Author Topic: Bitcoin  (Read 1328 times)

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Offline phinix

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Bitcoin
« on: Tue, 06 April 2021, 04:25:02 »
Do you guys invest in crypto?
What known platforms do you use?
Is it worth it, hard, easy?
Wanted to see how popular it is in our keeb circles :)
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Offline yui

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Re: Bitcoin
« Reply #1 on: Tue, 06 April 2021, 05:06:24 »
Do you guys invest in crypto?
What known platforms do you use?
Is it worth it, hard, easy?
Wanted to see how popular it is in our keeb circles :)
i tried my hand at mining, and got at the moment 0.0005BTC out of it, and a dead pc (although it was tired from folding for a whole year before mining)
i used nicehash on one GPU while folding@home was running on the other 2 + cpu.
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Offline Findecanor

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Re: Bitcoin
« Reply #2 on: Tue, 06 April 2021, 05:06:52 »
Bitcoin (and other "mined" cryptocurrencies such as Etherium) is in-effect a pyramid scheme. Pyramid schemes work only as long as they can attract new suckers into the scheme. This is why some prominent Wall Street investors don't touch the stuff - they saw right away that it is not sustainable in the long run.
It's growth is purely based on speculation ..  (but for what? Underpants?)
As with any such scheme, if you get in early before it is too popular and it becomes successful, and you cash out in time, you could make a lot of money. If you get in late, and you are in there when the bubble bursts, well ...
This not Bitcoin's early days.
The value of Bitcoin also fluctuates a lot.

Bitcoin is not based on any real value. But it does waste an ungodful amount of energy, worsening the climate crisis.
Bitcoin isn't practically "mined" on graphics cards any more. It went to special ASICs (application specific chips) years ago, in huge farms in China, running on coal power.

There are also many scams around Bitcoin, and malware and hacks stealing other people's bitcoin. Be wary.
« Last Edit: Tue, 06 April 2021, 05:28:29 by Findecanor »
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Offline yui

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Re: Bitcoin
« Reply #3 on: Tue, 06 April 2021, 05:21:53 »
yeah i should have been a bit more precise, none of my hardware actually mined bitcoin, but i got paid in bitcoin, and home mining in the winter can be close to a 0 when it comes to energy, as the heat from the miner is heat that the heater does not have to produce, mining farms in an other hand... i would not mine anymore as most my heaters are now off, next winter if it still is worth something maybe.
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Offline chyros

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Re: Bitcoin
« Reply #4 on: Fri, 09 April 2021, 10:41:24 »
Bitcoin wastes an incredible amount of energy and contributes absolutely nothing. I'm all for forbidding it.
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Offline tp4tissue

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Re: Bitcoin
« Reply #5 on: Fri, 09 April 2021, 10:54:01 »
Bitcoin wastes an incredible amount of energy and contributes absolutely nothing. I'm all for forbidding it.

It's absolutely horrendous and unnnecessary.

Offline noisyturtle

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Re: Bitcoin
« Reply #6 on: Fri, 09 April 2021, 14:00:39 »
I've only ever easily made money on it. But it sure is stupid. I bought $75 in LTC years ago and the change left over from the purchase now is worth more than the original total amount I bought.

I think the idea of getting rid of paper money for a digital currency is a good one, but not through mined assets.

But this is literally the worst time to invest. Hype is high and prices are inflated. Like buying in 2017, just wait a year or two.
« Last Edit: Fri, 09 April 2021, 14:02:56 by noisyturtle »

Offline CharlieWex

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Re: Bitcoin
« Reply #7 on: Sun, 11 April 2021, 08:11:14 »
I personally trade on Binance, Coinbase, Huobi. The trading conditions are different everywhere. But almost everywhere you can start with a small amount, I think you just need to start using google to learn the basic concepts. As you probably already know, keeping money is one of the safest methods at the moment. But there are some people who keep their money in bitcoins and are worried about its secrecy. If you are one of them I also recommend you to read about different crypto mixers. With the help of such services people make their bitcoin transactions even more secret.


