Cryptocurrency

[camthebam]

Anyone got any strong opinions on this?

i know we (Hibs) released some token thing recently but I didn’t read that thread. I don’t really understand it at all if I’m honest and I almost understand quantum mechanics. To a degree.

My interest has been piqued as I heard of someone local to me had apparently retired of his profits from (I think brokering) it and simultaneously and coincidentally I’d began reading “Once a Bitcoin miner” by Ethan Lou. I’m only half way through it but it reinforces my biases that it’s a world populated by the money obsessed and libertarians of our epoch, neither of whom, I have to be honest, I admire much. To put it mildly.

Somewhat paradoxically I probably wouldn’t mind being rich though.

It feels like a tulipesque bubble ready to burst to me but I’ve felt that way for 5yrs at least.

The environmental thing of it seems horribly immoral too? And even if I wasn’t a Greta fan wouldn’t that eventually devalue it in the eyes of the world?

Money’s abstract I know. But I’ve also been skint enough to know how concrete a concept it is. I’d rather have it than not.

I’m definitely not investing. Does that make me a fool?

[Perfect Hatrick]

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Anyone got any strong opinions on this?

i know we (Hibs) released some token thing recently but I didn’t read that thread. I don’t really understand it at all if I’m honest and I almost understand quantum mechanics. To a degree.

My interest has been piqued as I heard of someone local to me had apparently retired of his profits from (I think brokering) it and simultaneously and coincidentally I’d began reading “Once a Bitcoin miner” by Ethan Lou. I’m only half way through it but it reinforces my biases that it’s a world populated by the money obsessed and libertarians of our epoch, neither of whom, I have to be honest, I admire much. To put it mildly.

Somewhat paradoxically I probably wouldn’t mind being rich though.

It feels like a tulipesque bubble ready to burst to me but I’ve felt that way for 5yrs at least.

The environmental thing of it seems horribly immoral too? And even if I wasn’t a Greta fan wouldn’t that eventually devalue it in the eyes of the world?

Money’s abstract I know. But I’ve also been skint enough to know how concrete a concept it is. I’d rather have it than not.

I’m definitely not investing. Does that make me a fool?

I’ve made a decent amount of money directly off it and off of companies who mine it. Unfortunately not enough to retire mind you!

People have been saying it’s a bubble ready to burst for years. It’s impossible to say I suppose but I think it’ll be around for the long haul.

[HibsGW]

Cryptocurrencies aren’t inherently bad for the environment, bitcoin is due to the way that the mining process works but cryptocurrencies don’t need to be bad for the environment. Bitcoin mining is bad for the environment because it takes huge processing power so people use loads of computers running 24/7 to “mine” the coins.

[JeMeSouviens]

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Cryptocurrencies aren’t inherently bad for the environment, bitcoin is due to the way that the mining process works but cryptocurrencies don’t need to be bad for the environment. Bitcoin mining is bad for the environment because it takes huge processing power so people use loads of computers running 24/7 to “mine” the coins.

But the mined coins are a reward for building the blockchain that guarantees the uniqueness of the transactions, so it's a pretty vital part of the whole thing.

It doesn't have to be environmentally damaging if you use renewables to power it.

In answer to the o/p, I share the feeling this is another asset bubble that will probably pop at some point. Which is not to say cryptocurrencies won't be a long term and potentially useful thing, just that the valuations seem ridiculous and are driven by speculation, which usually isn't a good thing.

[ballengeich]

I was once advised by a financial adviser not to put money into things I don't understand. I've stayed out of cryptocurrencies.

They look like a bubble to me.

[Since452]

I've been toying with the idea of investing. I wouldn't know where to start though.

[Just Alf]

I've got a few using my revolut account, ones sitting where it was when I bought it, the other 2 are all now up although bitcoin plummeted as soon as I bought it

Only a tenner each so not setting any records.


What I still don't get, what are they actually for? Where , in Edinburgh for example, can I go and buy something with them?
Are they actually usable anywhere?

[camthebam]

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I've got a few using my revolut account, ones sitting where it was when I bought it, the other 2 are all now up although bitcoin plummeted as soon as I bought it

Only a tenner each so not setting any records.


What I still don't get, what are they actually for? Where , in Edinburgh for example, can I go and buy something with them?
Are they actually usable anywhere?

I don’t know, lol. If you have Amazon Prime then “Cryptopia” seems a good and modern documentary as a starting point.

Money in general is a border-line abstract concept. It’s not real. It’s a construct of human imagination. It requires us all to trust and believe in it and crypto just seems the same but cuts out the middlemen with some computing I’ll happily admit to not understanding. I could be wrong, economics has always been beyond me. In part because I don’t think it’s real. It’s a faith system. Isn’t it?

I’m actually planning investing some money I can afford to lose to play about with because I’m starting to think it’s here for the long term. What Facebook announced today is equally beyond me but seems likely to also require crypto of some sort?

A brave new world is dawning. You’re better men than me if you understand it. Does anyone? I’ve a gut feeling everybody’s guessing.

[HibsGW]

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But the mined coins are a reward for building the blockchain that guarantees the uniqueness of the transactions, so it's a pretty vital part of the whole thing.

It doesn't have to be environmentally damaging if you use renewables to power it.

In answer to the o/p, I share the feeling this is another asset bubble that will probably pop at some point. Which is not to say cryptocurrencies won't be a long term and potentially useful thing, just that the valuations seem ridiculous and are driven by speculation, which usually isn't a good thing.

That’s my point though, you’re specifically talking about Bitcoin, not all cryptocurrencies function that same way. Cardano for example, uses 0.01% of the power that the bitcoin network does.

[Lendo]

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That’s my point though, you’re specifically talking about Bitcoin, not all cryptocurrencies function that same way. Cardano for example, uses 0.01% of the power that the bitcoin network does.

I got in with Cardano back when it was €0.30 and bought 800 coins. Now sitting at $2 a coin and was up at $3 a few weeks ago. Fully expecting it to hit $5 at some point soon.

[Stairway 2 7]

Bitcoin absolutely collapsing $17,500 and falling fast. $65,000 in November. A few people will have lost alot of real cash

https://www.bbc.com/news/technology-61813845.amp

El Salvador invested $100,000,000 in it last year with public funds

[Lendo]

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I got in with Cardano back when it was €0.30 and bought 800 coins. Now sitting at $2 a coin and was up at $3 a few weeks ago. Fully expecting it to hit $5 at some point soon.

This has aged well……