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5 minutes ago, JawKnee said:

 

Just my opinion but Layer 1 chains have matured and solidified. BTC and ETH are here to stay and will dominate everything, I wouldn't bother investing in anything other than those two as base layer blockchains. That means ignoring the likes of XRP, ADA, DOGE, BSC or any of that nonsense. They simply aren't going to make it in the long run. The big gains are now in nascent layer 2 scaling solutions (TRU), infrastructure (LINK), DEXes (UNI/SUSHI/1inch) and lending protocols (AAVE, COMP, AMPL, SNX) built on top of ETH. These are the building blocks of the upcoming DeFi revolution. Pretty much everything else is fighting a battle which has already been won.

Fully agree.

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2 hours ago, JawKnee said:

 

Just my opinion but Layer 1 chains have matured and solidified. BTC and ETH are here to stay and will dominate everything, I wouldn't bother investing in anything other than those two as base layer blockchains. That means ignoring the likes of XRP, ADA, DOGE, BSC or any of that nonsense. They simply aren't going to make it in the long run. The big gains are now in nascent layer 2 scaling solutions (TRU), infrastructure (LINK), DEXes (UNI/SUSHI/1inch) and lending protocols (AAVE, COMP, AMPL, SNX) built on top of ETH. These are the building blocks of the upcoming DeFi revolution. Pretty much everything else is fighting a battle which has already been won.

There's no doubting Eth is the current king of smart contract, and the genius of its engineering requires incredible respect, but I wonder if it could become the Netscape navigator at some point (not this bill run obviously). All these layer 2 solutions are great ways of squeezing more out of Eth with its fundamental issue of only being able to process 27 transactions per second. Eth is rich persons crypto now, sure if you want to exchange £100k on uniswap the fees are neglible, but for a retail investor who wants to spend £100 a month they might find gas fees eat up half their budget which is a nonsense. If your a budding artist trying your hand on NFT, that'll be £100 per NFT just in minting fees, the fees make it a rich persons chain now. All these layer 2s on Eth are fixes and workarounds to the fundamental issues of not having a big enough engine to cope with its now massive user base. The more layer 2 solutions come in to fix, the more complex and difficult it becomes to join services up on Eth running on separate layer 2 chains. A new chain like Elrond which on its test net got up to 260,000 transactions per second (way more then Visa can handle) whilst also being decentralised (3200 nodes on its main net) can do all these operations at a fraction of the cost as it won't be strangled by success until their are billions of people using it. Eth is the king of smart contracts, but it cannot continue as is so it will be fascinating seeing the migration to Eth 2.0 as it is such a different proposed structure I wonder if it will work, though the designers are clearly incredibly clever, so if it is possible they'll be the best people to try it. 

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For those interested in environmental issues, this may be worth a look.  At the conclusion, reference was made to opportunities in the further for individuals to mine again.

https://www.realvision.com/shows/the-interview-crypto/videos/why-bitcoin-will-green-the-planet#.YKA_JsDHbP8.twitter

WHY BITCOIN WILL GREEN THE PLANET

The Interview - Crypto · Featuring Meltem Demirors, Caroline Cochran, Whit Gibbs, and Mustafa Yilham

Published on: May 15th, 2021 • Duration: 50 minutes

Mustafa Yilham, VP of Global Business Development at Bixin; Meltem Demirors, chief strategy officer for CoinShares; Caroline Cochran, co-founder and chief operating officer of Oklo; and Whit Gibbs, founder and CEO of Compass Mining discuss how Bitcoin will ultimately prove a net positive for the greening of the planet. Given recent comments from individuals such as Elon Musk on their concerns over Bitcoin's adverse affects on the environment, the Real Vision Crypto team felt that it would be only proper to present our audience with an alternative viewpoint. Filmed live on March 24, 2021 at Real Vision's Crypto Gathering.

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23 minutes ago, Save me from the madness! said:

There's no doubting Eth is the current king of smart contract, and the genius of its engineering requires incredible respect, but I wonder if it could become the Netscape navigator at some point (not this bill run obviously). All these layer 2 solutions are great ways of squeezing more out of Eth with its fundamental issue of only being able to process 27 transactions per second. Eth is rich persons crypto now, sure if you want to exchange £100k on uniswap the fees are neglible, but for a retail investor who wants to spend £100 a month they might find gas fees eat up half their budget which is a nonsense. If your a budding artist trying your hand on NFT, that'll be £100 per NFT just in minting fees, the fees make it a rich persons chain now. All these layer 2s on Eth are fixes and workarounds to the fundamental issues of not having a big enough engine to cope with its now massive user base. The more layer 2 solutions come in to fix, the more complex and difficult it becomes to join services up on Eth running on separate layer 2 chains. A new chain like Elrond which on its test net got up to 260,000 transactions per second (way more then Visa can handle) whilst also being decentralised (3200 nodes on its main net) can do all these operations at a fraction of the cost as it won't be strangled by success until their are billions of people using it. Eth is the king of smart contracts, but it cannot continue as is so it will be fascinating seeing the migration to Eth 2.0 as it is such a different proposed structure I wonder if it will work, though the designers are clearly incredibly clever, so if it is possible they'll be the best people to try it. 

