Anyone else into Crypto? | Page 2 | GTAMotorcycle.com

Anyone else into Crypto?

caramelgq said:
just because you don’t know what you don’t know
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If there's one thing I've learned about crypto/blockchain in the last few months dipping my toes in it....is this is a big issue. I had many of the same opinions shared above in the years past, but once you get past the BitBro crap and actually start looking at things, understanding and accepting that there is some risk involved in buying vs mining/farming, or investment involved for mining/farming (lesser so for Chia vs the alternatives however), it is what it is - there *is* some real money to be made.

Anyhoo.... I'll go on poking at things here. Like I said, I have no expectations of lambo in the driveway (well, not at my current hard drive space I have dedicated to it, anyways), but who knows who will get the last laugh in 5 or 10 years. If the price craters and it ends up buying me a dinner out with the fam somewhere, stays where it's currently hovering and it buys is a family vacation somewhere, or lands somewhere in between and lets me buy some motorcycle farkles or something, well......I'm OK with that. Could just as easily go the other way as well. 5 months in even with my comparatively tiny little setup I'm nearing 3 coins with a current value of just under $700 CAD. Hitting those first 2 coins was pretty lucky I agree when I was solo farming vs pooling, but I'm building slowly but steadily in pools now.
 
I don't see the value in it - has no government backup like paper currency and neither is it accepted as a form of payment, the price doesn't reflect the real world value only the perceived future hopes and dreams - kind of like Tesla except that they actually create something of use.

Just constant pump and dumps like AMC & GME stocks - have considered that bitcoin is being relatively high due to black-markets able to move and wash money easier via it as well.
 
CriticalCore said:
and neither is it accepted as a form of payment
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It actually is, at least in the case of Bitcoin.

You can pay your property taxes with it in Innisfil, but for one quick example with a cursory Google search.

innisfil.ca

Payment Options

Learn how to pay your property taxes in the Town of Innisfil. There are a variety of payment options available.
innisfil.ca innisfil.ca

Lots of other places.

Once again demonstrating that there's a lot of misinformation and misunderstanding out there.
 
PrivatePilot said:
It actually is, at least in the case of Bitcoin.

You can pay your property taxes with it in Innisfil, but for one quick example with a cursory Google search.

innisfil.ca

Payment Options

Learn how to pay your property taxes in the Town of Innisfil. There are a variety of payment options available.
innisfil.ca innisfil.ca

Lots of other places.

Once again demonstrating that there's a lot of misinformation and misunderstanding out there.
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I'm not saying it has no uses, I am saying that in the vast majority of uses I have found it was a created use to look technologically advanced and it is no better and in most cases worse than existing solutions.

In the future, I think it could be useful, I have seen nothing to sway me from my position that as it currently exists it is a giant familial orgy with only occasional connections to the outside world. Even if some companies are legitimately utilizing the power of blockchain, how many keys do they need to conduct their blockchain work? How many keys are being generated worldwide? I expect the amount being used for useful work will be an infinitesimally small percentage of of the total number of keys being generated. As this point, from what I can find, we are doing the equivalent of filling warehouses of various brands of widgets in the hopes that a market develops for them in the future and someone wants to pay us for them. It may pay off or it may evaporate into the ether, it depends on real uses being implemented where blockchain is superior to existing solutions (faster, cheaper, more secure, etc).
 
PrivatePilot said:
It actually is, at least in the case of Bitcoin.

You can pay your property taxes with it in Innisfil, but for one quick example with a cursory Google search.

innisfil.ca

Payment Options

Learn how to pay your property taxes in the Town of Innisfil. There are a variety of payment options available.
innisfil.ca innisfil.ca

Lots of other places.

Once again demonstrating that there's a lot of misinformation and misunderstanding out there.
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There’s some examples but it’s hardly widespread. If someone offered me crypto for something I’m selling I’d accept it….in exchange for an NFT of the thing I’m selling, or a digital photo.

There are crypto evangelists out there that oddly just incessantly promote the currency, until you understand that they have to pump up what they have because that’s the only way to give it value. That makes me extremely suspicious, not only of crypto, but of anything that needs this kind of activity to survive.

This isn’t directed at you.
 
One final thing, for something that has been praised as being so secure…..there have been an awful lot of hacks and losses and scams.
 
NFT's are a giant scam.

Crytpo evangelists (IE, BitBro's) are not to be listened to.

But they're both just static in the bigger picture.

I am eyes wide open to the downsides as well, don't mistake my posts for anything to the contrary.

