Talk:Cryptocurrency

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Is Cryptocurrency traceable to where and when it was minted?[edit]

I understand legal tender usually has this property. Does each unit of cryptocurrency contain an indelible reference to the date/time and computer/node on which it was originated and thereby to the real territory/jurisdiction (or multiple?) in which the computer/network was located? What about crypto mined in international waters? Is the information encrypted or public? Is this maybe a differentiator and a way to classify different types of cryptocurrency? How is this solved for the classic, Bitcoin? A table listing the features of various popular cryptocurrencies and what info is public and what is private would enhance the Wikipedia article.

Semi-protected edit request on 13 November 2021[edit]

GPU price rise An increase in cryptocurrency mining increased the demand for graphics cards (GPU) in 2017.[57] (The computing power of GPUs makes them well-suited to generating hashes.) Popular favorites of cryptocurrency miners such as Nvidia's GTX 1060 and GTX 1070 graphics cards, as well as AMD's RX 570 and RX 580 GPUs, doubled or tripled in price – or were out of stock.[58] A GTX 1070 Ti which was released at a price of $450 sold for as much as $1100. Another popular card GTX 1060's 6 GB model was released at an MSRP of $250, sold for almost $500. RX 570 and RX 580 cards from AMD were out of stock for almost a year. Miners regularly buy up the entire stock of new GPU's as soon as they are available.[59]

In 2021, NVIDIA has asked retailers to do what they can when it comes to selling GPUs to gamers instead of miners. "Gamers come first for Nvidia," said Boris Böhles, PR manager for Nvidia in the German region.[60] NVIDIA added Low Hash Rate (LHR) cards to their line-up. These cards were to be lower priced and more readily available to gamers. Unfortunately, this campaign has been a total failure as these cards are still sought after by miners and still achieve mining profits that are 80-90% of the Non-LHR cards. As of November 2021, prices of GPUs are 200-300% more than MSRP. It is expected that GPU prices will only go down if Bitcoin and Etherium prices drop to the point where mining is no longer profitable. Goldberg1972 (talk) 23:06, 13 November 2021 (UTC)Reply[reply]

 Not done: it's not clear what changes you want to be made. Please mention the specific changes in a "change X to Y" format and provide a reliable source if appropriate. ScottishFinnishRadish (talk) 23:11, 13 November 2021 (UTC)Reply[reply]
This paragraph seems like a complaint against miners. I don't think the detail about specific price raises is necessary, and makes it seem like the editor is very biased against miners. Any suggestions are welcome. Gargantuan Brain (talk) 21:07, 29 November 2021 (UTC)Reply[reply]

Proof stake instead of proof of work in opening discussio?[edit]

Most major cryptocurrencies still use proof of work and not proof of stake. Using only PoS in the opening example therefore feels like a calculated partial-truth to avoid one of the controversial aspects of that is currently overwhelmingly present in the technology. 2601:191:8403:5FC0:4411:3401:258A:59DD (talk) 08:06, 20 December 2021 (UTC)Reply[reply]

Semi-protected edit request on 26 December 2021[edit]

Under the section "Increased regulation in 2021" add actions of state legislatures after the request of Elizabeth Warren to the SEC. Namely:

"17 states enacted legislation or adopted resolutions involving Cryptocurrency regulation in 2021.[1]"

This source could be useful going forward if there is no federal regulation in the US. Aaronlearns (talk) 03:50, 26 December 2021 (UTC)Reply[reply]

 Done Thanks! Hemantha (talk) 08:42, 4 January 2022 (UTC)Reply[reply]

References

  1. ^ "Cryptocurrency 2021 Legislation". National Conference of State Legislatures. Retrieved 25 December 2021.

