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  1. #3976
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    Quote Originally Posted by jm2e View Post
    Convince me otherwise.
    There's stable cryptos that are pegged to the dollar. They're always worth a dollar.

  2. #3977
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    Quote Originally Posted by schindlerpiste View Post
    I have not read thru the previous 160 pages, and I get how attractive Bitcoin is to some as a speculative investment, but practically how good is bitcoin for retail spending? It’s not like most people want or can’t afford Tesla or lease transportation from NetJets. Seriously, is or when will it ever become a viable method of payment, or is that not it’s purpose? IOW when can I use Bitcoin to by a Ford?
    If this has already been covered, just ignore my query
    Until I get paid in cryptocurrency why would I ever want to convert it into some other asset to pay for things?

    And since cryptocurrency prices aren’t stable on a day to day basis, why would I want to get paid in it?

  3. #3978
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    Quote Originally Posted by Jax View Post
    I've got no skin in this game but this "proof of space and time" is interesting:

    "..Bitcoin mining has become increasingly difficult for at-home miners due to the expansion of publicly-traded mining companies like Riot Blockchain and Marathon Digital Holdings. These companies use ASIC miners that have greater computing power than the average at-home miner could afford. This has made it so the rewards for mining bitcoin at home no longer make financial sense for many miners, especially when energy costs are considered.

    With Chia, that could change. At-home users will have the capability to compete to earn XCH by "seeding" their SSDs or hard drives and, at least for now, the lack of competition should allow for a more profitable experience.

    Chia is also a very accessible cryptocurrency. Gene Hoffman, the CEO and President of Chia Network, says it was designed that way on purpose."It is super simple. Just download the Mac or Windows version and double click," Hoffman told CoinDesk. "I'm pretty sure this will be the easiest cryptocurrency to validate for normal people ever...."

    https://markets.businessinsider.com/...1-4-1030373374
    Chia is an absolute turd...inefficient, unreliable scam project. The only thing it has been created is because it utilizes the hard drives (HDDs/SSDs) that remain unused in a "normal" computational system where CPU & GPU can be used to mine.

    You can find a lot of reading behind the processes, problems and that mediums idiocy.

    The floggings will continue until morale improves.

  4. #3979
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    Quote Originally Posted by AKPogue View Post
    There's stable cryptos that are pegged to the dollar. They're always worth a dollar.
    But why would I want to pay the transaction costs to turn my dollar denominated paycheck into cryptocurrency to pay for something?

    Makes sense if you already own it I guess.

  5. #3980
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    My linkies! So shiny!
    Live each season as it passes; breathe the air, drink the drink, taste the fruit, and resign yourself to the influences of each.
    Henry David Thoreau

  6. #3981
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    Quote Originally Posted by old_newguy View Post
    But why would I want to pay the transaction costs to turn my dollar denominated paycheck into cryptocurrency to pay for something?

    Makes sense if you already own it I guess.
    or if you want to get into speculation accompanied by liquidity. Isn't that the entire purpose of a private wallet?
    “How does it feel to be the greatest guitarist in the world? I don’t know, go ask Rory Gallagher”. — Jimi Hendrix

  7. #3982
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    Name:  21f6xd9tv6x61.png
Views: 181
Size:  123.0 KB
    Last edited by puregravity; 05-04-2021 at 08:57 PM.
    OH, MY GAWD! ―John Hillerman  Big Billie Eilish fan.
    But that's a quibble to what PG posted (at first, anyway, I haven't read his latest book) ―jono
    we are not arguing about ski boots or fashionable clothing or spageheti O's which mean nothing in the grand scheme ― XXX-er

  8. #3983
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    I sold 40% of my position in ETH and took profits last night at 3,39x. Put some more in link and caught that wave. The vs. BTC/ETH numbers were too hard to ignore. Sold off some BNB for a shitcoin (for me, that requires a hellava utility actually, but super small market cap). I always have some dust in two micro's. No downside really, and I staked it as well with a hint of BNB.

    Not unhappy, nor dogeie.

  9. #3984
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    Quote Originally Posted by shera View Post
    My linkies! So shiny!
    Hell yeah. I fomoed into some LINK during the summer of DeFi. Hit 3x today and having fun getting interest paid in BTC on it from BlockFi.

