Bitcoin, Cryptocurrency, Blockchain, and You: Navigating the Future of Tech (a NeoGAF discussion thread)

I'm not exactly sure if I understand your comment or what you are getting at, however there is already a transition to PoS (staking) over PoW (mining). Eventually mining will be a dead scene and will be considered obsolete. Staking uses 99% less energy, and is where the industry is heading.

cryptobriefing.com

Ethereum Staking Will Drop Power Consumption by 99%

Ethereum will reduce its energy consumption by 99.95% following its transition to proof-of-stake and blockchain merge.
cryptobriefing.com cryptobriefing.com

If there is potential money to be made, crypto will thrive. I don't believe there will ever be any hammer that comes down on crypto, other than further clarifying the tax liabilities and enforcing those laws.
 
bigsnack said:
I'm not exactly sure if I understand your comment or what you are getting at, however there is already a transition to PoS (staking) over PoW (mining). Eventually mining will be a dead scene and will be considered obsolete. Staking uses 99% less energy, and is where the industry is heading.

cryptobriefing.com

Ethereum Staking Will Drop Power Consumption by 99%

Ethereum will reduce its energy consumption by 99.95% following its transition to proof-of-stake and blockchain merge.
cryptobriefing.com cryptobriefing.com

If there is potential money to be made, crypto will thrive. I don't believe there will ever be any hammer that comes down on crypto, other than further clarifying the tax liabilities and enforcing those laws.
Click to expand...
I see this hapening in the future as well. It may take a few years till Defi and smart contracts grow further though. So far its great for most major coins.
 
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bigsnack said:
I'm not exactly sure if I understand your comment or what you are getting at, however there is already a transition to PoS (staking) over PoW (mining). Eventually mining will be a dead scene and will be considered obsolete. Staking uses 99% less energy, and is where the industry is heading.

cryptobriefing.com

Ethereum Staking Will Drop Power Consumption by 99%

Ethereum will reduce its energy consumption by 99.95% following its transition to proof-of-stake and blockchain merge.
cryptobriefing.com cryptobriefing.com

If there is potential money to be made, crypto will thrive. I don't believe there will ever be any hammer that comes down on crypto, other than further clarifying the tax liabilities and enforcing those laws. I prefer to do staking at Redot. Highly recommend!
Click to expand...
The other day Charles Hoskinson (Cardano's CEO) made a great video for Jack Dorsey (Twitter's CEO) about the difference between POS and POW. Cardano is based on POS, ETH 2.0 will also support this consensus. But POW is more safe. At the same time BTC got attacked by massmedia for using dirty electricity.
 
Adam Wart said:
The other day Charles Hoskinson (Cardano's CEO) made a great video for Jack Dorsey (Twitter's CEO) about the difference between POS and POW. Cardano is based on POS, ETH 2.0 will also support this consensus. But POW is more safe. At the same time BTC got attacked by massmedia for using dirty electricity.
Click to expand...

Kind of a random, uninformed thought, but I wonder if there would be a benefit to some blockchain system using a mix of POW and POS? Like having a separate token for each consensus method?
 
infinitys_7th said:
Kind of a random, uninformed thought, but I wonder if there would be a benefit to some blockchain system using a mix of POW and POS? Like having a separate token for each consensus method?
Click to expand...
Say hello to Decred.
www.investopedia.com

Decred (DCR): What It Is, How It Works, and Goals

Decred (DCR) combines two popular consensus mechanisms to remedy the centralization problems of other cryptocurrencies. Learn more about Decred.
www.investopedia.com www.investopedia.com

bigsnack said:
I'm not exactly sure if I understand your comment or what you are getting at, however there is already a transition to PoS (staking) over PoW (mining). Eventually mining will be a dead scene and will be considered obsolete. Staking uses 99% less energy, and is where the industry is heading.

cryptobriefing.com

Ethereum Staking Will Drop Power Consumption by 99%

Ethereum will reduce its energy consumption by 99.95% following its transition to proof-of-stake and blockchain merge.
cryptobriefing.com cryptobriefing.com

If there is potential money to be made, crypto will thrive. I don't believe there will ever be any hammer that comes down on crypto, other than further clarifying the tax liabilities and enforcing those laws.
Click to expand...
As mentioned before, the power consumption is FUD. The naysayers love to compare Bitcoin's transactions per second to other methods, but that's not a fair comparison. That would be like comparing the quality of two seats while one is literally a seat, and the other one is a full airplane.

