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Bitcoin, Cryptocurrency, Blockchain, and You: Navigating the Future of Tech (a NeoGAF discussion thread)
M. Crassus
Member
ETH also has a much smaller market cap than Bitcoin, and there's so much more going on that'll draw eyeballs in 2021 (DeFi, NFTs and such). I'm balls deep ethereum because I'm convinced the ratio will go up significantly during the bull run.
Elpidio Valdés
Member
Man I hope you're right. I bought 2 ETH at around $1200 back in the day and it went downhill from there. At this point all I want is to make my money back and I will be happy.
ThatStupidLion
Member
youll definitely get your money back - im very confident in that statement
Bunker Hosted
Member
Summary for dummies:
- Bitcoin is KING and safest to place to start
- Ether is also great, but has much higher risk/reward (and different reasons why it is valuable compared to bitcoin)
- almost EVERY other coin, with the exception of maybe 5~ other projects are complete SHIT
- No matter how much you see a shit coin going up, STAY AWAY
- If you want to get involved in shit coins, do your own research on the project and founders before anything or you will lose your money
- Don't trust anyone, even yourself because you will get greedy, buy shit coins and then lose all your money
Marcus Aurelius
Banned
Can someone give me a TLDR on why bitcoin is going up recently?
SatansReverence
Hipster Princess
No particular reason really. It's just it's natural cycle.
Value slowly climbs over time, word of mouth spreads, demand increases, prices sky rocket, people sell sell sell when they start getting scared, price plummets, repeat after about 2 years.
cryptoadam
Banned
30K (CAD) like I said.
Retrace probably coming soon maybe a bit more room to grow but expect a drop back to the 24-28K range shortly. Don't buy now wait for the retrace.
If you bought a week ago you would have made close to 40% return.
This is the scariest time of year for BTC. Usually huge drops happen around Dec/Jan. Get in the game at your own risk, but there is the chance of a year long bull run. ITs a giant crapshoot.
Retrace probably coming soon maybe a bit more room to grow but expect a drop back to the 24-28K range shortly. Don't buy now wait for the retrace.
If you bought a week ago you would have made close to 40% return.
This is the scariest time of year for BTC. Usually huge drops happen around Dec/Jan. Get in the game at your own risk, but there is the chance of a year long bull run. ITs a giant crapshoot.
Ozzy Onya A2Z
Member
Porn hub was block by VISA and Mastercard at the same time. They now trade with crypto currency.
ManofOne
Plus Member
Mainstream investors are buying it as a hedge against inflation. It correlation behaviour seem to mimic gold, additonally digital currency is growing popularity due to covid.
Gugenheim CFO or CIO says Bitcoin is worth $500,000 but I say its worth diddily.
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michaelius
Banned
Does anyone have a solid guide how to start ETH mining on Ampere gpu ?
H
hariseldon
Unconfirmed Member
Mining isn't worth it on home gear, certainly not with well-known coins at least. Spec mining can be worthwhile sometimes - I had a bit of good fortune when I mined IPBC (which later became bittube) right when it first emerged and ended up with a few hundred quid's worth for a few days mining, because they'd fucked the difficulty adjustment, but it's more luck than judgement and knowing when to sell your freshly-mined shitcoin.
Bunker Hosted
Member
If you have only one GPU, you could try something like awesomeminer. Basically just a console that handles all the mining software for you. Just don't expect to be pulling a ton of profit, currently running five 2080 Ti's and five 1080 Ti's.
2080s pull an average of about a 1.5$ USD a day, thats with a 30~ overclock as well
1080s pull an average of about 85 cents USD a day, overclocked similair to the 2080s
With the above averages, thats over the last 9~ months. I've seen the 2080s hit as high as 4 USD a day, but also i've seen them pulling less than a dollar.
Hope that helps you some
EDIT: Pretty sure awesome miner allows one free miner, and remember that AMD GPUs are not as optimized for the ETH algorithm compared to Nvidia
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michaelius
Banned
Thanks I need something simple (people suggested me whole minining optimised linux already which is a bit of overkill
Someone did calculation for our local energy prices and it was around 75 euros for single 3060ti per month
Someone did calculation for our local energy prices and it was around 75 euros for single 3060ti per month
Bunker Hosted
Member
The most confusing part of awesome miner, or even mining in general is setting up a mining pool account and creating workers (Though there are very detailed guides on Youtube for setting up awesome miner with something like miningpoolhub). Just reply back if you need helpThanks I need something simple (people suggested me whole minining optimised linux already which is a bit of overkill
Someone did calculation for our local energy prices and it was around 75 euros for single 3060ti per month
genesisblock
Member
Just wondering if we can buy NeogGaf Merch/Gold with crypto in the nearby future.
Greedings
Member
I'm also new, been listening to a lot of stuff about it, got in a few weeks ago at just the right time...albeit with a low number to start things off.
I'm not looking to invest, only to save - I don't make enough spare cash to invest anything - so is bitcoin the best for saving, or does this every 4 year issue make it too volatile?
