Cryptocurrency

[GutterBoy 2,281]

1 minute ago, nobody said:

Mining is supposed to be the incentive for people processing transactions.  You become part of the processing network and in exchange, you get bitcoin from mines.  It becomes harder and harder to get some by mining the more Bitcoin is mined because of the diminishing supply. 

Once it becomes prohibitively expensive to get any by mining for it, they'll have to start paying people to process transactions or else the whole network will just crumble.

In other words, BUY! BUY! BUY!

[tubby_mcgee 686]

1 minute ago, nobody said:

Mining is supposed to be the incentive for people processing transactions.  You become part of the processing network and in exchange, you get bitcoin from mines.  It becomes harder and harder to get some by mining the more Bitcoin is mined because of the diminishing supply. 

Once it becomes prohibitively expensive to get any by mining for it, they'll have to start paying people to process transactions or else the whole network will just crumble.

That's what I said in a nutshell above....

 

 

26 minutes ago, tubby_mcgee said:

Its based on the blockchain idea of a coin, broken into bits. 

If one of them bits shall fall, then there are even less bitcoins for all. 

Get it?

 

 

 

[KSB2424 3,083]

So Bitcoin is finite which is the main draw for me.   If so it makes sense as a better form of currency than Fiat.  The "Gold Standard" will fail as governments like the U.S. just print money out of thin air.

First we had the barter system, I give you a goat for a gun.  Then they created the fiat system based on a precious metal like gold.   It may be time for a new system, nothing lasts forever.  

 

[JustinCharge 2,397]

36 minutes ago, KSB2424 said:

So Bitcoin is supposed to be finite, but you can mine for it.  

Can somebody explain?  

It is not finite.  The government can put a gun to their heads and the people in charge of bitcoin can make 50 million more bitcoins.  It is only finite in the sense that the people in charge play by the rules and NO corruption of the system ever happens.  Its not finite like gold, where there is simply x amount of it and once its all mined, they can't make more.

[KSB2424 3,083]

3 minutes ago, JustinCharge said:

It is not finite.  The government can put a gun to their heads and the people in charge of bitcoin can make 50 million more bitcoins.  It is only finite in the sense that the people in charge play by the rules and NO corruption of the system ever happens.  Its not finite like gold, where there is simply x amount of it and once its all mined, they can't make more.

So whats the point then?

Also, how do you know gold is finite?  What if they figure out a way to mine deep down in the Pacific Ocean and find a gold "river".  You act like we've searched every nook and cranny of Earth.  

[Cdub100 3,380]

52 minutes ago, KSB2424 said:

So Bitcoin is supposed to be finite, but you can mine for it.  

Can somebody explain?  

Every day there are 144 blocks released and each block holds 6.25 BTC.

Historical context: there will only ever be 21 million BTC released. When bitcoin first came out each block had 25 BTC in it. Every 4ish years that number is halved. 25 -> 12.5 -> 6.25 (current rate)

As of today, there are 900 BTC produced every day. Eventually, there will be zero BTC produced in 2140. This should be the last year BTC can be mined.

But that doesn't mean it just stops. Because miners earn rewards from people transferring bitcoin. there is a fee every time you move your crypto and that goes to the miners keeping the network up. So even though people can't "mine" anymore doesn't mean people won't still keep the BTC network operational. 

[Cdub100 3,380]

31 minutes ago, JustinCharge said:

It is not finite.  The government can put a gun to their heads and the people in charge of bitcoin can make 50 million more bitcoins.  It is only finite in the sense that the people in charge play by the rules and NO corruption of the system ever happens.  Its not finite like gold, where there is simply x amount of it and once its all mined, they can't make more.

BTC is finite. There is nobody head to put a gun to. There will only be one bitcoin.

Also gold is not finite. Gold supply increases 2% every year. Just wait until we start mining asteroids. 

