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Any Cryptocurrency users or traders here?


FlyntFire

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  • 9 years later...
  • 1 year later...

>ANY CRYPTOCURRENCY USERS OR TRADERS HERE?

This feels like a FedPost, but I'll bite since it was from 9 years ago, haha. I won't comment whether or not I have any, but I am very interested in crypto. I'm certainly not a "crypto-bro", nor am I going to push you into buying pictures of apes. I'm more interested in crypto as an alternative to Fiat currency, the blockchain ledger system & privacy/security. I don't care about it going 100x and being a millionaire (although that would be nice), it's more the tech that I'm interested in. I had a great mentor a few years back who holds a masters in cryptography & cryptocurrency from Greece. I learned a shit-ton and participated in a lot of crypto projects using RaspberryPi's and such. Good times. If anyone has questions, go ahead and shoot.

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I got into crypto for a short while. Actually to be more specific, mining. I bought two 3060s, one for my PC and one for my daughters. Then just let them mine when we weren't gaming. Started with BTC, then switched to ETH. Before the bubble on mining burst, I managed to make the graphics cards pay for themselves and put money into my pocket. I cashed out all my crypto just in the nick of time though and haven't looked back. I check from time to time what the rate is, but these days if you were to mine ETH on a 3060, you'd spend more in electricity than you'd actually earn from mining, so it's just not feasible.

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I'm more interested in the technology than anything else. Never traded or mined, though I got some at a hackathon.

 

29 minutes ago, Koby said:

I check from time to time what the rate is, but these days if you were to mine ETH on a 3060, you'd spend more in electricity than you'd actually earn from mining, so it's just not feasible.

 

I thought ETH moved to proof of stake recently so it's no longer mineable. I dislike that class of protocols by principle. Great that you were able to earn back the cards' worth though, RTX 3060's are pretty cool.

 

1 hour ago, Zemekis said:

I'm more interested in crypto as an alternative to Fiat currency, the blockchain ledger system & privacy/security.

 

I like XMR from a technical standpoint. Transaction obfuscation algorithm for privacy. Anti ASIC proof of work algorithm that incentivizes decentralized mining on low end hardware instead of massive rigs. Slower transaction time that disincentivize constant day trading leading to a far less volatile value, making it safer to keep funds in it.

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Just now, Arisien said:

I'm more interested in the technology than anything else. Never traded or mined, though I got some at a hackathon.

 

 

I thought ETH moved to proof of stake recently so it's no longer mineable. I dislike that class of protocols by principle. Great that you were able to earn back the cards' worth though, RTX 3060's are pretty cool.

 

 

I like XMR from a technical standpoint. Transaction obfuscation algorithm for privacy. Anti ASIC proof of work algorithm that incentivizes decentralized mining on low end hardware instead of massive rigs. Slower transaction time that disincentivize constant day trading leading to a far less volatile value, making it safer to keep funds in it.

Being proof of stake didn't make it not mineable. It just maked it so unless you own a huge stake in it, you're not able to mine your own pool. Once it went proof of stake, then people just had to join existing pools from those that have them and they mine that. In this way the person with the proof of stake gets a percentage of everything mined from their pool. Which means since you're giving an extra cut to someone else, it's even less that you actually earn for yourself and with the value of ETH down, there just isn't any profit in it unless you have like a 4080 or better. I'm not exactly sure how it all works... I just ran the T-Rex program and earned money by letting my GPU be utilized when not in use.

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Just now, Koby said:

Being proof of stake didn't make it not mineable. It just maked it so unless you own a huge stake in it, you're not able to mine your own pool. Once it went proof of stake, then people just had to join existing pools from those that have them and they mine that. In this way the person with the proof of stake gets a percentage of everything mined from their pool. Which means since you're giving an extra cut to someone else, it's even less that you actually earn for yourself and with the value of ETH down, there just isn't any profit in it unless you have like a 4080 or better. I'm not exactly sure how it all works... I just ran the T-Rex program and earned money by letting my GPU be utilized when not in use.

 

I'm not too familiar with proof of stake, but my understanding is that it involves an altogether different process of staking your coins as collateral rather than mining (computationally intense brute-forcing). Pooling together allows you to stake more, so the change does heavily centralize ETH and any other proof of stake coin.

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