Let's talk about cryptocurrency

[Holly]

I wouldn't recommend mining to anybody right now. Granted, I have really messed around with it but the profit margins aren't there for me. There are some huge companies that have insane amounts of processing power that make millions.. making it tough for us little guys to really make any serious money. The best bet right now is to put your money into coins that haven't had their price discovery yet.

Yeah, hence why I'm like eh maybe I could run something super tiny for a month or two but otherwise I don't care. It's not worth the strain on my duct-taped together computer, and only worth trying in Winter because well at least it's warming the place up. Any investment would come out of like movie tickets money and be dicking around to see how it works then expecting to break even. Projects are fun even if you end up in the hole.

We've seen cypto-currencies become more and more common, I mean heck theres half a dozen bitcoin ATMs in my town and I'm in the boring bit of Canada. I agree its changing things but the competition and difficulty getting in and the fact people seem more suspicious of it then MLMs is going to make an uphill battle for everyone invested in the community. Am really curious how this is working with China, given over the last year or so transferring money in and out has gotten super hard.

Also I think Coursera has a class / lecture on the basis of setting up a cypto-currency and how it works as well, I probably should watch something like that for how all these actually work cause I never really studied econ

[I_royalty_I]

Yeah, hence why I'm like eh maybe I could run something super tiny for a month or two but otherwise I don't care. It's not worth the strain on my duct-taped together computer, and only worth trying in Winter because well at least it's warming the place up. Any investment would come out of like movie tickets money and be dicking around to see how it works then expecting to break even. Projects are fun even if you end up in the hole.

We've seen cypto-currencies become more and more common, I mean heck theres half a dozen bitcoin ATMs in my town and I'm in the boring bit of Canada. I agree its changing things but the competition and difficulty getting in and the fact people seem more suspicious of it then MLMs is going to make an uphill battle for everyone invested in the community. Am really curious how this is working with China, given over the last year or so transferring money in and out has gotten super hard.

Also I think Coursera has a class / lecture on the basis of setting up a cypto-currency and how it works as well, I probably should watch something like that for how all these actually work cause I never really studied econ

I remember reading that if you are going to join a mining pool, you should do it more long term than short term because it will take time to get your initial investment back and then make money. I'm not too knowledgeable with that although I'm familiar with the mining process.

That's part of the beauty of crypto - it doesn't really matter what the government says. You can essentially move it around, to anybody, in any amount, whenever you want. As long as you protect your private key, nobody can get in and take your funds. There aren't any bitcoin atms around here but it would be cool if they started popping up. We really need regulation to decide what is and isn't allowed so that it kind of lays the groundwork moving forward. There has been a lot of talk about a bitcoin ETF but the government doesn't know how to handle crypto. A bunch of old dudes confused about this whole newfangled "internet money" haha

[tatnoob]

I wouldn’t say Tron was necessarily a pump and dump.. more like the hype made it explode. There’s a difference between the hype and a pump and dump. Lots of coins get their price jumps when their first hit a big exchange, since it’s available to a wider audience. There are a few I’m trying to pick up now but it’s so hard because they are only on obscure exchanges with not much traffic. You have to be very careful and know what you’re getting into. It’s a lot of luck, combined with positioning yourself in the right place at the right time.

I don't think it was a hype because the coin has been around for a bit without that much movement and just as I bought it, it shot up by 100+% and came back down within a day. I found there are chats that people organise pump and dumps where someone in charge will select a coin at a specific date to start. That's where you'll see the coin movement going up and down drastically within the same day.

[I_royalty_I]

I don't think it was a hype because the coin has been around for a bit without that much movement and just as I bought it, it shot up by 100+% and came back down within a day. I found there are chats that people organise pump and dumps where someone in charge will select a coin at a specific date to start. That's where you'll see the coin movement going up and down drastically within the same day.

Not going to lie, I have joined in on some of those pump and dumps. They are usually organized in telegram or discord groups. Generally the people who organize them make the most money. Other people can still make money, but the first movers really make the big money in them. By big money... I mean maybe a few hundred. Most people who do those don't really put HUGE amounts of $$ into them.
I think tron is probably too big of a project for a pump and dump to really influence unless there is a group with multi million dollars to toss at a pump and dump. I have seen coins jump 50% and then drop down to it's standard price a few days later. The crypto world is really the wild wild west.

If anybody is looking for recommendations for coins to check out, I'd be happy to share what my portfolio looks like and what projects I'm excited for in the future.

