Crypto Currency Thread (Vol.2)

[digger_R]

WY86 said:

SarlechS said:

looking to rebalance some of my portfolio, i made some profits in some of the meme coins and am looking to move this into something a bit more stable but with potential to grow. Most of my asset is allocated across layer 1's

I'm thinking of investing in either DOT or SOL, which do you guys think has more long term potential? I've done a fair bit of reading but the projects are so different i'm finding it hard to know where to place my money

Hmm SOL is a tricky one and not one i am personally a fan of mainly due to lying about how many tokens was in existence also very heavily VC backed meaning prime for a rug pull if it did surge in price. It also has more down time than Santa Claus.

Personally I like Quant which I think has more potential, I have also loaded up on a load of Layer 2 solutions such as LRC and Matic Polygon, Once Zksync release a token i will be purchasing that as well.

Personally DOT is the only holding I've kept since 2020 - everything else was sold.
I'm eyeing some SOL as well - only as a swing trade vs BTC to accumulate more BTC but I'll look for a 'safe' entry on anything I'm going to speculate on

[g4ry13]

digger_R said:

WY86 said:

SarlechS said:

looking to rebalance some of my portfolio, i made some profits in some of the meme coins and am looking to move this into something a bit more stable but with potential to grow. Most of my asset is allocated across layer 1's

I'm thinking of investing in either DOT or SOL, which do you guys think has more long term potential? I've done a fair bit of reading but the projects are so different i'm finding it hard to know where to place my money

Hmm SOL is a tricky one and not one i am personally a fan of mainly due to lying about how many tokens was in existence also very heavily VC backed meaning prime for a rug pull if it did surge in price. It also has more down time than Santa Claus.

Personally I like Quant which I think has more potential, I have also loaded up on a load of Layer 2 solutions such as LRC and Matic Polygon, Once Zksync release a token i will be purchasing that as well.

Personally DOT is the only holding I've kept since 2020 - everything else was sold.
I'm eyeing some SOL as well - only as a swing trade vs BTC to accumulate more BTC but I'll look for a 'safe' entry on anything I'm going to speculate on

I'm always buying DOT whenever I top up more.

My plan is to get to holding a million DOT tokens (it's a plan! - probably not a possibility )

[Al Gorithum]

Gweeds said:

https://www.currentaffairs.org/2022/05/why-this-co...

“Despite being hyped in expensive Super Bowl ads, cryptocurrency is now having a difficult moment. As the New York Times reports, “the crypto world went into a full meltdown this week in a sell-off that graphically illustrated the risks of the experimental and unregulated digital currencies.” One of cryptocurrency’s most vocal skeptics is Nicholas Weaver, senior staff researcher at the International Computer Science Institute and lecturer in the computer science department at UC Berkeley. Weaver has studied cryptocurrencies for years. Speaking with Current Affairs editor-in-chief Nathan J. Robinson, Prof. Weaver explains why he views the much-hyped technology with such antipathy. He argues that cryptocurrency is useless and destructive, and should “die in a fire….”

Pretty much every ‘benefit’ touted in the PR lines trotted out in this thread are dismantled one by one.

And this chap has likely forgotten more than most people know.

Very illuminating - thank you! Kinda glad my spidey senses have kept me away so far. I wonder how many of the self appointed experts on this thread really do know what's going on?

[Mr Whippy]

What do you mean “what’s going on?”

Nasdaq tech heavy index is taken a battering.

IPO and other hypey speculative stuff has sunk more than crypto total market cap.


Crypto space is heavily speculative and hypey and 99% of actual coins are probably pump/dump and pyramid schemes etc, or at best a vain hope to become ‘the one’ one day, somehow, which one might… but you’d have to buy into literally everything just to make sure you’re exposed but without having to do DD on thousands of products… which ironically is why there is so much money in them all. Hope.


But really the only crypto anyone should and could take seriously is BTC and ETH.

As I’ve said again and again, any “winning” feature would be adopted by bitcoin and thus with its intrinsic existing value would be very likely to usurp any competitor.

But it’s very likely at this point there is less opportunity for crazy gains.


I’m amazed people expect more from this space… like it was going to pay out mega returns risk free ish forever.