But it's an easy train (in the case of Chia) to jump aboard right now and ride the ride for a while. I've got a few hundred bucks invested in some hard drives (which still hold a value if I decide to bail in a year, lets not forget), am using an old server I had kicking around anyways and was sitting collecting dust, and have made some real money while having fun in the process. There are also lots of others who have spent tens of thousands of dollars going deep-dive into it who have made nothing, and people who have spent hundreds of thousands of dollars who are looking at 10 year ROI's (if that) with current prices. Assuming prices stay where they are. That's where the gamble comes into play.

When mining/farming, there's some luck (or time) involved as well. I'm OK with that. If I bail in a year, I'm still net positive on the whole experience. Others may not be able to say the same. Like I said earlier, I'm not investing a dime more into this than I would feel like I'd ever walk into a Casino and throw into a 25c slot for an hour or two for the fun of it. And I don't go to casino's often, or spend much there lol.
 
PrivatePilot said:
NFT's are a giant scam.

Crytpo evangelists (IE, BitBro's) are not to be listened to.

But they're both just static in the bigger picture.

I am eyes wide open to the downsides as well, don't mistake my posts for anything to the contrary.

But it's an easy train (in the case of Chia) to jump aboard right now and ride the ride for a while. I've got a few hundred bucks invested in some hard drives (which still hold a value if I decide to bail in a year, lets not forget), am using an old server I had kicking around anyways and was sitting collecting dust, and have made some real money while having fun in the process. There are also lots of others who have spent tens of thousands of dollars going deep-dive into it who have made nothing, and people who have spent hundreds of thousands of dollars who are looking at 10 year ROI's (if that) with current prices. Assuming prices stay where they are. That's where the gamble comes into play.

When mining/farming, there's some luck (or time) involved as well. I'm OK with that. If I bail in a year, I'm still net positive on the whole experience. Others may not be able to say the same. Like I said earlier, I'm not investing a dime more into this than I would feel like I'd ever walk into a Casino and throw into a 25c slot for an hour or two for the fun of it. And I don't go to casino's often, or spend much there lol.
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Just to be clear, I have no problem with your "investment"/gambling to see if you can win the lottery. That's fun and most of us do that in one form or another. My problems are with the fundamental viability and environmental harm caused by the whole ecosystem with imo very minimal positives for humanity at this point.
 
PrivatePilot said:
NFT's are a giant scam.

Crytpo evangelists (IE, BitBro's) are not to be listened to.

But they're both just static in the bigger picture.

I am eyes wide open to the downsides as well, don't mistake my posts for anything to the contrary.

But it's an easy train (in the case of Chia) to jump aboard right now and ride the ride for a while. I've got a few hundred bucks invested in some hard drives (which still hold a value if I decide to bail in a year, lets not forget), am using an old server I had kicking around anyways and was sitting collecting dust, and have made some real money while having fun in the process. There are also lots of others who have spent tens of thousands of dollars going deep-dive into it who have made nothing, and people who have spent hundreds of thousands of dollars who are looking at 10 year ROI's (if that) with current prices. Assuming prices stay where they are. That's where the gamble comes into play.

When mining/farming, there's some luck (or time) involved as well. I'm OK with that. If I bail in a year, I'm still net positive on the whole experience. Others may not be able to say the same. Like I said earlier, I'm not investing a dime more into this than I would feel like I'd ever walk into a Casino and throw into a 25c slot for an hour or two for the fun of it. And I don't go to casino's often, or spend much there lol.
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I see NFTs and crypto as different sides of the same coin in that some people are willing to assign value to them, the vast majority of people are not.
 
GreyGhost said:
Crypto has no inherent value, nothing supporting its value and no powerful entity pushing it to maintain its value. Sure there are some whales but I suspect that they have the majority of their money in crypto. If things start dropping, I doubt they have enough external money to throw in to prop it up.

I will likely never invest real money in crypto. Your mining strategy is interesting. There are some computers and hard drives kicking around with no purpose in life.

Overall, crypto is earth destroying BS. Literally tons of emissions destroying the planet to generate fake returns that aren't all that easy to convert into anything else.
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I totally 100% agree with you..............

But I wish someone had pestered me into buying $10 worth when it was a tenth of a cent. That would be 10,000 bitcoin at $69 K today, about $700 Million.

Ten days ago it was around $51 K, 35% gain in ten days after it dropped a similar amount in the previous ten days. The world's most expensive yo-yo.

And then there's the guy that can't remember his password........

Ponzi
 
PrivatePilot said:
It actually is, at least in the case of Bitcoin.

