The Frustration of Ideology: Investing in Cryptocurrency

One of the things that makes it difficult(and for some, impossible) to invest in the crypto-space is the ideological underpinning of the market. For a market started by a bunch of free-thinking libertarians, there sure is a lot of thought control and accusatory behavior...Oh wait, that IS libertarianism.

If you are in anyway inclusive of corporations and banks, then you've betrayed Satoshi(a guy or guys no one has identified). It is a cult of personality that demands strict adherence to the dogma of Satoshi Christ, and anyone who owns more than one BTC is as close to an apostle as we can get in the Church of Cryptocurrency.

The projects that are out there who display professionalism and a workable product (or showing real progress on their roadmap) are derided as "shill-coins". Companies like Ripple who work WITH banking institutions and corporations, companies like Cardano who's entire development process is peer-reviewed, are all derided by the community, but are seemingly supported by the market for their professionalism and progress.

I think when it comes to investing in cryptocurrency, I know which business attitude I will put my money into. There's no long-term money in ideology. Eventually, people realize they're not being lead to the promised land, but to hell in a hand-basket.

a reply to: projectvxn

I prefer to invest my money in Firearms and Lead.
There will never be a time when firearms and ammunition are not worth much,firearms that are rare only go up in value I've never once seen a rare gun drop in value. If all else fails they can also get you out of trouble or keep you fed.
I prefer investments that don't fluctuate down but only go up in value. In my life time I've seen P08 Lugers sell for $800 ten years ago,some of these same P08's are now selling for thousands,the predecessor to the Luger P08 the Borchardt C93 I have not seen one example in good shape sell for less than $20,000,though more commonly found around $25-$30K if you can even find one.

I don't trust any investment that I can't physically secure or any investment that can be hacked.
Japan recently had $500Million in cryptocurrency hacked away from them,as time progresses cryptocurrencies will be hacked more and more because even kids these days know how to hack computer programs.

a reply to: VashTheStampede

I prefer to invest my money in Firearms and Lead.

I prefer to invest in cryptos because it pays for firearms and lead.

a reply to: VashTheStampede

That's smart IMO because what we are really talking about is energy. The days of abundant cheap energy are rapidly coming to a close. The oil that is available is harder to drill, and located in more remote locations. It's also of lesser or inferior quality to past deposits.

That means that firearms, tools, anything that took a lot of energy to construct are going to be worth a lot more in the future. If I had a million dollars to invest I would be buying up CNC machining left and right, lathes, dye and tool sets anything that is precision and required lots of energy to construct.

a reply to: VashTheStampede

I prefer to invest my money in Firearms and Lead.

This is hardly a plan. I too have plenty of ammunition and firearms, but ammunition and firearms won't put my kids through college. My stocks and other investments will, however.

Here's the problem I see with cryptos:

But let me point out that as the coins "mined" increase the difficulty increases and worse, the "reward" -- number of coins you get - goes down.

This is important because not only does it mean the next one cost more to get but it also becomes a huge problem since the "miners" are the source of transaction verification. Without transaction verification the entire scheme collapses as worthless.

Therefore as time goes on and the imputed cost structure of clearing transactions is forced out of being cross-subsidized that cost becomes exposed and it is enormous compared against all other existing means of payment

market-ticker.org...

We've all heard the recent story about how much energy it would take to mine the last bitcoins, practically all the energy in the world but that isn't even accounting for transactions.

To have any real value as a currency, or a money, cryptos have to be used in the economy for exchange. But the more transactions that occur in cyrptos the more energy it's going to require. It will get so expensive to mine and process transactions that it will cost more than they are worth.

So not only are we on the cusp of peak energy, we are burning through energy at an exponential rate to mine coins that can't even be used by the economy. This isn't going to last long IMO.

originally posted by: neo96
a reply to: VashTheStampede

I prefer to invest my money in Firearms and Lead.

I prefer to invest in cryptos because it pays for firearms and lead.

It might, if you manage to score between hacks, but (the equivalent of) bank robberies are huge here. And liquidity is questionable. It's currently like buying an exotic car you are convinced will increase in value--and parking it on the street.

a reply to: SkeptiSchism

KD is correct when it comes to minable cryptos. But he should spend more time reading.

Not all cryptos are minable, nor do they have to be.



PoW and PoS are the two main scheme for transactions among many cryptos.

However, now all cryptos use those either. Some are simply pre-mined and are used to support transactions on a network(stellar lumens and ripple).

a reply to: VashTheStampede

I don't trust any investment that I can't physically secure or any investment that can be hacked.

Yet you have a bank account where the majority of the money you "have" is electronically stored and in a far less secure fashion than blockchain.

a reply to: schuyler

Well if people want to play what ifs.

Guess I should shove it under neath my matress where it's loses vaule ever damn day.

Or my house could burn down or someone might robb me.

What the hell ever.

There are no certainties in life.

a reply to: projectvxn

I think when it comes to investing in cryptocurrency, I know which business attitude I will put my money into.