[Cdub100 3,380]

29 minutes ago, KSB2424 said:

So Bitcoin is finite which is the main draw for me.   If so it makes sense as a better form of currency than Fiat.  The "Gold Standard" will fail as governments like the U.S. just print money out of thin air.

First we had the barter system, I give you a goat for a gun.  Then they created the fiat system based on a precious metal like gold.   It may be time for a new system, nothing lasts forever.  

 

We are already on that new system and have been since the US went off the gold standard decades ago. The US and all country's currency is based on nothing but policy. 

[Cdub100 3,380]

42 minutes ago, nobody said:

Mining is supposed to be the incentive for people processing transactions.  You become part of the processing network and in exchange, you get bitcoin from mines.  It becomes harder and harder to get some by mining the more Bitcoin is mined because of the diminishing supply. 

Once it becomes prohibitively expensive to get any by mining for it, they'll have to start paying people to process transactions or else the whole network will just crumble.

This already happens. Miners get the transaction fee when people move bitcoin. Even though moving bitcoin is way faster than moving fiat currency some people want to move it even quicker. So what they do is increase the transaction fee so the miners do their transaction first.

[GutterBoy 2,281]

7 minutes ago, Cdub100 said:

We are already on that new system and have been since the US went off the gold standard decades ago. The US and all country's currency is based on nothing but policy. 

I'd rather have currency backed by the US Govt than currency backed by some nerd code.

[Cdub100 3,380]

Just now, GutterBoy said:

I'd rather have currency backed by the US Govt than currency backed by some nerd code.

Guess what cupcake. Within our lifetime the US will switch to a blockchain currency. It won't be bitcoin or etheirum or any of the coins out now. The central bank will make their own blockchain crypto currancy and everyone will be forced to use it. 

[GutterBoy 2,281]

Just now, Cdub100 said:

Guess what cupcake. Within our lifetime the US will switch to a blockchain currency. It won't be bitcoin or etheirum or any of the coins out now. The central bank will make their own blockchain crypto currancy and everyone will be forced to use it. 

Sounds great, slapnuts.  I have no problem with blockchain technology and I will glad use a US created and backed blockchain based digital currency if/when it becomes available.

[Cdub100 3,380]

Speaking of transaction fees. Etherium mining is profitable right now partly because of the high transaction fees. There's a vote coming up on the network call EIP 1559 that would burn some of the fees on the etherium network instead of giving all of it to miniers. This of course doesn't make people like me happy. However, it would add some deflation to the ETH network. So I don't know. It's both good and bad.

[tubby_mcgee 686]

22 minutes ago, GutterBoy said:

I'd rather have currency backed by the US Govt than currency backed by some nerd code.

 

18 minutes ago, GutterBoy said:

Sounds great, slapnuts.  I have no problem with blockchain technology and I will glad use a US created and backed blockchain based digital currency if/when it becomes available.

 

 

From what I know, you and Cdub are both on the good guys side.  

I like both of your content on here.  I hope Cdub makes  a killing in cryptos.
I hope you make a killing in whatever it is you invest in.

That being said,  I agree with Gutter on the subject of bitcoin/cryptos. 

[GutterBoy 2,281]

2 minutes ago, tubby_mcgee said:

 

 

 

From what I know, you and Cdub are both on the good guys side.  

I like both of your content on here.  I hope Cdub makes  a killing in cryptos.
I hope you make a killing in whatever it is you invest in.

That being said,  I agree with Gutter on the subject of bitcoin/cryptos. 

Thanks man.  I'm not investing to make a killing, I just want to get a reasonable return and some good safety.  I want to be able to send 3 kids to college and have saved the last 15 years to do.  I don't want to tell me kid one day "Yeah sorry you have to work at stop and shop because I lost all the money I saved for you investing in a scam".

I hope crypto works out for cdub and everyone else, I just would never put money into it that I cannot afford to lose, and these days I can't afford to lose much.

