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The New Coffee Room

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  3. The Bitcoin/Crypto Thread

The Bitcoin/Crypto Thread

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  • D Doctor Phibes
    12 Nov 2021, 16:23

    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?

    K Offline
    K Offline
    Klaus
    wrote on 12 Nov 2021, 16:28 last edited by
    #65

    @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.

    1 Reply Last reply
    • L Offline
      L Offline
      LuFins Dad
      wrote on 12 Nov 2021, 16:52 last edited by
      #66

      I just put all my money on LGB

      02967F93-44BD-4821-A58D-7369B8B8E984.png

      The Brad

      1 Reply Last reply
      • X Offline
        X Offline
        xenon
        wrote on 13 Nov 2021, 21:27 last edited by xenon
        #67

        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.

        K T 2 Replies Last reply 13 Nov 2021, 22:26
        • K Klaus
          3 Nov 2021, 22:42

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

          I have thought about going in with Luke to set up some mining from his dorm… Free electricity…

          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.

          J Offline
          J Offline
          JoeB
          wrote on 13 Nov 2021, 21:53 last edited by
          #68

          @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.

          "There are many ingredients in the stew of annoyance." - Bucky Katt

          K 1 Reply Last reply 13 Nov 2021, 22:28
          • X xenon
            13 Nov 2021, 21:27

            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.

            K Offline
            K Offline
            Klaus
            wrote on 13 Nov 2021, 22:26 last edited by
            #69

            @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.

            X 1 Reply Last reply 13 Nov 2021, 23:01
            • J JoeB
              13 Nov 2021, 21:53

              @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.

              K Offline
              K Offline
              Klaus
              wrote on 13 Nov 2021, 22:28 last edited by
              #70

              @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.

              1 Reply Last reply
              • K Klaus
                13 Nov 2021, 22:26

                @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.

                X Offline
                X Offline
                xenon
                wrote on 13 Nov 2021, 23:01 last edited by
                #71

                @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.

                1 Reply Last reply
                • X xenon
                  13 Nov 2021, 21:27

                  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.

                  T Offline
                  T Offline
                  taiwan_girl
                  wrote on 14 Nov 2021, 02:41 last edited by
                  #72

                  @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?

                  X L 2 Replies Last reply 14 Nov 2021, 03:14
                  • T taiwan_girl
                    14 Nov 2021, 02:41

                    @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?

                    X Offline
                    X Offline
                    xenon
                    wrote on 14 Nov 2021, 03:14 last edited by
                    #73

                    @taiwan_girl said in The Bitcoin/Crypto Thread:

                    @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?

                    Next to none for me. I can see how some other people may value it:
                    -People in underbanked countries with volatile currencies, inflation or capital controls
                    -Remittances

                    It requires a currency to be stable and low transaction cost to really fit the bill (which a crypto could - be none are really there).

                    My issue is with Bitcoin, specifically. It’s built on obsolete tech right now. The way the power dynamics work, the 6 entities that control 95% of transactions right now would have to accede to a new technical model (e.g. proof of stake). Doesn’t seem like there’s any chance of that happening.

                    A couple of years ago it was the “lightning network” that was supposed to save Bitcoin.

                    1 Reply Last reply
                    • L Offline
                      L Offline
                      Larry
                      wrote on 14 Nov 2021, 17:37 last edited by
                      #74

                      This bitcoin shit sounds like some sort of video game.

                      1 Reply Last reply
                      • T taiwan_girl
                        14 Nov 2021, 02:41

                        @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?

                        L Offline
                        L Offline
                        LuFins Dad
                        wrote on 15 Nov 2021, 14:15 last edited by
                        #75

                        @taiwan_girl said in The Bitcoin/Crypto Thread:

                        @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?

                        1. MUCH better security on web transactions. I mean by a factor of 10. I am pretty sure that web transactions aren’t going anywhere. The chances of fraud are basically nil. These days we can’t even trust cashiers checks.

                        2. There are tiny little cash transactions in the movement of data across the web. A byte of information costs .000000000000000000018 cents to move. Crypto is a much better tool for monitoring and paying these micro transactions that ultimately add up to trillions of dollars.

