Cryptocurrency

[where]

31 minutes ago, Dirty_habiT said:

I'm a fucking crypto genius.  I just learned that the $200 in litecoin i bought and then converted to ethereum in 2017 has gained 3x it's money.  I totally fucked it off and stopped caring/checking on it.  I just checked and to my surprise I have profit.

 

You should tell everyone you come into contact with. 

[NightmareOnElmStreet]

Got off a few a couple weeks ago but I’m planning to buy a little more and take it all to the Trezor finally so I can forget all about it. Having shit on the phone makes it too easy and addictive to check all the damn time. Still nervous about the transfer. What say you on the matter, @Mercer “stop being a pussy and put it in the wallet you bought over a year ago” lol? 

[fat ralphy]

Shit - now the time for me to jump in I guess.

 

 

[Mercer]

17 minutes ago, NightmareOnElmStreet said:

Got off a few a couple weeks ago but I’m planning to buy a little more and take it all to the Trezor finally so I can forget all about it. Having shit on the phone makes it too easy and addictive to check all the damn time. Still nervous about the transfer. What say you on the matter, @Mercer “stop being a pussy and put it in the wallet you bought over a year ago” lol? 

 

Stop being a pussy, put it in that wallet you bought over a year ago.

 

[CLICKCLACKONER]

4 hours ago, NightmareOnElmStreet said:

Got off a few a couple weeks ago but I’m planning to buy a little more and take it all to the Trezor finally so I can forget all about it. Having shit on the phone makes it too easy and addictive to check all the damn time. Still nervous about the transfer. What say you on the matter, @Mercer “stop being a pussy and put it in the wallet you bought over a year ago” lol? 

You could use the Blockfolio app to check your portfolio balances/ gains losses.  No login needed. 

[Hua Guofang]

11 hours ago, Dirty_habiT said:

China still owns 60% of the mines.

Yep!

 

And it's a real wild card as to how that's going to play out.

[Dirty_habiT]

24 minutes ago, Hua Guofang said:

Yep!

 

And it's a real wild card as to how that's going to play out.

What would you consider to be the various possibilities here?

[abrasivesaint]

China can mine deez nuts. 
 

That’s what i say. 

[abrasivesaint]

Threw some more shit around this morning.

 

Also discovered on Coinbase you can watch little videos and get free $ in specific coins. Theres a quiz you take and it racks up the money for every correct answer. It’s not much, most i made off of one quiz was $10. You can make educated guesses on the answers though, i didn't actually watch any videos and didn't get any wrong answers. Figured it was some good toying/conversion money for “shitcoins” or whatever.  Hopefully make a small profit off of those and dump em elsewhere. 

Edited May 20, 2021 by abrasivesaint

[abrasivesaint]

(Seinfeld voice) What’s the deal with Eth2? Is it worth it to convert and stake on Coinbase? I assume this means it has to sit in their wallet? Asking for me. 
 

Responses will be paid for in my nudes or props, your choice. 

[Dark_Knight]

Dogecoin for life lol

[Kults]

So when can I buy my groceries or fill up at the pump with crypto?

[Dark_Knight]

[where]

How could someone “lose money” in a crash if they didn’t sell? 

[Mercer]

1 hour ago, Kults said:

So when can I buy my groceries or fill up at the pump with crypto?

 

 

 

 

Basically any gas station that accepts credit cards.

[Kults]

5 minutes ago, Mercer said:

 

 

 

 

Basically any gas station that accepts credit cards.

how’s that work? it’s tied to a mastercard?

 

kinda defeats the purpose, no ?

[Mercer]

Just now, Kults said:

how’s that work? it’s tied to a mastercard?

 

kinda defeats the purpose, no ?

 

 

Depends on your purpose, if you want to buy groceries and gas in 2021 almost anywhere with crypto I'd say that it fits the purpose. If you want to use crypto to save up, and hedge against a failing system, you don't need to spend it at all.

 

Basically has an app with a built in crypto wallet, and a credit card app all in one, you can convert your crypto back into fiat on your phone, then buy things with it if thats what you want to do.

