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Title: Who here loves crypto currency? What do you lovethe most and why?
Source: Irá Freeman
URL Source: [None]
Published: Feb 16, 2021
Author: Irá Freeman
Post Date: 2021-02-16 23:59:12 by Ira Freeman
Keywords: None
Views: 577
Comments: 7

Anyone?

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Begin Trace Mode for Comment # 6.

#1. To: All (#0)

I’ll start it off with digibyte, second chance with bitcoin performance

Ira Freeman  posted on  2021-02-17   0:04:29 ET  Reply   Untrace   Trace   Private Reply  

I'm certainly a crypto advocate, but I hope you're not here to pump up a specific crypto asset. Pump and Dump promotion schemes are fraudulent and immoral and will be called out as such here.

Pinguinite  posted on  2021-02-17   1:05:47 ET  Reply   Untrace   Trace   Private Reply  

I’m genuinely curious which coin projects people here are into

Ira Freeman  posted on  2021-02-17   7:09:20 ET  Reply   Untrace   Trace   Private Reply  

I think the major coins are best for the bulk of investment. Coins that are obscure are higher risk if they've not proven themselves with time.

Bitcoin is of course king but only because it's the first and it has major shortcomings, the leading one being the cost of transfers right now. Even Ethereum, #2, is starting to have that issue though it may be fixed soon. Cost of xfers will certainly make the major alt coins more attractive.

In competing with CCs and such, EOS is one that brags it can do so in both transaction speed and volume making it usable in a retail setting. Retail usage capacity is a must for any crypto that is going to have a long term future, IMO.

But the general advantages of crypto over the printed dollar are significant, #1 being decentralization and a removal of any privileged party to print as much money as they desire. Of course Bitcoin was born out of the fiscal abuses of the 2008 financial crisis where gross irresponsibility and greed by big finance institutions that were fleecing the public with bad mortgage deals when anyone could get a home loan no matter whether they could afford it or not, no money down, and when things blew up, the US gov kindly saddled the tax payers with the bailouts and rewarded the very banks that created the mess.

With free-market, proof of work crypto, centralization is gone, and that's a good thing.

Pinguinite  posted on  2021-02-17   8:50:43 ET  Reply   Untrace   Trace   Private Reply  

I agree about buying alt coins that have had staying power AND are really good projects. That’s all I am looking at now. Do you have any favorite alt coins?

Ira Freeman  posted on  2021-02-17   12:18:15 ET  Reply   Untrace   Trace   Private Reply  

#7. To: Ira Freeman (#6)

I think bitcoin's fame is really all that keeps it king. Technically, it's rather lacking compared to other cryptos, much like a covered wagon compared to an 18 wheeler. It's slow and expensive to transfer.

Ethereum, the #2 crypto after BTC in market cap, is much more advanced, but still kind of expensive and that with a relatively low price about 1/30th, compared to BTC. I.e. if ETH was pushing $52000 instead of $1800, it's xfer costs would be more than what BTC charges now at 52k. I understand that should be fixed, but for the moment, it's a problem. Bitcoin cash is very cheap to xfer but still not fast enough. Litecoin is a good option with xfer fees of about 10 cents.

As mentioned, EOS claims to have solved both speed and volume challenges but it's not a proof of work crypto, but rather a proof of stake token, not minable. It's also debatable as to how decentralized it is as there are only 24 nodes handling all transactions, chosen by some voting system. The relatively few nodes is the key to it's speed and volume capabilities.

A successful general purpose crypto must be able to do transaction volumes of Visa & MC, which I understand is some 20k/second, complete those transactions within seconds, and still be cheap enough to make buying a donut cost effective.

Pinguinite  posted on  2021-02-17 18:53:57 ET  Reply   Untrace   Trace   Private Reply  

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