Topic: Cryptocurrency & Lessons Learned (Read 196 times)
There are a lot of lessons that have been learned from cryptocurrencies and most of them involve how we see currency and their transactions so I fully agree with what you wrote. There is so much that being a crypto investor has taught me and one of them is the fact that it is possible for everyone to be their own bank and to decide what happens to their money at any point
1. the decentralization of mining has nothing to do with creation of centralized altcoins such as bitcoin-cash. even if we have the most centralized or most decentralized mining system these types of altcoins can still be created. you can literary create a new bitcoin cash with your own system without even having an ASIC miner. you just have to manually edit the way difficulty works (oops that is exactly what BCH did too 
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when we talk about decentralization of mining we are talking about the system where hashrate is distributed as much as possible.
2. i think your definition of successful coin is broken that you call "XRP" a success!
)when we talk about decentralization of mining we are talking about the system where hashrate is distributed as much as possible.
2. i think your definition of successful coin is broken that you call "XRP" a success!
The valuable lesson I get from crypto is not to be too eager to get more and more money to be grateful.
lesson learned for me : don't invest more then you can afford to loose
My lesson is about hodl. I made trading last 6 months and I didnt win. After that I learned Hodl is the smartest technic in crypto world.
lessons from last year trading in cryptocurrency, guarantees and strategies that are very easy to trade. Past performance is not an indication of future events. Technical analysis can help to find timely entries into quality assets.
I like that point you made at the last sentence. I do not get why many discard technical analysis and even say it does not work at all.
we learned that there will be alternatives against traditional banking system. and when quantity of technological developments increase, people will understand that they have always other choices then getting robbed by traditional methods.
The traditional banking system has been being built for hundreds of years by now and we can see only minor strikes against this system around the world. It means that people are mostly happy with what they have. The minds have to be changed first.
The lesson I learned on the basis of losing money in working with crypto currencies is that after investing it is necessary to work with crypto currencies every day without a weekend. Success awaits only hardworking crypto.
Cryptocurrency is for freedom of choice. We need both the centralized and decentralized coins and both of POW and POS and whatever other proof we can work with.
Cryptocurrency can be divided to different genre based on their objectives. An anonymity focused coin cannot be a POS or centralized.
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Ofcourse you are right it is kind of option like which one would you prefer. Same applies here for centralised and decentralised, and you cannot say how the market economy works as it will be changing depending upon the situation. Patience is a key for success here.
Cryptocurrency can be divided to different genre based on their objectives. An anonymity focused coin cannot be a POS or centralized.
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Ofcourse you are right it is kind of option like which one would you prefer. Same applies here for centralised and decentralised, and you cannot say how the market economy works as it will be changing depending upon the situation. Patience is a key for success here.
So far, I have learnt that the market will not always go as planned. So do not be too hyper towards your expectations, cos they might be cut off at any point. Just take one step at a time, and be prepared for anything. \do not make investments that you cannot afford to lose, and be careful when making these investments too.
What I have learned from Cryptocurrency is that money is based on trust. Also a community is very important in the crypto space as they are the building blocks of a successful coin
Apart from this you need some knowledge in crypocurrency so that you can research and develop the tactics of the market. Yes most of the coins hit and few dips but you need to invest in a right coin. Patience is a lethal weapon here I guess.
So what have we learned up until now? Here are my thoughts:
1. Centralization Vs Decentralization:
Does Centralization or Decentralization of POW mining really matter? There are 2 obvious arguments but I would like to introduce a third. The first argument basically says that we must have decentralized POW mining or else we will end up with something like BitmainCash (oops, I mean bitcoincash). Probably enough said for that point.
The second argument is that decentralization may not even matter in the short term or in the long term for POW mining. There are various examples of coins that have had ASIC/Centralized mining introduced and for the most part, life goes on. So beyond these first 2 arguments stating 1) Decentralized POW mining is the only way and 2) Decentralized POS mining is just a part of life...
The third argument that I would propose is that Decentralized POW mining is an inevitable goal that will be continuously strived for just as we aim to make a perfect circle or just as we aim to exceed faster than light travel. Since decentralization matters on such an epic scale, mining algorithms matter and developers flexibility matters. Therefore and as continues to be demonstrated with various new POW algorithms produced all the time: ANY POW COIN DEVELOPER SEEKING DECENTRALIZATION MUST REMAIN OPEN AND FLEXIBLE TO FORKING THEIR COINS TO NEW ALGORITHMS.
2. POW/POS... XRP?
Blockchain Blockchain Blockchain:
So why not just get rid of POW altogether and shift to POS since it's so complicated? Decentralization, that's why. But really, that's besides the point. Sure, ethereum is shifting to POS. Various successful coins are POS. Various successful coins are POW. None of that really matters. All that matters is that the implementation of blockchain is used successfully and that people agree to that. Who would have ever thought that a 100% pre-mine coin could ever succeed? The people at XRP, that's who.
