Bitcoins/Litecoins/Virtual Currencies

Tmac · Mar 14, 2021

fris said:
This has always been what I thought would crash crypto, tether being outed as not having the cash they claim. Being a major intake for anyone wanting to buy crypto, how does this not drop the floor out from every coin?

Because nobody gives a shit about tether. It’s the most pointless crypto as it ties its value directly to fiat, hence the need to have fiat to back it up. Tether literally undermines the purpose of crypto.

Things like BTC are a store of value ( a commodity) instead of a currency. So, why would they be effected by something that is neither?

Threelions · Mar 14, 2021

Rajaah said:
The thing about all of this is that it never quite makes you happy (at least in my experience so far). When something loses money for you, you feel bad / dumb for getting it. I took a bath on GME, Dogecoin, and Lordstown. Now I feel like shit for losing all that money. At the same time, the winners I've picked in cryptos/stocks, like Bitcoin, CCIV or MANA, the things that made me a bunch of money... I'm feeling slightly shit for those also because it's like "why did I invest so little instead of going in on them". Which I'll feel like no matter how much I invest, I think, unless I literally invested all available funds in the thing that took off. I diversify way too much for that to ever happen.

Either way, I feel your pain.

My main goals right now:

-Figure out how the hell to buy back into MANA

-Sell my BTC at as close to whatever this week's apex is as I can, then rebuy it during the big springtime sell-off that I think we'll be getting soon

This is exactly how I feel with investing and betting. I’ve won boatloads on betting soccer goal totals and while winning feels great, there is no comparison for losing money and feeling like absolute shit. The lows are way lower than the highs.

Lambourne · Mar 14, 2021

Tmac said:
Because nobody gives a shit about tether. It’s the most pointless crypto as it ties its value directly to fiat, hence the need to have fiat to back it up. Tether literally undermines the purpose of crypto.

Things like BTC are a store of value ( a commodity) instead of a currency. So, why would they be effected by something that is neither?

Tether massively influences the Bitcoin price because it's a significant fraction of daily volume. It's also been linked to price manipulation (links are all on wiki page for it)

This article below is worth a read. Truth or conspiracy theory, I don't know. Be your own judge.

Caliane · Mar 14, 2021

neat video display of top 15 coins by market cap from 2013 till now. BTC excluded.

I didn't realize eth was so "new".
vid gives you an idea of how many coins come and gone though.

Tmac · Mar 14, 2021

Lambourne said:
Tether massively influences the Bitcoin price because it's a significant fraction of daily volume.

Wut?

You’re saying bc tether is a crypto and moves significant daily volume that it inherently influences whether or not BTC makes it?

Haus · Mar 14, 2021

USDT isn't the only USD stable coin, so even if it gets exposed there are other routes. Plus there are more and more "pull from your debit card/bank account/etc" onramps.

Zog said:
If you were a gamer you would know stimmie money getting spent on video cards, weed and car parts.

Or if you're in Texas it's Beer, Bullets, and Butter. (With Bitcoin wishing it could get in on that party)

Lambourne · Mar 15, 2021

Tmac said:
Wut?

You’re saying bc tether is a crypto and moves significant daily volume that it inherently influences whether or not BTC makes it?

Tether trades move the BTC price on the presumption that a Tether dollar is equal to a US Dollar because it is backed by an equivalent amount of dollars. If that turns out to be not true, then billions of imaginary money has been pumping up BTC and other cryptos. This isn't a personal crackpot theory, the DoJ has an ongoing investigation into Tether for exactly this.

Questions About Tether Just Won’t Go Away. Does the Crypto Market Care?

As the crypto market continues to rally, an old debate reignites on whether the most important stablecoin in trading is really stable.

finance.yahoo.com

Jackie Treehorn · Mar 15, 2021

So last Wednesday as mentioned I’ve been fucking around letting my computer mine ETH while I’m asleep / working / at the lady’s house. Probably 15 hours a day minus one day where it crashed and I didn’t notice.

