OT Bitcoin and quick wealth

[Blown Reek]

Originally Posted by mistermo

What did you see in Safemoon that you liked?

The fact that for $0.000006, you can potentially become rich. That's the only upside.

[b33]

Originally Posted by BobbyJones

The 17 year old Tesla kid? Luck.
The million dollar condo kid? Luck.

"Luck is the residue of design" - Branch Ricky (you know the baseball owner who got 'lucky' bringing on #42 the first African American baseball player in the MLB

[fiamme red]

Originally Posted by Davist

As someone working in the data center power industry, where we're spending all kinds of efforts to use less power overall, reduce dependence on diesel generators, investing in and powering via renewable energy through different options, and tying to be more sustainable, it's worrisome that the crypto industry doesn't care about this one whit and gets lumped in with the data centers. I say regulate the snot out of it for that reason alone.. more power consumed than Norway, 10x more than google. Ugh. Here's a chart for reference: https://www.visualcapitalist.com/vis...itcoin-mining/

Here's an interesting article about the old Greenidge power plant in the Finger Lakes of New York that is now being used for Bitcoin mining: https://grist.org/technology/bitcoin...ryptocurrency/.

Greenidge also said that the company plans to replicate its vertically integrated model — cryptocurrency mining at the source of energy production — at other power plants, with a goal of at least 500 megawatts of combined mining capacity by 2025. To accomplish that, the company would have to acquire and open at least four other power plants of similar capacity. They probably won’t have trouble finding them: National environmental nonprofits Earthjustice and the Sierra Club have already warned that nearly 30 power plants in upstate New York could be used for similar purposes. Atlas Holdings itself partially owns five power plants in New Hampshire that have more than 1,000 megawatts of combined capacity. Like Greenidge before its pivot to Bitcoin, they’re only used at times of peak demand.

Others are already following in Greenidge’s footsteps. In April, a cryptocurrency mining company called Digihost moved to acquire a 55-megawatt natural gas-fired plant in Niagara County, New York. It could theoretically happen at any aging fossil fuel plant around the country: A source of dirty energy that has outlived its profitability could find a second life as a Bitcoin mining operation. Contra Dorsey and Musk, there’s no incentive for Bitcoin miners to purchase or invest in renewable energy if it’s less expensive to produce their own by burning fossil fuels at dirt cheap plants that nobody else wants.

“It’s a gold rush,” observed Vinny Aliperti, the owner of a winery 10 miles up the road from Greenidge. “We’re just the first, but they’re going to be coming after all these old power plants.”

[Davist]

Yeah, all the old Alcoa plants along the St Lawrence River upstate were talking about being repurposed for mining a couple years ago during a boom as well. I work with Quebec Hydro a bit, and they've put some pretty strict limits around how much of their generation capacity can be used for mining crypto. Meanwhile, Montreal is becoming a bit of an AI hub so the data center business is popping as well. I grew up in Rochester, spent college in Potsdam, so I understand the manufacturing that left leaves an opportunity for the underutilized power capacity.

[Bentley]

Originally Posted by .RJ

Thats speculation, not investing.

At the start of the year I tossed some money into crypto and I've been pretty pleased at the returns - but it wasnt anything I couldnt lose in the long run if it all goes tits up. In retrospect I wish I'd gone in further seeing the gains, but, this will be a long term hold regardless, i'm either going to cash out big later or it will vanish into the wind.

Most of my long term $$ is wrapped up in 401k, index funds and house.

Money you can afford to lose… that is gambling… way different from investing….

Not wanting a pi$$i** contest… glad you have made some money… but currency is generally backed by something (like gold) or someone (government) not sure who/what is backing crypto…. My point…. If you can afford to lose it… go for it, not sure that is the case for all that are in this…

[commandcomm]

Originally Posted by mistermo

What did you see in Safemoon that you liked?

I like the static rewards. protocol and automatic liquidity as spelled out the white paper. The overall the longer you hold the more you get from the part of the 5% of people’s sales.

Safemoon Protocol
SafeMoon employs 3 simple functions: Reflection + LP acquisition + Burn In each trade, the transaction is taxed a 10% fee, which is split 2 ways.

5% fee = redistributed to all existing holders
5% fee is split 50/50 half of which is sold by the contract into BNB, while the other half of the SAFEMOON tokens are paired automatically with the previously mentioned BNB and added as a liquidity pair on Pancake Swap.

Here is the white paper.

https://safemoon.net/whitepaper

[R3awak3n]

Originally Posted by BobbyJones

You guys talk about crypto "investing" like its a thing. There's nothing to learn.

The 17 year old Tesla kid? Luck.
The million dollar condo kid? Luck

It's a gamble based on something they read somewhere on the internet, nothing more. Way much more of a gamble than most equites.

It is important to note however, that Casinos are real businesses and the Kardashians are now real celebrities.

everything is luck... a lot of wealthy people work hard but also had a ton of luck. I am not a big crypto guy but its as much investment as investing on anything else.

[Blown Reek]

Originally Posted by R3awak3n

its as much investment as investing on anything else.

Not really. Investment is supposed to be a bet on future earnings (although when you're looking at a P/E ratio in the hundreds, it's kind of hard to justify), whereas crypto is nothing more than assigning value because people have convinced themselves that this value-less thing has value (see NFT). Basically, crypto has worth because enough people believe it has worth. It's based in nothing. When you look at it, you're basically hoping to get into a pyramid scheme early so you can keep getting paid.

