FunkMiller
Gold Member
He’s not wrong about the environmental impact, but crypto is here to stay, so something practical needs to be done to lessen its impact. I vote cyber warfare against Bitcoin miners. That should be easy and not cause any issues
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Bitcoin, Cryptocurrency, Blockchain, and You: Navigating the Future of Tech (a NeoGAF discussion thread)
He’s not wrong about the environmental impact, but crypto is here to stay, so something practical needs to be done to lessen its impact. I vote cyber warfare against Bitcoin miners. That should be easy and not cause any issues
llien
Member
Crypto got where it got the way any bubbles/Ponzi gets anywhere: by more victims onboarding.
10% of US population is in this game, with the only reason to buy crypto crap is to sell it to others for more.
Ascend
Member
Well... He actually is wrong about the environment;He’s not wrong about the environmental impact, but crypto is here to stay, so something practical needs to be done to lessen its impact. I vote cyber warfare against Bitcoin miners. That should be easy and not cause any issues
TBiddy
Member
True story. There's very little actual (if any?) use for the coins, from what I've seen.
Ascend
Member
TBiddy
Member
In some cases, you have actual influence on how the company is run.
Doczu
Member
Technically you have some influence with some coins as you gain some voice regarding the tech going forward.
But yeah, most of them is about mmaking money, both for the creator and for the general public.
TBiddy
Member
And that's totally fine. It's a capitalist world, after all. But I don't see any point pretending it's nothing but a ponzi scheme, that relies on amateurs hearing about "Bitcoins" in the TV throwing tons of money into the pool. I'd love to spot one of the shitcoins, take 5000% profit, but the odds of that happening is probably pretty low at this point.
Ascend
Member
The same applies for stocks, really.
Crypto is being bashed left and right for things that are already happening.
Maher bashes crypto for creating money out of thin air, while the same already happens with fiat.
People bash crypto because people make money with it, but the same happens with stocks.
People bash crypto for its power consumption, but don't realize how much power traditional systems are using.
And so on and so on.
Bitcoin is pretty much guaranteed to increase in price due to its fundamentals. What you say is definitely true for stuff like Dogecoin though.
Not all coins are created equal, and although there are ponzi schemes out there, not all of them are.
Doczu
Member
Problem is i think that crypto is way easier to be set up as scheme for some whales to earn big cash. I don't think even the "good" and "valuable" coins are safe from it, it takes just a bit of starter cash and some time to play the ge.and suck some new guys into the coin hoping it will blow. Which it will, but shortly after the whales sell out and you are left in the drain.
Again, the same happens on the stock market, but i feel it's easier to do in crypto
Again, the same happens on the stock market, but i feel it's easier to do in crypto
Ascend
Member
It is true that it is easier with crypto. It comes with the tech. No going around that. There is a reason that crypto is considered the most risky trading/investing market out there.Problem is i think that crypto is way easier to be set up as scheme for some whales to earn big cash. I don't think even the "good" and "valuable" coins are safe from it, it takes just a bit of starter cash and some time to play the ge.and suck some new guys into the coin hoping it will blow. Which it will, but shortly after the whales sell out and you are left in the drain.
Again, the same happens on the stock market, but i feel it's easier to do in crypto
If people don't know what they're doing or are new to the space, they should simply stick to Ethereum and Bitcoin. But most people get into the hype of coins that are pumping, like happened with Dogecoin. A lot of people will get burned, just like happened in 2017-2018. No one holds your hand in this space. It's all on yourself.
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ThatStupidLion
Member
because the crypto industry is in its infancy, standardization and regulation will catch up and shit coins and manipulation will subside ( or at least get harder to do)Problem is i think that crypto is way easier to be set up as scheme for some whales to earn big cash. I don't think even the "good" and "valuable" coins are safe from it, it takes just a bit of starter cash and some time to play the ge.and suck some new guys into the coin hoping it will blow. Which it will, but shortly after the whales sell out and you are left in the drain.
Again, the same happens on the stock market, but i feel it's easier to do in crypto
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Doczu
Member
Can't wait for the crypto pyramids change to crypto MLMs and get my social feed full with heartwarming posts and pictures about "changing your life" and "overcoming your boundaries".
Man, it'll be the 90/00s once again...
godhandiscen
There are millions of whiny 5-year olds on Earth, and I AM THEIR KING.
You lend them your ETH for them to use as part of their validation stake. You earn 6% of your ETH in a year, with the rewards being handed out daily. Once ETH2 releases you can get back all the ETH you let Coinbase borrow or keep staking it.