Should cryptoasset have a separate article?[edit]

Right now this term redirects here (ditto for cryptoassets), but it maybe both broader and notable. Thoughts? Piotr Konieczny aka Prokonsul Piotrus| reply here 12:18, 11 January 2022 (UTC)Reply[reply]

That could make sense, we already make the distinction in Wikidata: crypto-actif (Q13479982) and cryptocurrency (Q13479982). The distinction could build on the work done by the ECB on the subject. Maxlath (talk) 16:55, 21 June 2022 (UTC)Reply[reply]
Bank of England thinks its a synonym but then https://www.gov.uk/government/news/government-sets-out-plan-to-make-uk-a-global-cryptoasset-technology-hub
I didn't look into it too closely, the term is certainly out there but perhaps there is no consensus on what it actually means.
Digital asset "A digital asset is anything that exists only in digital form and comes with a distinct usage right." Hmm.
Selfstudier (talk) 17:58, 21 June 2022 (UTC)Reply[reply]

Semi-protected edit request on 12 January 2022[edit]

please change "Ripple ($XRP) is the world's most energy efficient cryptocurrency, using 0.0079 kilowatt-hours of electricity per transaction." to "Nano ($XNO) is the world's most energy efficient cryptocurrency, using 0.000112 kilowatt-hours of electricity per transaction."

Source: https://medium.com/@to96alice/nano-is-green-energy-81387a4fe83e Related Website Page(s): https://nano.org/sustainability 81.167.79.54 (talk) 16:29, 12 January 2022 (UTC)Reply[reply]

 Not done: please provide reliable sources that support the change you want to be made. Medium posts are not reliable sources. ScottishFinnishRadish (talk) 16:37, 12 January 2022 (UTC)Reply[reply]

Hi. We would need reliable secondary sources about this (Medium is not allowed), we can't use their homepage for that claim (see WP:ABOUTSELF, particularly the first point: "the material is neither unduly self-serving nor an exceptional claim"). Thanks. BeŻet (talk) 17:10, 12 January 2022 (UTC)Reply[reply]

Move some content from "Bitcoin" to "Cryptocurrency"[edit]

I think that the Bitcoin#Legal status, tax and regulation and Bitcoin#Criticisms subsections should be moved here (unless they apply to Bitcoin only). Reasoning:

  • Most of that content explicitly applies to all cryptocurrencies (or at least all proof-of-work cryptocurrencies), for instance:
    • Bitcoin, along with other cryptocurrencies, has been described as an economic bubble
    • In January, 2022, the Central Bank of Russia proposed to ban "all cryptocurrency issuance
    • The same month, Erik Thedéen [sv], vice-chair of the European Securities and Markets Authority, called for an EU ban on proof of work crypto-mining
    • According to a 2020 report produced by the United States Attorney General's Cyber-Digital Task Force illicit uses of cryptocurrency typically fall into three categories
    • Blockchain analysis company Chainalysis concluded that illicit activities like cybercrime, money laundering and terrorism financing made up only 0.15% of all crypto transactions
  • Cryptocurrency#Legality already points to Legality of bitcoin by country or territory and Cryptocurrency#Environmental impact to Bitcoin#Energy consumption and carbon footprint
  • The current situation is the legacy of the time when Bitcoin was the first and only cryptocurrency. Today, Bitcoin is one out of 17,032 and it represents "only" 40% of the total crypto-ecosystem market capitalization
  • There is no reason to single out Bitcoin (unless reliable sources specifically do so). For instance, Ethereum is largely subject to the same regulations and criticisms as Bitcoin does but the words "legal", "tax", "crime", "energy", "carbon"... do not appear in that article.

I opened a discussion about that issue here as well: Talk:Bitcoin#Bans: "Legal status" section, "Criticisms" or elsewhere?.

Does anyone object to that? A455bcd9 (talk) 14:17, 21 January 2022 (UTC)Reply[reply]