Bitcoin doesn't just offer transactions. It replaces banks (including buildings, ATMs, transport of money in trucks etc), payment intermediaries, payment networks, security software and protocols, servers... It basically makes the whole traditional financial system obsolete in a way. No wonder so much FUD is being spread about it. The ones that did very well in the current broken parasitic system have an incentive to try and break it. And look what just dropped;

Leaving this here also, again;
docsend.com

20210513 Galaxy Digital Mining - On Bitcoin Energy Consumption

DocSend
docsend.com docsend.com

Whether PoS or PoW is better is not so simple. With PoW, the miners are incentivized to sell at least part their coins for a profit. This increases the wealth distribution, because it is financially impractical and unreasonable to hold everything that is mined. If they want to keep the advantage in the whole space, they need to keep expanding and doing the additional work as well.
With PoS, stakers are incentivized to hold it, and anyone that had more coins at the start is pretty much guaranteed to gain more than everyone else afterwards. There is little incentive to do anything other than holding the coin. No expansion, no distribution, no cost to hold or produce new coins. There is no disadvantage to hoarding, and that is quite a big flaw if crypto's aim is to be decentralized.
 
Eth testing demand areas around $2k looks like it's holding strong, possible pull back pattern forming on daily charts. Definitely worth keeping an eye on.

(I'm not advisor only use money you can afford to lose)
 
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bigsnack said:
however there is already a transition
Click to expand...
You mean, with 6000 crypto coins out there?
Good to know.

Why do people keep saying "miners" to explain GPU shortages though?

And as we are "in transition" who buys all that stuff that I was told has zero intrinsic value? (but that's OK, since, say, gold has zero intrinsic value too, I was told, although, I have doubts)
 
I am not convinced it is over. We had one good day and everyone got excited, could be wrong... who knows?

Either way, I have some cash set aside into some limit buys if they get there, either way it goes I'll be happy.
 
crazepharmacist said:
So was that just a dead cat bounce yesterday? Pulling back again this morning
Click to expand...

It's not a dead cat bounce until it drops back to the previous low. Could just be short traders grabbing their gains for the past 24 hours or it could be spooked investors taking the opportunity to get out of the game after the scare of the past week.

The latter is the harder one to predict. The big drop will have rattled the market and provided a hard dose of reality to a lot of people who jumped in thinking the market was a sure thing. one big knock is an issue and as far as I can see the drop in Bitcoin over the past couple of weeks is a record breaker in percentage terms so I'd imagine there are a lot of people looking for an exit position. Trouble is more drops will further shake confidence and then I think we'll start seeing a consistent retreat by new and medium term investors (including those who swore they were in it for the long term when the market was all upward momentum) which is where you get the crash.

We'll see. End of the month usually sees an uplift as people get paid and jump in. Whether or not that makes the difference and the subsequent rise can be sustained will likely be the key marker as to whether we're going down sub 20k BTC.
 
crazepharmacist said:
So was that just a dead cat bounce yesterday? Pulling back again this morning
Click to expand...

Lots of people who felt "trapped" in at higher prices will be selling out every time there is a spike. It might take several attempts at breaking 40k before everyone who is too scared to hold has finally sold out.
 
I am hoping for one more dip to ~33k. I will then start adding to the bags again. Bitcoin and large caps. More cardano and maybe Solana and more vechain maybe. I think a bit more binance would be good.

I think everyone over 5 months in, should be up either way. So, I see no need to panic. The banks and investment firms are going in it seems. Just be patient, and collect the percentages that have been going up for the last decade plus.
 
I always could be wrong. But... In my humble opinion, we are right now where we were during July of 2013, and where we were during September of 2017. Too many institutions were buying and withdrawing coins from exchanges for this to be the top.
 
I am really enjoying the crypto volatility, it's given me a motivation to learn some short term trading techniques.

I have never been so excited to see the prices tank.
 
crazepharmacist said:
Why would you be excited? No guarantee it's going to recover. This may be a long way down.
Click to expand...

I don't think it will recover (reach ath) in the next 2 years, but it will continue see-sawing and that's how I make money off it.
 
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Entered on ETH at an average of 2420, and I set my stop loss at 2380.
I have been trying some TA. I am feeling bullish for the next 12hrs.
 
Maybe a bit offtopic.
I installed that Brave browser to not shit on it without actually using a recent version and was thinking about this thing "BAT". This thing really works? Looks like I can connect to a service called "Uphold", and every month convert the BAT into money (only for people in the USA and EU?). Really money, really?
I can really convert these bats to money on some virtual bank account?
I'm also seeing crypto wallets in this, there's also this option to convert the BAT to a Bitcoin or Ethereum wallet that I connect in this browser? I don't follow this crypto crazy so everything looks like a scam to me, I need to ask to understand.
Anyone here dealt with crypto currencies using the Brave browser?
 
