[Finance] The cryptocurrency (Bitcoin etc) thread

[Tyrone Biggums]

Yup, boomer who has got hurt financially in the past backing stupid things. Guess you would call Terry Smith a boomer, so pointless following his funds. We just know nothing.

I invest heavily in funds, trusts, ETFs, and shares. Some of these are high risk but less than used to due to losses backing crap.

Don’t get me wrong; anyone can invest where they like and bitcoin and associated ‘investments’; what I can’t get my head round is all the jargonese and other bollocks trying to claim this is something it isn’t. If you were to say “this is all a bit of a punt and I might lose or gain a lot” I would have a deal more respect.

And I don’t need Rio Tinto. Read Terry Smith: never invest in miners.

Everything in investing is a punt. The difference is you might be happy with a 5-10% rise in 12 months.

Personally waiting 12 months for a 5-10% rise seems a total waste of 12 months to me.

I've made a greater % return in 1 year than many people I know who've been into traditional investment have on long term portfolios.

And I don't play leverage either, that's for the cowboys and fools.


Terry Smith has a net worth of 300 million and he's 68.

Sam Bankman-Fried is 29 and is worth 22 billion.

Who would you follow when it comes to wealth creation in 2022?

 

[boik]

I've dipped in and out of this thread and seen very little on the climate impact of the large scale mining. Is that not a consideration for anyone. It appears to be very dirty money mined on a huge scale in places where electricity is cheapest and dirtiest.

 

[Tyrone Biggums]

I've dipped in and out of this thread and seen very little on the climate impact of the large scale mining. Is that not a consideration for anyone. It appears to be very dirty money mined on a huge scale in places where electricity is cheapest and dirtiest.

Sure. Mining using geothermal power.

https://www.euronews.com/next/2021/10/29/volcanic-energy-is-creating-bitcoin-in-el-salvador

 

[Marshy]

I've dipped in and out of this thread and seen very little on the climate impact of the large scale mining. Is that not a consideration for anyone. It appears to be very dirty money mined on a huge scale in places where electricity is cheapest and dirtiest.

​

Oh its big issue... and about to get VERY big.

Bitcoin and Ether are old Tech, Proof of Work does not work. They cost too much too use, are heavy on the climate and are slow, they are going to get marginalised.


There are very very clean alternatives ;-)

 

[boik]

​

Oh its big issue... and about to get VERY big.

Bitcoin and Ether are old Tech, Proof of Work does not work. They cost too much too use, are heavy on the climate and are slow, they are going to get marginalised.


There are very very clean alternatives ;-)

Well that's good. It does seem that the climate crisis always comes a very distant second to making money.

 

[Marshy]

Well that's good. It does seem that the climate crisis always comes a very distant second to making money.

A company or the coin associated with its project will not survive going forward if it is not carbon neutral in quick time.

Bitcoin has first mover advantage is how it gets away with it. Its practically useless with its utility, thats why its largely reffered to as a store of value like gold because it does not do anything, it simply cannot compete as it stands

Ether Gas Fees are still insane and show no sign of changing, projects are and will start moving off its platform to other much cheaper alternatives.

We shall see

 

[CheeseRolls]

Well that's good. It does seem that the climate crisis always comes a very distant second to making money.

If you are genuinely interested. Here are a selection you can look at.
http://https://www.energyweb.org/
https://modernconsensus.com/cryptocurrencies/seeking-carbon-neutrality-french-utility-giant-edf-turns-to-hedera/
https://brokoli.network/

 

[CheeseRolls]

These are strange times, so it is reassuring Hatt Mancock is on board, I wonder who bankrolled this one?
https://www.cityam.com/britain-will-be-left-in-dust-with-tepid-attitude-to-cryptocurrencies/

Equally as strange for me at least is the prospect of Polkadot forking out to sponsor Barcelona
https://bitcoinist.com/polkadot-in-race-to-become-fc-barcelona-sponsor/
On the spectrum of consumer friendly cuddly tech to weirdo geek techie stuff, Polkadot sits a long way to the right. Technically really sound, but I am not sure what a big push for consumer recognition will achieve. It will be fascinating to watch though, if it happens.

 

[beorhthelm]

Equally as strange for me at least is the prospect of Polkadot forking out to sponsor Barcelona
https://bitcoinist.com/polkadot-in-race-to-become-fc-barcelona-sponsor/
On the spectrum of consumer friendly cuddly tech to weirdo geek techie stuff, Polkadot sits a long way to the right. Technically really sound, but I am not sure what a big push for consumer recognition will achieve. It will be fascinating to watch though, if it happens.

that is strange, mostly as its practically dead profile in crypto circles. lots about Cosmos eco system that as far as can tell does similar to Polkadot, with less fuss and is delivering production services now. i put Polkadot in same boat as Cardano, nice theoretical, engineering plays getting eaten by teams delivering.

 

[jamie (not that one)]

​

There are very very clean alternatives ;-)

I thought ETH had gone green? Who are your cleaner picks then?

 

[Marshy]

that is strange, mostly as its practically dead profile in crypto circles. lots about Cosmos eco system that as far as can tell does similar to Polkadot, with less fuss and is delivering production services now. i put Polkadot in same boat as Cardano, nice theoretical, engineering plays getting eaten by teams delivering.

mm i suspect Cardano and Polkadot are going to do pretty well in the long run, ps i dont hold either.

