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The New Coffee Room

  1. TNCR
  2. General Discussion
  3. The Bitcoin/Crypto Thread

The Bitcoin/Crypto Thread

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  • KlausK Offline
    KlausK Offline
    Klaus
    wrote on last edited by
    #25

    I'm diving a little deeper into the technology.

    I've read and watched a lot of material, and most of it, especially all the videos and tutorials that claim to explain it in "simple words" or something, are a complete waste of time.

    If you are willing to invest 90 minutes of your time to understand Blockchain stuff, I can highly recommend this video. You won't see any code or any other "techy" stuff in the first 90 minutes. This lecturer is excellent.

    Link to video

    LuFins DadL 1 Reply Last reply
    • KlausK Klaus

      I'm diving a little deeper into the technology.

      I've read and watched a lot of material, and most of it, especially all the videos and tutorials that claim to explain it in "simple words" or something, are a complete waste of time.

      If you are willing to invest 90 minutes of your time to understand Blockchain stuff, I can highly recommend this video. You won't see any code or any other "techy" stuff in the first 90 minutes. This lecturer is excellent.

      Link to video

      LuFins DadL Offline
      LuFins DadL Offline
      LuFins Dad
      wrote on last edited by
      #26

      @klaus said in The Bitcoin/Crypto Thread:

      I'm diving a little deeper into the technology.

      I've read and watched a lot of material, and most of it, especially all the videos and tutorials that claim to explain it in "simple words" or something, are a complete waste of time.

      If you are willing to invest 90 minutes of your time to understand Blockchain stuff, I can highly recommend this video. You won't see any code or any other "techy" stuff in the first 90 minutes. This lecturer is excellent.

      Link to video

      Thanks! I actually opened a Coinbase account today. I’m not going to invest much money, but will play with it a little.

      The Brad

      1 Reply Last reply
      • KlausK Klaus

        @taiwan_girl said in The Bitcoin/Crypto Thread:

        There is pretty much zero chance that the US government will say that US dollars are not acceptable. To me, that means that it has some value and will continue to have some value. I know that next week, next year, next century, I can go into a store and buy something with US dollars.

        I don't disagree with what you wrote, but there's a non-zero risk of hyperinflation and a non-zero risk of countries/systems disappearing.

        I agree that it may very well be the case that Bitcoin ceases to exist, but one can be certain that there can be no inflation - except for the completely predictable mining until 2140 or so -, that it will survive the downfall of countries, and that there is no (known) way of manipulation.

        I've only invested an amount of money where I won't cry when it's gone. It's certainly a quite risky endeavour at this point. But I do also see a lot of opportunity in the idea. When you look at the more advanced crypto currency concepts such as "smart contracts", then it gets really interesting (Ethereum is a first step in that direction). It certainly has the potential to transform the way we do business.

        jon-nycJ Online
        jon-nycJ Online
        jon-nyc
        wrote on last edited by
        #27

        @klaus said in The Bitcoin/Crypto Thread:

        that there is no (known) way of manipulation.

        Of course there is, just get a certain percentage of the miners to act in tandem....

        Only non-witches get due process.

        • Cotton Mather, Salem Massachusetts, 1692
        KlausK 1 Reply Last reply
        • LuFins DadL LuFins Dad

          Which exchange do you all use? And how do you decide on which Cryptos to put some money into? It seems to me that while you would want to put half or most of your investments into Bitcoin, Etherium, and the other top 4-5, would it also make sense to invest small amounts into a lot of the smaller coins and see what happens?

          89th8 Offline
          89th8 Offline
          89th
          wrote on last edited by
          #28

          @lufins-dad said in The Bitcoin/Crypto Thread:

          Which exchange do you all use? And how do you decide on which Cryptos to put some money into? It seems to me that while you would want to put half or most of your investments into Bitcoin, Etherium, and the other top 4-5, would it also make sense to invest small amounts into a lot of the smaller coins and see what happens?

          I use Coinbase (I used to use Binance and Trust Wallet, but Coinbase makes it way more user friendly). Anyway, I have about 6 coins. 50% is in ETH, maybe 15% in BTC, the rest is spread across a few of the other coins, most that are coins based on the ETH network.

          Keep in mind less than 1% of my investment portfolio is in crypto, but figured I'd dip my toe in the water. Who knows, one of the coins might go to the moon. I do own 4 million SHIBA INU coins, so if we can get that to $1.00...

          1 Reply Last reply
          • MikM Offline
            MikM Offline
            Mik
            wrote on last edited by
            #29

            I think I have some somewhere. It was a deal where you sign up and you get like $5 or so free. Forget what it was called. It's probably worth less than nothing now.

            “I am fond of pigs. Dogs look up to us. Cats look down on us. Pigs treat us as equals.” ~Winston S. Churchill

            1 Reply Last reply
            • jon-nycJ jon-nyc

              @klaus said in The Bitcoin/Crypto Thread:

              that there is no (known) way of manipulation.

