What excites you most about Cryptos?

N

Negotiator

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I'm curious about what gets Crypto enthusiasts most excited about Cryptos. I will give a few possible headings below but mine would probably be the idea of being able to store 'money' in a decentralized manner and be able to send money instantaneously anywhere around the world to any person or organization with absolutely no transaction fees or with the help of a third party (think IOTA with their zero transaction fees on the Tangle).

For me another use case is the storage of all my personal data on the blockchain/tangle/other DLT platforms. Imagine a world where you are oversees in say Germany and you need to go to the hospital and they can access your entire medical history and data with the scan of a QR code that pulls the info from the Blockchain. The point is that you would be in complete control of your data and it would not rest in the hands of centralized entities.

Machine to machine economy is another use case that gets me really excited. Imagine where your car can pull up at a parking meter and it communicates directly with the parking meter automatically and pays by the second. As soon as you drive off it stops.....all happens seamlessly. You might ask why this can't be done by existing technologies but for IoT devices to all work independently they will need to be ultra secure and also use minuscule power. IOTA are working on some really interesting solutions to this using Jinn technology.....watch this space!

Would love to hear what others think and what gets you excited about Cryptos. If it's purely speculation that's fine too, post whatever it is for you.

Here are a few other possible reasons that you may want to consider:
  • Pure price speculation
  • Storage of value
  • In control of your own data and personal ID
  • Decentralized social media platforms
  • Disruption to financial industry (not least payment systems)
  • Reducing government interference
  • Smart contracts that could revolutionize how business is conducted (eg- Sweden creating a land registry on the blochchain which would help bypass all the ridiculous bureaucracy and legal fees when transferring a property etc)
  • Intellectual property rights and trademarking etc by creating time stamps on the blockchain

The list is endless so what is yours? I'm happy to hear from anyone who think this is all a load of 'hot air' too, it contributes to a robust debate!
 
Negotiator said:
  • In control of your own data and personal ID
  • Decentralized social media platforms
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Can you explain what that has to do with cryptocurrencies?

Why it would "excite" you about them.


I am confused here. Again what has this to do with cryptocurrencies?

Does the use of a blockchain for the Swedish land registry require a crytpocurrency?

Brendan
 
To answer your original question.

It's a great way to exploit the madness of crowds. Although it's a little risky, short selling Bitcoin at the earlier price levels has turned out to be a good bet so far.

Yeah, fiat money excites me.

Brendan
 
Brendan Burgess said:
It's a great way to exploit the madness of crowds. Although it's a little risky, short selling Bitcoin at the earlier price levels has turned out to be a good bet so far.
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So you have cashed out then? Realising profit to cover previous losses, well done.
 
A decentralised blockchain, that could host a decentralised social media platform, needs a native asset ( a cryptocurrency) in order to work.

Swedish land registry on a blockchain would not require a cryptocurrency. I doubt they want to go down the decentralised route, it would mean a hacker can keep your land if he steals your private keys. It would mean you cant sell your land if you happen to have lost your private keys.


I would be happy if our government started using a transparent centralised blockchain. Pretty much a transparent database. It doesnt have to be tamper proof, I am sure they make lots of mistakes and correct them. But it would be tamper evident.
We could all watch and see where all our tax money goes. Where is the Education budget being spent at. Or the Health budget.
Make our public records really public.


Going back to decentralised crypto, if we get the lightning network to work we can work on 'streaming money'.
Pay your parking meter by the second.
Rent your movie and pay by the second you watch it.
Pay fractions of a penny to listen to a song, or read an article.
 
Brendan Burgess said:
I am confused here. Again what has this to do with cryptocurrencies?
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When I refer to Cryptos I'm referring to Cryptocurrencies but also blockchain technology. Cryptocurrencies in many instances are a fuel to run their blockchain platforms. ETH is a cryptocurrency but also runs the Etherium platform which many other cryptocurrencies effectively sit on top of. I think the word 'currency' in Cryptos is often taken too literally.

IOTA is another cryptocurrency but doesn't even run on the blockchain. Again, would you call this a currency in the literal sense of the word? I wouldn't. It's focused more on the machine economy and will be used to transfer data as much as it's use as a currency.
 
Negotiator said:
When I refer to Cryptos I'm referring to Cryptocurrencies but also blockchain technology.
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I quoted Humpty Dumpty earlier:

“When I use a word,” Humpty Dumpty said, in rather a scornful tone, “it means just what I choose it to mean—neither more nor less.”
 
ant dee said:
We could all watch and see where all our tax money goes. Where is the Education budget being spent at. Or the Health budget.
Make our public records really public
Click to expand...