[diggity]

I havent touched 3dmax in years. I use Cinema4d a fair amount but have been playing with blender just because i keep seeing people do interesting things with it. outside of pretty big speed differences, the 3090 has 24gb of vram vs the 1080's 8gb. CUDA cores are 10,500 on the 3090 vs the 2500 on the 1080. Gamewise I bet its not a huge difference but when your shaving time off frames being rendered even small differences compound greatly.

 

 

[lord_casek]

13 hours ago, diggity said:

I havent touched 3dmax in years. I use Cinema4d a fair amount but have been playing with blender just because i keep seeing people do interesting things with it. outside of pretty big speed differences, the 3090 has 24gb of vram vs the 1080's 8gb. CUDA cores are 10,500 on the 3090 vs the 2500 on the 1080. Gamewise I bet its not a huge difference but when your shaving time off frames being rendered even small differences compound greatly.

 

 

I've never touched Cinema4d. I know it came with After Effects, but I dropped my AE subscription a couple of months ago. Not worth $25 a month
to just use 3d camera tracking. 

We need to have lunch again. 

GTX 1660 Super on an AMD Ryzen 5 3600  running 32 GB of ram. It does what I need it to do for editing 4K video. 


 

[misteraven]

For the record, I just removed a series of responses that were off topic, including some crypto based memes. The original intent of this thread was genuine interest in learning about crypto currencies so I'm steering ti back to that. Additional off topic comments will be removed.

[Mercer]

Anyway, most of this recent Dip is attributed to China FUD, and they’re on the war path again because the digital Yuan flopped. Basically, they (like most statists) didn’t understand the point behind digital currency‘s like Bitcoin , or why they’re so popular.

 

As @Kults pointed out earlier, they’re not a more convenient point of sales solution (yet).They’re basically function as a hedge against government encroachment into your personal finances. If you’re the saving up type, it sucks trying to do so with fiat, for every dollar in value stashed away, depending on how long you were saving you only get about 80% of value by the time you spend it. Switching from Chinas mobile phone based payment system, to a digital yuan wasn’t a tech hurdle, it was just Chinese citizens feel more comfortable trusting (semi) private companies than they do trusting their government. This is good news for Bitcoin long term.

[diggity]

What is the most used cryptocurrency?

I don't mean valued or traded but which of these is actually being used as a currency to buy and sell physical goods? I've read that people in countries that arnt super stable are opting to be paid in crypto because it can be more stable than their own countries currency so that just has me thinking, what are they using? Outside of Ethereum and Bitcoin, I dont hear many other names in the mainstream. I honestly dont know of anywhere I can go to spend it directly. 

 

[misteraven]

17 minutes ago, diggity said:

What is the most used cryptocurrency?

I don't mean valued or traded but which of these is actually being used as a currency to buy and sell physical goods? I've read that people in countries that arnt super stable are opting to be paid in crypto because it can be more stable than their own countries currency so that just has me thinking, what are they using? Outside of Ethereum and Bitcoin, I dont hear many other names in the mainstream. I honestly dont know of anywhere I can go to spend it directly. 

 

There’s places you can spend online… Tesla until recently, JM Bullion is another. Tons of little shops all over and you can always get a cash card to use wherever they take Visa / MC.

 

That said, I think the move right now is in terms of investment and not so much a matter of it being easy to use for every day transactions. 

[diggity]

So is something a currency if there is no economy in which to use it?

 

I know dick about economy so I thought I would try to educate myself a little. So I started watching the master class on economy. The guy doing the talk brings up an example to support printing money. the simple terms of it breaks down to you have 5 families who all agree on a coupon/token exchange system. the problem is now you got these parents, all wanting to baby sit for others so they can hoard coupons for themselves so that when they do go out, they can have a full night out. It wasnt until they doubled the amount of tokens in circulation that people actually started spending them.  

The other reason for printing money was to help devalue your debt in order to make it easier to pay back. I think this is most likely the real reason you have so many pushing for a higher minimum wage. 

