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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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  • X Offline
    X Offline
    xenon
    wrote on last edited by
    #335

    I looked into it a bit more. It's a pretty great idea. The value and interest here though seems to come from wanting to get access to a specific token that people hope will be worth more in the future than it is today.

    Helium has very tight control on the production of that token - they won't release private keys unless you pay a certain amount of money and buy their own proprietary hardware. There is actually no decentralization here - you must go through Helium Co. to participate in this idea. (Unlike truly decentralized crypto projects like Bitcoin).

    IvorythumperI 1 Reply Last reply
    • George KG Offline
      George KG Offline
      George K
      wrote on last edited by George K
      #336

      "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.

      1 Reply Last reply
      • HoraceH Offline
        HoraceH Offline
        Horace
        wrote on last edited by
        #337

        The fact that "nobody understands crypto" is a huge point in its favor. It's still magic black box stuff. I wonder if it would retain its value if everybody realized it is a glorified collectible. 21 million identical glorified collectibles are a lot of identical glorified collectibles.

        Education is extremely important.

        1 Reply Last reply
        • X xenon

          I looked into it a bit more. It's a pretty great idea. The value and interest here though seems to come from wanting to get access to a specific token that people hope will be worth more in the future than it is today.

          Helium has very tight control on the production of that token - they won't release private keys unless you pay a certain amount of money and buy their own proprietary hardware. There is actually no decentralization here - you must go through Helium Co. to participate in this idea. (Unlike truly decentralized crypto projects like Bitcoin).

          IvorythumperI Offline
          IvorythumperI Offline
          Ivorythumper
          wrote on last edited by
          #338

          @xenon yes, you’re certainly right about the tight control. It’s kinda like a stock in that regard— investing in a company that produces something but doing it in their own currency, which happens to be crypto.

          I just can’t figure out how to buy into the system as (last I looked) they only took crypto.

          1 Reply Last reply
          • 89th8 Offline
            89th8 Offline
            89th
            wrote on last edited by
            #339

            Bought more today. Focused on bit and eth. Great discounts if you are confident it will be here in 10 or 20 years, and worth much more by then.

            taiwan_girlT 1 Reply Last reply
            • X Offline
              X Offline
              xenon
              wrote on last edited by
              #340

              I think there’s a big risk of liquidation among over-leveraged firms (see: 3 AC). They may take other players like blockfi and tether down with them.

              That’s all to say, if I had to bet, I’d guess we’re not at the bottom yet.

              I also think the return to growth will be slow. We likely won’t see low rates for a long time. I do think Bitcoin can be a gold-like asset - but if it’s flat for several years, it’ll lose the momentum it had in the mainstream right now.

              1 Reply Last reply
              • 89th8 89th

                Bought more today. Focused on bit and eth. Great discounts if you are confident it will be here in 10 or 20 years, and worth much more by then.

                taiwan_girlT Online
                taiwan_girlT Online
                taiwan_girl
                wrote on last edited by
                #341

                @89th said in The Bitcoin/Crypto Thread:

                Bought more today. Focused on bit and eth. Great discounts if you are confident it will be here in 10 or 20 years, and worth much more by then.

                Sorry, 89, but I had to laugh a bit about the comment I put in bold. I guess that applies to a lot of things.

                Alternate planet: Year 1995: 89Key Clone - Speaking about Blockbuster company. "Great discounts if you are confident it will be here in 10 or 20 years, and worth much more by then."

                On another item, there was a recent article about how "mining" for bitcoin has slowed down quite a bit.

                (https://fortune.com/2022/06/17/you-think-crypto-winter-has-battered-bitcoin-investors-talk-to-a-bitcoin-miner/)

                1 Reply Last reply
                • AxtremusA Offline
                  AxtremusA Offline
                  Axtremus
                  wrote on last edited by
                  #342

                  Allowing cryptocurrency firms to directly tap into the Federal Reserve system?

                  https://www.washingtonpost.com/business/2022/07/03/crypto-banks-risk-lummis/

                  "... part of a sweeping proposal to regulate the crypto industry that Sens. Cynthia M. Lummis (R-Wyo.) and Kirsten Gillibrand (D-N.Y.) introduced in June — would force the Federal Reserve to grant so-called master accounts to certain crypto firms seeking them from the central bank. The accounts give holders access to the Fed’s payment system, allowing them to settle transactions for clients without involving a separate bank."

