They choose to use blockchain but nothing they are doing requires blockchain.
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Gizmodo: Crypto Platforms Are Halting Withdrawals as Bitcoin Tanks Over 13%
- Thread starter Teh_Lurv
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Okay, I will say something positive about the blockchain. As a mathematician and Computer Scientist, the block chain is beautiful. It is truly a marvel of algorithmic mathematics. It makes you want to believe it us truly as revolutionary just based on that. I do believe that many of the concepts have a great potential. But the current iteration is just a tool for grifters to make themselves rich.
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I do find it amusing that crypto prices seem to always creep up when markets are closed (either weekend or holidays), but then quickly swerve back down when markets are open (and down).
It's almost like people are just itching to trade and can't do it with normal stocks, so crypto sees the (short) benefit for the day.
Crypto playbook 101. Come in to an unrelated thread to argue the virtues of crypto to eventually get it locked for being off-topic and stop all negative discussion. It's ultimately the goal they want, they know they're not "convincing" anyone so it's mostly just a song and dance to bait people into a ban, get the thread locked, and go gloat about it in the Crypto OT about how "crazy" the rest of the forum is.
It's almost like people are just itching to trade and can't do it with normal stocks, so crypto sees the (short) benefit for the day.
Crypto playbook 101. Come in to an unrelated thread to argue the virtues of crypto to eventually get it locked for being off-topic and stop all negative discussion. It's ultimately the goal they want, they know they're not "convincing" anyone so it's mostly just a song and dance to bait people into a ban, get the thread locked, and go gloat about it in the Crypto OT about how "crazy" the rest of the forum is.
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I like to have a thread discussing crypto on ERA :S . I think it worthwhile to have a thread were we can discuss it merits/drawbacks and news about the industry and educate people about its dangers. I think this thread does that and it is clearly not promoting it, which is the main danger.
Normally discussion is restricted to the community thread for stuff like that. Usually crypto threads get shut down outside of big news ones like this one.
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To my surprise, Fidelity's plan to allow companies to include Bitcoin in 401k portfolios is still going ahead as of the end of May:
Fidelity lets companies offer bitcoin in a 401(k). One financial analyst thinks it’s a ‘terrible idea.’
The financial services firm says bitcoin represents a long-term investment on future blockchain technology.
www.nbcnews.com
I can't think of a worse idea than to peg your retirement savings to crypto.
Your question is the answer as to why cryptobros keep trying to derail it. They want to keep it off topic so it eventually gets locked.
Maybe someone will use a slurp juice on this thread so they get a new thread to talk about whatever bullshit they want to discuss in here.
To my surprise, Fidelity's plan to allow companies to include Bitcoin in 401k portfolios is still going ahead as of the end of May:
Fidelity lets companies offer bitcoin in a 401(k). One financial analyst thinks it’s a ‘terrible idea.’
The financial services firm says bitcoin represents a long-term investment on future blockchain technology.
I can't think of a worse idea than to peg your retirement savings to crypto.
Big yikes. After June I gotta believe that is also on the chopping block, although just letting people use their own money isn't as bad as losing 60% an ETFs original funding 😅
I thought I was seeing this exact thing! Glad other people are noticin git.
Wasn't there a retirement fund that recently got virtually wiped out due to a crypto asset failing spectacularly? Has Fidelity learned nothing from that?To my surprise, Fidelity's plan to allow companies to include Bitcoin in 401k portfolios is still going ahead as of the end of May:
Fidelity lets companies offer bitcoin in a 401(k). One financial analyst thinks it’s a ‘terrible idea.’
The financial services firm says bitcoin represents a long-term investment on future blockchain technology.
I can't think of a worse idea than to peg your retirement savings to crypto.
To my surprise, Fidelity's plan to allow companies to include Bitcoin in 401k portfolios is still going ahead as of the end of May:
Fidelity lets companies offer bitcoin in a 401(k). One financial analyst thinks it’s a ‘terrible idea.’
The financial services firm says bitcoin represents a long-term investment on future blockchain technology.
I can't think of a worse idea than to peg your retirement savings to crypto.
If anything (some) people are going to jump at the opportunity, because they believe that this is the "low" point of the crypto cycle and thus the "perfect" time to buy in. A real dangerous game to play, especially when it comes to retirement money, but I wouldn't be shocked if there are those who see this as the only way they'll actually "accrue" enough money for retirement to matter. That's what makes all this so appealing to people. They feel they missed the boat for success and diving headfirst into crypto is their last chance to make it. Tie that together with insecurity about your future/old age, and you have a winning (read: losing) combination.
Because there are no positives to blockchain outside if performing illegal activities. That's the thing you all need to get into your heads. It's a pointless, useless technology that is categorically inferior to every system of record-keeping we use now that requires any level if legitimacy. It'd be better to go back to the days of paper filing than embrace any implementation of blockchain whatsoever. It's just that bad.
This is not a both sides issue.
This isn't unique to crypto, it's the same with extended hours trading in the stock market.
