Bitcoins/Litecoins/Virtual Currencies

  • 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!
Flobee

Flobee

Vyemm Raider
2,679
3,079
Ravishing said:
I don't see the point of using BTC as everyday currency. Do you buy common goods with gold?
Click to expand...
Using BTC as an everyday doesn't make any sense today its true. That may or may not be the case moving forward. As Gresham's law plays out, and it will play out, we'll see how things look. Eventually you may be spending BTC simply because nothing else will be accepted. We're a long way from that today in the US though, obviously.
 
  • 1Like
Reactions: 1 user
Foler

The_Black_Log Foler

PalsCo CEO - Stock Pals | Pantheon Pals
<Gold Donor>
47,872
43,051
Anyone here staking eth? Flobee Flobee ? I have a few buddies from grad school I created a dapp with. One of them went on to pursue the crypto space more. He proposed the idea of doing a 3 way pool if me and other buddy are interested. Reading up on it now.
 
Flobee

Flobee

Vyemm Raider
2,679
3,079
Foler said:
Anyone here staking eth? Flobee Flobee ? I have a few buddies from grad school I did some crypto stuff with. One of them went on to pursue the crypto space more. He proposed the idea of doing a 3 way pool if me and other buddy are interested. Reading up on it now.
Click to expand...
No. I'm pretty firmly opposed to any 💩coin, but ETH specifically for a number of reasons. Its a pre-mined, centralized, scam that grifts off of Bitcoin's genuine innovation. Its only silver lining is that some R&D has been done on it that has found use in Bitcoin. That being said I started out buying ETH before I even bought Bitcoin, and held a full stake worth at one point. I believe its still the case that ETH staking requires locking yourself into a contract which essentially keeps you from selling for a certain amount of time. I wouldn't sign a contract that required me to hold that garbage personally. Be careful playing the 💩coin game.

That being said, I wouldn't be shocked if ETH goes higher over time.
 
  • 1Like
Reactions: 1 user
Foler

The_Black_Log Foler

PalsCo CEO - Stock Pals | Pantheon Pals
<Gold Donor>
47,872
43,051
Flobee said:
No. I'm pretty firmly opposed to any 💩coin, but ETH specifically for a number of reasons. Its a pre-mined, centralized, scam that grifts off of Bitcoin's genuine innovation. Its only silver lining is that some R&D has been done on it that has found use in Bitcoin. That being said I started out buying ETH before I even bought Bitcoin, and held a full stake worth at one point. I believe its still the case that ETH staking requires locking yourself into a contract which essentially keeps you from selling for a certain amount of time. I wouldn't sign a contract that required me to hold that garbage personally. Be careful playing the 💩coin game.

That being said, I wouldn't be shocked if ETH goes higher over time.
Click to expand...
Gotcha, thanks for the insight. Gonna assume you also view Solano as a shitcoin too?
 
  • 1Solidarity
Reactions: 1 user
Flobee

Flobee

Vyemm Raider
2,679
3,079
Foler said:
Gotcha, thanks for the insight. Gonna assume you also view Solano as a shitcoin too?
Click to expand...
Until proven otherwise every 'crypto' that's not Bitcoin is a scam. Solana is particularly bad as it was, so far as I can tell, created entirely for insiders to dump on retail. It also crashes constantly and doesn't even pretend to be decentralized, which is at least more honest than most.
 
Foler

The_Black_Log Foler

PalsCo CEO - Stock Pals | Pantheon Pals
<Gold Donor>
47,872
43,051
Flobee Flobee how are you tracking cost basis? Reading up on this it seems like it could be a little bit of a PITA to do taxes in theory if I sell a few years from now after DCAing and long hodling.
 
Foler

The_Black_Log Foler

PalsCo CEO - Stock Pals | Pantheon Pals
<Gold Donor>
47,872
43,051
Flobee said:
Until proven otherwise every 'crypto' that's not Bitcoin is a scam. Solana is particularly bad as it was, so far as I can tell, created entirely for insiders to dump on retail. It also crashes constantly and doesn't even pretend to be decentralized, which is at least more honest than most.
Click to expand...
Gotcha. How much of a believer are you in the web3/dApp movement? Is that something you’ve looked into/researched when evaluating the potential of eth/solano?
 
Flobee

Flobee

Vyemm Raider
2,679
3,079
Web3 is vaporware, a marketing ploy to take suckers money. There is real innovation but it, IMO, is going to come via micropayments over Lightning rails. Look at something like Zaps via NOSTR or streaming sats via a platform like Breez. Also some interesting stuff regarding paying for AI cycles with micropayments. Thats pure speculation on my part though, as a rule of thumb if someone is selling you a coin for their product, they're scamming you.

Regarding cost basis I just download the end of year transaction history from any platform I use and keep records locally. I don't do any of the "DeFi" stuff though, so if you're doing that I'm not the guy to ask advice from. Personally I wouldn't be making more than a couple sales in a year at most so its not hard for me to track.
 
  • 1Like
Reactions: 1 user
Mist

Mist

REEEEeyore
<Gold Donor>
31,241
23,483
"Crypto" in 2024:

1710787820653.png
 
Caliane

Caliane

Avatar of War Slayer
15,398
11,721
Foler said:
Anyone here staking eth? Flobee Flobee ? I have a few buddies from grad school I created a dapp with. One of them went on to pursue the crypto space more. He proposed the idea of doing a 3 way pool if me and other buddy are interested. Reading up on it now.
Click to expand...
I had Eth staked with Kraken. they stopped doing it.
I didn't have enough Eth to stake it myself. I did some preliminary looks into it, and also considered talking to a few friends and pooling to have enough to solo stake.

i have little i.t. skill. one of the guys I know I considered, outright does I.T. as a job.
 
  • 1Like
Reactions: 1 user
Ossoi

Ossoi

Potato del Grande
<Rickshaw Potatoes>
17,745
8,762
Rajaah said:
Right now I'm out and waiting for the Great Depression to hit rock bottom in 2023 so I can swoop in, then re-make bank after Heavy D becomes president around the same time as the next Bitcoin halving.
Click to expand...

Status update please
 
You must log in or register to reply here.