                  1 Reply Last reply
                  • AxtremusA Offline
                    AxtremusA Offline
                    Axtremus
                    wrote on last edited by
                    #343

                    https://www.washingtonpost.com/technology/2022/08/03/solana-nomad-hacks-security-questions/

                    “A pair of crypto hacks totaling nearly $200 million in losses and probably affecting more than 10,000 users has prompted worry in an industry already unsettled by falling prices.
”

                    “Solana” and “Nomad” hacked.

                    1 Reply Last reply
                    • taiwan_girlT Online
                      taiwan_girlT Online
                      taiwan_girl
                      wrote on last edited by
                      #344

                      Man Wants to Search UK Landfill that has Hard Drive with "Allegedly" 150MM worth of bitcoin

                      89th8 1 Reply Last reply
                      • taiwan_girlT taiwan_girl

                        Man Wants to Search UK Landfill that has Hard Drive with "Allegedly" 150MM worth of bitcoin

                        89th8 Offline
                        89th8 Offline
                        89th
                        wrote on last edited by
                        #345

                        @taiwan_girl said in The Bitcoin/Crypto Thread:

                        Man Wants to Search UK Landfill that has Hard Drive with "Allegedly" 150MM worth of bitcoin

                        Pwn3d!!!!!!

                        https://nodebb.the-new-coffee-room.club/topic/14504/500-million-of-bitcoin-in-a-landfill/2?_=1659960554860

                        taiwan_girlT 1 Reply Last reply
                        • 89th8 89th

                          @taiwan_girl said in The Bitcoin/Crypto Thread:

                          Man Wants to Search UK Landfill that has Hard Drive with "Allegedly" 150MM worth of bitcoin

                          Pwn3d!!!!!!

                          https://nodebb.the-new-coffee-room.club/topic/14504/500-million-of-bitcoin-in-a-landfill/2?_=1659960554860

                          taiwan_girlT Online
                          taiwan_girlT Online
                          taiwan_girl
                          wrote on last edited by
                          #346

                          @89th said in The Bitcoin/Crypto Thread:

                          @taiwan_girl said in The Bitcoin/Crypto Thread:

                          Man Wants to Search UK Landfill that has Hard Drive with "Allegedly" 150MM worth of bitcoin

                          Pwn3d!!!!!!

                          https://nodebb.the-new-coffee-room.club/topic/14504/500-million-of-bitcoin-in-a-landfill/2?_=1659960554860

                          D'oh!!! :woman-facepalming:

                          1 Reply Last reply
                          • AxtremusA Offline
                            AxtremusA Offline
                            Axtremus
                            wrote on last edited by
                            #347

                            https://www.axios.com/2022/10/04/kim-kardashian-crypto-fine-matt-damon

                            Kim Kardashian was fined $1.26 million Monday for touting crypto schemes — even as much more high-profile pitches from the likes of Matt Damon and Larry David have gone unpunished. The seeming double standard is a function of a subtle yet crucial distinction in securities law.
                            …
                            How it works: If you're endorsing a company, the only rules that apply are the relatively lax ones from the FTC. If you're shilling a security, then disclosing that you were paid — as Kardashian did with an #AD hashtag — is not enough; you also need to disclose how much you were paid.

                            The bottom line: If you're going to tout crypto, tout a crypto company, not a coin.

                            taiwan_girlT 1 Reply Last reply
                            • AxtremusA Axtremus

                              https://www.axios.com/2022/10/04/kim-kardashian-crypto-fine-matt-damon

                              Kim Kardashian was fined $1.26 million Monday for touting crypto schemes — even as much more high-profile pitches from the likes of Matt Damon and Larry David have gone unpunished. The seeming double standard is a function of a subtle yet crucial distinction in securities law.
                              …
                              How it works: If you're endorsing a company, the only rules that apply are the relatively lax ones from the FTC. If you're shilling a security, then disclosing that you were paid — as Kardashian did with an #AD hashtag — is not enough; you also need to disclose how much you were paid.

                              The bottom line: If you're going to tout crypto, tout a crypto company, not a coin.