The point here: Blockchain use case and success is what matters despite personal preferences. Pre-mine doesn't really matter even if it can sometimes be a predictor of fraud.
there are a lot of things that i have learned but the most important is to check not even twice but a lot of time in xifferent sources before invest 1. Centralization Vs Decentralization:
Does Centralization or Decentralization of POW mining really matter? There are 2 obvious arguments but I would like to introduce a third. The first argument basically says that we must have decentralized POW mining or else we will end up with something like BitmainCash (oops, I mean bitcoincash). Probably enough said for that point.
The second argument is that decentralization may not even matter in the short term or in the long term for POW mining. There are various examples of coins that have had ASIC/Centralized mining introduced and for the most part, life goes on. So beyond these first 2 arguments stating 1) Decentralized POW mining is the only way and 2) Decentralized POS mining is just a part of life...
The third argument that I would propose is that Decentralized POW mining is an inevitable goal that will be continuously strived for just as we aim to make a perfect circle or just as we aim to exceed faster than light travel. Since decentralization matters on such an epic scale, mining algorithms matter and developers flexibility matters. Therefore and as continues to be demonstrated with various new POW algorithms produced all the time: ANY POW COIN DEVELOPER SEEKING DECENTRALIZATION MUST REMAIN OPEN AND FLEXIBLE TO FORKING THEIR COINS TO NEW ALGORITHMS.
2. POW/POS... XRP?
Blockchain Blockchain Blockchain:So why not just get rid of POW altogether and shift to POS since it's so complicated? Decentralization, that's why. But really, that's besides the point. Sure, ethereum is shifting to POS. Various successful coins are POS. Various successful coins are POW. None of that really matters. All that matters is that the implementation of blockchain is used successfully and that people agree to that. Who would have ever thought that a 100% pre-mine coin could ever succeed? The people at XRP, that's who.
The point here: Blockchain use case and success is what matters despite personal preferences. Pre-mine doesn't really matter even if it can sometimes be a predictor of fraud.
Mining helps to ensure decentralization, but I think that token distribution can also be decentralized enough if the team doesn't possess much more that 10% of the total supply. IMO the decentralization that matters is the one of the strong community with nobody owning a significant amount of coins in the end. If some token is very popular and about 80% of it is circulating in the global community, it's decentralized enough for me. What is bad with fiat is that even with major currencies like Euro or USD there are institutions that can make a huge impact, essentially keep everything under control.
I agree with the op that as long as it works out well for the community, it's fine with whatever way of generating the coins.
I agree with the op that as long as it works out well for the community, it's fine with whatever way of generating the coins.
What I have learned from Cryptocurrency is that money is based on trust. Also a community is very important in the crypto space as they are the building blocks of a successful coin
Apart from this you need some knowledge in crypocurrency so that you can research and develop the tactics of the market. Yes most of the coins hit and few dips but you need to invest in a right coin. Patience is a lethal weapon here I guess.
Me too don't really see anything wrong in having pre-mine but the 100% pre-mine on ripple is just ridiculous if true. Wonder why only few people criticize this so called Cryptocurrency while the attack is focus on a far more decent coin like Ethereum. Ripple is hardly even attacked nowadays, which makes no sense
Premine shouldn't be above 30% by the way. It should be well decentralized funding source
Premine shouldn't be above 30% by the way. It should be well decentralized funding source
because majority cares about the revenue, not the tech
from top of my head remember DO (75%, who cares) - what a crazy ride jeez
Me too don't really see anything wrong in having pre-mine but the 100% pre-mine on ripple is just ridiculous if true. Wonder why only few people criticize this so called Cryptocurrency while the attack is focus on a far more decent coin like Ethereum. Ripple is hardly even attacked nowadays, which makes no sense
Premine shouldn't be above 30% by the way. It should be well decentralized funding source
Premine shouldn't be above 30% by the way. It should be well decentralized funding source
What I have learned from Cryptocurrency is that money is based on trust. Also a community is very important in the crypto space as they are the building blocks of a successful coin
Cryptocurrency lessons learned? Approximately 95% of the new launched ICO will turn out to be garbage and drop to a fraction of their launch price or disappear totally within the following 12 months.
Straight to the point! I like it!
Been one time on ICOs, and I only faced dumped price when coin listed on the market. A bad thing I did, but it can be one of my lessons in the future.
Lessons I've learned is making a choice between a hodler and a trader. Experiencing huge gained in the name hodling forced me to learn the hard way. Now I have hodl portoflio and a trading portfolio.
Cryptocurrency lessons learned? Approximately 95% of the new launched ICO will turn out to be garbage and drop to a fraction of their launch price or disappear totally within the following 12 months.
Straight to the point! I like it!
Been one time on ICOs, and I only faced dumped price when coin listed on the market. A bad thing I did, but it can be one of my lessons in the future.
Cryptocurrency lessons learned? Approximately 95% of the new launched ICO will turn out to be garbage and drop to a fraction of their launch price or disappear totally within the following 12 months.
that is the fact that nowadays, the new crypto currencies that launch ICO and send their tokens to the exchange will only last a few months, the longer the trading volume decreases and the price will fall and the altcoin becomes shitcoin. Jump to: