Hell Yes, I Bitcoin

[devnull]

https://www.coindesk.com/tech/2022/08/26/web3-domain-name-service-could-lose-its-web-address-because-programmer-who-can-renew-it-sits-in-jail/

[Foxx]

Tomorrow.

 

[Foxx]

Coinbase

 

Bitcoin, Ethereum and Dogecoin.

 

[Nouseforaname]

2 hours ago, Foxx said:

Coinbase

 

Bitcoin, Ethereum and Dogecoin.

 

As someone who purchased coinbase during the ipo, I fully support this.  Now can it go up to $500 please?

[Foxx]

5 minutes ago, Nouseforaname said:

As someone who purchased coinbase during the ipo, I fully support this.  Now can it go up to $500 please?

An accredited investor, cool.

 

I'm not big on Coinbase but hope you make out.

[Nouseforaname]

2 hours ago, Foxx said:

An accredited investor, cool.

 

I'm not big on Coinbase but hope you make out.

Sorry I meant to say, the same week of the ipo.  I bought at the peak 😞

 

@Foxx i'm not an accredited investor lol.  I definitely wish I was.

Edited October 12, 2022 by Nouseforaname

[Foxx]

9 hours ago, Nouseforaname said:

Sorry I meant to say, the same week of the ipo.  I bought at the peak 😞

 

@Foxx i'm not an accredited investor lol.  I definitely wish I was.

Probably my bad, it could have been read the way you intended it.

 

Yeah, I think there are many here who would like to be accredited...

[Nouseforaname]

1 hour ago, Foxx said:

Probably my bad, it could have been read the way you intended it.

 

Yeah, I think there are many here who would like to be accredited...

Yes quite 😂😂😂

 

I don’t know enough about bitcoin to invest it in personally so I went with the best option I could think of and there was a lot of hype during the IPO.

 

Though I think coinbase defeats the purpose of bitcoin since it is regulated and not as confidential as just having a hash.  Or am I wrong ?

[Foxx]

Right.

 

Because it is regulated, Coinbase is subjected to AML and KYC laws. I haven't traded in years (I'm a hodler these days, but still stay abreast of most things crypto) so I'm not sure what you can get away with on some of these other exchanges but back in the day, there were exchanges that were non-custodial and all you paid was the cost of transaction fees. You could watch the pool and set it so that you paid minimal if you wanted. I do have a Coinbase account and keep minimal coinage in it because whatever you have in a custodial wallet is not really yours. If you don't have the keys... Not to mention, and feel free to call me a conspiracy theorist, there is the very real possibility, in a not too distant future, that your coinage could be confiscated for any number of reasons by a regulated custodian. Additionally, there are a number of examples of custodian services that have either been hacked or just up and absconded with holdings. The most famous of which, was probably Mt. Gox. 

 

Bitcoin, and assorted other coins, are the cat's meow. They are decentralized, trustless and anti-fragile. All things you should want in money. Blockchain (the real genius of the whole crypto thing (it is going to change the world (yes, Ive been saying that for years now))) allows one to be their own banker.

[Foxx]

10 hours ago, Nouseforaname said:

Though I think coinbase defeats the purpose of bitcoin since it is regulated and not as confidential as just having a hash.  Or am I wrong ?

Just a bit of a different note here...

 

Bitcoin and assorted other coinage, exist on a public blockchain. This means that any one can verify transactions and even track coinage (tho that can get very very complicated). That is a rather long winded topic that might be better served for another day though.

 

There are also private blockchains and blockchains that only present certain amounts of information, otherwise known as semi-private or hybrid chains.

[Nouseforaname]

I started listening to this podcast on crypto.

 

I understand the ledger and blockchain in general but I often wonder about continuity. Mining offers incentives for participants but what if it gets to energy intensive for the potential reward?

I wonder if crypto miners will be targeted with the energy rationing going on in some parts of the world.

 

 

 

Edited October 12, 2022 by Nouseforaname

[Billsandhorns]

21 minutes ago, Nouseforaname said:

I started listening to this podcast on crypto.

 

I understand the ledger and blockchain in general but I often wonder about continuity. Mining offers incentives for participants but what if it gets to energy intensive for the potential reward?

I wonder if crypto miners will be targeted with the energy rationing going on in some parts of the world.

 

 

 

I hear some countries are setting up mining farms

[Foxx]

29 minutes ago, Nouseforaname said:

I started listening to this podcast on crypto.

 

I understand the ledger and blockchain in general but I often wonder about continuity. Mining offers incentives for participants but what if it gets to energy intensive for the potential reward?

I wonder if crypto miners will be targeted with the energy rationing going on in some parts of the world.

 

 

 

I'm sure you have heard a bit of talk surrounding Ethereum and it's recent 'merge transition' (I call it a fork but that is a misnomer in some's eyes). They were PoW before, this 'merge transition' represents a move to PoS. The one problem with PoS is that you begin centralizing the coin. With this new algo, you have to deposit 32 ETH into the contract in order to be a validator. Whereas, on the old PoW, my nephew running a video card in mom's basement was a validator and earned coinage.

 

As far as the potential reward for computing power goes, that is always evolving. There is also the "Difficulty" factor which with Btc. is always adjusting (every two weeks). This adjusts with the available hashing power on the network. This is done so that the average time for each block is roughly ten minutes. What this does, in effect, is to help safeguard the network against attacks by a lot of computing power.  When there is more computing power on the network, the 'difficulty' rises, when it lessens, the 'difficulty' lessens.

 

 

Difficulty just rose to an all-time high.

[Foxx]

24 minutes ago, Billsandhorns said:

I hear some countries are setting up mining farms

Texas.

[Billsandhorns]

1 hour ago, Foxx said:

Texas.

I meant Venezuela and Russia. The government is sponsoring them. 

[Nouseforaname]

[Foxx]

14 minutes ago, Nouseforaname said:

Says more about boogie2988 than it does crypto. Do you believe Lotto is at fault for all those broke millionaires too?

[Nouseforaname]

2 minutes ago, Foxx said:

Says more about boogie2988 than it does crypto. Do you believe Lotto is at fault for all those broke millionaires too?

It was a joke.

[Foxx]

BTC up 4.5 %, ETH up 11% and LTC up 5.4% today, as of this posting.

[Nouseforaname]

7 hours ago, Foxx said:

BTC up 4.5 %, ETH up 11% and LTC up 5.4% today, as of this posting.

Last couple of days have been risk on.