                              taiwan_girlT Online
                              taiwan_girlT Online
                              taiwan_girl
                              wrote on last edited by
                              #348

                              @Axtremus said in The Bitcoin/Crypto Thread:

                              https://www.axios.com/2022/10/04/kim-kardashian-crypto-fine-matt-damon

                              Kim Kardashian was fined $1.26 million Monday for touting crypto schemes — even as much more high-profile pitches from the likes of Matt Damon and Larry David have gone unpunished. The seeming double standard is a function of a subtle yet crucial distinction in securities law.
                              …
                              How it works: If you're endorsing a company, the only rules that apply are the relatively lax ones from the FTC. If you're shilling a security, then disclosing that you were paid — as Kardashian did with an #AD hashtag — is not enough; you also need to disclose how much you were paid.

                              The bottom line: If you're going to tout crypto, tout a crypto company, not a coin.

                              Amazing (and sad) that she is famous for being famous, and even more amazing (and sad) that she was paid USD$250K for the Instagram post.

                              1 Reply Last reply
                              • AxtremusA Offline
                                AxtremusA Offline
                                Axtremus
                                wrote on last edited by
                                #349

                                https://www.barrons.com/articles/dogecoin-musk-twitter-51666975620

                                Dogecoin surged 40% upon Elon Musk taking over Twitter. Any happy Dogecoin owner here?

                                89th8 1 Reply Last reply
                                • AxtremusA Axtremus

                                  https://www.barrons.com/articles/dogecoin-musk-twitter-51666975620

                                  Dogecoin surged 40% upon Elon Musk taking over Twitter. Any happy Dogecoin owner here?

                                  89th8 Offline
                                  89th8 Offline
                                  89th
                                  wrote on last edited by
                                  #350

                                  @Axtremus said in The Bitcoin/Crypto Thread:

                                  https://www.barrons.com/articles/dogecoin-musk-twitter-51666975620

                                  Dogecoin surged 40% upon Elon Musk taking over Twitter. Any happy Dogecoin owner here?

                                  I own like $50 or something. It would need to surge to the moon before I took notice LOL.

                                  1 Reply Last reply
                                  • X Offline
                                    X Offline
                                    xenon
                                    wrote on last edited by
                                    #351

                                    Tide is going out. Lots of naked people.

                                    jon-nycJ 1 Reply Last reply
                                    • X xenon

                                      Tide is going out. Lots of naked people.

                                      jon-nycJ Offline
                                      jon-nycJ Offline
                                      jon-nyc
                                      wrote on last edited by
                                      #352

                                      @xenon Yeah. Been very popcorn worthy.

                                      Only non-witches get due process.

                                      • Cotton Mather, Salem Massachusetts, 1692
                                      1 Reply Last reply
                                      • taiwan_girlT Online
                                        taiwan_girlT Online
                                        taiwan_girl
                                        wrote on last edited by
                                        #353

                                        I agree with what Warren Buffet has said about crypto. (Plus I dont understand it 555)

                                        “If you said … for a 1% interest in all the farmland in the United States, pay our group $25 billion, I’ll write you a check this afternoon,” Buffett said. ”[For] $25 billion I now own 1% of the farmland. [If] you offer me 1% of all the apartment houses in the country and you want another $25 billion, I’ll write you a check, it’s very simple. Now if you told me you own all of the bitcoin in the world and you offered it to me for $25 I wouldn’t take it because what would I do with it? I’d have to sell it back to you one way or another. It isn’t going to do anything. The apartments are going to produce rent and the farms are going to produce food.”

                                        “Assets, to have value, have to deliver something to somebody. And there’s only one currency that’s accepted. You can come up with all kinds of things — we can put up Berkshire coins... but in the end, this is money,” he said, holding up a $20 bill. “And there’s no reason in the world why the United States government … is going to let Berkshire money replace theirs.”

                                        1 Reply Last reply
                                        • KlausK Offline
                                          KlausK Offline
                                          Klaus
                                          wrote on last edited by
                                          #354

                                          I'm not sure that is a very plausible argument.

                                          If I'd offer you all of the Euro in the world for $25, it would also be a bad deal and it wouldn't be worth anything.

                                          taiwan_girlT 1 Reply Last reply
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