Tbf currency is meant to be a medium of exchange, not a store of value. Inflation is a feature not a bug.
Yeah and I said Iād stop doing that and since then Iāve just asked legitimate questions on things I am curious about.
Also again - I take huge issue with the idea that I came in here just randomly insulting people. What I did was ask specifically what is there to prop up the asset if/when it goes into freefall - which is an important question one should always ask in these spots. And then in the process of that discussion, I might bring up past manias as a specific response to what I considered a nonsense argument along the lines of āyeah but my X keeps going upā.
And then at some point in the middle of that exchange others jump in and get all bent out of shape. And then the next 20 posts by me are just replies and defending myself.
One more time for the record: I am very impressed with what you guys have done. I know many have made a ton of money, dwarfing my little stonk gains. Iām fascinated with the whole enterprise.
To be very clear Iām not remotely bent out of shape. I do think it is a very confusing area of finance. The reason you get the responses you do is because you come in trying to dick punch the genre as a whole and people arenāt offended, they think your viewpoints are ignorant, which they are.
The other part is you have literal experts here (i am not a top level expert there are lots of people who know more than me) who you completely dismiss rather than try and understand how they have made their fortunes. Saying well I am very impressed and want to understand is a complete cop out when your posting history is that this is a sham/tulip mania/dotcom bubble/etc.
I guess the sticking point for me is that all the experts here all seem to be saying that the key to making money is getting in early, flipping, and moving on to the next hot thing. Calling it a ābubbleā is taboo, but the players are all acting as though theyāre riding a series of boom/bust markets.
Tell me you donāt get it without telling me you donāt get it
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And? Like who really cares whether itās a ābubbleā or whatever? Literally 8 figures of wealth has been created in like 6 months and you think anyone involved cares about the fucking nuance of the word to describe it?
Itās almost like buying up all the Ninetendo Wiis in 20xx and selling them for 4x was smart even though it was a bubble. How in the world do you not get it yet?
Of course that would be smart. No one is saying you guys arenāt making extremely smart moves here. Iām quite sure Iād get cleaned out playing the NFT game. Like you say, who cares if it was a bubble or whatever?
I feel like weāre just talking past each other. I think we basically agree thereās a ton of irrationality-priced stuff in the crypto sphere that blows up and fizzles and also that smart people can take advantage of this and make crazy money flipping NFTs.
There is always irrational shit happening everywhere though. And itās smart to take advantage of it right?
Like I agree cartoon apes are dumb. Does it matter? Not really.
Well we gotta argue about something.
But seriously tho, Iām on the sidelines cheering you guys on hoping you make all kinds of money from ape jpgs.
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Thatās your characterization. I donāt agree with it at all. Iāve asked tons of questions itt. Iām not dismissing anyoneās answers.
Unless theyāre of the āyeah but I made a $bazillionā or āyou donāt get it old man, you should just defer to the experts on this oneā variety. What am I supposed to with those?
I do have a few more questions:
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If someone buys a BAYC from me on opensea for $2.3M the fee is uncapped whatever %. Who pays that? Does it come off the sale price the seller gets, or is it added to the price the buyer pays, or other?
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Does all this money go to opensea?
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Whats to stop someone from making the sale on the side then just transferring the NFT for nothing? Trust between the parties?
Anyone have any insight into the economics of crypto mining?
Specifically, how much of the cost is energy?
Plenty of markets are looking at negative energy prices in the daytime for the next few years. Would it make sense for crypto to run there? Or are the capital costs so high you need close to 24 hour utilisation?
itās a smart contract, the site fees and yacht club fees are uncapped and get taken in the same transaction that sends it to the buyer. fees come out of the sellerās cut
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Energy intensive mining is on the way out. Most of the newer chains donāt do it, Ethereum soon wonāt, and Bitcoin is already 90% mined.
Edit: BTW, even though BTC is 90% mined, the rate of mining is decreasing, so as things stand mining is expected to continue for ages. Iāve seen estimates of 2140 for last BTC mined.
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Yeah, Iām not entirely sure when it stops being practical though. Iāve read that somewhere around 99% it just becomes too difficult to be worth the effort
Itās a hard pill to swallow but it also needs to be said that this forum BADLY misread the global market in the first half of 2020 and anyone who traded on the advice of consensus here got absolutely rekt, so the crypto nerds that gtfoāed and aped into the madness the earliest have as much of a right to be cynical as the haters who think the spy ponzi is any different from the crypto ponzi.
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Isnt mining required in order for BTC to change hands? I thought it was part of the system.
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Currently, yes. Iām not really sure what happens when mining difficulty approaches the absurd. Something something exchange fees is what Iāve heard. Iām sure the maxiās have some convoluted solution in mind, because simply moving over to any one of the many, many blockchains that have already solved Bitcoinās inherent flaws is unacceptable to them for some dumb reason.