When all mined is around 2140.
Super computer can’t accelerate mining.
Miners will still get paid for transaction fees once all coins mined.

The block chain will become unmanagably large in the future.

I recently go an older antminer S9 just to play with and see how it was built, etc... As I was experimenting with it, I realized if I set it to around 1100 watt draw, it puts out a nice slow stream of heat like my under desk foot/leg heater does with a tolerable noise level.

The miner is not very profitable, but does at least cover it's own electricity bill. I decided to build a little cart out of scraps and use the miner as my leg/foot warmer. Now my piggies stay warm and the "heater" pays for itself.

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Its mostly just out of curiosity, but I'm wondering what everyone's thoughts are on the bitcoin option contracts expiring Jan.29th, and what effect it may have on things. I'm not in on bitcoin or any other crypto currencies yet, but I have found it a very interesting subject to learn about.

I thought you had 64 invested in bitcoin already?

haha well played. If I did in fact have 64 bitcoins, I'd be dancing as I type this haha.

From: https://www.investopedia.com/tech/what-happens-bitcoin-after-21-million-mined/

Impacts of Finite Bitcoin Supply on Bitcoin Miners

It may seem that the group of individuals most directly affected by the limit of the bitcoin supply will be the bitcoin miners themselves. Some detractors of the protocol claim that miners will be forced away from the block rewards they receive for their work once the bitcoin supply has reached 21 million in circulation.

But even when the last bitcoin has been produced, miners will likely continue to actively and competitively participate and validate new transactions. The reason is that every bitcoin transaction has a transaction fee attached to it.

These fees, while today representing a few hundred dollars per block, could potentially rise to many thousands of dollars per block, especially as the number of transactions on the blockchain grows and as the price of a bitcoin rises. Ultimately, it will function like a closed economy, where transaction fees are assessed much like taxes.

Bitcoin fees are high too! I finally moved the $360 in bitcoin I had left in Binance today, after they closed it to Americans. The fee was $15 of bitcoin to move it to Coinbase.

The block chain will get too big for modern computers to process. They are banking on quantum computing to make it work long term. It’s a long shot IMO. The block chain will eventually blow up and die IMO

This can be solved with software as well. Many of the crypto currency processing specs are evolving to meet future needs.

I plowed some money into The Graph (GRT) the other day. I'm hoping that rounds out what might be a "Holy Trinity" along with LINK and ETH.

LINK to bring the outside data on the ETH chain and GRT to get the data back off chain. I'm going after this for utility purposes and not a store of value.

You are repeatedly confusing mining with verification of transactions...two different things and vastly different power required. I'm now running a full Bitcoin Node (and Lightning node) at home...on a tiny Rasberry Pie computer. No problem. Nodes help confirm transactions and retain a copy of the full blockchain...you need some storage space (I'm currently running a 1GB SSD of which the current historical transactions take up about 356GB...after 12 years of transactions!). When it outgrows the current hard drive I just get (or add) a bigger one... relatively cheap and easy.

Correction...that's a 1TB SSD (not GB).

I know that redditers are targeting dogecoin, but can anyone explain to me what happened here? It looks like they were around .04, then shot you to .40, then went into negative value (Id this possible?) and are now back around .04. All in an hour.

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Uuuhhhh... yeah that is bizarre. Apparently, dogecoin holders had to actually pay someone to take their coins. People didn’t have enough storage to hold all their dogecoins- kinda like when oil storage filled when pandemic hit.

Some place (Robinhood) held orders and waited for a plunge to execute the order.

My friend is dealing with this today.

Me, I’m dealing with being locked out of Kraken atm

kraken and coinbase seem to be having issues today

Do you have a walkthrough you followed for setting up a node on the Pi? I’d be interesting in supporting the network.

I cheated and bought a "plug-n-play" system.

https://lightninginabox.co/product/raspiblitz-raspberry-pi-lightning-node/

Removed

It's been a great day in the crypto market. Anyone else wake up to a nice surprise? I've been wanting to add to my GRT position, but it's up about 40% from where I entered last time. I think it still has a good bit of upside, but I might wait for a pull back.