Interesting use case......would certainly give much better transparency if time stamped. They would be help much more accountable and the data couldn't be manipulated if on the blockchain.


I think this would be set up on a permissioned blockchain/DLT but interesting to see governments/countries taking a keen interest in blockchain technology.
 
Brendan Burgess said:
I quoted Humpty Dumpty earlier:

“When I use a word,” Humpty Dumpty said, in rather a scornful tone, “it means just what I choose it to mean—neither more nor less.”
Click to expand...

What did you think I refer to when I use the word cryptos? I've already explained what I mean, right or wrong. I will admit however that I do struggle to verbalize my thoughts at the best of times so I could probably do a better job of elaborating in my posts!

By the way, is there anything you like about 'BLOCKCHAIN TECHNOLOGY'? If so, what aspects do you like about it?

Sorry for shouting, just wanted to make sure you didn't think I was referring to a currency!
 
Ok point taken. Maybe change the title to Cryptos and Blockchain Technology to avoid confusion.

But I do think any crypto enthusiasts would know what I meant by the title but I could be wrong!

PS- Is there anything you like about Blockchain technology?
 
Negotiator

This underlines why clever people do stupid things.

They don't think clearly. You need to start a separate thread "What excites people about blockchain?"

Brendan
 
Brendan Burgess said:
Negotiator

This underlines why clever people do stupid things.

They don't think clearly. You need to start a separate thread "What excites people about blockchain?"

Brendan
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You're giving me far too much credit Brendan, I'm not very clever. But you're spot on about me doing stupid things......I could give you a list the length of my arm of those! That said, I wouldn't include naming the title of this Thread as one of them!
 
Negotiator said:
I wouldn't include naming the title of this Thread as one of them!
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I am not expressing myself very well.

The naming of the thread is just an indicator of the muddled thinking which most Bitcoin enthusiasts have which I summarised before as:

Blockchain is great ... therefore Bitcoin is worth $20,000.

You need to separate out the two things completely - not just in the thread title, but in your thinking.

Brendan
 
Brendan Burgess said:
the muddled thinking which most Bitcoin enthusiasts have which I summarised before as:

Blockchain is great ... therefore Bitcoin is worth $20,000.
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I respect that everyone has their opinions, but respect is lost when attempting to attribute comments to others that have never been.

Here is some real muddled thinking;

"Bitcoin is worthless, still my plan is to cash out my spreadbet at $3,000. But I would consider cashing out at $6,000, because I know it is going to zero, and although I sense its peak at $20,000, I will put a stop-loss at $24,000"
 
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To answer the topic title and noting the inference to blockchain in the title.

Firstly, as a non-IT person, neither crypto nor blockchain get me 'excited'.
I do find the whole area and the concepts within intriguing. This is enhanced when I take the time to read or listen to the views of, what I call 'tech heads'. Its their obvious intellect, passion and commitment and above all, collaborative understanding of what it is they are trying to do that is fascinating and gives me a sense of confidence in what is happening here.

Of course, it could all fall flat on its face and return to zero, but given the obvious level of intellect involved here I am willing to consider that is highly unlikely anytime soon.
Watching Elizabeth Stark talking on stage from Lightening is an example of this. The subsequent Q&A on Twitter further endorses the level of thinking behind blockchain and bitcoin.
There are loads more. Not all in agreement of how or what direction the technology should take but almost unanimous in its potential.
Watching all this unfold is exciting - despite what the 'economists' think!
Its a good topic however, gives scope to talking solely about the technology and move away from the incessant noise about price and value.
 
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TheBigShort said:
"Bitcoin is worthless, still my plan is to cash out my spreadbet at $3,000. But I would consider cashing out at $6,000, because I know it is going to zero, and although I sense its peak at $20,000, I will put a stop-loss at $24,000"
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Sorry Shortie

I can't really help you if you don't understand risk and reward. I have discussed my strategy in other posts on numerous occasions but most extensively here:
When to close out my short position on Bitcoin?

Brendan
 
TheBigShort said:
Its a good topic however, gives scope to talking solely about the technology and move away from the incessant noise about price and value.
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Exactly Shortie, it would be good to discuss the underlying technology and why people are interested (excited might be a little strong a word in fairness ).

A whole new world of potential possibilities are opening up within this new industry and I find it fascinating to watch. It's akin to all the new possibilities that the internet facilitated although I don't think cryptos/blockchain will have anywhere near the same impact as the internet.
 
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