Is this 'Bitcoin' the real deal?

[How bad boy]

Buy the dip.

Be the sucker others need you to be.

 

[How bad boy]

Bitcoin coming up on 70% down since the peak in November following a further sizeable drop today.

Ethereum about to drop below $1k, it was $4.8k in Nov, almost 80% drop.

Ouch.

Still, it's only back to the value of 18 months ago, which is a great sign of the insanity of the whole shitshow, 5x growth in 10 months, 8 months later, lost all of that growth in value.

 

[menace404]

Bitcoin coming up on 70% down since the peak in November following a further sizeable drop today.

Ethereum about to drop below $1k, it was $4.8k in Nov, almost 80% drop.

Ouch.

Still, it's only back to the value of 18 months ago, which is a great sign of the insanity of the whole shitshow, 5x growth in 10 months, 8 months later, lost all of that growth in value.

Plenty of financial publications putting the sizeable decline of all crypto (not just bitcoin) down to energy costs. Mining is a gas and water guzzler and until heavier shifts to renewables for mining are made, the price will remain at these lows for a while.
It’s crazy in a way to try and run a currency that requires electricity and plenty of it to work.
Pull the plug (literally) and everything falls apart.

 

[CORKBHOY]

Massive devaluation in stock markets too.

 

[sigourney's knickers]

Cheers. I knew this 10 years ago.

Link would be nice.

 

[How bad boy]

Ethereum has finally officially moved from Proof of Work to Proof of Stake.

It's hard to understate how huge a deal this is for crypto currency.
https://www.theregister.com/2022/09/15/ethereum_merge_stake/

It massively reduces power consumption and in my opinion, makes it far, far more robust.

Of course, there are lots of other problems, but this is a very big step in the right direction for crypto.
Thought this explanation of it was good (from the Register article)

"Prior to early this morning, Ethereum was validated using proof of work (PoW), which required more electrical energy than some small countries to solve ever-increasing mathematical problems to validate transactions.

Now, under a proof of stake (PoS) system, holders of Ethereum willing to fork over 32 ETH (roughly $48,000 right now) can become validators by staking their own cryptocurrency.

If randomly chosen to be a validator on a block, a staker is responsible for checking the legitimacy of that block's transactions. Multiple validators are involved in verifying each block, which involves some simple calculations. If a positive consensus is reached, the block and its transactions are accepted onto the blockchain, simply put.

If the block shouldn't have been validated, or a validator screws up in some other way, a percentage – all the way up to 100 percent – of their stake is forfeit and lost forever. By following the rules, stakers get paid a small percentage of newly created Ethereum.


Classic miners are no longer needed, and instead, people risk their own coins to ensure the blockchain maintains its integrity. The more you stake, the more chance you get picked to validate, and more the chance to earn.

Because there's now no need for miners to solve complex equations to validate blocks, the energy costs of Ethereum using PoS should decrease by around 99.95 percent, the Ethereum Organization said. "

 

[Stacky]

Ethereum has finally officially moved from Proof of Work to Proof of Stake.

It's hard to understate how huge a deal this is for crypto currency.
https://www.theregister.com/2022/09/15/ethereum_merge_stake/

It massively reduces power consumption and in my opinion, makes it far, far more robust.

Of course, there are lots of other problems, but this is a very big step in the right direction for crypto.
Thought this explanation of it was good (from the Register article)

"Prior to early this morning, Ethereum was validated using proof of work (PoW), which required more electrical energy than some small countries to solve ever-increasing mathematical problems to validate transactions.

Now, under a proof of stake (PoS) system, holders of Ethereum willing to fork over 32 ETH (roughly $48,000 right now) can become validators by staking their own cryptocurrency.

If randomly chosen to be a validator on a block, a staker is responsible for checking the legitimacy of that block's transactions. Multiple validators are involved in verifying each block, which involves some simple calculations. If a positive consensus is reached, the block and its transactions are accepted onto the blockchain, simply put.

If the block shouldn't have been validated, or a validator screws up in some other way, a percentage – all the way up to 100 percent – of their stake is forfeit and lost forever. By following the rules, stakers get paid a small percentage of newly created Ethereum.


Classic miners are no longer needed, and instead, people risk their own coins to ensure the blockchain maintains its integrity. The more you stake, the more chance you get picked to validate, and more the chance to earn.

Because there's now no need for miners to solve complex equations to validate blocks, the energy costs of Ethereum using PoS should decrease by around 99.95 percent, the Ethereum Organization said. "

There must be a massive queue for this......................this is like roping off a small area in a nightclub and putting up a velvet rope and curtain and convincing twats to pay £80 for a bottle of cheap Champagne.

