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Hrvoje

Crypto?

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Hi folks :)

 

I was just wondering if there are any crypto lovers among you and if so, which crypto projects / currencies you like, own, prefer or even use in daily life

 

Cheers

 


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Crypto currency is a horrible thing.  Companies were going to get into it, but they stopped as the price fluctuated too violently.  There is also the problem with the way you use the currency.  With people needing to trade fractions of a coin with bitcoin they need to go through a 3rd party to do so.  This 3rd party then holds a ton of the codes for a ton of currency and can close shop taking all the virtual currency with them.  This happened on many occasions when the bitcoin took off.  Many of the companies stole millions of $$ in virtual money.

 

If you want to mine any of them you will spend more in electricity than you will make in the currency.  If you can somehow get the power for free you might make a little money with exponentially diminishing returns.  Don't do it. Don't buy it. Ignore it.

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  • I would say you are quite misinformed about cryptocurrency and crypto projects in general. Scam projects are exactly what hurt the space in the past. Technology and protocols coming out from it will have (and already do) a great impact on us. The time off endless amount of useless coins and thin air projects is behind us and in next few years only quality projects will survive. I can see a pretty much similar scenario as after dotcom bubble crash in 90's, where some big companies emerged


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    36 minutes ago, Fastbee said:

    This 3rd party then holds a ton of the codes for a ton of currency and can close shop taking all the virtual currency with them.  This happened on many occasions when the bitcoin took off.  Many of the companies stole millions of $$ in virtual money.

    This only happens if you're stupid enough to leave your coins in the wallets of one of those services. You can avoid it by just paying everything out to your own personal wallet and if you want to sell again you just shove it back again.

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    At the moment the horrific carbon cost of running crypto is keeping me from speculating, and it is something anyone should consider if they consider themselves to have environmental credentials. But if I was picking a decent altcoin to invest in, I might choose Nano, which is very fast and well supported. 

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    The folk who sell GPUs are not complaining...

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  • 2 hours ago, Freemorpheme said:

    At the moment the horrific carbon cost of running crypto is keeping me from speculating, and it is something anyone should consider if they consider themselves to have environmental credentials. But if I was picking a decent altcoin to invest in, I might choose Nano, which is very fast and well supported. 

    That is only for proof of work protocols which by my judgement will become extinct. Proof of stake is the way to go. My favorite project is Cardano since it seems to be complete protocol which is the only one doing peer review and uses scientific methods. In the long run I can only see a handful of protocols&platforms surviving


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    @Hrvoje I don't get crypto. What's the big deal? Doesn't regular money work fine? I will do some research, but I'm interested in what the attraction is for you personally.

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  • Don't mistake crypto for cryptocurrency only. It is a technology with immense scope way greater than that, which will eventually touch DCC apps for sure. If you can spend and hour or two during weekend, simply do a search for Charles Hoskinson on youtube, he explains things very well :)

     

    Disclaimer: Even though I had personal contact with Charles and they advertise on Cafe, I am cautioning everyone to inform themselves properly about risk of getting into cryptocurrencies and all associated tech. My post is certainly not an investment proposition or attempt to persuade anyone into buying crypto. We are simply talking about technology here and I am interested to see how familiar Cafe people are with that, given that they are most likely prone to new tech due to obvious reasons.


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    I land somewhere between Hrvoje's enthusiasm and the skepticism of others. Alt Coins serve a social purpose and a functional one. Yes there are scams but does anyone think other forms of investment aren't rigged to some extent? And in some countries you cannot trust the government or the banking system.

     

    Early last year I mined for about 4 months with my GPU's. I netted about $600 after electricity costs. Yes real cash that I spent. But returns faded. Mining was moving away from GPU to ASICs. It's true that now there's little money in GPU-based mining. But I really wished I'd started a year or so earlier. I would have made 3-5k just with my 5 cards. If not rendering 3d I could mine.

     

    As for investing in Bitcoin or one of the other major ones...never have. But I understand those that do.

     

    It's a bit like real estate, I suppose. If you are going to buy don't jump in when the wave is high. Go in low and ride the rise.

     

    Otoy (the Octane folk) have talked about opening a rendering service where you could use blockchain tech to time-share your GPU's for others that want to render projects. I hope it happens...

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    5 hours ago, Icecaveman said:

    Otoy (the Octane folk) have talked about opening a rendering service where you could use blockchain tech to time-share your GPU's for others that want to render projects. I hope it happens...

    In the next 10 years or so I expect very few people will still be using anything, but real time rendering.  It would have been good 5 years ago.  Now a days, not so much.

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