I'm not looking to invest, only to save - I don't make enough spare cash to invest anything - so is bitcoin the best for saving, or does this every 4 year issue make it too volatile?
cryptoadam
Banned
BTC is the best one.
I would just keep an eye and look to move to a stable coin if a big drop is coming. BTC can lose 80 to 90% of its value easily but then can regain it.
Something like tether which always stays the same value is a good place to move your coins if BTC prices are falling. Then you can buy back in and make money on the upswing.
Just dont put in what you arent willing to lose. Its alot like gambling and generally the house always wins. If putting in money means you wont eat or pay your rent stay away and get a mutual fund or something.
But if you have a little spare change and dont mind losing it worse case then go for it.
If you would have bought in about 3 or 4 months ago you could have doubled your money by now. If you bough 2 years ago close to 5 times your money. Timing is key. Just beware December Jan lots of drops around this time. But I believe that there will he ups and downs for the next year as BTC goes on a run hopefully to 100K abd beyond.
cryptoadam
Banned
36k now dropping.
Its gonna go to 40k next time it goes back up. Doubt it drops lower thab 32K but we might be at the bottom of the drop. I think buying at below 34k you can make 15 to 20% on the next little run.
All prices CAD.
If we get through early Jan without it cratering year long run prediction is on like Donkey Kong. If you buy the dips you can come out ahead.
ThatStupidLion
Member
16 Ethereum Predictions From a Crypto Oracle
Andrew Keys has 16 reasons why crypto will take center stage economically, politically and socially in 2021.
Not trying to shill, yes eth is the headline, but theres general discussion of crypto across the board.
Obviously absurdly bullish, but neat to hear the expectations for the coming crypto industry for the next few years
web 3.0
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cryptoadam
Banned
XRP just delisted from Coinnbase from what I saw.
Coinbase to Suspend XRP Trading Following SEC Suit Against Ripple
Coinbase said it will suspend trading of XRP, the cryptocurrency at the heart of an SEC lawsuit against Ripple Labs.
Its a big risk but you might end up with a whole lot of bags on hand.
If XRP loses their case it will fall to nothing. If they win could see a huge pump.
H
hariseldon
Unconfirmed Member
XRP is and always will be a centralised shitcoin. Do not buy.
cryptoadam
Banned
I don’t own any Bitcoin but have some spare cash at the moment and have been considering getting into crypto. Looks like it’s currently peaking so may be a correction in the next few months? I’m a total novice with crypto so pls educate me.
Most likely will ebb and flow for the next while.
It should go to 40 50 k at least personally I think higher until next december.
2 or 3 months ago u would have doubled your money lol. But IMO still growth room.
As always though its very volitile and can crash at any time. Just keep an eye on dumb money and FOMO. When normies start jumping in again a drop is probably coming.
Irobot82
Member
I'm still kicking myself for not bumping my XRP when it was in the 60's. Ahh well....XRP just delisted from Coinnbase from what I saw.
Coinbase to Suspend XRP Trading Following SEC Suit Against Ripple
Coinbase said it will suspend trading of XRP, the cryptocurrency at the heart of an SEC lawsuit against Ripple Labs.www.coindesk.com
Its a big risk but you might end up with a whole lot of bags on hand.
If XRP loses their case it will fall to nothing. If they win could see a huge pump.
Papa
Banned
Shit man 3 months ago I had a spare 50k but I spent it on a new car. c'est la vie
SatansReverence
Hipster Princess
unless that 50k is something you could flush down the toilet and not care about than bitcoin gambling probably isn't the smartest thing to do with it.
That said it's close to breaking past 38k aud now.
That said it's close to breaking past 38k aud now.
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Irobot82
Member
So what's everyone current thoughts on Defi coins like COSMOS?
I'm thinking about putting some of my "Savings" into it. The bank right now is giving like >1% interest which usually equates to around $.03 a quarter or something. Almost useless. I was looking at Cosmos and Algorand giving out greater than 7% interest. I feel like it would at least do more than it is now but I remember a few years ago all the scams like DAVOR etc.
I'm thinking about putting some of my "Savings" into it. The bank right now is giving like >1% interest which usually equates to around $.03 a quarter or something. Almost useless. I was looking at Cosmos and Algorand giving out greater than 7% interest. I feel like it would at least do more than it is now but I remember a few years ago all the scams like DAVOR etc.
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H
hariseldon
Unconfirmed Member
Scam. Avoid.
H
hariseldon
Unconfirmed Member
Bitcoin is a risky bet. It's less risky than shitcoins, but like all investments you can lose money. I made a few quid from the run from 3.5k to 12k and bought a new kitchen, your mileage may vary. It's cyclical like all things and fundamentals aren't really a factor, nor the external economy.
cryptoadam
Banned
I have some Algo myself.
All alt coins are somewhat scams, but if there is a run you can make some money. My bet is that between now and next December the tide will raise all ships and everything will see a decent increase.
I would only "invest" what you are willing to lose. And personally I think if you are looking for small gains just stick with BTC. If you would have put that money a month ago you would have made like 50%, and 3 months ago you would have tripled your money.
