The old farts can't stop talking about crypto...

ctf_error_coins

I find the crypto is bad for the environment argument ridicules. Especially if wind, solar, or hydro is used.

Precious metal mining is soooooo much worse for the environment.

CoinJunkie

@keets said:
trust me, if there were different terms and people were interested it wouldn't keep them away or stop them from learning about it. now THAT is nonsensical to suggest, but I digress.

Maybe instead of "mining" cryto, they should have called it "hornswoggling" cryto. That probably would have instilled more confidence in anyone on the fence that the whole thing wasn't just some nerdy computer project.

DelawareDoons

@ErrorsOnCoins said:
I find the crypto is bad for the environment argument ridicules. Especially if wind, solar, or hydro is used.

Precious metal mining is soooooo much worse for the environment.

No man stripping the ground to bedrock then running it through a giant machine is not that bad for the environment, not as bad as those kids and their darn GPU's and ASIC's.

moursund

@DelawareDoons said:

@ErrorsOnCoins said:
I find the crypto is bad for the environment argument ridicules. Especially if wind, solar, or hydro is used.

Precious metal mining is soooooo much worse for the environment.

No man stripping the ground to bedrock then running it through a giant machine is not that bad for the environment, not as bad as those kids and their darn GPU's and ASIC's.

At least those kids in their ASICS are getting some exercise...

ctf_error_coins

@DelawareDoons said:

@ErrorsOnCoins said:
I find the crypto is bad for the environment argument ridicules. Especially if wind, solar, or hydro is used.

Precious metal mining is soooooo much worse for the environment.

No man stripping the ground to bedrock then running it through a giant machine is not that bad for the environment, not as bad as those kids and their darn GPU's and ASIC's.

What about all the gas used in those huge vehicles.

What about all the chemicals they use to extract gold?

What about the fisheries downstream?

jmlanzaf

@DelawareDoons said:

@keets said:
terms like farming, mining, wallet, etc. when referring to Bitcoin have always amused me. here, something new and possibly revolutionary comes along and the practitioners can't even come up with unique terms to describe it's functions and technical parts.

that's pretty lame in itself and speaks poorly for the sharp minds who drive Bitcoin. get creative and come up with new and original names.

Lowering the barrier to entry only helps build a userbase. Doing what you describe would just make things harder to get into. It's kind of nonsensical to even suggest it.

It's called "scaffolding". You always build into the familiar.

Saying that I "bittrap crypto" is not going to help anyone understand it.

jmlanzaf

@keets said:
trust me, if there were different terms and people were interested it wouldn't keep them away or stop them from learning about it. now THAT is nonsensical to suggest, but I digress.

Really? Why do you think they call it a "smartphone" when everything it does that makes it interesting has nothing to do with phones?

jmlanzaf

Bitcoin transaction volume has just passed PayPal transaction volume.

Thoughts?

jmlanzaf

@ErrorsOnCoins said:
I find the crypto is bad for the environment argument ridicules. Especially if wind, solar, or hydro is used.

Precious metal mining is soooooo much worse for the environment.

Except wind, solar and hydro aren't used.

And, yes, gold mining is bad for the environment also.

CoinJunkie

@jmlanzaf said:
Bitcoin transaction volume has just passed PayPal transaction volume.

Thoughts?

I dunno: sell PYPL, buy BTC?

jmlanzaf

@CoinJunkie said:

@jmlanzaf said:
Bitcoin transaction volume has just passed PayPal transaction volume.

Thoughts?

I dunno: sell PYPL, buy BTC?

LOL. Maybe. I don't know. But a lot of objections to BTC were that it "wasn't money". But if the transaction volume is that large, it is acting as money...I just wondered if that would change anyone's mind. {I know, I know...fat chance}

Pnies20

@CoinJunkie said:

@jmlanzaf said:
Bitcoin transaction volume has just passed PayPal transaction volume.

Thoughts?

I dunno: sell PYPL, buy BTC?

I sold PayPal a few weeks ago… thank God.

jmlanzaf

@ErrorsOnCoins said:
I find the crypto is bad for the environment argument ridicules. Especially if wind, solar, or hydro is used.

