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/silicon/ - technology

from the trenches

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Crypto thread? Personally I think crypto is the future. No more centralization, no more states fucking you in the ass.
I also don't want to become a wage slave so I hope to make it thanks to crypto. Life is too short to not do what you like.
What cryptocurrencies have you invested in sushinons? What are you bullish on?
It would be cool that we all make it.

Personally I am extremely bullish on Bitbay. I missed the Ethereum train but I think Bitbay will be the next moon mission in 2018. It is the sole working decentralized marketplace and trustless contracting platform while fixing many BTC flaws and planning to have a decentralized peg that brings price stability by preventing volatility, especially from whales shady manipulation. The price is still fucking low (23m market cap) so there is a lot of growth potential. For instance, to have a x2 ROIs with ETH, it would need 30 fucking billions of dollars, while with bitbay it would only need 23m. It is far more likely in the latter for this very reason.
Pics related why I am bullish on it. It has both mainstream and darknet potential.


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.

>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.


>You should thank me for posting.
Please go away.


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.
Look: https://etherscan.io/chart/chaindatasizefull
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.


>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.


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Monero is based ok?
No, seriously, I think it's the comfiest cryptocurrency.


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:


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.


>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.


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We need a "proof of something other than burning a fuark ton of clock cycles aka fuel" and we need better oracle networks for hooking up smart contracts. Hopefully NFTs stick around, but right now they're "fun casino" mode, and "fun casino" < "equity" < "identity management". Tho I don't really know what I'm talking about.


>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.


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Cripto just crashed some more because of the russian invasion.


Good time to buy


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I recently got a good amount of money from a lawsuit, and while a fixed-term deposit tied to the inflation of my local economy is fairly useful for not losing what I got, I'd like to invest it in some way that I no longer may have to worry about stuff in the future.
Buying Ethereum is my main interest, but I'd like to know if there's something else that is more safe than crypto and can give me some decent money at the same time


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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.


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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.


>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.


>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.


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>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.

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!


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We may be looking at the collapse of cryptobanks (often calling themselves "exchanges") soon. These organizations range from unregulated banks to outright ponzi schemes. A number of them have "paused" withdrawals, including Celsius which was a relatively big player and appears to be heading for bankruptcy. Of course cryptobanks are not insured, so their clients' deposits are lost for good if the bank doesn't have the assets to cover them. At best they might get some fraction of it back as part of a bankruptcy settlement.

The other issue is that it appears many of these cryptobanks have been loaning currency to each other, leading to potential chains of bankruptcy. It's the subprime mortgage crisis all over again. Except no one is going to bail out the cryptobanks.


>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.
Yeah that's my biggest problem with crypto. I think the technology could be useful as way to make cashless payments pseudo sushi rollymously without going through a centralized institution, but most people into crypto are financial speculators looking for a quick buck or outright scammers.


>sushi rollymously
lel I meant to write sushi rollymously. Auto correct fucked up.


cute newflen


always fun learning the wordfilters ^^;


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I was phoneposting and thought I fat fingered it.


t. antichrist


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Seems like there is a lot of FUD with Ethereum becoming a security as of late, because most nodes would be located in the US. Which is making me a bit bearish on it, but it also makes me wonder how would it affet ERC20 tokens if that is still a thing? NFTs and a lot of other dApps were everywhere as of late, what will happen with all of that?
Crypto has been something I kinda stopped looking at, I think I'll just go for the same old same old S&P 500.
Also, surprised how hard AMD plummeted, I was thinking of getting into it some months ago lol


heh, called it. RIP Celsius and FTX. Wonder who's next.


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the only altcoin that's actually worth a shit is monero, it's effectively the only coin used on darkmarkets ( so the only REAL crypto currency ) and the only one that still carries the lable "privacy coin", the devs are serious about privacy and know what they're doing https://www.getmonero.org/ you can easily buy monero with *any* payment method at https://localmonero.co you don't have to go thru some scam exchange

99.9% of crypto are scams and while blockchain might have useful applications ( like a scoreboard or a tasklist on a collective project ) "currency" is the least likely scenario. Most crypto currencies function like derivatives or credit default swaps: speculative financial assets, except there is nothing 'real' holding them up at all their value is completely a projection of future value: imaginary. There will one day soon come a great crash that whipes 90% of altcoins off the map.

Full Disclosure: yes a hold some monero, yes, i want to drive up the price of monero so i can buy more drugs with it, It's fucking great. Buying drugs on deep web is the only good thing to come out of the crypto shitstorm.

* the only other coin i might consider is $oxen which is related to lokinet https://oxen.io/


Testing to see if this place has tranny mods(USER WAS BANNED FOR THIS POST)


It has.


what purpose does crypto have that does not involve selling crypto?


obfuscation of monetary transactions, decentralized banking, circumvention of domestic regulations


Scamming pople off their real money
I kid, there's no such thing as real money.


I'll buy in!

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