Author Topic: What trading platform is recommended for buying cryptocurrencies?  (Read 7689 times)

Offline YitzyS

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Re: What trading platform is recommended for buying cryptocurrencies?
« Reply #20 on: March 21, 2021, 05:48:13 PM »
And here I thought “DDF Likes” were your cryptocurrency.
I would answer that but it may be insider trading

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Re: What trading platform is recommended for buying cryptocurrencies?
« Reply #21 on: March 22, 2021, 12:12:52 AM »
2) It's not imagination. It's technology which is being actively used by some of the largest corporations and financial institutions in the world.

How is buying cryptocurrency investing in the technology? Isn't that like buying an Iphone to invest in apple (or wireless communication)?

Offline Lurker

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Re: What trading platform is recommended for buying cryptocurrencies?
« Reply #22 on: March 22, 2021, 12:31:09 AM »
How is buying cryptocurrency investing in the technology? Isn't that like buying an Iphone to invest in apple (or wireless communication)?

I'm not understanding the analogy...
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Re: What trading platform is recommended for buying cryptocurrencies?
« Reply #23 on: March 22, 2021, 01:20:55 AM »

I started off this summer buying cryptocurrencies with Robinhood and that's been working out fine. However, the issue for me is that it's limited to only seven crypto coins. There's a few others that I'm interested in buying, like Elrond, Bancor Network and Cardano. Any recommendations out there?
Also from what I researched, for residents of New York State there's even fewer options available. Thank you.

FTX is the new hot trading platform that day traders are using

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Re: What trading platform is recommended for buying cryptocurrencies?
« Reply #24 on: March 22, 2021, 01:21:53 AM »
How is buying cryptocurrency investing in the technology? Isn't that like buying an Iphone to invest in apple (or wireless communication)?
I'm not understanding the analogy...
I think his point is that when you buy an iphone you are not getting the value of the company apple, rather the value that you do have is merely the product of the company. In the case of an iphone, the phone itself has real value, independent of apple, and even if apple would crash tomorrow the phone would be worth the same. Stocks on the other hand, when they are traded responsibly, have the value of the company, the value of a profitable company will always remain as long as it is backed by assets and profits, and over the long run the stock will follow suit because they are not a product, rather a share of the company (short-term however, the price may not always accurately portray the value, because it depends on what other people will pay on any given day). Cryptocurrencies are not a backed by the value of the technology that created them, they are only the products, and their value is not connected to the value of the company/technology that created them. I am no expert but i think thats the idea.

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Re: What trading platform is recommended for buying cryptocurrencies?
« Reply #25 on: March 22, 2021, 02:16:49 AM »
an imaginary, unbacked currency

The kind we all use nowadays -  https://en.wikipedia.org/wiki/Fiat_money.
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Re: What trading platform is recommended for buying cryptocurrencies?
« Reply #26 on: March 22, 2021, 08:48:01 AM »
I think his point is that when you buy an iphone you are not getting the value of the company apple, rather the value that you do have is merely the product of the company. In the case of an iphone, the phone itself has real value, independent of apple, and even if apple would crash tomorrow the phone would be worth the same. Stocks on the other hand, when they are traded responsibly, have the value of the company, the value of a profitable company will always remain as long as it is backed by assets and profits, and over the long run the stock will follow suit because they are not a product, rather a share of the company (short-term however, the price may not always accurately portray the value, because it depends on what other people will pay on any given day). Cryptocurrencies are not a backed by the value of the technology that created them, they are only the products, and their value is not connected to the value of the company/technology that created them. I am no expert but i think thats the idea.

Understood.... I think. Let me clarify: cryptocurrencies aren't stocks. You're also not investing in the technology, per se. They are products with (usually) limited supply, which (should) have real world case use, thereby giving it a value. It is an asset. Whether it has short-term or long-term value or not depends on many things, just like any other investment. None of that makes it "imagination."
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Re: What trading platform is recommended for buying cryptocurrencies?
« Reply #27 on: March 22, 2021, 08:58:34 AM »
Understood.... I think. Let me clarify: cryptocurrencies aren't stocks. You're also not investing in the technology, per se.

So how does the fact that the tech is valuable make the coins valuable (which is what it seems you suggested in your post)?

