OT: Bitcoin, Altcoins, NFT's & All Things Crypto

bob-loblaw

Senior
Jan 24, 2011
1,699
523
113
With crypto getting accepted more and more by the mainstream, I ( and @T2Kplus20) felt it was worth having a thread on all things crypto. I k now this thread is going to open up pandora's box of shitposts, but I really don't care. I'd like to see this used to help educate people on a growing technology and mindset.

I've only become a Bitcoin bull in the past year. The printing of 4 Trillion dollars was what put me over the edge in looking for an inflation hedge. After digging aggressively into gold I began to realize that BTC was what I was looking for. Only 21 million BTC will ever be in existence and its a deflationary asset that can be transported anywhere in minutes.

In the past year, I've witnessed companies and institutions get involved in BTC, eliminating any concern I had that it would one day "go to zero." The image below I ripped from the sub-Reddit on Bitcoin, showing institutional headlines towards BTC in the past, and their recent headlines.

The current market cap of BTC is over 1 Trillion. BTC is the fastest asset to ever reach that number. The market cap of Gold is roughly 10 Trillion.

The people who say that Bitcoin will never be a currency are pretty much right. It's not. It's become a digital store of value, just as gold is a store of value. You wouldnt walk into Chipotle and shave off some gold to pay for a burrito, just as you wouldnt pay for it in a fraction of BTC.

An important phrase to remember is: "Not your keys, not your coins." The mindset behind this that if you do not hold the keys to your coins (digital proof theyre yours), you will never really own crypto. Everything you do with the "crypto" you own will have to be based around a traditional or Fiat currency. By holding your keys, you're future-proofing your crypto holdings and leave you less dependent on Fiat currency to perform any transaction with your crypto.

Where to buy crypto:

I strongly recommend if you're interested in getting involved in crypto, you open an account with one of those sites. They're easy to signup for, insured and MOST IMPORTANTLY, give you the ability to withdraw your coins if you would like. Do NOT purchase crypto on Robinhood, Square or Paypal. They do NOT let you withdraw your coins. You can never take possession of your coins. All you can do is sell them back to that exchange, which you will get a capital gains tax on.
Also, crypto on Robinhood is not insured. If they have a liquidity crisis and go belly up (GME proved that this is not outside the realm of possibilities) you will lose your coins.

The sites above let you buy as much or as little % of a bitcoin as you would like. For example, my Gemini account does a weekly buy of $25 of BTC for me. It also alerts me if there is a massive price swing in BTC. People often think you have to buy a whole coin. This is false.

Other Ways to Buy:
You could also invest in Grayscale or Galaxy funds to get Bitcoin exposure. IMO, it's not worth the premium they charge. You also never own any actual coins.

Ethereum and other Altcoins:
While BTC, serves as a store of value coin, The Ethereum network serves as utility, running smart contracts on other apps on it's blockchain network. The token for that ETH is the second largest crypto, with a 200+ Billion market cap.

There's thousands of other coins out there. You can see how they rank here. https://coinmarketcap.com/

The ranking is not necessarily a good barometer of how good a coin it is. 4 out of 5 of the top 50 coins I wouldnt touch, but that's me.

I currently hold BTC, ETH, ELA, DCR, AAVE & FIL. I'd be happy to discuss why I own any of these.

Blockchain:
Blockchain is the underlying technology that allows the coins or tokens to run on them. For those who used to download things using BitTorrent, Blockchain is very similar. This video is an easy explanation of blockchain:
NFT's:
This video is probably the easiest way tolay out NFT's. Its Cramer asking Anthony Pompliano (one of my favorite people in the BTC space) about NFT's

Resources:

85lmdhcprup61.jpg
 

T2Kplus20

Heisman Winner
Gold Member
May 2, 2007
17,233
8,001
113
With crypto getting accepted more and more by the mainstream, I ( and @T2Kplus20) felt it was worth having a thread on all things crypto. I k now this thread is going to open up pandora's box of shitposts, but I really don't care. I'd like to see this used to help educate people on a growing technology and mindset.

I've only become a Bitcoin bull in the past year. The printing of 4 Trillion dollars was what put me over the edge in looking for an inflation hedge. After digging aggressively into gold I began to realize that BTC was what I was looking for. Only 21 million BTC will ever be in existence and its a deflationary asset that can be transported anywhere in minutes.

In the past year, I've witnessed companies and institutions get involved in BTC, eliminating any concern I had that it would one day "go to zero." The image below I ripped from the sub-Reddit on Bitcoin, showing institutional headlines towards BTC in the past, and their recent headlines.

The current market cap of BTC is over 1 Trillion. BTC is the fastest asset to ever reach that number. The market cap of Gold is roughly 10 Trillion.

The people who say that Bitcoin will never be a currency are pretty much right. It's not. It's become a digital store of value, just as gold is a store of value. You wouldnt walk into Chipotle and shave off some gold to pay for a burrito, just as you wouldnt pay for it in a fraction of BTC.

An important phrase to remember is: "Not your keys, not your coins." The mindset behind this that if you do not hold the keys to your coins (digital proof theyre yours), you will never really own crypto. Everything you do with the "crypto" you own will have to be based around a traditional or Fiat currency. By holding your keys, you're future-proofing your crypto holdings and leave you less dependent on Fiat currency to perform any transaction with your crypto.

Where to buy crypto:

I strongly recommend if you're interested in getting involved in crypto, you open an account with one of those sites. They're easy to signup for, insured and MOST IMPORTANTLY, give you the ability to withdraw your coins if you would like. Do NOT purchase crypto on Robinhood, Square or Paypal. They do NOT let you withdraw your coins. You can never take possession of your coins. All you can do is sell them back to that exchange, which you will get a capital gains tax on.
Also, crypto on Robinhood is not insured. If they have a liquidity crisis and go belly up (GME proved that this is not outside the realm of possibilities) you will lose your coins.

The sites above let you buy as much or as little % of a bitcoin as you would like. For example, my Gemini account does a weekly buy of $25 of BTC for me. It also alerts me if there is a massive price swing in BTC. People often think you have to buy a whole coin. This is false.

Other Ways to Buy:
You could also invest in Grayscale or Galaxy funds to get Bitcoin exposure. IMO, it's not worth the premium they charge. You also never own any actual coins.

Ethereum and other Altcoins:
While BTC, serves as a store of value coin, The Ethereum network serves as utility, running smart contracts on other apps on it's blockchain network. The token for that ETH is the second largest crypto, with a 200+ Billion market cap.

There's thousands of other coins out there. You can see how they rank here. https://coinmarketcap.com/

The ranking is not necessarily a good barometer of how good a coin it is. 4 out of 5 of the top 50 coins I wouldnt touch, but that's me.

I currently hold BTC, ETH, ELA, DCR, AAVE & FIL. I'd be happy to discuss why I own any of these.

