Deep Web/Bitcoin Mining

[Nick_S]

I put about $350 in a few weeks back and I'm currently about $60 in the hole. It's been down ever since. A guy I work with has 6 Bitcoins and is all about the little penny coins here and there. I have no idea what I'm doing, I'm just hoping I get my money back and then some.

[decay]

you bought at the peak of the current speculative bubble. leave it in Coinbase and wait a few months. this is the 3rd pop i’ve seen since I started paying attention to crypto.

read the early pages of this thread and you’ll find people crying about how they bought in at 125 and it dropped below 100.

the important thing to remember is that it’s not a get-rich-quick scheme or a ponzi. it’s an open-source technology that enables international monetary transmission at a cost much lower than established finance companies provide. that is why it has value.

[cale]

Either hold out long term or get lucky, btc swings far too wildly to think you can time it.

[Nick_S]

Either hold out long term or get lucky, btc swings far too wildly to think you can time it.

I'm quickly learning that, haha. I'm just going to leave it be for awhile.

[supermansocks95]

Just got the cheaper parts of my build over Christmas. Only $400-600 to go.

[gwb72tii]

you bought at the peak of the current speculative bubble. leave it in Coinbase and wait a few months. this is the 3rd pop i’ve seen since I started paying attention to crypto.

read the early pages of this thread and you’ll find people crying about how they bought in at 125 and it dropped below 100.

the important thing to remember is that it’s not a get-rich-quick scheme or a ponzi. it’s an open-source technology that enables international monetary transmission at a cost much lower than established finance companies provide. that is why it has value.

it cost me nothing to transmit $ internationally, and i'm a two bit retail guy. institutional players operate cheaply.

crypto's will never be money, they are too volatile.

going up in price does not equate to having value. some of the brightest in finance do in fact believe bitcoin to be worthless. anyone hoping to make money is banking on the greater fool theory of finance, that there is a greater fool willing to buy at a higher price than I paid.

[Wschnitz]

it cost me nothing to transmit $ internationally, and i'm a two bit retail guy. institutional players operate cheaply.

crypto's will never be money, they are too volatile.

going up in price does not equate to having value. some of the brightest in finance do in fact believe bitcoin to be worthless. anyone hoping to make money is banking on the greater fool theory of finance, that there is a greater fool willing to buy at a higher price than I paid.

Its almost no different then day trading, people say crypto is 'far too volatile' but ignore the wide swings some stocks take all day lol

You think its completely worthless cause you don't understand it at all.

[decay]

it cost me nothing to transmit $ internationally, and i'm a two bit retail guy. institutional players operate cheaply.

my last job was at a finance company, and i know how much of the population institutional players represent.

what about everyone else?

[gwb72tii]

Its almost no different then day trading, people say crypto is 'far too volatile' but ignore the wide swings some stocks take all day lol

You think its completely worthless cause you don't understand it at all.

yes and again you make my point for me schnitzie

would you accept a microcap biotech stock as payment for selling your home?

[gwb72tii]

my last job was at a finance company, and i know how much of the population institutional players represent.

what about everyone else?

how hard is to for you to send/wire Euro's to your friend in Germany through a bank like Wells Fargo? It's pretty simple.

And now if you travel internationally there are any number of debit/credit cards that operate in the local currency with no exchange fees.

I may be missing something here as well

[Wschnitz]

I think the bigger 'issue' is that the popular crypto currencies have too many flaws, Bitcoin shouldn't have ever gotten this far, its just the first.

[Joe G]

The currencies don't hold nearly as much value as the blockchain technology and distributed ledger system - in my opinion.

Blockchain/distributed ledger has tremendous potential to stabilize emerging markets with wildly unstable currency, central banking systems and government. Many migrants in the Euro-zone are beginning to send crypto 'home' (middle east and African nations) because it is easier to send, is more stable and can be used as currency in a growing number of retailers/secondary markets.

I'm very bullish on crypto, even more so on the potential of the technology. I think in a couple of years we will see EM markets and crypto markets much more closely tied.

Just my .00000001 BTC ;)

[decay]

Many migrants in the Euro-zone are beginning to send crypto 'home' (middle east and African nations) because it is easier to send, is more stable and can be used as currency in a growing number of retailers/secondary markets.

this is exactly what i was talking about when i mentioned international monetary transfer. it's already happening.

gwb, you kind of have to think outside the scope of you running your own two-bit retail shop... there are other use cases.

[noid]

I started mining bitcoins in early 2009 just after it came out, cpu style, then came gpu then asic. Had a mining stint last year with an S7. Now switched to mining alt coins and exchanging for btc.

The fact of the matter is that most people know very little about bitcoins or crypto in general.

Bitcoins is and has been the underlying financial structure for almost all illicit activety on the unindexed portion of the internet (deepweb). This unindexed portion is almost twice the size of the indexed (googleable) internet.

It is very prone to spikes and dips, but its underlying value is solid.

Miners dont solve blocks for fun, they solve them as a means of maintaining and providing the computational power to support the public ledger.

To provide this power and to get the rewards, miners invest in hardware and electricity. To put things into prespective, the amount of energy consumed by btc miners is greater then the sum of what the whole of denmark uses.

All bitcoins that exist, exist through mining and its rewards. As such from day one it has had value by virtue of the real world investment in hardware and electricity.

The difficulty to mine bitcoins (and thus its distribution) gets twice as difficult every 4 years, by design. As such the investment required to get the same amount if rewards doubles. This is the primary reason why the overall longterm growth of btc has occured.

Now if only I could find my wallet from 2009:)

[frankenbeemer]

I'm perplexed.

What prevents existing crypto-currencies from being devalued by new crypto-currencies in the manner in which the US dollar is affected by the government printing more of it?

Are there differences in the underlying technology like Betamax vs. VHS? Will the dark web or other markets embrace one currency to the detriment of others the way VHS's longer recording time (and the porn industry's choice of VHS) killed Betamax?