    Sent from my Pixel 4 XL using Tapatalk

  10. #3985
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    Probably nothing.

    https://twitter.com/CNBC/status/1389...818159104?s=19

    Sent from my Pixel 4 XL using Tapatalk

  11. #3986
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    Auction house Sotheby's to accept bitcoin and ether for a physical artwork via Coinbase.

    May 4, 2021, 4:57PM EDT · 1 min read


    Centuries-old auction house Sotheby's has collaborated with Coinbase to accept bitcoin and ether for a physical artwork for the first time.

    The artwork, Love Is In The Air, is a painting by popular graffiti artist Banksy. It will be on auction on May 12 at Sotheby's New York. Bidding for the work is estimated at $3 to 5 million.

    Sotheby's said the decision to accept crypto via Coinbase Commerce "marks an important next step" as it aims to continue leading the art market in the adoption of blockchain technology.

    When asked if it would accept crypto for more physical artworks in the future, a spokesperson for the company declined to comment to The Block. But Sotheby's appears to be paving the way for further adoption of crypto.

    Last month, the second-largest auction house in the world debuted a non-fungible token (NFT) sale that yielded nearly $17 million. The sale saw participation from more than 3,000 unique collectors, most of whom were first-time buyers with the auction house, said Sotheby's.

    "With the growing adoption of digital art and NFTs, along with our increased focus on digital innovation, we've seen an increasing appetite among collectors for more seamless payment options when doing business with Sotheby's," said Sotheby's CTO Stefan Pepe. "Leveraging the trusted exchange Coinbase is a natural progression and is in line with our dedication to enhancing our client buying experience and developing new ways to expand our client base by meeting them where they are."

  12. #3987
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    What does it take to 'Be Your Own Bank'? Not sure if this is brilliant or hilarious. Sold as an accessory by Ledger -- one of the most popular BTC USB-stick wallet makers. Only $154.

    "A solid steel capsule to protect your 24-word Recovery Phrase. Designed to resist extreme conditions. Your Recovery Phrase is the only backup of your crypto assets. You can now keep it safe with the Cryptosteel Capsule. Add an extra layer of security by protecting your backup and experience ultimate resilience. "

    https://shop.ledger.com/products/cry...l-capsule-solo

    OH, MY GAWD! ―John Hillerman  Big Billie Eilish fan.
    But that's a quibble to what PG posted (at first, anyway, I haven't read his latest book) ―jono
    we are not arguing about ski boots or fashionable clothing or spageheti O's which mean nothing in the grand scheme ― XXX-er

  13. #3988
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    Beats having your seed phrase scribbled on a rolling paper.

  14. #3989
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    Quote Originally Posted by MakersTeleMark View Post
    Beats having your seed phrase scribbled on a rolling paper.
    I can see the downside of rolling papers. But that is a suppository, right?

    (I didn't watch, just assuming that's what they meant by "ultimate resilience.")

  15. #3990
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    Quote Originally Posted by jono View Post
    I can see the downside of rolling papers. But that is a suppository, right?

    (I didn't watch, just assuming that's what they meant by "ultimate resilience.")
    Brings new meaning to the word backup.

    edit1: I think I saw something similar in the movie Papillon (1973). Then there is also the one the CIA issues to spies.

    edit2: Smart Contracts Systematic Risks https://lyaffe.medium.com/smart-cont...s-6e7f049853ca. That's the latest from Lior that I mentioned earlier.
    Last edited by puregravity; 05-06-2021 at 05:52 AM.
    OH, MY GAWD! ―John Hillerman  Big Billie Eilish fan.
    But that's a quibble to what PG posted (at first, anyway, I haven't read his latest book) ―jono
    we are not arguing about ski boots or fashionable clothing or spageheti O's which mean nothing in the grand scheme ― XXX-er

  16. #3991
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    It seems like it’s fairly profitable in the sense of slowing investing some income towards bitcoin. But is it legit in terms of buying it from a secure source?

  17. #3992
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    Well played, sirs! BTW, I am also sir on discord, hahaha, we all are sir.

