Crypto Currency Thread
Discussion
What income can I get with bitcoins? I would like to hear good advice on how to do it. My friend recommended me to read this article https://bitcoinbestbuy.com/. It is written very good and has big amount of details, so I learned a lot of interesting things, but I want to hear the sum of money.
The Spruce goose said:
Nothing new really, goes up and down massively because the exchanges charge so little to make trades.
The rumour doing the rounds was China banning all crypto coins...even had a china webpage with it on.
It's looking increasingly real. As the Chinese markets did nothing but roger BTC for years when they were zero fee I won't be too sad to see the back of them even after they were tamed. The rumour doing the rounds was China banning all crypto coins...even had a china webpage with it on.
Edited by The Spruce goose on Friday 8th September 23:00
If it is true all the exchanges are toast but P2P is fine, but I assume that'll also include Localbitcoins and similar sites. We'll see some truly decentralised exchanges coming out China probably.
My issue with cryptos is that it's supposed to be decentralised and more democratic - a better system than current fiat money.
That's not true, it's now become centralised in the hands of owners of huge Russian/Chinese/Icelandic mining farms. Add to that the prospect of investing in a mine yourself, then having the relevant crypto 'foundations' decide, for example (as is the case with Ethereum) that instead of awarding coins based on Proof of work, it'll become Proof of stake (again more centralisation in the hands of the large owners of the currency) a hard fork ensues, and your mine becomes worthless. Who's to say you can't influence these 'Foundations' to change the algorithm to better your own position?
It's all a bit 'make it up as you go along' right now, though I'm totally sold on blockchain technology as being the future.
That's not true, it's now become centralised in the hands of owners of huge Russian/Chinese/Icelandic mining farms. Add to that the prospect of investing in a mine yourself, then having the relevant crypto 'foundations' decide, for example (as is the case with Ethereum) that instead of awarding coins based on Proof of work, it'll become Proof of stake (again more centralisation in the hands of the large owners of the currency) a hard fork ensues, and your mine becomes worthless. Who's to say you can't influence these 'Foundations' to change the algorithm to better your own position?
It's all a bit 'make it up as you go along' right now, though I'm totally sold on blockchain technology as being the future.
Mousem40 said:
(as is the case with Ethereum) that instead of awarding coins based on Proof of work, it'll become Proof of stake
POW was a great idea at the time but there is a lot of concern regarding just how much electricity is being used. POS offers the potential for more people to get involved although as far as I know the exact details of how each contributor (forger) will benefit have not been finalised.x5x3 said:
POW was a great idea at the time but there is a lot of concern regarding just how much electricity is being used. POS offers the potential for more people to get involved although as far as I know the exact details of how each contributor (forger) will benefit have not been finalised.
I've heard from a few sources that each 'contributor' or 'validator' will need to put at stake 1,000 Ether before they begin to benefit (I think they benefit pro rata depending on their stake level). That's around £225k at today's prices. So unless small fry miners can pool their stakes to get to the minimum stake level only the big players will have all the power. And if you can pool all your little stakes to create one minimum stake then you're not preventing the continued use of electricity to feed your mines. I don't get how these big players will then go on to validate the blockchain if they're not still utilising their huge computing power? Do they just sit there with a BBC micro and £250k at stake and reap the rewards?
some staking coins can be done on a raspberry pie, not eth i think.
The pos for me is a bit like a ponzi scheme for some coins, and there are a lot of pos out there. it also helps to control the price as the coins staked would be locked up for a month usually.
The democracy of coins is still usually controlled by the rich similar to the real world politics.
The pos for me is a bit like a ponzi scheme for some coins, and there are a lot of pos out there. it also helps to control the price as the coins staked would be locked up for a month usually.
The democracy of coins is still usually controlled by the rich similar to the real world politics.
validation is far easier than discovery and uses a fraction of the power.
I also had read about the 1K Ether being required and yes pooling is the way forward although the trust model is entirely different for POS as opposed to POW.
Personally I'm open to risk so will almost certainly try to put an investment/gamble (delete as applicable) into one of the initial pools when they start - has anyone seen any movement on this?
I've seen a few in Alpha (e.g. https://github.com/darcius/rocketpool).
I also had read about the 1K Ether being required and yes pooling is the way forward although the trust model is entirely different for POS as opposed to POW.
Personally I'm open to risk so will almost certainly try to put an investment/gamble (delete as applicable
) into one of the initial pools when they start - has anyone seen any movement on this?I've seen a few in Alpha (e.g. https://github.com/darcius/rocketpool).
guindilias said:
Aye, and there are already over 1000 different coins out there already!
Bitcoin seems to be on a bit of a nasty downer, -12% at the minute...
Most of the new "coins" are a misnomer. They are tokens given out in a crowdfunding exercise. The ICO idea allows start ups to circumvent all the financial regulations concerning investment. There are a lot of scams out there and the rest are almost entirely penny share gambles at best.Bitcoin seems to be on a bit of a nasty downer, -12% at the minute...
Bitcoin is suffering a drop because there's a big rumour that China is banning exchanges that turn their fiat into BTC. They aren't banning BTC, though, and it seems OTC purchases are fine, too. There's another rumour that China will create its own national crypto and tether it to BTC. In all, plenty of volatile news to dip the market for a while.
njr911 said:
Well if Jamie says it's s
t, it's probably going to succeed. Jamie has strong views on a lot of subjects, not all of them pan out.He criticises it as being based on nothing - unlike of course Fiat which can be created out of thin air and made to rise and fall in value at the whim of govts and institutions.
Of course the banks will generally move to dismiss a currency in which they have no integral part to play. That's not stopping nearly all of them investing in the background (e.g. UBS on the board of ETH).... just in case....
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