I was one of the lucky ones who bought bitcoin so I could buy acid on the internet. Years later I put a down payment on a house with the change that I forgot about. DARE was wrong.
this post was submitted on 14 Sep 2023
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I mined a few back in the day. I think I got a couple pizzas and a new router out of it. Could've bought a decent house at the peak value. Oh well.
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It's the American Dream
Sometimes i feel like im the only one living it, i see it as Karmic justice because i tip really well and try to be nice to animals.
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All those GWh wasted on “mining” only got us closer to the edge.
Which is why a lot of cryptocurrencies adopted proof of stake in favor of proof of work.
which is literally a rich get richer scheme on steroids...
Too little too late.
They were using more power than the entirety of Switzerland, just so a handful of people could get rich.
Not like the millions or billions of man hours wasted to make 50-ish removed into defacto-gods.
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noo you don't understand it's going to the moon noooo hodl hodl hodl nooooooooo plz buy my crypto thank you :(
I have invested a total of $2000 in crypto.
I took out $2000 when I had like $12000.
I have no idea how much what is left is now. Probably $500-$700. Definitely less than a months rent.
Imma let it ride. I have rss feeds that'll let me know if any of the coins I own spike for some reason. Otherwise, whatever.
This is the way to do it. What I've got is all profit too, whether that means a million dollars or just one.
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I sleep well at night knowing nobody will steal my thing I don't care about because I don't own any. I just wanted you all to know that.
Like it was basically just digital gold… which is also a terrible currency in physical form.
I mean it is very very useful for specific purposes, like purchasing, uh, certain substances in certain, uh... unregulated online marketplaces.
As far as being a currency for other purposes goes though, I think it is incredibly unfit for purpose. And as far as being an investment vehicle goes it's essentially a ponzi scheme.
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Gold is useful in that it always remains gold but that's the extent of it.
Wouldn't say terrible. Just volatile and with a specific use cas. But incaseyour currency loses value you still have some wealth wich you can use for financial interactions (assuming you still have access to it)
I genuinely tried to look for a legit way to make it an option for paying in a small online store without having to depend on paypal or a bank gateway.
Well transaction fees for any big coin are like many dollars per transaction. It's ridiculous. For smaller transaction fees you have to go to smaller coins that can disappear or lose half their value one day to the next.
And still, if we forget thar people wouls need to pay like a 14€ fee for 1€ transaction. They still have to go to a exange to change their money, and then I have to change it back, because very little things can be bought with crypto, less with cryptos that doesn't have ridiculous transaction fees.
Did I mention than transaction are not instantaneous either? Unless you pay big transaction fee or use some obscure coin that no one uses.
At the end, I ended up with paypal. I really wanted a way to be "independent" of big companies for transaction. But crypto is completely ruined (if it was ever functional that I doubt it). It's not a coin, they are just speculation and bets. With cybercrime and drug dealing being the only "real" uses it has.
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Its useful in that it can be used to perpetuate scams
You make more money as the cult leader but you have more fun as a follower
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Extremely relevant...
I love that "Web 1.0" link on the bottom for us NoScript users. Enough webs already!
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I can't wait for the crypto Bois to nuke this thread
The idea was great, but it was ruined by greed.
It's always been a solution to a problem that doesn't exist.
How did you buy drugs online before crypto? I think it's made it much easier. Also for international transactions of large sums I used to pay fees for services and crypto allows for an easy universal standard with no middle men. Micropayments never caught on, but it would be a nice solution for that as well. This argument that we already have money, we don't need different money never flew with me. Crypto has its place, it was just abused as an investment commodity way too early and this massive inflation completely suffocated any practical application.
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Bitcoin was created shortly after some Banks almost crashed the world economy.
It was also a reaction on centralized services like PayPal freezing the accounts of Wikileaks or similar.
Saying that there were or are no problems is wrong. But Crypto is also not a perfect alternative.
[greed!] The cause of and solution to all of our problems
- homer Simpson
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the idea was great
I have questioned this ever since I learned that the more adoption there is, the less efficient mining becomes, ergo more power is wasted accomplishing the exact same task for no extra benefit. Difficulty creates a back asswards system that makes adoption a con.
Mining is only one strategy for concenous, but yes it is a pretty rudementary and inefficient version.
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Clearly you didnt figure out how to turn crypto into fancy monitors and overpriced speaker systems.
I can understand monero since you can actually use it as a currency on some certain websites, but that's basically it. I do not care about crypto anymore because of the almost toxic culture it can brew.
Back when reddit was a thing, I asked how to even start with crypto (what type of wallet, general set up general use etc) and just didn't even talk about the actual mining (I remember saying something around the lines of "I'm looking to mine because it's supposed to get extra cold this winter, I do not care about actually getting any crypto" and those dense mfers kept linking a website that calculates how much I would make with the cost of electricity and the efficiently of it all... like.... I didn't even care about making anything, I just didn't want it going into the ether)
Anyways that's my rant
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