Help me learn about crypto/blockchain

[CortlandtPT]

I have until now just looked at crypto as an investment vehicle, an alternative to the stock market but I have seen that more and more stores are accepting crypto currency and not just the main ones (Bitcoin) even altcoins are being accepted by brick and mortar stores.

I recently got an email from a major grey market seller saying that they even accept the meme coin Doge. I mean if even meme coins like Doge, who doesn’t even have any use nor utility in the real world can be accepted as a currency then I guess this is really the future.

There are financing/lending crypto companies being launched now like Bsocial who aims to change the lending market.

The technology behind crypto, Blockchain, is even being used in the medical field (Which is my field), so I guess an old fart like me (I’m only 46 ) should start accepting the fact that the world is changing and start looking into the crypto world not just as a means of investment

Anyone here who can share their knowledge on the crypto world? I want to increase my knowledge on it besides the things I read online. TIA


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[offrdmania]

If you want to get into crypto then I suggest long term, safe coins. Some of these others are very volatile (Doge).

I myself am staked in (Hex) long term. It is very stable and is fully liquid. Meaning that if everyone were to pull out their gains tomorrow, there would be enough capitol to cover it.

Most of these volatile coins cant do that. Its all about liquidity and security.

[CortlandtPT]

Originally Posted by offrdmania

If you want to get into crypto then I suggest long term, safe coins. Some of these others are very volatile (Doge).

I myself am staked in (Hex) long term. It is very stable and is fully liquid. Meaning that if everyone were to pull out their gains tomorrow, there would be enough capitol to cover it.

Most of these volatile coins cant do that. Its all about liquidity and security.

Thanks, I’m studying up on it.


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[BreguetRolex]

There is nothing like getting some awesome top senior advice on a watch forum about this particular query. ! There is nothing you can not get the most updated senior serious advice on this forum. Looking forward to hearing about the online advice bestowed upon you...

[offrdmania]

Originally Posted by BreguetRolex

There is nothing like getting some awesome top senior advice on a watch forum about this particular query. ! There is nothing you can not get the most updated senior serious advice on this forum. Looking forward to hearing about the online advice bestowed upon you...

Put the flask down

[Etschell]

Originally Posted by CortlandtPT

Anyone here who can share their knowledge on the crypto world? I want to increase my knowledge on it besides the things I read online. TIA

By reading a watch forum Online?

Block chain is being used by every Fortune 500 company right now. People just don't realize it.

Crypto currency may or may not have value.

I stick with bitcoin and ethereum. To me ethereum has the most value due to use case.

I could dive into this for a long post but I am not going to. Do your own research. I've done mine along with my own financial modeling.

Davidsw accepting doge doesn't make doge worth anything. It is processed through bitpay. David has used bitpay since early 2018.

There are only three things that make crypto valuable. Adoption, faith and use case. Most alt coins simply have blind faith investment cases. You can make a buck trading them but look back 4 years from now and see what they are worth compared to bitcoin. If you did so today from 2017 the top 10 alt coins have all depreciated by an average of 80 percent from their highs.

[brandrea]

Originally Posted by offrdmania

Put the flask down

[Atone]

Originally Posted by Etschell

By reading a watch forum Online?

Block chain is being used by every Fortune 500 company right now. People just don't realize it.

Crypto currency may or may not have value.

I stick with bitcoin and ethereum. To me ethereum has the most value due to use case.

I could dive into this for a long post but I am not going to. Do your own research. I've done mine along with my own financial modeling.

Davidsw accepting doge doesn't make doge worth anything. It is processed through bitpay. David has used bitpay since early 2018.

There are only three things that make crypto valuable. Adoption, faith and use case. Most alt coins simply have blind faith investment cases. You can make a buck trading them but look back 4 years from now and see what they are worth compared to bitcoin. If you did so today from 2017 the top 10 alt coins have all depreciated by an average of 80 percent from their highs.

This is the dude to listen to right here. There’s a lot of MySpace’s out there and only a few facebooks and insta’s. Hold them and then go learn pottery or something while you forget you bought them.

[Mifune]

'Cryptocurrency' is an idiom... these are assets, not currencies.

if a retailer accepts a 'crypto asset' as payment, it is basically bartering... One asset for another asset. That being said, if a BUSINESS is willing to take something for their physical goods (watches), that asset MUST INHERENTLY be worth more than the asset it is giving up... if they are a successful business that is.

