The Bitcoin/Crypto Thread

[LuFins Dad]

Yeah, but at some point you do need to see some regulatory policies come into play. You can’t have Shiba Inu types of stunts occurring all of the time.

[Axtremus]

@klaus said in The Bitcoin/Crypto Thread:

Now that I've learned more about the whole thing and have programmed a few smart contracts myself, I've also bought some Ethereum. This whole distributed finance thing looks really cool, I must say. Time to buy some non-fungible tokens!

Is there a particular website or tool you use to write these “smart contracts”?

[Klaus]

@axtremus said in The Bitcoin/Crypto Thread:

@klaus said in The Bitcoin/Crypto Thread:

Now that I've learned more about the whole thing and have programmed a few smart contracts myself, I've also bought some Ethereum. This whole distributed finance thing looks really cool, I must say. Time to buy some non-fungible tokens!

Is there a particular website or tool you use to write these “smart contracts”?

The simplest way to get started is Remix. When it gets more serious, there's a big set of (mostly) Python-based tools and libraries such as Brownie as well as Blockchain simulators such as Ganache.

[89th]

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

You can’t have Shiba Inu types of stunts occurring all of the time.

Woah woah woah.... let it get to the moon (or at least $1) before you kill that coin. That's my ticket to early retirement. I have 4 million coins! Yes, I like saying that.

[LuFins Dad]

@89th said in The Bitcoin/Crypto Thread:

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

You can’t have Shiba Inu types of stunts occurring all of the time.

Woah woah woah.... let it get to the moon (or at least $1) before you kill that coin. That's my ticket to early retirement. I have 4 million coins! Yes, I like saying that.

When did you buy?

[89th]

@lufins-dad Oh like back in May after the first spike. I think I bought $200 worth and now have $300 worth. It's stupid, but figured it would be fun to get lucky with a viral meme coin.

[LuFins Dad]

I was planning on adding some of my weekly spending cash every week, just trying to figure out whether I want to keep putting it into SOL or diversify…

[mark]

@89th said in The Bitcoin/Crypto Thread:

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

You can’t have Shiba Inu types of stunts occurring all of the time.

Woah woah woah.... let it get to the moon (or at least $1) before you kill that coin. That's my ticket to early retirement. I have 4 million coins! Yes, I like saying that.

I plan on buying some Shiba Inu next week when my limit is reset. lol

[89th]

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

I was planning on adding some of my weekly spending cash every week, just trying to figure out whether I want to keep putting it into SOL or diversify…

I would suggest throwing cash on the brand new coins and trying to catch one that does a massive spike. Otherwise SOL and ETH and most of the top-10 coins will give you modest % gains. But if you're looking for the rare 100x or even 10,000x return...

[Klaus]

@89th Why should the small values do well in the long term? I can see that possibility when they are technologically superior to ETH etc., but if it's just yet another coin, then the bigger ones will prevail.

[89th]

@klaus said in The Bitcoin/Crypto Thread:

@89th Why should the small values do well in the long term? I can see that possibility when they are technologically superior to ETH etc., but if it's just yet another coin, then the bigger ones will prevail.

Oh just from a pure meme spike perspective. Folks want to replicate the DOGE scenario, so the question is which is the next smaller coin to launch into space?

[Doctor Phibes]

There's far too much FUD about the HODL. You need to consider your SATS, Pump and Dump the WHALE, and generally Moon your Bagholders until they can't take any more.

Clear?

[Klaus]

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

There's far too much FUD about the HODL. You need to consider your SATS, Pump and Dump the WHALE, and generally Moon your Bagholders until they can't take any more.

Clear?

You are a clear case of FOMA.

[LuFins Dad]

I just put all my money on LGB

[xenon]

I can understand the appeal of crypto in general - I don’t get the value of Bitcoin, specifically.

Without being used for real transactions on any sort of scale, it already uses as much electricity as Argentina.

There’s no path to make it (Bitcoin) substantially more efficient.

I just don’t get it at all. I’m probably missing something.

[JoeB]

@klaus said in The Bitcoin/Crypto Thread:

Forget about it. These days, you need special very sophisticated hardware ("Bitcoin ASIC", something like this) for mining. Even a $5K GPU doesn't cut it anymore these days. And even then you need to participate in "mining pools" to ever mine anything.

I started mining almost 2 weeks ago using my AMD Radeon 5800 video card. I've gotten over $50 so far and paid less than $15 for electricity. It's winter now so dumping a couple hundred watts into the house helps keep it warm, so even the cost of power isn't a waste. I use nicehash.com to sell the hash power.

[Klaus]

@xenon said in The Bitcoin/Crypto Thread:

I can understand the appeal of crypto in general - I don’t get the value of Bitcoin, specifically.

Without being used for real transactions on any sort of scale, it already uses as much electricity as Argentina.

There’s no path to make it (Bitcoin) substantially more efficient.

I just don’t get it at all. I’m probably missing something.

There is a technical solution to the energy problem called "proof of stake". Some crypto coins use it already. The second largest one, Ethereum, plans to introduce it next year (although I understand that this date was delayed a few times already). I guess once that happens, Bitcoin is under so much pressure that the network will also agree to change to PoS.

You can trade all kinds of things, including US dollar (via so-called "stable coins") and probably soon stocks and securities.

The one thing I don't get at all is "crypto art" NFTs. This looks like a scam to me.

[Klaus]

@joeb said in The Bitcoin/Crypto Thread:

. I've gotten over $50 so far and paid less than $15 for electricity

Interesting. That's different from what I've read.

[xenon]

@klaus said in The Bitcoin/Crypto Thread:

@xenon said in The Bitcoin/Crypto Thread:

I can understand the appeal of crypto in general - I don’t get the value of Bitcoin, specifically.

Without being used for real transactions on any sort of scale, it already uses as much electricity as Argentina.

There’s no path to make it (Bitcoin) substantially more efficient.

I just don’t get it at all. I’m probably missing something.

There is a technical solution to the energy problem called "proof of stake". Some crypto coins use it already. The second largest one, Ethereum, plans to introduce it next year (although I understand that this date was delayed a few times already). I guess once that happens, Bitcoin is under so much pressure that the network will also agree to change to PoS.

You can trade all kinds of things, including US dollar (via so-called "stable coins") and probably soon stocks and securities.

The one thing I don't get at all is "crypto art" NFTs. This looks like a scam to me.

Proof of stake seems like a ground up change to the Bitcoin algorithm. Some currencies already implemented it.

I don’t see how Bitcoin, very specifically, somehow cedes authority to a centralized proof of stake type architecture.

I don’t see the long term value of Bitcoin - outside of being a proof of concept for crypto or becoming a commodity off of which other derivative assets are built.

[taiwan_girl]

@xenon said in The Bitcoin/Crypto Thread:

I can understand the appeal of crypto in general

I dont see the appeal because I see it only being able to be used in very very very few areas.

What is the appeal to you?