              Of course there is, just get a certain percentage of the miners to act in tandem....

              KlausK Offline
              KlausK Offline
              Klaus
              wrote on last edited by
              #30

              @jon-nyc said in The Bitcoin/Crypto Thread:

              @klaus said in The Bitcoin/Crypto Thread:

              that there is no (known) way of manipulation.

              Of course there is, just get a certain percentage of the miners to act in tandem....

              Yes, the 51% attack. But that would be pretty difficult to pull off, even for a government. And even then, it's somewhat limited what one can do even when one controls the 51%. For instance, you still couldn't just steal other people's money.

              KlausK 1 Reply Last reply
              • KlausK Klaus

                @jon-nyc said in The Bitcoin/Crypto Thread:

                @klaus said in The Bitcoin/Crypto Thread:

                that there is no (known) way of manipulation.

                Of course there is, just get a certain percentage of the miners to act in tandem....

                Yes, the 51% attack. But that would be pretty difficult to pull off, even for a government. And even then, it's somewhat limited what one can do even when one controls the 51%. For instance, you still couldn't just steal other people's money.

                KlausK Offline
                KlausK Offline
                Klaus
                wrote on last edited by
                #31

                @klaus said in The Bitcoin/Crypto Thread:

                @jon-nyc said in The Bitcoin/Crypto Thread:

                @klaus said in The Bitcoin/Crypto Thread:

                that there is no (known) way of manipulation.

                Of course there is, just get a certain percentage of the miners to act in tandem....

                Yes, the 51% attack. But that would be pretty difficult to pull off, even for a government. And even then, it's somewhat limited what one can do even when one controls the 51%. For instance, you still couldn't just steal other people's money.

                Also, by the way, I don't know if you've heard of "proof of stake" as an alternative to "proof of work", which is going to be deployed in a couple of crypto currencies soon - not only does it make the environmentally unfriendly "mining" unnecessary, it also makes 51% attacks much less likely because in that system you don't need 51% of the computing power but 51% of the currency - even if you'd manage to get that, you'd only shoot yourself in the foot if you'd use that position to manipulate, and hence devalue, the currency. It's quite interesting.

                1 Reply Last reply
                • LarryL Offline
                  LarryL Offline
                  Larry
                  wrote on last edited by
                  #32

                  I cant help but laugh..... some of the very people who have laughed at me for buying gold - not gold certificates, not gold stock, etc.. but real gold - and told me that I was crazy for basing my view of gold being a hedge against the collapse of currency.....

                  Are now telling us how wise they are for investing in a risky unproven digital currency because "it will be unaffected by currency collapses"....,

                  BWAAAAHAHAHAHAAAAAA

                  1 Reply Last reply
                  • jon-nycJ Online
                    jon-nycJ Online
                    jon-nyc
                    wrote on last edited by
                    #33

                    I know you’re not talking about me since I’m not a crypto bug, but it’s worth pointing out that I didn’t laugh at you for buying gold, I laughed at you for telling people to sell stocks and buy gold within 48 hrs of this century’s low water mark of the S&P.

                    Only non-witches get due process.

                    • Cotton Mather, Salem Massachusetts, 1692
                    LarryL 1 Reply Last reply
                    • jon-nycJ jon-nyc

                      I know you’re not talking about me since I’m not a crypto bug, but it’s worth pointing out that I didn’t laugh at you for buying gold, I laughed at you for telling people to sell stocks and buy gold within 48 hrs of this century’s low water mark of the S&P.

                      LarryL Offline
                      LarryL Offline
                      Larry
                      wrote on last edited by Larry
                      #34

                      @jon-nyc said in The Bitcoin/Crypto Thread:

                      I know you’re not talking about me since I’m not a crypto bug, but it’s worth pointing out that I didn’t laugh at you for buying gold, I laughed at you for telling people to sell stocks and buy gold within 48 hrs of this century’s low water mark of the S&P.

                      No, I wasn't talking about you. But my advise regarding getting out of the stock market wasn't tied to any certain time frame. I just view the stock market as being barely a full notch above bitcoin as far as investment stability. I don't think anyone should put their money into other people's hands, to "buy things that they might possibly wake up one morning and find that it shit canned overnight...

                      1 Reply Last reply
                      • HoraceH Offline
                        HoraceH Offline
                        Horace
                        wrote on last edited by Horace
                        #35

                        I'd probably have some money invested in bitcoin if my brokerage transacted it. But they don't, and I'm not motivated enough to open a robinhood account.

                        Education is extremely important.

                        1 Reply Last reply
                        • LuFins DadL Offline
                          LuFins DadL Offline
                          LuFins Dad
                          wrote on last edited by
                          #36

                          Woohoo! I got a $5.00 Bitcoin balance yesterday for signing up. It’s already up to $5.36!