As I indicated at the Bitcoin talk page, this seems the logical thing to do.Selfstudier (talk) 15:01, 21 January 2022 (UTC)Reply[reply]
Agree. A. C. SantacruzPlease ping me! 15:04, 21 January 2022 (UTC)Reply[reply]
Thanks to both of you.
I also think that the section "Increased regulation in 2021" should be moved to Legality of cryptocurrency by country or territory and maybe summed up in one sentence in "History" (for example: "In 2021, the rise in the popularity of cryptocurrencies and their adoption by financial institutions led several governments to enact new cryptocurrency regulations.") It's unclear why we have a whole section about regulation... in 2021 only! (even though that section also contains 3 paragraphs about regulation in... 2020?). Countries in this section seem cherrypicked.
What do you think about that? A455bcd9 (talk) 05:44, 25 January 2022 (UTC)Reply[reply]
I'd move and generalize to "Increasing Regulation" as a separate sub, I am pretty sure it is going to do nothing but increase.Selfstudier (talk) 13:51, 25 January 2022 (UTC)Reply[reply]
https://www.bloomberg.com/news/articles/2022-01-25/thailand-joins-global-peers-in-adding-controls-on-digital-assets Selfstudier (talk) 16:42, 25 January 2022 (UTC)Reply[reply]
Of course it's gonna increase, but we will not list the 200+ countries regulating cryptocurrencies on this page, will we?
Also, most of these articles are about proposed regulations. There's a long way to go before these regulations are enacted. For instance, the proposed Russian ban was much talked about but it seems the Finance Minister is against it. Per WP:NOTNP, I don't think we should mention them all extensively in this article (compared to Legality of cryptocurrency by country or territory). A455bcd9 (talk) 06:10, 26 January 2022 (UTC)Reply[reply]
I think you missed the part of my comment where I said "I'd move", I was agreeing with you about that.Selfstudier (talk) 10:17, 26 January 2022 (UTC)Reply[reply]
Ah sorry! (I understood as "I'd move to a separate sub called "Increasing Regulation" in the current Cryptocurrency article"...) All good then. A455bcd9 (talk) 11:50, 26 January 2022 (UTC)Reply[reply]

Updated Dates[edit]

Many of the dates in the begining of the article are outdated, anyone agree? 2020 is old man! BlatentBen (talk) 22:18, 30 January 2022 (UTC)Reply[reply]

The blockchain: It is important to present the blockchain mechanism and its specificities, this new technology in which a record of transactions made are maintained across several computers that are linked in a peer-to-peer network, Thanks to the blockchain technology the cryptocurrencies are irreversible and immutable. The cryptocurrencies could not be rewrite or move funds except for the owner and all the transaction written on the block chain. The mining process allows to the cryptocurrencies have a limited and pre-determined supply that is coded into its underlying algorithm when it is created.


The viability impacting factors When we talk about the viability of a cryptocurrencies it is good to stick to some notion like: Security: that guarantee the safety of its design and reliability Stability: the stability comes when the cryptocurrencies or the currency in general is used, that means a future stable currency is a currency that grows in the market and increase its demand. Supply: the demand increases could be a good sign of cryptocurrencies stability, but if there is no offer this is a threat to the viability of the cryptocurrencies. This technology seems to be secure and viable nonetheless it consumes a lot of energy to process in this case the viability question will not came by security or stability but from the environment impact came from the sustainability, especially in a world where the awareness about the climate changes and environmental aspects is increasing and take important place in the public policies. The Cambridge Bitcoin Electricity Consumption Index indicates that Bitcoin, the most widely-mined cryptocurrency network, uses 122.87 Terawatt-hours of electricity every year—more than the Netherlands, Argentina, or the United Arab Emirates. The cryptocurrency characteristics The first aspect with cryptocurrencies is decentralization, the peer-to-peer transaction without any intervention of a financial authority or institution. “In this system, centralized intermediaries, such as banks and monetary institutions, are not necessary to enforce trust and police transactions between two parties” in Investopedia January 11, 2022. Since there is no need for a central authority, users do not need to identify themselves when transacting and keep them anonymous. In addition to that a decentralized structure, facilitate payment transfers and reduce the money transfer cost. The decentralization and suppression of higher authority will demine the role of authorities and governments and this may create a legal problem for the viability of the blockchain. According to the freeman law “transactions conducted on blockchain offer greater privacy than transactions conducted on traditional platforms. But this advantage poses a complex jurisdictional challenge”. Cryptocurrencies may be considered as alternative currencies, but still the Internal Revenue Service (IRS) treats them as a financial asset or property. The volatility aspect hinders hinder the trust of users “the price for one token rose from fractions of a dollar to $0.09. Since then, its price has increased by tens of thousands of dollars—sometimes rising or falling thousands of dollars within days” Investopedia January 2022. The comparison between the dollar and the bitcoin Both the dollar and the bitcoin have no proper value they just have an exchange value, although the dollar is backed by the state “the US GOVERNEMENT”, in this and this create a demand itself but also an authority regulator. The blockchain technology make every transaction visible, this assures transparency although the value of the bitcoin relies only on the offer and demand of the bitcoin without any organism that they could rely on. The FDA can create unlimited amount of money, unlike the dollar the bitcoins number is limited and capped at 21 million. “Unlike “classical” fiat currencies where central banks create money in, theoretically, unlimited amounts, the total number of Bitcoins is limited and capped at 21 million. This is one fundamental difference” Dirk G. Baur & Thomas Dimpfl article published in January 2021. — Preceding unsigned comment added by 46.193.16.66 (talk) 11:10, 20 March 2022 (UTC)Reply[reply]