ThatStupidLion
Member
you need a minimum of 32 eth to begin staking if i'm correct
QuantumZebra
Member
Decided I was gonna throw $50 at Shiba coin to see if I can become a millionaire without paying attention.
Anyone got thoughts on Cardano/ADA? Thinking about going all in on it and ignoring Eth/BTC.
Anyone got thoughts on Cardano/ADA? Thinking about going all in on it and ignoring Eth/BTC.
bigedole
Member
Hmm, I only have 4.2 ETH but I'm staking it now...
Ascend
Member
Not trying to destroy your dreams, but... Let's do the math, shall we?
You want your $50 to go to $1,000,000. That is 20,000x larger.
Current Shiba market cap is $8,864,359,041.
Shiba market cap would therefore need to reach 177 Trillion for you to be a millionaire.
To put that in perspective
That is 177x what Bitcoin is today.
That is 17x the total value of Gold today.
That is about 2x all the money in all exchanges over the world.
That is about 70% of the total global debt.
I think classifying your goal as unlikely is an understatement.
QuantumZebra
Member
I mean, it was a joke (I just want enough to buy another gun or guitar, like the Doge spike paid for)... but I believe in the Shiba!
godhandiscen
There are millions of whiny 5-year olds on Earth, and I AM THEIR KING.
Not with Coinbase. You need a minimum of 32ETH to open your own validator, but with Coinbase you can stack at any quantity.
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Hnjohngalt
Member
Well Bitcoin is down to 49k. Heres hoping it drops more so i can get my Elon Discount. Im hopeful for 40k
godhandiscen
There are millions of whiny 5-year olds on Earth, and I AM THEIR KING.
They are on sale. I would spend half of what you were planning to spend today and leave the other half for when the news really hit mainstream media in the coming days.
Is this just from the Tesla news?
godhandiscen
There are millions of whiny 5-year olds on Earth, and I AM THEIR KING.
Yes. Bitcoin lost up to 17% half an hour after the tweet hit. It is only down 11% now. These news haven’t made it to the majority of crypto holders (people who joined this year).
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{insert code here}
Member
Hope I'm not speaking too soon here, but I just scrolled through my trading view watchlist and all I see is green. Fucking chads buying this dip.
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BaneIsPain
Member
Thanks Elon and Vitalik.
llien
Member
You own part of the company.
Fraction of its natural growth or its income (there are two distinct models) is yours too.
llien
Member
Stocks have legit "end user" use.
User who doesn't sell stock, owns part of the company.
In case of Intel / most German companies / many others it means getting paid dividends - part of the company's income.
US take is more into getting stock price up (so you own the same stock, which just becomes more expensive).
Crypto bazinga has no such value for the "last user", it's a hot potato, with the last owner ending up with literally nothing.
Ascend
Member
And how is crypto different...?
Sounds a lot like the difference between proof of stake, where having a certain amount of staked coins pays you a certain amount for holding on to it, and proof of work where the supply is reduced over time, increasing the value of the coin.
I guess you don't realize yet that crypto has legitimate projects with legitimate people building legitimate products.
thefool
Member
thefool
Member
Do you guys even know what is a governance token? Their revenue share models? Crypto has such a width surface to attack but these bizarrely misinformed takes just sorta display a huge ignorance about the subject.
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llien
Member
Indeed, as you own jackshit.
Tesla builds and sells cars, owns factories, patents and what not.
Comparing act of building a car, to a CumRocket bazinga "work", seriously?
That looks like a lame excuse to cover the gambling activities.
Jesus Christ...
Synless
Member
You sound just like the people who used to say the same things about the internet. I will circle back on your post one day down the road to remind you how uninformed you were. Why don't you for several minutes go look at Cardano's website for just a single example of what crypto is doing.
Cardano - making the world work better for all | Cardano
An open platform designed to empower billions without economic identity by offering decentralized applications for managing identity, value, and governance.
cardano.org
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llien
Member
I don't know what people said what about the internet, so let me use my imagination:
Please do.
Or google, or duckduckgo. Sure, dude.
Once I'll talk to google or duckfudkgo or that website, I will.
CloudNull
Banned
Your arguements are lacking.
Some cryptos have legitimate technology uses. The current major ones all have their drawbacks and that’s why there is such a mad dash to find the “one” that gets it right.
I’d say 70% of the crypto out there are scams and these are the ones you are arguing against. They give the crypto market a band name.
Don’t write off this technology that has the potential to fundamentally change the world and we are watching it in its infancy.
llien
Member
Such as?
Irobot82
Member
Decentralized, Hackproof, Peer-2-Peer transactions. Solving the Byzantine General's Problem.
