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Old 06-15-2017, 09:56 AM
 
Location: 75075
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looks like ETC is down a bit
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Old 06-19-2017, 10:24 AM
 
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Originally Posted by smuninja View Post
looks like ETC is down a bit
ETH is much more important than ETC. Yes, they are down this week, but it is hardly a crash.
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Old 11-07-2017, 08:41 PM
 
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Default Bank for International Settlements posted value of banknotes and coins

The Bank for International Settlements posted value of banknotes and coins for end of 2016.

Crypto currencies have become one of the leading forms of cash. Sum of all Crypto currencies are now ranked #5, and BTC now ranked #7 if they are compared to banknotes and coins issued by central banks.

Billions of USD (as of 31 December 2016) All banknotes and coins using exchange rate on that date
$1,509 United States
$1,218 Euro area
not available China (probably near the Japanese Yen)
$916 Japan
$200 Crypto coin Market Cap: 7 November 2017 BTC Dominance: 60.8%
$196 India
$145 Russia
$122 BITCOIN 7 November 2017
$94 United Kingdom
$80 Korea
$80 Switzerland (population 8.37 million)
$71 Brazil
$69 Mexico
$64 Canada
$58 Australia
$54 Hong Kong SAR
$53 Saudi Arabia
$35 Turkey
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Old 11-07-2017, 09:08 PM
 
8,496 posts, read 3,638,309 times
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Quote:
Originally Posted by PacoMartin View Post
The Bank for International Settlements posted value of banknotes and coins for end of 2016.

Crypto currencies have become one of the leading forms of cash. Sum of all Crypto currencies are now ranked #5, and BTC now ranked #7 if they are compared to banknotes and coins issued by central banks.

Billions of USD (as of 31 December 2016) All banknotes and coins using exchange rate on that date
$1,509 United States
$1,218 Euro area
not available China (probably near the Japanese Yen)
$916 Japan
$200 Crypto coin Market Cap: 7 November 2017 BTC Dominance: 60.8%
$196 India
$145 Russia
$122 BITCOIN 7 November 2017
$94 United Kingdom
$80 Korea
$80 Switzerland (population 8.37 million)
$71 Brazil
$69 Mexico
$64 Canada
$58 Australia
$54 Hong Kong SAR
$53 Saudi Arabia
$35 Turkey
Current value in USD.
But not nearly the utility or number of users compared to about any other currency on the list.
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Old 11-07-2017, 11:15 PM
 
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Originally Posted by Hoonose View Post
Current value in USD.
But not nearly the utility or number of users compared to about any other currency on the list.
True! But the point is Current value in USD. It is amazing!

If you want to buy pizzas and sneakers, use USD. But if you had been putting away your savings for the last 15 years. Wow!
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Old 11-08-2017, 09:06 AM
 
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https://www.financialsense.com/alex-...0-pokemon-card
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Old 11-08-2017, 09:10 AM
 
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If you look at the short history of bitcoin going up and down, and these types of currencies surging in 2017, it seems pretty volatile. Most people hold a particular currency for stability. If I can get fantastic gains.....you better believe you could get heartbreaking losses. If you feel like speculating, go for it. But for price stability or wealth preservation? Hmmm
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Old 11-08-2017, 08:05 PM
 
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Cryptocurrencies with fixed supply are not currencies. They are assets.

Currencies must slowly lose value over time to be useful as a medium of exchange. Otherwise people don't spend today because they can buy more tomorrow, in other words deflation and a collapse of commerce.

Cryptoassets with fixed interest rates would be useful. There could be a "coin" whose supply grew to maintain a 1% return, and one that maintained a 5% rate of return. This would more cleanly allow individuals to allocate spending in the present or the future, which is what investing boils down to.

Maybe then people could stop confounding investing with things like real estate, which has a use outside of merely being an appreciating asset. Real estate has been abused as an asset simply because supply is so sticky.

The real advantage of blockchains is that they are a decentralized way to verify ownership. Conflating blockchains with speculative assets obscures the real power of the technology.
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Old 11-08-2017, 08:09 PM
 
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Cryptos to me is like any other investment. Legit or not, the value isn't in if it is worth anything or not but just playing the game.
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Old 11-08-2017, 10:52 PM
 
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Quote:
Originally Posted by Avondalist View Post
The real advantage of blockchains is that they are a decentralized way to verify ownership. Conflating blockchains with speculative assets obscures the real power of the technology.
I think this point is extremely important. All the northern European currencies (GBP, SEK, NOK, DKK, and ISK are seriously considering issuing digital currencies using blockchain that are based on the current national currencies. This kind of electronic money would be similar to banknotes and coins in that it is backed by the central bank which by definition cannot go bankrupt.

Normal electronic payments are using commercial bank money or CBM. CBM is the holdings in accounts with the commercial banks. Such money is by definition a claim on these banks. As a claim on the bank it is therefore a part of the financing of the bank. CBM is transient, that is, the bank's customers can often move the money at short notice, either to another bank or withdraw it in the form of cash. The bank's assets, such as household mortgages, are not in general as transient. It is this that may create financial stability problems in the banking sector if the general public wants to withdraw their money and the bank cannot quickly sell assets to raise the needed liquidity.

While no country is seriously talking about eliminating completely banknotes and coins (except Korea which has declared that coins will no longer be legal tender after 2020), they are prepared for banknotes to take an increasingly small role in transactions. Britain had banknotes worth as much as 1000 before WWII, but demonetized all notes higher than 5 af ter the war because of the fear of counterfeit notes produced by Jewish prisoners of the Nazis. But as inflation wore down the value of the pound they gradually introduced 10 and 20 until finally on 20 March 1981 the 50 banknote was reintroduced. Given their history, large value banknotes are far less prevalant than in other countries. Now government concerns about illegal use of cash means that the government may demonetize the 50 banknote again. That would mean that the most valuable banknote would be the 20 banknote worth $26.25 in USD.

As even the purchase of a used car would be difficult with 20 banknotes the use of electronic transactions must take up the slack, and in particular as many people do not do person to person transactions electronically, there must be more phone apps. Even so, the idea of all transactions being based exclusively on commercial bank money is considered a problem by central banks.

Sweden uses far less cash relative to the size of their GDP than any country in the world. What they have discovered is that once people stop using cash, the usefulness of cash begins to decay exponentially. Once a business realizes that accepting cash is no longer vitally important to keeping sales high, they stop accepting it. Cash is a serious expense for any business, and they only accept it as they will lose sales. Without cash payments problems like theft and security become much less of an issue.

So Sweden is expected to take the lead on blockchain based central bank electronic money.
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