    Quote Originally Posted by MakersTeleMark View Post
    I sold 40% of my position in ETH and took profits last night at 3,39x. Put some more in link and caught that wave. The vs. BTC/ETH numbers were too hard to ignore. Sold off some BNB for a shitcoin (for me, that requires a hellava utility actually, but super small market cap). I always have some dust in two micro's. No downside really, and I staked it as well with a hint of BNB.

    Not unhappy, nor dogeie.
    Quote Originally Posted by stalefish3169 View Post
    Hell yeah. I fomoed into some LINK during the summer of DeFi. Hit 3x today and having fun getting interest paid in BTC on it from BlockFi.
    The announcements about banks and sothebys (and you can add in Jamie Dimon) really put me in mind of this -

    First they ignore you. Then they ridicule you. And then they attack you and want to burn you. And then they build monuments to you.

    I guess the best laugh would be munger and buffet, but I guess they will continue to disparage while they buy in private as that is within their mo.
    Live each season as it passes; breathe the air, drink the drink, taste the fruit, and resign yourself to the influences of each.
    Henry David Thoreau

  18. #3993
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    This really hit me:

    I'm seeing a lot of people FOMO quit their jobs to join "crypto", probably out of some over-romanticized view of what goes on in these projects. Let me illuminate you about what actually happens:👇
    1. You have an earnest team that believes in decentralization as a theory, but realize that it's impossible to build any project of complexity without extreme centralization for long periods of time, potentially some parts indefinitely.
    2. You aim to build a community, but in reality 90% of your telegram/discord are scammers and people asking why price is going down/accusations that you and your entire team should go to jail.
    3. You want to decentralize governance, but only a handful wants to participate in governance. Doesn't change people from getting royally pissed at governance decisions despite not doing a single ounce of work.
    4. You realize that most of the "influencer" network of crypto is actually a cartel of individuals who all know each other and collude in pumping the same bags. They all cost around $20k-30k for a review, btw.
    5. Some VCs are good. Many don't do an ounce of due diligence on your project and fight tooth and nail for larger token allocations with minimal lockup periods. Most of them are actually beyond useless. Some are deeply unethical and are straight cons.
    6. Crypto never sleeps. And guess what? That also means that you never sleep. Half your audience is in the west, the other half is in the east. Singapore time is almost entirely during sleeping hours in the US. Have fun with that.
    7. Legally, you can't talk about "token price", but it's your ultimate marketing tool. If it's necessary for the security of your network, you're screwed. You HAVE to shill the token, and you have to assure people that the price will go up (but that's also illegal in the US).
    8. Traders/VCs drive the vast majority of your user acquisition early on, since, again, the token is what most people care about - so you really need THEM to be excited, and they by FAR have the largest followings in the space.
    9. The LAW. SO MUCH LAW. SO. MUCH. LAW. Expect to pay well into six figures of legal fees in your first year. Also, most lawyers won't actually know how to answer any questions cause everything is still a grey-area. This'll depend on jurisdiction of course.
    10. There's actually a good chance that there's not a single person in your entire state or country that knows how to do your taxes.
    11. People will make up rumors of your project on a daily basis. Either hopium or FUD. It is Brandolini's law on steroids. Hopium is actually worst than FUD by the way, because FUD unites your community around truth, whereas hopium unites them around price.
    12. Information asymmetry is extreme in this industry. There are telegram rooms of just founders and influencers that discuss price-moving news. You are not in those channels most likely.
    13. Bear markets is when you find the real demand for your products, which is likely magnitudes less than your worse fears or on-chain metrics indicate. Low liquidity = desert of demand.
    14. You will be proud of your project at times, but then get nervous when you see people ape'ing into obvious scams and then you question whether anyone actually knows or cares about your project at all, or if it's just one of a basket of random asymmetric gambling bets.
    15. You will realize that the source of the majority of problems for your blockchain project is that it is built on a blockchain.
    16. And my personal pet peeve is that, by and large, most of crypto actually does want Bitcoin to die. Perhaps not in a "I want Bitcoin to go to zero", but in a, "Bitcoin doesn't do anything and so I want its value to be rightly distributed to my project, which has real utility". (

    Source: https://threader.app/thread/1389635626698297344)
    Live each season as it passes; breathe the air, drink the drink, taste the fruit, and resign yourself to the influences of each.
    Henry David Thoreau

  19. #3994
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    One thing I just noticed, Arthur Hayes is tweeting again. You probably know he turned himself in to the feds a few weeks ago in Hawaii. I subscribe to the theory that he's spilling the beans on binance because I think they really want to slow binance down...CZ copied bitmex software, but you prolly already know about that drama.

