Help with Bitcoin

[MrFisty]

Originally Posted by Ashikabi

Has to be a certain amount to have to claim it though right?

Half a Mil certainly meets whatever that threshold could be.

How slowly you do it will not matter if you do a decent amount in a given year.

[Imp]

Originally Posted by VIP BRZ

wait.. 10K Christmas bonus?! wtf , i'm lucky if i get a fruit basket.

... at least you GET a fruit basket. Us? Nada.

--kC

[Imp]

Originally Posted by MrFisty

I think capital gains still applies.

That would be correct.

--kC

[Tcoat]

Originally Posted by brianwil2727

thanks for this post, this was really helpful.

Wait for the spam!

[Ultramaroon]

Originally Posted by Tcoat

Wait for the spam!

Well, yeah. Now that you keyed your mic and gave up our position.


You wouldn't last five minutes outside the matrix.

[Tcoat]

Originally Posted by Ultramaroon

Well, yeah. Now that you keyed your mic and gave up our position.


You wouldn't last five minutes outside the matrix.

Meh It was coming anyway. Will be another almost but not quite relevant or totally vague post soon.

[Bonburner]

I like crypto and I see its potential in the future.

But I'm 100% sure bitcoin is not the future. That's like saying the first engine ever built would be the future of all engines.

Bitcoin is (1) way too slow of 7 transactions per second, (2) too inefficient with its proof of work model (wasting computational power by competing against other computers), (3) has a potential 51% attack risk (albeit unlikely with how big it has gotten but still possible especially since most of the mining is in China, proof of stake is a better model to address this issue), (4) as mining new coins is rarer the overall revenue of mining decreases there are less reasons to mine bitcoin when a miner can mine something else with their hardware and get better income (opportunity cost) which will lead to greater 51% attack risk, (5) if bitcoin is a going to be a store of value then there will be too few transactions to support miners so more opportunity cost for 51% attack as miners mine other coins, etc.

Those saying lightning network is the answer, then you lose the security of BTC and you're not Really using BTC anymore but a different system. At that point you might as well use a different coin that doesn't have all the generation 1 flaws. There are several other issues with the lightning network as well.

And those claiming governments/institutions will support the network by investing into it, you're not thinking logically. There are no reasons to pay the opportunity cost to support a network instead of putting your wealth into something else that doesn't need that support.


That being said. I think Bitcoin will remain the top crypto for the next 5-10 years. I personally think Polkadot and Cardano will be the most important coins long term as they solve the network speed and scalability that both bitcoin and ethereum faces.
I also don't think Eth 2.0 will work out as planned, as very few upgrades goes as planned. And even after they reach their goals, Polkadot still seems to be a better system.
FYI, I personally hold Polkadot (Dot). I do not hold Cardano because I have some issues with it.

[Ray Fountain]

Originally Posted by Bonburner

I like crypto and I see its potential in the future.

But I'm 100% sure bitcoin is not the future. That's like saying the first engine ever built would be the future of all engines.

Bitcoin is (1) way too slow of 7 transactions per second, (2) too inefficient with its proof of work model (wasting computational power by competing against other computers), (3) has a potential 51% attack risk (albeit unlikely with how big it has gotten but still possible especially since most of the mining is in China, proof of stake is a better model to address this issue), (4) as mining new coins is rarer the overall revenue of mining decreases there are less reasons to mine bitcoin when a miner can mine something else with their hardware and get better income (opportunity cost) which will lead to greater 51% attack risk, (5) if bitcoin is a going to be a store of value then there will be too few transactions to support miners so more opportunity cost for 51% attack as miners mine other coins, etc.

Those saying lightning network is the answer, then you lose the security of BTC and you're not Really using BTC anymore but a different system. At that point you might as well use a different coin that doesn't have all the generation 1 flaws. There are several other issues with the lightning network as well.

And those claiming governments/institutions will support the network by investing into it, you're not thinking logically. There are no reasons to pay the opportunity cost to support a network instead of putting your wealth into something else that doesn't need that support.


That being said. I think Bitcoin will remain the top crypto for the next 5-10 years. I personally think Polkadot and Cardano will be the most important coins long term as they solve the network speed and scalability that both bitcoin and ethereum faces.
I also don't think Eth 2.0 will work out as planned, as very few upgrades goes as planned. And even after they reach their goals, Polkadot still seems to be a better system.
FYI, I personally hold Polkadot (Dot). I do not hold Cardano because I have some issues with it. If you want to stay in the know about what is going on on the crypto market I strongly recommend to have a look at this site.

Hi Bonburner.
As for speed of transactions. Lightning Network solves this problem easily. 51% attack is not relevant for the Bitcoins ecosystem. Actually almost any invention on the market can be transferred to the Bitcoin network. It needs time, it's true, but still. The main advantage of btc is its network effect. People know that it is reliable, deflationary, and is here to stay for long

[Jdmjunkie]

Does anyone have good info on mining crypto, say I have 4 or 5 grand to invest in it, where do I start?

[soundman98]

Originally Posted by Jdmjunkie

Does anyone have good info on mining crypto, say I have 4 or 5 grand to invest in it, where do I start?

friend of a coworker mines. says that just accounting for electricity and cooling usage, he makes somewhere near $100/mo with a system that cost about $10k to set up, but he doesn't factor the initial cost into the 'profits'...

one guy i've worked with on and off has had better luck with penny stocks.

[Jeremiah Snowden]

Several days ago BTC dropped down about 50%. In such moments it is funny to read about decentralisation and independence of crypto in my opinion one the biggest problems of the whole crypto market is its volatility. In the last couple days my portfolio decreased by more than 40%. I mean that several months of bull run were blown away by a few days of real correction. In my opinion if you have a lot of coins staked then it is sort of a wayout in such corrections. Because no matter how massive they are your coins keep working and bringing you profit

[Spuds]

The problem with most cryptocurrency is that it's primary value driver is it's volatility. That is completely counter to what you want in a currency, and has no real value outside of itself as an investment.

[soundman98]

the main problem is everyone's seeing the news articles on the early investors that are now worth millions, so people are flocking to invest to get rich quick, and then losing everything.

first rule of investing, only put money in you're not afraid to entirely lose...