Do You BitCoin?

[Warcodered]

1 minute ago, Poleshifter said:

XRP is backed by gold. XLM is backed by silver.

 

Gold and silver are the assets.

 

Most people are not accustomed to crypto being backed by anything but hope.

And you can't just invest in gold or silver? Why do you need an extra step?

[unbillievable]

2 hours ago, Poleshifter said:

XRP is backed by gold. XLM is backed by silver.

 

Gold and silver are the assets.

 

Most people are not accustomed to crypto being backed by anything but hope.

 

WHy not just buy the gold or silver?

 

[SoTier]

4 hours ago, Poleshifter said:

XRP is backed by gold. XLM is backed by silver.

 

Gold and silver are the assets.

 

Most people are not accustomed to crypto being backed by anything but hope.

^^^

4 hours ago, Warcodered said:

And you can't just invest in gold or silver? Why do you need an extra step?

 

Crypto mining techies aren't going to make quick fortunes investing in gold and silver.    They will make big $$$ selling their versions of crypto to the "world economy is going to tank tomorrow" crowd who wouldn't be interested in "mainstream" crypto like Bitcoin.

 

 

[Jauronimo]

9 hours ago, Poleshifter said:

XRP is backed by gold. XLM is backed by silver.

 

Gold and silver are the assets.

 

Most people are not accustomed to crypto being backed by anything but hope.

That is not true.

[aristocrat]

12 hours ago, Poleshifter said:

When most of you guys talk about crypto, why do you only focus on Bitcoin? I know it's the first one, and maybe the only one most people are aware of. But it is backed by nothing but thin air. Of course it goes up and down, manipulated by the whales.

 

Do a bit of research and look at the few coins which can be considered "asset-backed digital assets". It is easier just to call them crypto, but XLM and XRP are functional in the new financial system.

 

Did you know that you can buy XRP today for 34 cents? It's an amazing value. XRP is still de-listed on many exchanges, but is available through Lobstr.

 

Open a Lobstr account, buy some XLM (from Coinbase or wherever) and send them to your Lobstr address. Swap some XLM for XRP, and you can soon have more money than you can imagine. Just spend even $50 or $100, and you will make some BIG money.

 

Or you can just keep riding the Bitcoin roller coaster, at least until completely goes off the tracks.

 

 

What can you buy with those coins? Bitcoin is actually used in transactions to buy things.  From my point of view your coins seem like a ponzi scheme...we all buy and it goes to the moon! Well eventually you have to sell in order to buy things and boom its zero again with plenty of people holding the bag.  These coins need to find a healthy stable value not these moon shots followed by lows. 

[Poleshifter]

1 hour ago, Jauronimo said:

That is not true.

So what exactly is backing Bitcoin or Ethereum or <choose your favorite coin>?

[May Day 10]

I read up on Bitcoin.  Fundamentally, it is interesting.  As high profile wealth in the world started to move toward it, it seemed like it could be an actual thing.  A huge premise of it is/was that it is relatively independent and free of typical economic swings associated with stock markets, real "fiat" currencies, etc.  This latest crash really pokes a huge hole in that ship, and I'm not sure they can gain confidence back.

[Greybeard]

17 hours ago, Poleshifter said:

XRP is backed by gold. XLM is backed by silver.

 

Gold and silver are the assets.

 

Most people are not accustomed to crypto being backed by anything but hope.

           What does backed by gold mean?  Does it mean for every dollar of XRP there is a a dollar of gold backing it?  And if so where is the gold held?

 

    I ask this in part because I was a player in SLV two years ago.  They say that is backed by silver,  The issue is it is not 1 to 1.   It could be $1 in SLV is backed by $0.1 of real silver.

[Warcodered]

19 minutes ago, Greybeard said:

           What does backed by gold mean?  Does it mean for every dollar of XRP there is a a dollar of gold backing it?  And if so where is the gold held?