Im a big fan of Charles Hoskinson creator of Cardano.

 

[beorhthelm]

mm i suspect Cardano and Polkadot are going to do pretty well in the long run, ps i dont hold either.

Im a big fan of Charles Hoskinson creator of Cardano.

theres a lot of personality cult around Hoskinson, with an army of bag holders proping up the project. its failed to deliver anything meaningful, the smart contract release was flat and has core deficencies, and no one codes in Haskel anyway. its Betamax to VHS, delivered once video on demand has arrived. only selling point now is lower tx fees, there's a dozen alternatives already doing that with working smart contracts. token is tradable on news, its not going to outperform or dominate like it might have.

 

[boik]

If you are genuinely interested. Here are a selection you can look at.
http://https://www.energyweb.org/
https://modernconsensus.com/cryptocurrencies/seeking-carbon-neutrality-french-utility-giant-edf-turns-to-hedera/
https://brokoli.network/

Thanks for that. (First URL was broken, but easily fixed.)

I read them, but they all just seem to be wishy-washy statements about helping power networks become carbon neutral by using blockchain. There's no details that I could see about how the generation of power was going to change. Just seems to be a new hi-tech version of carbon credit vouchers.

Can you explain how the use of blockchain and NFTs will actually change the way power is generated?

I'm glad that dirty electricity isn't going to be burned creating nothing but numbers.

 

[Marshy]

theres a lot of personality cult around Hoskinson, with an army of bag holders proping up the project. its failed to deliver anything meaningful, the smart contract release was flat and has core deficencies, and no one codes in Haskel anyway. its Betamax to VHS, delivered once video on demand has arrived. only selling point now is lower tx fees, there's a dozen alternatives already doing that with working smart contracts. token is tradable on news, its not going to outperform or dominate like it might have.

I suspect you are right. But i do think it is a project with legs and will be around for the long haul. Many many wont.

 

[Tyrone Biggums]

that is strange, mostly as its practically dead profile in crypto circles. lots about Cosmos eco system that as far as can tell does similar to Polkadot, with less fuss and is delivering production services now. i put Polkadot in same boat as Cardano, nice theoretical, engineering plays getting eaten by teams delivering.

I wouldn't say DOT is anything like ADA.

DOT is a layer 0 protocol and ADA is a layer 1


DOT already has runs on the board with the success of KUSAMA.


Between DOT and KSM they have huge amounts of chains being built upon their platforms.

You might have a point with ADA but DOT isn't getting eaten by any teams just yet.

 

[beorhthelm]

I wouldn't say DOT is anything like ADA.

DOT is a layer 0 protocol and ADA is a layer 1


DOT already has runs on the board with the success of KUSAMA.


Between DOT and KSM they have huge amounts of chains being built upon their platforms.

You might have a point with ADA but DOT isn't getting eaten by any teams just yet.

i wasnt comparing them in that way. Polkadot is like Cosmos with the distributed chains. the comparison to Cardano is the project delivery. Cosmos is already in production, Layer 1s building, people making and losing fortunes on defi apps, while Polkadot is navel gazing.
i thought Polkadot was clever tech and model then realised its over engineered, token model based on limiting developement, and late - like Cardano. might be one for the next cycle but not now and will need to see a killer app emerge (like Luna on Cosmos).

 

[giveusfalmerplease]

So you can pay £30k for a photo of something whilst Julian Lennon keeps the actual item. The world has truly gone mad.

its basically gambling. With NFTs, much like physical products you have to find someone willing to buy it off you rather than with crypto you choose when to sell and at what price.

Every time a new collection comes out from established NFT teams they start at like 2ETH! thats over $5000 and back in november would have been 10k...

Also there is the madness going on in the virtual reality metaverse's. Cant remember the exact details but someone paid nearly $400k to reserve a plot of "land" in a virtual game that is still in Beta and currently there is no trading/gameplay as such in that area . Its tantamount to buying a plot of land in the middle of the countryside expecting that eventually planning permission will be granted and you can sell at a large profit.

 

[giveusfalmerplease]

first off, advice is to avoid early coins right now. they will fall harder than the large ones in the bear market. and FIAT is a car manufacturer.
for purpose of education, the best way to get funds on chain is to move tokens from fiat onramps into Binance or Kucoin then move to the native chain from there. also use of bridges, Multiswap, hopr are good, to move between chains low fee. avoid Ethereum, its dead for all but whales right now.

Lol i assume that is a joke about FIAT ?? FIAT is a common term for government backed currencies eg GBP/USD and if you open a crypto wallet they refer to buying fiat...

 

[Bold Seagull]

Some coins now hitting a 12 month low. The 2022 slide continues. I’m HODL my small stake, but who is jumping, who is catching the falling knife?

 

[Marshy]

Some coins now hitting a 12 month low. The 2022 slide continues. I’m HODL my small stake, but who is jumping, who is catching the falling knife?

When there is blood on the streets its time to buy.

I would not sell mine even if it lost another 50% from what it is now. I l know what i hold