Anyone dabble in crypto? Or is it a terrible idea?

katrina

katrina

Active member
I've joined some developer networks for some of the cryptos, and I'm dabbling. All my older relatives think it's stupid but I can see a lot of utility in the distributed leger. Anyone else dipping a toe?
 
Giant pyramid scheme. Literally no use case for the block chain that wouldn't be better served by a normal database.

That being said: long ETH
 
it's a dog ... on a coin

That being said: long DOGE

**This post was edited on Mar 10th 2021 at 11:00:15am
 
What makes crypto a pyramid scheme that isn't also true for fiat?

I think the real utility is in block chain replacing the current process used by credit card companies, perhaps less useful as an actual currency, but I do think there is value in the underlying tech.
 
14256453:katrina said:
What makes crypto a pyramid scheme that isn't also true for fiat?

I think the real utility is in block chain replacing the current process used by credit card companies, perhaps less useful as an actual currency, but I do think there is value in the underlying tech.
Click to expand...

Fiat isn't inherently deflationary
 
14256453:katrina said:
What makes crypto a pyramid scheme that isn't also true for fiat?

I think the real utility is in block chain replacing the current process used by credit card companies, perhaps less useful as an actual currency, but I do think there is value in the underlying tech.
Click to expand...

Bitcoin has a massive carbon footprint that will only increase.
 
14256468:CLQ said:
Bitcoin has a massive carbon footprint that will only increase.
Click to expand...

But what about proof of stake based chains vs proof of work which doesn't have the mining aspect.
 
crypto is just a form of timeshare.... but hey at least you get a free lunch out of it.
 
14256492:katrina said:
But what about proof of stake based chains vs proof of work which doesn't have the mining aspect.
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I am not smart enough to do Crypto things, but this distinction is important and cool. Fuck burning electricity to mine, this concept should be able to exist without being so exploitative.

I come at it from an art side, and it's been really interesting to see artists who embraced it quite a while ago (like BeepleCrap) have their NFTs blow up recently, and then also watch everyone else who's late to the party jump on the bandwagon with varying success.

Again, I'm terrible at money/investing, but the moral/ethical/IP side of things when it comes to NFTs and art is super cool and interesting.
 
If you can afford to put +50k into it over the next 10 years then I personally think it's a great investment. Of course there's no minimum to see success, but until you hit a massive return that entire asset class is a sunk cost
 
if you bought ≥5 years ago, I don't think you'd have any qualms about whether or not it was a good decision.

The only cases in which people really make a killing off these things is before you've ever heard of them. Catch-22.
 
14256468:CLQ said:
Bitcoin has a massive carbon footprint that will only increase.
Click to expand...

Fake news.
https://www.scribd.com/document/420477351/2018-12-ccaf-2nd-global-cryptoasset-benchmarking-pdf

This was in 2018 and at the time ~60% of major mining farms were using at least some renewable sources. I've seen estimates that that number is now 80%+

I think the chinese have mandated that crypto is mined using renewable or else you face jail time. A lot of it there is mined at the three gorges dam.

Just youtube alone uses like twice the amount of energy of all Bitcoin mining operations.

Plus, once the btc is mined it basically uses zero electricity for transactions.
 
14257156:T.L. said:
This was in 2018 and at the time ~60% of major mining farms were using at least some renewable sources. I've seen estimates that that number is now 80%+
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Yeah, but renewable energy is still energy you're taking off the grid. So until 100% of energy is renewable (never) there's still an environmental cost to any energy being used for mining instead of other purposes. Using renewables to mine crypto is just using energy that could, in most cases be used to replace fossil fuels in other, more essential industries.
 
14257156:T.L. said:
Fake news.
https://www.scribd.com/document/420477351/2018-12-ccaf-2nd-global-cryptoasset-benchmarking-pdf

This was in 2018 and at the time ~60% of major mining farms were using at least some renewable sources. I've seen estimates that that number is now 80%+

I think the chinese have mandated that crypto is mined using renewable or else you face jail time. A lot of it there is mined at the three gorges dam.

Just youtube alone uses like twice the amount of energy of all Bitcoin mining operations.

Plus, once the btc is mined it basically uses zero electricity for transactions.
Click to expand...

Spot an as per usual
 
I heard this story on NPR, this dude did like a YouTube video for Bitcoin in like 2012, it was like a low budget commercial no big deal they paid him in some bit coins as compensation- well fast forward to 2020 and his password got reset and he can’t access his account which is now worth like 30 million bucks. He’s done a lot of therapy apparently ?
 
Anyone know if there is an app or something that notifies you when a crypto is a certain price?

Instead of having to look constantly at what the prices are so you know when to buy and sell
 
14272414:MiIfHunter said:
Anyone know if there is an app or something that notifies you when a crypto is a certain price?

Instead of having to look constantly at what the prices are so you know when to buy and sell
Click to expand...

I use gemini and it let's you set specific price notifications. I believe that feature would still work even if you didn't have a wallet there.
 