 

    I ask this in part because I was a player in SLV two years ago.  They say that is backed by silver,  The issue is it is not 1 to 1.   It could be $1 in SLV is backed by $0.1 of real silver.

Is it really $.1 of real silver? Shouldn't it be a measured amount like in grams?

[Augie]

19 minutes ago, Greybeard said:

           What does backed by gold mean?  Does it mean for every dollar of XRP there is a a dollar of gold backing it?  And if so where is the gold held?

 

    I ask this in part because I was a player in SLV two years ago.  They say that is backed by silver,  The issue is it is not 1 to 1.   It could be $1 in SLV is backed by $0.1 of real silver.

 

Well, there you go! Ruining all the fun and every good story line! Getting all into those pesky details!  

[BillsFan4]

17 hours ago, Greybeard said:

           What does backed by gold mean?  Does it mean for every dollar of XRP there is a a dollar of gold backing it?  And if so where is the gold held?

 

    I ask this in part because I was a player in SLV two years ago.  They say that is backed by silver,  The issue is it is not 1 to 1.   It could be $1 in SLV is backed by $0.1 of real silver.

Afaik XRP is not backed by gold. There are some coins that are, but XRP isn’t one of them. In fact, I believe Ripple’s (the company that made XRP) CTO David Schwartz even said if XRP was backed by gold it would limit its capabilities.

 

Here’s a list of all the current gold backed crypto:

 

https://www.goldscape.net/gold-blog/gold-backed-cryptocurrency/

 

 

XRP not an asset backed cryptocurrency at all. It’s not really backed by anything but the company that made XRP (ripple), who’s currently facing an SEC lawsuit over what XRP actually is. The SEC is alleging that XRP is a security (not a commodity) so it should be regulated like a security, and that all XRP is currently considered unregistered securities so ripple’s owners sold it illegally.

 

ripple says XRP is a utility coin.

 

https://www.protocol.com/fintech/ripple-sec-xrp-lawsuit-trial

 

 

and here’s more on asset backed cryptocurrencies:

 

https://medium.com/the-capital/what-are-asset-backed-cryptocurrencies-f341d9359292

 

https://www.softwaretestinghelp.com/gold-backed-cryptocurrency/#What_Is_Gold_Backed_Cryptocurrency

[Mike in Horseheads]

https://dilbert.com/

[Greybeard]

42 minutes ago, BillsFan4 said:

Afaik XRP is not backed by gold. There are some coins that are, but XRP isn’t one of them. In fact, I believe Ripple’s (the company that made XRP) CTO David Schwartz even said if XRP was backed by gold it would limit its capabilities.

 

Here’s a list of all the current gold backed crypto:

 

https://www.goldscape.net/gold-blog/gold-backed-cryptocurrency/

 

 

XRP not an asset backed cryptocurrency at all. It’s not really backed by anything but the company that made XRP (ripple), who’s currently facing an SEC lawsuit over what XRP actually is. The SEC is alleging that XRP is a security (not a commodity) so it should be regulated like a security, and that all XRP is currently considered unregistered securities so ripple’s owners sold it illegally.

 

ripple says XRP is a utility coin.

 

https://www.protocol.com/fintech/ripple-sec-xrp-lawsuit-trial

 

 

and here’s more on asset backed cryptocurrencies:

 

https://medium.com/the-capital/what-are-asset-backed-cryptocurrencies-f341d9359292

 

https://www.softwaretestinghelp.com/gold-backed-cryptocurrency/#What_Is_Gold_Backed_Cryptocurrency

    I sure hope Poleshifter reads this.

[DrW]

3 hours ago, Greybeard said:

    I sure hope Poleshifter reads this.

 

He will read it and then explain to us why BillsFan4 is wrong.

[SoTier]

4 hours ago, BillsFan4 said:

Afaik XRP is not backed by gold. There are some coins that are, but XRP isn’t one of them. In fact, I believe Ripple’s (the company that made XRP) CTO David Schwartz even said if XRP was backed by gold it would limit its capabilities.