You're just hoping to ride the wave and pick the lucky coin that becomes a meme and reap the rewards. There's no investing any more than you're investing at the roulette table hoping your ridiculously named crypto (SushiSwap, DogeCoin, PancakeSwap) gets mentioned by someone on SNL and suckers late to the game keep driving the price up.

But then again, I completely missed the boat on all of the above cryptos because I was obviously wrong. But my weed stocks have been doing great for the past year, so a stopped clock is right twice a day.

[mistermo]

Originally Posted by Blown Reek

There's no investing any more than you're investing at the roulette table hoping your ridiculously named crypto (SushiSwap, DogeCoin, PancakeSwap) gets mentioned by someone on SNL and suckers late to the game keep driving the price up.

I get your point and mostly agree, though it's not like the roulette table or gambling where there are defined odds and you're merely hoping that Lady Luck helps you overcome them. I also concede it's also not like govt currency or other equities for the lack of underlying assets.

For me, it's in a risky, ambiguous space in-between. Thirty years ago, people were decrying this crazy internet thing. I myself wondered who'd ever buy clothes over the internet when they couldn't see them or try them on. Clearly, I was wrong.

Crypto is not going away and will find it's place and at some point, become more widely adopted. We're at the very early stages and something, we don't know yet, will be the winner. You are an investor if you're trying to pick that winner.

Whether it's investing in equities, gambling or crypto "gamblvesting", no one should deploy funds they're unable to lose.

[dbnm]

I used a bit of spare change to buy BTT, Doge, and ETC.

I'm doing rather well on all of it but BTT which is not moving much.

[.RJ]

Originally Posted by Bentley

Money you can afford to lose… that is gambling… way different from investing….

Not wanting a pi$$i** contest… glad you have made some money… but currency is generally backed by something (like gold) or someone (government) not sure who/what is backing crypto…. My point…. If you can afford to lose it… go for it, not sure that is the case for all that are in this…

Investing in stocks is not a sure thing either - companies can go tits up or get acquired or the bottom can fall out of the stock or housing market or any number of things can go sideways. Fiat currency has not been backed by gold in a very long time. A lot of the things we really think about as safe investments really arent, they're just lower risk all things relative. If there's no risk, the reward is low.

[R3awak3n]

Originally Posted by Blown Reek

Not really. Investment is supposed to be a bet on future earnings (although when you're looking at a P/E ratio in the hundreds, it's kind of hard to justify), whereas crypto is nothing more than assigning value because people have convinced themselves that this value-less thing has value (see NFT). Basically, crypto has worth because enough people believe it has worth. It's based in nothing. When you look at it, you're basically hoping to get into a pyramid scheme early so you can keep getting paid.

You're just hoping to ride the wave and pick the lucky coin that becomes a meme and reap the rewards. There's no investing any more than you're investing at the roulette table hoping your ridiculously named crypto (SushiSwap, DogeCoin, PancakeSwap) gets mentioned by someone on SNL and suckers late to the game keep driving the price up.

But then again, I completely missed the boat on all of the above cryptos because I was obviously wrong. But my weed stocks have been doing great for the past year, so a stopped clock is right twice a day.

yes and no. Sure a lot of what you say is accurate but then the US dollar is the same as crypto. It is a made up thing based on nothing only and only has valued because we were all convinced that it is worth something.

Crypto however does rely on technology and its a pretty decent one, able to transfer funds quicker than anything banks are using now.

Trust me I agree with a lot of what you are saying and definitely a pyramid scheme but in a way so is the stock market... the ones with more information that get in quicker will make the most, a ton will loose a lot. Not to mention that yes it should be based on company earnings but not really, companies that have not made a penny and their shares are woth a lot and companies that beat the expectations and stock goes down... its also gambling but way less volotile... but you make less so it seems just like sports betting to me (higher the risk the bigger the profits)

[Spaghetti Legs]

Great discussion, thanks everyone.

If I may interject a moment, “loose” is the word for an object or animal that is not secured or contained, “lose” is the word I think to be of more use in this thread, I.e. “I may lose all my money buying crypto” although you might say “I’m going to set my money loose to buy crypto and hopefully it will come back home with a lot of new friends”

Kind of equivalent to using breaks to stop your bike.

Thank you and carry on!

[R3awak3n]

Originally Posted by Spaghetti Legs

Great discussion, thanks everyone.

If I may interject a moment, “loose” is the word for an object or animal that is not secured or contained, “lose” is the word I think to be of more use in this thread, I.e. “I may lose all my money buying crypto” although you might say “I’m going to set my money loose to buy crypto and hopefully it will come back home with a lot of new friends”

Kind of equivalent to using breaks to stop your bike.

Thank you and carry on!

how many languages do you speak fluently?

You may not interject. I do not need your english lessons or you to make me or anyone else feel dumb because of a stupid spelling mistake. This kind of stuff drives me crazy. English is not my first language and even if it was it does not matter so yeah, either you have something to add to the discussion or shut up.

[ernmony]

I was going to purchase some components for $1500 but put it in Doge ($.26) instead. I have doubled my investment in less than 3 weeks. Hopefully it goes up higher by tomorrow after EM makes his SNL debut.

At the end of day, if you have a little extra cash to splurge, just take a risk and see where it leads. I know I won't get rich off this tiny investment but I can probably get the dream bike/car down the road...just saying!