Let's talk about Cryptocurrencies - Page 77 - Calgarypuck Forums - The Unofficial Calgary Flames Fan Community

Hemi-Cuda · 05-18-2021, 10:27 AM

Quote:

Originally Posted by Fuzz

China starts to realize they can't really control crypto currencies, and is making moves towards banning them.

https://www.cnbc.com/2021/05/18/chin...-business.html

I wonder if they make the big step to banning mining? What affect would that have on them? I presume mining would have to become more profitable, and transaction costs would go way up?

God I hope so, I might be able to actually buy a new graphics card or hard drive before mine die of hardware failure

PsYcNeT · 05-18-2021, 12:19 PM

Quote:

Originally Posted by Fuzz

China starts to realize they can't really control crypto currencies, and is making moves towards banning them.

https://www.cnbc.com/2021/05/18/chin...-business.html

I wonder if they make the big step to banning mining? What affect would that have on them? I presume mining would have to become more profitable, and transaction costs would go way up?

Mining would become exceptionally more profitable (though, most ETH mining is in Europe, not Asia), esp coins like Chia and yeah ETH-20 coins transaction fees would jump at least 30% due to the network slowdown.

Hemi-Cuda · 05-18-2021, 01:53 PM

Quote:

Originally Posted by PsYcNeT

Mining would become exceptionally more profitable (though, most ETH mining is in Europe, not Asia), esp coins like Chia and yeah ETH-20 coins transaction fees would jump at least 30% due to the network slowdown.

So what is the endgame with ETH specifically? It's virtually useless as a currency right now because of the insane fees, I've got $500 stuck in a wallet that I can't do anything with unless I want to pay $50 just to move it. What real world use does it have when you can lose most of it after a few transfers?

afc wimbledon · 05-18-2021, 02:02 PM

Quote:

Originally Posted by Hemi-Cuda

God I hope so, I might be able to actually buy a new graphics card or hard drive before mine die of hardware failure

The new generation of crypto is going to make SSD Hard Drives impossible to find in a few months it appears

afc wimbledon · 05-18-2021, 02:04 PM

Quote:

Originally Posted by Hemi-Cuda

So what is the endgame with ETH specifically? It's virtually useless as a currency right now because of the insane fees, I've got $500 stuck in a wallet that I can't do anything with unless I want to pay $50 just to move it. What real world use does it have when you can lose most of it after a few transfers?

Its all useless as a currency, nothing that goes up or down as wildly as any crypto is of any use as either a currency or a store of value

PsYcNeT · 05-18-2021, 02:07 PM

Quote:

Originally Posted by Hemi-Cuda

So what is the endgame with ETH specifically? It's virtually useless as a currency right now because of the insane fees, I've got $500 stuck in a wallet that I can't do anything with unless I want to pay $50 just to move it. What real world use does it have when you can lose most of it after a few transfers?

Well as far as I know, it wasn't expected to be worth thousands of dollars. ETH isn't supposed to be a currency, it's a transaction network (like ADA, DASH, etc.)

EIP-1559 should bring down transaction costs as it will start a partial mining coin burn (should happen in July), and then once there are enough Staked Validation Nodes to launch ETH 2.0 (see below) the transaction fees will be fixed to the network (PoS) and not based on mining (PoW). They are about halfway there right now, give or take.

https://ethereum.org/en/eth2/

ADA as a transactional validation network is the chief competitor to ETH 2.0, because it also uses a Proof of Stake/Validator network. Currently though, ADA network adoption is fractional compared to ETH, as ETH was very easy for new coins to get spun up on over the last 3-4 years.

You best bet to move ETH is to trade it to XLM or another low cost transaction coin first.

Hemi-Cuda · 05-18-2021, 04:17 PM

Quote:

Originally Posted by PsYcNeT

You best bet to move ETH is to trade it to XLM or another low cost transaction coin first.

It's actually USDT that I have $500 worth of stuck in my Coinbase Wallet, and that wallet apparently can only use ETH for transaction fees. I'm just going to leave it and hope that I can recover it in a couple of months without too much of a hit

Table 5 · 05-19-2021, 07:20 AM

Quite the massacre out there in crypto land. No more Lambos for anyone.

btimbit · 05-19-2021, 07:24 AM

Rats, and here I thought I was gonna retire next month!

/green text

PsYcNeT · 05-19-2021, 07:28 AM

RIP Coin, you were fun to mine this year but it looks like I'm back to casual earning.

Thank god Storj pays a flat valuation each month; sucked when value jumped but will be good now.

J pold · 05-19-2021, 08:23 AM

Oh man it is ugly out there.

Fuzz · 05-19-2021, 08:30 AM

How long before Bitcoin hits $1 million?

Table 5 · 05-19-2021, 09:02 AM

Quote:

Originally Posted by Fuzz

How long before Bitcoin hits $1 million?

Per coin or total market cap?

Just a couple of Elon tweets either way.

Krovikan · 05-19-2021, 09:31 AM

Quote:

Originally Posted by Fuzz

How long before Bitcoin hits $1 million?

2027-2033, based on coin history.

Sent from my Pixel 5 using Tapatalk

afc wimbledon · 05-19-2021, 10:26 AM

Quote:

Originally Posted by Krovikan

2027-2033, based on coin history.

Sent from my Pixel 5 using Tapatalk

Of course assuming the first decade can be considered a reasonable sample for the price of a product, clearly the average car costs around 1,000,000 using this measure

Krovikan · 05-19-2021, 10:54 AM

Quote:

Originally Posted by afc wimbledon

Of course assuming the first decade can be considered a reasonable sample for the price of a product, clearly the average car costs around 1,000,000 using this measure

My answer was tongue in cheek because the question I thought was tongue in cheek a well. Though, would I be shocked if it was $1m/coin in that timeframe? No.

Kind of a weird comparison, Cars are a consumable utility that is slowly used up as you use them with insane deprecation outside of a few categories. Bitcoin is a digital non-government back cryptocurrency. New cars are produced to meet the demand that the consumers have, new Bitcoins are not produced to meet the demand, and are produced on a reducing schedule to encourage rapid inflation. If you lose your keys to your car you call a locksmith, if you lose your keys to your cryptocurrency wallet those coins are forever lost to the marketplace.

There are lots of reasons to say it won't be worth 1 million per coin, for example, the environmental cost. Is Eth ready to take over? Will a western-government-controlled cryptocurrency be created and adoption happen? Do I think 1 million will happen in that time frame *shrug* if I could predict Bitcoin, I would be a very rich person, but a car comparison is just weird.

dino7c · 05-19-2021, 11:16 AM

Lol you $1500 peak bubble guys are really going to try and say I told you so today

Fire · 05-19-2021, 11:39 AM

Looking at the history of bitcoin value I could easily see it drop an additional 50% in the next few months. If that happens I would be interested in buying some.

topfiverecords · 05-19-2021, 12:22 PM

Quote:

Originally Posted by dino7c

Lol you $1500 peak bubble guys are really going to try and say I told you so today

No, I'll wait. The payoff when Bitcoin drops to $1500 will be worth it.

I_H8_Crawford · 05-19-2021, 12:42 PM

Someone willing to help me out?

Here's what I want to do - buy some ADA, put it in a wallet and stake it, then forget about it for a while - no day trading, etc.

Where should I go to do this? Which exchange do I purchase it from, which online wallet do I use? and where do I stake it?