# What excites you most about Cryptos?



## Negotiator (18 Mar 2018)

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!


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## Brendan Burgess (18 Mar 2018)

Negotiator said:


> In control of your own data and personal ID
> 
> Decentralized social media platforms



Can you explain what that has to do with cryptocurrencies? 

Why it would "excite" you about them. 



Negotiator said:


> 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



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


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## Brendan Burgess (18 Mar 2018)

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


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## TheBigShort (18 Mar 2018)

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.



So you have cashed out then? Realising profit to cover previous losses, well done.


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## ant dee (18 Mar 2018)

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.


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## Negotiator (18 Mar 2018)

Brendan Burgess said:


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



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.


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## Brendan Burgess (18 Mar 2018)

Negotiator said:


> When I refer to Cryptos I'm referring to Cryptocurrencies but also blockchain technology.



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.”


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## Negotiator (18 Mar 2018)

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



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.



ant dee said:


> 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 think this would be set up on a permissioned blockchain/DLT but interesting to see governments/countries taking a keen interest in blockchain technology.


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## Negotiator (18 Mar 2018)

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.”



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!


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## Brendan Burgess (18 Mar 2018)

Negotiator said:


> Sorry for shouting, just wanted to make sure you didn't think I was referring to a currency!



Silly me. I just read the title and foolishly thought that it referred to cryptos. 

_*What excites you most about Cryptos?*_


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## Negotiator (18 Mar 2018)

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?


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## Brendan Burgess (18 Mar 2018)

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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## demoivre (18 Mar 2018)

Nothing.


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## Negotiator (18 Mar 2018)

Brendan Burgess said:


> Negotiator
> 
> This underlines why clever people do stupid things.
> 
> ...



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!


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## Brendan Burgess (19 Mar 2018)

Negotiator said:


> I wouldn't include naming the title of this Thread as one of them!



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


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## TheBigShort (19 Mar 2018)

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.



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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## TheBigShort (19 Mar 2018)

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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## Brendan Burgess (19 Mar 2018)

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"



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


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## Duke of Marmalade (19 Mar 2018)

Negotiator said:


> The list is endless so what is yours?


Why not set up a Blockchain for the list.  I’m prepared to allocate .001 Marmalade Coins for each addition to the Blockchain.  But please, no forks.


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## Negotiator (19 Mar 2018)

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.



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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## Duke of Marmalade (19 Mar 2018)

Let me get the ball rolling.  "Blockchain is good for developing an endless list for why Blockchain is good".  I plagiarised that from Satoshi:  "Bitcoin has value because people think it will be have value".


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## RichInSpirit (19 Mar 2018)

I love the spy aspect, the trust no one aspect,  the whole enigma thing, code breaking, NSA involvement and non involvement. The cloak and dagger mystery of the supposed creator. The hacking and robbing of other peoples bitcoins. The mathematical questions the whole thing throws up. 

Crypto is mighty !


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## TheBigShort (19 Mar 2018)

Brendan Burgess said:


> 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?*
> ...



Thanks Brendan, but I didnt attribute that muddled thinking to you (im not sure why you might have thought that)?
I was just trying to give an example of what real muddled thinking could look like, as opposed to attributing comments to other posters that never were.


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## Brendan Burgess (19 Mar 2018)

RichInSpirit said:


> The cloak and dagger mystery of the supposed creator.



That is probably the most interesting thing - the interesting characters around it. 

The Winklemen seem like a great double act. 

The kids earning millions of dollars by creating a new coin. 

Rocketman probably behind some of the hacking. 

It makes Shortie and me look positively boring. 

Brendan


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## Gus1970 (19 Mar 2018)

Separation of money and government
We got religion out, now it's time for money


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## Gus1970 (19 Mar 2018)

Folks, the blockchain without a reward is a slow database with scalability issues

The blockchain without a currency/token is absolutely useless and it is not great technology, it is in fact a very slow and cumbersome linked list disguised into a database.

The great technology emerges when blockchain and game theory together create a self sustaining and may i say antifragile ecosystem

Read into game theory and how it applies to proof of work to be able to appreciate it


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## Negotiator (19 Mar 2018)

Gus1970 said:


> Folks, the blockchain without a reward is a slow database with scalability issues



In it's current form yes but it will improve over time. It's for the reasons you mentioned though why I first became interested in IOTA. In order to get your transaction confirmed you need to confirm 2 previous transactions. This effectively makes it infinitely scale-able and there are no transaction fees as you are doing the work by participating in the network. The Coordinator makes the decentralized part of this project questionable but that is to be removed in the not too distant future.


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## Gus1970 (19 Mar 2018)

Negotiator said:


> In it's current form yes but it will improve over time. It's for the reasons you mentioned though why I first became interested in IOTA.



From a technical point of view IOTA has more problems than bitcoin. I was chatting to a colleague recently that has been involved in IOTA for a while and he was not very happy about progress. Everything IMHO obviously


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## Negotiator (19 Mar 2018)

Gus1970 said:


> From a technical point of view IOTA has more problems than bitcoin. I was chatting to a colleague recently that has been involved in IOTA for a while and he was not very happy about progress. Everything IMHO obviously



IOTA has a monkey load of problems and is very early in it's development, I refer to it as 'early and ugly'. Was your colleague part of the foundation may I ask or was he working on a project that uses the Tangle/IOTA platform?  What were his biggest concerns?    One of the main concerns people seem to have with IOTA is the Coordinator, ternary arithmetic and rolling their own crypto. All very valid concerns but the founders have consistently answered these questions and give assurances on the reasons for doing so. Not that you can take that at face value but they have recruited some serious players onto their team at the foundation and I believe they will make some significant breakthroughs over the coming years.  

They have been several collaborations with the likes of Volkswagen, BOSCH, Fujitsu, Cisco and others. A main area of focus is on IoT and the machine to machine economy so I think the BOSCH collaboration could be massive if they start to implement it in to their hardware but it's very early doors right now. Also they are a proper and legit organization as they went through a painstaking process to set up a foundation in Germany hence why it has attracted some big industry players.

Anyway I'll stop now in case I make it look like I'm a little biased towards IOTA! haha


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## Duke of Marmalade (19 Mar 2018)

Gus1970 said:


> The blockchain without a currency/token is absolutely useless and it is not great technology, it is in fact a very slow and cumbersome linked list disguised into a database.


Exactly.  When I think of all the marvelous technologies in our daily lives; being able to date stamp some lyrics doesn't float my boat.  But value is subjective; B/S seems to think this facility is the alchemists' dreams fulfilled.


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## TheBigShort (19 Mar 2018)

Duke of Marmalade said:


> Exactly.  When I think of all the marvelous technologies in our daily lives; being able to date stamp some lyrics doesn't float my boat.  But value is subjective; B/S seems to think this facility is the alchemists' dreams fulfilled.



Why would think that I think that?


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