 

 

[lord_casek]

10 minutes ago, diggity said:

So is something a currency if there is no economy in which to use it?

 

I know dick about economy so I thought I would try to educate myself a little. So I started watching the master class on economy. The guy doing the talk brings up an example to support printing money. the simple terms of it breaks down to you have 5 families who all agree on a coupon/token exchange system. the problem is now you got these parents, all wanting to baby sit for others so they can hoard coupons for themselves so that when they do go out, they can have a full night out. It wasnt until they doubled the amount of tokens in circulation that people actually started spending them.  

The other reason for printing money was to help devalue your debt in order to make it easier to pay back. I think this is most likely the real reason you have so many pushing for a higher minimum wage. 

 

 

https://youtu.be/nGXxHAj_IL8

[lord_casek]

Even better. 
 

 

 

[NightmareOnElmStreet]

Take fallen soldier crypto out, turn right around and buy back on the dip.....??

[Mercer]

11 hours ago, diggity said:

So is something a currency if there is no economy in which to use it?

 

Correct, if there's zero demand for a currency to purchase goods, and services, then it's not an actual currency. Zero being the key word in that statement. There is in fact, an international economy in which Bitcoin and other cryptocurrencies can be used to purchase goods and services. This has been since May 22nd 2010 (Bitcoin Pizza Day) a sort of crypto nerd holiday used to celebrate Bitcoins transition into an actual currency.

 

Right now, you can buy goods and services direct, even from large mainstream corporations like Overstock, AT&T, etc. and the list keeps growing. 12ozProphet itself accepted cryptocurrency exclusively for a single collectible good back in 2016/2017. You can also buy, or sell goods and services directly from other individuals on Craig's List under the "for sale" section by checking the "cryptocurrency OK" check box.

 

Fact is, in modern first world countries with "somewhat stable" inflation like the U.S., there are very few use cases for alternate currencies outside of the countries' national currency.

 

Even widely acknowledged currency like gold & silver coins are most often bought and sold as goods, almost exclusively for their countries national currency, as opposed to exchanged for goods and services making them more of a financial asset (in most cases). This "financial asset" status accounts for most of cryptocurrencies transactions, but not all of them. The line between "financial asset", and "currency" becomes a gray area. If Bitcoin isn't a "currency", then how would you define it, and how would you explain it's use to purchase actual goods and service? You can't use stocks, bonds, dividends, and other financial assets to purchase goods directly.

 

Fun fact, cryptocurrency is the #2 currency traded for actual goods and services in most 1st world countries including the United States. It's #3 in most 2nd & 3rd world countries where the U.S. Dollar is still the preferred alternate currency due to it's current advantage in liquidity. Basically, the U.S. dollar is still the "World Reserve Currency" meaning the most widely accepted currency worldwide. Bitcoin is slowly catching up to this status due to it's immutability, and resistance to seizure and sanctions.

 

 

Quote

I know dick about economy so I thought I would try to educate myself a little. So I started watching the master class on economy. The guy doing the talk brings up an example to support printing money. the simple terms of it breaks down to you have 5 families who all agree on a coupon/token exchange system. the problem is now you got these parents, all wanting to baby sit for others so they can hoard coupons for themselves so that when they do go out, they can have a full night out. It wasn't until they doubled the amount of tokens in circulation that people actually started spending them. 

 

The first thing to understand about Economics, is there are different contradictory schools of economic thought.

 

Most people into cryptocurrency including myself subscribe to  the Austrian School. Although I'm unfamiliar with the lesson you're referencing, doubling the money supply to increase the number of transactions taking place isn't a theory subscribed to by any popular school, and isn't a good example of macro economic understanding. It's more of a justification for inflation in a microeconomic setting, where the currency is "indivisible" meaning it doesn't break down into smaller units, for smaller purchases.

 

Bitcoin for example breaks down to a single "satoshi" basically 100 millionth of a bitcoin,  in the current exchange rate that means a 1$ is worth 2,642 Satoshi's. Plenty of divisibility left. Most popular cryptocurrencies are also equally divisible into fractions of pennies.

