I hear you. I'm just concerned about the amount of regulated institutions that could do a coordinated 51% censor on the next eth disaster. Wouldn't put it past the sec to try.
-
Join the MyBroadband community
South Africa’s biggest forum. Discuss, discover, and connect with thousands of members.
-
Question of the Day: Have you ever been to an airshow?
Bitcoin Thread
- Thread starter Dan C
- Start date
- Status
NarrowBandFtw
Honorary Master
for sure, regulators are bound to try something big in the crypto space in the near future I suspect
too many high profile f-ups exploded this year to be ignored, one can only hope they don't overreact
OFAC already pulls the strings on ETH. People don't realise what the switch to PoS really means for centralised regulation. The world has more than enough capacity to sustain a global PoW system like BTC (hence my statement on ETC). PoW Miners will be incentivised to use the most energy-efficient means of production and can actually reduce global carbon emissions by absorbing LNG flares at existing facilities.
Now we just need the world to figure that out and stop whining about PoW destroying the environment.
Last edited:
Let me start by saying that I am positive enough about BTC and ETH to actively trade CFDs with a goal of buying BTC to store in my (currently bare!) cold wallet.
With that done, to my comments on @bromster's post. I agree with the criticism of PoS. It is a completely horrible idea which in practice will result in a total departure from the philosophical foundations of bitcoin and ethereum. It doesn't matter whether the whales who will inevitably control staking are idealists, bad apples or just as unpredictable as Elon Musk, PoS ultimately leads to centralisation and even greater power to a few individuals.
I am much more dubious of Bromster's faith in a search for efficiency being the goal of miners. Bear markets and halving are more likely to drive miners to look for the cheapest, largest energy sources for the greatest numbers of rigs. To me, in the next couple of decades this means increased use of "dirty" energy. Coal, oil and nuclear are the best sources of cheap and plentiful energy so increases in PoW industry will depend on these. It certainly is foolish for environmentalists to single out BTC as a driver of enbironmental catastrophe. HOWEVER, as an environmental professional, I cannot agree that the world has the capacity to sustain too much more degradation without major harm. Consequently, I am unhappy about PoW impacts under what seems to be the current direction of mining energy and other resource use.
So here I am; involved in the BTC and ETH ecosytems and unhappy with consequences of PoS centralisation and PoW environmental costs.
K T
Expert Member
Why not actively trade CFD's in a more stable, less risky asset like major currency pairs?Let me start by saying that I am positive enough about BTC and ETH to actively trade CFDs with a goal of buying BTC to store in my (currently bare!) cold wallet.
With that done, to my comments on @bromster's post. I agree with the criticism of PoS. It is a completely horrible idea which in practice will result in a total departure from the philosophical foundations of bitcoin and ethereum. It doesn't matter whether the whales who will inevitably control staking are idealists, bad apples or just as unpredictable as Elon Musk, PoS ultimately leads to centralisation and even greater power to a few individuals.
I am much more dubious of Bromster's faith in a search for efficiency being the goal of miners. Bear markets and halving are more likely to drive miners to look for the cheapest, largest energy sources for the greatest numbers of rigs. To me, in the next couple of decades this means increased use of "dirty" energy. Coal, oil and nuclear are the best sources of cheap and plentiful energy so increases in PoW industry will depend on these. It certainly is foolish for environmentalists to single out BTC as a driver of enbironmental catastrophe. HOWEVER, as an environmental professional, I cannot agree that the world has the capacity to sustain too much more degradation without major harm. Consequently, I am unhappy about PoW impacts under what seems to be the current direction of mining energy and other resource use.
So here I am; involved in the BTC and ETH ecosytems and unhappy with consequences of PoS centralisation and PoW environmental costs.
A very good question and one I ask myself quite often. I am fascinated by BTC because it gives interesting price and volume moves and it still is predominantly a speculative trading environment. Being unable to afford significant trading money, I do more with ETH because it is cheaper and it is so correlated with BTC that it provides an affordable way to study the BTC market in real time with money. [Paper trading is no way for me to really learn about an asset - I have to have a real commitment to the trades.]
I started trading currency pairs and most probably will go back to them in the new year.
Early New Year's Resolutions:
Have NO crypto on exchanges unless actively trading and then as little as possible on the exchange. Move any excess (not that I have any just at present, but anyway) off exchanges and into cold wallet ASAP.
Only store crypto in cold wallets.
As in previous post, go back to currency pairs!
Have NO crypto on exchanges unless actively trading and then as little as possible on the exchange. Move any excess (not that I have any just at present, but anyway) off exchanges and into cold wallet ASAP.
Only store crypto in cold wallets.
As in previous post, go back to currency pairs!
Disagree with the ASAP portion. I think it would be silly to buy 100-1000 and move that off monthly. Honestly wouldnt move anything under 10k. maybe 5k if you really wanna be cautious.
backstreetboy
Honorary Master
- Joined
- Jun 15, 2011
- Messages
- 49,397
- Reaction score
- 56,416
FUD
Why would it be silly? Due to fees or something else? Legit curious. Been moving mine off as soon as I buy.
Fees - look its all relative it usually cost R50-R200 to move btc for example. If you buying R100-R1000 a month it doesnt make sense to move small amounts. if its 10k its a different story
other coins are cheap to move in those instances small amounts are fine
Speedster
Honorary Master
Withdrawal from Kraken is currently 0.00001BTC aka R3
Then it really doesnt matter
Oh sure - anything under 5k is "discretionary" or "expendable" trading money. That stays in the exchange.
Look at MyBB name - it says it all doesn't it? Fuddy-duddy by definition!
Picking up on what you were probably meaning in a more general sense of where BTC and probably ETH are now situated. IMO, "F" and "D" can be discounted as being of any real significance. However, for me there is real Uncertainty around exchanges. I think there is more immediate fall-out of the collapses still to come and there are likely to be considerable changes in regulation and ease of withdrawal from exchanges.
Last edited:
Speedster
Honorary Master
Very happy Kraken user here
How long?
Speedster
Honorary Master
Since July 2019
- Status