[edjr 5,564]

I am not saying what I did for fear of jinxing it

[vuduchile 1,941]

3 hours ago, tubby_mcgee said:

 

What's the endgame here?   So a guy buys an "official" highlight vs some unofficial highlight that he can watch on youtube, what does he do with said "official" highlight?

Is there a long term need for basketball highlights that I'm not aware of?

EDIT: No one is going to own the rights to "The Catch" etc...other than NFL Films or NBC or whoever.

 

Don’t know that there is an end game.  It’s just another collectible sports item right now. 
 

Compare the 2:

Difital clip vs. A piece of cardboard with the players photo.  
 

Either can be mass produced or limited in distribution.  
 

One can be autographed, the other can contain a personalized message or exclusive commentary from the player. 
 

One requires massive amounts of paper and plastic to manufacture, ship, protect and store.  The other one doesn’t.  
 

Selling or trading a card requires the physical transfer of that item in person or via mail.  Selling a digital clip can be done with the click of a button.  
 

The blockchain is also supposed to be more secure and faster at some point?  Not sure if that’s a reality yet.  
 

Ultimately, collectors will decide if they want this or not.   

[Cdub100 3,380]

23 minutes ago, tubby_mcgee said:

 

 

 

From what I know, you and Cdub are both on the good guys side.  

I like both of your content on here.  I hope Cdub makes  a killing in cryptos.
I hope you make a killing in whatever it is you invest in.

That being said,  I agree with Gutter on the subject of bitcoin/cryptos. 

That's fine. I like crypto a lot. I think it's going to be the future and I want in early. And it still is early.

I have invested a very large sum into crypto. Even then it's probably 20% of my total investment. As I said earlier in this thread I own stocks, bonds, paper gold/silver, land and magic the gathering . On top of my government pension, roth and traditional ira

If I lost everything in crypto tomorrow nothing about my current or future life will change. But... If crypto pops off like I expect it will. My life could change dramatically.

[tubby_mcgee 686]

26 minutes ago, edjr said:

I am not saying what I did for fear of jinxing it

Buy buy buy!

[vuduchile 1,941]

NBA TopShot update:  

I was able to buy my first digital pack today for $14.00.  The pack contained 5 moments.  One of them is currently going for $85, and another (Derrick Jones Jr. Swatting a Lebron James layup) is going for $250.  I just listed them both for sale.  Let's see what happens. 

[nobody 2,037]

2 hours ago, Cdub100 said:

BTC is finite. There is nobody head to put a gun to. There will only be one bitcoin.

Also gold is not finite. Gold supply increases 2% every year. Just wait until we start mining asteroids. 

It's software though.  you can do anything you want, really.

[nobody 2,037]

2 hours ago, Cdub100 said:

This already happens. Miners get the transaction fee when people move bitcoin. Even though moving bitcoin is way faster than moving fiat currency some people want to move it even quicker. So what they do is increase the transaction fee so the miners do their transaction first.

It needs to go faster.  It's no where near fast enough to support trillions of transactions a day that we would need.  Bitcoin doesn't just compete with fiat currency.  It also competes with credit cards.

[Hawkeye21 1,853]

34 minutes ago, vuduchile said:

NBA TopShot update:  

I was able to buy my first digital pack today for $14.00.  The pack contained 5 moments.  One of them is currently going for $85, and another (Derrick Jones Jr. Swatting a Lebron James layup) is going for $250.  I just listed them both for sale.  Let's see what happens. 

How do you sell them?  Is there a site for buying and selling them?

[vuduchile 1,941]

9 minutes ago, nobody said:

It needs to go faster.  It's no where near fast enough to support trillions of transactions a day that we would need.  Bitcoin doesn't just compete with fiat currency.  It also competes with credit cards.

This interests me.  As a merchant, CC and Paypal processing fees are a significant expense at 3-4%.  How expensive will blockchain transactions be? 

[nobody 2,037]

23 hours ago, vuduchile said:

I've not see royalties addressed anywhere.  This is what their site says:

What can I do with these moments

You have true ownership of these moments, so there are no boundaries to what you can do.

