Bitcoin's 10 trillion dollar valuation is fast approaching

No. I was on Elon’s side.

But Elon is a straight :rofl:

Oh… I see what you mean… :rofl:

Even if he makes out to $100M, it is not hard hit for him. But chances are there, he may double the money in a year.

If I guess, CryptoCrash is unlikely to happen before Oct 2018, but likely between Oct 2018 and Jun 2019. It all depends on how multi-government (Euro, China, US, Japan etc) central bank is handling the issues.

Knowing these, Thiel can come out at right time.

Federal Reserve officials in December debated whether new tax cuts would require them to raise short-term interest rates faster this year, after lifting them three times last year.

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Contrarian take: too many people still crapping on bitcoin. So it will rise much more for far longer than people expect.

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Then buy!!! Don’t be Mr. FOMO, be Mr. Aggression… :rofl:

I am too wimpy. Lost my mojo. :disappointed_relieved:

Need to eat lots more eggs and steak… :wink:

Someone asked this question in reddit, almost 12 persons UpVoted !

Really??? I also think the stock market is inversely correlated with the number of tweets posted by Trump… :rofl:

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Warning: I’m not 100% certain about the following. It’s what I learnt in the past 10 days.

My understanding is that the bitcoin network and the blockchain protocol are open source and available on GitHub. Many or most, maybe almost all of the alt-coins have been created by taking the “original” and applying some modifications to it. One of the key modifications would be how many million of coins the developers reserve to themselves.
These new alt-coins have to be open source, since they were developed by modifying the existing open source bitcoin code. If a new project would try to keep their source code private, they would most likely face both legal problems and acceptance problems. (You don’t want to trust code that is kept private.)

Now, if an alt-coin makes successful modifications e.g. to improve transaction speed, what stops the crew that maintains the original code from introducing those modifications into the main branch? Nothing!

Like bitcoin, the ripple project consists of 2 components. A protocol (network) and a currency. I believe this may be a new development from ground up. It is not completely open source. Unlike the bitcoin project, it is not decentralized, but the code is under control of 1 private company.

As a former software engineer, these last facts alone tell me enough. If you need more convincing, add to it that the ripple currency does not have a volume limit, and that this product has close ties (??) to the banking industry.

So, you may have a great business idea now. Instead of gambling on the success of some existing coin (and risking your own money), download the bitcoin source, make a few minor mods and most importantly, create a feature list and a catchy name. Make sure to reserve at least 5M of the coins to yourself.Then hire some web marketers to create a buzz. Let the marketers make some feature promises (the vast majority out there won’t be able to verify them) and once the price has been pumped to a Dollar, sell your 5M coins. Hey, you could even sell when you reach $0.10.

There’s also the term “ICO” = “initial coin offering”. I let you google that.

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@ptiemann Thanks for sharing your views. As I am also trying to understand cryptos, I did a quick googling to understand some of your points better and came up with following.

…is built upon a distributed open source Internet protocol, consensus ledger and native cryptocurrency called XRP (ripples)

There were 100 billion XRP created at Ripple’s inception, with no more allowed to be created according to the protocol’s rules

I found the following on wikipedia:

There were 100 billion XRP created at Ripple’s inception, with no more allowed to be created according to the protocol’s rules

In Ripple, users make payments between each other by using cryptographically signed transactions denominated in either fiat currencies or Ripple’s internal currency (XRP). For XRP-denominated transactions Ripple can make use of its internal ledger, while for payments denominated in other assets, the Ripple ledger only records the amounts owed, with assets represented as debt obligations.

So, banks must be using the Ripple network but fiat currencies. I am still scratching my head to understand how XRP price is tied to RippleNet being used by banks?

Looks like I was wrong about Ripple’s volume limit. In regards to how much is open source, I did some fact checking. No wait. I looked for a source that supported my position :slight_smile:

I googled “ripple open source”. One of the first results is a discussion on Reddit.

To be honest, I cannot determine if the “Consensus Ledger” and “Enterprise Software” make up everything; I could imagine that there are further components.

Then, on Ripple is Officially Open Source - Bitcoin Magazine - Bitcoin News, Articles and Expert Insights

Ripple has claimed to be open source from the moment it was publicly released, but in practice for the past year only the web client has been open. Thus, the Ripple network was entirely controlled by Ripple Labs, allowing the company to modify parts of the Ripple protocol at will – at one point, for example, Ripple reduced the minimum balance for a Ripple account from 200 XRP to 50 XRP, and was able to do this without consulting anyone at all. Ripple Labs developers continued to promise that they would open-source the code eventually, but nothing happened. As time wore on, many Ripple users began to lose faith in Ripple Labs’s intentions, and the value of the XRP tanked; by the beginning of September, the XRP was down 75% from its peak.”

this article is 4 years old though. A lot of things can have changed since then.

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Thanks for checking on open source status. Btw, any thoughts on my other question - how is XRP value tied to RippleNet adoption by banks?

I’ve seen this discussed on Reddit:
https://www.reddit.com/r/Ripple/comments/7a6rht/how_does_bank_adoption_of_ripple_affect_coin_price/

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This is what exactly happening, everyone is minting their own cryptic coins and sells on the market or trades on the market from one coin to another coins.

I heard ripple coin needs another cryptocoins as exchange, means ripple grabs ether money and bitcoin money.

All these are happening uncontrolled way eventually become worthless forever.

My 2 cents

Making a business out of coin (generating or creating cryptocoins) is fine, the creator makes money, but those who buys or exchanges the coins will be washed out

Whatever happening now is Dot.com(2) = Cryptocoins !!!

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If I read you guys right, it is possible to fork the original bitcoin network to accept any crypto coins & fiat currencies. Correct?

OMG… I just realized that I have benefited from a company ICOing… RENN, the forgotten stock that I still own to date, jumped almost 100% in 2 days… oh my, NO ONE IS IMMUNE FROM THE CRYPTO BUBBLE, including me!!! :rofl:

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