I predict a retrace coming up on BTC but then we will see a run to 40K and then 50K. But it won't be linear so expect dips here and there.
cryptoadam
Banned
That seems to be the thing with BTC. And we are in an up cycle right now. Question is how long will it last.
BTC is starting to gain steam again with the general public so it concerns me that some whales can crash the market after dumping for profits.
But if we follow the previous cycles we could be in for a year long run like we saw from 2016 to 2017.
So either we are the 2017 peak and looking at a crash like we saw in Feb of 2018, or we are at the start of the run like in Dec 2016 that saw a year long run from 1k to 20k.
Irobot82
Member
I'm a long term HODLR. I buy $50 in BTC every week. It's done pretty well for me. I was more looking at these DEFI coins not as seeing the value of the coins go up but the APR's they pay out.
H
hariseldon
Unconfirmed Member
Consider the DEFI coin will have a short period of being worth anything. I'd personally treat it as a pump and dump at best.
Belmonte
Member
What you mean is that it is so random that we can't anticipate what bitcoin price will do in an economic collapse?
Irobot82
Member
That's what my gut keeps telling me.....
ThatStupidLion
Member
at this point nothing is worth touching other than btc imo and MAYBE ethereum.
dont fall down the altcoin rabbit hole.
imo if you want to be crypto-involved and are a bit more conservative but still looking for potential for big gains I'd look into crypto funds or IPOs like coinbase's
dont fall down the altcoin rabbit hole.
imo if you want to be crypto-involved and are a bit more conservative but still looking for potential for big gains I'd look into crypto funds or IPOs like coinbase's
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H
hariseldon
Unconfirmed Member
Not so much random.. there are patterns. As such Bitcoin tends to have a hype cycle, which means that the price movement is more a product of mass psychology than fundamentals. That said, compared with FIAT it's deflationary, which means that one can reasonably assume that over time the trend of value will be upwards, especially with the money-printer being so active at present (the only reason we haven't seen hyperinflation is that this money is going into the stock market rather than the real economy). At some point it'll blow up, but that is likely to be such a cataclysmic event that it'll be very hard to predict any outcome.
Some things to consider:
- Bitcoin has not been hacked, and it's over a decade old, but if it ever does get hacked, it's game over
- The chance of a 51% attack is much slimmer than other coins due to the hashing power required. There are large entities in possession of large chunks of the hashing power but it's not in their interests to destroy the currency as that would be the end of their business.
- If governments shut down FIAT onramps and offramps en-masse that will hurt prices badly.
I would regard the hack as very unlikely now, the security has been well-tested. The 51% attack is similarly unlikely. The biggest risk comes from regulatory pressure buggering up onramps.
Belmonte
Member
Thanks for the thoughtful response!
cryptoadam
Banned
Yup its basically a hype cycle. This is the point where the hype is starting to build again once everyone jumps in Whales will sell out and crash the market again to only rinse and repeat.
Time to buy was the last 2/3 years.
Alts are just shit coins for pump and dumps. But for almost any ALT if you would have bought 2 years ago you would have made mint.
Take Chainlink. You could have picked it up at 35 cents 2 years or so ago, it peaked at over 20$. like 50 x your money if you held onto it. You can do that with almost any rando coin on COINBASE. All though it looks like that time has passed, the hope is that some of them go on a run if BTC keeps on going.
Just warning anyone getting in now its very possible you are getting in at the height of the run.
My personal prediction is that it will crash next Dec/Jan and we are looking at a good 1 year run. But thats just what I have been thinking for the last few months and of course I am more likely to be wrong then right.
Time to buy was the last 2/3 years.
Alts are just shit coins for pump and dumps. But for almost any ALT if you would have bought 2 years ago you would have made mint.
Take Chainlink. You could have picked it up at 35 cents 2 years or so ago, it peaked at over 20$. like 50 x your money if you held onto it. You can do that with almost any rando coin on COINBASE. All though it looks like that time has passed, the hope is that some of them go on a run if BTC keeps on going.
Just warning anyone getting in now its very possible you are getting in at the height of the run.
My personal prediction is that it will crash next Dec/Jan and we are looking at a good 1 year run. But thats just what I have been thinking for the last few months and of course I am more likely to be wrong then right.
prag16
Banned
As I probably stated earlier in this thread, I am NOT a believer in cryptocurrency. But I got a bigger bonus than expected this year at work, so fuck it, so as not to be left out in the cold entirely if this ends up truly being a permanent fixture in our society I threw two grand in early last week. Half BTC, the other half split evenly between ETH and LTC. Can't complain so far. Not really looking to get involved with shitcoins; LTC is probably shitty enough already.
ThatStupidLion
Member
H
hariseldon
Unconfirmed Member
I’d say that’s a healthy mix. Good work.
thefool
Member
You should, undoubtedly, get acquainted with defi. Around 80% of my crypto is collateralized in non-custodial protocols, from where I borrow more money to invest (i prefer the term to play with lol).
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H
hariseldon
Unconfirmed Member
You and your money will soon be parted.
Irobot82
Member
Can you explain how the 7-8% APR is sustainable?