 

 

Inflation:

 

A man named Maynard Keynes came up with Keynesianism, which is today's most widely adopted school of thought in the mainstream. It's core theory supports the government inflating the money supply at will. Thus, governments left the gold standard and adopted a currency type called "fiat" which is currency by official decree.

 

In my opinion, those in charge of, and in support of governments power get a crack blast worth of confirmation bias by adopting Keynesianism, which expanded their power to decide who's rich, and who's poor. This explains why the number of USD in circulation have increased by 40% since the start of the pandemic. Most of this went to prop up stock, and other financial asset prices in a "Socialism for the rich" program. I mean, how are you going to continue to hold office if your campaign donors, and people funding those big super pacts are losing money?

 

 

Quote

The other reason for printing money was to help devalue your debt in order to make it easier to pay back.

 

This is very accurate, borrowing money before inflation kicks in does make paying back debt easier. The only caveat to this is your wages/income numbers have to increase in proportion, or your other investments (like cryptocurrency), and real world assets increase to compensate.

 

One can profit by buying a house on credit for half a million, letting inflation kick in, and selling the house for a million later, paying off the debt, then keeping the other half million for themselves. This is sort of helpful for homeowners looking to move out in the future, but if you want to move into another house, they will also increase in price defeating the purpose. You're not really getting ahead with the mortgage debt.unless rent somehow stays the same when you sold, or you move back into your parents basement and don't need the half a million you "profited" to purchase new housing. 

 

Inflation is most helpful for the wealthy holding investments assets that will increase in price in relation to currency.  In reality, most people have zero, or very few investments (outside of a house they owe money on, rather than own) compared to their cash savings,. Every time a dollar is counterfeited out of thin air, this fucks anyone who saves up using dollars. Making matters even worse, most Americans work for a set wage/salary, or have a fixed income for retirement that doesn't automatically adjust for inflation. Making inflation (mostly) harmful in the big picture the further down the ladder of wealth that you look.

 

According to the Austrian school (my preferred school of economic thought), the key to increased wealth, and prosperity is economic productivity. If more housing is being produced, if more goods and services are being produced, there's more actual wealth to go around. Money it's self is just a good that facilitates transactions. Money can be increased in supply for as little effort that it takes to print, or make up new electronic deposits from thin air going from the federal reserve into bank deposits.

 

Inflating the money supply doesn't make the goods and services we buy with money any less scarce. It just means Banks can loan money at less interest which is what creates these boom, and bust cycles Austrians refer to as the business cycle. A period of poor investment since buying anything at low interest is a guaranteed win, followed by a bust, where reality catches up to this illusion, and causes an economic recession.  

 

Quote

 

I think this is most likely the real reason you have so many pushing for a higher minimum wage. 

 

One thing to keep in mind is it's much easier, and likely to devalue any minimum wage increase via inflation, than it is to get enough legislative consensus to increase the minimum wage. One would have to both limit inflation, and increase the minimum wage to have the desired effect most seek.

 

Having a minimum wage itself is harmful, even for the unskilled workers relying on it in the big picture, for an entirely different set of reasons unrelated to cryptocurrency, and quite frankly takes way more typing than I'm willing to do after all of this. I have to get back to increasing my own economic prosperity for now.

Edited May 25, 2021 by Mercer
lot's of typo's

[diggity]

6 hours ago, Mercer said:

Although I'm unfamiliar with the lesson you're referencing, doubling the money supply to increase the number of transactions taking place isn't a theory subscribed to by any popular school, and isn't a good example of macro economic understanding.

https://en.wikipedia.org/wiki/Capitol_Hill_Babysitting_Co-op

Edited May 25, 2021 by diggity

[abrasivesaint]

11 hours ago, NightmareOnElmStreet said:

Take fallen soldier crypto out, turn right around and buy back on the dip.....??

I didn’t remove any funds but i definitely bought a little more in the dip. Shouts to Polygon yet again.