FWIW, lending markets changed a while ago... you're perhaps just learning about it. many people who own crypto assets borrow OR LEND those assets... so they can either take out a loan against them (usually maxed out at 50% valuation), or to earn a return on them, by lending to liquidity pools or by staking (on a proof of stake blockchain). this has been the norm for a while now.

your'e not old @46 OP... I am pushing 60 and I fully comprehend and trade the Crypto market.

What specifically would you like to know, I will try my best to make the answer as easy as possible for you to understand.

[CortlandtPT]

Thanks for the input guys (and the jabs) that’s why I like this forum lol. I run my own practice, 6 clinics now, so it gets busy and I choose to spend my extra time with the kids not putting my face on the phone screen so I am a noob when it comes to social media, I don’t run my own facebook and twitter (heck I don’t even know my password). And just like my social media accounts, I don’t run my own investments- I have it actively managed in Interactive Advisors.
One other reason it piqued my interest is because my 19year old son has been into crypto too.


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[CortlandtPT]

Originally Posted by Mifune

'Cryptocurrency' is an idiom... these are assets, not currencies.

if a retailer accepts a 'crypto asset' as payment, it is basically bartering... One asset for another asset. That being said, if a BUSINESS is willing to take something for their physical goods (watches), that asset MUST INHERENTLY be worth more than the asset it is giving up... if they are a successful business that is.

FWIW, lending markets changed a while ago... you're perhaps just learning about it. many people who own crypto assets borrow OR LEND those assets... so they can either take out a loan against them (usually maxed out at 50% valuation), or to earn a return on them, by lending to liquidity pools or by staking (on a proof of stake blockchain). this has been the norm for a while now.

your'e not old @46 OP... I am pushing 60 and I fully comprehend and trade the Crypto market.

What specifically would you like to know, I will try my best to make the answer as easy as possible for you to understand.

Thanks for simplifying it, Looking at it as an asset makes a lot more sense.
One area I’m having a hard time grasping is the energy or gas spent on it, does it really take
that much? or are those just “manipulated charges” that exchanges put on? And if proof of work uses a lot of energy, why is Bitcoin still on top instead of the other ones that uses proof of stake. Is it just because they were the first one and the ones holding them control the market?
You can message me directly if you want and only when you have time so that we don’t bore the others in here


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[CortlandtPT]

Originally Posted by Etschell

By reading a watch forum Online?

Block chain is being used by every Fortune 500 company right now. People just don't realize it.

Crypto currency may or may not have value.

I stick with bitcoin and ethereum. To me ethereum has the most value due to use case.

I could dive into this for a long post but I am not going to. Do your own research. I've done mine along with my own financial modeling.

Davidsw accepting doge doesn't make doge worth anything. It is processed through bitpay. David has used bitpay since early 2018.

There are only three things that make crypto valuable. Adoption, faith and use case. Most alt coins simply have blind faith investment cases. You can make a buck trading them but look back 4 years from now and see what they are worth compared to bitcoin. If you did so today from 2017 the top 10 alt coins have all depreciated by an average of 80 percent from their highs.

Thanks, I am doing my own research. I only asked here because this is the only forum I’m on.


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[Mifune]

Originally Posted by CortlandtPT

Thanks for simplifying it, Looking at it as an asset makes a lot more sense.

that is exactly the way it should be understood... it's the way the fed looks at it, its the way the IRS looks at it... it's the way the world monetary fund looks at it.

It is a NEW 'asset' class.

Originally Posted by CortlandtPT

One area I’m having a hard time grasping is the energy or gas spent on it, does it really take that much? or are those just “manipulated charges” that exchanges put on?

This all depends on the way the underlying code is written for the particular protocol (blockchain) you are transacting on. Currently, most transactions of a NFT or DEX (decentralized exchange) are being run on top of the Ethereum blockchain... that is the most expensive blockchain to transact on currently. 'GAS' fees are OUTRAGEOUS and are unsustainable. While ethereum has 'first mover' status in the base layer protocol world, I DO NOT think it will endure. I think other base layer blockchains are better suited for success going forward. I think if Ethereum as AOL (America OnLine)... remember them?

another thing to remember is that the more centralized a blockchain is, the easier it is to manipulate and control for one single entity and it is also easier to attack. a blockchain like ethereum is HIGHLY centralized and controlled by Vitalik Buterins team. Other base layer protocols are far more decentralized... Cardano (ADA) and Polkadot (DOT) are great examples.

