Crypt0curr3nci3s

[metta]

Re: Cryptocurrencies

Understanding Bitcoin, Dogecoin, Ethereum And Future of Cryptocurrency

 

[johaninsc]

Re: Cryptocurrencies

If the value of Dogecoin falls 24% because of a joke on Saturday Night Live it goes to show unstable it is. It's more like DodgeBall. No, thank you.

 

[metta]

Re: Cryptocurrencies

I don't know if what people in the financial industry are saying is correct but from what I have read and heard in interviews, many of them will fail. The two they all think will continue over the long term are Bitcoin and Ethereum. So those are the only two that I'm interested in trying.

I opened an account with BlockFi because I like that they can earn interest and their fees are low. They only offer five of them: Bitcoin, Ethereum, Litecoin, Chainlink and PAX Gold.

There are a lot of companies out there to trade and then others to create a wallet.

I don't think this is going away. I think it will just get bigger, especially with countries talking about creating their own. China is creating one. The US and UK and looking into it.


Dogecoin was created as a joke. Ethereum was created for business transactions.

 

[cityboy-stl]

Re: Cryptocurrencies

My understanding is Bitcoin is some kind of made-up electronic currency that doesn't physically exist in the real world. What the hell are they "mining"? It sounds like an elaborate shell game to me.

Sooo...repeat. Back to the top. Nothing physically exists is my understanding. It's all just bits and bytes in a computer. That's why it is called BITcoin. What the hell are they "mining" when they "mine" BITcoin?

 

[metta]

Re: Cryptocurrencies

"Miners are getting paid for their work as auditors. They are doing the work of verifying the legitimacy of Bitcoin transactions. This convention is meant to keep Bitcoin users honest and was conceived by bitcoin's founder, Satoshi Nakamoto. By verifying transactions, miners are helping to prevent the "double-spending problem."

"Once miners have verified 1 MB (megabyte) worth of bitcoin transactions, known as a "block," those miners are eligible to be rewarded with a quantity of bitcoin"

"To earn bitcoins, you need to meet two conditions. One is a matter of effort; one is a matter of luck.

1) You have to verify ~1MB worth of transactions. This is the easy part.

2) You have to be the first miner to arrive at the right answer, or closest answer, to a numeric problem. This process is also known as proof of work. "

https://www.investopedia.com/tech/how-does-bitcoin-mining-work/

 

[Pierresro]

Re: Cryptocurrencies

Why do you say that? What are they hurting?

I agree with them . I worked in a bank for over 20 years I was a Trader in Foreign currency. The only real currency/money is US Dollars Britich Pounds And Euros of any value and GOLD,Everything is based on Gold you can by small gold bars from $299 for a 5gram bar and up. Crypto currencies have absolutely no protection if they fail. Even goung Gold coins from coin stores wmakes more sense! Be careful! By the way when I was a Trader at a bank in New York. My Bank had to Pay A german Bank in US Dollars becuase I was a Senior VP I signed the check for 450,000 Euros. By Gold or gold coins Gold always goes up in value check tyour daily news paper. I shoudl ad I am by no means rich and bragging!

 

[TickTockMan]

Re: Cryptocurrencies

Sooo...repeat. Back to the top. Nothing physically exists is my understanding. It's all just bits and bytes in a computer. That's why it is called BITcoin. What the hell are they "mining" when they "mine" BITcoin?

Some of the companies are more than just their crypto business. Some are into entertainment, transport, tech, etc.


Crypto is newish in how they do some things, but not all. Have you ever seen the pic I like to post of what Disney owns? It is old now, but even when it was new I know they missed a few businesses I personally knew about. It is all about diversity. Pic below.

Personally I don't see how crypto will not be the future. It is just the timeline I am unsure of.

