How do you decide which crypto currency to buy?

The current financial system has a bunch of arseholes out for profit first and foremost

I think we found our driver for regulated banking to want unregulated crypto to flourish…..

As the value of the coins fail (naturally), the negative part of the game is the cost it takes to mine them overtakes it’s value, the losses when it broaches that line will be the collective cost that the holders of bitcoin will have paid the miners The real tragedy will be that that loss will be irretrievable, it will have literally gone up in smoke, a social loss.

Looking at CryptoSlate.com the PoW consensus algorithm accounts for 41% of the market, $351.33B. While the Proof of Stake consensus algorithm – the one that doesn’t do the energy intensive mining – accounts for 28.28% of the market and $240.95B, there’s also Delegated Proof of Stake with another 1.85% of the market.

The market cap of Bitcoin alone ($323.30B) is greater than the marketcap of PoS as a whole (which now includes Ethereum), but Bitcoin market cap is 92% of the PoS market, so it’s only bitcoin keeping Proof of Work as the dominant consensus algorithm, and that’s only for historical reasons, not because it’s better.

The cost of mining won’t be the death of crypto, because a) since when has the cost of anything stopped people, and b) because it’s not the whole story.

The cost of mining won’t be the death of crypto,

Mining might not but the cost of transaction is a serious blocker to any current mainstream coin having every day use. Even Ethereum post change is $.50 per transaction. Merchants complain about card issuers charging them 1%

That’s why my favourite eco system is Cosmos IBC most of the chains have fees that are no barrier to making transactions of a few pence. Favourite dex is Osmosis, fees optional currently, but if you choose to accept default then again no barrier to transactions worth a few pence. There’s faucet services which after a tweet will even provide enough of a coin to cover a couple of transactions with it.

That’s why my favourite eco system is Cosmos IBC most of the chains have fees that are no barrier to making transactions of a few pence. Favourite dex is Osmosis, fees optional currently, but if you choose to accept default then again no barrier to transactions worth a few pence. There’s faucet services which after a tweet will even provide enough of a coin to cover a couple of transactions with it.

Y’know, I recognise all of the letters in that quote, even most of the words they make up; however, what they say makes no sense at all.

Wibble

I could read that paragraph for a week and it would still make no sense to me.

I could read that paragraph for a week and it would still make no sense to me.

That’s the thing about jargon. Sometimes it become normalized to some people and not others. If you don’t know what it means, re-reading won’t help. DYOR.

DYOR

Always good advice, fortunately I’m not that invested, mostly here because I’m interested in the human behaviours around crypto.

Well I like to ride my bikes just as much as the next guy on here. HTH 😉

link

Worth a read if you are interested in the FTX debacle.

So every month or so I like to dabble in crypto. Just gone to buy from the usual exchanges and none of my cards will work. Rang my bank to get the snotty response of “we don’t allow you to buy crypto anymore from December 1st”. Tried other credit cards, no joy.

So how are people buying now? Are we back to localbitcoins?

Monzo

So how are people buying now? Are we back to localbitcoins?

Use someone else’s money, seemed to work for sam.

I transfer a small amount monthly from HSBC to Kraken.
I’ve seen certain banks are restricting this, but it works for me so far.

If you transfer the money and buy that way, I think there are lower charges than using your debit card or credit card

Yes, I was doing the same, but Virgin Money – Binance/Coinbase Pro. But they’ve stopped that now.

No probs with HSBC/Coinbase, but so far I’ve never attempted to convert my funny money to real money.

I’ve got a standing order set up from Natwest to Coinbase, only £10/week though, an amount I am comfortable losing if it all goes very wrong.
Had problems transferring from Natwest to Binance.
Never tried it with a card.

That’s the thing about jargon. Sometimes it become normalized to some people and not others. If you don’t know what it means, re-reading won’t help. DYOR.

Using jargon outside of its context is lazy: if you actually want to get a point accross in a different environment, you have to expand jargon terms into everyday language. As it is, your post will only mean things to a small part of the community reading this forum. Was that your intention?

Use someone else’s money, seemed to work for sam.

🙂

So how are people buying now? Are we back to localbitcoins?

I’ve being buying bits of Etherium and Litecoin through Paypal. They do Bitcoin and Bitcoin Cash too. I figure Paypal is a pretty secure financial institution now too. 🙂

My bank (Co-Op) has started blocking every attempted transaction through Kraken, despite me calling and asking them to approve.

Possibly get one of these credit cards that you load with credit and use that?

Looks like the NFT bubble has burst…

https://www.theguardian.com/technology/2022/dec/29/unsellable-worthless-nfts-tax-write-off

Slight dip on my Nori coins but they’re still holding my roof up.

Good news!

If your crypto exchange or coin of choice went bankrupt because they turned out to just be lying shysters running a pyramid scheme then there is a solution.

They* have set up an exchange where you can trade your bankruptcy claims for new coins 😂

*The people who went bankrupt owing you money

https://www.ft.com/content/52f03314-fa01-4619-b42a-07c3426cf2d7

It looks like Bitcoin and a few other cryptos are on the way up again at the moment – sadly I expect it will stop well before I’m back in the green (possibly before I even press Submit on this post :p ).

There’s been a steady rise for a while now. But there was a small drop the last few weeks, but now back to where it was mid-Feb.

Yeah Bitcoin is doing well at the moment – I am currently 20% up on my *very* small investment (just playing for a bit of fun) but my other currencies aren’t doing so well (Ethereum, Litecoin and Bitcoin Cash) so I am, as I type, 1.69% down on my initial combined investments.

It looks like Bitcoin and a few other cryptos are on the way up again at the moment –

A take I have seen a lot of is that this is due to the bank collapses of last week. In particular, USDC and BUSD stablecoins are not seen as being such a safe thing to have, (esp after USDC dipped 10% on Sat) so people are hopping out of that to the ‘safer investment’ of BTC.

Also, the fact that the main crypto banks in the US have just been shut down means it’s just harder to cash out. So people are moving to BTC for a bit, while things settle down.

It looks like Bitcoin and a few other cryptos are on the way up again at the moment – sadly I expect it will stop well before I’m back in the green (possibly before I even press Submit on this post :p ).

That is all thanks to **** like Peter Theil, Curtis Yarvin etc, they are desperate to engineer a non regulatory banking system so they can get away with whatever they like, sooner the entire crypto Ponzi schemes turn turtle and disappear up their own arse the better

Thanks for the well-informed input.

Your welcome,

Now how about you go do some reading and maybe you’ll stop wading into discussions you know nothing about yelling like an angry hungry toddler at tea time.

Nah, I’m perfectly at ease replying to condescending posts from crypto shills

Ah, which particular cryptocurrency am I shilling for?

Don’t worry, I’ll give you time to go and look some up so you don’t sound completely moronic.

You’re welcome.

FTFY! 🙂

FYFY! 🙂

?FYFY?………

Ahh, you mean FTFY 😉

Their you go.

Their you go.

ICWYDT

Damn……thought someone wood bite

My big stack of Nori coins are still doing well.

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Apparently, NORI bricks are so-called because they were meant to be IRON bricks (due to the strength of the particular brick) but the sign-writer created the sign incorrectly on a chimney at the brick-works.

I only learned this yesterday.

In the past two years I’ve learnt it doesn’t matter how much interest/rewards you get in crypto it still doesn’t make up for the price going down! Amazing I know! Given the way things are going I don’t have much confidence the price will go back up again. Feel if I’m lucky I might end up back where I started. Have stopped buying this year. Not invested more than I was prepared to lose.