Should the metaverse be added to this page?[edit]

Although it is a generally new topic I feel the metaverse deserves to be mentioned as it is becoming more relevant. They are directly related since cryptocurrencies will be used in the metaverse to buy things. In addition they are used to buy NFT's (which should also be mentioned) which will also be brought to the metaverse. With the way the world is going I think it is important to mention where it is now and what it might be like in the future.

Tun39057 (talk) 22:54, 9 February 2022 (UTC)Reply[reply]

"the metaverse"? Is this a reference to Facebook/Meta? Do they have a patent on this terminology? Anyway, this article is mainly about the technology itself not specifically where you can shop with cryptocurrency although it might be worth a mention in the adoption section if and when it becomes a reality, we don't do crystal ball in WP. Selfstudier (talk) 09:12, 10 February 2022 (UTC)Reply[reply]
It may be worth mentioning generally the uses for cryptocurrencies as a medium of exchange, but you wouldn't write things like "buying something from John Lewis" in Money. I feel like this metaverse vis-a-vis cryptocurrency example is the same thing as that, more or less. ProcrastinatingReader (talk) 11:32, 10 February 2022 (UTC)Reply[reply]
I don't think it should. It's largely unrelated, even if some journalists bundle it together with crypto for some reason. BeŻet (talk) 11:52, 10 February 2022 (UTC)Reply[reply]

Coinmarketcap[edit]

The FT has pointed out potential problems with Coinmarketcap, such as https://www.ft.com/content/5f68b7b5-da81-44f0-a3d8-766ff1191cde But the FT, WSJ, Barron’s, The Times, Newsweek, Time, etc, continue to use the site (recent examples listed below). Google Scholar suggets 162 papers have cited it so far this year. Even after a century, problems still crop up with market indices. The S&P and FTSE stock indexes have been revised many times. S&P credit ratings exacerbated the 2007 financial crisis, giving AAA ratings to dodgy CDOs. But the answer has been to seek reform or encourage more competition, not ban them. There have to be similar services for crypto, and these are an important element in Wikipedia pages. Coinmarketcap may not be perfect, but it’s the most commonly used crypto benchmark. General problems should be identified on its Wikipedia page. It seems ridiculous not to use it, or not propose a substitute. https://www.ft.com/content/7a37d891-db34-43a6-9ec9-ac9e0a5a1477 https://www.wsj.com/articles/elon-musk-urges-mcdonalds-to-accept-dogecoin-for-payment-11643119209 https://www.barrons.com/articles/cryptos-bitcoin-google-blockchain-51642710384 https://www.thetimes.co.uk/article/twins-to-ride-friendly-currents-with-gemini-trust-nkkzpj7vx https://www.newsweek.com/cardano-price-update-what-sundaeswap-exchange-bitcoin-crypto-1670073 https://time.com/nextadvisor/investing/cryptocurrency/altcoins/IOHKwriter (talk) 12:16, 11 February 2022 (UTC)Reply[reply]

Open source vs Free Software[edit]

Open source is usually a diluted version of Free Software such as software released under BSD or MIT licenses. It's actually Free Software. I see the edit button is disabled. - Anonymous — Preceding unsigned comment added by 102.219.79.223 (talk) 15:02, 23 February 2022 (UTC)Reply[reply]

Wiki Education assignment: The Age of Revolution and Historical Memory[edit]

Use in Russia[edit]

It appears to be used in Russia to avoid the declining ruble and scansions — Preceding unsigned comment added by 71.173.76.19 (talk) 09:32, 11 March 2022 (UTC)Reply[reply]

"bitcoin" mentioned 244 times in the article[edit]

