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Cryptocurrencies
#31
(01-14-2018, 11:41 AM)rayray Wrote: I also notice a few crypto's poking holes into BTC's system referring to it as slow and expensive, found that interesting too since BTC is supposed to be the gold standard.

I'm new to this world of cryptos but I certainly wouldn't consider BTC to be the gold standard, it's not the biggest because it's the best, it's the biggest because it was the first one that started spreading. It's the oldest one, it's the most used one, it's the one all the news talk about. 

Here is a good website that draws the charts of the average transaction price of a lot of the currencies.
https://bitinfocharts.com/comparison/tra...c-xmr.html

As you can see the fares for BTC are ridiculous because the network is overloaded. In fact that is the case for most of the cryptos since the beginning of 2018. Part of this, for BTC, is also because it is the "main" currency and as such it is used a lot. For example a person going into cryptos will very likely make a USD -> BTC transaction, then move that BTC from his wallet to an exchange where he splits it to different cryptos. Take me for an example, I had those bitcoins standing around and had to move them to an exchange before I could switch them. I currently own the 4 cryptos mentioned in the post above but I've only made two transactions while acquiring them, both being BTC transactions when moving my funds from my wallet to the exchanges.

I have to say that I'm a bit concerned about the fees for Monero too but I do love them because of the privacy approach. But something like litecoin? It's currently the 6th largest (by market cap) crypto at over 13 billion and yet we are still talking about an average transfer fee of $0.3. That's $0.3 to move the money anywhere in the world in a timeframe that is significantly faster than an international bank transfer. And that's also historically a very high transfer fee for litecoin.
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#32
I drive myself nuts reading about these crypto's!! But I do find it all interesting to say the least. First you read the basics, then about the different types of crypto's and what they do, then it's blockchain, then it's forking, then it's traditional companies involved, then it's the people behind the scenes, then partnerships among the financial sector/whatever and crypto's, then it's governments, then the various exchanges, then of course, last but not least the IRS and the crackdown of not paying your taxes lol....it's ENDLESS!

If I would have known I was going to spend so much time reading about this technology the first time I heard about it, I would have plunked down the 100 bucks Tongue

If I had to invest in one, it'd be Stellar-Lumens.
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#33
If you are looking to go further down the rabbit hole, here's a good starting point.

Also podcasts. I have learned much about the space by listening to podcasts. Check out the Hash Power miniseries podcasts from 'Invest Like the Best' (there is a 3-part series, although he just put out a couple more episodes on this front lately) and 'Blockchain Innovation'. Also, follow and read @naval on Twitter -- he drops some amazing gems in tweetstorms.

rayray, curious to see why you think XLM is the one you would pick. Hopefully not just because CNBC and McAfee are pumping it lately, but because there is something uniquely interesting about the project?
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#34
R2R,

Regarding Stellar, it's a combination of the talent behind the scenes and it's platform. I like it's run by a non-profit organization that is staying more true to the decentralized thought process using open-source applications to benefit those who want to use it. Stellar is not a closed door operation, the platform truly wants to make transferring something of value available to others through an efficient process at a very reasonable price. It's goal is not to replace fiat or what is of value, but to enable different people/groups/corporations to transfer something of value using it's platform in a timely economical method benefiting the involved party's. And that manner of transfer is very liquid within the network, meaning that it has multiple facets to get the transfer completed, it's not locked into one method. You have the non-profit side, the network side, the community side and the lumens to glue the whole thing together--it's a open-source network.

I also DON'T think that Stellar is set up to make one rich, it's a method/platform that has a purpose in which a cryptocurrency was meant to be used. And, IMHO, this is what makes Stellar very intriguing to what's going on in the crypto community as a whole. I believe the Stellar organization knows who and what they are and how they will move forward in a benefiting way. The value is not here today but here tomorrow, IMHO.

I don't know if say, buying lumens would be an investment or more of supporting a better method that is not exactly implemented in today's global economy. I do believe in this network because of the people behind the network utilizing this type of technology.
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#35
Question for you guys...

Have you transferred dollars to anyone and or bought anything, if so, what crypto did you use?

I'm thinking about trying it out using my nieces as guinea pigs. Ones in college and the other is in Europe.
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#36
Buy the dip!!!!

EDIT: Sorry, got caught up in the excitement for a moment there....
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#37
Preferred currency

Because cross-asset payments are so simple with Stellar, users can keep their money in whatever asset they prefer to hold. Preferred currency creates a very flexible, open system.

Imagine a world where, anytime you travel, you never have to exchange currency except at the point of sale. A world where you can choose to keep all your assets in, for example, Google stock, cashing out small amounts as you need to pay for things. Cross-asset payments make this world possible.

https://www.stellar.org/developers/guide...hange.html



I found this interesting, it's from the above link. I wonder, if some day possible how would this would affect your taxes? Because, obviously if you used, for example, Google, Amazon, Markel or any other stock as a value of payment you'd be triggering a taxable event. Using the Stellar Network, you can use anything of value, because, it doesn't care what that value is, it can be fiat, stock, a crypto, whatever because the system doesn't care. Now, if the end recipient cares and will only accept their own currency that's when Lumens (Stellar cryptocurrency) acts as a bridge before those "Google Shares" are exchanged for "Euros" The sender sends "GOOGL"-----"Lumens"-----"Euros" received



There's a lot to this....gives me a headache
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#38
Thats a really cool application. I have read some similar concepts being tried out by other groups too -- which want a common platform where you can exchange any asset.

Btw rayray, most of the community works on the open-source non-profit model and isnt unique to Stellar. Still...I like the cross-asset exchange.
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#39
kinda along the same lines....GoldMoney (previously BitGold) has a Mastercard that ties everything to the price of gold. Its a great way to hedge against currency conversion issues, esp if you are traveling. All transactions get converted to the equivalent of gold price used as a reference point, whether you are in shopping in US, Euro or any other currency worldwide. Pretty neat idea.

I dont have the Mastercard with them, but hold some bullion through them.
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