Crypto Currency Chat

[Cameraguy]

Anyone here involved in crypto?

Name some of your favorites, ill start:
BTC
ETH
TOMO
ADA
ZIL
UNFI
UNI
DOT
KNC

 

[bp2008]

I'm not really involved, but I have a lot of thoughts about it.

I see buying cryptocurrency as little more than gambling at this point (much like buying stocks).

I think the biggest obstacle to mass adoption of cryptocurrencies is people not understanding them, and by extension, not trusting them. Crypto works based on mathematical principles that are way over the head of almost everybody. More importantly, each cryptocurrency has flaws. Like BTC has the transaction fees that just get higher and higher the more popular it gets. Some currencies don't have a limit to how much can exist. Some do. I don't know if that makes one better than another. I also think it is only a matter of time before some currency or another gets famously hacked, to the point that it becomes utterly worthless to everyone except as an example of what not to do. And when that happens, it will make people think twice about whether they want their money to be in a form they don't understand. Maybe that has already happened and people just don't care. IDK.

 

[Cameraguy]

I'm not really involved, but I have a lot of thoughts about it.

I see buying cryptocurrency as little more than gambling at this point (much like buying stocks).

I think the biggest obstacle to mass adoption of cryptocurrencies is people not understanding them, and by extension, not trusting them. Crypto works based on mathematical principles that are way over the head of almost everybody. More importantly, each cryptocurrency has flaws. Like BTC has the transaction fees that just get higher and higher the more popular it gets. Some currencies don't have a limit to how much can exist. Some do. I don't know if that makes one better than another. I also think it is only a matter of time before some currency or another gets famously hacked, to the point that it becomes utterly worthless to everyone except as an example of what not to do. And when that happens, it will make people think twice about whether they want their money to be in a form they don't understand. Maybe that has already happened and people just don't care. IDK.

I've been in since 2017. I'm in no way pushing crypto or advising.. Was just seeing if anyone else here was already invested.

 

[mat200]

Gonna make my cameras into crypto miners.... and ipo myself..

 

[bp2008]

I wonder how much $$$$ of ASIC hardware it would take to match the, say, Bitcoin hashing power of all the IP cameras in the world. The processors in IP cams are usually pretty weak, and often already under pretty significant load. I expect the total cost would be much less than that of the servers and hosting infrastructure required to command and control all the IP cameras in the world.

 

[mat200]

I wonder how much $$$$ of ASIC hardware it would take to match the, say, Bitcoin hashing power of all the IP cameras in the world. The processors in IP cams are usually pretty weak, and often already under pretty significant load. I expect the total cost would be much less than that of the servers and hosting infrastructure required to command and control all the IP cameras in the world.

ssshhhh.. do not tell the reddit apes.. I need that sweet ipo cash to buy more cameras..

 

[biggen]

I've been mining LTC since about ~2012. Had a pretty big system back in the day but downsized considerably.

If anyone really want to ride some of the action but doesn't want to mess with the cryptos, then check out RIOT Blockchain on the NASDAQ. It growth in the last year is unbelievable. My portfolio never felt so good

 

[bp2008]

Nice, biggen!

I sure would have loved to get in early on cryptocurrency. But hindsight is 20/20. If it had been obvious 8-10 years ago that cryptocurrency would rise in value like it has, then everyone would have tried to exploit it back then and it wouldn't have turned out this way. Likewise, there are certainly things you could put $1000 into right now and end up a millionaire in a month or a year's time, but nobody knows what those things are yet.

 

[biggen]

It not too late! Elon Musk (Tesla) just purchased $1.5 BILLION dollars worth of BTC the other day so there are big names behind it. If I were a newcomer and wanted to invest some 'fun money' with crypto I'd still choose BTC above all the other coins. You don't have to buy a whole BTC either. You can buy fractional amounts.

But, like I said earlier, if you don't want to mess with crypto (because it can be confusing since you have to use exchanges and wallets) then I'd just buy RIOT stock. They mine BTC directly and their stock goes up and down as BTC does so its a pretty good analog to having the currency itself.

I'm no professional investor so take what I say with a grain of salt of course. As always, don't risk what you can't afford to lose!

 

[bp2008]

I have about 0.025 BTC from NiceHash mining a couple years ago, so I've messed with it a bit. I started running it after the first huge bitcoin spike and crash and ran it on two PCs for most of the winter. It was just a couple dollars a day in profit (with very cheap power) and I stopped them when warmer weather arrived and the heat produced would have been unwanted. According to NiceHash profitability calculator, my current work/gaming PC would be able to generate over $10 USD per day (if allowed to run 24 hours) which isn't too shabby, But it also assumes an exchange rate of 1 BTC = 46655.02 USD which is more likely to go down than up I think. However I thought BTC would probably never make up its lost ground and look where we are now. I'm more concerned about wearing out computer components. I hate having PC hardware problems and I'm strongly motivated not to poke the sleeping tiger if you know what I mean.

