Bitcoins/Litecoins/Virtual Currencies

I think I made a small screwup with polygon/aave. I moved my matic over to aave this morning and deposited all of it. I still had plenty of eth in my metamask for gas fees, but since it is still on layer 1 I cant use it for anything on AAVE like borrowing more matic with my matic, claiming my wmatic rewards, or even withdrawing my deposited matic.

So I guess I am stuck until I transfer more over the polygon bridge and pay another gas fee? At least I didnt actually lose anything. It is just annoying I can't do anything with my deposit, not even withdraw a single matic to pay for the tiny gas fees on aave.

Well, I chose a hell of a time to get into crypto. Started buying the day before the crash. HODL though and I keep buy in small increments on the dips but I'm starting feel like the new crypto killer on this thread.

I know! I just couldn't let Jackie keep hyping MATIC surviving the dips so I bought some at 2.5 You guys are welcome for the new buy in lows!

On a serious note bought my first ETH for 2600 the other day which feels good.

Bought some ETH and USDC last night to use Uniswap to buy an Ethereum competitor (Radix). Ironic. Metamask and Uniswap are kinda cool though. ETH's primary use case is do-it-yourself shitcoins and it's getting pretty streamlined. ETH needs 2.0 to work soon or they're doomed though

Torrid said:

ETH's primary use case is do-it-yourself shitcoins and it's getting pretty streamlined.

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No it isn't. NFT markets are Ethereum's primary use case by value, and DeFi is its primary use case if going by transactions. Shitcoins on top of the Ethereum network are a fraction of those values -- BSC is the hotbed for shitcoin activity.

Let me know how well that value holds over time

They've been growing substantially since the creation of each, and is exactly what I'm referring to when I say that you're going to be left with your dick in hand wondering the equivalent of where this YouTube thing came from in 2010. Do you think the concept of non-fungibility is a passing fad, or that derivative/synthetic markets are somehow irrelevant in the long term?

What are your CryptoKitties worth now?

Buy shitcoins, get rekt

Torrid said:

What are your CryptoKitties worth now?

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Who gives a shit? Do you understand that there are several multimillion dollar NFT collections, e.g. CryptoPunks, Beeple? Do you understand that Uniswap now issues your LP token as an NFT?

(probably fake) Truebit up 6 cents everything else down! IM RICH BITCH!

Gator said:

Well, I chose a hell of a time to get into crypto. Started buying the day before the crash. HODL though and I keep buy in small increments on the dips but I'm starting feel like the new crypto killer on this thread.

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I started 2 weeks earlier. I wish I started the day before the crash. Would've saved a lot of loot. Gonna get in on some of these sales nonetheless

James said:

Who gives a shit? Do you understand that there are several multimillion dollar NFT collections, e.g. CryptoPunks, Beeple? Do you understand that Uniswap now issues your LP token as an NFT?

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Dogecoin is in the tens of billions. Current valuations don't mean very much. People are frantically searching for any place to put money into right now.

DeFi is the first use of Ethereum that didn't seem like a complete joke to me. It's legit and works, but is severely limited by Ethereum's very limited capacity. Still, it's commendable.

NFTs look like CryptoKitties 2.0, or worse. If I'm missing something, by all means explain it to me.

At first I thought it was a novel way to sell copyright, which makes some sense, even if copyrights didn't need a blockchain before. However Wikipedia tells me

While someone may sell an NFT representing their work, the buyer will not necessarily receive copyright privileges when ownership of the NFT is changed and so the original owner is allowed to create more NFTs of the same work. In that sense, an NFT is merely a proof of ownership that is separate from a copyright.

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So you buy an NFT, and the copyright is not transfered to you and they can sell infinitely more copies of the same NFT? What? That makes fuck-all sense to me. I clicked the links to that text and they didn't explain this.

Furthermore since NFTs are just hashes of digital content, you could change a single bit in the file and the hash would change. Or resize the image slightly and the hash would change, etc. I.e. the NFT's 'proof of ownership' would then register false. Current copyright law isn't so easily fooled. I don't see how this is useful.

I grant you that something related to NFTs might catch on eventually, but that don't mean it'll be on Ethereum.

Torrid said:

Dogecoin is in the tens of billions. Current valuations don't mean very much. People are frantically searching for any place to put money into right now.

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Dogecoin is running on nearly the exact same technical specification as Bitcoin, so if you don't think that underlying tech is worth anything then Bitcoin being worth $36k is the more unbelievable meme here.

Torrid said:

NFTs look like CryptoKitties 2.0, or worse. If I'm missing something, by all means explain it to me.

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I'll say. NFTs are implemented on the Ethereum network via the ERC-721 specification, or the more recent ERC-1155 specification that replicates both ERC-20 and ERC-721 functionality. The specification itself merely presents a way to represent a non-fungible item (or ERC-1155, a way to represent a fungible collection of non-fungible items), of which it can be anything. Early implementations have revolved around art and music, but now the DeFi sector is exploring using it -- e.g. Uniswap V3 no longer issues liquidity provider tokens as ERC-20s, they're issued as ERC-721 tokens, and Uniswap now lets you take a unique, non-fungible position as a liquidity provider.

Torrid said:

I grant you that something related to NFTs might catch on eventually, but that don't mean it'll be on Ethereum.

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They already have caught on is the point you're missing. Ethereum is the first blockchain with NFTs, and has the most NFT developers out of any blockchain environment. They're being integrated into other emerging markets on the Ethereum blockchain right now. Talking about how much of a passing fad the concept of non-fungibility is while declaring real usage will develop on other blockchains is just so stupid, I hope you understand.