Crypto currency discussion

[Chippertheripper]

I thought it might have a decent chance of hitting 10k by the end of the year. To see it behaving so volatile is thrilling.
I’m not into it for much so I don’t care all that deeply, but man it’s fun to be up on a gamble for a change.

[snwbrdr435]

Think today will be a good time to buy back in. Thinking we will see another huge surge this weekend....

Bitcoin Futures trading is right around the corner through CME and CBOE

[Paul_E_D]

If I buy via coinbase, how long does the transaction take?

[snwbrdr435]

If you use a card its instant, bank transaction takes about a week.

[Chippertheripper]

Yeah, it buys at whatever price you click at, but it takes 4-5 days to show up in your account.

[Paul_E_D]

And when you sell is it also the price when you click?

[capitalcrew]

Selling is instant, yeah. Especially if you sell to your coinbase usd wallet. Then you can buy back in instantly if you want for some reason.

[Paul_E_D]

Weekly credit card limit starts pretty small. I guess it's good as it might prevent me from a rash decision. But it might also prevent me from investing. I find it odd.

[capitalcrew]

Yeah I was unhappy about that as well. I sent them an email about it actually. Kinda fucked me. Got in 10% higher than I could have.

[Paul_E_D]

Yeah I was unhappy about that as well. I sent them an email about it actually. Kinda fucked me. Got in 10% higher than I could have.

A few days to link a bank account. Also, fees are pretty steep.

Sent from my SM-G930V using Tapatalk

[capitalcrew]

Yup.

[capitalcrew]

You can avoid the fees if you transfer usd to coinbase and then buy through gdax i think, but you can't lock in your buy price that way

[Eddie]

Yeahh....that Venezuelan crypto currency is looking real attractive.

Personally I think these currencies are a sham. I would not rely on them as a means of relative valuation of good and services, much less as a means of exchange.

[capitalcrew]

That's fine

[Paul_E_D]

Yeahh....that Venezuelan crypto currency is looking real attractive.

Personally I think these currencies are a sham. I would not rely on them as a means of relative valuation of good and services, much less as a means of exchange.

Interesting perspective. All currency value is a sham. It's a confidence game.

Right now there is a divide forming between companies and concepts that cannot evolve with new technologies, and those that can. I'm not going bet on companies and concepts that refuse to evolve. Where these companies end up is a question, but the fact that they are seeking out a new paradigm means they will develop a long way before failing altogether.

[PhilB]

The concepts of blockchain, and of independent money not beholden to a government are valuable and world-changing.
I certainly wouldn't guarantee that Bitcoin itself is going to become the currency of choice, but something like it will, eventually.
This is but one of the ways in which technology is developing workarounds to government; finding ways to make government obsolete.
Which is a good thing overall, in the long term, IMHO.

PhilB

[TheIglu]

I'm into BTC, ETH, SIA and XMR.

Not a dime spent with USD, just mining.

[Vovchandr]

I'd hedging bets on LTC mostly. Made $500 of Bitcoin when it was about $3k and put everything I'm not afraid of losing into LTC

Got burned bad during the China crash, but doubled down and rebough everything at around $40 per LTC

Quite happy now overall.

[Eddie]

As someone mentioned, the only value that the currency has is your assurance what the currency will be accepted as a means of exchange.

In the context of international trade, the forex for that currency is determined by demand of the sovereign nation's national goods, services and financial instruments and country risk factors.

My gut feeling tells me that what is happening in regards to Bitcoin is abnormal, expeculative and not explained by the conventional demand for Bitcoin resulting the volume of Bitcoin transactions - other than the acquisition of Bitcoin for speculative purpose.

Sure a government can print more currency (which comes at the cost of inflation) however, I feel safe that the dollar is generally accepted. A self-sustaining event so to speak.

Let's leave with that there is an huge difference between price and value. One of my favorite sayings is a foolish man knows the price of everything but the value of nothing.

[ilikenapalm]

I'm into BTC, ETH, SIA and XMR.

Not a dime spent with USD, just mining.

Put that computer lab to work.

[TheIglu]

Nah, just home shit that is running anyways.

[TheIglu]

I shut down my BTC miner. Just making heat for no reason. Too hard to mine these days without an ASIC setup.

ETH does well with a high end gaming video card. She'll blow some heat, that's for sure.

I am using a dual mining setup for the GPU, ETH and SIA. Neither reduces the others hashrate significantly.

Since the CPU is sitting there underutilized, I also use a CPU miner for XMR.

If it's sitting there running Plex or whatever anyways, may as well have it help heat your house and grind some coin

[Falko]

Hmmm. I have the 200A 460V test stand outback. How much CPU power can I throw at that??

[e30addict]

I admit I'm pretty ignorant when it comes to this crypto stuff. It seems that using a CPU to "mine" a coin to create wealth is a bigger scam then trickle down economics. Madoff must be so proud of whoever came up with this stuff!

[ilikenapalm]

The mining process is a combination of complex math problems as well as verifying the "blockchain" or transactions that have recently taken place. So, the computer network is handling all of the processes that a huge server farm would normally have to handle. In return, the owners of the computers doing the work are paid through the transaction fees as well as with freshly mined coins.

At least, that is my understanding of the process. Also, it is incredibly inefficient to be mining in our region, mostly due to the cost of power. Even where power is pennies per kWh, there isn't a significant return on investment.