The Bitcoin/Crypto Thread
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@taiwan_girl said in The Bitcoin/Crypto Thread:
There was an interesting article recently on the "search" to find who was the guy that invented BitCoin.
Nobody really knows.
I did not realize that there is a maximum number of bitcoins that will be made. I think the number is 21 million. They believe that the inventor holds about 1 million of these.
Adam Back, according to a convincing documentary I saw.
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@xenon said in The Bitcoin/Crypto Thread:
@Ivorythumper said in The Bitcoin/Crypto Thread:
@Renauda said in The Bitcoin/Crypto Thread:
Can anyone tell me what produced commodities or services support or sustain the market value of Bitcoin/cryptocurrency?
Helium is working to create a decentralized telecom network of transmitters which are also cryptominers.
The owner puts the unit in their window, links with others in the neighborhood, create a network of cellular communications, earn crypto and create crypto, and then profit when the network is used in replacement of cell towers. So the game plan is to replace Verizon TMob ATT etc cell towers with a completely decentralized operator owned network for internet, streaming, voip, etc.
That to me makes sense as it produces real and marketable value.
The most valuable asset a telco has is wireless spectrum. There’s nothing stopping people from setting up nodes on public frequencies today. I’m not sure what value the crypto angle brings.
As I understand it, the crypto part simultaneously sets up a network of communication devices to replace cell towers and computers to solve for and generate crypto, which are earned by the owners of the devices.
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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).
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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.
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@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.
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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.
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@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.
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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."
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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.
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@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!!!!!!
D'oh!!!
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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.
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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.
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@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.
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https://www.barrons.com/articles/dogecoin-musk-twitter-51666975620
Dogecoin surged 40% upon Elon Musk taking over Twitter. Any happy Dogecoin owner here?
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@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.
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@xenon Yeah. Been very popcorn worthy.
