Paradox
©
Fisana

Jump to content


Photo
- - - - -

Cryptocurrency


  • Please log in to reply
9 replies to this topic

#1 SelfTransformingMachineElf

SelfTransformingMachineElf

    Mycophiliac

  • Free Member
  • 55 posts

Posted 03 March 2021 - 12:34 PM

I thought there may be some discussion of cryptocurrency around here, maybe even a subforum.  I'm not here to shill coins, although I do have a few favorites that I'm hopeful for.

 

Who else around these parts is interested in cryptocurrency?  This bull run has been fascinating.  I bought a little BTC (very little) a few years back, it's many x'ed since then, although I bought in higher than where we were this time a year ago.

 

Here are two projects that I think are good ones:

1) Algorand.  This is a project that stemmed from MIT's Turing Award winning researcher Silvio Micali.  It also has a Nobel-laureate in economics on the advisory panel - Paul Milgrom.  The tech looks good.  I've completed a few crypto transactions on BTC's network and ERC-20, and when I completed a transaction on Algorand's network, I pushed a fair amount of chips in.  Then the price plummeted. Oh well - they have a native wallet and I'm earning around 7% Algos through I guess 2030.  So that's pretty neat.  The fear here is that they purposefully suppress the price (since you want cheap transactions), and that it may turn out to be a lackluster investment.  I can't help but think that Milgrom and Co will make sure that the retail stakers are taken care of.

 

2) Hedera Hashgraph and its native cryptocurrency HBAR.  This one is probably still considerably undervalued, trading under 15 cents right now.  The hope among the community is $20 in 10 years.  The technology is pretty amazing, although I fear that it may be too far ahead of its time.  Hashgraph isn't blockchain, and it answers some problems that seem intrinsic to blockchain.  I think this is going to be a nice slow burn in the distributed ledger technology space, and I'm really hoping it catches on!

 

So who else is interested?  Are you holding?

 

 


  • Coopdog likes this

#2 Coopdog

Coopdog

    Mycotopiate

  • OG VIP
  • 3,075 posts

Donator


Awards Bar:

Posted 03 March 2021 - 02:44 PM

I put a hundred and fifty bucks into bitcoin a few years ago to buy kratom, not in time to catch the big growth, but since then I have harvested 3-4 free (to me) kilos of kratom from the growth it has seen. I keep telling my wife to start a bitcoin savings acct. I have two good friends that bought two bitcoins each for $120. A few years later I was talking to one of them when the other came up looking all flustered and asked if he had checked his bitcoin lately. They were whispering with eyes as big as saucers, and the guy told me he had just checked his, and that $120 was now $30,000 and wondering if that is real money. I said yes I think it is. 

 

So, the first guy bought $30,000 in gold coins, and about had a stroke when it actually showed up to his home. The second guy took out enough to get some Christmas presents and left the rest in there and it fell again substantially, leaving him with a few grand instead. There is one crypto success story for you that was witnessed right at work. Cool stuff. I have been thrilled with my free kilos of kratom, but can't help thinking about the what if's were I to have put in 5 grand instead. 



#3 FLASHINGROOSTER

FLASHINGROOSTER

    Semi-Pro Taco Robot

  • Black VIP
  • 2,255 posts

Awards Bar:

Posted 03 March 2021 - 04:04 PM

hahaha I too have seen some growth from leftover drug funds in my bitcoin wallet this year. Not too shabby when you use said funds to buy more drugs. Nothing like free money that came to you by accident


  • Coopdog likes this

#4 SelfTransformingMachineElf

SelfTransformingMachineElf

    Mycophiliac

  • Free Member
  • 55 posts

Posted 03 March 2021 - 04:45 PM

@Coopdog - I think the absolute worst feeling is this time last year, I was sitting on a tiny bit of BTC, and a LOT of cash because I was afraid of what the US stock market was going to do in response to Covid hitting our shores.  I'm talking *a lot* of cash.  Anyway, I'm sitting there looking at 4k USD BTC and KNOWING what the play was.  KNOWING.  But for a specific reason (potentially identifying), I didn't make the move.  And now we're flirting with 50k USD.