 

Here’s a list of all the current gold backed crypto:

 

https://www.goldscape.net/gold-blog/gold-backed-cryptocurrency/

 

 

XRP not an asset backed cryptocurrency at all. It’s not really backed by anything but the company that made XRP (ripple), who’s currently facing an SEC lawsuit over what XRP actually is. The SEC is alleging that XRP is a security (not a commodity) so it should be regulated like a security, and that all XRP is currently considered unregistered securities so ripple’s owners sold it illegally.

 

ripple says XRP is a utility coin.

 

https://www.protocol.com/fintech/ripple-sec-xrp-lawsuit-trial

 

 

and here’s more on asset backed cryptocurrencies:

 

https://medium.com/the-capital/what-are-asset-backed-cryptocurrencies-f341d9359292

 

https://www.softwaretestinghelp.com/gold-backed-cryptocurrency/#What_Is_Gold_Backed_Cryptocurrency

 

Thanks for the links. 

 

If I understood the article on asset backed cryptocurrencies correctly, they don't seem to be quite ready for prime time investing by John Q Public.   While they offer more stability than other cryptos, they still have some significant problems that make them much riskier than more traditional investments.   At present, the advantages of asset backed cryptos -- namely, the ability to buy tiny shares of expensive assets and the ease of liquidity -- can be had by individual investors using traditional investment vehicles like mutual funds that invest in assets like real estate or precious metals, so asset backed cryptos seem to be redundant and riskier. 

Edited July 9, 2022 by SoTier

[TBBills]

More reasons why social media should be regulated. Too much false information around,  this all started about 2016 and has gotten worse every year. 

 

Poor guy like poleshifter gets false information from amateur YouTube videos and fake Twitter posts and think it's real. Then he invests all his money into it all the while not realizing his information is bad.

Edited July 10, 2022 by TBBills

[SoTier]

16 minutes ago, TBBills said:

More reasons why social media should be regulated. Too much false information around,  this all started about 2016 and has gotten worse every year. 

 

Poor guy like poleshifter gets false information from amateur YouTube videos and fake Twitter posts and think it's real. Then he invests all his money into it all the while not realizing his information is bad.

 

It's not social media that needs to be regulated but cryptocurrencies to limit the exposure of all investors to shady practices.   Other than that, all the "good" information in the world isn't going to deter people who view investments as get-rich-quick schemes because those people only listen to what supports their schemes and dismiss warnings about the risks.

[BillsFan4]

18 hours ago, Greybeard said:

    I sure hope Poleshifter reads this.

 

15 hours ago, DrW said:

 

He will read it and then explain to us why BillsFan4 is wrong.

 

I don’t really understand his theories on XRP and the “big event” either.

 

From what I can tell, one of Ripple’s main goals is to make our current traditional banking system (specifically international transactions) more efficient and it seems to rely on our current banking system to verify+complete transactions.

 

https://www.coindesk.com/learn/what-is-ripple-and-the-xrp-cryptocurrency/

 

Quote

What is Ripple, exactly?

 

Unlike the public nature of Bitcoin and Ethereum that seek to disrupt legacy finance, Ripple focuses on improving the existing traditional banking system.

https://cointelegraph.com/blockchain-for-beginners/what-is-ripple-a-beginners-guide-for-understanding-ripple
 

Quote

The mission of Ripple’s blockchain infrastructure, RippleNet, is to provide banks with quick, low-cost and simple cross-border transactions.

 

To verify transactions, the XRP cryptocurrency employs a consensus system involving several bank-owned servers. Validators verify that proposed transactions are valid by comparing them to the most recent version of the XRP Ledger. A transaction must be accepted by the majority of validators to be verified.

 

RippleNet provides a multitude of cross-border payment solutions for businesses and financial institutions.

 

A crypto ledger similar to blockchain technology is used to generate Ripple (XRP), which is federated by financial institutions and payment processor networks.

