Crypto Mining

MariaRubia

Well-known member
Jun 25, 2019
616
656
93
Please read the link I posted, the energy consumption is that of a small city to mine crypto.
Why not just trade it?

Another easy way to lose lots of money. I trade stocks and I keep hearing about someone who knows someone who knows someone who made a lot of money trading cryptos but I never met anyone who actually did
 

windeguy

Platinum
Jul 10, 2004
37,084
3,107
113
It is interesting the mining the remaining bitcoin takes more effort than it did before. I suspect that makes starting up a mining business much less profitable than it was early on in the "blockchain". Or being the new kid on the "blockchain" isn't as lucrative. Or...
 

Island Treats

Member
Sep 5, 2003
179
8
18
SOSUALIVING.COM
I know squat about Bitcoin. Supposedly there is one set amount that doesn't increase or decrease. So what's to mine?

Why does one do incredibly complex computer equations to mine bitcoin if all of it is spoken for alrea
I know squat about Bitcoin. Supposedly there is one set amount that doesn't increase or decrease. So what's to mine?

Why does one do incredibly complex computer equations to mine bitcoin if all of it is spoken for already
The history of the subject
https://www.pbs.org/wgbh/nova/article/history-money/
 

Big

Well-known member
Apr 24, 2019
2,615
1,534
113
Get ready for digital currency. I remember asking the same question about the ATM card😊
As a business guy I believe strongly in the non barter system. You give me cash, I give you product. If someone asks me if they can pay in Bitcoin I say absolutely, right after you turn it into cash or a certified cashier's check
 

windeguy

Platinum
Jul 10, 2004
37,084
3,107
113
Get ready for digital currency. I remember asking the same question about the ATM card😊
It is certainly possible that something like digital currency could become mainstream.

As soon as it becomes as easy to use as an ATM card, it becomes far less volatile, and governments can track it with zero issues, that might actually happen,
But then, that government tracking is one thing "they" tried to avoid. How to make it simple to use and far less volatile might be possible.

I expect the digital currency of the future is more likely to be government sponsored digital currencies.

Then people can pay Jose the moto concho on their iPhones. When will that kind of island treat be able to happen?
 

johne

Silver
Jun 28, 2003
5,059
1,470
113
Get ready for digital currency. I remember asking the same question about the ATM card😊
Does your memory serve you to answer this question: 1. Who's money was in the account of that ATM card? 2. In what world currency was it in and did was that currency moreor less stable for at least 48 hours??
I'm afraid your analogy to a ATM card is flawed. However, go for it if you think that is the future, along with sea shells, leather hides, beads, and mistletoe. Best of luck in whatever you choose.
 
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windeguy

Platinum
Jul 10, 2004
37,084
3,107
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Does your memory serve you to answer this question: 1. Who's money was in the account of that ATM card? 2. In what world currency was it in and did was that currency moreor less stable for at least 48 hours??
I'm afraid your analogy to a ATM card is flawed. However, go for it if you think that is the future, along with sea shells, leather hides, beads, and mistletoe. Best of luck in whatever you choose.
There are a number of very significant issues regarding "everyone's" usage of digital currency that remain unanswered.

Ease of use, traceability or not of transactions, consumer confidence, everyone having access to digital currency systems, extreme volatility, (did I say consumer confidence? ), not the least of which how many batteries it takes to mine bit coin at night in the DR.

Many people won't use ATM's in the DR because of their lack of consumer confidence in ATM machines. Now lets decrease that confidence exponentially by injecting digital currency into the mix.

Of course some people will continue to use it, but universal? I highly doubt it unless many changes are made that defeat the original purposes for which it was originally created. Governments realize that they need to address further developments or miss tracing money laundering and lack of tax payments. Stay tuned for updates on that.
 

beeza

Silver
Nov 2, 2006
3,266
412
83
It is certainly possible that something like digital currency could become mainstream.

As soon as it becomes as easy to use as an ATM card, it becomes far less volatile, and governments can track it with zero issues, that might actually happen,
But then, that government tracking is one thing "they" tried to avoid. How to make it simple to use and far less volatile might be possible.

I expect the digital currency of the future is more likely to be government sponsored digital currencies.

Then people can pay Jose the moto concho on their iPhones. When will that kind of island treat be able to happen?
It's already happening. I'm new to crypto, but I have experienced first hand how easy it is to transfer funds from one person to another purely by using each other's phone. You use a QR code generated from one phone and the camera on the other, then boom...Funds transferred in a matter of seconds.

It will do to banks what email did to the post office.

The next piece of the puzzle to come is smart contracts. So now we can pay Jose the Moto concho for a 50 peso ride (or 0.000028 Bitcoin) and Jose will automatically have any dues or taxes deducted from the transaction.

Mass adoption is on the way.

If you're worried about volatility, then you can purchase tether coins such as USDT which is pegged 1 to 1 to the dollar.
 

windeguy

Platinum
Jul 10, 2004
37,084
3,107
113
It's already happening. I'm new to crypto, but I have experienced first hand how easy it is to transfer funds from one person to another purely by using each other's phone. You use a QR code generated from one phone and the camera on the other, then boom...Funds transferred in a matter of seconds.

It will do to banks what email did to the post office.