CloudNull
Banned
This man pretty much says it all:
People need to adjust the way that they look at Crypto. I break it down by these 3 major groups:
Bitcoin= proof of concept that shows blockchain works extremely well. The biggest flaw is that it is not sustainable because the supply is limited. Over the years people will die and wallets will be lost. You cannot build a legit currency with these types of limitations. This is not even considering the ecological issues of the increase of mining which is another set of limitations.
Ethereum= A different way to build decentralized applications potentially leading the way for web 3.0. Current flaws is that network congestion is becoming a issue with transaction fees skyrocketing. Needs lots of work but has potential to have a very real world eco system backed by a crypto that has value. The coins will support the network and ecosystem being built.
Everything else= Lots of shit scammers but also a lot of very promising startups that could be building the protocols for web3.0. There are tons of recommendations in this thread so no need for me to write out a ton.
Blockchain and crypto are not coins with no real value. There are market players who are looking to just catch the waves and make some money. Nothing wrong with that, it is equivalent to the day traders on the stock market. Then there are the deep value investors like myself who like to read the white papers of a certain crypto and invest on the merits of the technology.
Irobot82
Member
That's the point of BTC. A limited money supply. Nobody can debase it. You know there will only ever be no more than X (technically minus Y lost). It is more stable than fiat because it is dependable. It's not like say XRP which is centralized (can be manipulated), and unlimisted (founders dump XRP onto the market all the time) which debases the value.
CloudNull
Banned
I understand that is the point but it is not viable on a mass consumption level. Mining it is too difficult and its only going to get harder. There are already issues with supply shortages with gpus(before the microchip shortage) and energy issues. This will only increase as the price for bitcoin continues to climb which I think it will. It will have some crashes and rebounds but the price will probably always go up in the long run.
Imagine what happens in 30 years when there are no more coins to mine and a few handful of whales pass away without giving some one else access to their wallet. The coins will be lost. Imagine this happens for another 30 years and slowly the supply completely disappears. The people holding bitcoin will probably have massive demand for their coins if the world hasn't moved on to something else.
There needs to be another mainstream coin to take bitcoins place. This blockchain needs a unique burn rate and an ability to resupply the coins in a manner that helps combat inflation..... spit balling here..... maybe another few million every 10 years or something.
Or maybe the answer is not a unifying coin that does it all but an underlying tech that lets all blokchains communicate with each other. That is what polkdot is trying to build.
Irobot82
Member
1. GPU's aren't used to mine BTC. ASIC's are. GPU's are mainly used in altcoins, like ETH.
2. The energy usage with BTC is interesting. On one hand it helps make it more secure. I've seen arguments that it subsidizes renewables, or uses unused energy, etc. I think in the end it will have a way of solving itself out.
3. The last BTC won't be mined until the year 2140 I believe.
4. If a whale dies and loses the coins so what? Ships around the world sank all the time losing fortunes of gold. People didn't stop using gold.
5. Bitcoin combats inflation, I think you are conflating it with Deflation. Which in my mind isn't a bad thing when it comes to a store of value. I hold BTC because I know in 5 years I can purchase more with said BTC than I can then if I stuffed the equivalent amount of dollar in a mattress for five year.
Your last point is fine, there are many coins that already attempt to do that on the ETH ERC20 token stuff. BTC is a way to remove control of money from the Banks and Government. It's not meant to solve any other problems. It gives the power to the people. It's can't be stopped, hacked, or inflated.
All other issues can be solved by other blockchain tech.
Blockchain can solve any issue where you have to trust a third party. Be it another person, entity, corporation or government.
Blockchain can bring about fair, accountable elections and are publicly auditable. There are so many useful things it can and will solve in the future.
JetSetJustin
Member
Ok so I don’t really know much about crypto but I have a question.
about 5 years ago I had about 7,000 dogecoins on an old iMac
how do I retrieve them? I still have the iMac, but it’s at a relatives house and I think it’s just sitting in a closet.
what do I do
about 5 years ago I had about 7,000 dogecoins on an old iMac
how do I retrieve them? I still have the iMac, but it’s at a relatives house and I think it’s just sitting in a closet.
what do I do
Hnjohngalt
Member
Have them transfer to exchange online and sell them or just transfer to your exchange. Just hope you remember your password. If you truly have that many i would fly out and do it yourself.
CloudNull
Banned
Your whole post was great but I wanted to highlight this part. I had no idea that ASIC development had gotten so advanced. I haven't looked into what goes into mining bitcoin in a long time..... since like 2016. It does seem that a lot of the energy constraints that I had assumed have been mitigate by a lot of breakthroughs that have happened recently. If these trends continue then the energy constraints of bitcoin might be offset.