I’d argue at this time it’s quite matured and unlikely to see any new offering suddenly, sustainably, do something amazingly new.

[WY86]

Mr Whippy said:

What do you mean “what’s going on?”

Nasdaq tech heavy index is taken a battering.

IPO and other hypey speculative stuff has sunk more than crypto total market cap.


Crypto space is heavily speculative and hypey and 99% of actual coins are probably pump/dump and pyramid schemes etc, or at best a vain hope to become ‘the one’ one day, somehow, which one might… but you’d have to buy into literally everything just to make sure you’re exposed but without having to do DD on thousands of products… which ironically is why there is so much money in them all. Hope.


But really the only crypto anyone should and could take seriously is BTC and ETH.

As I’ve said again and again, any “winning” feature would be adopted by bitcoin and thus with its intrinsic existing value would be very likely to usurp any competitor.

But it’s very likely at this point there is less opportunity for crazy gains.


I’m amazed people expect more from this space… like it was going to pay out mega returns risk free ish forever.

I’d argue at this time it’s quite matured and unlikely to see any new offering suddenly, sustainably, do something amazingly new.

I am not disagreeing with the majority of your post but there is always evolution in any field.. crypto is no different to that.

I do think there are some Crypto projects out there that will gain more popularity especially on the ETH blockchain as every one complains about high gas fees which Layer 2 solutions solve.

Bitcoin in my eyes also has the trendy factor that helps keep its price high. I suspect a lot of people bought it because of the high price as a sort of status symbol
To go along with their Tesla Model X.

[dimots]

WY86 said:

I suspect a lot of people bought it because of the high price as a sort of status symbol
To go along with their Tesla Model X.

Are you high?

[WY86]

dimots said:

Are you high?

No… it became a status symbol to some, to show off. no different to owning gold chains or diamonds.

[r3g]

Mr Whippy said:

Crypto space is heavily speculative and hypey and 99% of actual coins are probably pump/dump and pyramid schemes etc, or at best a vain hope to become ‘the one’ one day, somehow, which one might… but you’d have to buy into literally everything just to make sure you’re exposed but without having to do DD on thousands of products… which ironically is why there is so much money in them all. Hope.

Good comment here from Whippy imo, I agree. I've been bouncing around BTC and alts for many years but not made any life-changing amounts. I don't quite know why it took me so long to realise all the top crypto youtube channels I'd been following for years didn't have a clue either! For the most part they just load up on a bag of something then put out a video with some questionable statements about how it could do 100x and their million subscribers all wade in and pump the price, at which point the content creator cashes out with his easy 2x and starts making his next video. It's all so obvious once you take your blinkers off.

I stick to the full-on degen ponzi stuff and make decent amounts (Grape Finance, Drip, The Tavern, Comb Financial, OHM (eh, say no more about that ), Thor nodes and several others like Chikn game and Animal farm) but none of these will last and the proverbial rug will receive a pulling at some point. Not projects for the faint-hearted as there's a very high chance you'll lose all your money, your shirt, your house, your wife and your dog if you don't know what you're doing!

I'm just mulling whether to dump £10k into Yield Nodes and $2k into Swapnex. 6 month lock-up for Yield Nodes but they've been delivering for nearly 3 years now at 8% per month. 4 month lock-up for Swapnex and there's plenty online about this being a ponzi with nothing backing it so I'm under no illusions, but I've seen videos of people making their ROI in about 2 months so if it lasts that long you're then playing with house money. Gotta play the game if you want a chance of winning!

[g4ry13]

dimots said:

WY86 said:

I suspect a lot of people bought it because of the high price as a sort of status symbol
To go along with their Tesla Model X.

Are you high?

Are you telling me you don't wear your cold storage wallet as a medallion?!

[Mr Whippy]

WY86 said:

I am not disagreeing with the majority of your post but there is always evolution in any field.. crypto is no different to that.

I do think there are some Crypto projects out there that will gain more popularity especially on the ETH blockchain as every one complains about high gas fees which Layer 2 solutions solve.

Bitcoin in my eyes also has the trendy factor that helps keep its price high. I suspect a lot of people bought it because of the high price as a sort of status symbol
To go along with their Tesla Model X.

Just think about ETH and BTC.

Could everyone just ‘move’ to the other? Nope.

