Cryptocurrency

• 76
If you are talking about analyzing shiba as in looking for chart patterns like head and shoulders or cup and handle or wedges

Then yes is a waste of time. To me at least, but like I said this is more of an investment of chance then strategy.

I am counting on a repeat of DogeCoin.
• 12.2k

It seems that you can't go wrong with Shiba, as long as Mark Cuban or Elon Musk tweet about it.
• 76
As far as I can see, all the digital currencies are just pyramid schemes.

Major companies are starting to accept cryptocurrency like TESLA and Microsoft and PayPal

If these big Companies weren’t accepting cryptocurrency I would be skeptical but these businesses are validating my optimism.

Now if these platforms like InstaCart, Doordash and Uber. Start accepting crypto then we’re solid.

10 Major Companies That Accept Bitcoin
• 76
It seems that you can't go wrong with Shiba, as long as Mark Cuban or Elon Musk tweet about it.

For sure, that is why I lurk around Reddit a lot but I wouldn’t use WSB as a reliable source of info. But I do check it out in case I notice a feeding frenzy forming.

Trying to relive the GME again LOL!
• 76
Has anyone ever considered that COVID-19 gave cryptocurrency a big boost.

When everyone was in lockdown it revitalize the crypto industry. Many may not see the connection but 2020 was the year of crowdsourcing platforms like DoorDash, InstaCart and Postmates.

During shutdown there was a surge of customers using Crypto to purchase there groceries and fast food delivery online. Because people couldn’t go out.

Now that there is a realization that there is a profit to be made in the crowdsourcing platform sector you have to make the connections with crypto. And how crowdsourcing affects it.

Where ever there is online transactions and e-commerce there is a potential for crypto to grow.

You also have to keep in mind there are a lot of companies accepting crypto now.

Microsoft
AT&T
Burger King
KFC
OverStock
Subway
Pizza Hut

Just to name a few. More than 15,000 companies are accept crypto as a valid means of currency.

As for the energy consumption and how it would effect the environment I wouldn’t worry to much about it. An Antmatter S9 mining rig can cost a crypto miner on average of 15 cents to 25 cents per day per device. And the expense incurred from the energy bill will discourage them to over mine and over consume energy.

The ones who will mine excessively will be those who can find a way to operate the equipment off the grid by utilizing clean energy tech. like using a solar panel array or wind turbines. It would be a necessity to utilize clean energy tech to maximize profit.

So yes I do believe cryptocurrency is here to stay for the long run.
• 10.3k
Major companies are starting to accept cryptocurrency like TESLA and Microsoft and PayPal

If these big Companies weren’t accepting cryptocurrency I would be skeptical but these businesses are validating my optimism.

I am not sophisticated with how banking, finance, and currencies work, but here's how it seems to me. The value of the US dollar can fluctuate based on what other people are willing to exchange it for in other currencies. I guess Bitcoin is something similar, the difference being that the dollar at bottom is supported by the treasury of the US government. Bitcoin is supported by.... nothing as far as I can see. It's like Tinkerbell. If we just believe, everything will be ok.

Even if Bitcoin is somehow ok, given it's the oldest and best established, what about all the other cryptocurrencies? How many are needed. What does one provide that the others don't. It's like putting all my money in Betamax. What happens to my money when VHS wins the race for supremacy? That's an old guy reference, so I don't know if you'll get it.

One event I heard about really made me more skeptical about the whole thing - a guy put 200 million dollars into Bitcoin and then forgot his password. His money just disappeared. No recourse. No "did you forget your password."
• 8.4k
I see reference to Crypto currencies using fantastic amounts of electricity. Can anyone explain why in a short paragraph?
• 5.2k

Mining a bitcoin is done on a computer.
The process that the computer needs to do to mine a bitcoin keeps getting longer.
The process can be done quicker the more computers you have.
The process can be done quicker the harder you run each computer.
Running lots of computers very hard is the quickest way to get bitcoins.
Running lots of computers very hard uses a lot of electricity.
• 10.3k
Mining a bitcoin is done on a computer.
The process that the computer needs to do to mine a bitcoin keeps getting longer.
The process can be done quicker the more computers you have.
The process can be done quicker the harder you run each computer.
Running lots of computers very hard is the quickest way to get bitcoins.
Running lots of computers very hard uses a lot of electricity.