Volatility increases during these period because the volume of trades is significantly down, therefore less trades are required to set the average bid / ask prices. Heavily traded assets are kind of self-regulating when it comes to price stabilizing, assets that aren't frequently traded or done so during after market periods have much larger swings up or down because it may only take a handful of traders to significantly over bid or under bid to set the market price.
It is a "little" unique to crypto in that there's no concept of "extended" hours. It's 24/7 availability. Volume remains consistent because there's no clear cut start and stop points to the day. Holidays in which no trading is happening on (some) stock exchanges is still a trading day for crypto. It's always on, and I have a feeling that day traders who got the itch are using it when the regular market isn't available to them.
That being said, as far as I can tell everything is in the red today…
Edit: spoke too soon, opened my stonks app, and Meta and Snapchat are barely in the green…
Edit: spoke too soon, opened my stonks app, and Meta and Snapchat are barely in the green…
Except volume isn't consistent. It often actually aligns quite similarly to the US trading hours. It has 24/7 availability but so too does the global stock market, individual stocks don't.
Ultimately you aren't going to have many trading at 3AM in the US because they have "the itch", even with a 24 hour market, at a given time only a subset of those people will be trading dictated by timezones. It's really no different to the global market, with ebbs and flows of high or low volume, with increased volatility during those low periods.
Even looking at the 7 day chart. Volume is significantly higher today than it was on a holiday or over the weekend
Bitcoin price today, BTC to USD live price, marketcap and chart | CoinMarketCap
The live Bitcoin price today is $70,233.85 USD with a 24-hour trading volume of $17,557,908,396.77 USD. We update our BTC to USD price in real-time.
coinmarketcap.com
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Quebec's La Caisse, Canada's second largest pension fund. IIRC they saw $400 million USD wiped out.
150 million. Most articles failed to accurately point out that it was multiple things investing for 400.
Actually the opposite. You earn crypto/money while you play. The bad part is usually price of entry can be hundreds to start. So getting back ROI can be tricky at first.
I wonder how many platforms/companies are limping in the dark right ready to collapse. there's no way all of them are easily weathering this
it's too bad we can't have a `https://web3isgoinggreat.com` OT, I do think a critical thread on crypto could help keep the smaller threads popping up. ill ask in the Constructive Community Discussion thread
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It was 150 million from a retirement fund that has 450 billion in total assets, they did not get 'virtually wiped out'
I'm in for the idea so long as there's a hard rule against crypto evangelism and intentionally muddying the waters. A thread like that should focus on the pitfalls of crypto / web3 / NFTs and not serve as a platform for "I know crypto gets a lot of hate around here, so I'm here to tell you why you're wrong" takes.
I'd say provenance of data is a great use case for blockchain and I'd be interested to hear a better solution. Avoid issues like this https://techcrunch.com/2022/06/17/tiktok-oracle-us-traffic-china-access/
I mean there's really no reason why that type of general Crypto discussion can't go into the Crypto OT, is there? Critical thoughts about a game usually go in the respective games OT, and such is the case with most other bigger topics as well, so except for the actual Cryptobros being annoyed, which honestly, do you really care, I don't see the issue really.
I mean that's great and all, but it was noped by staff multiple times now, and if the begging keeps on (no offense, sorry), this thread will be closed in no time as well I assume. Crypto OT is the only acceptable area for crypto related everyday content I think.
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But in the case you are describing (house sale), the time gain wouldn't come from using blockchain, it would be from digitalizing and centralizing all the information needed for all legal checks. Once you have digitally centralized all that, you can use any other usual technology just as well to perform the required checks.
Or said another way: any check you make via the blockchain (which was the benefit you cited) can be made (probably more efficiently) the "conventional" way with some program. The benefit you see is because you for some reason assume that right now, those checks aren't done wholly automatically because it isn't possible without blockchain; it's not the case, it's because it is impossible to do them automatically, as the data needed isn't in digital form, or in databases purposefully kept strictly separate.
Even the other "benefit" of using blockchain for house ownership (public registry visible by all) is just as well doable without blockchain, there's just no will to have it that way (probably for good reason too imo).
Trying and failing to find any practical use for crypto and blockchain. The digital equivalent of finding Bigfoot.
The Crypto OT is almost entirely frequented by people involved in and in favor of crypto, so I doubt taking generally negative stances is going to be well received. The whole reason there are stricter rules around Crypto/NFT talk is because mods got tired of dealing with the disproportionate amount of reports it generated, and I would guess the same thing would happen if everyone in this thread migrated there.
Oh I'm absolutely aware. But it's an OT, and if discussion about general problems, issues and straight up scams in Crypto aren't allowed anywhere else, this seems like the logical solution for me.
Thank you all! It sounds like the expected returns are things that are way more business-focused than consumer-focused?
I know that people from companies like Salesforce are super excited about it, but in a web3 way moreso than a way that improves existing business processes. For example, how the wallet can be used as an identifier as opposed to email...
So based on what's being said from all of your responses summarized:
Consumer applications, probably not a thing except for crypto enthusiasts.
Business applications, definitely a strong case and already in-flight.
And finally, as a currency, probably DOA.
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