Bitcoin

Dave

Dave

Staff member
My $50 is now down to like $9. What sucks is for a brief time - like 3-5 minutes - on May 27 it skyrocketed up and I'd have easily cleared $1000. But now my $.06 a share is at $.0083.
 
Tinwhistler

Tinwhistler

Dave said:
My $50 is now down to like $9. What sucks is for a brief time - like 3-5 minutes - on May 27 it skyrocketed up and I'd have easily cleared $1000. But now my $.06 a share is at $.0083.
Click to expand...
If I'd gone with my gut feeling and gotten out before the big dive, I'd have cleared $3K. But instead, I cleared like...$8.00 lol
 
chris

chris

I don't know what's worse. Crypto bros who can't shut up about crypto before the crash or crypto bros who can't shut up after the crash.
 
PatrThom

PatrThom

figmentPez said:
I hope that crypto doesn't take down too many banks and other conventional financial institutions when it finally collapses.
Click to expand...
I hope it takes down all the ones that deserve it.
But it probably won't.
chris said:
I don't know what's worse. Crypto bros who can't shut up about crypto before the crash or crypto bros who can't shut up after the crash.
Click to expand...
If you cancel out both sides of the equation, you are just left with "Crypto bros."

--Patrick
 
  • Like
Reactions: Cat
Mathias

Mathias

Oof...

El Salvador holding up Bitcoin?

I got some bitcoin off Reddit back in like 2011 from a user buying me lunch. It was like 12 bucks worth. Bitcoin since then spiked to make that about 600 bucks; now it's down to like 200. Crypto is one rollercoaster ride I don't have to wealth to risk on.
 
figmentPez

figmentPez

Staff member
ThatNickGuy said:
For those that don't fully understand crypto, what exactly does that mean? And would that hurt or help crypto?
Click to expand...
As I understand it "proof of work" is the most common type of cryptocurrency, including Bitcoin, Etherium, DogeCoin, and the vast majority of NFTs. There are other types of cryptocurrency, but the ones that use massive mining farms are "proof of work". Outlawing this in the US would just mean that anyone wanting to set up a crypto mining farm would have to set up shop in a country that allows it.

As for if this hurts or helps... I have no clue. It would change things, and mean relocating or finding new personell and hardware, but I don't know if this will mean prices go up or down. Down because it could be a sign that more and more countries will follow suit, with the future of PoW currencies in doubt. Up because it might increase the perceived scarcity and alt-Right symbolic value.
 
AshburnerX

AshburnerX

figmentPez said:
As I understand it "proof of work" is the most common type of cryptocurrency, including Bitcoin, Etherium, DogeCoin, and the vast majority of NFTs. There are other types of cryptocurrency, but the ones that use massive mining farms are "proof of work". Outlawing this in the US would just mean that anyone wanting to set up a crypto mining farm would have to set up shop in a country that allows it.

As for if this hurts or helps... I have no clue. It would change things, and mean relocating or finding new personell and hardware, but I don't know if this will mean prices go up or down. Down because it could be a sign that more and more countries will follow suit, with the future of PoW currencies in doubt. Up because it might increase the perceived scarcity and alt-Right symbolic value.
Click to expand...
It would definitely help in places like Texas, where massive cryptomining is part of the reason the power grid keeps failing during high use periods.
 
Tinwhistler

Tinwhistler

www.investopedia.com

What Is Proof of Work (PoW) in Blockchain?

Proof of work is the process of validating transactions on a blockchain to confirm transactions, close a block, and open a new one.
www.investopedia.com www.investopedia.com
  • Proof of work (PoW) is a decentralized consensus mechanism that requires members of a network to expend effort solving an arbitrary mathematical puzzle to prevent anybody from gaming the system.
  • Proof of work is used widely in cryptocurrency mining, for validating transactions and mining new tokens.
  • Due to proof of work, Bitcoin and other cryptocurrency transactions can be processed peer-to-peer in a secure manner without the need for a trusted third party.
  • Proof of work at scale requires huge amounts of energy, which only increases as more miners join the network.
Click to expand...
It basically means you won't be able to (legally) mine bitcoin in the US. Which suits me just fine. Crypto mining has become a very destructive force, for both the power grid/environment and the computer gpu market. It basically expends resources for an ephemeral gain. I'd much rather see that much raw power put into other distributed computing networks with greater potential societal gains, such as Folding@Home. As it stands now, crypto mining means "X number of people have to die in the winter or summer because you want some money" or "X number of people, who can scarcely afford it, have to pay outrageous prices to get up-to-date computers for personal use"
 
You must log in or register to reply here.
Top