Offline absyrd

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Re: Bitcoin
« Reply #8 on: Sun, 11 April 2021, 08:53:24 »
Bitcoin wastes an incredible amount of energy and contributes absolutely nothing. I'm all for forbidding it.

Agreed.
My wife I a also push her button . But now she have her button push by a different men. So I buy a keyboard a mechanicale, she a reliable like a Fiat.

Offline Shapey Fiend

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Re: Bitcoin
« Reply #9 on: Sun, 11 April 2021, 10:26:21 »
Looked into it 10 years ago thought it was dumb. Still think so today but I guess I should have bought some. A friend of mine had a small amount bought a house with it. Don't see the point in jumping in now it's so expensive. You don't want to be the last person in.

Offline phinix

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Re: Bitcoin
« Reply #10 on: Sun, 11 April 2021, 12:58:40 »
Yeah, thats how I feel, just too late to the party... :(
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Offline psxndc

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Bitcoin
« Reply #11 on: Sun, 11 April 2021, 13:36:22 »
Yeah, thats how I feel, just too late to the party... :(
I felt that way in October when it was $13k. But I still bought a little. Iíve been buying $26 a week since then. Iíve put in $1124 total and my wallet is at $2475. Yes, BTC is at $59k now, but some institutional folks think it could go to $100k.

To be clear, I am *not* encouraging you to buy Bitcoin. Itís totally speculative and I bought in treating it like money Iíd spend at a casino. I fully expect to lose *all* of it, and Iím only putting in what Iím comfortable losing completely. Iím telling you the above just to say that I too thought ď13k is so high. It peaked at 20k and will probably never get back to there,Ē yet Iím currently at 2x what Iíve put in.

I use Coinbase btw. Robinhood is free to transact, but doesnít let you set up recurring purchases. With PayPal, you donít really own/get the crypto, you sorta rent from their pool.

Edited for numbers accuracy
« Last Edit: Tue, 13 April 2021, 10:59:00 by psxndc »

Offline iri

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Re: Bitcoin
« Reply #12 on: Tue, 13 April 2021, 04:27:02 »
(...)Whereas back then I wrote about the tyranny of the majority, today I'd combine that with the tyranny of the minorities. These days, you have to be careful of both. They both want to control you. The first group, by making you do the same thing over and over again. The second group is indicated by the letters I get from the Vassar girls who want me to put more women's lib in The Martian Chronicles, or from blacks who want more black people in Dandelion Wine.
I say to both bunches, Whether you're a majority or minority, bug off! To hell with anybody who wants to tell me what to write. Their society breaks down into subsections of minorities who then, in effect, burn books by banning them. All this political correctness that's rampant on campuses is b.s.

-Ray Bradbury

Offline StickyBlueJuice

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Re: Bitcoin
« Reply #13 on: Tue, 13 April 2021, 04:33:40 »
Bitcoin wastes an incredible amount of energy and contributes absolutely nothing. I'm all for forbidding it.

Agreed.
Yup, totally agree.

Offline Leslieann

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Re: Bitcoin
« Reply #14 on: Tue, 13 April 2021, 17:41:50 »
Bitcoin wastes an incredible amount of energy and contributes absolutely nothing. I'm all for forbidding it.
While I think it's absolutely silly and I agree...

Name any industry that creates wealth or anything without wasting energy? Do we need board games? Casinos? Card decks? How about the candy industry? Do you have air conditioning or heating in your home, do you REALLY need to maintain temps with a few degrees or is that just wasting energy for your comfort? Everything we do uses energy. Sure this uses a lot, but if that's the biggest complaint there's a lot of other industries we need to attack as well. Like shutting down making all our stuff overseas and shipping it here on horribly pollulting ships.