Originally Posted by CortlandtPT

if proof of work uses a lot of energy, why is Bitcoin still on top instead of the other ones that uses proof of stake. Is it just because they were the first one and the ones holding them control the market?

Proof of work uses energy... to say it uses a LOT of energy is a bit of a misnomer. There are MANY energy consumers out in the world, and bitcoin is not any more or any less of a consumer of this energy than say the banking system, VISA, Christmas Lights, THE FED RESERVE... and I can go on and on.

ALL of this particular idea, 'bitcoin is a waste of energy' or that 'bitcoin consumes 'DIRTY energy' stems back to a single report/study that all the media seems to gravitate towards. it was a study compiled YEARS ago at the Cambridge University. this study found that given bitcoins growth and potential size, that it would consume massive amounts of energy and have a gross carbon foot print if left to grow and blossom. The problem with this study is, the data that the Cambridge study used for it's PROJECTIONS were itself tainted and not entirely factual... as a result, the projections they SPECULATED about were wildly inaccurate.

We can today, look at exactly what is happening on the BITCOIN mining front and see where the consumption occurs and at what relative amounts is being used. we can ALSO see where the energy is coming from in terms of whether it is Hydroelectric, coal, or 'CAPTURED' unused/excess energy. there are no secrets in the bitcoin blockchain world, everything is public and decentralized... that is bitcoins nature. As a result, we can see that bitcoin is actually GOOD for the global ecosystem... it is like this because the miners are being naturally incentivized to seek out the cheapest energy (which is always renewable, or uncaptured/unused excess).

Bitcoin is also being proposed to be part of the renewable energy network so that excess grid energy gets used and during off peak hours, these installations would be subsidized by running Bitcoin Blockchain 'nodes'

[huncho]

Originally Posted by CortlandtPT

Thanks for simplifying it, Looking at it as an asset makes a lot more sense.
One area I’m having a hard time grasping is the energy or gas spent on it, does it really take
that much? or are those just “manipulated charges” that exchanges put on? And if proof of work uses a lot of energy, why is Bitcoin still on top instead of the other ones that uses proof of stake. Is it just because they were the first one and the ones holding them control the market?
You can message me directly if you want and only when you have time so that we don’t bore the others in here


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it's because proof of work is theoretically more secure than proof of stake by design. it's impossible for one person to get 51% hashing power, which is what you'd need to start manipulating the blocks

[Haveapair]

Nothing wrong with speculating with your play money. But crypto isn't real and will never be used as mainstream currency ever. Nothing wrong with that, but don't kid yourself that this will ever be mainstream. It's just a speculative investment that is doing well for now

[Proto3]

Avoid exchanged such as CoinBase. Their fees are insane and I believed geared towards people who don't know what they are doing. CoinBase Pro on the other hand has minimal fees vs. regular CoinBase.

[Atone]

Originally Posted by Haveapair

Nothing wrong with speculating with your play money. But crypto isn't real and will never be used as mainstream currency ever. Nothing wrong with that, but don't kid yourself that this will ever be mainstream. It's just a speculative investment that is doing well for now

I don’t think you understand where the value is based on this comment.

[Mifune]

Originally Posted by Haveapair

But crypto isn't real...

can I help you here... are you referring to 'tangible'? I think most that misunderstand crypto have this view... if you can not touch it, it is NOT real (tangible)... Nothing could be further from the truth.

While a bitcoin can not be held in your hand (it can be held on your balance sheet) that has little meaning to whether or not it functions, has merit or is beneficial. As a matter of fact, bitcoin is 'real' and can be traded for any tangible thing you personally feel the need to hold in your hands... real estate, gold, automobiles, stocks.

Bitcoin IS a store of financial energy and as such, only needs to be secure, immutable, transferable, fungible... AND, accepted. Bitcoin meets all of that criteria... and then some.

Originally Posted by Haveapair

and will never be used as mainstream currency ever.

NO ONE, expects Bitcoin to be used as a 'currency'... it is NOT. Bitcoin is an asset.

