Bitcoins/Litecoins/Virtual Currencies
- Thread starter Tripamang
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Guest, it's time once again for the massively important and exciting FoH Asshat Tournament!
Go here and give us your nominations!Who's been the biggest Asshat in the last year? Give us your worst ones!
Tmac
Adventurer
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Intrinsic
Person of Whiteness
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I can’t wait to be a billionaire! Will definitely @you a few coins. Or whatever they call it in crypto.
Jeez I should have bought more MATIC
James
Ahn'Qiraj Raider
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Ethereum powers the decentralized applications using its protocol, making it much more like a commodity. It's not a barrier, but rather the value layer to the next iteration of the internet. You can use it to power non-fungible tokens, stablecoins, DeFi applications like borrowing and lending, stake it in the PoS network, or anything else that gets designed on the world's most powerful general purpose blockchain. In other words, you can choose how you want to put your Ethereum to work, or just sit on it like Bitcoiners do because they're too afraid of learning new things until it all gets sorted out.
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Cupcaek
Molten Core Raider
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Threelions
Victory Through Harmony
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Rangoth
Blackwing Lair Raider
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Correct, right now it isreally staked ETH, but coinbase will handle converting it when the time comes.
Tmac
Adventurer
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swayze22
Elite
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Yes, but IIRC that isn't any different than ETH anywhere will be. ETH will be "ETH2" you are referring to after the update for all practical purposes.
The whole thing of "ETH2" being listed on coinbase just smells and feels like they are parading that under false pretenses. The "ETH2" coin as I posted in the picture a few pages back doesn't exist on the actual website version (or at all) of coinbase, only the mobile app. maybe i just dislike coinbase and none of this actually matters.
I for the most part understand this. Barrier wasn't the best term. I''ll attempt to explain my feelings in layman's/stupid people terms:
ETH as the fuel feels like it's currently coal power when we should be using nuclear energy and that is probably not far off. I'm not sure if it's the dapps etc & everything surrounding ETH that makes it feel cumbersome as the systems aren't mature enough yet, or if it's the ETH that makes it feel cumbersome.
But i suppose that's what the update of 2.0 and all the competitors are working to improve?
REGARDING GAS:
Ethereum Average Gas Price Daily Insights: Ethereum Statistics | YCharts
In depth view into Ethereum Average Gas Price including historical data from 2015 to 2024, charts and stats.
ycharts.com
Ethereum Gas Tracker | Etherscan
Gas Snapshot Price at 12/29/2021 12:35:37 PM UTC - Low: 119 gwei | Avg: 120 gwei | High: 121 gwei
Rangoth
Blackwing Lair Raider
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Yes, but IIRC that isn't any different than ETH anywhere will be. ETH will be "ETH2" you are referring to after the update for all practical purposes.
The whole thing of "ETH2" being listed on coinbase just smells and feels like they are parading that under false pretenses. The "ETH2" coin as I posted in the picture a few pages back doesn't exist on the actual website version (or at all) of coinbase, only the mobile app. maybe i just dislike coinbase and none of this actually matters.
I for the most part understand this. Barrier wasn't the best term. I''ll attempt to explain my feelings in layman's/stupid people terms:
ETH as the fuel feels like it's currently coal power when we should be using nuclear energy and that is probably not far off. I'm not sure if it's the dapps etc & everything surrounding ETH that makes it feel cumbersome as the systems aren't mature enough yet, or if it's the ETH that makes it feel cumbersome.
But i suppose that's what the update of 2.0 and all the competitors are working to improve?
REGARDING GAS:
Ethereum Average Gas Price Daily Insights: Ethereum Statistics | YCharts
In depth view into Ethereum Average Gas Price including historical data from 2015 to 2024, charts and stats.Ethereum Gas Tracker | Etherscan
Gas Snapshot Price at 12/29/2021 12:35:37 PM UTC - Low: 119 gwei | Avg: 120 gwei | High: 121 gweietherscan.io
Its not at all, you cant buy it really. They just offer early staking but its a way for them to have people committ their ETH without people also constantly pulling it out. They dont even allow everyone to stake. I was on awaiting list.
Either way Im happy to earn 6% of in-kind coins on something i planned on holding for a few years anyway.
James
Ahn'Qiraj Raider
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2.0 isn't directly related to improving the UX of Ethereum -- it brings increased transactions per second and very fast (almost instant) block finality so it will be easier to build stuff on it that does improve the UX. Right now it feels cumbersome because the community is still hooking everything up, as this technology is at the forefront of research, but you can clearly see progress here when doing things like bridging your assets to the Polygon network. Used to be a huge pain in the ass, but most wallet software has since introduced very easy methods to add and access different networks. Smart contract wallets will increase the UX even further, adding an additional layer of security and the ability to have your funds recovered from it in the event of losing your password. You can also see it in the actual usage of these applications, there's 0 risk for me to send money to the wrong address because smart contracts are setting the wallet address for me, really makes it feel like a modern payment system compared to manually copying/pasting the address from back in the day.