Blockchain:
Blockchain is the underlying technology that allows the coins or tokens to run on them. For those who used to download things using BitTorrent, Blockchain is very similar. This video is an easy explanation of blockchain:

NFT's:
This video is probably the easiest way tolay out NFT's. Its Cramer asking Anthony Pompliano (one of my favorite people in the BTC space) about NFT's


Resources:

85lmdhcprup61.jpg
Damn, awesome post to start the thread! Well done. 👍

Here is some love for ETH, which just surged past the $2k level and hit an all-time high. While BTC is the top crypto dog and will remain so, ETH may perform better over the next few years.

To be clear, ETH and BTC are not in direct competition, see the video below.


 

coldsprings

Sophomore
Nov 29, 2011
315
237
43
An excellent summary. I would appreciate your thoughts on ELA which is new to me.

A few additions:

1. CoinBase Pro has much lower trading fees than Coinbase or Gemini.
2. Before you move assets off the exchange to a hard wallet, know exactly what you are doing. If you're not sure leave your money on the exchange protected by a YubiKey. Coinbase and Gemini have never been hacked as an exchange but individual accounts on their exchanges have been. A physical key prevents the latter.
3. When setting up your account, adhere exactly to the KYC rules. If you don't you will have trouble removing your crypto.
4. If you are getting in now, understand that since we are at least past the mid point of the current bull run, the risk is greater. That being said is is hard to imagine Bitcoin not being much higher 5 years from now, except if a future desparate government "bans" Bitcoin.
 

ScarletNut

All Conference
Jul 27, 2001
4,586
2,726
113
With crypto getting accepted more and more by the mainstream, I ( and @T2Kplus20) felt it was worth having a thread on all things crypto. I k now this thread is going to open up pandora's box of shitposts, but I really don't care. I'd like to see this used to help educate people on a growing technology and mindset.

I've only become a Bitcoin bull in the past year. The printing of 4 Trillion dollars was what put me over the edge in looking for an inflation hedge. After digging aggressively into gold I began to realize that BTC was what I was looking for. Only 21 million BTC will ever be in existence and its a deflationary asset that can be transported anywhere in minutes.

In the past year, I've witnessed companies and institutions get involved in BTC, eliminating any concern I had that it would one day "go to zero." The image below I ripped from the sub-Reddit on Bitcoin, showing institutional headlines towards BTC in the past, and their recent headlines.

The current market cap of BTC is over 1 Trillion. BTC is the fastest asset to ever reach that number. The market cap of Gold is roughly 10 Trillion.

The people who say that Bitcoin will never be a currency are pretty much right. It's not. It's become a digital store of value, just as gold is a store of value. You wouldnt walk into Chipotle and shave off some gold to pay for a burrito, just as you wouldnt pay for it in a fraction of BTC.

An important phrase to remember is: "Not your keys, not your coins." The mindset behind this that if you do not hold the keys to your coins (digital proof theyre yours), you will never really own crypto. Everything you do with the "crypto" you own will have to be based around a traditional or Fiat currency. By holding your keys, you're future-proofing your crypto holdings and leave you less dependent on Fiat currency to perform any transaction with your crypto.

Where to buy crypto:

I strongly recommend if you're interested in getting involved in crypto, you open an account with one of those sites. They're easy to signup for, insured and MOST IMPORTANTLY, give you the ability to withdraw your coins if you would like. Do NOT purchase crypto on Robinhood, Square or Paypal. They do NOT let you withdraw your coins. You can never take possession of your coins. All you can do is sell them back to that exchange, which you will get a capital gains tax on.
Also, crypto on Robinhood is not insured. If they have a liquidity crisis and go belly up (GME proved that this is not outside the realm of possibilities) you will lose your coins.

The sites above let you buy as much or as little % of a bitcoin as you would like. For example, my Gemini account does a weekly buy of $25 of BTC for me. It also alerts me if there is a massive price swing in BTC. People often think you have to buy a whole coin. This is false.

Other Ways to Buy:
You could also invest in Grayscale or Galaxy funds to get Bitcoin exposure. IMO, it's not worth the premium they charge. You also never own any actual coins.

Ethereum and other Altcoins:
While BTC, serves as a store of value coin, The Ethereum network serves as utility, running smart contracts on other apps on it's blockchain network. The token for that ETH is the second largest crypto, with a 200+ Billion market cap.

There's thousands of other coins out there. You can see how they rank here. https://coinmarketcap.com/

The ranking is not necessarily a good barometer of how good a coin it is. 4 out of 5 of the top 50 coins I wouldnt touch, but that's me.

I currently hold BTC, ETH, ELA, DCR, AAVE & FIL. I'd be happy to discuss why I own any of these.

Blockchain:
Blockchain is the underlying technology that allows the coins or tokens to run on them. For those who used to download things using BitTorrent, Blockchain is very similar. This video is an easy explanation of blockchain:

NFT's:
This video is probably the easiest way tolay out NFT's. Its Cramer asking Anthony Pompliano (one of my favorite people in the BTC space) about NFT's


Resources:

85lmdhcprup61.jpg
Nice opening post. Like you, I've been into crypto for about a year, only bitcoin and ethereum. One correction in your evaluation of GBTC is that it is currently at a significant discount to NAV which more than makes up for the inherent fee/cost of purchase. I'd venture to say at this discount its cheaper than buying the actual coin on any of the apps mentioned. I own ethereum through PayPal which I find is just as easy as Coinbase with not much difference in transaction fees (you can buy bitcoin, ETH, bitcoin cash and litecoin only). PayPal has now also allowed use of bitcoin as a currency to those vendors accepting it around the world. So it is increasing in it use as currency albeit slowly and IMO will not be its true value, at least in this country. I'd venture to say it will be the de facto currency in many high inflation, unstable countries.
 
  • Like
Reactions: bob-loblaw

T2Kplus20

Heisman Winner
Gold Member
May 2, 2007
17,233
8,001
113
Nice opening post. Like you, I've been into crypto for about a year, only bitcoin and ethereum. One correction in your evaluation of GBTC is that it is currently at a significant discount to NAV which more than makes up for the inherent fee/cost of purchase. I'd venture to say at this discount its cheaper than buying the actual coin on any of the apps mentioned. I own ethereum through PayPal which I find is just as easy as Coinbase with not much difference in transaction fees (you can buy bitcoin, ETH, bitcoin cash and litecoin only). PayPal has now also allowed use of bitcoin as a currency to those vendors accepting it around the world. So it is increasing in it use as currency albeit slowly and IMO will not be its true value, at least in this country. I'd venture to say it will be the de facto currency in many high inflation, unstable countries.
How has PayPal been with buying cryptos? I was think about diversifying and grabbing some ETH via PYPL (i.e., other source besides Grayscale). I also like the idea of having 24/7 access to buying.
 

ScarletNut

All Conference
Jul 27, 2001
4,586
2,726
113
One more note. The fear of inflation and the devaluation of the dollar due to govt spending is a major factor in bitcoin's ascension. In the past, it would be gold rising which isn't happening. Some talking heads feel that part of bitcoin's rise is that holders of gold are transitioning to bitcoin. If true, and it taps into a significant portion of the 10 trillion dollars worth of gold, bitcoin's ceiling will be substantially higher.
 

bob-loblaw

Senior
Jan 24, 2011
1,699
523
113
An excellent summary. I would appreciate your thoughts on ELA which is new to me.

