I hear you but we all know payment processors like PayPal and Visa exist to make money. The fees never go away they just get moved around or hidden. How can they all coexist?
OT: Bitcoin, Altcoins, NFT's & All Things Crypto
- Thread starter bob-loblaw
- Start date
Using this example, if you are using USD to buy Solana to buy NFTs…is that not the same exact Fantasy Island arcade model?
No, to make it the same model, fantasy island would have to be giving you a profit share regardless of you winning or losing.
Are they really giving you a profit share or just free plays/credits? Or are the airdrops more like the prizes I walk out of FI with when I accumulate enough points? Kind of reminds me when I spent $500 in credits one LBI weekend and killed the Wizard of Oz game = before I knew it had 3 million points to earn a bunch of signed Aaron Judge stuff with a value of about $3K. USD to credits to points to prizes which are worth USD if I resell them.
From the fees the protocol makes from usage. Like fantasy island giving you cash back based on how much you play.
There’s an example from today…
Lutnick's Cantor in talks with Tether about $2 billion Bitcoin lending project
Lutnick could deepen the financial ties between his businesses and the company behind the world’s largest stablecoin.
Bought some SOL. Had a bunch of processing issues on Phantom but it finally went through. However, something seems a bit inefficient. Had to use Venmo which is hooked up to my credit card to transfer money through MoonPay to Phantom to buy SOL. So the transaction was basically:
Visa>Venmo>MoonPay>Phantom= Got SOL
Someone tell me whether I’m doing something wrong here or if this the usual transaction flow. I did try a few other ways but got processing errors. I will say sending some SOL to my son was a piece of cake.
Visa>Venmo>MoonPay>Phantom= Got SOL
Someone tell me whether I’m doing something wrong here or if this the usual transaction flow. I did try a few other ways but got processing errors. I will say sending some SOL to my son was a piece of cake.
Buying directly in phantom is relatively new. I’ve never done it. I buy in coinbase and send it to phantom, easiest way to do it.
Probably easier just to use COIN. They also have the Coinbase wallet if you want direct custody.
Yeah someone else told me to do Coinbase and then send it to Phantom. I should have listened.
A wallet is for safe keeping. It should be offline in a hard drive. Think of it as a safe in your house. Offline it can’t be hacked. When you need something from your safe, punch in the code and take what you need. When you need some crypto from your wallet, send it to Coinbase or Binance or whatever platform you want. You can keep your wallet on your laptop, pretty safe. Don’t keep your wallet or Coinbase on your phone. It’s the least safe place to keep it. Would you walk around with $50,000 in your pocket? Think of your phone that way. I keep certain wallets specifically for airdrops but that’s a discussion for another time. It’s really not complicated. Even a 69 yo like me can do it
Why is it any different than my cash/holdings in my Fidelity account? I access my investments and cash reserves from my phone every day.
Wallets are not as safe online as your Fidelity account. They are less safe on your phone than on your laptop. With your bank or other accounts connected to your wallet, it exposes them to hackers. Wallets are meant to store your crypto offline and take them with you wherever you are.
Fidelity has a massive amount of security and insurance to "make things right" if something bad happens to your money/assets. I have my BTC and ETH with Fidelity and trust them completely (more than I do myself with f'ing up a wallet and self-custody).
I just started a Coinbase account. Is it safe just leaving my investments there without getting a wallet? Also I got the Coinbase app. Guess I should delete it if it’s not safe?
Its very reasonably safe in your Coinbase account. I leave most of my crypto there. I use a wallet for airdrops as I mentioned before and some emergency bitcoin funds for the longterm. I've been told/read by multiple "experts" not to keep Coinbase on my phone nor my wallets.
I don't have a ledger and, I may be wrong, but if I wanted to send to Coinbase wouldn't I need the Coinbase app on my phone? Unless I'm told otherwise, I don't see a need for a ledger for my purposes.
I was talking about me. I keep everything in phantom, 95% on a ledger. I use it on my phone, unless someone gets my physical ledger and passcode, it’s safe. You wouldn’t need one for your purposes.
I remember trying to get a helium miner back in 2021. they were backordered like 6 months and selling on Ebay for like triple. It truly was a frenzy, between NFTs, the literal ponzis like Wonderland, and some other interesting stuff like STEPN.
The biggest flaw from Bitcoiners is thinking your dollar is an investment. Currencies are not investments, it’s your placeholder to buy goods and services. Why you all lose your minds over currency diminishing in value slightly over time, I’ll have no idea, a good economy has people investing in new ideas and if the currency itself you have to do that were your vehicle to wealth then the incentive of people to build new ideas to better our society or fill a demand fades. Obviously hyperinflation and the price of your eggs doubling in price from the time you pick it up off the shelf to when you get to the register is a scary thought, but that typically happens when there are supply issues. If the world ran on bitcoin as its currency (we’ll dismiss all of the flaws of the tech for now) and the oil supply crashed overnight, your Bitcoin would be worthless in filling your gas tank, or buying groceries as the world would be hoarding water and farm animals as the new currency.
Helium is way less interesting than I thought. From what I can tell, it’s the TMO network supplemented with people that buy really powerful open access WIFi routers to earn crypto Helium Mobile tokens. So if you are using your Helium mobile device on the TMO network but walk past someone’s house with a Helium enabled WiFi router you will connect to that router and the owner earns crypto. Am I missing something here Rutgers Chris?
After messing around on Phantom it’s clear there are few people on this thread that actually understand crypto other than Boblaw. SOL is a joke - period - as far as I can tell its sole purpose is to facilitate pyramid scam pump and dump “projects”. The top trending token last night up 700%+ with a market cap of $62M was “Just Buy $1 of This Coin Please”. The project description, created on “Pump.fun” is:
“$1 (just buy $1 worth of this coin) is ma movement to $1 is $1. This project is under the management of the Community who took over after the Dev dump all his holdings and make do an inappropriate actions/worst/curse to the community. With the power of community, we overcome the challenges and build this project for the community. We don't need millions, we only need $1 per person, More than that is up to you.”