This article needs a major rewrite to remove nearly all of the references to bitcoin. The article should be about cryptos in general and not focus heavily on any one crypto. — Preceding unsigned comment added by HmmInterdasting (talkcontribs) 04:32, 16 April 2022 (UTC)Reply[reply]

Bitcoin has always been the dominant cryptocurrency, and it dominates the coverage of cryptocurrencies in reliable sources as well. You are welcome to point to significant coverage in reliable sources of cryptocurrencies as a broad topic that does not include coverage of Bitcoin. Good luck with that. Cullen328 (talk) 05:39, 14 May 2022 (UTC)Reply[reply]

Edit request to "Price Trends" section[edit]

The claim is made, "Bitcoin's value is largely determined by speculation among other technological limiting factors known as block chain rewards coded into the architecture technology of Bitcoin itself." I believe this is partly true, but incomplete, since the speculation about Bitcoin's value also includes social and cultural factors. I would recommend something like, "Bitcoin's value is largely determined by speculation about either technological limiting factors such as block chain rewards, or about social and cultural factors such as privacy and anonymity, free trade, human rights, and various related beliefs of social and cultural significance (from "Sources of Cryptocurrency Value Systems: The Case of Bitcoin", url https://doi.org/10.1080/10864415.2020.1806469). — Preceding unsigned comment added by 125.238.246.204 (talk) 06:28, 12 May 2022 (UTC)Reply[reply]

Semi-protected edit request on 20 May 2022[edit]

Please remove

the Chinese government declared all cryptocurrency transactions of any kind illegal

and add

the Chinese government prohibited all cryptocurrency transactions of any kind

It's shorter, and the verb's all in one place, without the words in the middle of "declared illegal". 49.198.51.54 (talk) 20:08, 20 May 2022 (UTC)Reply[reply]

 Not done for now: please establish a consensus for this alteration before using the {{edit semi-protected}} template. Illegal is more precise. Something can be prohibited but not be illegal. ScottishFinnishRadish (talk) 20:26, 20 May 2022 (UTC)Reply[reply]

Semi-protected edit request on 20 May 2022 (2)[edit]

In the environmental impact section, three lines (Cardano, Polkadot, and Solana) begin with hyphens. Please replace them with bullets. 49.198.51.54 (talk) 20:14, 20 May 2022 (UTC)Reply[reply]

 DoneSirdog (talk) 22:59, 20 May 2022 (UTC)Reply[reply]

Wiki Education assignment: Research Process and Methodology - SU22 - Sect 202 - Tue[edit]

Sciences humaines.svg This article was the subject of a Wiki Education Foundation-supported course assignment, between 4 July 2022 and 16 August 2022. Further details are available on the course page. Student editor(s): Sqlo123.

— Assignment last updated by Sqlo123 (talk) 20:45, 4 August 2022 (UTC)Reply[reply]

"A cryptocurrency, crypto-currency, or crypto"?[edit]

I have literally never heard anybody refer to an individual token as "a crypto". The term is used broadly in reference to cryptocurrency in general ("he just bought a bunch of crypto"), but never once have I seen it used as a singular noun ("Solana is a crypto"). Is there a citation for this bizarre claim in the lead, or can it be removed? I am asking here since this seems like a fairly contentious article where people will get mad if I just swoop in and edit the lead. jp×g 20:16, 14 August 2022 (UTC)Reply[reply]

Why would anyone use cryptocurrency?[edit]

This article ought to answer that question. But it doesn't (unless I'm missing something, which is entirely possible). What is its purpose? What makes it preferable to conventional currency? I can hazard some guesses, but the article should explain this. With inline references to reliable sources, of course. Cordially, BuzzWeiser196 (talk) 17:00, 21 August 2022 (UTC)Reply[reply]