Is bitcoin mining payment for services, by which I mean, is the mining part of the work required to make the system run which is paid for by the system? It just seems pretty screwy. It is my understanding that mining costs per bitcoin will continue to increase. Who keeps the system running when mining is no longer profitable?
• 8.4k
Mining a bitcoin is done on a computer.
Hi. Thank you! This "mining," what is it? Is it the cost of storing and securing the bitcoin and then releasing it only to the right person? The cost of storage and security?
• 5.2k

A bitcoin is brought into existence when a particular computer calculation is completed. There's a "list" of these that all of the computers "mining" bitcoins are working through. Mining a bitcoin is running these calculations.
• 12.2k

But, how does the ledger system know that a bitcoin was mined?
• 6.5k
(doublepost)
• 6.5k
To quote myself:
When philosophers (or should we be more precise people who are interested in philosophy) are talking about investments, that is a sign for me. Basically this thread is active when the prices are high. A time to buy is when this thread hasn't been active for 6 months.ssu

OK!!!

Now nobody has commented on this thread for over 7 months. That's half a year ago. And then when the last time it was actively debated, cryptocurrencies were on the all time high (again showing the clear marker of this thread as the peak of bitcoin price was reached in November last year).

So this would be the time to buy cryptocurrencies I guess.

Anyone enthusiastic about bitcoin? Now at the lows of last summer.

From a year ago. So obviously people here aren't stupid (hence I'm not saying that):
My take is if the fed scares investors and there's a stock market correction, btc will break support and crash. If not, it'll likely grind up again. Long term it's a good investment as long as it keeps doing what it always has, but I'd rather wait for a bit more certainly.
• 13.8k
So this would be the time to buy cryptocurrencies I guess.ssu

Yes, sentiment is super bearish, which indicates to me most sellers have sold or been liquidated. Caveats are to buy quality, the bottom may not be in, and the bounce may not be immediate. But for educated investors looking long term it looks like a good time. Ethereum is what I'd be looking at with the merge supposedly imminent.

Disclaimer: Not financial advice. Never base financial decisions on what some internet rando says + most cryptocurrencies will go to zero.
• 6.5k
Disclaimer: Not financial advice. Never base financial decisions on what some internet rando says + most cryptocurrencies will go to zero.
Oh darn! You remembered, we were all just thinking about bringing on a class suite against you. :joke:
• 6.5k
And also this!! Nothing shows more clearly the stages of smart money/institutional investors/the public (as shown here earlier by ) than Super Bowl ads.

Larry David is a nice pick. Or the 14 million $color changing Qr-code by coinbase. Just like Pets.com superbowl commercial, it tells something. For those making it a narrative on the foolishness and greed of people, the Super-Bowl commercials are always remembered and will be put into the narrative...at least for the time when it looks like there isn't a tomorrow (and the perfect time for these kind of stories). And those links actually have been made when it was happening, by no other than Wired magazine: Cryptocurrency’s biggest boosters would do well to remember tech’s most infamous sock puppet. The year was 2000; it was what would later be known as the “Dot-Com Super Bowl,” an NFL face-off during which tech companies bought up some 20 percent of the advertising real estate during the Big Game. A few years later, many of the companies that bought those ads were defunct or swallowed up by other firms—including Pets.com, which had run a commercial featuring a singing puppet made from a sock. This warning comes not because crypto companies are looking to turn stockings into mascots (at least, not that we know of), but because they are currently pumping millions of dollars into buying up ad space during Super Bowl LVI. Crypto.com, which has been flooding the market with its Matt Damon-starring commercials lately, has a big spot running; cryptocurrency exchange FTX plans to give away bitcoin during its Super Bowl spot. Coinbase is also reportedly running an ad. The companies are playing coy about who will appear in them. Regardless, the message seems to be that crypto is hot and everyone should get on board. But as multiple articles have pointed out in the past week, the Crypto Bowl has echoes of those ill-fated tech-company ads of the past. • 6.5k So just to continue this thread. FTX went bankrupt with billions of missing. Newly appointed FTX CEO John Ray III minced no words in a filing with the U.S. Bankruptcy Court for the District of Delaware, declaring that “in his 40 years of legal and restructuring experience,” he had never seen “such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here.” Ray formerly served as CEO of Enron after the implosion of the energy titan. So the guy who handled the Enron mess says this... :smirk: Is it a trend that some the Super Bowl adds are for some new upstart companies a canary in the coal mine indicator (just notice what companies Super Bowl add is from my last comment above)? Yet is the demise of FTX the bottom of the hype? Bitcoin is still more expensive than when this thread was started. And perhaps the hype is at least now over. Or then I'm wrong again and let's say the value of cryptocurrencies will go down another 75% or more. Likely people will want to forget it and hence the actual technology might really get into normal life. • 13.8k There are several technical measurements that say now is a relatively good time to buy. But generally it's a matter of common sense. If you believe in the technology, you buy fear and sell greed and be prepared to wait for the market cycle to work its way out. And we are currently well into fear mode. But if you don't understand the tech enough to believe in it, I'd stay out of this market altogether because yes, everything could go down significantly more. e.g. Since its inception, ETH has gone from$10>>1400>>80>>4500>>1100 now. And that's the second least volatile coin. For the vast majority of the others , it's more like 1>>1000>>0.1.