There is no intrinsic value, so a run for the ‘winner’ is impossible.

So vested interests will always try preserve the investment.

I believe BTC will just do what it needs to survive relative to its peers.


I’m sure some kind of contracts on Lightning on BTC is already a thing, so those ETH functions are coming to BTC blockchain.

The winners will begin to be the ones with a less volatile price so you don’t mind holding your money in it.

The winners will stop going up forever quite so fast, the products are maturing.



Of course, as noted, there will be plenty of wolves and sheep in this space and big gains to be had by those inclined.

Personally I’m happy to not be part of those things because ultimately I’m making my money off someone likely to not have much and they’re losing it to me in desperation or greed.


I’m still hoping btc takes a dip to £10,000 or £5,000 ish then I’ll top up a bit.

But for now I’m just holding what I bought in 2015 and just taking small extra profits each time it goes high.

[WY86]

Mr Whippy said:

Just think about ETH and BTC.

Could everyone just ‘move’ to the other? Nope.

There is no intrinsic value, so a run for the ‘winner’ is impossible.

So vested interests will always try preserve the investment.

I believe BTC will just do what it needs to survive relative to its peers.


I’m sure some kind of contracts on Lightning on BTC is already a thing, so those ETH functions are coming to BTC blockchain.

The winners will begin to be the ones with a less volatile price so you don’t mind holding your money in it.

The winners will stop going up forever quite so fast, the products are maturing.



Of course, as noted, there will be plenty of wolves and sheep in this space and big gains to be had by those inclined.

Personally I’m happy to not be part of those things because ultimately I’m making my money off someone likely to not have much and they’re losing it to me in desperation or greed.


I’m still hoping btc takes a dip to 10,000 or 5,000 ish then I’ll top up a bit.

But for now I’m just holding what I bought in 2015 and just taking small extra profits each time it goes high.

But Bitcoin and ETH are not really competing against each other, Bitcoin was always designed to be a type of replacement currency where ETH was not.

Lighting is a Layer 2 solution which sits on top of Bitcoin, if your bullish on bitcoin why would you not invest in LTBC?

personally i think there is room for both Bitcoin and ETH and there Layer 2 solutions.

[Mr Whippy]

LBTC, never heard of it.

And if it does something awesome that makes BTC lose ground, won’t BTC just change to do what LBTC is doing?


Yeah possibly space for ETH and BTC, but why?

Is the specific need of decentralised blockchains that broad that two would need to exist?

Right now I don’t even really use either for anything, and what I do have is all in bitcoin because it’s been around tons longer and has a bigger market cap, brand image, etc.


Again, invest away in whatever you like. One of these things might turn out to be amazing, but maybe it won’t.



I’m putting my money on BTC now. To think all the miners and holders and so on would let it all go to zero for no reason, makes no sense.

[WY86]

Mr Whippy said:

LBTC, never heard of it.

And if it does something awesome that makes BTC lose ground, won’t BTC just change to do what LBTC is doing?


Yeah possibly space for ETH and BTC, but why?

Is the specific need of decentralised blockchains that broad that two would need to exist?

Right now I don’t even really use either for anything, and what I do have is all in bitcoin because it’s been around tons longer and has a bigger market cap, brand image, etc.


Again, invest away in whatever you like. One of these things might turn out to be amazing, but maybe it won’t.



I’m putting my money on BTC now. To think all the miners and holders and so on would let it all go to zero for no reason, makes no sense.

LBTC is lightening a layer 2 built on top of Bitcoin. Bitcoin like all blockchains can’t retro develop they have to build off the blockchain in a layer 2 format. It won’t get developed into bitcoin.

[tertius]

WY86 said:

Mr Whippy said:

LBTC, never heard of it.

And if it does something awesome that makes BTC lose ground, won’t BTC just change to do what LBTC is doing?


Yeah possibly space for ETH and BTC, but why?

Is the specific need of decentralised blockchains that broad that two would need to exist?

Right now I don’t even really use either for anything, and what I do have is all in bitcoin because it’s been around tons longer and has a bigger market cap, brand image, etc.


Again, invest away in whatever you like. One of these things might turn out to be amazing, but maybe it won’t.



I’m putting my money on BTC now. To think all the miners and holders and so on would let it all go to zero for no reason, makes no sense.

