Author Topic: The Cryptocurrencies Thread  (Read 4039 times)

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Offline Cool Chris

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Re: The Cryptocurrencies Thread
« Reply #140 on: May 12, 2021, 12:49:34 PM »
Once you mentioned "my wife" I knew where the rest of our post was headed  :biggrin:
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Offline lonestar

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Re: The Cryptocurrencies Thread
« Reply #141 on: May 12, 2021, 01:10:55 PM »
For reals  :lol

Offline kirksnosehair

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Re: The Cryptocurrencies Thread
« Reply #142 on: May 12, 2021, 02:02:26 PM »
Barry and Cram are both right. As with all investments, one needs to assess their age, goals, risk tolerance, capital, and other factors.

Social security will be my pocket money. 

By the time today's youth get to retirement, pocket money may be all social security ever amounts to!


I'm 56 and I've been hearing this since I was a kid, yet, everyone still seems to get their Social Security if they worked and put into the system.  I mean, sure, you never know what can happen 50 years from now, but just based on the last 40 years or so, I'm not too worried about it going away. 

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Re: The Cryptocurrencies Thread
« Reply #143 on: May 12, 2021, 02:25:12 PM »
Barry and Cram are both right. As with all investments, one needs to assess their age, goals, risk tolerance, capital, and other factors.

Social security will be my pocket money. 

By the time today's youth get to retirement, pocket money may be all social security ever amounts to!


I'm 56 and I've been hearing this since I was a kid, yet, everyone still seems to get their Social Security if they worked and put into the system.  I mean, sure, you never know what can happen 50 years from now, but just based on the last 40 years or so, I'm not too worried about it going away.

I'm certainly not planning on having to rely on SS, so pocket money is the way I'm mentally handling it.  At 36, I have little faith that SS will be very valuable to me when I am ready to retire. I hope I'm wrong, but if I plan to not need it, that's really going to be a nice benefit if it does pay out in the end. 

Offline Skeever

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Re: The Cryptocurrencies Thread
« Reply #144 on: May 12, 2021, 02:51:58 PM »
SS will get saved. The reason isn't gonna be allowed to fail to begin with is because it's just too rich of an issue for politicians to not be allowed to talk about it. But if/when it ever fails congress will just pump a few more trillion into it and we'll be well on our way.

Offline MinistroRaven

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Re: The Cryptocurrencies Thread
« Reply #145 on: May 12, 2021, 03:22:07 PM »
Once you mentioned "my wife" I knew where the rest of our post was headed  :biggrin:

 :rolling

Well Vitalik fucked on most shitcoins today, hahahaha

I am glad I listened to you and my wife

Offline axeman90210

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Re: The Cryptocurrencies Thread
« Reply #146 on: May 12, 2021, 03:26:35 PM »
I'm so tempted to drop another K into doge. It's bad. Am also addicted. It's like a casino at this point.

That's all it's ever been ;) "investing in crypto" just sounds cooler than "playing roulette or the slot machines over and over"
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Offline Cool Chris

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Re: The Cryptocurrencies Thread
« Reply #147 on: May 12, 2021, 11:50:53 PM »
My comment on social security was (mostly) in jest, I should have smiley-faced it.

Meanwhile... regarding Musk, BTC, and the energy issues surrounding cryptocurrency:

https://www.reuters.com/technology/tesla-stops-taking-bitcoin-cites-fossil-fuel-use-mining-cybercurrency-2021-05-12/
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Online lordxizor

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Re: The Cryptocurrencies Thread
« Reply #148 on: May 13, 2021, 05:51:23 AM »
I'm moving my emergency savings to Voyageur and BlockFi in stablecoin. 9.0% interest on USDC at Voyageur and 8.6% interest on GUSD in BlockFi. Not FDIC insured like my current savings account, but by the sounds of it, the risks are pretty low and for those interest rates, I'm going to give it a shot. I split it between two different accounts just as a safety factor.

