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Any Crypto aficionados here?


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#1 SelfTransformingMachineElf

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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?

 

 


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#2 Coopdog

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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

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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


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#4 SelfTransformingMachineElf

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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.


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#5 FLASHINGROOSTER

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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

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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

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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. ;)


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#8 newmoon

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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

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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

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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.  


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#11 TVCasualty

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Posted 06 June 2021 - 09:21 AM

This is ...interesting.
 

Bitcoin: El Salvador plans to make crypto-currency legal tender

 

El Salvador's President-bro is being cheered by lots of tech-bros for this move, but either most of them don't know what's up in El Salvador or they don't care and just hope to cash in on what's to come.

 

And what's to come may well be a new Golden Age of money laundering and tax avoidance. Not that there's anything wrong with that, though the worst of the worst among us tend to benefit the most from such arrangements.

 

 

I figure that either the old-school evil fuckers finally figured out how to make BTC work for their interests or El Presidente is gonna get whacked soon. I suspect the former.

 

 


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#12 FLASHINGROOSTER

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Posted 06 June 2021 - 10:47 AM

Some have suspected that the backing of Etherium by the Russian goverment was in the interest of getting around those troublesome sanctions imposed by western nations.

 

The main feature of crypto appears to be its usefulness in illegal activities. Bitcoin has tried to fight this by decreasing your ability to stay anonymous but surely there are ways around it.

 

 

Might be a good time to buy some more bitcoin it is back down and in the realm of reasonable to buy again. Short of an energy crisis crippling the technology I don't see it going anywhere. Bitcoin is here to stay

 

Running your economy on something that wildly fluctuate in price like crypto seems like a dangerous gamble to me. I see potential for massive rise and fall in peoples monetary situations. Boom and bust like living conditions could lead to terrible inflation.



#13 TVCasualty

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Posted 22 June 2021 - 10:24 AM

To be fair, money laundering is a vital economic activity without which shit would get crazy in a bad way real fast.

 

The same governments that make a big show of "cracking down" never seem to stop it, do they?

 

Same goes for the amount of illegal drugs shipped around the world, which is a massive (hard to imagine how massive) logistical challenge even for legal commodities that don't need to be secured or hidden for their entire journey.

 

So the world is a fucking mess thanks to greedy self-serving assholes. Because of that, lots of people self-medicate at excessive expense (all cash) since drugs would otherwise be cheap if they were legal. The cash is then laundered through various methods that have evolved in parallel with technology and changing legal climates (e.g., numbered Swiss bank accounts aren't so special and secret anymore). Once laundered, a lot of that money is then used to fund black-bag and other off-books projects and operations that just make you want to get high and not think about what a shit-show the world is. And the cycle is thereby complete. Oh, and somehow we're being led to believe that it's those big bad (and not-white) "kingpins" who run cartels in Mexico and further south behind it all, which is ridiculous.

 

We're so damned stupid (collectively speaking) that it's almost comical.

 

Almost.

 

 

Oh, and I wonder how folks in El Salvador are feeling now that the crypto market is lurching into the red? Granted, Bitcoin hasn't tanked like the others but this has been a rough week to be holding crypto and it's only Tuesday.


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#14 August West

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Posted 22 June 2021 - 02:38 PM

There's a faction of cypto-adopters who talk about the coins simply being one in a long list of tools that emanate from the blockchain. It's the blockchain technology itself that excites these people.

 

As a small tangent...

 

 

Same goes for the amount of illegal drugs shipped around the world, which is a massive (hard to imagine how massive) logistical challenge even for legal commodities that don't need to be secured or hidden for their entire journey.

 

I'm guessing the dollar amount stated is low.

 

 

Sat 12 Dec 2009 

 

Drug money saved banks in global crisis, claims UN advisor

Drugs and crime chief says $352bn in criminal proceeds was effectively laundered by financial institutions

 

Drugs money worth billions of dollars kept the financial system afloat at the height of the global crisis, the United Nations' drugs and crime tsar has told the Observer.

 

Antonio Maria Costa, head of the UN Office on Drugs and Crime, said he has seen evidence that the proceeds of organised crime were "the only liquid investment capital" available to some banks on the brink of collapse last year. He said that a majority of the $352bn (£216bn) of drugs profits was absorbed into the economic system as a result.