Hopefully, one that emphasizes on safety and security.

Coincheck Hack: "The Biggest Theft in the History of the World"

Coincheck confirmed late Friday that the unknown hackers might have stolen some 500 million NEM tokens (worth up to ¥58 billion or around $532 million at the time of the incident), which makes it the biggest ever theft from a cryptocurrency exchange. The previous record-holder was Mt.Gox, a world leading bitcoin exchange, in February 2014 when some 850,000 bitcoins (worth $390 million at the time) were stolen from the platform, preceding its eventual demise.

originally posted by: VashTheStampede
a reply to: projectvxn

I prefer to invest my money in Firearms and Lead.
There will never be a time when firearms and ammunition are not worth much,firearms that are rare only go up in value I've never once seen a rare gun drop in value. If all else fails they can also get you out of trouble or keep you fed.
I prefer investments that don't fluctuate down but only go up in value. In my life time I've seen P08 Lugers sell for $800 ten years ago,some of these same P08's are now selling for thousands,the predecessor to the Luger P08 the Borchardt C93 I have not seen one example in good shape sell for less than $20,000,though more commonly found around $25-$30K if you can even find one.

I don't trust any investment that I can't physically secure or any investment that can be hacked.
Japan recently had $500Million in cryptocurrency hacked away from them,as time progresses cryptocurrencies will be hacked more and more because even kids these days know how to hack computer programs.

Invest in both.

We've all heard the recent story about how much energy it would take to mine the last bitcoins, practically all the energy in the world but that isn't even accounting for transactions.

Doesn't take in to account of newer technology.

The early days of mining are vastly different than what they presently are.

a reply to: neo96

That's one thing people don't realize.

Even now, with the market down, the buying power of any one of my crypto holdings are between .5 times and 2 times the current buying power of the money I used to buy them in the first place.

Why people think I should hold onto inflationary electronic money when deflationary currency exists is beyond me.

originally posted by: SkeptiSchism
a reply to: VashTheStampede

That's smart IMO because what we are really talking about is energy. The days of abundant cheap energy are rapidly coming to a close. The oil that is available is harder to drill, and located in more remote locations. It's also of lesser or inferior quality to past deposits.

That means that firearms, tools, anything that took a lot of energy to construct are going to be worth a lot more in the future. If I had a million dollars to invest I would be buying up CNC machining left and right, lathes, dye and tool sets anything that is precision and required lots of energy to construct.

Energy rich products like gold and silver?

It sounds too much like fake money to me, or a massive pyramid scheme that some nerd thought up, or an electronic records system schemed up by banks and gov.

I think it's probably a combination of the 2.

I can tell you what I value, but somebody running graphics cards and electricity isn't one of them.

It sounds like fun if you are into day trading, but I would never hold onto it.

The idea of unsurping the dollar is a joke, it would have never been allowed on the market if it was a threat.

A new publicly traded western union using blockchain is what it looks like.

Calling it a currency is risky imo.

a reply to: eisegesis

Hopefully, one that emphasizes on safety and security.

The blockchains themselves have never been hacked.

Plenty of wallet hacks have been performed via phishing scams and other exploits.

Keeping money on the exchange is also a bad idea. This is why people who actually know what they're talking about recommending hardware wallets.

Ledger Wallet

Trezor Wallet

There are others.

Stealing private keys is a simple matter if the private key holder is careless or simply stupid.

originally posted by: Mandroid7
It sounds too much like fake money to me, or a massive pyramid scheme that some nerd thought up, or an electronic records system schemed up by banks and gov.

I think it's probably a combination of the 2.

I can tell you what I value, but somebody running graphics cards and electricity isn't one of them.

It sounds like fun if you are into day trading, but I would never hold onto it.

The idea of unsurping the dollar is a joke, it would have never been allowed on the market if it was a threat.

A new publicly traded western union using blockchain is what it looks like.

Calling it a currency is risky imo.

Please go read up on this technology.

originally posted by: projectvxn
a reply to: VashTheStampede

I don't trust any investment that I can't physically secure or any investment that can be hacked.

Yet you have a bank account where the majority of the money you "have" is electronically stored and in a far less secure fashion than blockchain.

A lot of assumption and speculation here that isn't factual.
My bank account has a minimal amount in it, most of my money is in my firearms and rare ammo like old Norinco 7.62x39 that is armor piercing. If my bank account is hacked I won't lose anything I can't gain back quickly with a sale of arms or ammo.

I also don't have children so I don't have any worries as far as college expenses is concerned.

a reply to: VashTheStampede

A lot of assumption and speculation here that isn't factual.

Well pardon me one guy who is an exception.

My bank account has a minimal amount in it, most of my money is in my firearms and rare ammo like old Norinco 7.62x39 that is armor piercing. If my bank account is hacked I won't lose anything I can't gain back quickly with a sale of arms or ammo.

Everyone has a strategy, I guess. It's still true regardless of the size of your bank account. You're still dealing in dollars a depreciating currency.