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Re: What trading platform is recommended for buying cryptocurrencies?
« Reply #28 on: March 22, 2021, 09:07:28 AM »
So how does the fact that the tech is valuable make the coins valuable (which is what it seems you suggested in your post)?

They aren't coins. They are tokens, or keys, which enable you to utilize that specific technology*. They are also of finite supply. If a specific technology, or blockchain, is in high demand, then the limited tokens to use that blockchain become more valuable.

* without getting too deep into it, they are pieces of the blockchain. So technically, you own a piece of the technology. The only way to utilize (some of) these technologies, is to have that code. People call them keys, tokens, coins, or by blockchain-specific terms,
« Last Edit: March 22, 2021, 09:33:07 AM by Lurker »
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Re: What trading platform is recommended for buying cryptocurrencies?
« Reply #29 on: March 22, 2021, 11:40:59 AM »
Understood.... I think. Let me clarify: cryptocurrencies aren't stocks. You're also not investing in the technology, per se. They are products with (usually) limited supply, which (should) have real world case use, thereby giving it a value. It is an asset. Whether it has short-term or long-term value or not depends on many things, just like any other investment. None of that makes it "imagination."
I agree they most definitely are not imagination. However the value, like you say, is not grounded in their inherit value, only what someone else will pay as opposed to stocks that are backed by the companies assets and profits.
You also write that you own a piece of the blockchain. Thats true, and it would create inherit value if you could walk into their server farms and grab a computer, but you cant, because you dont own it merely have the access. Practically the only use for those pieces of blockchain is as currency, the value of which is solely dependent on whether other people value it (which is not different from any currency, except that people have more faith in the american government than they do in the creators of cyrpto to guarantee it will retain value)
The fact that there is not an infinite supply doesnt cause value, it only changes the price

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Re: What trading platform is recommended for buying cryptocurrencies?
« Reply #30 on: March 22, 2021, 11:49:39 AM »
I agree they most definitely are not imagination. However the value, like you say, is not grounded in their inherit value, only what someone else will pay as opposed to stocks that are backed by the companies assets and profits.
You also write that you own a piece of the blockchain. Thats true, and it would create inherit value if you could walk into their server farms and grab a computer, but you cant, because you dont own it merely have the access. Practically the only use for those pieces of blockchain is as currency, the value of which is solely dependent on whether other people value it (which is not different from any currency, except that people have more faith in the american government than they do in the creators of cyrpto to guarantee it will retain value)
The fact that there is not an infinite supply doesnt cause value, it only changes the price
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Re: What trading platform is recommended for buying cryptocurrencies?
« Reply #31 on: March 22, 2021, 12:03:57 PM »
They aren't coins. They are tokens, or keys, which enable you to utilize that specific technology*. They are also of finite supply. If a specific technology, or blockchain, is in high demand, then the limited tokens to use that blockchain become more valuable.

* without getting too deep into it, they are pieces of the blockchain. So technically, you own a piece of the technology. The only way to utilize (some of) these technologies, is to have that code. People call them keys, tokens, coins, or by blockchain-specific terms,
How can a mathematical calculation of this sort not be infinite other than by artificially placed limitations to conform to the specific standards of an individual blockchain currency? The technological uses of blockchain should not differentiate between the different cryptos or even non-existent ones.
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Re: What trading platform is recommended for buying cryptocurrencies?
« Reply #32 on: March 22, 2021, 12:17:21 PM »
Understood.... I think. Let me clarify: cryptocurrencies aren't stocks. You're also not investing in the technology, per se. They are products with (usually) limited supply, which (should) have real world case use, thereby giving it a value. It is an asset. Whether it has short-term or long-term value or not depends on many things, just like any other investment. None of that makes it "imagination."
It definitely isn’t like any other investment. It is pure speculation that drives the price.

