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SARF

Director
Joined
Aug 9, 2004
Messages
2,312
Are they just making cryptocurrency names up now without bothering with all that tedious crypto mining type stuff
 

Benfleet A1

Hector Of The House
Joined
Jan 19, 2007
Messages
8,303
Location
Slade Prison
Can someone please explain what bitcoin mining is. Its a complete lack of understanding of how these currencies work that make xery weary.

Any idiot guides out there?
 

Ricky Otto

President⭐
Joined
Mar 8, 2007
Messages
6,519
Location
Chelmsford
Can someone please explain what bitcoin mining is. Its a complete lack of understanding of how these currencies work that make xery weary.

Any idiot guides out there?

This isn't bad but you really need to dig in deeper to get an understanding that will make you less weary
 

Ricky Otto

President⭐
Joined
Mar 8, 2007
Messages
6,519
Location
Chelmsford
Google the tulip mania
you think crypto currencies are going the way of tulip mania? 4 years ago I would have said it was 50/50 but now I think it's almost impossible that some form of crypto or multiple cryptos aren't the future. They will see crashes and some will go to zero but some of these cryptos will go from strength to strength IMO. I think the tulip comparison is very lazy now to be honest, it isn't comparible.
 

MattE

Manager⭐
Joined
Aug 8, 2005
Messages
2,399
you think crypto currencies are going the way of tulip mania? 4 years ago I would have said it was 50/50 but now I think it's almost impossible that some form of crypto or multiple cryptos aren't the future. They will see crashes and some will go to zero but some of these cryptos will go from strength to strength IMO. I think the tulip comparison is very lazy now to be honest, it isn't comparible.

Do you think the central bank crypto coins will become the norm, rendering the 'private' coins obsolete and worthless?
 

Ricky Otto

President⭐
Joined
Mar 8, 2007
Messages
6,519
Location
Chelmsford
Do you think the central bank crypto coins will become the norm, rendering the 'private' coins obsolete and worthless?
I really don't know, I'd hope if it was that there would be protections against mass QE. It is a possibility, central governments are well behind the curve though.
 

Ricky Otto

President⭐
Joined
Mar 8, 2007
Messages
6,519
Location
Chelmsford
The environmental issues with block chain technologies are the big, possibly fatal problem
With proof of work, yes. Proof of stake is a different matter, even ethereum is moving to proof of stake. Even the big bitcoin miners in North America have made commitments to use green energy in their mining. Argo blockchain the miner I have shares in are building a new mining facility in texas powered purely by hydro electricity
 
Joined
Apr 1, 2006
Messages
28
I'm deep in the rabbit-hole on Crypto. Wanted to buy in after a significant drop (as historically, there hasn't been two back-to-back) so I entered on May 18th. Whether I make a fortune or lose the lot, there's something very noble about investing. If you've been on the fence for a while, there is a series on YouTube where a chap called Robert Breedlove interviews Jeff Booth and this completely blew my mind. He poses some fantastic questions on inflation that made my head hurt! I've made a big investment, have purchased a Trezor and will now ignore the news (and particularly the FUD!) and check in on the value in 4 years time. I'm most heavily invested in Bitcoin, but I also purchased some ETH (mainly as a hedge), DOT, ADA, SOL & AAVE.
 

Napster

The Horse with no Name⭐
Joined
Oct 27, 2003
Messages
35,309
Location
The wilds of Kent
I'm deep in the rabbit-hole on Crypto. Wanted to buy in after a significant drop (as historically, there hasn't been two back-to-back) so I entered on May 18th. Whether I make a fortune or lose the lot, there's something very noble about investing. If you've been on the fence for a while, there is a series on YouTube where a chap called Robert Breedlove interviews Jeff Booth and this completely blew my mind. He poses some fantastic questions on inflation that made my head hurt! I've made a big investment, have purchased a Trezor and will now ignore the news (and particularly the FUD!) and check in on the value in 4 years time. I'm most heavily invested in Bitcoin, but I also purchased some ETH (mainly as a hedge), DOT, ADA, SOL & AAVE.
Are you HODL ing
 