I’ve made $21.79 gross money so far. Probably a couple dollars of power so say $17-18 in pocket.

Pointless but amusing. Does make me wish I’d bought some cheap video cards last year as this would definitely scale well at the moment.

If they were $500-600 I’d totally buy 10 5700xts and have them cranking away.

Threelions · Mar 15, 2021

Jackie Treehorn said:
So last Wednesday as mentioned I’ve been fucking around letting my computer mine ETH while I’m asleep / working / at the lady’s house. Probably 15 hours a day minus one day where it crashed and I didn’t notice.

I’ve made $21.79 gross money so far. Probably a couple dollars of power so say $17-18 in pocket.

Pointless but amusing. Does make me wish I’d bought some cheap video cards last year as this would definitely scale well at the moment.

If they were $500-600 I’d totally buy 10 5700xts and have them cranking away.
View attachment 342140

Been doing the same exact thing. It's pretty hilarious and can just be fun money. NiceHash (who i use) won't let a distribution happen until you mine $50 of BTC. Wish I could heat my home on 10 mining units.

Jackie Treehorn · Mar 15, 2021

Threelions said:
Been doing the same exact thing. It's pretty hilarious and can just be fun money. NiceHash (who i use) won't let a distribution happen until you mine $50 of BTC. Wish I could heat my home on 10 mining units.

I’m using 2miners still just because it’s what I started with. They’ll pay out at 0.05 I believe, which is like $90. Gonna stick with them at least until I get paid out.

Arden · Mar 15, 2021

Do I understand it correctly that Eth mining is going away soon as part of the Eth 2.0 upgrade when they move to Proof of Stake instead of Proof of Work.

Jackie Treehorn · Mar 15, 2021

Arden said:
Do I understand it correctly that Eth mining is going away soon as part of the Eth 2.0 upgrade when they move to Proof of Stake instead of Proof of Work.

That’s my understanding of it. Though that full implementation from what I’m reading will likely take a couple of years (people keep bandying about 2023.)

At first there will be a hybrid stake / POW then full stake.

Then it’ll have to be onto other coins for mining.

Jysin · Mar 15, 2021

Arative said:
I'm just shy of 1 g\hs and it takes me about 1 month to generate 5 btc at current prices it will net me $230. Thankfully I can do this at work where the electricity is free. The price per coin has gone up a lot recently, like $20 in the past 2 weeks or so. I'd look for it to drop fast soon. No way it can sustain $46 a coin. The last time there was a bubble like this, the price per coin went up to around $30, then dropped to $2 a coin. The alternative to mining of course is buying and selling the coins.

Kind of mind boggling reading posts like this in the first few pages of the thread. (2013)

Here we are flirting $60k bitcoin. Insane.

Jackie Treehorn · Mar 15, 2021

Jysin said:
Kind of mind boggling reading posts like this in the first few pages of the thread. (2013)

Here we are flirting $60k bitcoin. Insane.

Flobee · Mar 15, 2021

This guy does a pretty good job of articulating why having a short time horizon on crypto is probably a mistake. Bitcoin is your piggy bank

Arative · Mar 15, 2021

Jysin said:
Kind of mind boggling reading posts like this in the first few pages of the thread. (2013)

Here we are flirting $60k bitcoin. Insane.

If I would have kept every coin I mined, is have something like 4.5 million.

Arden · Mar 15, 2021

Flobee said:
This guy does a pretty good job of articulating why having a short time horizon on crypto is probably a mistake. Bitcoin is your piggy bank

Good timing for this vid

Haus · Mar 15, 2021

Jackie Treehorn said:
That’s my understanding of it. Though that full implementation from what I’m reading will likely take a couple of years (people keep bandying about 2023.)

At first there will be a hybrid stake / POW then full stake.

Then it’ll have to be onto other coins for mining.

