Bitcoins/Litecoins/Virtual Currencies

Threelions · Mar 10, 2021

Been mining the last two weeks with NiceHash. Should hit monthly income of around $140. I've estimated my electricity to go up by roughly $10-15. I'll take those slow gains.

Caliane · Mar 11, 2021

Reddit link. attack on nano network.

Nano (XNO) Blockchain Explorer

NanoLooker allows you to explore and search the Nano blockchain for transactions history, accounts, other activities happening on the Nano (XNO) network

nanolooker.com

Avg. confirmation time (seconds)
2.497

( a goddamn lifetime compared to normal Nano xfer time of .2s, even if it still basically shits on everything else.)

This is obviously a challenge Nano is going to need to deal with, for the future.

I got most of my Nano at $6.25. it was already pretty down. only coin I'm actually at a loss on.
This attack on the network is likely going to drive the price down even further. Now, or soon, may be a good time to buy, if you have any interest, or faith in it.

Alterity · Mar 11, 2021

Not sure if you saw Colin's (creator of Nano) response of what's going on. Price hasn't moved too much today thankfully.

Just a brief rundown on how the network throttles itself. The network’s tps is derived from how fast all the PRs can utilize 3 resources: CPU, disk, and bandwidth. Ultimately one of the resources will be the final tps limiter: if all the PRs were using HDDs then disk would be the primary bottleneck. Rather than let CPU or disk become saturated, PRs have had the ability to limit their outbound bandwidth.

Lowering the bandwidth allows nodes to keep up while still allowing throughput multiple times over what was being used in practice. Since the activity in the last week looks like a coordinated ledger bloat attack, the network operating at a lower tps is alleviating those concerns.

Normal network usage for the last few months has been in the 1-2tps range and after the bandwidth was limited, the attacker resumed at 15tps where it remained for several hours. The network is recovering though more slowly than it would have. The attack was specifically constructed to create a new account for each transaction which has been slowing the synchronization process down and was causing nodes to not be able to keep up.

Ultimately PRs can choose the bandwidth limit they want and in the future, we anticipate that people will use this as one of the metrics by which they choose their reps. This allows PR-selected bandwidth limits to replace the block size debate in a decentralized fashion.

I’ve seen the idea floating around that the spam attack was somehow a benefit to Nano and that it will speed up development. I can assure you this is not the case. We have several improvements lined up in the roadmap but not everything can be done at once. Unfortunately, this has slowed our progress toward v22 even more but we’re continuing to make the required improvements in the necessary order. Unfortunately for the software development process, Nano is a live network and that increases development difficulty.

Reddit.link

Mist · Mar 11, 2021

Rajaah · Mar 12, 2021

Wonder how much BTC etc are gonna spike once stimulus checks go out this weekend. Not sure if I'll sell at all once that happens or just hang on for the ride. MANA hasn't declined at all for me to rebuy it, and just keeps going up...

Haus · Mar 13, 2021

I honestly think people are overestimating how much BTC will shoot up due to the stimmy getting passed. Out of that $1.9T only a fraction of it is going out to people, and with the restrictions on who is getting it fewer and fewer middle class people (who could probably afford to drop it into crypto) will be getting it. Plus they just made it so that unlike the previous stimmies debt collectors can attach and garnish this like a paycheck...

IMHO the real increase in BTC will happen when the eventual inflation spike from printing all the money hits. But that's going to be a delayed and gradual thing, probably over the next few years. I also don't buy the hype of BTC being the "Next global reserve currency". If you think the governments of the world, and by their blessing the IMF will ever allow a system they don't wholly control to be the reserve currency you're on drugs. I believe the dollar will lose it's status in that regard, but I'm more inclined to bet the IMF will start rolling out what they have as "their" currency, the SDR. There is already an established exchange which operates in SDR v. every currency.

And to dive further into my conspiracy theory brain....

The place BTC will hold is that the multinational megacorporations which exist now (the walmart, apple, microsoft, tesla, etc crowd) are quickly realizing that they effectively can't be ruled by governments. BTC will probably effectively become the reserve currency of the corporations. Which we're already starting to see.

