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I'm curious about how people's arguing about Bitcoin's prospects correlates with their cryptocurrency holdings.

by jjoe 9y ago

Nursie 9y ago
I'm highly sceptical about the entire cryptocurrency space, due to the weirdly gold-standard like underpinnings of most of the currencies. I don't like the idea of deflationary currency. I don't like the idea of decentralised currency; I think central banks play a useful role, even if they don't always do it well. I don't think BTC is a good payment mechanism because it requires exchange at each end, long confirmation times and burning a ton of energy. I don't consider putting money into cryptocurrency 'investment' because it's not like putting money into a company or venture - you're just buying a virtual asset to sit on it. I think a lot of the programmable stuff around ethereum is an overhyped solution looking for a problem, most/all ICOs are scams and a whole host of other negative things about the entire sector. That all said, I got curious and started mining with my gaming machines, and apparently I now have around $1K in various cryptocurrencies (half an ether, half a ZEC, some SIA, some ETN, a tiny piece of a monero, a few other little bits and pieces). The only money I've put in is through the electricity bill. I may find a way to cash out eventually, but at the moment I'm just going to hang on to it all and see where it is a year down the line. I don't believe in any of it - but I know other people do so there might be an opportunity to make some money.
- ansible 9y ago
  I've had a lot of those same objections since I first heard about Bitcoin. Ironically, I've been looking to buy some Bitcoin in the last couple months to trade for Sia, because I was thinking about setting up a storage node that can earn enough to pay for my own cloud backup needs.
  - Nursie 9y ago
    I mined sia and eth together because there was a dual mining program. The idea behind it is kinda nice, I'm not sure I actually need the service right now... but I'll hang on to the 1k SIA I mined in case that changes. I'm not expecting a speculative leap in value as amounts of siacoin mined are huge compared to the likes of ether or btc... Do you need Sia to start hosting? I think you can just go for it.
    - ansible 9y ago
      Do you need Sia to start hosting? I think you can just go for it. Yes, you need to put up collateral to start accepting storage contracts. https://support.sia.tech/knowledge_base/topics/how-do-i-start-hosting https://support.sia.tech/knowledge_base/topics/how-do-i-star...
      - Nursie 9y ago
        Oh interesting, thanks for that. It puts up a bit of a barrier to entry... ooh, and suddenly things look a little bit complicated, as you have to manage your collateral levels optimally to get a good score and be an attractive storage option.
ilitirit 9y ago
I personally don't believe in BTC's future in terms of tech. It has already played its hand - see the entire crypto space - so I'm under no illusion about its limited potential (in its current form). However, it has made me a fair bit of money, and I feel that it could possibly still make me more in the short term. I've already withdrawn my initial investment and the capital I'm using to explore this space is basically "profit" from those same initial investments so whatever I lose is basically only opportunity costs.

I'm curious about how people's arguing about Bitcoin's prospects correlates with their cryptocurrency holdings.

by jjoe 9y ago

I'm curious about how people's arguing about Bitcoin's prospects correlates with their cryptocurrency holdings.

I'm highly sceptical about the entire cryptocurrency space, due to the weirdly gold-standard like underpinnings of most of the currencies. I don't like the idea of deflationary currency. I don't like the idea of decentralised currency; I think central banks play a useful role, even if they don't always do it well. I don't think BTC is a good payment mechanism because it requires exchange at each end, long confirmation times and burning a ton of energy. I don't consider putting money into cryptocurrency 'investment' because it's not like putting money into a company or venture - you're just buying a virtual asset to sit on it. I think a lot of the programmable stuff around ethereum is an overhyped solution looking for a problem, most/all ICOs are scams and a whole host of other negative things about the entire sector. That all said, I got curious and started mining with my gaming machines, and apparently I now have around $1K in various cryptocurrencies (half an ether, half a ZEC, some SIA, some ETN, a tiny piece of a monero, a few other little bits and pieces). The only money I've put in is through the electricity bill. I may find a way to cash out eventually, but at the moment I'm just going to hang on to it all and see where it is a year down the line. I don't believe in any of it - but I know other people do so there might be an opportunity to make some money.

ansible 9y ago
I've had a lot of those same objections since I first heard about Bitcoin. Ironically, I've been looking to buy some Bitcoin in the last couple months to trade for Sia, because I was thinking about setting up a storage node that can earn enough to pay for my own cloud backup needs.
- Nursie 9y ago
  I mined sia and eth together because there was a dual mining program. The idea behind it is kinda nice, I'm not sure I actually need the service right now... but I'll hang on to the 1k SIA I mined in case that changes. I'm not expecting a speculative leap in value as amounts of siacoin mined are huge compared to the likes of ether or btc... Do you need Sia to start hosting? I think you can just go for it.
  - ansible 9y ago
    Do you need Sia to start hosting? I think you can just go for it. Yes, you need to put up collateral to start accepting storage contracts. https://support.sia.tech/knowledge_base/topics/how-do-i-start-hosting https://support.sia.tech/knowledge_base/topics/how-do-i-star...
    - Nursie 9y ago
      Oh interesting, thanks for that. It puts up a bit of a barrier to entry... ooh, and suddenly things look a little bit complicated, as you have to manage your collateral levels optimally to get a good score and be an attractive storage option.

ilitirit 9y ago

I personally don't believe in BTC's future in terms of tech. It has already played its hand - see the entire crypto space - so I'm under no illusion about its limited potential (in its current form). However, it has made me a fair bit of money, and I feel that it could possibly still make me more in the short term. I've already withdrawn my initial investment and the capital I'm using to explore this space is basically "profit" from those same initial investments so whatever I lose is basically only opportunity costs.