Epic Sax CEO said:
Maybe a bit offtopic.
I installed that Brave browser to not shit on it without actually using a recent version and was thinking about this thing "BAT". This thing really works? Looks like I can connect to a service called "Uphold", and every month convert the BAT into money (only for people in the USA and EU?). Really money, really?
I can really convert these bats to money on some virtual bank account?
I'm also seeing crypto wallets in this, there's also this option to convert the BAT to a Bitcoin or Ethereum wallet that I connect in this browser? I don't follow this crypto crazy so everything looks like a scam to me, I need to ask to understand.
Anyone here dealt with crypto currencies using the Brave browser?
Click to expand...
The Brave browser is basically a private browser that prevents you from being tracked on the internet, and also automatically blocks ads.
However... You can opt in for ads, and get paid for receiving them. The way this works is that the ones that want to display ads have to pay to do so, obviously. Rather than the funds going fully to the platform, like what happens with Google, the received funds are split between the platform and the ones willing to receive the ads. The ones opting in to watch the ads receive BAT as a reward, since this is the token enabling this mechanic. BAT stands for Basic Attention Token, i.e. you are paid for your attention.

In order to receive the money, you have to register an account with Uphold and do KYC. Uphold is basically a different Coinbase.
You're better off holding the BAT till close to the peak of the bull market cycle. As of right now, I have about $150 worth of BAT, simply from browsing and receiving ads.
 
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Guys help me regard using a hardware wallet.

I really want to use one, but it seems like you are giving all your cryptos for free if you transfer them.
I don't want them on the exchange, but I don't want to give away my cryptos for free.
 
Ascend said:
The Brave browser is basically a private browser that prevents you from being tracked on the internet, and also automatically blocks ads.
However... You can opt in for ads, and get paid for receiving them. The way this works is that the ones that want to display ads have to pay to do so, obviously. Rather than the funds going fully to the platform, like what happens with Google, the received funds are split between the platform and the ones willing to receive the ads. The ones opting in to watch the ads receive BAT as a reward, since this is the token enabling this mechanic. BAT stands for Basic Attention Token, i.e. you are paid for your attention.

In order to receive the money, you have to register an account with Uphold and do KYC. Uphold is basically a different Coinbase.
You're better off holding the BAT till close to the peak of the bull market cycle. As of right now, I have about $150 worth of BAT, simply from browsing and receiving ads.
Click to expand...

This I understand, I wanted to ask if the transfer really works and if it only works for people living in the USA and EU.
 
Epic Sax CEO said:
This I understand, I wanted to ask if the transfer really works and if it only works for people living in the USA and EU.
Click to expand...
I haven't tried it. I do know that you can withdraw your BAT to a private ETH wallet, but they charge you a fee for that. So you can always cash out that way.
 
The_Mike said:
The high fees.

Are they fixed or is it a percentage of what you want to transfer?

I want to transfer my crypto to my hardware wallet but its been eaten of by fees.
Click to expand...
Welcome to crypto, every transfer has "gas fees", it's unavoidable, some cryptocoins have lower gas fees some don't. You're not giving out your crypto for free, you're fueling the transfer.
 
mindfreak191 said:
Welcome to crypto, every transfer has "gas fees", it's unavoidable, some cryptocoins have lower gas fees some don't. You're not giving out your crypto for free, you're fueling the transfer.
Click to expand...
Is it a fixed price or is it a percentage of a transfer?

It's hard to leave crypto from the exchange if its so expensive. Then you need to get a big sum before transferring.
 
The_Mike said:
Is it a fixed price or is it a percentage of a transfer?

It's hard to leave crypto from the exchange if its so expensive. Then you need to get a big sum before transferring.
Click to expand...
They are usually fixed, depends on the exchange. You don't want to be moving your coins unless it's a significant amount, most exchanges will repay you in case your coins get lost in an attack and most exchanges have tripled their security efforts. I moved my coins to trustwallet because I had a fuckton of them, but if you're talking about a $100 worth of BC it's better if you just leave them in your exchange wallet.
 
mindfreak191 said:
They are usually fixed, depends on the exchange. You don't want to be moving your coins unless it's a significant amount, most exchanges will repay you in case your coins get lost in an attack and most exchanges have tripled their security efforts. I moved my coins to trustwallet because I had a fuckton of them, but if you're talking about a $100 worth of BC it's better if you just leave them in your exchange wallet.
Click to expand...


Well binance exchange wallet is trust wallet, but whereas binance repay stolen crypto on their exchange it seems like you are out of luck if trust wallet gets hacked.

I was looking for a ledger wallet, as everyone says you shouldn't have to many crypto on your exchange, but you have to have a pretty hefty amount of coins before you can even consider that.

I don't really trust trust wallet because of the stories I've read. Also, why is it different to have them on binance or trust wallet.
 
The_Mike said:
Well binance exchange wallet is trust wallet, but whereas binance repay stolen crypto on their exchange it seems like you are out of luck if trust wallet gets hacked.

I was looking for a ledger wallet, as everyone says you shouldn't have to many crypto on your exchange, but you have to have a pretty hefty amount of coins before you can even consider that.

