Bitcoin mining is being banned in countries across the globe—and threatening the future of crypto

I can't wait for this crypto craze to be over. In the meantime, I'd pay to see Nirmala Tai and rest of the administration trying to understand what cryptocurrencies are.
 
Sarath_ said:
Guess being told as kids that we couldn't just make and print money using our computers was a lie

Time to open the yellow pages and reconnect with the computer science teacher
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That's how Central Banks have always worked i.e., printing money out of thin air, the whole Fractional reserve banking system is a sham if you look deep into it.
Heck the US debt crossed $30 Trillion just yesterday.
 
princeoo7 said:
I wonder how the situation will be after the proof of stake shift.
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It will definitely be something to behold imho. Obv the diff will increase, but theres going to be a direct correlation between the diff and the price of that crypto. Maybe not from the starting, but definitely imho the prices will also increase.
 
Mr.J said:
I'd pay to see Nirmala Tai and rest of the administration trying to understand what cryptocurrencies are.
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:D
I still don't get it..
I understand the blockchain basics but still don't get how you can just mine a coin by basically applying no skills of your own and just out of thin air!
If this is going to be the future why will anyone bother to study/learn a skill when they can just mine coins while sitting on their asses.

I have so many questions like..
It says the GPU/ASIC is doing some computations to solve some problems and you get rewarded to solve the problem. But what problem is being solved? and for whom are you solving the problem? who decided what problem needs to be solved? why can there be only fixed number of bitcoins?

psyph3r said:
That's how Central Banks have always worked i.e., printing money out of thin air, the whole Fractional reserve banking system is a sham if you look deep into it.
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I tried to understand how this works too but still not a clear picture. Just that it is backed by gold reserves or something. Over printing money leads to inflation.
Any resources/articles/videos which can explain it in layman terms?
 
goDofWar_skr said:
:D
I still don't get it..
I understand the blockchain basics but still don't get how you can just mine a coin by basically applying no skills of your own and just out of thin air!
If this is going to be the future why will anyone bother to study/learn a skill when they can just mine coins while sitting on their asses.

I have so many questions like..
It says the GPU/ASIC is doing some computations to solve some problems and you get rewarded to solve the problem. But what problem is being solved? and for whom are you solving the problem? who decided what problem needs to be solved? why can there be only fixed number of bitcoins?



I tried to understand how this works too but still not a clear picture. Just that it is backed by gold reserves or something. Over printing money leads to inflation.
Any resources/articles/videos which can explain it in layman terms?
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This is the hash code is what makes profit. Now if the hashcode is not used anywhere, then the value is 0. now not all coins can be used to solve one problem as this will also bring the price / value down. the hashcode value keeps on increasing as the target acceptance rate increases so its not easy printing money. overall you need eco system where we can use the crypto and if we have ecosystem we have jobs. and if we have jobs so does students and study for that field. this is the reason its not mainstream as a miner but as a developer it does exist as mainstream for future. Somewhat short summary of situation.
 
goDofWar_skr said:
I still don't get it..
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You'll need to Google basics of crypto to get answers to these questions.

Crypto currencies, at their most basic, use a cryptographic distributed ledger. Think of it like a database that is split into parts, encrypted and stored in thousands of places. By design no central authority controls it, it is not easy to manipulate and supply is limited, i.e no inflation. The downside, it is slow, difficult to update and cannot handle large amount of data (videos, images etc).

The problem being solved is a more complicated version of - find prime numbers which can divide this large number. The problem is artificially designed to be difficult to solve, i.e requires powerful computing. The goal is to create artificial scarcity, i.e limit supply.

IMO, crypto is solution looking for a problem, operating in a unregulated area, promoted by grifters and influencers who do it for monetary gain. It has all the hallmarks of a Ponzi scheme. 10 years after its invention there is yet to be any practical real world applications using it.

From what I have read from people who understand computing and or economics well, it is not on good standing in either domain.
 
goDofWar_skr said:
:D
I still don't get it..
I understand the blockchain basics but still don't get how you can just mine a coin by basically applying no skills of your own and just out of thin air!
If this is going to be the future why will anyone bother to study/learn a skill when they can just mine coins while sitting on their asses.

I have so many questions like..
It says the GPU/ASIC is doing some computations to solve some problems and you get rewarded to solve the problem. But what problem is being solved? and for whom are you solving the problem? who decided what problem needs to be solved? why can there be only fixed number of bitcoins?
Click to expand...

You can start here: https://en.wikipedia.org/wiki/Cryptocurrency#Mining

And hopefully you'll realize how dumb the whole concept is.
 
Well, the reason I have always been hesitant about jumping in on Bitcoin is that the people promoting it always try it put it up as a counter/alternative to traditional money. But no one actually owning the bitcoin is ever spending it. They are just 'hodl'ing to one day convert it back to cash and make a profit.
The top post from Bitcoin subreddit last from last month is literally about the guy who regrets spending bitcoin to buy drugs in 2014 and not holding on to it.
https://www.reddit.com/r/Bitcoin/comments/sguyk7
 
princeoo7 said:
hame bhi guide karo ab :angelic:
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You will find the most informative guidance from people looking to scam you or obsessed cultists. As for rest, pick a random number between 1-100 and invest in the "coin" that has the corresponding market cap.

Also, go to any crypto thread and check the comments boasting about profits compared to losses. It won't be a surprise.
 
princeoo7 said:
hame bhi guide karo ab :angelic:
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There's a guy with good amount of money at disposal, conducted an experiment by investing equal amount in top 10 crypto based on market cap. He invests in the beginning of year and then posts the results at the end of year. He's been doing this since 2018 and made good money by this method.
He posts this on reddit with full details. You'll have to do some searching if interested in his analysis.
 
princeoo7 said:
50:25:25 rule. ok :angelic:
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Once every few months cryptos crash big time. When you keep reading the market, you will know when they have hit bottom. Invest then and keep. Every crash is followed by a rally. You can either invest and forget about it for years. Or you can pull it out when you see that you have made good profits. For first two times, I kept my money there thinking it will grow further and suddenly crash would happen. Yet, I used to pull it out in time to make a profit. But now, I am able to read the market better and know when to pull.
 
desiibond said:
Once every few months cryptos crash big time. When you keep reading the market, you will know when they have hit bottom. Invest then and keep. Every crash is followed by a rally. You can either invest and forget about it for years. Or you can pull it out when you see that you have made good profits. For first two times, I kept my money there thinking it will grow further and suddenly crash would happen. Yet, I used to pull it out in time to make a profit. But now, I am able to read the market better and know when to pull.
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Yea I am new to this stuff so doing research on the same …
 
psyph3r said:
Whatever it is, they legitimized it.
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sorry to say, but looks like many of you had a premature ejaculation :D

lol_FM.jpg


direct link to post - hxxps://twitter.com/timesofindia/status/1492086135740592128

if any of you talk crypto, i will take screenshot and report to govt authorities .. you will go jail and chakki pissing.
 
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