Bitcoins/Litecoins/Virtual Currencies

Ravishing said:

I don't see the point of using BTC as everyday currency. Do you buy common goods with gold?

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Using BTC as an everyday doesn't make any sense today its true. That may or may not be the case moving forward. As Gresham's law plays out, and it will play out, we'll see how things look. Eventually you may be spending BTC simply because nothing else will be accepted. We're a long way from that today in the US though, obviously.

Foler said:

Anyone here staking eth? Flobee ? I have a few buddies from grad school I did some crypto stuff with. One of them went on to pursue the crypto space more. He proposed the idea of doing a 3 way pool if me and other buddy are interested. Reading up on it now.

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No. I'm pretty firmly opposed to any coin, but ETH specifically for a number of reasons. Its a pre-mined, centralized, scam that grifts off of Bitcoin's genuine innovation. Its only silver lining is that some R&D has been done on it that has found use in Bitcoin. That being said I started out buying ETH before I even bought Bitcoin, and held a full stake worth at one point. I believe its still the case that ETH staking requires locking yourself into a contract which essentially keeps you from selling for a certain amount of time. I wouldn't sign a contract that required me to hold that garbage personally. Be careful playing the coin game.

That being said, I wouldn't be shocked if ETH goes higher over time.

Foler said:

Gotcha, thanks for the insight. Gonna assume you also view Solano as a shitcoin too?

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Until proven otherwise every 'crypto' that's not Bitcoin is a scam. Solana is particularly bad as it was, so far as I can tell, created entirely for insiders to dump on retail. It also crashes constantly and doesn't even pretend to be decentralized, which is at least more honest than most.

Foler said:

Gotcha. How much of a believer are you in the web3/dApp movement? Is that something you’ve looked into/researched when evaluating the potential of eth/solano?

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Web3? We're already on Web4!

Web3 is vaporware, a marketing ploy to take suckers money. There is real innovation but it, IMO, is going to come via micropayments over Lightning rails. Look at something like Zaps via NOSTR or streaming sats via a platform like Breez. Also some interesting stuff regarding paying for AI cycles with micropayments. Thats pure speculation on my part though, as a rule of thumb if someone is selling you a coin for their product, they're scamming you.

Regarding cost basis I just download the end of year transaction history from any platform I use and keep records locally. I don't do any of the "DeFi" stuff though, so if you're doing that I'm not the guy to ask advice from. Personally I wouldn't be making more than a couple sales in a year at most so its not hard for me to track.

So when are these Truebies going to pop?

Mist said:

Well yeah when you move to a shithole country that has currency worth less than toilet paper, I guess that bitcoin starts making sense.

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Didn't that based President come in and clean the place up in like a week or two?

Jive Turkey said:

Didn't that based President come in and clean the place up in like a week or two?

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Sure but I usually like to give civilizations a couple years at a minimum to see how things shake out

Foler said:

Anyone here staking eth? Flobee ? I have a few buddies from grad school I created a dapp with. One of them went on to pursue the crypto space more. He proposed the idea of doing a 3 way pool if me and other buddy are interested. Reading up on it now.

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I had Eth staked with Kraken. they stopped doing it.
I didn't have enough Eth to stake it myself. I did some preliminary looks into it, and also considered talking to a few friends and pooling to have enough to solo stake.

i have little i.t. skill. one of the guys I know I considered, outright does I.T. as a job.

Mist said:

"Crypto" in 2024:

View attachment 520424

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Memecoins can stay solvent longer than you can stay rational.

Ossoi said:

I think we've hit the peak of this BTC cycle and a downturn is on the way

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I stand by this

Rajaah said:

Right now I'm out and waiting for the Great Depression to hit rock bottom in 2023 so I can swoop in, then re-make bank after Heavy D becomes president around the same time as the next Bitcoin halving.

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Status update please

Ossoi said:

I stand by this

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I remember when you posted that. You realize BTC went up something like 20k in the weeks after you posted right?

Arden said:

I remember when you posted that. You realize BTC went up something like 20k in the weeks after you posted right?

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Hence why I said "I stand by this"?