Again, I agree with you but it's a B.S. argument by people who just hate the idea of crypto. I don't like it, but it's here to stay, at least for the time being. What's really behind the hate is teh same people behind the hate of green energy... Old money. They do not like anything that alters the status quo.
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Offline iri

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Re: Bitcoin
« Reply #15 on: Wed, 14 April 2021, 05:45:39 »
"and contributes absolutely nothing"
(...)Whereas back then I wrote about the tyranny of the majority, today I'd combine that with the tyranny of the minorities. These days, you have to be careful of both. They both want to control you. The first group, by making you do the same thing over and over again. The second group is indicated by the letters I get from the Vassar girls who want me to put more women's lib in The Martian Chronicles, or from blacks who want more black people in Dandelion Wine.
I say to both bunches, Whether you're a majority or minority, bug off! To hell with anybody who wants to tell me what to write. Their society breaks down into subsections of minorities who then, in effect, burn books by banning them. All this political correctness that's rampant on campuses is b.s.

-Ray Bradbury

Offline yui

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Re: Bitcoin
« Reply #16 on: Wed, 14 April 2021, 06:02:14 »
i thought the original point of the bitcoin was to spark an alternative economy, one out of the control of big banks and governments, and keep a low-ish profile, from what i have read the massive mining farms and compute needed for it was an oversight, no one imagined that it would take off like it did and that the compute requirement would climb that fast.
i still see a point in crypto though, remove the power from the hands of very powerful and very rich few that would do anything to starve the rest of the world for a bit more money, a bit like what happened with game stop, i may be wrong and it clearly went out of hand, will see how it goes in the future :)
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Offline Leslieann

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Re: Bitcoin
« Reply #17 on: Wed, 14 April 2021, 06:07:55 »
"and contributes absolutely nothing"
It did the same thing many other industries did, created wealth.

Like it or not that's often the ultimate goal of most industries is it not? Do you think the CEO of General Electric really has a deep passion about the microwaves they create (in China) and has his hand in the design and manufacturing (most are white label designs)? Hell no, he's there for the money and he doesn't really care how it's made.

If a company could generate wealth from nothing you can be damn sure they would.. Oh wait, they did.
https://www.cnbc.com/2021/02/22/tesla-has-made-1-billion-profit-on-its-bitcoin-investment-analyst.html

By the way, banks have been semi secretly developing their own crypto as well, mostly so they can hide transactions from governments but that's besides the point. Visa is also now getting in on it, with plans to allow bitcoin purchases on your Visa card at any ATM or POS terminal. Why would they do this? One reason is because unlike government issued currencies, crypto has no regulation on transaction fees so if they want to charge you $10 to pay for groceries at Walmart or use an ATM  they are free to do so, a fee that is entirely profit. Businesses usually lease the equipment and pay a monthly fee as well as charging customers. Money for nothing.

There's an old saying...
Don't hate the player, hate the game.
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Offline iri

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Re: Bitcoin
« Reply #18 on: Wed, 14 April 2021, 06:27:37 »
Do you think the CEO of General Electric really has a deep passion about the microwaves they create (in China) and has his hand in the design and manufacturing (most are white label designs)?
I think this gives the world microwaves.
(...)Whereas back then I wrote about the tyranny of the majority, today I'd combine that with the tyranny of the minorities. These days, you have to be careful of both. They both want to control you. The first group, by making you do the same thing over and over again. The second group is indicated by the letters I get from the Vassar girls who want me to put more women's lib in The Martian Chronicles, or from blacks who want more black people in Dandelion Wine.
I say to both bunches, Whether you're a majority or minority, bug off! To hell with anybody who wants to tell me what to write. Their society breaks down into subsections of minorities who then, in effect, burn books by banning them. All this political correctness that's rampant on campuses is b.s.

-Ray Bradbury

Offline Leslieann

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Re: Bitcoin
« Reply #19 on: Wed, 14 April 2021, 17:29:29 »
Do you think the CEO of General Electric really has a deep passion about the microwaves they create (in China) and has his hand in the design and manufacturing (most are white label designs)?
I think this gives the world microwaves.
No, it doesn't.
They slapped a G.E. logo on an already existing product (white label). I can fire off an email, punch in some credit card numbers and have Geekhack branded wireless mice on a boat next week, I could even drop ship them to resellers and customers without ever even seeing or touching the product.  Did I give the world mice?