A few additions:

1. CoinBase Pro has much lower trading fees than Coinbase or Gemini.
2. Before you move assets off the exchange to a hard wallet, know exactly what you are doing. If you're not sure leave your money on the exchange protected by a YubiKey. Coinbase and Gemini have never been hacked as an exchange but individual accounts on their exchanges have been. A physical key prevents the latter.
3. When setting up your account, adhere exactly to the KYC rules. If you don't you will have trouble removing your crypto.
4. If you are getting in now, understand that since we are at least past the mid point of the current bull run, the risk is greater. That being said is is hard to imagine Bitcoin not being much higher 5 years from now, except if a future desparate government "bans" Bitcoin.

Yeah, I purposely didnt even mention moving assets to a wallet. I just want people to know that they should use a service that allows that ability in the future.

Elastos - COULD be huge. I always tell people to watch this video when I introduce Elastos to them.

That video was released 2.5 years ago. Think of Elastos as an operating system that decentralizes data through blockchain technology. Picture a web where Google, Amazon et al dont havea treasure trove of data on you; that's Elastos! It was built by Rong Chen, a Microsoft veteran and one of the integral people in the launch of the internet.

This project was announced in late 17/ early 18. They had an ICO that pushed the price of each ELA coin to an ATH of around $90. In the two years that followed, development commenced, hype stopped, marketing was non-existent. The coin crashed to $1.50. I scooped up a ton at that price point. In the last few months, the operating system was launched (its buggy but operational), they were announced as a member of the world economic forum and development of decentralized (d'apps) has commenced. On their platform is a WhatsApp like messenger, a feeds social app and there should be a LinkedIn type app launching soon.

With privacy sloooowly becoming a buzzword and with everything going on in the current social environment with censorship, there is a real possibility this project could get legs. It has a a 28mill max circulation with a minute market cap, so it could quickly pop. I've witnessed it go from 1.50 - 9.25 a few weeks ago. It's been hovering between $6 - $7 since.

So my COULD be huge comment is that I just dont know. To me, this is the best lottery ticket in the crypto space right now. It's a coin that has scarcity, it's secure (merge mined with BTC), and actually has something to show off. So many coins I see are all based on an idea and have nothing to show for it. Hopefully that explains things
 

ScarletNut

All Conference
Jul 27, 2001
4,586
2,726
113
How has PayPal been with buying cryptos? I was think about diversifying and grabbing some ETH via PYPL (i.e., other source besides Grayscale). I also like the idea of having 24/7 access to buying.
Its a piece of cake. I already had a credit card and bank linked to my PayPal account. Now when you log on, there is a "crypto" icon, you click on it and 4 choices (mentioned earlier) pop up. Click on your coin choice and type in the amount to invest and bingo, you now have that coin in your account. Even less clicks to sell them.
 
  • Like
Reactions: T2Kplus20

bob-loblaw

Senior
Jan 24, 2011
1,699
523
113
One more note. The fear of inflation and the devaluation of the dollar due to govt spending is a major factor in bitcoin's ascension. In the past, it would be gold rising which isn't happening. Some talking heads feel that part of bitcoin's rise is that holders of gold are transitioning to bitcoin. If true, and it taps into a significant portion of the 10 trillion dollars worth of gold, bitcoin's ceiling will be substantially higher.

It's already happened. It's 1/10 the market cap of gold. It will surpass gold in the coming years.
 

bob-loblaw

Senior
Jan 24, 2011
1,699
523
113
How has PayPal been with buying cryptos? I was think about diversifying and grabbing some ETH via PYPL (i.e., other source besides Grayscale). I also like the idea of having 24/7 access to buying.

(sad face) It is soooo easy to open an account on the exchanges I listed and so easy to buy crypto. Buying on Square will never enable you to take possession of your assets. This might not be important to you now, but it will be in the future.
 

ScarletNut

All Conference
Jul 27, 2001
4,586
2,726
113
(sad face) It is soooo easy to open an account on the exchanges I listed and so easy to buy crypto. Buying on Square will never enable you to take possession of your assets. This might not be important to you now, but it will be in the future.
I'm certainly not disagreeing with you. My timeline is different than yours, which is really the only reason I didn't buy it on another exchange. As for capital gains taxes, you could be hit with significant penalties if you don't declare any realized gains. For the first time doing my taxes, my accountant's checklist included a question about any crypto purchases. The IRS can check on you if they so desire. Blockchain may be hack proof but it is transparent and to me, not worth not reporting gains/losses if they can be discovered.
 

ScarletNut

All Conference
Jul 27, 2001
4,586
2,726
113
Yeah, I purposely didnt even mention moving assets to a wallet. I just want people to know that they should use a service that allows that ability in the future.

Elastos - COULD be huge. I always tell people to watch this video when I introduce Elastos to them.


That video was released 2.5 years ago. Think of Elastos as an operating system that decentralizes data through blockchain technology. Picture a web where Google, Amazon et al dont havea treasure trove of data on you; that's Elastos! It was built by Rong Chen, a Microsoft veteran and one of the integral people in the launch of the internet.

This project was announced in late 17/ early 18. They had an ICO that pushed the price of each ELA coin to an ATH of around $90. In the two years that followed, development commenced, hype stopped, marketing was non-existent. The coin crashed to $1.50. I scooped up a ton at that price point. In the last few months, the operating system was launched (its buggy but operational), they were announced as a member of the world economic forum and development of decentralized (d'apps) has commenced. On their platform is a WhatsApp like messenger, a feeds social app and there should be a LinkedIn type app launching soon.

With privacy sloooowly becoming a buzzword and with everything going on in the current social environment with censorship, there is a real possibility this project could get legs. It has a a 28mill max circulation with a minute market cap, so it could quickly pop. I've witnessed it go from 1.50 - 9.25 a few weeks ago. It's been hovering between $6 - $7 since.

So my COULD be huge comment is that I just dont know. To me, this is the best lottery ticket in the crypto space right now. It's a coin that has scarcity, it's secure (merge mined with BTC), and actually has something to show off. So many coins I see are all based on an idea and have nothing to show for it. Hopefully that explains things
@bob-loblaw , What exchange do you own ELAS on?
 

coldsprings

Sophomore
Nov 29, 2011
315
237
43
[/QUOTE] With privacy sloooowly becoming a buzzword and with everything going on in the current social environment with censorship, there is a real possibility this project could get legs. It has a a 28mill max circulation with a minute market cap, so it could quickly pop. I've witnessed it go from 1.50 - 9.25 a few weeks ago. It's been hovering between $6 - $7 since.

So my COULD be huge comment is that I just dont know. To me, this is the best lottery ticket in the crypto space right now. It's a coin that has scarcity, it's secure (merge mined with BTC), and actually has something to show off. So many coins I see are all based on an idea and have nothing to show for it. Hopefully that explains things
[/QUOTE]

Thank you! Great summary. Do you know about the Tim Berners- Lee project Solid and how ELA fits in or competes with it?
 