You can pay your property taxes with it in Innisfil, but for one quick example with a cursory Google search.

innisfil.ca

Payment Options

Learn how to pay your property taxes in the Town of Innisfil. There are a variety of payment options available.
innisfil.ca innisfil.ca

Lots of other places.

Once again demonstrating that there's a lot of misinformation and misunderstanding out there.
Click to expand...
Accepted as payment but the value of the coin itself fluctuates harder than a bi-polar person - it's not stable and has to be bought using other currencies.

It's like exchange rate gambling waiting for currency price differences to fluctuate so that you can make a profit - instead of paying with an unstable value of bitcoin you can do so doing formal currency without incurring currency depreciation or appreciation if lucky.

It's a store of value but not a stable one, and being an unstable currency makes a horrible one to use for day to day transactions in it's current state.
 
I have the official meaning of life in a 4-page document.
If you'd like a copy, or would just like to make a donation to my pension fund, please send .00003688894 Bitcoin to the following address.

3E4HcvGDii5vLsKrvgWvzZ1KzszXs7rUwC
 
Like others have mentioned here before. If your intent is to put in what you would if you were going to a casino, no harm no foul.

Everyone that decides to dabble in this space does it for their specific goals and reasons. That is something that people dont talk about. None of my business as to what you want out of it.

Stay in your financial "lane" and dont worry about where anyone else is going. Youll be fine.

Id like to start but dont know where. Once i do, i wont be telling anybody about anything. Creates too much noise around you.
 
There was a young Toronto kid posting on Instagram a couple years ago with his Lambo, stacks of cash, penthouse view, Gucci everything.. self made crypto millionaire he claimed. He was selling online classes how you could do the same. Watch and copy his trades etc. Heard he went to jail a year or so later for some sort of pyramid scheme type racket or taking peoples money selling them bogus coins.

Now he is in Dubai flaunting the same lifestyle, selling a new coin...and an "advanced" crypto academy. Still lists he has a lambo and R8 even though they are long gone and back to the finance company. posting old photos of him in them in Toronto as if they are current. He must sucker in a lot of dummies. I hope he crashes and burns.
Neno NK Instagram.
 
bigsix said:
Id like to start but dont know where
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Chia is dead easy to get started. Literally anyone with a computer and some spare hard drive space can be started in the time it takes their system to generate their first plot and start farming it automatically after that.

That time to plot can vary wildly from 8-12 hours for a slow hard drive to 10-20 minutes for an ultrafast NVME using some of the third party plotting tools.

Just download the client, create a new wallet, punch a few buttons, tell it what hard drive to use, and you're away.

Then the only limiting factor is the amount of hard drive space you have free (or are willing to buy) to up your odds. Just don't think it's a get rich quick thing - I have 32 tb running right now to get ~$1/day profit...so lets say $365/year based on current coin value. If the value goes up like other successful cryptos have (Lets remember Bitcoin was once pennies per coin and is now just under $70,000 per coin) that $1 today could be tens of thousands of dollars a day effective years down the road.

Boom or bust, whatever, I'm having fun. And yeah, it's a giant gamble.
 
There are some things I dont understand about this 'mining'. I thought mining was all about being the first to complete a calc. Why the need for all the disk space? Admittedly I havent researched this much so this is probably a stupid question and I apologize for asking but I didnt see an explanation when I did a look.
 
Chia is "Proof of Space". So the more HD space you have dedicated to "plots", the higher your chances of winning a "block", IE a coin.

Others like Bitcoin are "Proof of work", hence the expensive computers with insanely expensive video cards crunching mathematical calculations that get harder and harder.

In short, Chia was designed from the ground up to be far more green than other cryptos, which is part of the appeal to many. Whereas a single Bitcoin miner could be 3000 watts, my current chia rig is about 260w running while plotting, and down to around 200w when just farming. Once the drives themselves are full and you're just farming (and not plotting anymore) a lot of people move the hard drives to something like a raspberry Pi for just the farming process and bring the entire wattage consumption down even more...basically a few watts for the Pi, and whatever wattage however many farming drives you have. That's it once the work is done.

It's also the reason why the barrier to entry is so low. Like I said, if you have at least a few hundred gigs of hard drive space somewhere and an idle computer, you can get in. Yeah, with only a handful of plots the chance of winning is like putting a penny in a slot machine over and over again for years, but hey, even that machine will statistically hit some day. The more plots you have (IE, the more hard drive space you're able to dedicate) the higher the odds of winning sooner than later.

All of this would have been greek to me in the spring. But when I get interested in something and latch on, I go full potato and learn endlessly about it. I still have a ton to learn, but the entry barriers to Chia are far smaller than other more advanced crypto.
 
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