  • Coopdog likes this

#5 FLASHINGROOSTER

FLASHINGROOSTER

    Semi-Pro Taco Robot

  • Black VIP
  • 2,255 posts

Awards Bar:

Posted 04 March 2021 - 08:08 PM

What do you ya do though. Easy to kick yourself in hindsight.....  But shit I know what you mean, since I had that money in a wallet on my phone I would check it every day out of boredom and started monitoring the price of bitcoin. Easy enough to check its history and see that since inception it basically had never dropped that low right?  Seemed like a decent bet to make, my fear of losing my job and not having much cash on hand held me back from pulling the trigger



#6 SelfTransformingMachineElf

SelfTransformingMachineElf

    Mycophiliac

  • Free Member
  • 55 posts

Posted 05 March 2021 - 10:47 AM

Rooster, that's what got me too - or a significant piece of what got me.  And you are of course right - hindsight is definitely 20:20.  On we go.  :)



#7 Myc

Myc

    El Jardinero

  • App Administrator
  • 7,530 posts

Awards Bar:

Posted 05 March 2021 - 11:12 AM

You may find this related article from the past to be interesting:

https://mycotopia.ne.../97995-bitcoin/

 

Haven't heard from the OP in that thread for some time.

I sincerely hope he has become vastly wealthy and is just too busy to hang out. ;)


  • FLASHINGROOSTER likes this

#8 newmoon

newmoon

    Mycotopiate

  • VIP
  • 316 posts

Posted 05 March 2021 - 02:18 PM

Here's an interesting recent article about the environmental impact of cryptocurrencies, which includes data that bitcoin alone uses more electricity than some entire countries, and that much of that electricity is likely sourced from fossil fuels: https://www.theguard...onmental-impact

 

At this time of immense ecological damage due to extractive resource consumption, arbitrarily assigning value to wasted computational time (which = wasted electricity, which at this point generally means carbon emissions) seems iffy to me.



#9 TVCasualty

TVCasualty

    Embrace Your Damage

  • Moderator
  • 14,074 posts

Awards Bar:

Posted 05 March 2021 - 06:19 PM

So what happens with all the energy consumption when all the Bitcoins have been mined? That moment is not too far off since 89% of the max supply of 21,000,000 BTC has been mined.

 

Also, what motivation would someone have for verifying the blockchain after that point, since it won't be rewarded with Bitcoin (unless I'm missing something, which I probably am)?



#10 SelfTransformingMachineElf

SelfTransformingMachineElf

    Mycophiliac

  • Free Member
  • 55 posts

Posted 06 March 2021 - 12:01 PM

newmoon - I'm not a big believer in BTC these days - especially transacting BTC.  The BTC I have is set as store of value - I have no intention of ever getting rid of it.  BTC is very old tech, and its energy efficiency is certainly not great.  I'm not going to get into the validity of the data itself.  I'll say this though - the Guardian is owned by Apax Partners, a private equity firm - smacks of "Wall Street".  Take it for what you will - I make no hard claim made there.

 

I will say that the newer technology has significantly less computational requirement.  An Algorand node, for instance, can be easily run on a Raspberry Pi.  The difference between Algorand's energy computational transaction requirement and Bitcoin's is 1:10000, roughly.  That is, you can complete 10,000 Algorand transactions for the energy cost of one Bitcoin transaction.  The world banking industry's hands aren't exactly clean when it comes to energy expenditure, either.

 

TVCasualty -there's exponential decay on the amount of reward that is mined from a block.  It is estimated that the last bitcoin will be mined in 2140.  I think by this time, owning BTC will be like owning some other relic of a past age - interesting, potentially valuable - but not useful for its intended purpose.  The first thing that jumps to mind for me is a medieval suit of armor.  Not very useful for today's fighting - right?  After all the BTC is mined, the reward will be only the fee associated with the transaction.  But by then, the full scarcity of bitcoin will be in place, and the fees may be enough.  Maybe not.  


  • TVCasualty likes this




Like Mycotopia? Become a member today!