Twats always fell for it.

 

[Gregory_Mike]

Ethereum has finally officially moved from Proof of Work to Proof of Stake.

It's hard to understate how huge a deal this is for crypto currency.
https://www.theregister.com/2022/09/15/ethereum_merge_stake/

It massively reduces power consumption and in my opinion, makes it far, far more robust.

Of course, there are lots of other problems, but this is a very big step in the right direction for crypto.
Thought this explanation of it was good (from the Register article)

"Prior to early this morning, Ethereum was validated using proof of work (PoW), which required more electrical energy than some small countries to solve ever-increasing mathematical problems to validate transactions.

Now, under a proof of stake (PoS) system, holders of Ethereum willing to fork over 32 ETH (roughly $48,000 right now) can become validators by staking their own cryptocurrency.

If randomly chosen to be a validator on a block, a staker is responsible for checking the legitimacy of that block's transactions. Multiple validators are involved in verifying each block, which involves some simple calculations. If a positive consensus is reached, the block and its transactions are accepted onto the blockchain, simply put.

If the block shouldn't have been validated, or a validator screws up in some other way, a percentage – all the way up to 100 percent – of their stake is forfeit and lost forever. By following the rules, stakers get paid a small percentage of newly created Ethereum.


Classic miners are no longer needed, and instead, people risk their own coins to ensure the blockchain maintains its integrity. The more you stake, the more chance you get picked to validate, and more the chance to earn.

Because there's now no need for miners to solve complex equations to validate blocks, the energy costs of Ethereum using PoS should decrease by around 99.95 percent, the Ethereum Organization said. "

Sounds like you're balls deep on this Virtual fresh air m8.

 

[How bad boy]

There must be a massive queue for this......................this is like roping off a small area in a nightclub and putting up a velvet rope and curtain and convincing twats to pay £80 for a bottle of cheap Champagne.

Twats always fell for it.

I'm starting to warm a little to it. Not as an "investment", which it isn't and should never be if it's a currency, but as an actual medium of exchange.

The current crypto setup is a load of nonsense, driven by tech bros with more money than sense.

But there is an argument that something as a longer term successor of current crypto currencies will be useful as part of the future plumbing of the internet.
The internet was constructed initially without a number of features, which are now problems. One of those is security (natively, the security of the internet is awful, security is a layer on top), another is financial transactions.

The fact that the majority of the content on the internet is ad supported is a symptom of that. Right now, charging 0.1c per page for any random visitor to your website is impractical.
So you stick a few shit ads in front of them instead and Google gets richer.
I can see how crypto can help with that over the long term.
The Proof of Stake thing in particular is interesting for how NFTs might change from being a load of bollocks to something useful.
The Brooklyn microgrid is an example:
https://www.brooklyn.energy/

Eventually the idea is that the grid is at least somewhat isolated from the main electricity grid, with neighbour selling to neighbour.
This sort of thing will have to become common, especially with the rise of electric cars and more importantly, fast chargers & more renewable energy. If you have a small park with a dozen houses and every one of them has a 200KW fast charger, then there's a theoretical peak of 1.2MW just from that local area. It's a lot smaller problem if half of the cars locally can supply electricity into the grid, to the other half needing leccy, meaning the local grid connector doesn't need to be even vaguely as big as the theoretical peak.

That sort of decentralised system ideally would be matched with a decentralised payment system, so that the leccy provider I choose doesn't matter to you. Or you go for a massively centralised payment system, at a grid level (which is the alternative and IMO, more efficient approach). Right now, that's kind of done with Feed-In-Tariffs, etc, but it's fairly clunky and tends to be inefficient economically.
Crypto would be useful for handling payments at that local level, with PoS and the use of NFTs for helping manage it.

It's still a mess, but I can see some practical applications in the distance. Lot of improvements needed to those technologies though and a lot of things that would be easily solved with just having much better designed centralised systems.

Sounds like you're balls deep on this Virtual fresh air m8.

I've never bought a single bit of cryptocurrency in my life.

 

[dukeroyale]

i listened to a podcast not so long ago by the bbc called the missing crypto queen.

it’s about some hungarian wan who ran off with billions of euro which people put into the crypto currency “one coin”. some total idiots they were.

some scottish wan had convinced friends and family to invest a quarter of a million euro in it. they never saw it again obviously. another dutch fella on it was a serial pyramid artist. he made millions off of it and even though it was too late for him to recoup some of his losses (he claims to have personally invested the most by any one person) he was happy enough to pocket what he got and move on to the next scheme. some operator.