Display your authenticity and depth of your fandom: Ownership records exist on the blockchain and are visible to anyone. You can show your level of fandom to friends and also find out if someone has really been the superfan, he’s claiming to be

Trade: There’s a secondary market for NBA TopShot moments which is getting bigger every day. Fans are actively buying, selling or swapping. Financial aspects are part and parcel of NBA TopShot. Be an astute collector and trader to generate profits. Mini-games and challenges on NBA TopShot encourage active participation and purchases of missing moments. We’ll cover more of this in future blog posts.

LOL, give us money so you can prove that you're a superfan!  There are so many suckers out there.

[vuduchile 1,941]

2 minutes ago, Hawkeye21 said:

How do you sell them?  Is there a site for buying and selling them?

Yes.  The NBA TopShot site has a marketplace to buy and sell them.  I've also seen some people testing them out by posting them on ebay.  Not sure how they handle that outside the platform.  

[nobody 2,037]

Just now, vuduchile said:

This interests me.  As a merchant, CC and Paypal processing fees are a significant expense at 3-4%.  How expensive will blockchain transactions be? 

Probably the same.  The amount of energy it's going to take to keep a network of that size operational will require a decent amount of fees.

[Alias Detective 1,179]

3 hours ago, KSB2424 said:

So Bitcoin is finite which is the main draw for me.   If so it makes sense as a better form of currency than Fiat.  The "Gold Standard" will fail as governments like the U.S. just print money out of thin air.

First we had the barter system, I give you a goat for a gun.  Then they created the fiat system based on a precious metal like gold.   It may be time for a new system, nothing lasts forever.  

 

The fiat system was designed to allow for borrowing.  

[vuduchile 1,941]

3 minutes ago, nobody said:

LOL, give us money so you can prove that you're a superfan!  There are so many suckers out there.

There's no shortage of suckers out there.  This again, is just another form of sports gambling.  "Collectors" are buying these moments, flipping them or holding them, betting that they'll escalate in value.  It's the same thing that's going on with traditional sports cards. 

[vuduchile 1,941]

1 hour ago, vuduchile said:

NBA TopShot update:  

I was able to buy my first digital pack today for $14.00.  The pack contained 5 moments.  One of them is currently going for $85, and another (Derrick Jones Jr. Swatting a Lebron James layup) is going for $250.  I just listed them both for sale.  Let's see what happens. 

Update 2:  The $85 moment just sold. -  Deni Avdija 3 pointer.  That was a quick 6X return on the $14 pack.  

[vuduchile 1,941]

More from Mark Cuban’s blog re: Crypto and digital collectibles:

Trading Cards, Art, Cars, Stamps and many other “collectibles” are also perceived as a store of value.  One of the reasons they have worked as a store of value is that they require physical ownership as proof of existence and confirmation of scarcity. We have a good idea of how many of most collectibles were created and the physical presence of that good is confirmation that its real (most of the time, fakes obviously do exist and fraud is an issue), but for the most part we trust the Picasso is a Picasso and the Luka or Lebron Rookie cards are real as well. 

Of course those who collect them as an investment hope that their value will go up, and they very often do go up, leading to profits for those who own and then sell them. In the analog world , pre block chain world they were the only game in town.

But something changed over the past 3 years, (Crypto enthusiasts will tell a different story saying this has been going on since 2009). The block chain has evolved to support smart contracts and the ability to uniquely identify digital goods and the transactions associated with them. 

What is a digital good that can be sold ? Literally ANYTHING digital.

Because of the intelligence assigned, stored and maintained decentrally via the block chain, with no one party in charge of the transaction and miners competing to confirm the transaction,  blockchain driven assets have now legitimately become stores of value.
 

