191–200 of 339 posts
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People are still mining LTC/BTC/DOGE et al, aren't they?
There was an analysis recently that ETH accounts for something like 97 percent of the mining market’s value.
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I don’t need to do that. But it’s an accepted currency, so why shouldn’t I use it when it’s offered?
Well, purportedly BTC is a high-yield investment asset, so paying for things in it instead of regular money, which is purportedly a negative yield (e.g inflation) asset, makes way less financial sense. Though this does highlight one of the things that's never made sense to me about this entire ecosystem. Something that's a high-yield asset is a terrible currency because you're basically punishing your future self for…
Other PoS shitcoins could be considered high yield, in fact the yield is algorithmic and is independent of market value (which is an odd concept, as other reg high yield products will return capital explicitly to satisfy a yield.)
Taken further, yield may well be the “scam”. Bitcoin provides none of this.
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Don't forget about the $720M in "Mining Assets". I wouldn't be surprised if the true value were much lower than this, now that crypto prices have crashed.
I think they are claiming they can mine something like 10k bitcoin/year ( https://twitter.com/ThePrivatier/status/1547613977231798272 ) going forward but I have no idea what the COGS/cost between labor/maintenance and electricity is to mine that. If it's say 50%, then those "mining assets" will pay back in 7 years. Seems like people are going to take a large haircut on whatever they deposited and then maybe get back…
2) the hardware is going to become obsolete well b4fore 7 years (although I wonder how the semiconductor shortage is holding back custom mining hardware design and manufacturing? Maybe in 2029 people will still be using today's hardware? I seriously doubt that.)
3) I'm reasonably sure arbitrage pushes the cost of mining asymptotically close to the price of electricity to run it, so the margins are almost all whatever temporary, fraudulent, or criminal steps you can take to reduce your cost (or outright steal) the electricity.
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This happened with Hertz during bankruptcy. And apparently it wasn’t entirely nuts: https://www.forbes.com/sites/kevindowd/2021/11/07/how-hertz-...
Hertz had actual vehicles.
Now I'm wondering if the Hertz thing would have played out differently in the current 2nd hand car market insanity? Could an asset stripper have liquidated the entire Hertz rental fleet at above new car prices?
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Well, purportedly BTC is a high-yield investment asset, so paying for things in it instead of regular money, which is purportedly a negative yield (e.g inflation) asset, makes way less financial sense. Though this does highlight one of the things that's never made sense to me about this entire ecosystem. Something that's a high-yield asset is a terrible currency because you're basically punishing your future self for…
While other treat bitcoin as an investment, I treat it as a way to send money without getting censored and without supporting PayPal and VISA/MasterCard. It’s an idealistic thing (which is probably the reason why I only pay products worth 100-200$/month in BTC. I obviously don’t pay my rent, my car etc in BTC). For me it’s just an alternative to cash, which I also use for smaller purchases — cash is „gelebte Freiheit…
It’s a payment protocol for arbitrary assets. You can pay in Bitcoin via Taler. I don’t think it will gain traction. The best payment protocol for Bitcoin today is Lightning Network, and is as open, and more sophisticated than GNU Taler ever was.
Yes, I ack that BTC is pubkeyhash and scripthash pseudononymous are not private.
One thing to note is that while Celsius, a centralized and opaque yield platform, collapsed, not a single major DeFi protocol failed during a period of enormous stress. MakerDAO, Aave, Uniswap, Curve, Lido and Compound all had perfect 24/7 uptime with zero losses due to unrecoverable debt. This pretty clearly strengthens the case for pure and transparent DeFi, where anybody can inspect the health of the protocol or t…
One thing to note is that while Celsius, a centralized and opaque yield platform, collapsed, not a single major DeFi protocol failed during a period of enormous stress. MakerDAO, Aave, Uniswap, Curve, Lido and Compound all had perfect 24/7 uptime with zero losses due to unrecoverable debt. This pretty clearly strengthens the case for pure and transparent DeFi, where anybody can inspect the health of the protocol or t…
You gotta be Kidding me. That’s like frozen boiling water.
One thing to note is that while Celsius, a centralized and opaque yield platform, collapsed, not a single major DeFi protocol failed during a period of enormous stress. MakerDAO, Aave, Uniswap, Curve, Lido and Compound all had perfect 24/7 uptime with zero losses due to unrecoverable debt. This pretty clearly strengthens the case for pure and transparent DeFi, where anybody can inspect the health of the protocol or t…
Not your keys, not your crypto. How many times must it be said?
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It would have been really interesting if any of these crypto companies bought a bunch of tanks when times were good. That sounds like a good sci-fi novel and an interesting ending.
You can't buy armed tanks as a private company. That's a sovereign privilege.
The fact that the entire crypto market simply followed the public markets in the downturn, rather than being a haven for wealth that people flocked to for safety, means that "Crypto" is unambiguously just another speculative asset like Art (but worse).
For every seller there is a buyer, and many are buying stocks and crypto right now at low prices. And why wouldn't they? The fed is manipulating the market with interest rates, just as they did during Corona. History proves in the long run holding dollars is good for short term stability, but it's a long term loser.