Current Events > What do you think of cryptocurrency

(+) Yeah! (+)

In the future?

Nobody uses it as currency

It's 5% of my portfolio.

All I know is everyone on here who touts them seems to eventually get banned for some incel type comments

All garbage

It's a sucker's game

I tried to buy some on coinbase the other day for a... thing I pay for, and it wouldn't let me. So, it fucking sucks.

I think anyone who fucking loves the stuff is probably an absolute trash person.

Ivermectin bucks

Boondoggle

I prefer beanz

Its a meme

Anyone who advocates crypto is probably a bad person

interesting idea, bad execution

I believe in Satoshis vision, but it got watered down in nonsense. Went from huge advocate to it's mostly a scam now.

Still think Blockchain is the future tho, but current day cryptocurrency? Nah. Not until a big nation adopts block chain and transfer their own currency.

It'll make a comeback and people will act like they've gotten the future of investing down again.

Then It'll probably crash, again.

I don't.

SHIBA INU

one day baby

I made exactly the same amount as I've lost on it.

My opinion is the fact we still consider its value in direct relation to the dollar shows that it's not some revolutionary paradigm shifting currency but just an investment we all eventually plan on converting back into cash eventually.

Having said that my friend has been full bore into it for years. He has a business and pays his employees in BTC. He has an algo trading bot that apparently is profitable, albeit for only a few bucks per trade at the moment.

CoyoteTheGreat posted...

I think anyone who fucking loves the stuff is probably an absolute trash person.

Maybe now yeah - I think a lot of people were just regular folks thinking it was going to help them escape the grind and got sucked into the hype and scam.

But now you have to be to still be all about crypto, either you are an electricity wasting miner, or in on or being duped the scam because of paranoid reactionary beliefs.

CoyoteTheGreat posted...

I think anyone who fucking loves the stuff is probably an absolute trash person.

this minus the probably

Torgo posted...

Maybe now yeah - I think a lot of people were just regular folks thinking it was going to help them escape the grind and got sucked into the hype and scam.

But now you have to be to still be all about crypto, either you are an electricity wasting miner, or in on or being duped the scam because of paranoid reactionary beliefs.

I mean, you can say that about them when crypto first came out. I think most people were optimistic about it. But everyone should have ran far away from it when they learned the environmental costs. Now we are using up more electricity than several small countries just so people can gamble with play money online.

its a scam pure and simple

It feels like a ship that has sailed, imo

It was a noble idea that just so happened to have almost limitless scamming potential.

Can't be bothered

nexigrams posted...

It was a noble idea

Is it even that though?

Like most of the scams etc. are obvious features, not bugs.

nexigrams posted...

It was a noble idea

no no it was not a noble idea it was a scam from the start

every thing techbros shill is always a scam from se cond 1

It will be put in the Crypt o' currency

It's objectively conservative, but also new

Grift

One born every minute: the currency

I also have nothing but godawful experiences with cryptobros

It was really stupid

But I do regret not getting some back before it boomed

Made a nice amount on dogecoin a few years ago. I just margin trade with fun money these days, don't bother holding any coins

It's a scam, but I made a win, and still use the markets for gambling purposes so idk

Too volatile to be considered an investment. It's basically just a form of gambling. I suspect that's also why trading cryptocurrency is generally much more accessible and 'user-friendly' than trading stocks and bonds (plus the fact that it's bound by fewer rules and regulations).

Can someone briefly explain crypto mining to me? I never got into the fad, and as far as I can see its just leaving your computer on to make something out of nothing? Why cant I open up Notepad and do the same thing? What am I missing here?

Pyramid scheme for regular people.

An anti detection tool for organized crime.

Championed by the same kind of people who think Elon Musk is a visionary.

mariolover2 posted...

Just like the LPs that u lost

LPs?

Dark_Arbron posted...

Can someone briefly explain crypto mining to me? I never got into the fad, and as far as I can see its just leaving your computer on to make something out of nothing? Why cant I open up Notepad and do the same thing? What am I missing here?

At a very simple level, mining is all about cryptographic hashes. A hash function takes an input and deterministically produces a fixed length output (say 256 bits). For hashes that are believed to be cryptographically secure, it's hard to produce two things that hash to the same thing (and essentially the "best" method is to just hash a bunch of things by brute force until you find one that works).

This is used for example with software distribution sometimes. If I publish the hash of my executable and you download the software from a second party, you can hash it and check that the hash matches. If it matches, you know it hasn't been tampered with because producing a forgery is exceptionally hard.

In your standard blockchain model, the blocks are made up of transactions. Each block points to the hash of the previous block in order to actually make it a chain (if you have a chain h(x) -> h(h(x)) -> h(h(h(x))) -> ... I can't just change one of the blocks in the middle). There's something called the difficulty target which is dynamically updated so that if the whole bitcoin network is producing 1 billion hashes a second, it will take 600 billions hashes on average to make a new block (so that it's every 10 minutes). Basically miners take transactions they want to add to the chain plus a random value called a nonce and just hash (transactions + nonce) until they get a value within the difficulty limit, at which point they've successfully made the next block.

All of this wasted power computing random hashes is intentional as a way of "securing the blockchain". Essentially to do shady things, you have to have over 50% of all the mining power for a sustained amount of time. This is financially infeasible and so you can "trust" that the chain is legitimate.

Easy way to make money every 3-5 years.

Slot machine for morons and liars.

CableZL posted...

LPs?

Vinyls?

Fake money backed by literally nothing.

That said Im absolutely trying to gamble with some of it for quick easy cash. Follow the Twitter pumps and get out while its still rising. Wont be the lucky few that get rich at the top but wont get stuck holding the bag when it starts dropping

Ricemills posted...

CableZL posted...
LPs?
Vinyls?

I've never had any vinyls... not sure what he's referring to.

[LFAQs-redacted-quote]


Ahh, thanks for the clarification

I made about $5,000 of doge. I love it.