[earthanimal]

If you'd be able to provide information in an engaging way, I'd be interested in learning about it. I had a guy who was interested in me several years back to try explain bitcoin and all it did was make me feel stupid and not want to see him anymore, lol. I pride myself on my ability to understand many things, but crypto just seems extremely complex and intricately layered in a way that makes learning about it a real rabbit hole.

[I_royalty_I]

If you'd be able to provide information in an engaging way, I'd be interested in learning about it. I had a guy who was interested in me several years back to try explain bitcoin and all it did was make me feel stupid and not want to see him anymore, lol. I pride myself on my ability to understand many things, but crypto just seems extremely complex and intricately layered in a way that makes learning about it a real rabbit hole.

There are definitely people who try to make it more complicated than it needs to be. It's also tough to try and break it down to the simplest parts when you've been in the space for awhile. There are certain things that you take for granted, that you think everybody should know since you've been exposed to them so much. It's kind of a simple idea, but there's also a lot of complicated technical language involved. Now a days, with everyone being at least semi technical, I think just about anybody can pick up the basics and run with that. The basics would be enough to get by and then you could always read up and explore more in depth things if you're interested in them. When I talk to my friends about things, I try not to push too hard the complicated things because I personally hate listening to people who try to do that haha

[earthanimal]

There are definitely people who try to make it more complicated than it needs to be. It's also tough to try and break it down to the simplest parts when you've been in the space for awhile. There are certain things that you take for granted, that you think everybody should know since you've been exposed to them so much. It's kind of a simple idea, but there's also a lot of complicated technical language involved. Now a days, with everyone being at least semi technical, I think just about anybody can pick up the basics and run with that. The basics would be enough to get by and then you could always read up and explore more in depth things if you're interested in them. When I talk to my friends about things, I try not to push too hard the complicated things because I personally hate listening to people who try to do that haha

A nice little "crypto for dummies" guide would probably be wildly popular. Interestingly enough, bitcoin has come more prominently into my sphere of awareness since first posting in this thread. And, as I expected, was a bit of a headache to try to understand on my own. Luckily, I had some nice friends dumb it down a bit for me. In any case, I am now -very- interested in a guide to crypto currencies!

[I_royalty_I]

A nice little "crypto for dummies" guide would probably be wildly popular. Interestingly enough, bitcoin has come more prominently into my sphere of awareness since first posting in this thread. And, as I expected, was a bit of a headache to try to understand on my own. Luckily, I had some nice friends dumb it down a bit for me. In any case, I am now -very- interested in a guide to crypto currencies!

Is there anything that you’re particularly confused about? Bitcoin has been in the news more and more lately... even though the price has taken a seriously hit the last few days. I think the most important thing to realize is that bitcoin isn’t the only coin/project in the crypto space. So many people look at bitcoin and think that’s the only player in the game. It’s the biggest, but there are definitely tons of other amazing projects.

[Mardan]

I have 5 figures invested in crypto, and even after getting huge returns from it I have no hesitation in saying that, in my opinion, the whole technology is useless to astounding degrees.
No one benefits from the concept of a blockchain, and the only people who even see a positive in it are AnCaps who dream of a libertarian utopia in which everything is public, privately owned, and open to scrutiny.

For any other kind of business that actually functions, a mastodontic, unchangeable public ledger that everyone can see at all times is nothing but a hindrance.

[I_royalty_I]

I have 5 figures invested in crypto, and even after getting huge returns from it I have no hesitation in saying that, in my opinion, the whole technology is useless to astounding degrees.
No one benefits from the concept of a blockchain, and the only people who even see a positive in it are AnCaps who dream of a libertarian utopia in which everything is public, privately owned, and open to scrutiny.

For any other kind of business that actually functions, a mastodontic, unchangeable public ledger that everyone can see at all times is nothing but a hindrance.

I've got 5 figures, almost if the market would stop taking a dip. I'm curious why you don't think it's useful.
I don't think having things public and open to scrutiny is necessarily a bad thing in most cases though. There is definitely a benefit, utility wise, to be able to send payments instantly to literally anybody in the world. Take just clraik for example. Paypal works, but it takes quite a hefty fee in most cases. Some countries don't have paypal and for others the exchange fees eat up even more. The higher amounts you send, the more it costs. I could send literally any amount of ETH quickly and pretty cheap in comparison. No extra parties need to be involved. There are a number of other use cases that I think could make the internet as we know it even more efficient once the world catches up to the technology. Most of the stuff being built right now isn't anything that I can see being put to use for a few more years. The speed at which technology changes, though, could make things very interesting.
It also varies, HEAVILY, depending on which projects you are looking at. There are a bunch of them that are complete shit and provide nothing more than making the creators rich.