Crypto Thread

Discussion in 'General Discussion' started by Wisdom, Jul 21, 2021.

  1. Wisdom

    Wisdom Member

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    Anyone buying crypto? If so, what alt coins? I’d love to hear predictions for the future, or any nugget of insight you may see coming. I’m very bullish on Cardano, and still have hope for Eth to grow. What say you?
     
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  2. otis

    otis Member

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    i barely know anything, and understand less, but i've been using an app for almost a year, that offers gift cards, and you receive satoshis back on every card you buy. it's got an optional debit card that gives says back on every purchase, and bigger returns on those gift cards.

    i convert my sats into monero because privacy concerns, and i've heard from some folks who understand this **** better than i do, that a lot of btc whales are going to convert to monero at some point. i use cake wallet because newb... i'm thinking about rolling what's left of my 401k into a crypto-based ira, as well.
     
  3. Adventurer

    Adventurer Member

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    Read an article a while back that the US government may be working on a digital dollar. Makes some sense because they want the US to rely on US funds and not a third party or different country's currency. When the government controls the dollar it makes it easier to manipulate the economy. If everyone uses a different form of currency the government loses a lot of control. I am curious to see what the future brings...
     
  4. Wisdom

    Wisdom Member

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    Ive been following some of the Senate/IRS hearings and the legislative side of Crypto and the digital dollar. It seems most countries are really struggling to figure out how to handle decentralized currencies. Im guessing most countries are developing "digital" currency, although you can argue it already exists just not in crypto space. The US dollar is dying on the world stage and inflation is pushing people to decentralized currencies. The catch with most countries, including our own is that regulation legitimizes crypto. Hence the hesitation by most government's to create any laws regarding crypto. It could backfire and reduce centralized currencies value. The other problem is crypto is global, so regulation will only go so far. China has been leaning toward more regulation and of course Turkey. Im guessing that in the US, we eventually will be required to have wallets that are held by US banks for tax purposes and likely a higher tax rate. One thing im 99% certain of, is that decentralized currencies are here to stay. Which one(s) come out on top is a guess. The smart contract /problem solving altcoins will find their place regardless and seem to have the best future. Its a more complex starfish and the spider conundrum. With 9,000 cryptos in the world, it will be interesting to see it play out. JP Morgan, Fidelity, and many other institutional investors are setting up crypto funds. Bitcoin has pioneered a currency that we could have never dreamed of prior to its existence. Im not as bullish on Bitcoin as most, mainly due to lack of transaction speed, but I think it will be a store of value that will outlast most people alive on Earth today. El Salvador has adopted Bitcoin, but with a very low transaction rate, its likely to fail as a "national" currency. I think something like 7 per second, compared to Visa which is processing payments at 100,000's or more per second. globally (thats a guess).
     
  5. NaturalMystic

    NaturalMystic Member

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    I started buying Bitcoin and several other cryptos in 2017. Got back into it in late 2019 and have been DCAing (Dollar Cost Averaging) in since then. I'm helping some friends who just launched their own crypto coin recently.

    EDIT: Oh and to answer your question, yes I'm bullish on ADA and ETH also. I've got more ETH than BTC. I think PolkaDOT, MATIC, XRP and others including some of the NFT projects will do quite well too.
    DeFi projects will likely explode too. The traditional CeFi (Centralized Finance) market does about $3T USD per year and currently ETH, which around 85% of all Altcoins are built on, is less than 0.5% of the Market Cap of CeFi. To hit 0.5% one ETH would be worth about $4K USD. When it captures 1 or 2% of Market Cap (which I'm sure it will) I'll be a happy camper.
     
    Last edited: Sep 5, 2021
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