This morning’s top token up 400% is “Rizzmas”, another SOL network gem, with a project description of:
“Rizzmas is a Christmas token, financial venture with a focus on creating hype and community engagement. The reference to Santa, market caps, and seasonal celebration suggests it's blending the festive holiday spirit with crypto trading or investments. Community-Driven, Many successful crypto projects rely heavily on fostering active communities. The playful and engaging tone (references to Santa and a market cap goal) help in building a loyal following who enjoy participating in themed events and social media trends.”
Are you f’in people insane thinking all of this SOL and ETH network sh*t is real?
“$1 (just buy $1 worth of this coin) is ma movement to $1 is $1. This project is under the management of the Community who took over after the Dev dump all his holdings and make do an inappropriate actions/worst/curse to the community. With the power of community, we overcome the challenges and build this project for the community. We don't need millions, we only need $1 per person, More than that is up to you.”
This morning’s top token up 400% is “Rizzmas”, another SOL network gem, with a project description of:
“Rizzmas is a Christmas token, financial venture with a focus on creating hype and community engagement. The reference to Santa, market caps, and seasonal celebration suggests it's blending the festive holiday spirit with crypto trading or investments. Community-Driven, Many successful crypto projects rely heavily on fostering active communities. The playful and engaging tone (references to Santa and a market cap goal) help in building a loyal following who enjoy participating in themed events and social media trends.”
Are you f’in people insane thinking all of this SOL and ETH network sh*t is real?
People are going to stay worried about their currency diminishing in value over time. That isn’t new. I don’t know why you wouldn’t be worried about that. It’s the same reason people flee to real estate and you have investors mass buying all the homes. Is that their way of “new ideas” and contributing to society? If we get to the point where water and farm animals are the new currency, we will all probably have much bigger problems than dollars or bitcoin lol. I disagree about incentive. But I don’t think we ever see a bitcoin standard ever in our lifetimes at least so no point to argue it
Agreed. Except for the true BTC maxi's, we all know it's a great innovative store of value that has some additional utility with payments and dealing with hyper-inflation (e.g., El Salvador et al). It's not a future dollar replacement and that's perfectly fine.
Very simple = buy BTC and crypto if you want to take a shot at making money lottery-style with less risk and no regulation. Before any crypto bros jump all over me here that’s why I’m currently buying/selling. Otherwise, outside of speculation BTC is worthless code - can’t use it to buy anything in everyday life and value entirely based on what someone else will pay for it. Could that change - may be, but would require massive overhaul of the world’s financial regime. BTW, the 21M “limited supply” also total BS because BTC is divisible up to eight decimal places, meaning one BTC can be split into 100M “satoshis” (no joke that’s what they are called). These guys were so smart they planned for life after the year 2140 when all 21M supposed to be mined. BTC and crypto is the most innovative money making scheme in the history of the world. And now crypto pushers want to attached BTC to mortgage transactions as collateral - what could possibly go wrong…?
I think you need to study emerging technologies a little more. They take some time to build. You are correct but there are cities that are fully covered that don’t need the tmo network. The goal would be to have broader coverage as the network expanded
You’ve spent three days in the worst part of the crypto “trenches” and have it all figured out 😂. You are shit coining, it’s an awful awful world over there. The Hawk Tuah girl is dropping a coin 12.4, it’s all a scam casino, one I’ve called out for months, I can show you the receipts. It’s not new, but to boil it down to “that’s all crypto is” because that’s all you know is too funny
So are there more dollars in circulation because they can be divided into pennies? 😂
I understand the intent is to add coverage. And $5 per/mo crazy cheap and as long as it suits customer needs I have no issue with it. All I’m saying is the way it works is that a “Helium miner” pays $1K+ for a heavy duty router which he/she allows Helium subs to use instead of the TMO network in order to earn Helium crypto. If the Helium crypto goes up in value the miners cover their expenses/profit, and Helium mobile uses it to pay TMO MVNO fees and presumably sells off Helium crypto to make a profit. Or at least this is how it appears to work if I’m wrong let me know.
No - what i said is that SOL and ETH are BS because their “networks” only exist to scrape fees from morons that are buying scams disguised as “projects”. BTC is different although obviously I have an opinion on that as well but BTC and SOL/ETH appear to be apples and oranges at the moment.
EDIT: SOL/ETH are the Fantasy Island model of buying credits to play games that sometimes you win sometimes you lose. Biggest problem is those games can be manipulated.
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The BTC pitch is based on scarcity = 21M. Same pitch that pisses on the USD for printing money endlessly. But once you factor in satoshis the BTC scarcity argument goes right down the toilet.
They are absolutely apples and oranges, you can’t really transact much on Bitcoin. I’ve made the argument for three years that sol is attractive because it’s cheap and fast. You’ve finally seen the light.
That’s correct, I have little worry about the profitability of miners, they always seem to figure it out
BTC is not a lottery ticket anymore. It's a well-respected store of value by the largest financial institutions in the world. I think it is time for you to stop ignoring reality and move on.
Meme and altcoins are a different story and used for different purposes. Have fun with them or not. That's everyone's individual choice to make.
Does SOL and ETH have any utility outside of facilitating shitcoins and worthless NFTs? I looked up who accepts it for payment and there are 700 “merchants” worldwide none of which offer anything anyone would want to buy.
Reality is it’s just another way to make money. All good on my end - I’ve lost money on worse “investments” than BTC. It will probably take down the stock market one day but in the meantime I’ll gamble.
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