Crypto Currency Thread (Vol.2)
Discussion
Ouroboros said:
there are loads of ways bitcoin could be forced along a path, especially when the price takes a massive tanking.
100+ forks, so easy to see a new direct maybe in the future. People talk like stuff is set in stone, the past is, but not the future.
51% attacks are not impossible.
Have you had a nosy at the current cost of initiating a 51% attack on the Bitcoin network? I mean, just purely the hardware costs. 100+ forks, so easy to see a new direct maybe in the future. People talk like stuff is set in stone, the past is, but not the future.
51% attacks are not impossible.
Edited by Ouroboros on Thursday 12th May 16:47
The current Bitcoin hashrate is somewhere around 220mm TH/s
That's the output of about 2,000,000 S19 Pro Antminers, or roughly $18b of hardware alone. Now include the infrastructure to contain it and power it.
51% attack not impossible, but damn improbable and increasing by the day.
g4ry13 said:
What has happened to people who invested in reputable companies like Amazon and Netflix?
People are currently losing large sums of money on all sorts of instruments.
Those other instruments will continue to pay a dividend from company profits whereas your staking of crypto requires a never-ending stream of new money to remain solvent and viable. People are currently losing large sums of money on all sorts of instruments.
Condi said:
Those other instruments will continue to pay a dividend from company profits whereas your staking of crypto requires a never-ending stream of new money to remain solvent and viable.
Bernie Madoff only gave a reward if 5-10%, if you only got that in crypto no one would bother.Condi said:
g4ry13 said:
What has happened to people who invested in reputable companies like Amazon and Netflix?
People are currently losing large sums of money on all sorts of instruments.
Those other instruments will continue to pay a dividend from company profits whereas your staking of crypto requires a never-ending stream of new money to remain solvent and viable. People are currently losing large sums of money on all sorts of instruments.
I sure as hell have never received an Amazon dividend!
Ouroboros said:
1 million BTC mined before anyone had a clue.
The whole founder gets a chunk of coin is BTC legacy as loads of other scams.
How else was it going to attract any attention unless it was operational? It's inevitable that none of the world gave a toss or knew anything about it when it was worthless code.The whole founder gets a chunk of coin is BTC legacy as loads of other scams.
If you check Satoshi's early correspondence he was desperate for anyone to get involved and was touchingly grateful when any rando did.
No coin can ever launch out of the blue like BTC ever again which is why it stands apart.
But yes, the million or whatever coins are not ideal.
Ouroboros said:
1 million BTC mined before anyone had a clue.
The whole founder gets a chunk of coin is BTC legacy as loads of other scams.
lol, where do you get this sThe whole founder gets a chunk of coin is BTC legacy as loads of other scams.
t from mate. Of course no one had a clue, it was an experiment between a bunch of cypherpunks who wanted an alternative digital cash. That's about as obscure and niche a corner of the internet that I'm amazed it even made it off their forums. I had a friend at work mining something with ATI GPUs and I’m certain it was pre 2009.
I recall him saying he’d pay off the £350 for the two GPUs he’d bought at the time within about 6 months.
I’m certain there was nothing around that early on that wasn’t bitcoin?!
Either way, had he kept them he’d probably be very wealthy now. Probably sold them to cover GPU costs and went off onto the next new fangled idea he had.
I recall him saying he’d pay off the £350 for the two GPUs he’d bought at the time within about 6 months.
I’m certain there was nothing around that early on that wasn’t bitcoin?!
Either way, had he kept them he’d probably be very wealthy now. Probably sold them to cover GPU costs and went off onto the next new fangled idea he had.
Mr Whippy said:
I had a friend at work mining something with ATI GPUs and I’m certain it was pre 2009.
I recall him saying he’d pay off the £350 for the two GPUs he’d bought at the time within about 6 months.
I’m certain there was nothing around that early on that wasn’t bitcoin?!
Either way, had he kept them he’d probably be very wealthy now. Probably sold them to cover GPU costs and went off onto the next new fangled idea he had.
Even Bitcoin wasn’t around before 2009 - the genesis block was mined in Jan 2009.I recall him saying he’d pay off the £350 for the two GPUs he’d bought at the time within about 6 months.
I’m certain there was nothing around that early on that wasn’t bitcoin?!
Either way, had he kept them he’d probably be very wealthy now. Probably sold them to cover GPU costs and went off onto the next new fangled idea he had.
r3g said:
RIP to those people who decided to take a punt on LUNA yesterday! It was around £0.15 then. Today : £0.00000303 !
There’s some heartbreaking responses to their tweet regarding stopping trading the coin.People have lost thousands & thousands.
Wonder if this’ll be the straw that breaks the donkeys back & makes crypto become regulated?
tertius said:
Mr Whippy said:
I had a friend at work mining something with ATI GPUs and I’m certain it was pre 2009.
I recall him saying he’d pay off the £350 for the two GPUs he’d bought at the time within about 6 months.
I’m certain there was nothing around that early on that wasn’t bitcoin?!
Either way, had he kept them he’d probably be very wealthy now. Probably sold them to cover GPU costs and went off onto the next new fangled idea he had.
Even Bitcoin wasn’t around before 2009 - the genesis block was mined in Jan 2009.I recall him saying he’d pay off the £350 for the two GPUs he’d bought at the time within about 6 months.
I’m certain there was nothing around that early on that wasn’t bitcoin?!
Either way, had he kept them he’d probably be very wealthy now. Probably sold them to cover GPU costs and went off onto the next new fangled idea he had.
At the time I thought he was daft. I think I even did a tiny bit of mining at the time but didn’t really understand it… I was certain I created a wallet file… still occasionally go looking though old archives of ‘to sort’ wondering if I’ll find it if it even exists
Gweeds said:
People got greedy. Am I right in thinking they were offering 20% interest?
Plough all your life savings into unregulated crypto? Jesus. That’s dim.
If you can't work out where the yield is coming from, you are the yield. Plough all your life savings into unregulated crypto? Jesus. That’s dim.
edit: for those who I have discussed and argued with over the previous ±12 months on here.
I was wrong on a lot of things. Yields, alts, bots.
I'll happily admit that now.
An opinion can change when presented with contrarian evidence. Mine has.
Self custody, buy bitcoin, hold forever.
Edited by RichTT on Friday 13th May 08:12
Glad I never touched the yield farming stuff. I couldn't get my head around and how it's viable to offer 10% on GBP when rates were 0.5%.
Markets seem to be in a better place than yesterday (for now) - some of my holdings up 20%+ and as usual wish i'd bought a bit more. Financial markets are also pointing upwards as at this time.
Markets seem to be in a better place than yesterday (for now) - some of my holdings up 20%+ and as usual wish i'd bought a bit more. Financial markets are also pointing upwards as at this time.
I bought in on Wluna at 0.08 yesterday. Sold out at 0.27 making a good we bonus covering my £20 loss of profits on the coin from the day before. Woke up and glad I sold... its 0.00001 lol. All profits dumped in bitcoin and its made 6% nice. Expect it to go down still, somethings off about today and why everything is going up alot
This could well be the excuse the SEC need for much more stringent enforcement of regulation, as the risk of an issue in the crypto market spilling over to "proper" financial markets is increasing with the number of stable-coins. If Tether breaks and causes the liquidation or loss of their entire asset base then that is much more of a problem than Luna going to $0.
I cannot understand the underlying base value of bitcoin; cryptocurrency etc..
For example, gold, silver, tin, copper etc. are physical usable commodies, which have variable traded values.
Established countries currencies are backed by governments/state banks.
What underpins computer currencies?
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