Who ever mentioned AAVE, thanks that’s been amazing. Interesting concept.

Looks like Doge is gearing up for another pump...to ride it or not?

I'm kicking myself in a ass for AAVE. I was eyeing it at $160ish and didn't pull the trigger.

Not sure about DOGE. My problem is that I don't have any cash in my Binance account and it's not tradable on Coinbase where I do have cash sitting. I'd have to transfer ETH from my hardware wallet to Binance and gas fees are really high right now. I'm not sure I want to sacrifice ETH for a possible pump on DOGE.

IMO Doge isn't a real currency, so treating it as anything but a trade seems like a fool's errand. You can profit off of others that don't know this though

There are many other crypto currencies that provide real value. Bitcoin is getting a LOT of institutional involvement, ETH is far and away the substrate of choice for many other coins and tokens. There's interesting ones like Compound where you can make actual interest on your holdings, unlike the USD in a money market account. And then there are hundreds of other coins that will never go anywhere. The only thing we know is that crypto is here to stay, but not as much which ones outside of the top 10.

In my humble opinion, Dodge is a shitcoin and it's being pumped on Reddit just like GME. The ride will be quick and it's too late already to jump in on it, you had to be on it a month ago. Any moment, the hype will end and it will crash back down.

Meanwhile, ETH and BTC are hitting big highs and will continue to go up. You can buy in now and still make money. Shitcoins are all gambles, much like Penny Stocks.

Doge coin is not a good investment. Merely riding the pump wave...doubled up since Wednesday.
Super bowl commercial is coming too, probably take earnings and run soon.

Very risky waters but I like some high risk high rewards plays and I’ve already made more than I will ever lose on Doge.

All that said my crypto friends think I’m an idiot.

Wow. Some of those stock guys are really touchy when it comes to crypto.

Anyway, a little bit of a pull back on DeFi over the last 24h or so. I grabbed some more GRT on the dip.

I think as long as we don’t break the curve during the pull back we should be in good shape.

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I’m still staying away from DOGE. I feel at this point that I missed the boat on the pump.

I’m trying to stick with the DeFi coins for now. My major holdings are LINK, BTC, ETH, LTC, SNX and GRT.

I have a little UNI, DOT, BAND and COMP.

I’ve been trying to stick with things that I feel provide usability.

There is no Super Bowl commercial for doge. It’s fake. The one on YouTube is just made from movie clips. Which obviously couldn’t be used in a real super bowl ad as it would be copyright infringement. I’d get out now before it crashes hard.

Ah dang GRT looks great but looks like it’s too late for me to enter. I’m in ETH, ADA, and XLM right now. I like crypto that have a use as well.

I’m not too sure about that with GRT. It’s main focus is to allow DApps and other block chains to interact together. That’s one of the issues I see with the current infrastructure. Data from off chain needs to get on chain, data on chain needs to get back off and data needs to get between chains.

LINK solves the off chain oracle problem and I think GRT solves the between chain and off chain space. It’s been deployed by AAVE, UNI, SNX and a few others.

I’m thinking it has the ability to hit $2 pretty easily. There are currently about 1.3 billion tokens out there with the total supply being 10B. The only thing I don’t like is the 3% increase in supply every year to get to that 10B total.

On the other hand, I’m not sure a 3% annual dilution is going to cause a huge drop in price.

Interesting details thanks, I like to read about crypto details I’ll have to go do more digging!

Welp some folks pissed themselves in the Stock thread. I don’t know why people who agree with me about bitcoin downvoted me.
Regardless:
Personally I think this thread isn’t ideal because the OP posted 5 times and disappeared. There is no upkeep.

When one constantly refers to the “crypto thread” they actually mean “Somebody Explain Bitcoin to me” thread, which makes it difficult to add new members. I’ve only seen half a dozen active posters here, and rarely any updates.