Unless reliable sources widely report on it being "preferable to conventional currency", we won't be including that. PRAXIDICAE🌈 17:03, 21 August 2022 (UTC)Reply[reply]
Of course.I guess I didn't express myself clearly. To be more precise, is there any information available from reliable sources that explains why people choose to use cryptocurrency when conventional money is readily available? Cordially, BuzzWeiser196 (talk) 11:39, 22 August 2022 (UTC)Reply[reply]
@User:Praxidicae, here's a start: "The cryptocurrency market... allows companies to raise money without engaging with venture capitalists and to be traded without listing on stock exchanges."[1] This is just a shot in the dark. I know almost nothing about cryptocurrency. I just happen to subscribe to the journal quoted. Anybody with more knowledge want to weigh in and expand? BuzzWeiser196 (talk) 12:07, 22 August 2022 (UTC)Reply[reply]
"Crypto furnishes certain options that are simply not available with fiat currency. For example, programmable money can enable real-time and accurate revenue-sharing while enhancing transparency to facilitate back-office reconciliation.... Crypto provides a new avenue for enhancing a host of more traditional Treasury activities, such as enabling simple, real-time, and secure money transfers...Crypto could enable access to new capital and liquidity pools through traditional investments that have been tokenized, as well as to new asset classes."[2]BuzzWeiser196 (talk) 14:26, 22 August 2022 (UTC)Reply[reply]
"Cryptocurrency could become a legitimate way of hedging sophisticated investors’ portfolios, like other alternative assets such as wine or gold."[3] BuzzWeiser196 (talk) 14:36, 22 August 2022 (UTC)Reply[reply]
I think any such section would need to concentrate on crypto's uses and potential uses as an alternative to conventional currency rather than its use as a fungible asset. This is an important issue because at present it could be argued that crypto is fundamentally no different from gold bars in its behaviour and use, despite being digital etc Sbishop (talk) 15:10, 22 August 2022 (UTC)Reply[reply]

more read — Preceding unsigned comment added by Taraa19 (talkcontribs) 09:44, 24 August 2022 (UTC)Reply[reply]

Thanks. Good background, but I suspect a blog post isn't going to qualify as a reliable source. BuzzWeiser196 (talk) 12:20, 24 August 2022 (UTC)Reply[reply]
The edits I just made incorporate explanations from a NY Times story that helped me understand the utility of crypto, and a Wall St. Journal story that further supports existing statements about anonymity. BuzzWeiser196 (talk) 11:45, 16 September 2022 (UTC)Reply[reply]

References

  1. ^ Liu, Lunkun; Tsyvikski, Alex; Wu, Xi (April 2022). "Common Risk Factors in Cryptocurrency". The Journal of Finance. LXXVII (2): 1133. Retrieved 22 August 2022.{{cite journal}}: CS1 maint: multiple names: authors list (link)
  2. ^ "The Business Benefit of Using Crypto". Deloitte & Touche. Retrieved 22 August 2022.
  3. ^ The Editorial Board. "Asset managers have a self-interest in crypto's future". Financial Times. Retrieved 22 August 2022.

Reversions[edit]

Hello @Praxidicae, you have reverted 8 changes I made yesterday, with a comment 'wording was more neutral and accurate before'. This is not very helpful. The major change was to add a paragraph about problems with information on crypto – this has been a source of debate within Wikipedia and is a reason why Coinmarketcap is banned. The criticism and new sources are from RSs, the WSJ and the FT. (The WSJ has also launched a newsletter, but I can find no independent coverage about this.) You have also reintroduced a dead link (which I had replaced with an RS) and a poorly written sentence that does not make sense: '...scanners to read government-issued identification such as a driver's license or a passport to confirm users' identities'. This is a big page to start improving and I feel it is best done from the bottom up by improving each section. Please clarify your changes. GreyStar456 (talk) 08:53, 25 August 2022 (UTC)Reply[reply]

Wiki Education assignment: Research Process and Methodology - FA22 - Sect 201 - Thu[edit]

Sciences humaines.svg This article is currently the subject of a Wiki Education Foundation-supported course assignment, between 21 September 2022 and 8 December 2022. Further details are available on the course page. Student editor(s): Ruizhouruizhou.

— Assignment last updated by Ruizhouruizhou (talk) 04:55, 13 November 2022 (UTC)Reply[reply]

@Ruizhouruizhou: Please be advised that on all cryptocurrency articles we are only using top shelf WP:RS such as NYT, bloomberg, wsj, fortune.com, etc. We are not using any type of contributor articles (such as forbes contributors), blogs, cryptocurrency websites such as coindesk, etc. Thank you Jtbobwaysf (talk) 05:19, 13 November 2022 (UTC)Reply[reply]