Is it a trend that some the Super Bowl adds are for some new upstart companies a canary in the coal mine indicator (just notice what companies Super Bowl add is from my last comment above)?ssu

The Super Bowl would have been a pretty good time to sell. But crypto as a whole is these days mostly just higher beta on U.S. stocks, which as you know follow rates/Fed balance sheet/liquidity. When the S and P bottoms that's likely crypto's bottom too. The tech isn't going anywhere.
• 6.5k
Well, you convinced me to buy cryptocurrency (Bitcoin). We obviously are in the fear mode. Actually that might sound like a simple thing to do, but it isn't in real life: to know when the very bearish and when very bullish.

And I'm not going to be angry at you if (when?) the meager investment is -75% of the current price. :wink:
• 13.8k

Disclaimer: I am not a financial adviser. :wink:

But, yes, if anyone's ever going to buy, it should be in a deep bear market or the start of a bull. Best of luck anyhow. :victory: I bought some ETH recently so I'm with ya.
• 5.9k
I'm on a stable 9% return per year so far without leverage and trying to divine what the crypto markets are doing. The only thing I have to worry about is getting hacked since it's a live wallet. I'm holding a stable eurocoin which is used to effectively lend Hodlers euros and they pay me lots of interest for that service. Counterparty risk is managed by the platform with LTV-ratios of 50%, margin calls and automatic liquidation if people are late with posting collateral. I read a lot of complaints about people having their assets sold because they were late, which is a good indication it's working. If I could insure my wallet from getting hacked, I'd be pumping all my savings into this.
• 6.5k
That's a good return. And you are correct that making an investment where you don't physically meet someone or know where to physically go if there's a problem and it's open for hackers (as I'm lousy in cybersecurity), I wouldn't invest a huge portion of my wealth in. I know, I'm old school.

So seems you are in the microfinancing (or is it people-to-people financing). The Benkei Bank. :smile:
• 1.3k
@Benkei is a street smart fish out of water in a cryptoworld he never made.
• 5.2k
That would make him, according to you, a hotheaded ginger Dutch fish out of water in a cryptoworld he never made.
• 1.3k
don't forget the firebrand essence
• 5.2k
Couldn't make it fit.
• 1.3k
fishbrand?
• 5.2k
• 11.8k
I'm on a stable 9% return per year so far without leverage and trying to divine what the crypto markets are doing. The only thing I have to worry about is getting hacked since it's a live wallet. I'm holding a stable eurocoin which is used to effectively lend Hodlers euros and they pay me lots of interest for that service. Counterparty risk is managed by the platform with LTV-ratios of 50%, margin calls and automatic liquidation if people are late with posting collateral. I read a lot of complaints about people having their assets sold because they were late, which is a good indication it's working. If I could insure my wallet from getting hacked, I'd be pumping all my savings into this.

Why not just use a normal investment rather than the cryptocurrency scam? Apparently the standard index funds have an annual return of around 10%.
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