Arden · Mar 13, 2021

Haus said:
Out of that $1.9T only a fraction of it is going out to people, and with the restrictions on who is getting it fewer and fewer middle class people (who could probably afford to drop it into crypto) will be getting it.

"Afford" has nothing to do it though. I stand in line all the time behind people at 7-11 buying 20 dollars in lottery tickets I'm sure they can't really afford, but they buy them anyway.

I'm not sure exactly where it will go, but come Monday we will definitely see an influx of retail money into the market.

LachiusTZ · Mar 13, 2021

Haus said:
I also don't buy the hype of BTC being the "Next global reserve currency".

BTC will probably effectively become the reserve currency of the corporations. Which we're already starting to see.

???

Caliane · Mar 13, 2021

Haus said:
I honestly think people are overestimating how much BTC will shoot up due to the stimmy getting passed. Out of that $1.9T only a fraction of it is going out to people, and with the restrictions on who is getting it fewer and fewer middle class people (who could probably afford to drop it into crypto) will be getting it. Plus they just made it so that unlike the previous stimmies debt collectors can attach and garnish this like a paycheck...

IMHO the real increase in BTC will happen when the eventual inflation spike from printing all the money hits. But that's going to be a delayed and gradual thing, probably over the next few years. I also don't buy the hype of BTC being the "Next global reserve currency". If you think the governments of the world, and by their blessing the IMF will ever allow a system they don't wholly control to be the reserve currency you're on drugs. I believe the dollar will lose it's status in that regard, but I'm more inclined to bet the IMF will start rolling out what they have as "their" currency, the SDR. There is already an established exchange which operates in SDR v. every currency.

And to dive further into my conspiracy theory brain....

The place BTC will hold is that the multinational megacorporations which exist now (the walmart, apple, microsoft, tesla, etc crowd) are quickly realizing that they effectively can't be ruled by governments. BTC will probably effectively become the reserve currency of the corporations. Which we're already starting to see.

I would think so too.
it is possible the businesses getting a big chunk would invest?

The Fed Reserve not making any obvious moves against crypto has me worried long term of course.

That said, big spike this morning across the board.

LachiusTZ · Mar 13, 2021

Caliane said:
The Fed Reserve not making any obvious moves against crypto has me worried long term of course.

Why?

Arden · Mar 13, 2021

The fact that people are getting their stim checks over the weekend actually makes it more likely they will put it into crypto than a security like GME.

Rajaah · Mar 13, 2021

Arden said:
The fact that people are getting their stim checks over the weekend actually makes it more likely they will put it into crypto than a security like GME.

This is what I was thinking. People have to wait until Monday for a stock purchase to go through. Who has the patience for that? Crypto is going to jump a lot more than it would have if the stimulus dropped on a weekday.

Haus · Mar 13, 2021

LachiusTZ said:
???

The term "Global Reserve Currency" is the currency that governments use to store their value for most people discussion politics/fiscal policy. I'm referencing that the governments aren't going to allow something they can't control to be that reserve because they need to control it to keep the fiat currency shell game alive. When I say the "Reserve currency of mega corporations" I'm talking about the emerging global corporatocracy. Sorry if I didn't clarify that distinction more.

Caliane said:
I would think so too.
it is possible the businesses getting a big chunk would invest?

The Fed Reserve not making any obvious moves against crypto has me worried long term of course.

That said, big spike this morning across the board.

Spike this morning will be from the weekend traders following the youtube cryptocrowd IMHO. The businesses getting big chunks of stimulus are actually more a lot of municipalities and states. We're literally including something like $300 Billion to bail out all those failing municipal and government pensions and crap like that. Those pension funds have to cover actual outlays to people, MIGHT invest some in crypto, but I have yet to see large government pension plans pivot that way.

As for the Fed and Crypto. We had the combo of the Fed and Treasury both have press conferences where they downplayed the crypto market, and then immediately extolled how they're developing a Federal Reserve Central Bank Cryptocurrency, i.e. the "Digital Dollar". That's part of that plan I mentioned where they don't plan on any currency they don't control being the main currency. China is already beta testing the Digital Yuan, and it's like the dark evil mirror universe of what everything crypto is supposed to be, while also being a cryptocurrency.

