Stocks and Trading Thread - Channeling your inner Mono

[The Minsky Moment]

As to ether, it is still "mined" and it is mined using CPU power, so that's a pretty bad flaw. If they move to proof of stake it solves the environmental problem but gives more power with those who have a vested interest in maintaining or inflating its value.  I would note that while ethereum has a better transaction flow than bitcoin, it's still pretty weak - around 1.2 million transactions daily now, as compared to 1 million in early 2018.  It's not fulfilling its ostensible purpose.

[crazy canuck]

Already explained above, in a word, security. 

IMO bitcoin lacks security. It has none of the protections against fraud or accidental loss that real currencies have. Can't speak to any of the other crypto currencies.

What protections do you have in mind?  Fraud using real currencies is a multi billion dollar endeavor.  We have had to resort to completely locking down my father in law's access to his real currency because of it.

[crazy canuck]

As to ether, it is still "mined" and it is mined using CPU power, so that's a pretty bad flaw. If they move to proof of stake it solves the environmental problem but gives more power with those who have a vested interest in maintaining or inflating its value.  I would note that while ethereum has a better transaction flow than bitcoin, it's still pretty weak - around 1.2 million transactions daily now, as compared to 1 million in early 2018.  It's not fulfilling its ostensible purpose.

I think you are again misattributing it's ostensible purpose to being only one thing that blockchain technology can do.  It already performs more that that one claimed purpose. 

[The Minsky Moment]

If there is some purpose other then use in transactions, then yes - I am not aware of that use and presumably am misattributing.

[crazy canuck]

If there is some purpose other then use in transactions, then yes - I am not aware of that use and presumably am misattributing.

As referred to above, one of the things Ether does it is allows researchers to purchase time so that the miners are actually solving those equations - giving researchers access to the most powerful supercomputer on the planet.

But to your main point, identifying the number of financial transitions it is presently used for is again like saying the Wright Brothers were barking up the wrong tree. 

Also, small quibble, you stated earlier that Ether miners use CPUs to mine presently.  I think you meant to mine GPUs.

[The Minsky Moment]

But to your main point, identifying the number of financial transitions it is presently used for is again like saying the Wright Brothers were barking up the wrong tree. 

12 years after the Wright Brothers flight was 1915 - numbers of aircraft, flights, range, miles travelled had all increased exponentially over that time and there had been major breakthroughs in flight and aircraft construction technology.  The use cases for aircraft had vastly expanded.  There really is no comparison.  To make the comparison you would have to imagine a world where aircraft technology in 1915 had advanced roughly to the 1906 level and airplanes were still mainly being used for novelty and experimental purposes, but hobbyists and wealthy enthusiasts had pushed the prices of airplanes to the cost of mansions.

[crazy canuck]

But to your main point, identifying the number of financial transitions it is presently used for is again like saying the Wright Brothers were barking up the wrong tree. 

12 years after the Wright Brothers flight was 1915 - numbers of aircraft, flights, range, miles travelled had all increased exponentially over that time and there had been major breakthroughs in flight and aircraft construction technology.  The use cases for aircraft had vastly expanded.  There really is no comparison.  To make the comparison you would have to imagine a world where aircraft technology in 1915 had advanced roughly to the 1906 level and airplanes were still mainly being used for novelty and experimental purposes, but hobbyists and wealthy enthusiasts had pushed the prices of airplanes to the cost of mansions.

I am not sure you understand how Ether or Bitcoin operate even within the narrow constraints you have defined.  It is possible to buy and sell in increments.  You don't purchase a full "coin".

[The Minsky Moment]

I am not sure you understand how Ether or Bitcoin operate even within the narrow constraints you have defined.  It is possible to buy and sell in increments.  You don't purchase a full "coin".

Right and it is possible to purchase a ticket for a one way flight as opposed to buying an entire passenger jet.

The point is that however one slices it up, there just aren't very many cryptocurrency transactions.

Sure it is nice that Ethereum figured out of way to impart use value to their proof of work computations but Ethereum wasn't set up as a kind of virtual high performance computing facility for third party researchers; there are more straightforward means of accomplishing that end.

[Tonitrus]

Some sanity detected in the WSJ...   

https://www.wsj.com/articles/ban-cryptocurrency-to-fight-ransomware-11621962831

[crazy canuck]

I am not sure you understand how Ether or Bitcoin operate even within the narrow constraints you have defined.  It is possible to buy and sell in increments.  You don't purchase a full "coin".

Right and it is possible to purchase a ticket for a one way flight as opposed to buying an entire passenger jet.

The point is that however one slices it up, there just aren't very many cryptocurrency transactions.

Sure it is nice that Ethereum figured out of way to impart use value to their proof of work computations but Ethereum wasn't set up as a kind of virtual high performance computing facility for third party researchers; there are more straightforward means of accomplishing that end.

Bad analogy.  purchasing crypto in increments less than a full coin does not equate to getting something inferior.

You are returning to the logic that because it is not widely used some negative inference should be drawn.  All new financial transaction technologies have taken time to be adopted.  I remember a time when credit card usage was not routine.  Ether is the first cryptocurrency that has gone beyond the bitcoin proof of concept phase.  And it is not yet in its final form.  It is very much premature to be passing judgment on the viability of a technology still in its infancy.

[crazy canuck]

Some sanity detected in the WSJ...   

https://www.wsj.com/articles/ban-cryptocurrency-to-fight-ransomware-11621962831

Why not just ban ransomware....  oh yeah, Governments can't just waive a magic wand. 

[Syt]

If you ban ransomware, only criminals will have ransomware! 

[crazy canuck]

If you ban ransomware, only criminals will have ransomware! 

[Josquius]

A very good week across the board.
A lot of missed opportunities for me, not a gambler by nature et al, but still made a few hundred from meme stocks.

[Admiral Yi]

https://www.youtube.com/watch?v=ct3mQLZx8xE

AMC is cashing in on meme stock status by issuing buttloads of shares.