OP, I don't know which pump-and-dump discord/telegram/slack you're from, but please keep your shilling outside of sushichan. You'll ruin the mood.
Plus I saw the exact goddamn same post you made on Arisuchan. You fucks already ruined /biz/, don't ruin my indie chans too.
Yes 4chan pics, 4chan frongz, ethereum. Pls don't
There is nothing wrong in making a crypto thread on /tech related board/ as it related. Also sushi is slow af slow af since Itamae is gone. You should thank me for posting.
Bitbay is not a pump and dump at all. You can verify it. I just explained what coin I love but you don't need to like nor to talk about it. It is not a thread dedicated to this coin but a thread on /crypto/. Also the post on Arisuchan is legitimate too as it is the /biz/ finance and economics board and no one whined except you. We even had a discussion until you came.
You should stop whining like that. I am on sushichan since a long time when it was under's Itamae and all. I am not ruining the moon. The chans are not your personal safe space.
Also accusing me of being part of a pump and dump is name calling. That is ruining the mood. If we can't discuss tech related stuff without getting insulted then that's no good.>>668>4chan frogs
You are a new here right?. Sushichan loves the frog. I will tell you a secret: https://sushigirl.us/pepe/
I guess you did not even know that the frog had a dedicated board on sushichan.
A /crypto/ thread on /tech related board/ is normal.
If you dislike crypto you can get out of the thread.
If you don't want to talk about crypto in a tech related board, you can just close this thread and go to another thread. Why are you making such a mess? Sushichan is comfy and you don't own the place. Neither do you own Arisuchan.
Let's try it again. Only comfy posts below this post.
Oops, I forgot to unlock it.
I wish I'd had bitcoins before the recent forks – I could have doubled my money, twice. Extra money for investing is hard to keep on hand.
The other currencies that interest me currently are Ethereum and Monero. Monero seems like it is starting to pick up use within the Darknet, and if this illicit popularity takes off then I think its value could balloon suddenly like Bitcoin did years ago.
Let me warm you too that Ethereum is a ticking bomb. It uses PoW like Bitcoin so it has the same problems than it (extremely slow tx processing, centralized by mining mafias and enormous waste of energy/ressources = is not viable). The worst of the worst is that it is fucking bloated to death.
Right now a full node is fucking 350gb and its growth rate keeps getting faster.
This will lead to two options: either it will crash at some point, or either it will get centralized. Also most of its token is vaporware that is not used.
Also Monero is PoW so it has the same problems of it too. Most importantly, privacy tech only interest a few. Normies do not care about it.
>>686>PoW is a waste of electricity
I disagree. The amount of energy used by traditional banking infrastructure is far greater. If PoW-based currencies become more popular, its energy use will probably be the same as the traditional banking system. Lower for Monero's PoW because it is memory/cache bound.
I sometimes think about doing it but the tutorials I find never really go into depth about it and then I forget about it afterwards. i should probably do something about it soon.
Crypto is a scam. No wonder your post number is the devil. Check out this video debunking it before you buy and idiotic NFTs:https://www.youtube.com/watch?v=YQ_xWvX1n9g
As the video shows crypto has become so centralized it has become the very banks it was meant to replace. An-caps love it so much they don't see the problems and have built a cult around it that is all about ripping people off. It's also creating a worse version of the internet where everything will be monetized and open-source will be even more obscure.
His criticisms against Bitcoin aren't as strong as his criticisms against the Ethereum environment. I myself dislike the current state of NFTs, but I still believe Bitcoin is going to stay strong.
The power consumption argument really depends on how much you value Bitcoin. If you think it's some speculative pyramid scheme, then it's pretty obvious what your answer is. If you think it's a revolutionary movement that will transform our fundamental understanding of money, then it's pretty obvious what your answer is. I will say the majority of people watching a "debunking video" probably already have an idea in mind and aren't going to have it any other way.
And his argument that Bitcoin doesn't address how humans lend money is weak. As he said, the problem with the 2008 crisis is that the banks/institutions were irresponsible with their money. If everyone moves their wealth out of banks and into Bitcoin wallets, what do you think will happen? The banks weaken and now you don't have banks mishandling as much money. (My explanation here is way, way oversimplified, but it's easy to understand.)
There are many solutions that are scaling up Bitcoin in a secure way. He doesn't mention Lightning Network or even El Salvador probably because he is focused on debunking NFTs. He also fails to mention the best part of Bitcoin: you can't print more Bitcoin and bail out a bunch of banks, unlike the dollar. (In fact, in the coming decade you are going to see what happens when you let a government print a bunch of dollars. Let's see if my prediction that things aren't going to go that well will turn out to be right.)
Yes, Bitcoin has historically been extremely speculative. Yes, many are upset they didn't buy it when it was so cheap and let that influence their judgement. But they have to look beyond that narrative. It's the first of a completely new asset class and will continue to volatile until its true value has been realized and it stabilizes. Whether it's 1 cent or 1 million dollars, only time can tell.