I don't really trust trust wallet because of the stories I've read. Also, why is it different to have them on binance or trust wallet.
Click to expand...
People getting their trustwallet hacked are usually people with two braincells that trust "crypto guru's" on telegram or discord and in one way or another reveal their passphrase to them thinking they're gonna get some free crypto. If you're going with trustwallet save your passphrase, zip it into a password protected archive and store that file somewhere only you have access too. If you really want a ledger cold wallet, cool you can do that but I don't see a point in spending $100 on a cold storage wallet to store $50 of crypto.

To answer your last question, with trustwallet, your phone basically becomes your wallet, while with binance it's in their wallet wherever that is stored on the exchange.
 
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mindfreak191 said:
People getting their trustwallet hacked are usually people with two braincells that trust "crypto guru's" on telegram or discord and in one way or another reveal their passphrase to them thinking they're gonna get some free crypto. If you're going with trustwallet save your passphrase, zip it into a password protected archive and store that file somewhere only you have access too. If you really want a ledger cold wallet, cool you can do that but I don't see a point in spending $100 on a cold storage wallet to store $50 of crypto.

To answer your last question, with trustwallet, your phone basically becomes your wallet, while with binance it's in their wallet wherever that is stored on the exchange.
Click to expand...

Well I will invest in a wallet because at one point id rather want them there so I know they are safe.

I know they are safe on binance as well, but what if binance gets shut down. Then my cryptos are gone.
 
The_Mike said:
Well I will invest in a wallet because at one point id rather want them there so I know they are safe.

I know they are safe on binance as well, but what if binance gets shut down. Then my cryptos are gone.
Click to expand...
If binance shuts down then we're already going to be at a point in time where crypto has no value at all, whatever you do make sure you commit to that choice :D
 
mindfreak191 said:
If binance shuts down then we're already going to be at a point in time where crypto has no value at all, whatever you do make sure you commit to that choice :D
Click to expand...

The reason I have the fear is because of that Turkish exchange and Mt gox shut down so of course when you hear not your key not your crypto then you start to be paranoid.
 
I didn't even know there was a Crypto thread here!

I don't want to get in trouble. Could I share the crypto my buddy informed me about? I guess it's a "shitcoin" by definition. But they have plans that actually have merit, and are under 250 holders currently.

If not, it's fine. I just don't want to get banned, haha.
 
The_Mike said:
Well I will invest in a wallet because at one point id rather want them there so I know they are safe.

I know they are safe on binance as well, but what if binance gets shut down. Then my cryptos are gone.
Click to expand...
You don't HAVE to invest in a hardware wallet. There are quite a few other wallets out there that give you access to your private keys. That is the most important thing.
From the top of my head, there's Coinomi, Atomic, Blockchain.com, Exodus...

The hardware wallets are safer, because they are considered cold storage. Another form of cold storage are paper wallets. Apps on computers and phones cannot be considered cold storage, because theoretically, phones can be hacked and have every data extracted from them, and computers are vulnerable to trojans etc. But generally, that's still better than exchanges, mostly.
 
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Ascend said:
You don't HAVE to invest in a hardware wallet. There are quite a few other wallets out there that give you access to your private keys. That is the most important thing.
From the top of my head, there's Coinomi, Atomic, Blockchain.com, Exodus...

The hardware wallets are safer, because they are considered cold storage. Another form of cold storage are paper wallets. Apps on computers and phones cannot be considered cold storage, because theoretically, phones can be hacked and have every data extracted from them, and computers are vulnerable to trojans etc. But generally, that's still better than exchanges, mostly.
Click to expand...

Why choose a hot wallet instead of having them on binance? If binance gets hacked then I get compensation. On a hot wallet its just goodbye.

Keep in mind I am thinking about hodling for years to come.
 
The_Mike said:
Why choose a hot wallet instead of having them on binance? If binance gets hacked then I get compensation. On a hot wallet its just goodbye.

Keep in mind I am thinking about hodling for years to come.
Click to expand...
If it's holding for years, what I would do is keep a certain percentage in a cold wallet, and distribute the rest among different services that give you interest on it.
 
I just want to say that a few years ago, 2014 I think it was, I bought a miner, antminer s1, and mined for a few months, at the end of which I had about 1.5btc. A few months later the value of the btc was going slowly but steadily down so I sold my 1.5btc for around 900$.

I need a hug.
 
Im looking to throw a couple hundo at low priced alt coins. Any suggestions. I understand this is pure gambling on my part.

I have a couple K of BTC and less in ETH, but looking to diversify and possibly hit something big.
 
DGrayson said:
Im looking to throw a couple hundo at low priced alt coins. Any suggestions. I understand this is pure gambling on my part.

I have a couple K of BTC and less in ETH, but looking to diversify and possibly hit something big.
Click to expand...
ADA, XLM, LINK, and EOS have done pretty well for me.
 
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