into an investment option that you have not analyzed thoroughly. The analysts may have vested interests or worse, they may be incompetent.

The problem with Bitcoin is that there's no way to look at any statistics that you usually examine while investing in equity- because there is no fundamental value. It makes me jittery, but I'll invest because the bubble seems to be growing.

Last edited by Nissan1180 : 4th November 2017 at 09:23.
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Old 4th November 2017, 11:43   #54
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re: The Cryptocurrency & NFT Thread

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Originally Posted by ragh_bhushan View Post
Here is a link which has enough resources to get started.
Thanks. Now I know what I am doing this weekend!
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Old 4th November 2017, 17:39   #55
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So for the crypto currency enthusiasts (or should I say investors) would request you to hold on investing. Bitcoin is going to go up till the 14th and then go down for a while after that, because 15th November is the Segwit2X fork.

That would be a good time to buy some currency then.
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Old 4th November 2017, 21:17   #56
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re: The Cryptocurrency & NFT Thread

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Originally Posted by akhil994 View Post
So for the crypto currency enthusiasts (or should I say investors) would request you to hold on investing. Bitcoin is going to go up till the 14th and then go down for a while after that, because 15th November is the Segwit2X fork.

That would be a good time to buy some currency then.
But on the flipside the fork might (will most likely) push prices up further, especially if the hard fork goes smoothly and everyone migrates?
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Old 4th November 2017, 21:48   #57
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re: The Cryptocurrency & NFT Thread

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Originally Posted by Nissan1180 View Post
The problem with Bitcoin is that there's no way to look at any statistics that you usually examine while investing in equity- because there is no fundamental value. It makes me jittery, but I'll invest because the bubble seems to be growing.
This is nothing but legal gambling, just like the stock market. At least the stock market has the excuse that they are funding some productive activity.
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Old 7th November 2017, 09:56   #58
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re: The Cryptocurrency & NFT Thread

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Originally Posted by akshaymahajan View Post
Newbie alert.

I am looking for the best websites/forums around to understand investing in cryptocurrency. While the whole mining concept goes way over my head, I would like to understand the principles/advantages/etc. Do we have any reliable cryptocurrency forums around?

Also, can we buy coins like Dash in India or can these just be converted from one coin to another?
Understanding Bitcoin becomes much more easier if you are able to grasp the underlying technology (i.e. Blockchain) using which it is implemented. And I find this video till date the most simplistic and informative about the Blockchain.

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Old 9th November 2017, 08:32   #59
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re: The Cryptocurrency & NFT Thread

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So for the crypto currency enthusiasts (or should I say investors) would request you to hold on investing. Bitcoin is going to go up till the 14th and then go down for a while after that, because 15th November is the Segwit2X fork.
As per the latest news, the developers have suspended the plan to 'fork' currency taking the value of 1BTC to 7888$ .
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Old 13th November 2017, 11:31   #60
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re: The Cryptocurrency & NFT Thread

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As per the latest news, the developers have suspended the plan to 'fork' currency taking the value of 1BTC to 7888$ .
This should eventually bring the price of BTC down and it was evident from the current price of BTC which is just a bit above 6K $. A previous fork of Bitcoin, the Bitcoin cash seems to have quadrupled and is now trading at $ 2500. Ethereum and Litcoin on the other hand are pretty stable hovering just above 300 $ and 60 $ respectively.
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