 

[Cameraguy]

I have about 0.025 BTC from NiceHash mining a couple years ago, so I've messed with it a bit. I started running it after the first huge bitcoin spike and crash and ran it on two PCs for most of the winter. It was just a couple dollars a day in profit (with very cheap power) and I stopped them when warmer weather arrived and the heat produced would have been unwanted. According to NiceHash profitability calculator, my current work/gaming PC would be able to generate over $10 USD per day (if allowed to run 24 hours) which isn't too shabby, But it also assumes an exchange rate of 1 BTC = 46655.02 USD which is more likely to go down than up I think. However I thought BTC would probably never make up its lost ground and look where we are now. I'm more concerned about wearing out computer components. I hate having PC hardware problems and I'm strongly motivated not to poke the sleeping tiger if you know what I mean.

Bitcoin is ultimately going to continue to rise in my opinion

 

[biggen]

Since March of 2020, BTC has been on a steady climb with a handful of corrections. It’s a bull run now so it will slow down eventually of course and force the weak hands to sell and take profit. Those that are in it for the long haul will buy more during the dips. The price will slowly creep up again and the cycle repeats. What’s important is that it continues to grow in the long run. For me it’s a long term strategy. I don’t day trade. I buy what I think will be a good investment for the long haul and hold.

My personal opinion is BTC will hit $75k by the end of the year. It may go up and down between now and then of course.

Mining is more for a hobby at this point. Back in the day you could mine massive quantities of LTC and DOGE but those days are over. It’s better now to just invest the amount you’d spend on the equipment on buying actual coins.

 

[Ssayer]

I looked into it a number of times but just haven't been able to convince myself that it's anything but another scheme to eventually separate me from my money. Maybe if I were say... 30 years younger, I might dabble. That's just me. I'm glad it's working out well for others so far.

 

[Cameraguy]

Since March of 2020, BTC has been on a steady climb with a handful of corrections. It’s a bull run now so it will slow down eventually of course and force the weak hands to sell and take profit. Those that are in it for the long haul will buy more during the dips. The price will slowly creep up again and the cycle repeats. What’s important is that it continues to grow in the long run. For me it’s a long term strategy. I don’t day trade. I buy what I think wI’ll be a good investment for the long haul and hold.

My personal opinion is BTC will hit $75k by the end of the year. It may go up and down between now and then of course.

Same here and agree with everything you just said. I tried to day trade and its a special skill that i dont have. Im long term.. Any Defi or alt tokens you like at the moment?

 

[Cameraguy]

I looked into it a number of times but just haven't been able to convince myself that it's anything but another scheme to eventually separate me from my money. Maybe if I were say... 30 years younger, I might dabble. That's just me. I'm glad it's working out well for others so far.

Bitcoin is a storage of wealth similar to gold.

 

[biggen]

Same here and agree with everything you just said. Any Defi or alt tokens you like at the moment?

I’ve always liked LTC. ETH is also good. The issue is that BTC is doing as well or better than the alts so it’s hard to justify not buying BTC. Secondly, if BTC goes down so do they all. It all really points back to BTC in the end almost.

 

[Cameraguy]

I’ve always liked LTC. ETH is also good. The issue is that BTC is doing as well or better than the alts so it’s hard to justify not buying BTC. Secondly, if BTC goes down so do they all. It all really points back to BTC in the end almost.

True ..Eth gas prices are high so I've taken small interests in DOT TOMOCHAIN and ADA. In some defi too to try and gain some satoshis and trade to btc for the long term. I feel alt season is coming like 2016 into 17

 

[Ssayer]

Bitcoin is a storage of wealth similar to gold.

Only difference is (were it not for that boating accident), I can hold phys gold and silver in my hands and easily exchange them for whatever the current currency of the day will be locally should I ever decide to do so...

 

[Cameraguy]

Only difference is (were in not for that boating accident), I can hold phys gold and silver in my hands and easily exchange them for whatever the current currency of the day will be locally should I ever decide to do so...

Well you can with btc also, without even leaving your house haha

 

[bp2008]

Well you can with btc also, without even leaving your house haha

LOL, it is so much more complicated than that. But yes, assuming you have a functioning internet and Bitcoin is still in use in the world, and you haven't lost your private keys...