T2Kplus20

Heisman Winner
Gold Member
May 2, 2007
17,233
8,001
113
I'm certainly not disagreeing with you. My timeline is different than yours, which is really the only reason I didn't buy it on another exchange. As for capital gains taxes, you could be hit with significant penalties if you don't declare any realized gains. For the first time doing my taxes, my accountant's checklist included a question about any crypto purchases. The IRS can check on you if they so desire. Blockchain may be hack proof but it is transparent and to me, not worth not reporting gains/losses if they can be discovered.
Coinbase and other exchanges are now mandated to issue 1099s every year.
 
  • Like
Reactions: rurichdog

bob-loblaw

Senior
Jan 24, 2011
1,699
523
113
I'm certainly not disagreeing with you. My timeline is different than yours, which is really the only reason I didn't buy it on another exchange. As for capital gains taxes, you could be hit with significant penalties if you don't declare any realized gains. For the first time doing my taxes, my accountant's checklist included a question about any crypto purchases. The IRS can check on you if they so desire. Blockchain may be hack proof but it is transparent and to me, not worth not reporting gains/losses if they can be discovered.

They can def check on you. Which is not what Im worried about. I have zero intention of selling BTC. Quite possibly ever. Why would I sell an asset when I could just as easily go on BlockFi and take a loan on it and not have to pay capital gains on that.
You'll see a lot more banks offering crypto backed loans in the coming years.
 

coldsprings

Sophomore
Nov 29, 2011
315
237
43
I'm certainly not disagreeing with you. My timeline is different than yours, which is really the only reason I didn't buy it on another exchange. As for capital gains taxes, you could be hit with significant penalties if you don't declare any realized gains. For the first time doing my taxes, my accountant's checklist included a question about any crypto purchases. The IRS can check on you if they so desire. Blockchain may be hack proof but it is transparent and to me, not worth not reporting gains/losses if they can be discovered.
US based exchanges such as CoinBase report trades to the IRS. You're right, tax avoidance is stupid. The IRS will be making examples of some people.

PayPay not only charges about 10x the commission CoinBase Pro charges but they also take your more of your money on the spread between the market price and the price you buy/sell at.

And not to be paranoid but no one is auditing PayPal's holding to my knowledge. Your account is fully merged with everyone's accounts.
 

bob-loblaw

Senior
Jan 24, 2011
1,699
523
113
@bob-loblaw , What exchange do you own ELAS on?

You can only get Elastos domestically on Kucoin. They're based out of Seychelles and have zero domestic liability here, meaning the possibility always remains that they could ban US based accounts and you'd be SOL. I use that site to buy ELA, Decred and other random alts I cannot find elsewhere and I have a hunch will move.

I promptly pull DCR & ELA off their exchange onto a wallet. The other coins I flip into eith more of those coins or BTC.

Thank you! Great summary. Do you know about the Tim Berners- Lee project Solid and how ELA fits in or competes with it?

I heard of it when it was announced, but truthfully have forgotten about it until now. Both projects aim to solve some of the concerns I have w the modern web and data. They're both in direct competition. Honestly, the biggest competitor to Elastos is Microsoft who is attempting to play nice and create decentralized ID's
 
  • Like
Reactions: coldsprings

RutgersMO

Hall of Famer
Gold Member
Jun 24, 2001
27,522
5,790
113
Rutgers & NJ @ Heart
@bob-loblaw

1. How do we know that the protocols that limit Bitcoins or any of the other crypto's won't be changed by those who have the most to gain / or most to lose?

2, Relying on Nodes to verify the authenticity of a transaction is fine in theory. But IMO in practice block chain is as strong as its weakest link: i.e. greed, drug cartels and the dark net may be heavily invested in this venture.

3. What is to stop groups of nodes from communicating or forming bad actor nodes ...who then verify or deny transactions based on their self interest?

4. If Crypto is right for you ok...but it reminds me of MLM's (Multi level marketing): with those at the top making the cream and those at that bottom getting creamed.

MO

What Happens to Bitcoin After All 21 Million Are Mined? (investopedia.com)
 

bob-loblaw

Senior
Jan 24, 2011
1,699
523
113
@bob-loblaw

1. How do we know that the protocols that limit Bitcoins or any of the other crypto's won't be changed by those who have the most to gain / or most to lose?

2, Relying on Nodes to verify the authenticity of a transaction is fine in theory. But IMO in practice block chain is as strong as its weakest link: i.e. greed, drug cartels and the dark net may be heavily invested in this venture.

3. What is to stop groups of nodes from communicating or forming bad actor nodes ...who then verify or deny transactions based on their self interest?

4. If Crypto is right for you ok...but it reminds me of MLM's (Multi level marketing): with those at the top making the cream and those at that bottom getting creamed.

MO

What Happens to Bitcoin After All 21 Million Are Mined? (investopedia.com)

Hey there, happy to answer. On the surface, I see what is known as FUD (fear, uncertainty, doubt) that gets often gets thrown around towards Bitcoin and Crypto in general.

1. How do we know that the protocols that limit Bitcoins or any of the other crypto's won't be changed by those who have the most to gain / or most to lose?

21 Million is coded in and cannot be changed. One of the weaknesses of Bitcoin IMO is that the key decisions of the network are done by a small minority of miners and developers. Any time something radical has been proposed, a hard fork has happened resulting in some shitcoin iteration of BTC; Bitcoin Cash, Bitcoin Gold, Bitcoin SV, etv. The changes made have been to improve speed and reduce costs. Segwit was a bang change for this.

Of all your points, this is the one I most tend to concern myself with. Not the 21 mill coins. More about the fact that there really isnt a true governance or a DAO (decentralized autonomous organization) with Bitcoin. This has led me down the path of looking at coins that have a true DAO. The largest DAO belings to Decred, my 3rd largest crypto holding. That coins proof of work / proof of stake is flawless and in a roundabout way serves as my hedge against potential bad actors on the governance side of BTC. (I put the odds of something catastrophic occurring to BTC by internal actors as less than 1%)

2, Relying on Nodes to verify the authenticity of a transaction is fine in theory. But IMO in practice block chain is as strong as its weakest link: i.e. greed, drug cartels and the dark net may be heavily invested in this venture.

3. What is to stop groups of nodes from communicating or forming bad actor nodes ...who then verify or deny transactions based on their self interest?


Going to lump these two together. About the same that stops bad actors on traditional fiat currencies. Except here there is a digital ledger of all transactions made.

4. If Crypto is right for you ok...but it reminds me of MLM's (Multi level marketing): with those at the top making the cream and those at that bottom getting creamed.

FUD at it's finest here. This is definitely one I've never heard before. If I had not been a stooge and actually used the BTC mining program I had back when BTC was released, I would be singing a different song. The people at the top are a lot of average people who were shrewd enough to get onboard with a digital currency and not mock it.