Amazon Basics, Rosewill, Sabrent and Inland are white label brands, they don't make or design anything, they simply had the OEM change the logo which they will do for free if you order enough.  If you know where to go, this stuff is super easy to do. You can get white label keyboards, washing machines, riding lawn mowers, I'm pretty sure you can even get white labeled cars, I know you can get motorcycles.
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Offline tp4tissue

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Re: Bitcoin
« Reply #20 on: Wed, 14 April 2021, 17:31:39 »
There are so many white label digital pianos now it's crazy. They've all been quite awful though.

Offline Leslieann

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Re: Bitcoin
« Reply #21 on: Wed, 14 April 2021, 17:36:57 »
There are so many white label digital pianos now it's crazy. They've all been quite awful though.
White label only needs to be good enough and cheap enough.
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Offline tp4tissue

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Re: Bitcoin
« Reply #22 on: Wed, 14 April 2021, 17:39:17 »
There are so many white label digital pianos now it's crazy. They've all been quite awful though.
White label only needs to be good enough and cheap enough.

Alesis recital , /double face palm

Offline noisyturtle

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Re: Bitcoin
« Reply #23 on: Wed, 14 April 2021, 22:02:55 »
What I would highly recommend is purchasing Coinbase stock right now before it inevitably climbs (they just debuted their IP today.) It will climb, it is just a matter of how fast. CB is really the only crypto platform people use. Sure others exist, but no one really uses them.

Buy COIN now or forever hold your peace.

Offline iri

  • Posts: 948
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Re: Bitcoin
« Reply #24 on: Thu, 15 April 2021, 03:06:05 »
Do you think the CEO of General Electric really has a deep passion about the microwaves they create (in China) and has his hand in the design and manufacturing (most are white label designs)?
I think this gives the world microwaves.
No, it doesn't.
They slapped a G.E. logo on an already existing product (white label). I can fire off an email, punch in some credit card numbers and have Geekhack branded wireless mice on a boat next week, I could even drop ship them to resellers and customers without ever even seeing or touching the product.  Did I give the world mice?
Yes. Because if your actions, someone gets mice. Bitcoin mining only gives CO2.
(...)Whereas back then I wrote about the tyranny of the majority, today I'd combine that with the tyranny of the minorities. These days, you have to be careful of both. They both want to control you. The first group, by making you do the same thing over and over again. The second group is indicated by the letters I get from the Vassar girls who want me to put more women's lib in The Martian Chronicles, or from blacks who want more black people in Dandelion Wine.
I say to both bunches, Whether you're a majority or minority, bug off! To hell with anybody who wants to tell me what to write. Their society breaks down into subsections of minorities who then, in effect, burn books by banning them. All this political correctness that's rampant on campuses is b.s.

-Ray Bradbury

Offline psxndc

  • Posts: 462
Re: Bitcoin
« Reply #25 on: Thu, 15 April 2021, 03:27:49 »
Yes. Because if your actions, someone gets mice. Bitcoin mining only gives CO2.

CO2? Is what plants crave!

Offline Leslieann

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Re: Bitcoin
« Reply #26 on: Thu, 15 April 2021, 03:34:49 »
Do you think the CEO of General Electric really has a deep passion about the microwaves they create (in China) and has his hand in the design and manufacturing (most are white label designs)?
I think this gives the world microwaves.
No, it doesn't.
They slapped a G.E. logo on an already existing product (white label). I can fire off an email, punch in some credit card numbers and have Geekhack branded wireless mice on a boat next week, I could even drop ship them to resellers and customers without ever even seeing or touching the product.  Did I give the world mice?
Yes. Because if your actions, someone gets mice. Bitcoin mining only gives CO2.

I buy 500 mice at $3.50 each, sell them at $20 each.
You can go to the same place and buy a single mouse for $4.

Did I really help anyone? If I didn't drop ship them it means I had them all shipped overseas, re-boxed, then shipped out again, possibly to a distributor who again re-boxes and ships them. And if none of them actually sell and end up in a dump, how much carbon and CO2 did I create in this whole endeavour? Don't get me wrong, I get what you're saying but I think you put entirely too much faith in traditional business.