 

[TickTockMan]

Re: Cryptocurrencies

I agree with them . I worked in a bank for over 20 years I was a Trader in Foreign currency. The only real currency/money is US Dollars Britich Pounds And Euros of any value and GOLD,Everything is based on Gold you can by small gold bars from $299 for a 5gram bar and up. Crypto currencies have absolutely no protection if they fail. Even goung Gold coins from coin stores wmakes more sense! Be careful! By the way when I was a Trader at a bank in New York. My Bank had to Pay A german Bank in US Dollars becuase I was a Senior VP I signed the check for 450,000 Euros. By Gold or gold coins Gold always goes up in value check tyour daily news paper. I shoudl ad I am by no means rich and bragging!

Are you saying all other currency is worthless? I think China would disagree.

 

[TickTockMan]

Re: Cryptocurrencies

So I bought a bit of crypto today so I could watch videos and earn a bit more of different coins.


As of now I am about $24 up just from the free coins I got.

 

[ClubLevelVegan]

Re: Cryptocurrencies

Are you saying all other currency is worthless? I think China would disagree.

I would 100% say that. We are the ones that put and make up the value of currency. The whole Gamestop Wall street fiasco should’ve been the high light of how much money basically comes from no where in order to create more money.

 

[TickTockMan]

Re: Cryptocurrencies

I would 100% say that. We are the ones that put and make up the value of currency. The whole Gamestop Wall street fiasco should’ve been the high light of how much money basically comes from no where in order to create more money.

But that goes for all currency, not just the ones you like or feel better about. Value of anything is all in the mind.

 

[ClubLevelVegan]

Re: Cryptocurrencies

I don't feel good or better about any currency. Obviously I have to use it given the society we live in, but at the end of day all of it is objectively worthless.

 

[opinterph]

Re: Cryptocurrencies

…some kind of made-up electronic currency that doesn't physically exist in the real world.

Food for thought: Only about 8 percent of US dollars are printed on paper or minted as coins – the rest is “made-up electronic currency that doesn't physically exist in the real world.”

 

[rareboy]

Re: Cryptocurrencies

Yes, and to date I have made $2.4 million dollars.

Have you cashed out then?

Or is it a paper gain?

 

[rareboy]

Re: Cryptocurrencies

I can also predict with no fear, that Bitcoin and other crypto currencies will lead us into a staggering recession.

It is the Tulip bubble scheme all over aqain.

 

[opinterph]

Re: Cryptocurrencies

It is the Tulip bubble scheme all over aqain.

The Real Story Behind the 17th-Century ‘Tulip Mania’ Financial Crash (History; Dave Roos)

 

[metta]

Re: Cryptocurrencies

^
Good point. It is definitely risky. I would not recommend people invest a large percentage of their investments into it. But I don't see much harm in investing 5% or less into it. I'm putting less than 1%,

 

[joshj50]

Re: Cryptocurrencies

Cashed out, took my profits, paid off my mortgage, car note and helped some family with their financial situations, I bought back in a few weeks ago and so far so good.

 

[cityboy-stl]

Re: Cryptocurrencies

Food for thought: Only about 8 percent of US dollars are printed on paper or minted as coins – the rest is “made-up electronic currency that doesn't physically exist in the real world.”

True, but that is out of context to the original question which was about "mining" Bitcoin. You don't "mine" regular currency in the same sense Bitcoin is using the word even if the regular currency is direct deposited electronically into your checking account. "Mining" I think of as something physical like gold or coal that can be sold. Even if you talk about "data mining" that is searching for and locating pieces of existing information. This doesn't appear to even be that. After reading that whole investopedia article I still don't get it. First you're supposed to verify somebody else's transactions for something or other, then you take a guess at some big 64-bit hex number and whoever comes closest the fastest without going over wins more Bitcoins I guess. I'm not doing that. I might be willing to invest a couple hundred in Bitcoin just for fun if it's as simple as buying a few shares of it on e-trade (or some simliar process), but not if it involves all that.

 

[ShadowCat]

Re: Cryptocurrencies

Yes, and to date I have made $2.4 million dollars.

So it says on your profile you're single...Well hello!