 

 

Quote

Bitcoin (BTC) vs. Ripple (XRP)

 

Ripple (XRP) and Bitcoin were created to perform different tasks and are not in direct competition. Bitcoin is the most accessible cryptocurrency, as it allows anybody to trade or carry BTC anywhere in the globe, regardless of jurisdiction. XRP functions more like a specialized tool for settling cross-border transactions at lower prices and faster speeds than with typical fiat currency.

 

Bitcoin's potential to be openly traded as a true store of value provides the broader public more influence over any artificial rules and market predictions. The use case for XRP is mainly reliant on Ripple's collaboration with financial institutions, and it is not based on price.

 

Please read our article XRP vs. Bitcoin: What are the key differences? to learn more.

 

 

So I guess I am failing to see how Ripple/XRP would survive if the world’s economy collapses and big banks go under (or whatever the conspiracy theory is).  I would think if our current banking systems fail, so will ripple/XRP 🤷‍♂️

 

 

I’m not saying it’s a bad investment. I don’t know enough about it to say either way. But if you’re investing heavily in XRP, I would think it would be for other reasons (like because you believe ripple could eventually replace SWIFT).
 

If you believe the world’s economy will totally collapse and a new system will take over (I certainly don’t) I would think things like precious metals would be better investments.

[Poleshifter]

On 7/10/2022 at 10:15 AM, BillsFan4 said:

I’m not saying it’s a bad investment. I don’t know enough about it to say either way. But if you’re investing heavily in XRP, I would think it would be for other reasons (like because you believe ripple could eventually replace SWIFT).
 

If you believe the world’s economy will totally collapse and a new system will take over (I certainly don’t) I would think things like precious metals would be better investments.

SWIFT will be replaced by QFS (Quantum Financial System), and XRP operates on that new network.

 

Precious metals is probably the best investment right now - physical gold or silver you can hold in your hand, not these Wall Street stuff like SLV.

 

That Goldscape article was kind of ridiculous, like the guy is doing his thesis on gold-backed crypto. Most of those coins he mentions will not be around for very long.

 

As far as all this "where is the gold?" and "how much is there?", I don't really care about all that. I know where the banking system is headed, and I have invested accordingly.

 

@TBBillsWe shall see who has the right information. Time will tell, but I have full confidence in my choices of XRP, XLM, and silver.

 

For the rest of you guys, enjoy your Bitcoin, Ethereum, and whatnot. We can just agree to disagree on what coins are the best investment (or "gamble", as some folks think).

[TBBills]

This is all coming from a guy who thought his crypto was backed by gold and silver. Got his information from fake twitter and youtube videos.

Edited July 11, 2022 by TBBills

[Poleshifter]

1 minute ago, TBBills said:

This is all coming from a guy who thought his crypto was backed by gold and silver. Got his information from fake twitter and youtube videos.

TBBills, you know nothing.

[TBBills]

3 minutes ago, Poleshifter said:

TBBills, you know nothing.

Just looking at your post history on this topic says the same about you.

 

Show the proof, every one of the crypto's that are backed by gold, silver, copper, plat... all have sources to where the metals are reserved.

Edited July 11, 2022 by TBBills

[aristocrat]

The sheer confidence is just incredible to me. 

[DrDawkinstein]

43 minutes ago, aristocrat said:

The sheer confidence is just incredible to me. 

 

I keep hoping it's a troll job, but hardly the kookiest character TBD/TSW has produced.

 

 

Edited July 11, 2022 by DrDawkinstein

[BillsFan4]

1 hour ago, Poleshifter said:

SWIFT will be replaced by QFS (Quantum Financial System), and XRP operates on that new network.

 

Precious metals is probably the best investment right now - physical gold or silver you can hold in your hand, not these Wall Street stuff like SLV.

 

That Goldscape article was kind of ridiculous, like the guy is doing his thesis on gold-backed crypto. Most of those coins he mentions will not be around for very long.