                        3. Billions of dollars every day are being spent every day on those little video game purchases. Crypto is by far the best tool for handling those transactions.

                        The Brad

                        1 Reply Last reply
                        • L Offline
                          L Offline
                          LuFins Dad
                          wrote on 15 Nov 2021, 14:18 last edited by
                          #76

                          I doubled up on Solana again. Still using my “poker money”… I don’t know that I will ever put serious money into crypto but Solana seems like a pretty safe bet over the next 24-36 months and I’m willing to forgo getting takeout for lunch for the time being to see where it goes…

                          The Brad

                          1 Reply Last reply
                          • K Offline
                            K Offline
                            Klaus
                            wrote on 15 Nov 2021, 18:37 last edited by
                            #77

                            I think I'll also diversify and buy a little Solana and Cardano, and maybe some Polkadot. Each of them has something that none of the others have.

                            L 2 Replies Last reply 15 Nov 2021, 19:07
                            • D Offline
                              D Offline
                              Doctor Phibes
                              wrote on 15 Nov 2021, 18:46 last edited by Doctor Phibes
                              #78

                              I stopped off at the gas station and bought a scratch and sniff lottery card earlier today.

                              It smelled of lost dreams.

                              I was only joking

                              1 Reply Last reply
                              • K Klaus
                                15 Nov 2021, 18:37

                                I think I'll also diversify and buy a little Solana and Cardano, and maybe some Polkadot. Each of them has something that none of the others have.

                                L Offline
                                L Offline
                                LuFins Dad
                                wrote on 15 Nov 2021, 19:07 last edited by
                                #79

                                @klaus said in The Bitcoin/Crypto Thread:

                                I think I'll also diversify and buy a little Solana and Cardano, and maybe some Polkadot. Each of them has something that none of the others have.

                                Cardano is next week's lunch money. I've looked at Polkadot as well.

                                The Brad

                                1 Reply Last reply
                                • L Offline
                                  L Offline
                                  LuFins Dad
                                  wrote on 16 Nov 2021, 13:14 last edited by
                                  #80

                                  Bad day for Crypto, lol. I may need to switch my purchasing from Monday to Tuesday…

                                  The Brad

                                  1 Reply Last reply
                                  • K Offline
                                    K Offline
                                    Klaus
                                    wrote on 16 Nov 2021, 13:52 last edited by
                                    #81

                                    I've opened an additional ccount at an US exchange, Kraken.

                                    I wonder how safe the deposit there is. Over here, there's a kind of insurance that protects me from insolvency risk of the exchange or bank.

                                    Any particular keywords I need to look out for in their terms of service to gauge how safe my money is?

                                    D 1 Reply Last reply 16 Nov 2021, 14:08
                                    • K Klaus
                                      16 Nov 2021, 13:52

                                      I've opened an additional ccount at an US exchange, Kraken.

                                      I wonder how safe the deposit there is. Over here, there's a kind of insurance that protects me from insolvency risk of the exchange or bank.

                                      Any particular keywords I need to look out for in their terms of service to gauge how safe my money is?

                                      D Offline
                                      D Offline
                                      Doctor Phibes
                                      wrote on 16 Nov 2021, 14:08 last edited by
                                      #82

                                      @klaus said in The Bitcoin/Crypto Thread:

                                      Kraken

                                      Oh no.

                                      I was only joking

                                      K 1 Reply Last reply 16 Nov 2021, 15:08
                                      • M Offline
                                        M Offline
                                        mark
                                        wrote on 16 Nov 2021, 14:59 last edited by
                                        #83

                                        I just joined 89th and bought 1.9 million Shiba Inu coins. Come on baby! hit $1! lol

                                        1 Reply Last reply
                                        • D Doctor Phibes
                                          16 Nov 2021, 14:08

                                          @klaus said in The Bitcoin/Crypto Thread:

                                          Kraken

                                          Oh no.

                                          K Offline
                                          K Offline
                                          Klaus
                                          wrote on 16 Nov 2021, 15:08 last edited by
                                          #84

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

                                          @klaus said in The Bitcoin/Crypto Thread:

                                          Kraken

                                          Oh no.

                                          It's no good?

                                          D 1 Reply Last reply 16 Nov 2021, 15:29
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