14272459:katrina said:
I use gemini and it let's you set specific price notifications. I believe that feature would still work even if you didn't have a wallet there.
Click to expand...

Can you set specific parameters on it that will notify you.

say you want to know when bitcoin for example is low at like 54k and u want to know when it’s high say at 60k and you put in those specifications and want to be notified upon based on those parameters
 
14272531:Tnski said:
Cryotospuridium mostly but some cryptozoology
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Cryotospuridium wtf? i got that illness when i volunteered in South Africa for 6 months in 2018

luckily thats all i got there. i worked in a comunity that had an extremely his AIDs rate

**This post was edited on Apr 7th 2021 at 6:54:49pm
 
14272536:MiIfHunter said:
Cryotospuridium wtf? i got that illness when i volunteered in South Africa for 6 months in 2018

luckily thats all i got there. i worked in a comunity that had an extremely his AIDs rate

**This post was edited on Apr 7th 2021 at 6:54:49pm
Click to expand...

Yea it's great stuff, really cleans out the system huh
 
14272507:MiIfHunter said:
Can you set specific parameters on it that will notify you.

say you want to know when bitcoin for example is low at like 54k and u want to know when it’s high say at 60k and you put in those specifications and want to be notified upon based on those parameters
Click to expand...

Yep!
 
Anyone know why when u say buy x amount of dollars worth of bitcoin for the same price or similar as you have in the past why it is not paying out the same price as it did previous

say u bought $1k of btc for 60k in jan

Then you buy it again for 1k now why is it not paying out the same amount when u buy it for the same price invest the same amount of money and it hits the same price point?
 
14274120:theLiquor said:
It’s a terrible idea *not* to.
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Well it depends if u know what ur doing or not.

lots of ppl get ducked over by using apps that charge tons of fees etc. Not know how to buy and sell.

what crypto are u fucking with Mr. the Liquor?
 
14273836:MiIfHunter said:
Anyone know why when u say buy x amount of dollars worth of bitcoin for the same price or similar as you have in the past why it is not paying out the same price as it did previous

say u bought $1k of btc for 60k in jan

Then you buy it again for 1k now why is it not paying out the same amount when u buy it for the same price invest the same amount of money and it hits the same price point?
Click to expand...

Can you re phrase this?

If you buy 1k at 60k that's 0.016 btc either way unless you are getting boned by fees
 
14256468:CLQ said:
Bitcoin has a massive carbon footprint that will only increase.
Click to expand...

This is necessarily true, as had been stated. What hasn't been mentioned is that companies like Etherium are updating to remove the need for mining and I'm sure you'll see more of that soon from other companies.

My old roommate used to heat our living room with his computer from mining. I'm an energy nerd, so we did the calculations. It was cheaper and less energy to heat the room with his computer than the baseboards.

I'm interested to see what happens when Coinbase gets listed publicly. I wonder what price it'll start at?

**This post was edited on Apr 10th 2021 at 10:21:15pm
 
wow girls do bitcoin now?

14256462:Notaskibum said:
Giant pyramid scheme. Literally no use case for the block chain that wouldn't be better served by a normal database.
Click to expand...

well I think the point is that its not centrally run. so yea the use case is literally "not centrally run". normal database is centrally run. you can argue that centrally run is good or bad, you can have a position either way, but it's dumb to just ignore the fact that there IS a use case for bitcoin, and that is, for people who want a currency that's not central.

14256462:Notaskibum said:
Fiat isn't inherently deflationary
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um doesnt that make fiat more pyramid than bitcoin?
 
14274371:b00mSkis said:
wow girls do bitcoin now?

well I think the point is that its not centrally run. so yea the use case is literally "not centrally run". normal database is centrally run. you can argue that centrally run is good or bad, you can have a position either way, but it's dumb to just ignore the fact that there IS a use case for bitcoin, and that is, for people who want a currency that's not central.

um doesnt that make fiat more pyramid than bitcoin?
Click to expand...

Do bitcoin.
 
I bought some btc @700ish in 2015 to buy bud and forgot about it for awhile. Sometimes drugs do pay! Still HODLing. My luck aside it is really volatile; don’t invest what you’re not willing to lose.
 
All in on Vechain. Well 50%

14274126:MiIfHunter said:
Well it depends if u know what ur doing or not.

lots of ppl get ducked over by using apps that charge tons of fees etc. Not know how to buy and sell.

what crypto are u fucking with Mr. the Liquor?
Click to expand...
 
Bought 2 bitcoin at approximately 27,000 each. Yes. Its worth it, do I know if it will continue to go up, no... When bitcoin hits its cap, 21 million or so, I think it will skyrocket. You don't need to buy whole coins, you can just buy pieces, but I recommend putting some money into it. You never know really.

**This post was edited on Apr 12th 2021 at 8:45:40am
 
14275347:Charlie_Kelly said:
Been dumping $50 every week into Litecoin. I think it has some potential
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Is litecoin one of the coins that uses itself for collateral for exchange between different cryptos?
 
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