Also, with that, a good chunk of BTC is lost forever due to people hardware failure or human error from those using the coin early on.

If this was a grand MLM scheme, I'd be wanting you to join my team on Gemini or Coinbase and throwing out referrals. Sidebar, teams dont exist. Referrals do, but I have zero desire to be self serving with this thread and any crypto talk on here.

The below is something I put into a post on the stock thread and I think it should be repeated here.

The use cases of blockchain technology re going to grow exponentially in the next few years. You're already seeing it with NFT's. (short term bubble, but long term play as theyre not going anywhere)

I equate crypto, BTC and blockchain to the time period of 2006 - 2010. In 06, mobile was dominated by Blackberry. Enter the iPhone during the summer of '07. The tech and idea of the iPhone upended technology and mobile devices.

Without the invention of the iphone, massive companies like Uber, Lyft, Tiktok, Twitter, Insta, TInder, etc would not exist. Around 50+ billion of mobile app revenue was brought in during Q4. That's revenue that probably not be existing if it wasnt for such a massively adopted / groundbreaking new technology.

The mobile tech boom got really aggressive around 3 or 4 years after the launch of the iphone. That is where we are right at this exact moment with crypto and blockchain. The last 3 years have been spent proving viability and gaining institutional support. Now here we are.

Remember that first time a friend told you about Uber and you had a wtf moment? Yeah, thats what's happening in the crypto space. Buckle up, the next few years are going to be fun.
 
  • Like
Reactions: redking

T2Kplus20

Heisman Winner
Gold Member
May 2, 2007
17,233
8,001
113
Hey there, happy to answer. On the surface, I see what is known as FUD (fear, uncertainty, doubt) that gets often gets thrown around towards Bitcoin and Crypto in general.

1. How do we know that the protocols that limit Bitcoins or any of the other crypto's won't be changed by those who have the most to gain / or most to lose?

21 Million is coded in and cannot be changed. One of the weaknesses of Bitcoin IMO is that the key decisions of the network are done by a small minority of miners and developers. Any time something radical has been proposed, a hard fork has happened resulting in some shitcoin iteration of BTC; Bitcoin Cash, Bitcoin Gold, Bitcoin SV, etv. The changes made have been to improve speed and reduce costs. Segwit was a bang change for this.

Of all your points, this is the one I most tend to concern myself with. Not the 21 mill coins. More about the fact that there really isnt a true governance or a DAO (decentralized autonomous organization) with Bitcoin. This has led me down the path of looking at coins that have a true DAO. The largest DAO belings to Decred, my 3rd largest crypto holding. That coins proof of work / proof of stake is flawless and in a roundabout way serves as my hedge against potential bad actors on the governance side of BTC. (I put the odds of something catastrophic occurring to BTC by internal actors as less than 1%)

2, Relying on Nodes to verify the authenticity of a transaction is fine in theory. But IMO in practice block chain is as strong as its weakest link: i.e. greed, drug cartels and the dark net may be heavily invested in this venture.

3. What is to stop groups of nodes from communicating or forming bad actor nodes ...who then verify or deny transactions based on their self interest?


Going to lump these two together. About the same that stops bad actors on traditional fiat currencies. Except here there is a digital ledger of all transactions made.

4. If Crypto is right for you ok...but it reminds me of MLM's (Multi level marketing): with those at the top making the cream and those at that bottom getting creamed.

FUD at it's finest here. This is definitely one I've never heard before. If I had not been a stooge and actually used the BTC mining program I had back when BTC was released, I would be singing a different song. The people at the top are a lot of average people who were shrewd enough to get onboard with a digital currency and not mock it.

Also, with that, a good chunk of BTC is lost forever due to people hardware failure or human error from those using the coin early on.

If this was a grand MLM scheme, I'd be wanting you to join my team on Gemini or Coinbase and throwing out referrals. Sidebar, teams dont exist. Referrals do, but I have zero desire to be self serving with this thread and any crypto talk on here.

The below is something I put into a post on the stock thread and I think it should be repeated here.

The use cases of blockchain technology re going to grow exponentially in the next few years. You're already seeing it with NFT's. (short term bubble, but long term play as theyre not going anywhere)

I equate crypto, BTC and blockchain to the time period of 2006 - 2010. In 06, mobile was dominated by Blackberry. Enter the iPhone during the summer of '07. The tech and idea of the iPhone upended technology and mobile devices.

Without the invention of the iphone, massive companies like Uber, Lyft, Tiktok, Twitter, Insta, TInder, etc would not exist. Around 50+ billion of mobile app revenue was brought in during Q4. That's revenue that probably not be existing if it wasnt for such a massively adopted / groundbreaking new technology.

The mobile tech boom got really aggressive around 3 or 4 years after the launch of the iphone. That is where we are right at this exact moment with crypto and blockchain. The last 3 years have been spent proving viability and gaining institutional support. Now here we are.

Remember that first time a friend told you about Uber and you had a wtf moment? Yeah, thats what's happening in the crypto space. Buckle up, the next few years are going to be fun.
What are your thoughts on Litecoin?

Totally agree with you on #1. The strength of BTC is what you see is what you get. It's not going to change, for good or bad. For a vehicle of stored value, this is perfectly fine.

However, the fact that ETH can be changed and improved is its strength. Once again, it serves a different purpose and has different needs.
 

bob-loblaw

Senior
Jan 24, 2011
1,699
523
113
What are your thoughts on Litecoin?

Totally agree with you on #1. The strength of BTC is what you see is what you get. It's not going to change, for good or bad. For a vehicle of stored value, this is perfectly fine.

However, the fact that ETH can be changed and improved is its strength. Once again, it serves a different purpose and has different needs.

Litecoin was once the silver to BTC's gold. I think that's no longer the case. In all honesty, the only real use LTC is seeing these days is securing the chain by merge mining for Dogecoin, preventing a 51% attack. Hate to say it, but I view it as a shitcoin these days.

Picking altcoin winners is really hard to do. As evidenced by Elon's twitter shilling of Doge, there's nothing preventing anyone from shilling a coin or token. There's legit no concern of punishment from the SEC.

It's really really hard to cut through the noise to find a winner of an alt coin. You're filtering through bots, rejects, 17 y/o's, you name it. I'm usally too conservative on altcoins for these reasons. I've missed out on by big gains by only dipping a toe in the water instead of dipping my whole foot. Filecoin & Amp are two that come to mind. I could have made a nice return and flipped into BTC. My 4 digit return should have easily been a 5 digit return.
 

RutgersMO

Hall of Famer
Gold Member
Jun 24, 2001
27,522
5,790
113
Rutgers & NJ @ Heart
Litecoin was once the silver to BTC's gold. I think that's no longer the case. In all honesty, the only real use LTC is seeing these days is securing the chain by merge mining for Dogecoin, preventing a 51% attack. Hate to say it, but I view it as a shitcoin these days.

Picking altcoin winners is really hard to do. As evidenced by Elon's twitter shilling of Doge, there's nothing preventing anyone from shilling a coin or token. There's legit no concern of punishment from the SEC.