Precious metal mining is soooooo much worse for the environment.

https://www.nature.com/articles/d41586-018-07283-3

https://djrozell.medium.com/bitcoin-green-or-gold-4a64099cf67f

jmlanzaf

https://www.jpmcc-gcard.com/digest-uploads/2021-winter/Page 67_74 GCARD Winter 2021 Danielsen.pdf

TwoSides2aCoin

@jmlanzaf said:
Bitcoin transaction volume has just passed PayPal transaction volume.

Thoughts?

I think there's a lot more money out there than I previously thought.

Cascadecoins

Wax has great potential over the next few years. They have a massive gaming platform paired with their blockchain. And with staking dividends built-in, holders are constantly earning. Plus with companies like Topps reissuing GPK NFTs on there, it’s pretty stable. https://dappradar.com/rankings/protocol/wax

CoinJunkie

@Cascadecoins said:
Wax has great potential over the next few years. They have a massive gaming platform paired with their blockchain. And with staking dividends built-in, holders are constantly earning. Plus with companies like Topps reissuing GPK NFTs on there, it’s pretty stable. https://dappradar.com/rankings/protocol/wax

That's awesome news. I've got quite a bit of it in either ear!

yspsales

My concern is less with bitcoin than the herds chasing a pot of gold.

Where were they/you ten years ago when it was $30 or or five years ago when it was $800?

So in the 500 other coins on the market where is the due diligence or reason to invest?

Beyond because it is there and at 5 cents... seems illogical.

Juan Soto and Fernando Tatis rookie cards trade like currency and have a finite supply.

Cascadecoins

keets

tough run for Bitcoin, down 10-12% and now a $200 million hack.

jmlanzaf

@keets said:
tough run for Bitcoin, down 10-12% and now a $200 million hack.

Been a worse run for BABA and the other Chinese ADR's.

And look at silver over the last two weeks: down 8%. Silver is also down 12% over the last 3 weeks.

CopperWire

The whole "bad for the environment" is of course propaganda. VISA, Mastercard, and large banks create 1,209,800% more carbon with their digital footprint and plastic cards.

moursund

@CopperWire said:
The whole "bad for the environment" is of course propaganda. VISA, Mastercard, and large banks create 1,209,800% more carbon with their digital footprint and plastic cards.

Surely no more than 1,207,650% more!

jmlanzaf

@CopperWire said:
The whole "bad for the environment" is of course propaganda. VISA, Mastercard, and large banks create 1,209,800% more carbon with their digital footprint and plastic cards.

Reference?

jmlanzaf

@moursund said:

@CopperWire said:
The whole "bad for the environment" is of course propaganda. VISA, Mastercard, and large banks create 1,209,800% more carbon with their digital footprint and plastic cards.

Surely no more than 1,207,650% more!

First rule of making up numbers: make it a big number.

moursund

@jmlanzaf said:

@moursund said:

@CopperWire said:
The whole "bad for the environment" is of course propaganda. VISA, Mastercard, and large banks create 1,209,800% more carbon with their digital footprint and plastic cards.

Surely no more than 1,207,650% more!

First rule of making up numbers: make it a big number.

38,800% of people who make up numbers make the mistake of using numbers that are too big.

nags

CoinJunkie

@jmlanzaf said:

@moursund said:

@CopperWire said:
The whole "bad for the environment" is of course propaganda. VISA, Mastercard, and large banks create 1,209,800% more carbon with their digital footprint and plastic cards.

Surely no more than 1,207,650% more!

First rule of making up numbers: make it a big number.

79.3% of statistics are made up on the spot.

jmlanzaf

@CoinJunkie said:

@jmlanzaf said:

@moursund said:

@CopperWire said:
The whole "bad for the environment" is of course propaganda. VISA, Mastercard, and large banks create 1,209,800% more carbon with their digital footprint and plastic cards.

Surely no more than 1,207,650% more!

First rule of making up numbers: make it a big number.

79.3% of statistics are made up on the spot.

Your number is too small to be believable.

Lazybones

You can keep all your cryptocrap. I prefer the old readies.

vulcanize

Interesting reads about Friedrich Hayek and how the crypto concept goes back to an interview given at the University of Freiburg in 1984

https://www.icaew.com/insights/viewpoints-on-the-news/2020/oct-2020/how-hayek-predicted-bitcoin-and-the-rise-of-crypto

https://csgs.kcl.ac.uk/friedrich-hayek-prophet-of-cryptocurrency/

jmlanzaf

@vulcanize said:
Interesting reads about Friedrich Hayek and how the crypto concept goes back to an interview given at the University of Freiburg in 1984

https://www.icaew.com/insights/viewpoints-on-the-news/2020/oct-2020/how-hayek-predicted-bitcoin-and-the-rise-of-crypto

https://csgs.kcl.ac.uk/friedrich-hayek-prophet-of-cryptocurrency/

Very interesting

Nysoto

Big sale going on with crypto. For the old guys who were skeptical when bitcoin was $63,000 last November, is it a good buy now at 19,000? Or will it fall a lot further?