When you collect stamps or cards you have to worry about getting them graded. Is it mint condition or ? You have to store them and maintain their current physical state . You need to protect them and keep them safe. When you want to sell them you need to physically deliver them , which entails considerable risk during shipping. Because much of the industry is person to person , there are a variety of other risks and costs introduced into the system as well. All of these are expensive, time consuming, risk increasing and annoying. 

With a digital trading trading Moment on NBA TopShot as an example , you have all the fun, none of those risks and the value is still set by the same laws of supply and demand.

Here’s the entire post:

 

 

https://blogmaverick.com/2021/01/31/the-store-of-value-generation-is-kicking-your-ass-and-you-dont-even-know-it/

[Cdub100 3,380]

1 hour ago, nobody said:

It's software though.  you can do anything you want, really.

Sure but theres not one company or buisness that controls that software. And what you're suggesting has been done. When there are disagreements the community decides what to do. That's how we got Bitcoin cash, gold, SV etc... There will always only be 21 million bitcoin. 

[nobody 2,037]

1 hour ago, Cdub100 said:

Sure but theres not one company or buisness that controls that software. And what you're suggesting has been done. When there are disagreements the community decides what to do. That's how we got Bitcoin cash, gold, SV etc... There will always only be 21 million bitcoin. 

When they do the forks does that use some of the 21 million bitcoin or do they just invent some new digital currency and give it to people or what?

Before any digital currency becomes legitimized by world leaders, governments will install their own people to run it, of course.  That's why agree with you that bitcoin won't be it.  Biden will invent WokeCoin and the only way to get it is reassign your gender.

[Cdub100 3,380]

29 minutes ago, nobody said:

When they do the forks does that use some of the 21 million bitcoin or do they just invent some new digital currency and give it to people or what?

Before any digital currency becomes legitimized by world leaders, governments will install their own people to run it, of course.  That's why agree with you that bitcoin won't be it.  Biden will invent WokeCoin and the only way to get it is reassign your gender.

It creates a new digital currency that is "airdropped" to the people who own the original coin.

For example, Bitcoin Cash just had a hard fork. This fork created Bitcoin Cash ABC and Bitcoin Cash Node. Whichever coin gets the most hash power gets to keep the original block set and carry on as the original Bitcoin Cash.

Also technically more bitcoin could be created but it would take a near-impossible level of agreement that will never happen.

[Patriotsfatboy1 1,432]

50 minutes ago, Cdub100 said:

It creates a new digital currency that is "airdropped" to the people who own the original coin.

For example, Bitcoin Cash just had a hard fork. This fork created Bitcoin Cash ABC and Bitcoin Cash Node. Whichever coin gets the most hash power gets to keep the original block set and carry on as the original Bitcoin Cash.

Also technically more bitcoin could be created but it would take a near-impossible level of agreement that will never happen.

Sounds like Pokémon 

[Cdub100 3,380]

1 hour ago, Patriotsfatboy1 said:

Sounds like Pokémon 

Gotta catch them all.

[vuduchile 1,941]

10 hours ago, vuduchile said:

Update 2:  The $85 moment just sold. -  Deni Avdija 3 pointer.  That was a quick 6X return on the $14 pack.  

Update 3: The $250 moment just sold. - Derrick Jones Jr blocking a Lebron James layup attempt.

 

Paid $14 for the pack, sold 2 items from the pack for $335 in about 10 hours. 
 

That’s a 24X return.   
 

That’s just stupid.  
 

[vuduchile 1,941]

More insight on NBA topshot:

Yesterday's total sales on the platform were $1.6M.  Average daily sales on the platform for the past 2 weeks are over $1M. That's a lot of volume for something this new.  

[Cdub100 3,380]

PUMP PUMP

[Hawkeye21 1,853]

23 hours ago, vuduchile said:

More insight on NBA topshot:

Yesterday's total sales on the platform were $1.6M.  Average daily sales on the platform for the past 2 weeks are over $1M. That's a lot of volume for something this new.  

It looks to be pretty popular because there's a waiting list to get signed up right now.