It's really really hard to cut through the noise to find a winner of an alt coin. You're filtering through bots, rejects, 17 y/o's, you name it. I'm usally too conservative on altcoins for these reasons. I've missed out on by big gains by only dipping a toe in the water instead of dipping my whole foot. Filecoin & Amp are two that come to mind. I could have made a nice return and flipped into BTC. My 4 digit return should have easily been a 5 digit return.


Bob

Thanks for starting this thread.

Hate to admit it but I actually wondered where Bitcoins were being mined and what metal was used in the minting.🤡 I've progressed after sifting thru some of your links..!

Regardless, the FUD factor you brought up is real (for me). What's to stop some other coin e.g. OntheBanksCoin (RU reference of course) from coming onto the scene, setting an arbitrarily lower scarcity maximum ...and having an impact on the existing crypto's? And who knows what protocols or group (non governing group) that makes rules ....to be broken.

In fact what's to stop the release of call it Bitcoin 2, Bitcoin 3 , Bitcoin X...this is one of the problems I have with the whole process of cryptos. It's not regulated and so while the printing of money by the treasury is troubling, in fact it appears to me that there are almost an infinite # of Crypto currencies available for investment.

There seems to be no limit as to the number of alternative currencies, their par or max amount (scarcity issue) and so it too seems to be printing digital currencies instead of paper ....which can be quite risky.

Reminds my fiancée of the Dutch Tulip mania:
The Dutch tulip bulb market bubble, also known as 'tulipmania' was one of the most famous market bubbles and crashes of all time. It occurred in Holland during the early to mid 1600s when speculation drove the value of tulip bulbs to extremes.

Thanks

MO
 
Last edited:

bob-loblaw

Senior
Jan 24, 2011
1,699
523
113
Bob

Thanks for starting this thread.

Hate to admit it but I actually wondered where Bitcoins were being mined and what metal was used in there minting.🤡

Regardless, the FUD factor you brought up is real (for me). What's to stop some other coin e.g. OntheBanksCoin (RU reference of course) from coming onto the scene, setting an arbitrarily lower scarcity maximum ...and having an impact on the existing crypto's? And who knows what protocols or group (non governing group) that makes rules ....to be broken.

Thanks

MO

That's funny!

I've actually comment on coin creation on the other thread, but I'll add it here too. There is nothing to stop you from creating a coin. In fact, I can go on GitHub, download the Bitcoin source code and put it out there as the Bob Loblaw Law Blog Bitcoin. BUT, i would need to convince people to mine for the Bob Loblaw Law Blog Bitcoin and serve as a proof of work for said coin, verifying transactions. There's nothing stopping anyone from creating anything, which is both very good and very bad.

Good in that technology can evolve and not have deal with or evolve around bureaucracy. Bad in that there's scams to be had everywhere. Essentially, the good majority of Alt Coins in existence today are most likely going to crash to or near zero. The amount of coins out there do nothing to change the scarcity of Bitcoin.

Wait until you see the JPMorgan coin (it's coming) or when central bank digital currency's (CBDC) start rolling out. Without a doubt, there will be a globally accepted digital currency in the next decade.

Dont let FUD cloud your vision. www.hope.com is a great tool for people to learn more about BTC and crypto.
 
  • Like
Reactions: rurichdog

Scarlet Haze

Junior
Gold Member
Aug 31, 2016
607
824
93
A bit of advice if you are thinking of buying crypto:

There are a lot of firms that will sell Bitcoin (BTC) with no commission but the price you pay may have a huge markup involved.
As an example from the other day, BTC was trading roughly at $58,500 on regulated exchanges but the site I went to out of curiosity "made it simple". Type in your dollar amount and they will tell you the BTC you get. Then you click BUY and poof you own that amount of BTC. Well I typed in $58,500 to see how close to one BTC someone would get. They were going to give me 0.95 of a bitcoin if I hit confirm. That is a 5 % commission!!!! Then presumably another 5% commission when you sell. That means you will pay at least 10% before you can even make anything. This firm depends on making huge profits on less crypto educated people

So if you do wish to buy/sell crypto you should trade only at reputable sites like the OP mentioned.
  1. look on their website for their live view of prices on their exchange. See how wide the prices are.
  2. check the commission rate
  3. Know that both are a cost
  4. You need to total both costs. If one had a lower commission but a wider spread (difference between where they buy and where they sell) it might be more expensive
  5. Commissions are usually in basis points. One basis point is equivalent to .01%. Typical retail commissions are 25 to 50 basis points or more. So if you buy 1 Bitcoin and your commission rate is 50 basis points then you are paying $58,000 X 0.0050 or $290
  6. Spreads are more difficult to conceptualize. Knowing that my commission is $290 what might the spread cost me?
  7. Calculate the difference between the buy sell rates on each site.

  8. Cut that number in half. If for example that final number is 120 than you now have another roughly $120 commission
  9. If you use the examples aboove your all in cost is $290 + $120 = $410
  10. Anyway in reality the $120 number is a little less as some spread is expected (say it's really $112)
Anyway I can tell you that if you buy crypto as a beginner be prepared for a wild ride in either direction. My guess is higher but know you can get wiped out as well. Also, no matter how much money you make, if it is still at a non reputable dealer or an incompetent one then "poof" it's all gone. Security is really important!
 

RutgersMO

Hall of Famer
Gold Member
Jun 24, 2001
27,522
5,790
113
Rutgers & NJ @ Heart
That's funny!

I've actually comment on coin creation on the other thread, but I'll add it here too. There is nothing to stop you from creating a coin. In fact, I can go on GitHub, download the Bitcoin source code and put it out there as the Bob Loblaw Law Blog Bitcoin. BUT, i would need to convince people to mine for the Bob Loblaw Law Blog Bitcoin and serve as a proof of work for said coin, verifying transactions. There's nothing stopping anyone from creating anything, which is both very good and very bad.

Good in that technology can evolve and not have deal with or evolve around bureaucracy. Bad in that there's scams to be had everywhere. Essentially, the good majority of Alt Coins in existence today are most likely going to crash to or near zero. The amount of coins out there do nothing to change the scarcity of Bitcoin.

Wait until you see the JPMorgan coin (it's coming) or when central bank digital currency's (CBDC) start rolling out. Without a doubt, there will be a globally accepted digital currency in the next decade.

Dont let FUD cloud your vision. www.hope.com is a great tool for people to learn more about BTC and crypto.


It's not meant to be funny...because until earlier today I hadn't given it a though.

Somewhere the information "explain it like I'm a 5 year old" (Denzell's line in Philadelphia) rings true.

I keep thinking Madoff. MADOFF...he would have loved to sell this or anything else to his base who trusted him.

There must be a generational or age factor in this movement as well. I'm heading into my 75th birthday in late August 2021...and my tolerance for schemes that are fool proof are often ruined by fools like me!