LBTC is lightening a layer 2 built on top of Bitcoin. Bitcoin like all blockchains can’t retro develop they have to build off the blockchain in a layer 2 format. It won’t get developed into bitcoin.

I think you may be confusing two separate things (albeit with similar names):

1. LBTC or "Lightning Bitcoin" - a fork of Bitcoin, that has a market cap of about $1M and is traded on one tiny exchange; it is not in any way a Layer 2 solution built on Bitcoin

(There is also LBTC "LiteBitcoin" - another fork but this seems to be largely if not totally dead)

2. The Lightning Network - this is indeed a Layer 2 solution primarily aimed at addressing Bitcoin scalability issues, though it is actually blockchain agnostic and can be built on (connected to) any base layer blockchain. However, the largest implementation today is indeed built on Bitcoin.

Investing n LBTC (either of them) is not an investment in the Lightning Network,

[r3g]

Mr Whippy said:

Personally I’m happy to not be part of those things because ultimately I’m making my money off someone likely to not have much and they’re losing it to me in desperation or greed.

Which is exactly what you're doing when you're buying and selling your Bitcoin. For every buyer there's a seller, and vv. Those people (RichTT excepted) are not in Bitcoin because they believe in its utility or store of wealth; they're in it because they want to get rich. There's no difference apart from one is a household name and the other(s) aren't.

Presumably you never buy when Bitcoin is at a low price then, because you'd feel so guilty for those poor desperate people who are having to panic sell as they're "likely to not have much", right?

[GT3Manthey]

I can’t fathom how this is so stable given all that’s going on elsewhere -

https://himalaya.exchange/trading

[james6546]

GT3Manthey said:

I can’t fathom how this is so stable given all that’s going on elsewhere -

https://himalaya.exchange/trading

Is it because it's not a real exchange to only trade their coin?

I've not looked into it much, but this happens a lot with scam coins to pretend there is volume.

[Mr Whippy]

r3g said:

Mr Whippy said:

Personally I’m happy to not be part of those things because ultimately I’m making my money off someone likely to not have much and they’re losing it to me in desperation or greed.

Which is exactly what you're doing when you're buying and selling your Bitcoin. For every buyer there's a seller, and vv. Those people (RichTT excepted) are not in Bitcoin because they believe in its utility or store of wealth; they're in it because they want to get rich. There's no difference apart from one is a household name and the other(s) aren't.

Presumably you never buy when Bitcoin is at a low price then, because you'd feel so guilty for those poor desperate people who are having to panic sell as they're "likely to not have much", right?

No I don’t buy at lows.

I bought at £150/btc and only ever spent in exchange for goods/services.

I’d argue with your application of my sentiment though, very few people are probably buying btc to ‘make it big’ now… the action was in late 20 early 21… and even then it’s increasingly small fractions of what it once was.

I’m talking about the utter desperation of people in the ‘to the moon’ pyramid looking schemes.
If you’re equating bitcoin with some of these other things at this point you’re taking what I said out of my intended context.

Even back in 2015 bitcoin felt a lot more sensible than half the ste I see.
You could buy it from tons of places. You could spend it *directly* at tons of places.
There were lots of iphone app wallets that supported it.

Vs random coin you’ve never heard of, can’t buy without a specialist exchange, can’t spend, only exchange for crypto or cash, need special wallets for etc.


Sorry, there is clearly a big difference.

[GT3Manthey]

james6546 said:

Is it because it's not a real exchange to only trade their coin?

I've not looked into it much, but this happens a lot with scam coins to pretend there is volume.

That’s my concern.

I’ve been ‘invited’ to get involved but not knowing too much I’m very wary

[r3g]

GT3Manthey said:

james6546 said:

Is it because it's not a real exchange to only trade their coin?

I've not looked into it much, but this happens a lot with scam coins to pretend there is volume.

That’s my concern.

I’ve been ‘invited’ to get involved but not knowing too much I’m very wary

Given that you've mentioned it 3 or 4 times now, despite someone providing links to the creator's shady history, suggests to me that you're already involved in it and are desperately trying to drag other people in to pump the price. If that is not the case, then just go buy it if you believe in it. You don't need approval from other parties.