 

This will raise questions about crime's influence on the economic system at times of crisis. It will also prompt further examination of the banking sector as world leaders, including Barack Obama and Gordon Brown, call for new International Monetary Fund regulations. Speaking from his office in Vienna, Costa said evidence that illegal money was being absorbed into the financial system was first drawn to his attention by intelligence agencies and prosecutors around 18 months ago. "In many instances, the money from drugs was the only liquid investment capital. In the second half of 2008, liquidity was the banking system's main problem and hence liquid capital became an important factor," he said.

 

Some of the evidence put before his office indicated that gang money was used to save some banks from collapse when lending seized up, he said.

 

"Inter-bank loans were funded by money that originated from the drugs trade and other illegal activities... There were signs that some banks were rescued that way." Costa declined to identify countries or banks that may have received any drugs money, saying that would be inappropriate because his office is supposed to address the problem, not apportion blame. But he said the money is now a part of the official system and had been effectively laundered.

 

"That was the moment [last year] when the system was basically paralysed because of the unwillingness of banks to lend money to one another. The progressive liquidisation to the system and the progressive improvement by some banks of their share values [has meant that] the problem [of illegal money] has become much less serious than it was," he said.

 

The IMF estimated that large US and European banks lost more than $1tn on toxic assets and from bad loans from January 2007 to September 2009 and more than 200 mortgage lenders went bankrupt. Many major institutions either failed, were acquired under duress, or were subject to government takeover.

 

Gangs are now believed to make most of their profits from the drugs trade and are estimated to be worth £352bn, the UN says. They have traditionally kept proceeds in cash or moved it offshore to hide it from the authorities. It is understood that evidence that drug money has flowed into banks came from officials in Britain, Switzerland, Italy and the US.

 

British bankers would want to see any evidence that Costa has to back his claims. A British Bankers' Association spokesman said: "We have not been party to any regulatory dialogue that would support a theory of this kind. There was clearly a lack of liquidity in the system and to a large degree this was filled by the intervention of central banks."


Edited by August West, 22 June 2021 - 02:40 PM.


#15 FLASHINGROOSTER

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Posted 22 June 2021 - 08:07 PM

 

There's a faction of cypto-adopters who talk about the coins simply being one in a long list of tools that emanate from the blockchain. It's the blockchain technology itself that excites these people.

 

I have heard tell of this as well, although I have yet to really grasp the technology other than the idea of mining and verifying transactions.



#16 TVCasualty

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Posted 24 June 2021 - 07:47 AM

 

There's a faction of cypto-adopters who talk about the coins simply being one in a long list of tools that emanate from the blockchain. It's the blockchain technology itself that excites these people.

 

 

I bet it's the fraction who have crypto portfolios that lost half their value or more in the past month, lol.

 

"I never really wanted to make a profit off this technology! It's about the potential!" said no one ever.



#17 Sidestreet

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Posted 02 October 2021 - 02:29 PM

Bump!  Just buying my first coins.  I got some Bitcoin and some Ether.  I got a little Dogecoin and some Shiba Inu too, but after reading some more I'll probably dump those as soon as the prices are up, and put that money into the other two.

 

I just read my first article about Monero, too.  I might want some of that for ::ahem:: reasons, but I am a long way off from being comfortable in that respect. 

 

https://www.thedecha...coin-anonymous/

 

Nice little jump in the prices today and yesterday after this happened: https://www.yahoo.co...-193120137.html

 

Because I'm looking into Bitcoin and Ethereum as a long-term investment, I see the prospect of regulation as a good thing at this point.

 

Ethereum almost seems like the better bet because I'm hearing that it has characteristics that make it more viable for mass adoption, such as faster transaction speed.


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#18 FLASHINGROOSTER

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Posted 02 October 2021 - 02:42 PM

Man if bitcoin drops down anywhere close to 30K US again, I think I am going to buy a few thousand dollars worth. During that pandemic I wanted to buy it so bad when it was down to 5K but my fear of having a job and income that one could afford to lose held me back


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#19 rockyfungus

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Posted 02 October 2021 - 02:44 PM

Tried to get my brother to set me up a wallet and some coins. But he proved all talk as usual.

Really want to adopt etherum and force the lady to make NFTs

#20 FLASHINGROOSTER

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Posted 02 October 2021 - 02:53 PM

I use the Mycelium wallet myself and ended up using one of those bit coin ATM's to buy it. These days there are plenty of online websites that after a bit of a sign up process one can easily buy and sell them. I noticed apps like wealth trade simple or robin hood in the US that claim to have "no fees" transactions, simply shift the fee into the actual price of the product






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