MO
 

T2Kplus20

Heisman Winner
Gold Member
May 2, 2007
17,233
8,001
113
A bit of advice if you are thinking of buying crypto:

There are a lot of firms that will sell Bitcoin (BTC) with no commission but the price you pay may have a huge markup involved.
As an example from the other day, BTC was trading roughly at $58,500 on regulated exchanges but the site I went to out of curiosity "made it simple". Type in your dollar amount and they will tell you the BTC you get. Then you click BUY and poof you own that amount of BTC. Well I typed in $58,500 to see how close to one BTC someone would get. They were going to give me 0.95 of a bitcoin if I hit confirm. That is a 5 % commission!!!! Then presumably another 5% commission when you sell. That means you will pay at least 10% before you can even make anything. This firm depends on making huge profits on less crypto educated people

So if you do wish to buy/sell crypto you should trade only at reputable sites like the OP mentioned.
  1. look on their website for their live view of prices on their exchange. See how wide the prices are.
  2. check the commission rate
  3. Know that both are a cost
  4. You need to total both costs. If one had a lower commission but a wider spread (difference between where they buy and where they sell) it might be more expensive
  5. Commissions are usually in basis points. One basis point is equivalent to .01%. Typical retail commissions are 25 to 50 basis points or more. So if you buy 1 Bitcoin and your commission rate is 50 basis points then you are paying $58,000 X 0.0050 or $290
  6. Spreads are more difficult to conceptualize. Knowing that my commission is $290 what might the spread cost me?
  7. Calculate the difference between the buy sell rates on each site.

  8. Cut that number in half. If for example that final number is 120 than you now have another roughly $120 commission
  9. If you use the examples aboove your all in cost is $290 + $120 = $410
  10. Anyway in reality the $120 number is a little less as some spread is expected (say it's really $112)
Anyway I can tell you that if you buy crypto as a beginner be prepared for a wild ride in either direction. My guess is higher but know you can get wiped out as well. Also, no matter how much money you make, if it is still at a non reputable dealer or an incompetent one then "poof" it's all gone. Security is really important!
Great post. For good or bad, I have been sticking with Grayscale (GBTC and ETHE). Paypal might be a future option, but I'm not comfortable with other services yet. Let's see what happens when Coinbase goes public.
 
  • Like
Reactions: Scarlet Haze

Wolv RU

All American
Nov 7, 2003
7,690
2,143
113
Nice opening post. Like you, I've been into crypto for about a year, only bitcoin and ethereum. One correction in your evaluation of GBTC is that it is currently at a significant discount to NAV which more than makes up for the inherent fee/cost of purchase. I'd venture to say at this discount its cheaper than buying the actual coin on any of the apps mentioned. I own ethereum through PayPal which I find is just as easy as Coinbase with not much difference in transaction fees (you can buy bitcoin, ETH, bitcoin cash and litecoin only). PayPal has now also allowed use of bitcoin as a currency to those vendors accepting it around the world. So it is increasing in it use as currency albeit slowly and IMO will not be its true value, at least in this country. I'd venture to say it will be the de facto currency in many high inflation, unstable countries.

The discount that GBTC is at right now is a bit concerning as someone that is in that fund. One concern is that it is getting easier and more acceptable for most to just buy BTC directly. Also, what is going to happen if an ETF is ever approved? I would like to better understand what the counterarguments are in favor of GBTC no longer being at a discount at some point.
 

T2Kplus20

Heisman Winner
Gold Member
May 2, 2007
17,233
8,001
113
The discount that GBTC is at right now is a bit concerning as someone that is in that fund. One concern is that it is getting easier and more acceptable for most to just buy BTC directly. Also, what is going to happen if an ETF is ever approved? I would like to better understand what the counterarguments are in favor of GBTC no longer being at a discount at some point.
Grayscale is a huge (and the first) crypto institution. I believe they own about 3-4% of all BTC that has currently been mined. It has hired several ETF experts and may eventually convert the trust into an ETF (or give existing customers the right to enter a new Grayscale ETF early). This current discount is very good for buyers, but obviously bad for sellers. I did see that GS is buying up $250m worth of shares to deal with the discount. Look for further actions like this until the job is done.
 
Last edited:
  • Like
Reactions: ScarletNut

bob-loblaw

Senior
Jan 24, 2011
1,699
523
113
It's not meant to be funny...because until earlier today I hadn't given it a though.

Somewhere the information "explain it like I'm a 5 year old" (Denzell's line in Philadelphia) rings true.

I keep thinking Madoff. MADOFF...he would have loved to sell this or anything else to his base who trusted him.

There must be a generational or age factor in this movement as well. I'm heading into my 75th birthday in late August 2021...and my tolerance for schemes that are fool proof are often ruined by fools like me!

MO

I get it. My BTC story is that I could have easily mined it when it first came out. I knew it had viability but mocked it to people. Of course had I had coins in 10/11, I would be one of those people who lost their keys and had no ability to access 50 mill in btc.
Anyway when it first went to the moon in 2017 I lost it. Besides myself, knowing that I could have and should have...

I rejoiced when it crashed in 18 and truthfully thought it was still in the shitter into 2020. When I saw the price when it crashed from covid I was shocked it was so high and began investigating. Jpoww printing $$$ got me to put skin in the game. Microstrategy buyimg 500 mill worth of btc last summer was what made me a true believer.

That compamy has now put all of its cash reserves into btc. 3 Billion i believe. His argument is that were now printing 25% more money YoY. Holding cash as an asset is a losing proposition due to the rate in which were printing money.

He had a great interview recently w Guy Adami. In talking about this, he made the analogy of sailing in the middle of the ocean. Lets say you're propelling forward at 15 mph, but the wind is blowing at you 20 mph. On the surface, it looks like you're marking progress because you're in the middle of the ocean, but in reality, you're moving backwards. I may be misquoting that a little due to some wine.

Looking at it from a different point of view, who's the bigger criminal? Madoff for his crimes, or the US govt for printing money at unsustainable levels?
 

kyk1827

Hall of Famer
Gold Member
Nov 6, 2005
32,151
63,980
113
Hoboken, NJ
Couple things on NFT’s

1) how fvcking high do you have to be to come up with an idea to sell 10 second video clips for 6-figures?
2) how stupid do you have to be to buy one?

and
3) tulips?
 

rurahrah000

Senior
Aug 21, 2010
2,460
1,446
113
With crypto getting accepted more and more by the mainstream, I ( and @T2Kplus20) felt it was worth having a thread on all things crypto. I k now this thread is going to open up pandora's box of shitposts, but I really don't care. I'd like to see this used to help educate people on a growing technology and mindset.

I've only become a Bitcoin bull in the past year. The printing of 4 Trillion dollars was what put me over the edge in looking for an inflation hedge. After digging aggressively into gold I began to realize that BTC was what I was looking for. Only 21 million BTC will ever be in existence and its a deflationary asset that can be transported anywhere in minutes.

In the past year, I've witnessed companies and institutions get involved in BTC, eliminating any concern I had that it would one day "go to zero." The image below I ripped from the sub-Reddit on Bitcoin, showing institutional headlines towards BTC in the past, and their recent headlines.