The next piece of the puzzle to come is smart contracts. So now we can pay Jose the Moto concho for a 50 peso ride (or 0.000028 Bitcoin) and Jose will automatically have any dues or taxes deducted from the transaction.

Mass adoption is on the way.

If you're worried about volatility, then you can purchase tether coins such as USDT which is pegged 1 to 1 to the dollar.
You may be right. I suspect if and when it is widescale, the trackability of transactions will also be easy by buyers, sellers and governments.

What I won't be doing on any grand scale is "investing" in it like Forex traders do with fiat currencies. If I need to use it, I will find a way and purchase only the amount that I need for a given transaction. After all, that will be as easy as using an ATM!!!!
 

windeguy

Platinum
Jul 10, 2004
37,084
3,107
113
It's already happening. I'm new to crypto, but I have experienced first hand how easy it is to transfer funds from one person to another purely by using each other's phone. You use a QR code generated from one phone and the camera on the other, then boom...Funds transferred in a matter of seconds.

It will do to banks what email did to the post office.

The next piece of the puzzle to come is smart contracts. So now we can pay Jose the Moto concho for a 50 peso ride (or 0.000028 Bitcoin) and Jose will automatically have any dues or taxes deducted from the transaction.

Mass adoption is on the way.

If you're worried about volatility, then you can purchase tether coins such as USDT which is pegged 1 to 1 to the dollar.
The smart contract seems to be one of the things the creators of this kind of currency wanted to avoid. Things like taxes were to be avoided, eh , but I could be wrong. That type of digital currency is not really what I am talking about with all the bells and whistles of current payment systems.

By the way, how exactly did you convert your fiat currency into digital and make the payment. What was each step in that process?
 

beeza

Silver
Nov 2, 2006
3,266
412
83
The smart contract seems to be one of the things the creators of this kind of currency wanted to avoid. Things like taxes were to be avoided, eh , but I could be wrong. That type of digital currency is not really what I am talking about with all the bells and whistles of current payment systems.

By the way, how exactly did you convert your fiat currency into digital and make the payment. What was each step in that process?
Have a look into Cardano and it's native coin ADA. I am a true believer in this project and investing whenever I can.

I am using the Binance exchange. I purchased $200 of USDT with my bank debit card, which netted me $196 after the card fee. I then sent it to my friend who also has a Binance account, using the P2P feature. He received all $196 a few seconds later with no charge to either of us.
 
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windeguy

Platinum
Jul 10, 2004
37,084
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Have a look into Cardano and it's native coin ADA. I am a true believer in this project and investing whenever I can.

I am using the Binance exchange. I purchased $200 of USDT with my bank debit card, which netted me $196 after the card fee. I then sent it to my friend who also has a Binance account, using the P2P feature. He received all $196 a few seconds later with no charge to either of us.
I see, yet another digital currency called ADA. Soon there will be more digital currencies than there are fiat ones. I expect that opens up various mining operations as well? Perhaps I should start my own to be on top of the mini-pyramid?

The USA now asks on tax returns (or was it FATCA) if you own digital currencies. What next?
 

Tamborista

hasta la tambora
Apr 4, 2005
11,408
977
113
Another easy way to lose lots of money. I trade stocks and I keep hearing about someone who knows someone who knows someone who made a lot of money trading cryptos but I never met anyone who actually did

It is certainly possible that something like digital currency could become mainstream.

As soon as it becomes as easy to use as an ATM card, it becomes far less volatile, and governments can track it with zero issues, that might actually happen,
But then, that government tracking is one thing "they" tried to avoid. How to make it simple to use and far less volatile might be possible.

I expect the digital currency of the future is more likely to be government sponsored digital currencies.

Then people can pay Jose the moto concho on their iPhones. When will that kind of island treat be able to happen?

You can easily transfer Bitcoin to any one with a wallet address, you people are living in the 90's on this thread.

Cash App is the easiest way to transfer Bitcoin to another user.
 

beeza

Silver
Nov 2, 2006
3,266
412
83
Incidentally, if you sign up with Crypto.com you can buy digital dollars (USDT) and stake them and earn 12% interest. Better than any bank!
 

windeguy

Platinum
Jul 10, 2004
37,084
3,107
113
You can easily transfer Bitcoin to any one with a wallet address, you people are living in the 90's on this thread.
And I am very content with that situation. As a technologist and retired electronic design engineer I am a very late adopter of technology. My first smart phone was gifted to me during the past year.

My late adoption strategy has served me well. Anyone who wishes more risk/reward is welcome to do so.
 
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windeguy

Platinum
Jul 10, 2004
37,084
3,107
113
Incidentally, if you sign up with Crypto.com you can buy digital dollars (USDT) and stake them and earn 12% interest. Better than any bank!
That is 12% on and within a particular digital currency correct?

Then you face the volatility of that currency with respect to exchanging it for USD, DOP, etc? Correct?
 

beeza

Silver
Nov 2, 2006
3,266
412
83
That is 12% on and within a particular digital currency correct?

Then you face the volatility of that currency with respect to exchanging it for USD, DOP, etc? Correct?
No, it's 12% per annum on a US dollar, albeit a digital one, but 1 to 1 nevertheless.