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The New Coffee Room

  1. TNCR
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  3. The Bitcoin/Crypto Thread

The Bitcoin/Crypto Thread

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  • 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
                                    • KlausK Klaus

                                      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 Online
                                      taiwan_girlT Online
                                      taiwan_girl
                                      wrote on last edited by
                                      #355

                                      @Klaus said in The Bitcoin/Crypto Thread:

                                      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.

                                      But it is worth something. I can go to pretty much anywhere and buy something with it. I can live if you gave me euros. If I were only had crypto in my pocket, I think I would starve to death, not be able to move around, except by walking (and even then, I dont know where I would get shoes), buy a computer to post on TNCR, pay the internet company that allows me to use an (un-bought) computer , etc. etc.

                                      KlausK 1 Reply Last reply
                                      • taiwan_girlT taiwan_girl

                                        @Klaus said in The Bitcoin/Crypto Thread:

                                        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.

                                        But it is worth something. I can go to pretty much anywhere and buy something with it. I can live if you gave me euros. If I were only had crypto in my pocket, I think I would starve to death, not be able to move around, except by walking (and even then, I dont know where I would get shoes), buy a computer to post on TNCR, pay the internet company that allows me to use an (un-bought) computer , etc. etc.

                                        KlausK Offline
                                        KlausK Offline
                                        Klaus
                                        wrote on last edited by
                                        #356

                                        @taiwan_girl said in The Bitcoin/Crypto Thread:

                                        @Klaus said in The Bitcoin/Crypto Thread:

                                        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.

                                        But it is worth something. I can go to pretty much anywhere and buy something with it. I can live if you gave me euros. If I were only had crypto in my pocket, I think I would starve to death, not be able to move around, except by walking (and even then, I dont know where I would get shoes), buy a computer to post on TNCR, pay the internet company that allows me to use an (un-bought) computer , etc. etc.

                                        It isn't worth anything anymore if you would concentrate all Euro in one hand.

                                        No modern currency has intrinsic value.

                                        It's all a matter of trust. If people trust crypto, you'll soon be able to buy shoes with it. If people do not, it will end up in the dust bin of history.

                                        taiwan_girlT 1 Reply Last reply
                                        • jon-nycJ Offline
                                          jon-nycJ Offline
                                          jon-nyc
                                          wrote on last edited by
                                          #357

                                          It’s still not clear it has a use case besides illicit trade and speculation.

                                          Only non-witches get due process.

                                          • Cotton Mather, Salem Massachusetts, 1692
                                          HoraceH 1 Reply Last reply
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