Online Chino

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Re: The Cryptocurrencies Thread
« Reply #149 on: May 14, 2021, 05:37:11 AM »


 :rollin :rollin

Offline kirksnosehair

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Re: The Cryptocurrencies Thread
« Reply #150 on: May 19, 2021, 07:32:53 AM »
https://www.cnn.com/2021/05/19/investing/bitcoin-price-drop-china-crypto-intl-hnk/index.html   :eek   :eek   :eek   


Imagine being someone who bought $10,000 worth of bitcoin a month ago  :facepalm:


I mean, you only actually take the loss if you sell when it's down like this, but it has got to me a nerve-rattling ride  :-\





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Re: The Cryptocurrencies Thread
« Reply #151 on: May 19, 2021, 07:40:00 AM »
And this is why that 5% of your portfolio isn't such a bad idea, there's going to be wild swings and if I had more money into it, I would be sweating but I'm not worried.

I do however think Elon is a bit of a douche and is manipulating the market to his own personal gain.

Offline faizoff

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Re: The Cryptocurrencies Thread
« Reply #152 on: May 19, 2021, 08:20:28 AM »
Interesting side topic, it appears NVidia are trying to gimp their RTX 30 series GPU line for Ethereum miners, not sure if it will stop the miners or even increase the GPU supply to the target gamers, only time will tell.

https://www.anandtech.com/show/16690/nvidia-to-extend-ethereum-throttle-to-geforce-rtx-3080-3070-3060-ti-lhr-cards

I believe as a consequence with crypto currency getting popular, any PC component being used for mining has increased the price a lot. HDDs/SSDs are also going up in price now as well.
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Offline ReaperKK

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Re: The Cryptocurrencies Thread
« Reply #153 on: May 19, 2021, 08:32:46 AM »
I wonder how effective it'll be. Nividia has tried this before and if I remember correctly it was circumnavigated by changing the drivers that you were running on the card.

Offline lonestar

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Re: The Cryptocurrencies Thread
« Reply #154 on: May 19, 2021, 09:06:33 AM »
The market right now...

:splodetard:

Offline ReaperKK

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Re: The Cryptocurrencies Thread
« Reply #155 on: May 19, 2021, 11:41:15 AM »
Yup pretty wild dip, I wish I had money to buy more crypto.

Offline XJDenton

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Re: The Cryptocurrencies Thread
« Reply #156 on: May 20, 2021, 04:07:09 AM »
As an investment, I can't help but feel playing roulette would be more reliable than crypto at this point.
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Offline axeman90210

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Re: The Cryptocurrencies Thread
« Reply #157 on: May 20, 2021, 05:05:37 AM »
You're not wrong.
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Re: The Cryptocurrencies Thread
« Reply #158 on: May 20, 2021, 05:07:12 AM »
yeah. I'm ... not gonna take that gamble.
Hey dude slow the fuck down so we can finish together at the same time.  :biggrin:
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Online lordxizor

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Re: The Cryptocurrencies Thread
« Reply #159 on: May 20, 2021, 06:00:52 AM »
I tossed a little more into bitcoin yesterday. I wish I had done more honestly. Looks like things are bouncing back a little so far today. Still hoping to get up to 5% of my investments in crypto by the end of the year.

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Re: The Cryptocurrencies Thread
« Reply #160 on: May 20, 2021, 07:50:59 AM »
I would have put more down yesterday had I had cash on hand to invest.  Pretty wild what's going on, but that was one hell of a dip.

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Re: The Cryptocurrencies Thread
« Reply #161 on: May 20, 2021, 09:11:34 AM »
I only had $200 I was comfortable tossing in yesterday. I've got $1200 sitting in drawer that's destined for a bunch of car work I'm getting done next Monday. I almost threw that into Doge when it crashed into the 20s.

Offline lonestar

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Re: The Cryptocurrencies Thread
« Reply #162 on: May 23, 2021, 10:37:36 AM »
Ok what's the over/under on where ethereum will bottom out, cause that shit is in free fall mode. I'm guessing 1200.