    Anyway, Hayes' missives are about the macro and I find the man brilliant (and scary like a shark)
    https://twitter.com/CryptoHayes?ref_...Ctwgr%5Eauthor
    Live each season as it passes; breathe the air, drink the drink, taste the fruit, and resign yourself to the influences of each.
    Henry David Thoreau

  20. #3995
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    Quote Originally Posted by puregravity View Post
    What does it take to 'Be Your Own Bank'? Not sure if this is brilliant or hilarious. Sold as an accessory by Ledger -- one of the most popular BTC USB-stick wallet makers. Only $154.

    "A solid steel capsule to protect your 24-word Recovery Phrase. Designed to resist extreme conditions. Your Recovery Phrase is the only backup of your crypto assets. You can now keep it safe with the Cryptosteel Capsule. Add an extra layer of security by protecting your backup and experience ultimate resilience. "

    https://shop.ledger.com/products/cry...l-capsule-solo

    Steel is good for super cold storage. But a hardware wallet is highly superior if you plan on making transactions, since you need to type your private keys in on a CPU that could be subject to malware/keystroke-logger with the former. Whereas a hardware wallet adds extra defense by storing your keys on the device.

  21. #3996
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    Quote Originally Posted by shera View Post
    One thing I just noticed, Arthur Hayes is tweeting again. You probably know he turned himself in to the feds a few weeks ago in Hawaii. I subscribe to the theory that he's spilling the beans on binance because I think they really want to slow binance down...CZ copied bitmex software, but you prolly already know about that drama.

    Anyway, Hayes' missives are about the macro and I find the man brilliant (and scary like a shark)
    https://twitter.com/CryptoHayes?ref_...Ctwgr%5Eauthor

    This is a great read if you didn't check it already.

    https://www.vanityfair.com/news/2021...e-arthur-hayes

  22. #3997
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    Coinbase counters all the FUD by stating that "Not true! Our execs have a shitload more to sell. Don't think for one second we are done unloading our bags on you. There's still lots and lots more to be unloaded!"

    https://blog.coinbase.com/fact-check...s-b0c252030267
    OH, MY GAWD! ―John Hillerman  Big Billie Eilish fan.
    But that's a quibble to what PG posted (at first, anyway, I haven't read his latest book) ―jono
    we are not arguing about ski boots or fashionable clothing or spageheti O's which mean nothing in the grand scheme ― XXX-er

  23. #3998
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    Quote Originally Posted by stalefish3169 View Post
    Steel is good for super cold storage. But a hardware wallet is highly superior if you plan on making transactions, since you need to type your private keys in on a CPU that could be subject to malware/keystroke-logger with the former. Whereas a hardware wallet adds extra defense by storing your keys on the device.
    Or you could just pay cash or write a check or use a Credit or Debit card.
    I have been in this State for 30 years and I am willing to admit that I am part of the problem.

    "Happiest years of my life were earning < $8.00 and hour, collecting unemployment every spring and fall, no car, no debt and no responsibilities. 1984-1990 Park City UT"

  24. #3999
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    Quote Originally Posted by Bunion 2020 View Post
    Or you could just pay cash or write a check or use a Credit or Debit card.
    And deal with all that convenience??? no thanks, we're riding this wave to THE FUTURE!

  25. #4000
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    Quote Originally Posted by Bunion 2020 View Post
    Or you could just pay cash or write a check or use a Credit or Debit card.
    I spend my dollars with my fold Visa debit card and get BTC back for saving. But you do you.

    https://foldapp.comand get BTC

    https://howmuch.net/articles/rise-and-fall-dollar

    Sent from my Pixel 4 XL using Tapatalk

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