BTW, the stock market doesn't really create anything either, unfortunately I can't find a number for that but I think how much it generates would be shockingly high.
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w/ Kailh Purple Pros/lubed/Novelkeys 39g springs, HK Gaming Thick PBT caps, Netdot Gen10 Magnetic cable
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Box Jades, Interchangeable trim, mini lcd, QMK, underglow, HK Gaming Thick PBT caps, O-rings, Netdot Gen10 magnetic cable, in progress link
| Magicforce 68
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MF68 pcb, Outemu Blues, in progress
| YMDK75 Jail Housed Gateron Blues
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J-spacers, YMDK Thick PBT, O-rings, SIP sockets
| KBT Race S L.E.
More
Ergo Clears, custom WASD caps
| Das Pro
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Costar model with browns
| GH60
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Cherry Blacks, custom 3d printed case
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Offline Sintpinty

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Re: Bitcoin
« Reply #27 on: Fri, 16 April 2021, 22:01:15 »
funny yellow dog

Offline tp4tissue

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Re: Bitcoin
« Reply #28 on: Sat, 17 April 2021, 03:56:25 »
I buy 500 mice at $3.50 each, sell them at $20 each.
You can go to the same place and buy a single mouse for $4.

Did I really help anyone? If I didn't drop ship them it means I had them all shipped overseas, re-boxed, then shipped out again, possibly to a distributor who again re-boxes and ships them. And if none of them actually sell and end up in a dump, how much carbon and CO2 did I create in this whole endeavour? Don't get me wrong, I get what you're saying but I think you put entirely too much faith in traditional business.

BTW, the stock market doesn't really create anything either, unfortunately I can't find a number for that but I think how much it generates would be shockingly high.

The stock market functions like thoughts. It is tabulation, the labor on resources is done by a separate set of people.

While it is the case that everyone uses money, and some have ALOT more of it, it wouldn't be correct to say a billionaire has made more progress at the personal level.

My point is, it's not always productive to get hung up on on the simpler side of the tabulation, because as applied to the real world it's not a blanket up and down.

For example, You take billions invested in wind and solar,  all that wallstreet does is the paper work, the money is part of the paper work.  Society then has to physically eat food, convert it to labor, operate on the raw resources, to make wind and solar.

If you take the same billions and put it in nooqular power,  Society would eat the same amount food, but convert it mainly into toxic waste, and end up eating yet more food to look after the waste until everyone is dead.


Bit coin, for the moment is a driver of a distributive datacenter task. The end product is useless, but the PROCESS could be thought of as a useful learning experience, as it flows the (Money)(Paperwork) towards Semiconductor companies. So, it's something like a learning expense that will pay out (Maybe) in the future. I don't think this is an efficient way to learn, but it does clean up loose money that would otherwise be invested in something even more stupid like Nooqular energy which is neither clean nor economically sustainable.

Offline chyros

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Re: Bitcoin
« Reply #29 on: Sat, 17 April 2021, 16:51:15 »
"and contributes absolutely nothing"
It did the same thing many other industries did, created wealth.
It doesn't. It's a zero-sum pyramid scheme except it also wastes an absurd amount of energy in the process.

There is no reason whatever not to ban it.
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Offline noisyturtle

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Re: Bitcoin
« Reply #30 on: Sat, 17 April 2021, 21:54:47 »
crypto banned in Turkey lol

Offline Sintpinty

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Re: Bitcoin
« Reply #31 on: Tue, 20 April 2021, 08:19:04 »
crypto banned in Turkey lol

Link to article? people should be able to use unofficial currency as a means of payment

Offline noisyturtle

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Re: Bitcoin
« Reply #32 on: Tue, 20 April 2021, 11:07:51 »

Offline Sintpinty

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Offline Shapey Fiend

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Re: Bitcoin
« Reply #34 on: Wed, 21 April 2021, 04:36:44 »
You can say it should be your indelible right to have crypto but ultimately governments are all going to try crack down on it eventually because they're trying to prevent capital flight in a recession. There's loads of money laundering occurring as well.

Offline Signature

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Re: Bitcoin
« Reply #35 on: Wed, 21 April 2021, 05:31:24 »
bitcoin sucks dong, blockchain is aight
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