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Blockchain and Bitcoin

Nocapszy

no clinkz 'til brooklyn
Joined
Jun 29, 2007
Messages
4,517
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I largely ignored it until I had to get up to speed for work. It is extremely energy dependent and I read recently that more energy is used worldwide for cryptomining than real mining.

The process is simple. To be a cryptominer, one must first validate existing transactions ( the blockchains), then solving mathematical problems first. only the first to the answer gets the prize, so speed is key.

The technology has been evolving quickly. They soon realized graphic cards could solve things faster, and then specialized graphic cards developed.

Miner now down to a calculation. Top of the line tech from 6 months ago is barely profitable today.

Many people do crypto arbitrage. There are a number of exchanges around the world and prices vary between exchanges. So, they buy in one and sell in another.

But it is the laundering that is huge. Funds that banks can't take (from illegal sources or gray areas such as marihuana) are changed into crypto and then sent around the world.

Crypto is mostly being regulated as property not currency, but may change.

From those I know invested in crypto, they are often frightened or elated. It is a rollercoaster. I read somewhere that 90% of crypto trades are fake, with the buyer and seller the same and they are just trying to move the price.

Now a lot of currency exchanges are fake, anyway, as the traders manipulate the prices to get the price they want working together. As such, it isn't surprising that crypto exchanges are equally bad.

i take it you're in finance and not tech - it seems like all my tech friends just can't get over how revolutionary the blockchain is (no part of the stack involved in bitcoin or any of the other cryptos is actually that revolutionary or clever btw), and yet none of the finance people i know even want to talk about it as a serious concept.
i.e. the people who muse at the artistry of crypto are all over it, and the people who actually understand how value works say rather "ehhhhh maybe when it evens out."

my opinion is this: i won't own any crypto until i can use it to buy taquitos and a big gulp at 711.
 

SearchingforPeace

breaking out of my cocoon
Joined
Jun 9, 2015
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i take it you're in finance and not tech - it seems like all my tech friends just can't get over how revolutionary the blockchain is (no part of the stack involved in bitcoin or any of the other cryptos is actually that revolutionary or clever btw), and yet none of the finance people i know even want to talk about it as a serious concept.
i.e. the people who muse at the artistry of crypto are all over it, and the people who actually understand how value works say rather "ehhhhh maybe when it evens out."

my opinion is this: i won't own any crypto until i can use it to buy taquitos and a big gulp at 711.

I am in neither finance nor tech, but have spent 25 hours this week related to crypto.

I do know someone with a crypto card, that draws on his crypto wallet. Not smart.

One of the problems is crypto is considered by the Feds as a commodity, not currency. In any event, there are 2k or so crypto currencies, each mined using a variety of algorithms (a single algo might be used to mine 3 to 20 coins). Each algo is being mined with a certain specialized mining machine. But not every coin is liquid, so while they might be easy to mine, they can't be traded.

Anyway, I own no crypto and don't plan to do so. From what I have seen, I can't recommend it.
 

Pioneer

New member
Joined
Aug 4, 2019
Messages
58
i take it you're in finance and not tech - it seems like all my tech friends just can't get over how revolutionary the blockchain is (no part of the stack involved in bitcoin or any of the other cryptos is actually that revolutionary or clever btw), and yet none of the finance people i know even want to talk about it as a serious concept.
i.e. the people who muse at the artistry of crypto are all over it, and the people who actually understand how value works say rather "ehhhhh maybe when it evens out."

my opinion is this: i won't own any crypto until i can use it to buy taquitos and a big gulp at 711.

I don't see how you can isolate blockchain from commodities and thus from the financial/economic aspect (crypto is a commodity).
 

Jaq

Remember, Humanity.
Joined
Apr 14, 2011
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Didn't this bubble burst a long time ago?
 

Mole

Permabanned
Joined
Mar 20, 2008
Messages
20,299
I am about to leave typology central, and join the block chain of Instars.

Typology Central is an intermediary between me and you, while on blockchain Instars I will be speaking to you directly without an intermediary.

Catholicism, for instance, puts an intermediary between us and God in the priest, while protestantism gives us direct access to God. So we might say blockchain is the protestantism to the catholicism of typology central.
 
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