Achtung! Cryptocurrency dudes
- Thread starter jbj
- Start date
Kerouac
weird musical dildo
Someone will and then when their tax holdings are inevitably seized/assets sold off it'll go really cheaply to someone, who will later donate it to a museum, where it will be either displayed or hidden away in a box for a century for a future exhibit about abandoned technology.
Peen Simmons
Let’s Get Obtuse!
I bought some crypto tuna
Got that crypto fish
Got my dad’s approval
My all time wish
Then there were some tweets
From that Tesla dude
And I lost my ass on all that crypto food
It’s sad sad day at the tuna fish store
Had twenty big dollars
I ain't got no more
An apocalypse at the tuna store
I used to have money
I don’t have it no more
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Decent pension through work, we've got joint savings and I'll still have my own savings plus the DJ money when that kicks back in again too.
The money left over is doing nothing and in the next 2 months I won't have mortgage or vehicle outgoings. That's too much just to be sitting around getting hamered by inflation.
yabba
Weird Pick Butt Person
If you're planning on mining it yourself, I recommend trying to find someone to sponsor you for "rolling coal" contests instead. probably a better return on your investment, and you can still be shitty environmentally speaking!
Dexter Inferno
Serious error
I've been trying to upgrade my 8 year old graphics card for the studio computer for a while now. The combination of chip shortage and the latest crypto mining boom means there's absolutely fuck all in stock anywhere and bloody scalpers all over the used market. Even all of the older models are gone - or tripled in price, if not more.
Fingers crossed my old one doesn't die before there's actual cards in stock again. There's no way I'm paying several hundred over msrp to any of those asshole scalpers.
As for crypto, I definitely wouldn't buy into that right now.
Lerxst
spaghetti and blankets
I've been trying to upgrade my 8 year old graphics card for the studio computer for a while now. The combination of chip shortage and the latest crypto mining boom means there's absolutely fuck all in stock anywhere and bloody scalpers all over the used market. Even all of the older models are gone - or tripled in price, if not more.
Fingers crossed my old one doesn't die before there's actual cards in stock again. There's no way I'm paying several hundred over msrp to any of those asshole scalpers.
My build from this past winter is still sitting in the corner of the room w/o a GPU and the CPU doesn't support integrated video.
Dexter Inferno
Serious error
Yeah, grim times for computer builds right now. Could take half a year at least apparently until things start to normalize.
I'm wary of going for used parts at the moment, shitload of scalpers and scammers around right now.
Only GPU I could find in stock here in Norway now is the GT710. Even integrated graphics are better than that crap.
BlockInlay
Octavate.band
Friends of mine work for a big name computer/software company. One of them is annoyed that the entire massive building is empty due to the lock down and thousands of computers are just sitting on empty desks doing nothing. I imagine that's the case for thousands of similar buildings.
smorgdonkey
Kick Henry Jackassowski
I'm thinking of dipping my toe into BitCoin or Ethereum (or both) but there's so much info out there it's hard to see the trees for the forest.
I've got a small lump sum just sitting losing value due to inflation and I'm going to have considerably more disposable income month on month within the next few weeks so I definitely want my money working for me better than it is just now.
Pre-COVID I'd probably have looked into real estate / renting (I'd make a sweet slum landlord
CoinBase seems like it gets a good write up and seems accessible for a total noob like myself but is there anywhere else I should check out before getting involved?
Any pitfalls to be aware of (apart from the obvious) too?
Well...there are quite a few naysayers. Many of them make some good points but there are many types of investments out there.
If you have a pile of money that you want to invest for short term, I think that you have to really know what you're doing to get in, make money and get out.
If you have money for the long term, or have a little at a time like someone said (smurfco I think?) just put in a little on your schedule and let it ride.
Right now it looks like Ethereum will be used for so much. Crypto started as a currency to decentralize finance and had some rebelliousness about it because it was a way to avoid all of the big finance guys who are rich off of the fees for managing funds which (as you said) don't keep up with inflation.
Ethereum and others will eventually decentralize the internet and block chain could be the backbone of technology and security and much of business. There is still a lot of volatility in the market and that can be scary. For that reason, you should never invest money that you can't afford to lose and in my opinion, if you aren't willing to wave 'bye bye' to it.
I don't know how crypto profits are handled in the USA but they are considered Capital Gains in Canada which has different tax implications.