CaptHenway

How's the Beanie Baby market doing these days?
Old Fart

PerryHall

@Nysoto said:
Big sale going on with crypto. For the old guys who were skeptical when bitcoin was $63,000 last November, is it a good buy now at 19,000? Or will it fall a lot further?

Is it ever a good idea to try catching a falling knife?

streeter

A big positive for me in the crypto promotionally sphere and the recent chaos ....

Is that the airwaves are not inundated any longer with all the Einstein Geniuses talking about how great crypto is and one is stupid for not jumping on the bandwagon.

I never saw the allure of investing in electrons.

TwoSides2aCoin

I meant carbon tip toe, not footprint ( in a previous post ).

291fifth

The great scam is now falling apart. Fortune didn't favor the brave.

Dave99B

Can't say I'm surprised by the recent fire sale.

Dave

Maywood

At 19k and still no bottom.

nwcoast

I don’t know where the bottom is but the “trying to catch a falling knife” analogy certainly applies.
If you really believe in the future of the stuff, it might be prudent to dollar cost average in rather than trying to find a bottom. It’s likely going to be a painful rocky path.

It’s a very difficult investment environment all around right now. We’re in uncharted waters. Frankly, with stocks now in a bear market AND rising interest rates (falling bond prices), I’d be happy holding more pretty rare coins! At least they’re a tangible asset. Eventually there will be value in the bond and stock markets, but I don’t think we’re quite there yet.
That said, I even own some crypto, but bought a modest amount at much lower prices and don’t watch it. It’s part of a bigger plan of very broad diversification of assets. I am not a crypto bull. I think some cryptocurrency will have some use and value but no idea which one will survive.
Overall , I believe MOST of issues in the cryptocurrency space are going to zero and baseless.
The crystal ball is hazy!

Signed.
Affectionately yours.
“Old fart” 😉

cameonut2011

So how is that cryptocurrency you paid mid five figures for working out for you?

-- Not so old fart (not AARP age yet)

lermish

What's the difference between a market that is down 80% and a market that is down 90%?

The market that is down 80% has another 50% to fall.

fathom

Look for more crypto downdraft price contagion info next week.

Rare coin collectors temper your smugness. Pretty convinced this econ slowdown will drop pricing on some categories as discretionary spending recedes.

BuffaloIronTail

I don't know who you are referring to.

I never even STARTED taking about Crypto.

Krypton, maybe.

Pete

nwcoast

@fathom said:
Look for more crypto downdraft price contagion info next week.

Rare coin collectors temper your smugness. Pretty convinced this econ slowdown will drop pricing on some categories as discretionary spending recedes.

I certainly agree with you there. It’s going to be challenging to find any asset class that will not be effected.
Just a matter of degrees.

Pnies20

I guess the people that bought it for Pennies are still doing pretty well 🤷🏼‍♂️

jmlanzaf

@PerryHall said:

@Nysoto said:
Big sale going on with crypto. For the old guys who were skeptical when bitcoin was $63,000 last November, is it a good buy now at 19,000? Or will it fall a lot further?

Is it ever a good idea to try catching a falling knife?

It's sometimes better than trying to jump on a rocket ship.

derryb

Those laughing hardest at the crash were the saddest a couple years back when the missed the massive profits.

It will go back up. . . be ready this time.

nwcoast

An interesting article putting the crypto correction in perspective.

From CNBC:
Why the $2 trillion crypto market crash won't kill the economy.

My attempts to link wouldn’t work. sorry. A simple focused search should yield the article though.

Runaway inflation. Surging interest rates to fight that inflation and the correction in stocks all combined with the flush out in crypto are a bit of a concern.

I hold that carefully purchased quality coins hold a modest place in an investment portfolio.
And, lesser so, maybe even a little crypto. About on the same par as penny stocks. Most of them go to zero too. Hopefully the few that survive will make up for them.

Old fart