>>1990>If everyone moves their wealth out of banks and into Bitcoin wallets, what do you think will happen? The banks weaken and now you don't have banks mishandling as much money.
The financial crisis was caused because of deregulation of the financial sector and crypto is just more of that on steroids. So you'd get the 08 financial crisis again, and probably even worse and harder this time because governments wouldn't even have any tools to stop the bleeding.
As the video explained they're just creating new big banks in the form of platforms and who controls forks but with crypto currency. So you'll have the same problems but it is somehow supposed to be better because of semantics, buzzwords, and the power of magical libertarian thinking.
>He also fails to mention the best part of Bitcoin: you can't print more Bitcoin and bail out a bunch of banks, unlike the dollar.
Being able to print more currency is actually a good thing! When there is a shortage of currency you want to be able to produce more of it. When currency was tied to precious minerals you could have ridiculous shortages and surpluses that were randomly dictated by environmental conditions, and the unpredictability could cause people to suddenly not have enough money to take care of themselves. When you control a currency you can mitigate the boom and bust cycle that is inherent to capitatism.
You can't pay your taxes in bitcoin so it's useless and will remain speculative until governments require you to pay taxes with it. That won't happen because why would governments give up their control over currency. Of course they wouldn't, and as soon as governments regulate crypto currency the currency crashes for good because it's really just a scam. At least gold can be useful, and at least dollars can be used to buy passports and government services in addition to paying taxes so you don't get sent to jail.
>>666>I am extremely bullish on Bitbay.
That worked out well I suppose
My biggest hang up with crypto right now, besides the power consumption for which there are solutions (Proof of Stake), is key management and centralization.
Personally, I use a hardware wallet to manage to keep control over my wallet.
Doing so, I'm part of a small minority of users. The vast majority uses centralized platforms, which leaves them with no more control about their money than a regular bank account. Even self-declared "decentralized" exchanges suffer from a problem none of us can escape: the internet is extremely centralized. When AWS goes down, and it takes an exchange with it, what can be said about the decentralization and censorship resistance?
The crypto-sphere is filled with frauds and people whose main goal is it to get rich quick. This has been accelerated with the spread of NFTs.
Here lies the main issue in my eyes: the original spirit of cryptocurrency, that one can take back control over one's finances and, in addition, is able to build an economical and identity system outside the mainstream is not even an afterthought for most. That is not surprising, given that many of the big players in the crypto-sphere today are banksters and people who have been rich before they bought in. The democratizational aspect is dead.
The amount of energy used by the traditional banking system also serves far more people than the crypto does. At current usage, a fraction of a percent of the global population, all cryptocurrencies are up to a half the power usage of the entire traditional system. Never you mind the transaction bandwidth.
I think its probably some market law that risk and growth potential are inverse. If you want a good guarantee tho look at ETFs and bonds. Much better to bet on a market as a whole than any specific thing in that market. If crypto companies are in the 500 most successful companies, they will be in the s&p500.
My plan is to start getting into crypto once it can be used like regular money or better, and isnt full of market speculation betting, that's a hop skip and a jump from heading to a casino.
if this is a life-changing amount of money, I'd seriously consider hiring a financial advisor. Most people who come into large windfalls end up losing it all within a few years through some combination of overspending, giving to friends/family, and risky investments.
That being said, with investments there's almost always a tradeoff between risks and returns. Bonds and CDs are pretty safe, stock market is a middle ground (for long-term investments in established companies, day trading penny stocks is high risk). Crypto is also high risk, it's basically a ponzi scheme, you want to get in before the coin gets big and get out before it crashes.
>>2036>if this is a life-changing amount of money
What would you consider a life-changing amount of money in the first place?
At the risk of sounding tautological, enough that it changes your life?
For example, if it enables you to move to a nicer area than you ever would've been able to afford under your previous circumstances. Or changes your social circles.
As opposed to say enough money to buy a new car or something, which probably isn't going to make a huge difference in your day-to-day life.
>>2043>>2043>As opposed to say enough money to buy a new car or something
Well crap, I am now checking it out and it's not even enough for a quarter of a brand new car.
Even then, it's still more money that I ever managed in my life
that's probably the kind of money you can manage on your own then.
I still wouldn't recommend putting anything into crypto unless you're okay with the possibility of losing it all.
>bitcoin at 20k>s&p and every other stock index crashing
Well, at least by the time I start working in September and start dcaing into investments again everything should be nice and cheap.>>1184
Monero is great, price action is meh but in terms of actually being a private crypto that works well for transactions it's awesome.
No talk about it because it being one of the best is a given. Bought [REDACTED]XMR when it dropped below $99. Will buy more when it drops lower!