I don't only invest in crypto which would be considered high risk and aggressive, however, I also play the very conservative side and have holdings in Canadian Bank stock in a vehicle called a TFSA. Banks pay dividends and since the stock is in the TFSA (Tax Free Savings Account), the dividends stay in it too so there is no tax payable on the earnings. There is also no tax payable on stock value appreciation.
So, I love crypto because it's the first time that Joe average got access to something before the rich financiers got to it and took a big cut off of the top.
As for Bitcoin itself...there are over 2200 wallets which have 1000 or more Bitcoin in them. Do that math...some wallets have over 100 000 in them!
Kerouac
weird musical dildo
Yeah, grim times for computer builds right now. Could take half a year at least apparently until things start to normalize.
I'm wary of going for used parts at the moment, shitload of scalpers and scammers around right now.
Only GPU I could find in stock here in Norway now is the GT710. Even integrated graphics are better than that crap.
I'm *really* happy I ended up buying my GTX 1660 Super in the final days of Dec. 2019.
VoidTerraFirma
Live to wine
MonkeyZero
Mexican Mayonnaise Weiner Sandwich
My son finished his build in October 2019 with a 2080 Super. I wanted to start a build similar to his after seeing how good it was and that went to shit real quick.I'm *really* happy I ended up buying my GTX 1660 Super in the final days of Dec. 2019.
Liesovit
n00b
According to world economists, innovations related to Bitcoin and other digital currencies gradually lead to irreversible financial industry changes. If bitcoin was originally issued as a new means of payment, today it is confidently becoming a new financial product and a new category for investment. There is a huge amount of discussion about cryptocurrencies, their complete independence from economic factors, and their role as ordinary investment income. Still, if you look at currency converter, you will understand that bitcoin is now the most reliable currency.
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VoidTerraFirma
Live to wine
smorgdonkey
Kick Henry Jackassowski
The family probably didn't listen...but if they did, they wouldn't be too happy about it right now. I still think that it will get to over 100 000 USD, but that would be in a bull run after the next halving.
The way that new technologies are adopted (like the internet) and the ways that Metcalfe's law will likely apply, make for so much potential in the crypto space.
Crypto follows the BitCoin halving cycle and at present, the next halving is estimated to be April of 2024. Many of the most pro-BitCoin types still think that it will drop to $12,000 before the pain is over but who knows? The fact that it is long before the next halving and the current recession(or depression) at hand says a lot of positive for Bitcoin really.
From this article:
https://www.blockdata.tech/blog/general/the-top-100-public-companies-using-blockchain-in-2022
"Corporate interest in blockchain is rising as the technology's applications in areas other than cryptocurrency become apparent. For example, blockchain technology is being used for improving supply chain transparency, creating loyalty programs for customers, and designing and marketing NFTs. Therefore, besides banks and other financial institutions, companies in other sectors are taking an active interest in applying blockchain technology across their business lines. There is also an increase in investments in collaborative blockchain technologies.
In October 2021, the top 100 companies were examined, and 81 of these top 100 companies were assessed as actively engaged in blockchain in 3 areas: research in the use of blockchain's applications, a pilot or development stage, and live in-production services that were utilized by employees, partners, and clients. This article looks into the public announcements of adoption, pilots, and new blockchain initiatives of these top 100 companies since August 2021. The list of the top 100 companies was updated based on market cap in May 2022.
44 out of the top 100 companies have been active since August 2021
Of the companies in the global top 100, 63% are from the US, while 12% were based in mainland China and the Hong Kong special administrative region (collectively referred to as China from hereon).
Not all 100 companies are actively adopting blockchain technology, including Berkshire Hathaway and Texas Instruments. However, 86 firms are actively pursuing blockchain-related solutions for their business needs. Of these, only 44 have actively pursued blockchain strategies over the last 12 months.
The Tech, Media, and Telecom sector emerged as the leading investor in blockchain technology (16 companies) over the past year. The second spot is held jointly by the Consumer & Retail and Basic Materials & Industrials sectors, with 9 companies each."
smorgdonkey
Kick Henry Jackassowski
Someone bought 48000 BitCoin the other day.
Not $48000 worth... Fourty-eight Thousand Bitcoins. That's a big purchase.
Not $48000 worth... Fourty-eight Thousand Bitcoins. That's a big purchase.