 

As far as all this "where is the gold?" and "how much is there?", I don't really care about all that. I know where the banking system is headed, and I have invested accordingly.

 

@TBBillsWe shall see who has the right information. Time will tell, but I have full confidence in my choices of XRP, XLM, and silver.

 

For the rest of you guys, enjoy your Bitcoin, Ethereum, and whatnot. We can just agree to disagree on what coins are the best investment (or "gamble", as some folks think).

XRP is not backed by gold in any way shape or form.

 

and it seems weird that you are now claiming you don’t care about that when you just said this a couple pages ago:

 

On 7/8/2022 at 2:29 AM, Poleshifter said:

XRP is backed by gold. XLM is backed by silver.

 

Gold and silver are the assets.

 

Most people are not accustomed to crypto being backed by anything but hope.

 

it seemed like you claimed it was the major selling point of XRP. Now it doesn’t matter?

I also don’t understand why you think XRP is different than other cryptocurrencies you say are backed by “hope”. XRP is not backed by any actual asset either. 

[Poleshifter]

3 hours ago, BillsFan4 said:

it seemed like you claimed it was the major selling point of XRP. Now it doesn’t matter?

I also don’t understand why you think XRP is different than other cryptocurrencies you say are backed by “hope”. XRP is not backed by any actual asset either. 

The major selling point is that it is the currency to be used by the QFS. Perhaps I misspoke in saying it is "backed by gold". XRP has a great future.

[unbillievable]

Growing up, my mom bought a lot of "collectables."

Today, Her collection takes up 110% of my garage. She's hoping to pass on these "heirlooms" to the grand-kids

 

Out of curiosity, I looked up how much they sell for on Ebay, as they have ZERO sentimental value.

Just as I figured, I'm carefully storing mint condition, still-in-box, piles of worthless garbage.

 

I imagine that a lot of Crypto holders are like my mom.

[Warcodered]

2 hours ago, Poleshifter said:

The major selling point is that it is the currency to be used by the QFS. Perhaps I misspoke in saying it is "backed by gold". XRP has a great future.

I feel like if someone is taking your advice on this, they should maybe be concerned that you don't seem to know where it's value comes from.

[Poleshifter]

1 hour ago, Warcodered said:

I feel like if someone is taking your advice on this, they should maybe be concerned that you don't seem to know where it's value comes from.

Then just ignore me, or do some research to see if it can work for you.

 

I don't have all the details, but I am happy to have a substantial bag of XRP. I know that it's future is bright.

[Poleshifter]

11 hours ago, DrDawkinstein said:

 

I keep hoping it's a troll job, but hardly the kookiest character TBD/TSW has produced.

 

 

Not trolling. It is something I strongly believe in.

 

Admittedly, it is hard to convince anyone else about it, but that is OK. I was only trying to let other folks know about the opportunity, but some folks get all bent out of shape about it.

[TBBills]

5 hours ago, Poleshifter said:

Not trolling. It is something I strongly believe in.

 

Admittedly, it is hard to convince anyone else about it, but that is OK. I was only trying to let other folks know about the opportunity, but some folks get all bent out of shape about it.

The problem is you are using all wrong and false information when talking about this "opportunity"

Edited July 12, 2022 by TBBills

[Doc Brown]

1 hour ago, Poleshifter said:

Not trolling. It is something I strongly believe in.

 

Admittedly, it is hard to convince anyone else about it, but that is OK. I was only trying to let other folks know about the opportunity, but some folks get all bent out of shape about it.

From reading your posts I feel like you're trying to sell me a Tesla emphasizing its above average fuel tank capacity.

[SoTier]

6 hours ago, Poleshifter said:

Not trolling. It is something I strongly believe in.

 

Admittedly, it is hard to convince anyone else about it, but that is OK. I was only trying to let other folks know about the opportunity, but some folks get all bent out of shape about it.

