Cryptocurrency

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nobspeople
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Cryptocurrency

Post #1

Post by nobspeople »

It must be said, I know little about cryptocurrency. But I noticed a couple crypto's that were created as memes, tend to jump up higher than most thought at various times.
It seems, best I could see (which admittedly isn't much beyond arm's length) the only reasoning is due to a few oddly placed claims and the like (Elon says 'I ate an apple' and any apple meme'd crypto skyrockets in value, for example). It seems that, specifically with the meme cryptos, that it's almost as if people will value/devalue them based on silly reasons.

Most of us have seen similar issues with things like oil: some guy gets a bad case of gas in South Africa, Russia or the Middle East, and prices at the pump shoot up (4¢/gallon rose in my area within 5 hours of the same day, ON TOP OF 14¢/gallon from the day before).

For discussion:
Are stock and cryptocurrency values and prices more of a reaction to 'silly things' than they are reactions to real issues, or does it only seem that way?
Have a great, potentially godless, day!

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AgnosticBoy
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Re: Cryptocurrency

Post #2

Post by AgnosticBoy »

nobspeople wrote: Mon Feb 07, 2022 12:35 pmFor discussion:
Are stock and cryptocurrency values and prices more of a reaction to 'silly things' than they are reactions to real issues, or does it only seem that way?
Stocks can react to silly things or serious matters. The reason I say that is because behind the stocks are people, and different people will react to different things. Some people are reasonable and some are not so reasonable. Another thing to consider is that it is sometimes hard to pin down the cause of stock declining. Sometimes there are multiple causes. In fact, at times, buy/selling of stocks are done automatically through algorithms. Most stock exchange companies have automated trading systems that allow computers to buy/sell for you at certain price points that you set.
nobspeople wrote: Mon Feb 07, 2022 12:35 pmIt must be said, I know little about cryptocurrency. But I noticed a couple crypto's that were created as memes, tend to jump up higher than most thought at various times.
Unless the crypto has an actual use case (e.g. being used for purchases, used in gaming, used for apps, and other uses that create even more value), then it's worthless, imo. It's like paying for something that you can't do anything with. The only profit you'll make is what others put in, assuming that there will always be a 'greater fool' that buys into it.

Dogecoin is one popular meme coin. I believe the only reason it took off was because some big names endorsed it, and they are actually trying to make something of it. Since Elon Musk endorsement, Dogecoin now has a team of developers trying to optimize it for transactions (e.g. transaction speed, low fees, etc.).

FYI: I'm not an expert in crypto stocks myself but I dabble here and there. I'm mostly into the gaming cryptos!
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Re: Cryptocurrency

Post #3

Post by AgnosticBoy »

[Replying to nobspeople in post #1]

I'm going to make a prediction here on Russia, post-Ukraine invasion. Seeing that many Western nations are going to impose sanctions on Russia, I predict that Russia will venture more into cryptocurrency. The reason being is that cryptocurrency is decentralized. There crypto-based platforms that offer financial services (e.g. loans), but there are no where on the scale as the financial services offered by centralized banks - at least not yet.
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FatimaAdamu
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Re: Cryptocurrency

Post #4

Post by FatimaAdamu »

You've brought up an intriguing point about meme cryptos. It's fascinating how sometimes it appears that market movements are influenced by unexpected factors. For instance, a single statement from Elon can cause a meme crypto's value to surge. It really does make you wonder if market reactions are sometimes driven by less traditional reasoning.
Understanding market behavior can be a real puzzle at times. It's like trying to predict the weather – there's a mix of science and unpredictability. But have you ever considered exploring digital assets exchange tools? They've been a valuable addition to my crypto toolkit, helping to smooth out some of the market's uncertainties.

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Re: Cryptocurrency

Post #5

Post by boatsnguitars »

Yes, you can make some money in it - until everyone realizes they're just tulips.

https://en.wikipedia.org/wiki/Tulip_mania
“And do you think that unto such as you
A maggot-minded, starved, fanatic crew
God gave a secret, and denied it me?
Well, well—what matters it? Believe that, too!”
― Omar Khayyâm

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AgnosticBoy
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Re: Cryptocurrency

Post #6

Post by AgnosticBoy »

nobspeople wrote: Mon Feb 07, 2022 12:35 pm

For discussion:
Are stock and cryptocurrency values and prices more of a reaction to 'silly things' than they are reactions to real issues, or does it only seem that way?
When cryptocurrency was first coming out, I would've said that the interests of investors was probably a matter of speculation or even greed. They thought it would become a big thing and wanted to "buy the hype, and sell the news". I say this because at the earliest stages it didn't seem that cryptocurrencies had any real-world value nor use. But now, that is steadily changing. The prospect of a digital currency is increasing. Countries are starting to experiment with their own digital currencies. Also, cryptocurrency is not simply a matter of digital currency, but it's also built on a technology called the 'blockchain'. The blockchain is a network of computers that can store and send data in a decentralized way. As such, it has the potential to do away with banking institutions, since blockchain technology can be used to store information about your assets (like how much 'digital' money you have) and you can send your assets to anyone in the world with access to a computer, and to do all of that faster, cheaper, and all decentralized.

The impact of blockchain technology on the banks will probably be the same as AI/machine tech taking over manufacturing jobs. You simply don't need humans to manufacture goods if you can build machines to do the same job, and perhaps do it even better. Future prospects of the blockchain is to place the entire internet on it.
With the Internet becoming a modern-day necessity, there's a growing push to free it from the control of regulatory authorities and monopolistic tech giants. Many internet users are becoming wary of the corporations that can track or sell their most sensitive private data.

These challenges have opened the doors for a new concept—a decentralized version of the Internet, based on open-source blockchain networks. Several projects are seeking to replace key elements of online infrastructure with distributed, peer-to-peer systems, that do not rely on a single intermediary or point of failure.
https://www.investopedia.com/tech/can-d ... e-reality/

If anyone is keeping track of the price of Bitcoin (the most popular cryptocurrency), you'd probably already know that is in position to explode in price as some big financial institutions have applied to have Bitcoin ETF so that they can offer Bitcoin to their clients. Their approval is pending. If supply stays the same (as is the case for Bitcoin since it has fixed amount), and demand increases, then prices are sure to go up.*

*I'm not a financial expert and this is not financial advice to buy Bitcoin. DYOR!
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