Yes, Eth is expensive to use right now but I don't think that's a bad sign for its future.

I don't know much about Elrond but I see their marketers claim to have solved the blockchain trilemma(!), which I'd take with a massive pinch of salt. The amount of times we heard that during 2017 from projects like EOS, IOTA, DAG, BCH etc who in reality all made massive trade offs to either decentralisation or security of their projects. Maybe Elrond is different, but forgive my scepticism for now.

The base layer of a cryptocurrency is allowed to be slow and expensive as long as the layers above it scale sufficiently and are still permissionless and as remain as decentralised as possible. Such an ecosystem is analoguous in some respects to traditional finance where the blockchain = SWIFT network taking days to clear/overnight inter-bank settlements and layer 2 crypto = VISA and 'Faster Payments' which clear in seconds or hours. Similar set ups but the blockchain version is superior for its openness and fairness.

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1 hour ago, JawKnee said:

The amount of times we heard that during 2017 from projects like EOS, IOTA, DAG, BCH etc who in reality all made massive trade offs to either decentralisation or security of their projects. Maybe Elrond is different, but forgive my scepticism for now.

Any claim of super high scalability on main chain is going to be ******** because you cant get round CAP theorem (which essentially says there are unavoidable time/space constrains on distributed systems).

EOS can do 3k tps and there was massive hype around its launch back in the day so if there really was an demand for high performance cheap tx smart contracts this or something similar would already be ahead of ETH. Reality is noone gives a fk (yet).

This is the reason I dont hold any smart contract coins long terms, its anyones game. At least with pure money youve got one clear winner (bitcoin).

Edited by goldbug9999
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10 hours ago, Save me from the madness! said:

There's no doubting Eth is the current king of smart contract, and the genius of its engineering requires incredible respect, but I wonder if it could become the Netscape navigator at some point (not this bill run obviously). All these layer 2 solutions are great ways of squeezing more out of Eth with its fundamental issue of only being able to process 27 transactions per second. Eth is rich persons crypto now, sure if you want to exchange £100k on uniswap the fees are neglible, but for a retail investor who wants to spend £100 a month they might find gas fees eat up half their budget which is a nonsense. If your a budding artist trying your hand on NFT, that'll be £100 per NFT just in minting fees, the fees make it a rich persons chain now. All these layer 2s on Eth are fixes and workarounds to the fundamental issues of not having a big enough engine to cope with its now massive user base. The more layer 2 solutions come in to fix, the more complex and difficult it becomes to join services up on Eth running on separate layer 2 chains. A new chain like Elrond which on its test net got up to 260,000 transactions per second (way more then Visa can handle) whilst also being decentralised (3200 nodes on its main net) can do all these operations at a fraction of the cost as it won't be strangled by success until their are billions of people using it. Eth is the king of smart contracts, but it cannot continue as is so it will be fascinating seeing the migration to Eth 2.0 as it is such a different proposed structure I wonder if it will work, though the designers are clearly incredibly clever, so if it is possible they'll be the best people to try it. 

This is why Richard Heart, the creator of the HEX crypto is "forking" 95% of Etherum into Pulsechain .   And is specifiaclly changing the code to keep gas fees optimum, making it cheap for the little man again. 

Now the genius is, as it is a fork of Ethereum Blockchain, it will create a duplicate copy of 95% of ERC20 tokens as well. 

A complete mirror market, where if you hold a ERC20 you cant afford to trade of ETH due to gas fees, you will have the same coins and same address on Pulsechain. 

It also means there is no reason any gas fee unhappy ERC 20 on Eth couldent "migrate" off ETH onto Pulsechain for it's users. 

So this is going to be big and interesting, like the BTC / BCH war in 2017.  

So some "massive" freemiums" coming for ERC20 holders in a few months. I will get duplicate HEX contracts. 

The market will decide which ERC20's win and lose in token price on which chain, based on GAS fees.  If you currently have an ERC20 on ETH you can no longer afford to use due to high gas fees, maybe the pulsechain copy you own is now useable, massively rising in price, and you can start investing small amounts again. 

HEX is an amazing success from scratch, so i wouldn't bet againt Richard Heart and Pulsechain taking a big chunk of the ERC20 market for the little guy. 