The current market cap of BTC is over 1 Trillion. BTC is the fastest asset to ever reach that number. The market cap of Gold is roughly 10 Trillion.

The people who say that Bitcoin will never be a currency are pretty much right. It's not. It's become a digital store of value, just as gold is a store of value. You wouldnt walk into Chipotle and shave off some gold to pay for a burrito, just as you wouldnt pay for it in a fraction of BTC.

An important phrase to remember is: "Not your keys, not your coins." The mindset behind this that if you do not hold the keys to your coins (digital proof theyre yours), you will never really own crypto. Everything you do with the "crypto" you own will have to be based around a traditional or Fiat currency. By holding your keys, you're future-proofing your crypto holdings and leave you less dependent on Fiat currency to perform any transaction with your crypto.

Where to buy crypto:

I strongly recommend if you're interested in getting involved in crypto, you open an account with one of those sites. They're easy to signup for, insured and MOST IMPORTANTLY, give you the ability to withdraw your coins if you would like. Do NOT purchase crypto on Robinhood, Square or Paypal. They do NOT let you withdraw your coins. You can never take possession of your coins. All you can do is sell them back to that exchange, which you will get a capital gains tax on.
Also, crypto on Robinhood is not insured. If they have a liquidity crisis and go belly up (GME proved that this is not outside the realm of possibilities) you will lose your coins.

The sites above let you buy as much or as little % of a bitcoin as you would like. For example, my Gemini account does a weekly buy of $25 of BTC for me. It also alerts me if there is a massive price swing in BTC. People often think you have to buy a whole coin. This is false.

Other Ways to Buy:
You could also invest in Grayscale or Galaxy funds to get Bitcoin exposure. IMO, it's not worth the premium they charge. You also never own any actual coins.

Ethereum and other Altcoins:
While BTC, serves as a store of value coin, The Ethereum network serves as utility, running smart contracts on other apps on it's blockchain network. The token for that ETH is the second largest crypto, with a 200+ Billion market cap.

There's thousands of other coins out there. You can see how they rank here. https://coinmarketcap.com/

The ranking is not necessarily a good barometer of how good a coin it is. 4 out of 5 of the top 50 coins I wouldnt touch, but that's me.

I currently hold BTC, ETH, ELA, DCR, AAVE & FIL. I'd be happy to discuss why I own any of these.

Blockchain:
Blockchain is the underlying technology that allows the coins or tokens to run on them. For those who used to download things using BitTorrent, Blockchain is very similar. This video is an easy explanation of blockchain:

NFT's:
This video is probably the easiest way tolay out NFT's. Its Cramer asking Anthony Pompliano (one of my favorite people in the BTC space) about NFT's


Resources:

85lmdhcprup61.jpg


Nice summary. You should NFT this post.
 

bob-loblaw

Senior
Jan 24, 2011
1,699
523
113
Couple things on NFT’s

1) how fvcking high do you have to be to come up with an idea to sell 10 second video clips for 6-figures?
2) how stupid do you have to be to buy one?

and
3) tulips?

Lol. You're living in a digital age. NFT'S are a short term bubble but will be a vital part of our society in the future.

People pay millions for baseball cards they keep locked in a vault. Spending the same for a digital Mickey Mantle, that you can take anywhere isn't so far fetched.

I've been using Wutang lately to describe nfts. They made a record and made some elaborate story about it and only made one copy. That's it. That jerkoff Martin skrelli bought it for a mill. Nfts are that concept in digital form.

Nice summary. You should NFT this post.
I easily could. Not the worst idea.
 

RUAldo

All Conference
Sep 11, 2008
2,503
1,548
113
Lol. You're living in a digital age. NFT'S are a short term bubble but will be a vital part of our society in the future.

People pay millions for baseball cards they keep locked in a vault. Spending the same for a digital Mickey Mantle, that you can take anywhere isn't so far fetched.

I've been using Wutang lately to describe nfts. They made a record and made some elaborate story about it and only made one copy. That's it. That jerkoff Martin skrelli bought it for a mill. Nfts are that concept in digital form.


I easily could. Not the worst idea.
The only issue with your digital MM trading card comparison is that anyone can create a NFT with a few clicks of a mouse. There is no barrier to entry. In 1952, if anyone could have created a trading card of anything at anytime, trading cards would likely be worthless today or died years ago. Most of the NFT craze is being driven by those standing to profit (i.e., Cuban) and the intermediaries that are charging fees. With that said, the blockchain aspect of NFTs, as opposed to speculative buying, will be a game-changer in many areas of daily life.
 
  • Like
Reactions: redking

Scarlet Haze

Junior
Gold Member
Aug 31, 2016
607
824
93
The discount that GBTC is at right now is a bit concerning as someone that is in that fund. One concern is that it is getting easier and more acceptable for most to just buy BTC directly. Also, what is going to happen if an ETF is ever approved? I would like to better understand what the counterarguments are in favor of GBTC no longer being at a discount at some point.
There is a new Bitcoin ETF out now, Purpose Bitcoin ETF. It trades on the Toronto Exchange and you can buy it in your equities account.
 

cyrock3

All American
Gold Member
Dec 20, 2006
5,479
1,601
113
Couple things on NFT’s

1) how fvcking high do you have to be to come up with an idea to sell 10 second video clips for 6-figures?
2) how stupid do you have to be to buy one?

and
3) tulips?

The tulips craze lasted for a far shorter time than the existence of cryptocurrency.

Bitcoin is a very real tangible asset now. Does not mean it will always go up, but it is something to hold in your portfolio.
 
  • Like
Reactions: bob-loblaw

SleepingGiantIsAwake

All Conference
Gold Member
Jul 25, 2001
4,397
1,214
113
If anyone has purchased some of the ETH based alt coins eg MIR, I could use some sanity checks. I have a MyEtherWallet set up with MetaMask and have funded the wallet with ETH. Trying to use UniSwap to swap ETH for MIR. The mechanics without having done this before are a bit scary. Anyone with some experience buying these alts? Would really appreciate some guidance.
 

RuSnp

Senior
Jan 14, 2004
1,707
1,007
113
Couple things on NFT’s

1) how fvcking high do you have to be to come up with an idea to sell 10 second video clips for 6-figures?
2) how stupid do you have to be to buy one?

and
3) tulips?
Forget about NFTs, Bitcoin is a cool mathematical solution to a problem that never existed.

Good luck to the 'investors' here.
 
  • Like
Reactions: redking

kyk1827

Hall of Famer
Gold Member
Nov 6, 2005
32,151
63,980
113
Hoboken, NJ
The tulips craze lasted for a far shorter time than the existence of cryptocurrency.

Bitcoin is a very real tangible asset now. Does not mean it will always go up, but it is something to hold in your portfolio.
I was talking about nft’s haha. Granted i know zilch about crypto as well but that seems at least to be somewhere to store value. NFT’s are one of the dumbest concepts ive ever heard of but just goes to show you theres a sucker born every second