Arden said:
The fact that people are getting their stim checks over the weekend actually makes it more likely they will put it into crypto than a security like GME.

They're more likely to put it into a new big screen TV from WalMart than into Crypto IMHO. I agree we'll see some investment in crypto. But also remember that there are still barriers to entry to the market that the "commoner" hasn't quite hurdled yet. Even with things like cashapp and paypal letting people buy crypto. People posting on here, as much as we call ourselves idiots a lot, are actually in the upper few % in terms of tech savvy. Think of it this way, when the last stimmies went out, how many people saved that money? For the vast majority of people, most of whom effectively live paycheck to paycheck the order of priorities are :

Spend it on essential
Spend it on nonessentials (TV, new iPhone, Rims, ingredients for some purple drank, actual purple drank, booze/drugs/a good time)
Forget to spend it all (This is the poors version of savings...)
... a LOT of things poors do with money which keep them being poor...
Actually save a little in a bank.
Invest it in something.

Now, I will say I DESPERATELY hope that all you guys are right, and I'm just being crazy ol Haus who is the eternal pessimist about the nature of people. Honest, I REALLY do! I have bags of crypto now, even after only being interested in this a month or so now (I started when I found that .04 BTC in the proverbial couch cushions). But also I have noticed a trend only happening in the last week of me researching. We're starting to see all those "big time" youtube Cryptofolks saying the dirty phrase "Top of the bear market", and this thing called the TUPLE chart I believe getting close to "exuberance" which always happens just before a bear comes to town. I'm trying to stay level headed, so when the next Bear does arrive I will be able to smartly move into stablecoins or something.

Arden · Mar 13, 2021

Haus said:
They're more likely to put it into a new big screen TV from WalMart than into Crypto IMHO. I agree we'll see some investment in crypto. But also remember that there are still barriers to entry to the market that the "commoner" hasn't quite hurdled yet. Even with things like cashapp and paypal letting people buy crypto. People posting on here, as much as we call ourselves idiots a lot, are actually in the upper few % in terms of tech savvy. Think of it this way, when the last stimmies went out, how many people saved that money? For the vast majority of people, most of whom effectively live paycheck to paycheck the order of priorities are

We are already seeing a spike in crypto investment. You can literally see the point when people woke up this morning and realized they had money in their bank account:

Lots of people still waiting on that money, so I imagine we will see more over the next 2 days. Shit will probably get interesting next week when some newb investors cash out their BTC on a 10-15% gain when they realize they still need to pay rent in April (or whatever).

Tmac · Mar 13, 2021

Haus said:
Spike this morning will be from the weekend traders following the youtube cryptocrowd IMHO.

Spikes in BTC of $3k that happen in a day don't come from YouTube video watchers. It comes from institutions. Every big spike that completely separates the price from its DMA (bull and bear) indiciate a big run. They keep coming. I keep thinking at some point people will be taking profits, but inflation seems to be driving more people into BTC/ETH than taking profits.

Such HODL.

Haus said:
For the vast majority of people, most of whom effectively live paycheck to paycheck the order of priorities are :

The vast majority of people who live paycheck to paycheck do so bc they make terrible decisions with their money. They get in at the top of GME or BTC and then sell after they lose thousands. This stimmie will be no different. The people who save it or spend it on essentials are in the vast minority. There's a reason stonks exploded after the last round of stimmies. People at home w nothing to do and $600 extra bones in their pocket. Here we go again...

Haus said:
We're starting to see all those "big time" youtube Cryptofolks saying the dirty phrase "Top of the bear market", and this thing called the TUPLE chart I believe getting close to "exuberance" which always happens just before a bear comes to town. I'm trying to stay level headed, so when the next Bear does arrive I will be able to smartly move into stablecoins or something.

Post the charts.