And he is coding it so that it will take a long long long time for gas fees to rise and there will be no miners and coinburns to keep gas fees constantly low. 

www.pulsechain.com

(disclosure, i plan to initial invest £2k into pulsechain at launch), I put £18 into Hex in Dec 2019 that is now worth £4800, had i put £2k in, it would now be worth £533k, (in less than 18 months!!) . so i am making the same commitment as i did to BTC in 2013, and am prepared for it to go to zero again. 

 

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12 minutes ago, Peter Hun said:

I've just done exactly that. Not all will accept Crypto profits but there are still plenty of lenders that will. 

All I had to do was show the records of deposit/withdrawals from the exchanges. Along with bank statements showing the money used was from my own accounts. 

Annoying but pretty straight forward. 

That was Metro Bank. 

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57 minutes ago, Peter Hun said:

Bit of a meh article, I know people who have had more problems than that with profits from ordinary businesses.

One point in the article that many crypto owners seem to unaware of is that any profits from mining are taxed as income, so 45% of their millions could go in tax.    

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1 hour ago, fatspanner said:

I've just done exactly that. Not all will accept Crypto profits but there are still plenty of lenders that will. 

All I had to do was show the records of deposit/withdrawals from the exchanges. Along with bank statements showing the money used was from my own accounts. 

Annoying but pretty straight forward. 

That was Metro Bank. 

Exactly. 

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28 minutes ago, Confusion of VIs said:

Bit of a meh article, I know people who have had more problems than that with profits from ordinary businesses.

One point in the article that many crypto owners seem to unaware of is that any profits from mining are taxed as income, so 45% of their millions could go in tax.    

I don't think anyone here has made big profits mining because its an economies of scale business.

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2 hours ago, markyh said:

This is why Richard Heart, the creator of the HEX crypto is "forking" 95% of Etherum into Pulsechain .   And is specifiaclly changing the code to keep gas fees optimum, making it cheap for the little man again. 

Now the genius is, as it is a fork of Ethereum Blockchain, it will create a duplicate copy of 95% of ERC20 tokens as well. 

A complete mirror market, where if you hold a ERC20 you cant afford to trade of ETH due to gas fees, you will have the same coins and same address on Pulsechain. 

It also means there is no reason any gas fee unhappy ERC 20 on Eth couldent "migrate" off ETH onto Pulsechain for it's users. 

So this is going to be big and interesting, like the BTC / BCH war in 2017.  

So some "massive" freemiums" coming for ERC20 holders in a few months. I will get duplicate HEX contracts. 

The market will decide which ERC20's win and lose in token price on which chain, based on GAS fees.  If you currently have an ERC20 on ETH you can no longer afford to use due to high gas fees, maybe the pulsechain copy you own is now useable, massively rising in price, and you can start investing small amounts again. 

HEX is an amazing success from scratch, so i wouldn't bet againt Richard Heart and Pulsechain taking a big chunk of the ERC20 market for the little guy. 

And he is coding it so that it will take a long long long time for gas fees to rise and there will be no miners and coinburns to keep gas fees constantly low. 

www.pulsechain.com

(disclosure, i plan to initial invest £2k into pulsechain at launch), I put £18 into Hex in Dec 2019 that is now worth £4800, had i put £2k in, it would now be worth £533k, (in less than 18 months!!) . so i am making the same commitment as i did to BTC in 2013, and am prepared for it to go to zero again. 

 

Thought £18 was all you could put in ??

How do yoy buy this pulse ?

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1 hour ago, Buffer Bear said:

 

I don't know anything about dogecoin but isn't it a PoW coin? If they increase the block size 10X then then don't the start to suffer from the same issue BCH did, which was it becomes a centralised coin trusting the big miners?

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22 minutes ago, dugsbody said:

I don't know anything about dogecoin but isn't it a PoW coin? If they increase the block size 10X then then don't the start to suffer from the same issue BCH did, which was it becomes a centralised coin trusting the big miners?

Yes. Short term gain, long term pain. Last cool invention in crypto was atomic swaps around 2012. Nothing impressive since then.

Edited by Mixle
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1 hour ago, goldbug9999 said:

I don't think anyone here has made big profits mining because its an economies of scale business.

I cannot recall who but a couple of posters on here have said that they mined their coins, probably in the early  days when you could do it on your PC.

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34 minutes ago, Confusion of VIs said:

I cannot recall who but a couple of posters on here have said that they mined their coins, probably in the early  days when you could do it on your PC.

I'm sure there are at least a few including @markyhmarkyh, who has documented it from the early stages of this thread, and I think @MonsieurCopperCrutch.

@goldbug9999ggoldbug9999goldbug9999goldbug9999go[email protected]oldbug9999 @Confusion of VIs

Edited by Buffer Bear
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