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TJT
Mr. Poopybutthole
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Threelions
Victory Through Harmony
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I understand FOMO more than anyone else with stock/crypto and that you mean well in general, but, fuck!!! VET was .24 just last week and has gone between .16 and .24 almost every week over the last month. You can limit your loss by taking a loss immediately to jump into other coinage. I know I may be speaking to deaf ears, but I don’t want anyone to lose money here, even fractionally.
crypto even more than stocks IMHO is cyclical
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OK, so first time this has happened to me and I thought i'd ask what you good folks think I should do.
Pulled the trigger on a transaction on the ETH network, in this case leveraging the matic bridge to move some ETH over to the MATIC L2. Clocks in at 50 GWEI. Cool.
I wait 10 minutes and check etherscan, apparently in the time after I shot off the transaction the GWEI went from 50 to 60. Now my poor bridge transaction is in limbo with an estimated confirmation duration of >14 hours. Should I just wait this damn thing out? I didn't think there was anything I really could do. What happens if I redo the bridge transaction and pay the higher GWEI?
Pulled the trigger on a transaction on the ETH network, in this case leveraging the matic bridge to move some ETH over to the MATIC L2. Clocks in at 50 GWEI. Cool.
I wait 10 minutes and check etherscan, apparently in the time after I shot off the transaction the GWEI went from 50 to 60. Now my poor bridge transaction is in limbo with an estimated confirmation duration of >14 hours. Should I just wait this damn thing out? I didn't think there was anything I really could do. What happens if I redo the bridge transaction and pay the higher GWEI?
James
Ahn'Qiraj Raider
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The safest thing to do is wait it out, but if you select the transaction through the wallet you should be able to speed it up. There's no guarantee you will speed it up enough, however.
Set up an account on an exchange, like Coinbase or Gemini, and start reading a shitload of stuff about crypto until it makes sense. I highly recommend both the Bitcoin and Ethereum whitepapers:
Ethereum Whitepaper | ethereum.org
An introductory paper to Ethereum, published in 2013 before its launch.
ethereum.org
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Arden
Blackwing Lair Raider
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Whitepaper is good but a lot of it's just going to confuse you. Lots of good YouTube vids out there though that can really break things down and make them easy to understand. I personally prefer Crypto Casey. She has a whole series and you can start from her earlier vids where she breaks down the basics.
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Intrinsic
Person of Whiteness
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I’ll third or fourth the YouTube rabbit hole. I spent a day or two with just them on autopay plus recommendations from here. Also while I didn’t read the white papers there were good about posts on some and Reddit posts. Ultimately jumping in with like $500 to see how the transfer process goes, what wallets are, how they work, how to buy and exchange... really had to actually do it to pull it all together.
And of course the help of members in this thread. Some good experience and counter opinions.
And of course the help of members in this thread. Some good experience and counter opinions.
Arden
Blackwing Lair Raider
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Totally second the idea of starting small if you invest in crypto. Even if you can (and plan to) invest a substantial amount, force yourself to start slow. You could be the smartest dude in the world, but your idea about what constitutes a good investment is going to change over time as you learn more about the crypto space and actually experience the buying process.
Also, starting slow is going to be way harder than it sounds. We are in the middle of a huge crypto bull run. It takes a special kind of "talent" to lose money in crypto right now (no offense
Rajaah
). The challenge right now with crypto isn't figuring out how to make money, it's figuring out how to maximize your profit and then having the willpower to actually stick to it.- 1
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Rajaah
Honorable Member
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Totally second the idea of starting small if you invest in crypto. Even if you can (and plan to) invest a substantial amount, force yourself to start slow. You could be the smartest dude in the world, but your idea about what constitutes a good investment is going to change over time as you learn more about the crypto space and actually experience the buying process.
Also, starting slow is going to be way harder than it sounds. We are in the middle of a huge crypto bull run. It takes a special kind of "talent" to lose money in crypto right now (no offense
TBH I second that, I started with smaller amounts because I wanted to make all of my mistakes with minimal losses and then get more all-in once I had any clue what I was doing. So even if you've got a lot to invest, starting with smaller amounts is gonna save you some pain.
As for me, yeah I took a bit of a Doge loss (twice) but I barely lost anything with VET on the last sale (and overall I gained a lot if you factor in my other trades of it). Sometimes you're just better off with an investment getting moved somewhere else to escape a stagnant situation, and maybe you have to lose 3% in the process. If you're going to get that back quickly, I don't see why not.
I'd rather sell VET at .24 for sure. However, it's been trending downward lately and keeps gradually lowering its floor. I sold at like $.1825 (with a $.1860 buy-in average IIRC) and since then it has spent most of its time plumbing new depths of .17. In theory I could buy back into it at a lower rate now, but I'd rather go with other things while we've got low weekend prices.