Tmac · Mar 13, 2021

Arden said:
We are already seeing a spike in crypto investment. You can literally see the point when people woke up this morning and realized they had money in their bank account:

View attachment 341586

Lots of people still waiting on that money, so I imagine we will see more over the next 2 days. Shit will probably get interesting next week when some newb investors cash out their BTC on a 10-15% gain when they realize they still need to pay rent in April (or whatever).

Again, there's no way this spike is consumer driven.

Arden · Mar 13, 2021

Tmac said:
Again, there's no way this spike is consumer driven.

Why not? Ordinarily I'd agree with you, but stim checks is a completely out of the ordinary circumstance. The majority of America woke up to a bonus $1400 all at the same time, I can't think of a good reason a coordinated consumer investment wouldn't mimic an institutional move. I'm no expert though, so if you have a good reason this couldn't possibly be consumer driven I'd like to hear it (not being sarcastic).

Tmac · Mar 13, 2021

Arden said:
Why not? Ordinarily I'd agree with you, but stim checks is a completely out of the ordinary circumstance. The majority of America woke up to a bonus $1400 all at the same time, I can't think of a good reason a coordinated consumer investment wouldn't mimic an institutional move. I'm no expert though, so if you have a good reason this couldn't possibly be consumer driven I'd like to hear it (not being sarcastic).

The idea that thousands of people woke up on Saturday at 9AM, immediately ran to their computers, already had a Coinbase account, and purchased enough volume to drive the price up $4k seems far-fetched.

A better explanation would be that institutions WANT people to use their stimmies on BTC and threw down the gammut at 9AM on Saturday to get ahead of the curve. On Saturday afternoon after they realize they have money in their account and run to stonks, they'll see that BTC has jumped to an all time high, and they'll join at the top like nub nubs do.

Caliane · Mar 13, 2021

LachiusTZ said:
Why?

The Fed has the U.S. Government in its pocket. People think the U.S. stars wars for oil. They don't, they do it to spread the power of Debt and the Reserve.
They've turned the world into a slave state. 90% of filthy communist accusations on Capitalism, is not actually Capitalism, but Debt that they are bitching about.
Like, if you job sucks, underpaid, etc, and you want to leave? what stops you? Communists think wages are slavery. but you aren't, you are selling your time/labor to the boss.
Assuming you can simply leave, and go work someplace else. Debt stops you. Debt forces you to sell your time/labor, to pay off. its indentured slavery.

Cryptocurrency is a direct attack on their power. yet... they are doing nothing about it? yeah no. bullshit. they are. but we don't know what it is. and we may not be able to counter it, until its too late.

Tmac · Mar 13, 2021

Caliane said:
The Fed has the U.S. Government in its pocket. People think the U.S. stars wars for oil. They don't, they do it to spread the power of Debt and the Reserve.
They've turned the world into a slave state. 90% of filthy communist accusations on Capitalism, is not actually Capitalism, but Debt that they are bitching about.
Like, if you job sucks, underpaid, etc, and you want to leave? what stops you? Communists think wages are slavery. but you aren't, you are selling your time/labor to the boss.
Assuming you can simply leave, and go work someplace else. Debt stops you. Debt forces you to sell your time/labor, to pay off. its indentured slavery.

Cryptocurrency is a direct attack on their power. yet... they are doing nothing about it? yeah no. bullshit. they are. but we don't know what it is. and we may not be able to counter it, until its too late.

I mean, they don’t have to try that hard. You can now pay off clothes purchases w monthly interest payments. Most people in our culture are dumb. WWII Americans were savers. Millennials are debtors. Can’t pay for it? Buy it with credit!

The military is lowering its standards. Schools are lowering their standards. Corporations are changing/lowering their standards. And on and on.

Why? A people asleep at the wheel are easily manipulated and exploited.

The PROBLEM is that our gov is just as retarded bc the people are retarded and it’s in just as much debt as the rest of us. And they NEED a new form of value to leverage a lot of that debt otherwise it’s GG. Cryptocurrencies provide that and actually help solve a big problem: over-leverage.

Most people aren’t awake enough to get onboard and the decision makers are okay w that. People are already trained to be indebted, so it doesn’t matter if we move to something new.

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