Bitcoins/Litecoins/Virtual Currencies

Intrinsic

Intrinsic

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I like that question though… do they dump the investment in POW set ups or find something else to mine and what would that something be?
 
Haus

Haus

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Intrinsic said:
I like that question though… do they dump the investment in POW set ups or find something else to mine and what would that something be?
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There are a ton of things to mine other than ETH. The problem is profitability. You can mine a shitcoin all day long, but if you're getting the same payout in number of coins as you were for ETH you're not going to be profitable. I can look just for my scenario of having one nVidia GPU. I currently clock in around $4-$5 a day profit from mining. It's mining ETH in a pool. If I go look at the list of possible coins to mine after ETH (and for some reason ETH Classic) that drops to at best around $1 a day. There are a few coins in that tier, then it rapidly drops to less than a penny a day profit for coins under that.

Since the writing has somewhat been on the wall for a while I would hope that any large ETH mining operation worth it's salt would have been prepping for this by making sure all their rigs were paid off so they could have a reasonably graceful exit from the space at a minimum loss.
 
Intrinsic

Intrinsic

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Haus said:
There are a ton of things to mine other than ETH. The problem is profitability. You can mine a shitcoin all day long, but if you're getting the same payout in number of coins as you were for ETH you're not going to be profitable. I can look just for my scenario of having one nVidia GPU. I currently clock in around $4-$5 a day profit from mining. It's mining ETH in a pool. If I go look at the list of possible coins to mine after ETH (and for some reason ETH Classic) that drops to at best around $1 a day. There are a few coins in that tier, then it rapidly drops to less than a penny a day profit for coins under that.

Since the writing has somewhat been on the wall for a while I would hope that any large ETH mining operation worth it's salt would have been prepping for this by making sure all their rigs were paid off so they could have a reasonably graceful exit from the space at a minimum loss.
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Yeah, I liked the question but had no guarantees that the answer would be good or useable.

Guess I was more thinking from a coordinated effort from all those entities that have invested in the mining operations deciding which coin could conceivably be "pumped" next. That assumes a lot of behind the scenes collusion and coordination in a sense with outside parties to inflate the value of the next PoW coin so they're positioned to start the mining. Basically I'm looking for a conspiracy theory, okay! :confused:
 
Flobee

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To CEO of Coinbase. Context being Strike offers 0 fee bitcoin purchases.

 
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Tmac

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Flobee said:
To CEO of Coinbase. Context being Strike offers 0 fee bitcoin purchases.

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No shit?

I’m not being a dick, but is this news? I’ve always viewed Coinbase as an equities site for crypto.

I’ve been waiting for the next best thing to come along, but all the exchanges are basically this…BROKERAGES.

This dude also hasn’t said how lightening is any different. I dun git it. His gotcha isn’t a gotcha?
 
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Flobee

Flobee

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He isn't shilling lightning here. He is offering 0 fee bitcoin purchases with Strike. Lightning network is being used for 0 fee transfers on the same service but thats not the topic here. If his service can offer 0 fees and the others can't... the result is fairly obvious isn't it? This is a shot across the bow for other exchanges. Specifically Coinbase and Brian Armstrong as they've repeatedly in the past tried to takedown Bitcoin. Backed BCH during the fork wars, sell shitcoins, etc.

Also, he's talked plenty about lightning as have others. If you don't know about it that's not because he hasn't explained it
 
Big Phoenix

Big Phoenix

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My dad called me up(100% stereotypical boomer paradigm caricature) telling me how hes invested a little money into btc/eth via paypal. This guy has zero other investments btw, he lives 100% off his pension and ss.

Party is over soon boys.
 
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Tmac

Tmac

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Flobee said:
He isn't shilling lightning here. He is offering 0 fee bitcoin purchases with Strike. Lightning network is being used for 0 fee transfers on the same service but thats not the topic here. If his service can offer 0 fees and the others can't... the result is fairly obvious isn't it? This is a shot across the bow for other exchanges. Specifically Coinbase and Brian Armstrong as they've repeatedly in the past tried to takedown Bitcoin. Backed BCH during the fork wars, sell shitcoins, etc.

Also, he's talked plenty about lightning as have others. If you don't know about it that's not because he hasn't explained it
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Yeah, and if I raise $10,000,000 for my own company (real life example) I can offer free licensing to my customers too. And once I reach a certain level of market density I start charging. Then I make $10,000,000 in a single year.

He’s not talking about HOW doing it for $0 is possible, so my immediate assumption is that it’s a marketing ploy to get adoption before the fee kicks in.
 
Tmac

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Flobee said:
Also, he's talked plenty about lightning as have others. If you don't know about it that's not because he hasn't explained it
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?

He didn’t mention lightening in that clip. I brought up lightening. What?
 
Flobee

Flobee

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Tmac said:
He’s not talking about HOW doing it for $0 is possible, so my immediate assumption is that it’s a marketing ploy to get adoption before the fee kicks in.
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We don’t need to charge users 2%-3% to buy bitcoin. Our innovation as a company comes in our ability to disrupt payments using the Bitcoin and Lightning network. The cost to acquire open-source money on an open network will inevitably be driven to zero, anyways. Why wait? Did you really expect me to undercut Venmo by a few basis points? Did you think I was going to let Coinbase charge the world 2%+ so they can shove shitcoins down everyone’s throat?

No way. We just ripped the pin out of the grenade and tossed it into the crowd. Buying bitcoin will not cost more than it takes to acquire. Buying bitcoin will not subsidize shitcoin casinos. If you want to compete, I’d suggest getting to know the Lightning Network, Strike, and all we’re doing to empower economic freedom for all. Compete on the experience in a truly free market, the way it should be. You won’t survive over-charging users to buy bitcoin any longer.
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Tmac

Tmac

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Flobee said:
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You quoted the wrong part:

BAD2F536-9A12-48DA-85D5-ECDF84F947D6.jpeg


So, they’re just undercutting the exchanges to get marketshare. This is the nature of competition. He’s just being bombastic to for marketing purposes.

I’m currently working on a white paper in my own industry that is currently bombastic for the same reason. I will ultimately probably go the route of balance bc I do want to accurately express the problems and solutions without throwing certain institutions under the bus, but I completely understand why he’s chosen this route. It’s noteworthy. But, it’s not free and it won’t be driven to $0.
 
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T

Torrid

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Coinbase fees are ridiculous but there are reasons why they get away with it. They built a very easy to use platform with secure custody and figured out how to sell an asset that cannot be seized using digital payments. The obvious reason why it was always hard to buy crypto with credit cards and the like is because people would simply do chargebacks and there is no way to reverse crypto transactions. This is not a trivial problem.

Another reason why Coinbase does well is because people trust them with KYC more than smaller outfits. I refuse to submit KYC anywhere except to a handful of highly trusted businesses. (and even then I hate it) I have some BTC stuck on Bittrex because those fucking bastards shut off my ability to withdrawal without any notice and demanded KYC in the form of a passport and selfies. Fuck Bittrex. These shit outfits get hacked all the time, which is why KYC is disastrous to users all so big brother can know what you're doing. Land of the free.

I really hope Strike continues to do well. Coinbase has always been throwing shade at BTC. Weren't they big blockers?
 
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James

James

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$FLOKI on another massive run today, going to tell people I got rich by putting my ETH profits into FLOKI I suspect.

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