Offline XJDenton

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Re: The Cryptocurrencies Thread
« Reply #163 on: May 23, 2021, 11:11:27 AM »
With any luck, zero.
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Offline Cool Chris

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Re: The Cryptocurrencies Thread
« Reply #164 on: May 23, 2021, 11:13:04 AM »
Why do you feel that way?
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Offline ReaperKK

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Re: The Cryptocurrencies Thread
« Reply #165 on: May 23, 2021, 01:23:26 PM »
Ok what's the over/under on where ethereum will bottom out, cause that shit is in free fall mode. I'm guessing 1200.

Who knows, I've read predictions that think it'll go sub-1K

Offline XJDenton

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Re: The Cryptocurrencies Thread
« Reply #166 on: May 23, 2021, 01:52:34 PM »
Why do you feel that way?

Because crypto wastes so much time, energy, computing resources that I would like to see the entire concept die.
"For a successful technology, reality must take precedence over public relations, for nature cannot be fooled." - Richard Feynman

Offline Cool Chris

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Re: The Cryptocurrencies Thread
« Reply #167 on: May 23, 2021, 02:41:05 PM »
Ok. Appreciate the honesty.
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Offline kirksnosehair

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Re: The Cryptocurrencies Thread
« Reply #168 on: May 24, 2021, 02:50:09 PM »
Crypto will die when greed dies, meaning, never.

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Re: The Cryptocurrencies Thread
« Reply #169 on: May 25, 2021, 12:09:29 PM »
Why do you feel that way?

Because crypto wastes so much time, energy, computing resources that I would like to see the entire concept die.

Why do you think it's a waste of time?

Computing resources and energy I totally understand.  However, there is work happening to make that better

https://fortune.com/2021/05/24/ethereum-bitcoin-buterin-carbon-footprint-proof-of-stake/

https://www.coindesk.com/kevin-oleary-green-bitcoin-consensus-2021

Offline kirksnosehair

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Re: The Cryptocurrencies Thread
« Reply #170 on: May 25, 2021, 01:30:59 PM »
I can't speak for him but as far as it being a waste of time I think the point may be that crypto doesn't produce anything.  It has no output.  It is literally an investment instrument that's not tied to any valuable asset so it doesn't have any natural value on its own, like, say, diamonds, gold or other precious metals/minerals.  It's just space on hard drives in data centers. And it's got a relatively gigantic carbon footprint.


Yes, I know they're working on addressing that but even if they do address it how are they going to address the lack of fundamental value in the product itself.  We used to joke about "vaporware" but we've now arrived in a place where CPU processing cycles are now a form of currency? 


Color me skeptical.  I see a gigantic correction in the future, just like what happened with the World Wide Web in 2000, when all these people literally throwing billions of dollars at internet startups had their financial intestines ripped out through their asses when the bubble popped and everyone realized they had invested in....wait for it....vaporware.  Websites with literally no business plans other than "make a website."  10's of billions of dollars in wealth completely evaporated in about a week and we went into recession. 


Crypto will eventually trigger a similar reaction because the "product" is completely worthless 1's and 0's on a hard drive somewhere in a data center in East Bumfuck, Iowa.   

Offline XJDenton

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Re: The Cryptocurrencies Thread
« Reply #171 on: May 25, 2021, 02:35:18 PM »
Pretty much this ^. The technologies behind bitcoin and the like also don't scale well to high volume or traffic, which means practically it will always be relegated to niche applications.
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Offline MinistroRaven

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Re: The Cryptocurrencies Thread
« Reply #172 on: May 26, 2021, 08:20:54 AM »

Offline lonestar

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Re: The Cryptocurrencies Thread
« Reply #173 on: May 26, 2021, 09:32:07 AM »
 :lol

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Re: The Cryptocurrencies Thread
« Reply #174 on: May 26, 2021, 09:37:13 AM »
Pretty much this ^. The technologies behind bitcoin and the like also don't scale well to high volume or traffic, which means practically it will always be relegated to niche applications.

To Barry's point, though, for every 99 "vaporware" sites that, well, vaporized, there was one that endured.  PayPal.  Amazon.  Is there an application for a cryptocurrency - beyond criminal activities - that might survive?