Why would ANYONE ever think about selling or using an appreciating asset for a transaction to buy a cup of coffee... they should not. If you were to spend $5 of bitcoin on a cup of coffee today @ $35,000 per BTC, when BTC goes to $140,000 you now have spent $20 for that cup of coffee.

That is a rudimentary example of the effects of using an appreciating asset to buy a depreciating asset or hot steaming cup of enjoyment.

The fundamental differences between an asset and a currency... Currencies do not incur taxation for usage, and assets DO incur taxation at usage/sale. This is another reason one would not want to use Bitcoin as a currency.

[offrdmania]

Today is the beginning of the HEX/Pulsechain fork. Pulsechain will be a direct competitor to Ethereum minus the absolutely insane gas fees (trading fees) that Ethereum charges per swap.
Purchase some HEX today and sacrifice it for Pulsechain. I purchased HEX only 100 days ago and it is already 6x my investment. HEX is now 3rd behind Bitcoin and Ethereum when it comes to liquid capitol and is one of the few stable cryptos to continually going up while most others have tanked.

[TC94]

Originally Posted by Mifune

'Cryptocurrency' is an idiom... these are assets, not currencies.

your'e not old @46 OP... I am pushing 60 and I fully comprehend and trade the Crypto market.


What specifically would you like to know, I will try my best to make the answer as easy as possible for you to understand.

Great answer. Also, hitting 60 this year, fully comprehend crypto investing and use cases, and own a website that tries to answer a few crypto questions. At one point, mods here were not accepting of the topic, and links I would place got deleted.

It’s like TRF but for crypto. TheCCForums, for short.

Haven’t been active there for awhile, as I’ve taken my web site building in a new, more profitable direction. But it’s still out there getting several hundred reads per day.

[77T]

I think HEX acts as a derivative since its drop in 2019 on ETH, and now the Pulse drop (as a further derivation by HEX founder Richard Heart) is a sign of crypto’s overheated valuations. Ergo, forking upon forks.

Interestingly (at least to me) BTC, ETH & Alts become “real” when exchanges stop designating/charting it via $$$.

The HEX idea was meant to give some flexibility via trust-less interest in platforms. Remember BTC holder received it free at the initial drop. When ideology takes over, logic flies out the window methinks.

HEX & Pulse may solve a speed of exchange problem and make derivative CDs attractive in the short term. But it also leaves one at risk of bad actors.

Since the advent of the shadow banking industry’s interest in BTC & ETH, the risk of other unknown derivatives for the hedge markets is uber-risk-on IMHO.

Shadow banking is lightly or hardly regulated around the world, and it leaves cryptocurrency holders/companies exposed.

Yes, I am saying BTC, ETH and any of the other coins could become victims of their own success…love the blockchain, but the original idea is perhaps getting perverted by the very entities it was meant to hobble.

Since SB’s can’t hack the miners or the ledgers, they’ll go for cornering exchanges.


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[Mifune]

HEX...

[offrdmania]

Originally Posted by Mifune

HEX...

Maybe, but it has bought me some nice watches and a house remodel over the last year and I dont see it degrading anytime soon.

[SoTaxLaw]

MIT has blockchain lectures on YouTube that you can watch for free. I found this to be a helpful resource.

[Mifune]

I wouldn't go to MIT for investment advice...

[SPMN]

Originally Posted by SoTaxLaw

MIT has blockchain lectures on YouTube that you can watch for free. I found this to be a helpful resource.

Do you know who taught that course? Gary Gensler, who Biden appointed as Chairman of the SEC just a few months ago. Many people have no idea just how widespread of a footprint crypto already holds.

[SoTaxLaw]

Originally Posted by Mifune

I wouldn't go to MIT for investment advice...

It’s just a series of lectures on blockchain to help someone learn about the technology and what it can do. MIT doesn’t pimp out anyone’s tokens.

[offrdmania]

A follow up. It has been a long time coming..
For those of you who took my advice a couple years back and bought into the Pulsechain sacrifice, we are now up almost 200%. With this Bitcoin ETF disaster, many large whales have pulled their bags from the Bitcoin network and brought those assets to the Pulsechain network. 2024 is going to be a great year for Pulsechain and Pulsechain network coin holders.