                          The Brad

                          1 Reply Last reply
                          • LuFins DadL Offline
                            LuFins DadL Offline
                            LuFins Dad
                            wrote on last edited by
                            #37

                            Okay, I put the money I had set aside for one of Karla’s Christmas Gifts on Solana. Let’s see if she is getting new EarPods, a diamond necklace, or a lovely card for Christmas…

                            The Brad

                            markM LuFins DadL 3 Replies Last reply
                            • LuFins DadL LuFins Dad

                              Okay, I put the money I had set aside for one of Karla’s Christmas Gifts on Solana. Let’s see if she is getting new EarPods, a diamond necklace, or a lovely card for Christmas…

                              markM Offline
                              markM Offline
                              mark
                              wrote on last edited by
                              #38

                              @lufins-dad said in The Bitcoin/Crypto Thread:

                              Okay, I put the money I had set aside for one of Karla’s Christmas Gifts on Solana. Let’s see if she is getting new EarPods, a diamond necklace, or a lovely card for Christmas…

                              What made you select Solana?

                              LuFins DadL 1 Reply Last reply
                              • markM mark

                                @lufins-dad said in The Bitcoin/Crypto Thread:

                                Okay, I put the money I had set aside for one of Karla’s Christmas Gifts on Solana. Let’s see if she is getting new EarPods, a diamond necklace, or a lovely card for Christmas…

                                What made you select Solana?

                                LuFins DadL Offline
                                LuFins DadL Offline
                                LuFins Dad
                                wrote on last edited by
                                #39

                                @mark said in The Bitcoin/Crypto Thread:

                                @lufins-dad said in The Bitcoin/Crypto Thread:

                                Okay, I put the money I had set aside for one of Karla’s Christmas Gifts on Solana. Let’s see if she is getting new EarPods, a diamond necklace, or a lovely card for Christmas…

                                What made you select Solana?

                                It’s probably Ethereum’s biggest competitor and can handle more transactions than Ethereum. It’s been listed in many of the top 10 lists and has shown pretty consistent growth. This is going to be a trial run for me, so I wanted a currency that would have a little bit of volatility but should at least maintain a pretty safe return. I actually got it somewhat on the cheap today, but it’s still dropped since then, lol. Ethereum is having a good day!

                                The Brad

                                markM 1 Reply Last reply
                                • KlausK Offline
                                  KlausK Offline
                                  Klaus
                                  wrote on last edited by Klaus
                                  #40

                                  How about we deploy a TNCR smart contract on a blockchain, such that we can all participate?

                                  The contract can involve external data (like: what is the weather on Feb 7, 2023, what is the price of AAPL two weeks after a particular sports event happened), randomness, money, ... . Could be some sort of lottery. We could play with toy money, just for fun, and for education. Or we could see whether people put their money where their mouth is by setting up bets on election results etc. 🙂

                                  1 Reply Last reply
                                  • Doctor PhibesD Offline
                                    Doctor PhibesD Offline
                                    Doctor Phibes
                                    wrote on last edited by
                                    #41

                                    Reading this thread makes me understand how my grandparents felt when they tried to program the VCR.

                                    I was only joking

                                    George KG 1 Reply Last reply
                                    • LuFins DadL Offline
                                      LuFins DadL Offline
                                      LuFins Dad
                                      wrote on last edited by
                                      #42

                                      Just reached my first $1.00… 1% in 6 hours….

                                      The Brad

                                      CopperC LuFins DadL 2 Replies Last reply
                                      • Doctor PhibesD Doctor Phibes

                                        Reading this thread makes me understand how my grandparents felt when they tried to program the VCR.

                                        George KG Offline
                                        George KG Offline
                                        George K
                                        wrote on last edited by
                                        #43

                                        @doctor-phibes said in The Bitcoin/Crypto Thread:

                                        Reading this thread makes me understand how my grandparents felt when they tried to program the VCR.

                                        Exactly.

                                        What the actual hell are you guys talking about?

                                        "Now look here, you Baltic gas passer... " - Mik, 6/14/08

                                        The saying, "Lite is just one damn thing after another," is a gross understatement. The damn things overlap.

                                        Doctor PhibesD 1 Reply Last reply
                                        • George KG George K

                                          @doctor-phibes said in The Bitcoin/Crypto Thread:

                                          Reading this thread makes me understand how my grandparents felt when they tried to program the VCR.

                                          Exactly.

                                          What the actual hell are you guys talking about?

                                          Doctor PhibesD Offline
                                          Doctor PhibesD Offline
                                          Doctor Phibes
                                          wrote on last edited by
                                          #44

                                          @george-k said in The Bitcoin/Crypto Thread:

                                          @doctor-phibes said in The Bitcoin/Crypto Thread:

                                          Reading this thread makes me understand how my grandparents felt when they tried to program the VCR.

                                          Exactly.

                                          What the actual hell are you guys talking about?

                                          I’m not totally convinced they know, either

                                          I was only joking

                                          Aqua LetiferA 1 Reply Last reply
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