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Re: What trading platform is recommended for buying cryptocurrencies?
« Reply #33 on: March 22, 2021, 12:28:42 PM »
I agree they most definitely are not imagination. However the value, like you say, is not grounded in their inherit value, only what someone else will pay as opposed to stocks that are backed by the companies assets and profits.
You also write that you own a piece of the blockchain. Thats true, and it would create inherit value if you could walk into their server farms and grab a computer, but you cant, because you dont own it merely have the access. Practically the only use for those pieces of blockchain is as currency, the value of which is solely dependent on whether other people value it (which is not different from any currency, except that people have more faith in the american government than they do in the creators of cyrpto to guarantee it will retain value)
The fact that there is not an infinite supply doesnt cause value, it only changes the price
How can a mathematical calculation of this sort not be infinite other than by artificially placed limitations to conform to the specific standards of an individual blockchain currency? The technological uses of blockchain should not differentiate between the different cryptos or even non-existent ones.

My post was not meant to be a deep dive in what blockchain is or the different values or practical uses of the many unique cyrptocurrencies. There are many different facets to this, the vast majority of which I'm nowhere near qualified enough to discuss even half-properly. It also wasn't meant to be an argument as to what their value is, or whether their prices are justified. I just took issue with it being described as "imagination," when it is a lot more than that. It is an asset, which may or may not be worth anything tomorrow. Right now, they have at least as much value as a baseball card, in that there is a demand for them.
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Offline Lurker

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Re: What trading platform is recommended for buying cryptocurrencies?
« Reply #34 on: March 22, 2021, 12:29:23 PM »
It definitely isn’t like any other investment. It is pure speculation that drives the price.

1 - How is it different than collectibles?
2 - Have you taken a look at the stock market recently?
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Re: What trading platform is recommended for buying cryptocurrencies?
« Reply #35 on: March 22, 2021, 12:30:20 PM »
Right now, they have at least as much value as a baseball card, in that there is a demand for them.
Baseball cards seem to be a very good analogy.
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Re: What trading platform is recommended for buying cryptocurrencies?
« Reply #36 on: March 22, 2021, 12:34:45 PM »
It definitely isn’t like any other investment. It is pure speculation that drives the price.
Agreed, maybe i can clarify what you mean. you can buy futures which are also speculation, or even invest in a start-up which is speculation, and speculation does drive the price, but in those cases you are taking a calculated risk of foreseeable worth, in cyrpto speculation not only drives the price but it is the worth (besides for the worthless ones and zeroes stored on a computer somewhere).

My post was not meant to be a deep dive in what blockchain is or the different values or practical uses of the many unique cyrptocurrencies. There are many different facets to this, the vast majority of which I'm nowhere near qualified enough to discuss even half-properly. It also wasn't meant to be an argument as to what their value is, or whether their prices are justified. I just took issue with it being described as "imagination," when it is a lot more than that. It is an asset, which may or may not be worth anything tomorrow. Right now, they have at least as much value as a baseball card, in that there is a demand for them.
I agree, they are not worthless, but the worth is only the confidence of the market, which happens to be quite strong at the moment

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Re: What trading platform is recommended for buying cryptocurrencies?
« Reply #37 on: March 22, 2021, 12:36:32 PM »
Baseball cards seem to be a very good analogy.

I see that as the very least of their value. If nothing else, people want them for reasons beyond my comprehension (see Doge). If someone reads the white papers and understands what practical values specific projects hold, there are cryptos with value far beyond being a collectable item.
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Re: What trading platform is recommended for buying cryptocurrencies?
« Reply #38 on: March 22, 2021, 12:38:50 PM »
Baseball cards seem to be a very good analogy.

I don't see how. Baseball cards vary in value by which card and condition. The valuable ones were purchased in randomly packaged packs and only 1 in many got the rarest cards. The rare valuable cards of today were often manufactured and distributed decades ago and many of those cards are no longer extant or not in mint condition.

What part of bitcoin or crypto is analogous?
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Re: What trading platform is recommended for buying cryptocurrencies?
« Reply #39 on: March 22, 2021, 12:38:59 PM »
Baseball cards seem to be a very good analogy.
They are, but sports memorabilia has a proven history of market confidence. Crypto less so. Even gold and silver, they are only as valuable as much as someone else will pay, but they have the longest track record.
An interesting side note, if you look in chovas halevavos shaar habechina, where he discusses ways to see Hashems kindness, one of the ways he brings is that throughout history gold and silver have always been valuable, even though they are only rocks, it bring stability to international trade.