 

Skepticism is a good trait for any investor.   You could use more of it since you seem to have bought into some significantly faulty information.

[Your Brown Eye]

15 hours ago, Poleshifter said:

The major selling point is that it is the currency to be used by the QFS. Perhaps I misspoke in saying it is "backed by gold". XRP has a great future.

 

C'mon boss you know you didn't misspeak about being backed by gold, you sincerely was duped into thinking it was

[BillsFan4]

17 hours ago, Poleshifter said:

The major selling point is that it is the currency to be used by the QFS. Perhaps I misspoke in saying it is "backed by gold". XRP has a great future.

Where did you read that?

 

Quantum currency is different than cryptocurrency. I don’t see how it’s tied into XRP.

we are talking about econophysics and quantum computing…

This is an interesting subject but Quantum physics and quantum mechanics are way over my head (and most people’s, I’d think). I do know we are still many years away from quantum computing being used at any large scale. The technology is still in its infancy.

 

 

 

I also know that there is a lot of debate about what quantum computing could do to cryptocurrency and conventional cryptography.

 

ex’s:

https://www.cnet.com/personal-finance/crypto/cryptocurrency-faces-a-quantum-computing-problem/

 

https://www.coindesk.com/learn/quantum-computers-vs-crypto-mining-separating-facts-from-fiction/

 

https://www.americanscientist.org/article/is-quantum-computing-a-cybersecurity-threat

 

David schwartz (ripple’s CTO) actually addressed this subject. He said that he thinks quantum computing could threaten cryptocurrencies like XRP and bitcoin:

 

https://dailyhodl.com/2020/07/25/ripple-executive-says-quantum-computing-will-threaten-bitcoin-xrp-and-crypto-markets-heres-when/

 

Quote

On the Modern CTO Podcast, Schwartz says quantum computing will break the cryptographic algorithms that keep cryptocurrencies like Bitcoin (BTC) and XRP – as well as the internet at large – secure.

 

Quote

“From the point of view of someone who is building systems based on conventional cryptography, quantum computing is a risk. We are not solving problems that need powerful computing like payments and liquidity – the work that the computers do is not that incredibly complicated, but because it relies on conventional cryptography, very fast computers present a risk to the security model that we use inside the ledger.

 

Algorithms like SHA-2 and ECDSA (elliptic curve cryptography) are sort of esoteric things deep in the plumbing but if they were to fail, the whole system would collapse. The system’s ability to say who owns Bitcoin or who owns XRP or whether or not a particular transaction is authorized would be compromised…

 

A lot of people in the blockchain space watch quantum computing very carefully and what we’re trying to do is have an assessment of how long before these algorithms are no longer reliable.”

 

Quote

Schwartz says he thinks developers have at least eight years until the technology, which leverages the properties of quantum physics to perform fast calculations, becomes sophisticated enough to crack cryptocurrency.

 

“I think we have at least eight years. I have very high confidence that it’s at least a decade before quantum computing presents a threat, but you never know when there could be a breakthrough. I’m a cautious and concerned observer, I would say.”

From what i understand, It could threaten any cryptocurrency using a public key (like XRP).

Schwartz also said they are not yet using any quantum resistant algorithms but could implement them in the future if needed.

 

I believe there are a few cryptocurrencies starting to use post quantum cryptography methods but afaik XRP is not one of them yet. My knowledge on this subject is very limited though.

Edited July 12, 2022 by BillsFan4

[aristocrat]

 

[Warcodered]

4 hours ago, aristocrat said:

 

Amazingly they didn't accept his bribe to let him go.

 

[aristocrat]

Lower and lower!

[BringBackFergy]

1 hour ago, aristocrat said:

Lower and lower!

Should I sell my BTC that I bought at 60,000? I’m getting nervous. 
 

[Warcodered]

Just saw a local ATM selling Bitcoin so that's new, or doing something with bitcoin I didn't look that close.