To try and both expand and contain the crypto community on Pinside, I started a new thread: https://www.pinside.com/pinball/forum/topic/cryptocurrency-and-decentralized-finance-defi

Hopefully this will be easier and anyone can find it. Plus if you type bitcoin or Crypto in the forum search that thread comes up for you. I am considering adding “bitcoin” in the title just to make it easier to find as well.

Feel free to join me over there, Hopefully we can make a more organized thread and update the main post constantly so newcomers can get the basics down when they join in.

Interesting take on why tesla supporting bitcoin is genius

RVN is making a nice run, up 10x in the last couple weeks!

Is that you that’s mining the hell out of RVN? Someone was saying they had mined about 250,000 coins if I remember correctly.

After they posted, i repurposed my 4GB cards to RVN and have mined about 1,600. They are older cards, but they can’t mine ETH because the DAG is to big for the cards.

Yep, I’ve been mining it since July 2019. Before this price spike I was mining 20k a month but now I am down to around 8k a month. LOTS of miners came online once the price started going up

I'm rooting for you. You might be able to retire soon if it keeps going at this pace!

RVN is running away! .18 it’s up like 12x in the past couple weeks

A lot of the crypto talk moved over to this thread...

https://pinside.com/pinball/forum/topic/cryptocurrency-and-decentralized-finance-defi/page/6#post-6145434

Not saying you have to move but just in case you didn’t see it

wow .28, RVN is blasting off into space!

Jeez

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At what price do you quit your job and retire? What’s your target?

IDK. Hard to know how long to hold it. Right now going to just ride it and see what happens over the next few days. I am looking into how secure my wallet is, etc........It's gone from a toy just a few days ago to some real serious cash

What wallet are you using?

I'd recommend a hardware wallet along with something like a Cobo Tablet as a backup for the recovery seed. You'd also want to go with a 25 word mnemonic as opposed to the standard 24 word when setting up the wallet.

I use a Trezor One. It doesn't support as many coins as the Trezor Model T, but if you don't need the support for those other coins, save the money.

https://shop.trezor.io/product/trezor-one-white

https://www.amazon.com/gp/product/B07RZW8CWY/

That's going to be the safest and most secure way to handle a wallet. Nothing online and nothing to compromise short of stealing your Cobo, which you want to keep locked up in a very secure location like a safety deposit box.

EDIT-> If you buy a Trezor, or any other hardware wallet DO NOT buy it from anywhere other than the manufacturers' website.

Thanks for the links. I was using just the standard RVN wallet created by the actual Raven people, but it's flaky at best. I moved some to Atomic Wallet this am as a test and some to a new RVN wallet. I will get a hardware wallet and test it out. Thx!

When you do it, go SLOW. ETH gas fees are high, but it's worth paying the extra to send just a small amount the first transaction as a test before you send the bulk of it.

Also, you might need ETH for the gas fees depending on how RVN works. I'm not sure if you can pay your fees with RVN or not.

This is the only scary thing (apart from the crashes lol) I find about crypto is when things go wrong you have lost that cash, it’s not like a bank who will help you find your money (hopefully) but just exchange can go sorry we lost all your coins bad luck. It’s not as regulated as people think and when transactions go wrong your pretty fucked. Or have accounts locked for no reason with no support for months (been there)

Yeah there's not a lot you can do about screwing up a transfer. Much like a wire transfer, it's just gone.

Accounts getting locked or providers going down and losing your coins can be mitigated by having a hardware wallet and controlling your own private key. I can't stress the saying enough: "Not your wallet, not your coin."

True but has to pass through an exchange at some point to turn back into real cash Thats the bit that scares me hehe. Or maybe I’m just unlucky lol

I ordered a 3pack of the Terzor One. I paid using ETH! Cool. I moved a bit of RVN to ETH today as a form of some profit taking. My theory being IF RVN tanks back down to 0.015 I can then convert the ETH back into RVN and have 3x more RVN than I started with and then ride the next wave bigger! Dunno, at least it’s a plan.......

Just a heads up for you Crypto guys . The IRS is watching as they have a new question on 1040 tax forms.

At any time during 2020 ,did you receive ,sell, exchange, or otherwise acquire any financial interest in any virtual currency? Yes or No