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The New Coffee Room

  1. TNCR
  2. General Discussion
  3. The Bitcoin/Crypto Thread

The Bitcoin/Crypto Thread

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  • L Offline
    L Offline
    LuFins Dad
    wrote on 8 Dec 2024, 15:21 last edited by
    #431

    It is speculating, but it’s not blind speculation. Emerging blockchain technologies do look to have very promising applications in secure data transfer. Healthcare systems are looking at using it for faster and more secure methods of transferring patient data, banks and credit card processors are investing into it for better and more secure financial transactions. There are applications that could make blockchains one of the most critical technologies developed in first half of the century, which could have significant financial implications. Tossing a few bucks into the pot doesn’t necessarily hurt. Especially with a pro-crypto admin coming in.

    The Brad

    H 1 Reply Last reply 8 Dec 2024, 15:31
    • M Offline
      M Offline
      mark
      wrote on 8 Dec 2024, 15:28 last edited by mark 12 Aug 2024, 15:29
      #432

      My "investment" or "wager" in Shiba Inu is currently almost twice what I have invested. I am waiting this cycle out, to see if it gets close to ATH. If it does I will cash out with 2 - 3 x the "lunch money investment" I made and still have 40 million of them
      for which I will have spent zero "real coins"

      I have already cashed in 50% of my original wager in fiat dollars issued by the Federal Reserve Bank.

      1 Reply Last reply
      • L LuFins Dad
        8 Dec 2024, 15:21

        It is speculating, but it’s not blind speculation. Emerging blockchain technologies do look to have very promising applications in secure data transfer. Healthcare systems are looking at using it for faster and more secure methods of transferring patient data, banks and credit card processors are investing into it for better and more secure financial transactions. There are applications that could make blockchains one of the most critical technologies developed in first half of the century, which could have significant financial implications. Tossing a few bucks into the pot doesn’t necessarily hurt. Especially with a pro-crypto admin coming in.

        H Offline
        H Offline
        Horace
        wrote on 8 Dec 2024, 15:31 last edited by
        #433

        @LuFins-Dad said in The Bitcoin/Crypto Thread:

        It is speculating, but it’s not blind speculation. Emerging blockchain technologies do look to have very promising applications in secure data transfer. Healthcare systems are looking at using it for faster and more secure methods of transferring patient data, banks and credit card processors are investing into it for better and more secure financial transactions. There are applications that could make blockchains one of the most critical technologies developed in first half of the century, which could have significant financial implications. Tossing a few bucks into the pot doesn’t necessarily hurt. Especially with a pro-crypto admin coming in.

        I don’t see the connection between the general value of an algorithm and the value of an application of that algorithm into a gambling game. The gambling game might still be useless.

        Education is extremely important.

        1 Reply Last reply
        • J jon-nyc
          8 Dec 2024, 13:44

          What ultimately gives fiat currencies value is that governments require you to use them to pay taxes. No such equivalent for crypto.

          H Offline
          H Offline
          Horace
          wrote on 8 Dec 2024, 15:35 last edited by
          #434

          @jon-nyc said in The Bitcoin/Crypto Thread:

          What ultimately gives fiat currencies value is that governments require you to use them to pay taxes. No such equivalent for crypto.

          Slightly imprecise framing IMO. I would say that fiat currencies have value because they are defined as valuable by entities with authority to impose violence on you, if you do not provide them that value upon request.

          Education is extremely important.

          1 Reply Last reply
          • A Offline
            A Offline
            Axtremus
            wrote on 3 Feb 2025, 13:02 last edited by
            #435

            https://fortune.com/crypto/2025/01/30/errol-musk-memecoin-elon-tesla-donald-trump-crypto/

            Elon Musk’s father Errol looks to monetize his famous name with ‘Musk It’ memecoin: ‘I’m the head of the family’

            1 Reply Last reply
            • A Offline
              A Offline
              Axtremus
              wrote on 29 Mar 2025, 02:10 last edited by
              #436

              https://www.nytimes.com/2025/03/28/business/rainbowex-crypto-ponzi-scheme.html?unlocked_article_code=1.7k4.1E46.Om7LSXWGaMmo

              A close look into a cryptocurrency Ponzi scheme that took a town in Argentina, one of hundreds such schemes around the world.

              1 Reply Last reply
              • T Offline
                T Offline
                taiwan_girl
                wrote 19 days ago last edited by
                #437

                https://www.pcworld.com/article/2767705/bitcoin-mining-is-no-longer-profitable.html

                ... the basic equation is that it now costs more in electricity to “mine” a single Bitcoin than that Bitcoin is currently worth—by a significant margin. Due to the nature of the Bitcoin protocol, which started the better part of two decades ago, it was inevitable that we’d reach this point eventually. The pool of minable Bitcoins shrinks as more are mined, and as that happens, the cryptographic work needed to “find” new ones becomes increasingly harder.

                Coinshares, via reporting from Overlclockers.ru and PCGamer, reports that we’re now past that point—well past it, in fact. The math says that mining a new Bitcoin in 2025 costs approximately $137,000 USD in electricity, even if you have the (very expensive) computer power to do it, while that Bitcoin is worth about $95,000 on the open market. Even at its all-time high of over $100,000 earlier this year, and assuming ideal conditions with access to cheap power and hardware, it’s a losing game.

                1 Reply Last reply
                • K Offline
                  K Offline
                  Klaus
                  wrote 19 days ago last edited by Klaus
                  #438

                  That doesn't make sense to me. The difficulty of mining a Bitcoin is adjusted every two weeks to get a block time around every 10 mins. That should make that situation very unlikely and self-correct quickly. Also, I believe the miners get something extra from the transaction costs.

                  1 Reply Last reply
                  • J Online
                    J Online
                    jon-nyc
                    wrote 19 days ago last edited by
                    #439

                    Yes there are transaction fees. They were always in the protocol but were never collected in the early days because mining was sufficiently profitable. They became meaningful around 10 years ago.

                    Only non-witches get due process.

                    • Cotton Mather, Salem Massachusetts, 1692
                    1 Reply Last reply
                    • K Offline
                      K Offline
                      Klaus
                      wrote 19 days ago last edited by Klaus
                      #440

                      Yes, from what I understand, the transaction costs are going to become more and more important until they become the single source of income for miners (namely when the maximum number of bitcoins has been reached).

                      In any case, I believe the protocol is self-adjusting in the sense that the situation above - mining more expensive than reward - self-corrects quickly.

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