Ricky Otto

President⭐
Joined
Mar 8, 2007
Messages
6,519
Location
Chelmsford
I'm deep in the rabbit-hole on Crypto. Wanted to buy in after a significant drop (as historically, there hasn't been two back-to-back) so I entered on May 18th. Whether I make a fortune or lose the lot, there's something very noble about investing. If you've been on the fence for a while, there is a series on YouTube where a chap called Robert Breedlove interviews Jeff Booth and this completely blew my mind. He poses some fantastic questions on inflation that made my head hurt! I've made a big investment, have purchased a Trezor and will now ignore the news (and particularly the FUD!) and check in on the value in 4 years time. I'm most heavily invested in Bitcoin, but I also purchased some ETH (mainly as a hedge), DOT, ADA, SOL & AAVE.

Sounds like you have a sensible portfolio there, no meme coins and they all have application that you could see growing exponentially. Bitcoin is quite safe now I think, although from where the market cap is now you aren't going to get the type of gains early adopters did. Bitcoin won't make millions from small investments anymore. ETH blows my mind, the possibilities are amazing and I guess that is why ETH is called the worlds computer. I'm trying to own these assets indirectly to avoid tax bills if we do see massive gains. I own shares in Argo blockchain in my stocks and shares ISA to cover Bitcoin, it is a great way to own bitcoin indirectly as they hold everything they mine and their mining efficiency and number of bitcoin they mine improves on every monthly update. I also have shares in KR1 who stake a lot of DOT and are making very shrewd investments all the time in the DEFI space. I've drawn a blank on ETH though and think I may have to just buy it on an exchange.
 

SARF

Director
Joined
Aug 9, 2004
Messages
2,312
I agree on inflation but am going to head down the gold route. And oil.
 

Ricky Otto

President⭐
Joined
Mar 8, 2007
Messages
6,519
Location
Chelmsford
I agree on inflation but am going to head down the gold route. And oil.
I think at any other point in our lifetime this would have been a safe bet. Gold has competition now though in the form of Bitcoin and if bitcoin continues its rise it will almost certainly put a dent in the market cap of gold. With most major governments committing to greener alternatives and the rise of EV Oil is no longer a safe long term bet either. We actually saw negative barrel prices last year as they were pumping the stuff and couldn't get rid of it. I think we could be seeing lithium and lithium mining take the space of the oil giants. I do think we are on the brink of exponential change.
 

SARF

Director
Joined
Aug 9, 2004
Messages
2,312
All true although the negative price was a futures market anomaly at the start of lockdowns on top of the natural fall in the price. I think people don’t realise how much oil is used in everyday stuff apart from fuel. china India et al won’t be giving it up anytime soon and with the collapse in exploration I reckon we are on for at least one more multi year squeeze in prices as the cost of going green in natural resources becomes apparent .
bitcoin volatility is the real killer for trying to get in on that. Central banks in the developing world are loading up on gold . It’s the middle aged option 😬
 

Ricky Otto

President⭐
Joined
Mar 8, 2007
Messages
6,519
Location
Chelmsford
All true although the negative price was a futures market anomaly at the start of lockdowns on top of the natural fall in the price. I think people don’t realise how much oil is used in everyday stuff apart from fuel. china India et al won’t be giving it up anytime soon and with the collapse in exploration I reckon we are on for at least one more multi year squeeze in prices as the cost of going green in natural resources becomes apparent .
bitcoin volatility is the real killer for trying to get in on that. Central banks in the developing world are loading up on gold . It’s the middle aged option 😬

All valid points. I just don't think they are the safe bets they once were, the likelihood is you will make money but there is some jeopardy now.
 

MattE

Manager⭐
Joined
Aug 8, 2005
Messages
2,399
In the UK the FCA has required crypto platforms to register to comply with money laundering rules...

Hundreds of firms have not complied and are operating illegally - can check them here. Surprised the FCA can list them on a website but not shut them down!

 

Ricky Otto

President⭐
Joined
Mar 8, 2007
Messages
6,519
Location
Chelmsford
In the UK the FCA has required crypto platforms to register to comply with money laundering rules...

Hundreds of firms have not complied and are operating illegally - can check them here. Surprised the FCA can list them on a website but not shut them down!

I have not heard of a single one of those crypto exchanges. Quite amazed that so many can actually make money, I wouldn't put my money into anything other than the big ones
 
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