I was reading some on this today. They recently passed the Ethereum improvement request to change up how gas fees worked (lowering them) and turn Ethereum into a deflationary currency (it's currently inflationary) and those were both seen as really good things for the users of the currency. Unfortunately it also meant miners losing up to 25% of their income from the change. Subsequently a lot of miners are supposedly planning a "show of force' to show they could all pile into ONE mining group and end up with over 50% of the mining under one control. That could effectively be used to destroy Ethereum. It was their way, apparently to threaten the ETH community into rethinking the EIR. Instead ETH is looking at a way to accelerate the move to ETH2.0 and eliminate mining alltogether faster now. Meaning the effective ETH2.0 time frame could be months now rather than years..

It's a lot of drama apparently.

Jackie Treehorn · Mar 16, 2021

Haus said:
I was reading some on this today. They recently passed the Ethereum improvement request to change up how gas fees worked (lowering them) and turn Ethereum into a deflationary currency (it's currently inflationary) and those were both seen as really good things for the users of the currency. Unfortunately it also meant miners losing up to 25% of their income from the change. Subsequently a lot of miners are supposedly planning a "show of force' to show they could all pile into ONE mining group and end up with over 50% of the mining under one control. That could effectively be used to destroy Ethereum. It was their way, apparently to threaten the ETH community into rethinking the EIR. Instead ETH is looking at a way to accelerate the move to ETH2.0 and eliminate mining alltogether faster now. Meaning the effective ETH2.0 time frame could be months now rather than years..

It's a lot of drama apparently.

I read a little bit about all of that too, but I don't pretend to know much about the history and effects of all of it.

If Ethereum moves to 2.0 in months like you said could happen, and causes a massive drop in video card prices (people selling off their rigs) I'm gonna buy some up and speculative mine some shit for fun even if it isn't profitable for a long while.

Aaron · Mar 16, 2021

I've been wondering about all these big players (Tesla, Hedgefunds, etc.) investing heavily into BitCoin and other cryptos. What sort of security do they have in place for this? The reason I ask is that unlike regular stocks, bonds and other "traditional" assets, where you have a century or more of security procedures and infrastructure to make sure a disgruntled CFO doesn't buy a one way ticket to Brazil and fly off after transferring all the company money to his personal account, this does not seem to be the case with cryptos.

By that, I mean, the big players still use the same anonymous protocols, programs and exchanges as us plebs use, right? So, let's take Tesla for example. Do they have only one wallet with $1.5 Billion on it, or do they have multiple wallets, each with different passwords? Is only one guy in charge of the accounts or are there multiple people? Is the password written down on a piece of paper on the CFO's desk, or is the password split into three parts that three people know (one per part) to make sure no one person can muck about? Do they do their transactions on their regular work computer or is there a special computer in a locked room that is unplugged from the net except when transactions are made?

OK, I know some of this is a bit far out, but I've just been wondering what sort of things they might deal with since it seems to me it's far, far easier for some CFO to fuck off with the entire crypto stash and then disappear than to do the same with stocks and bonds.

Also... anyone know if something like that has happened? A company or hedgefund loosing a ton of crypto due to lax security?

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Bitcoins/Litecoins/Virtual Currencies

Tmac

Adventurer

Threelions

Victory Through Harmony

Lambourne

Ahn'Qiraj Raider

Caliane

Avatar of War Slayer

Tmac

Adventurer

Haus

Lambourne

Ahn'Qiraj Raider

Questions About Tether Just Won’t Go Away. Does the Crypto Market Care?

Jackie Treehorn

Threelions

Victory Through Harmony

Jackie Treehorn

Arden

Blackwing Lair Raider

Jackie Treehorn

Jysin

Ahn'Qiraj Raider

Jackie Treehorn

Flobee

Vyemm Raider

Arative

Ahn'Qiraj Raider

Arden

Blackwing Lair Raider

Haus

Jackie Treehorn

Aaron

Goonsquad Officer