Cryptocurrency and Mining

[Lazybones]

Split and moved the discussion to Tech chat.

Been watching Bitcoin and Ethereum the last few days and its nuts. Things looks more and more like a bubble but at the same time the rate things are going up are hard to resist.FOMO (fear of missing out) is super strong right now all over the web.

[Melbosa]

Well... the bubble burst for me, if only temporarily.  Seems Nicehash may have been hacked and over 50M worth of BTN transferred out: https://www.reddit.com/r/NiceHash/comments/7hxxp3/hicehash_hacked/

[Lazybones]

Ouch...

As for bubbles Bitcoins price is unsustainable and linked to nearly all other crypto prices .

On the 10th a wall street futures market will open and it expected that bitcoin will be shorted and fall substantially.


Going back to Nicehash the first rule I learned when looking into crypto is NEVER leave large amounts of funds on an online / exchange wallet.

[Melbosa]

Right now the theory is a hack. There could be other reasons or only partial hack and the transfer was a security reaction to potential hack. Until Nicehash let's us know what happened is all speculation.

I only have 20usd in funds sitting in my wallet when this happened...

[Lazybones]

Official Announcement.

https://www.reddit.com/r/NiceHash/comments/7i0s6o/official_press_release_statement_by_nicehash/

[Thorin]

That is insane.  $60m USD in BTC transferred to some other wallet.  And everyone's asking, "Yeah, but how are they gonna cash it out?"

[Darren Dirt]

WTF happened TODAY? Is there like a bunch of mega-criminals who are about to get indictments unsealed or something, hiding their assets?

https://www.usd-x.com/market/BTC/USD ( 07Dec2017 https://archive.is/Km7ok )

BTC = 12800 USD at open, 16700 high/close. YEESH, 2 weeks worth of gains in a single day (and those 2 weeks were pretty crazy too)

[Darren Dirt]

Meanwhile in "other crazy stuff in crypto news" there are plenty of funny-cuz-it's-true tweets under this hashtag:

https://twitter.com/search?q=%23CryptoKitties

Such as https://twitter.com/ethereumweekly/status/938258469836197888
"A 'killer app' called cryptokitties comes along and clogs up the 'better/faster than bitcoin' blockchain Ethereum... Embarrassing as @%&#, and now we have people paying hundreds of thousands of dollars for a Tomagotchi you can't even hold in your hand."

and https://twitter.com/boriskozak/status/938269737410269189
"the #Ethereum API is crap, the docs are terrible, and the network is crawling. But hey, I just profited .5 ETH mining adorable cats!"

[Lazybones]

Yep crypto / blockchains are a crazy mostly unregulated place which is what makes them more nutty.

Expect things to get even crazier over the next two weeks as wall street opens two futures markets for bitcoin... Some people think it will keep pushing the price up, others figure that wall street will bet against bitcoin and pull out any investments in it, which will collapse bitcoin.

Also nearly everyone agrees that while bitcoin is the original it is nothing more than a not so stable store of value now.. Transaction times and costs are huge, you can't reliably buy things with it anymore, valve stopped accepting it in the steam store (didn't even noticed they did).

[Darren Dirt]

When your Bitcoin-skeptical ex from years ago hears what a single #bitcoin is worth today...

( also, kinda me, to myself 4 years ago, maybe... considering this thread http://forums.righteouswrath.com/index.php/topic,9923.msg76436.html )


https://twitter.com/SajTheOne/status/938548703979294721

[Melbosa]

( also, kinda me, to myself 4 years ago, maybe... considering this thread http://forums.righteouswrath.com/index.php/topic,9923.msg76436.html )

if only Tom had kept his 10BTC!

[Lazybones]

Well if you are into speculative trading things are still kinda going nuts.

It isn't too hard to purchase Bitcoin / Ethereum / Litecoin and trade from there (most other coins are traded in BTC) or just hold these three.

Ethereum and Litecoin are up about 70-80% in the last 7 days alone.

Only thing I would say is research, and never BET any money you can't completely lose.. There is a real risk of something causing all this speculation to drop at any time.

[Mr. Analog]

I'm gonna stick with the tomato heavy portfolio.

When the apocalypse comes and people want to bite into a nice juicy mater I'll be the only game in town!

[Tom]

( also, kinda me, to myself 4 years ago, maybe... considering this thread http://forums.righteouswrath.com/index.php/topic,9923.msg76436.html )

if only Tom had kept his 10BTC!

I had up to 80 at one point. no joke.

[Thorin]

( also, kinda me, to myself 4 years ago, maybe... considering this thread http://forums.righteouswrath.com/index.php/topic,9923.msg76436.html )

if only Tom had kept his 10BTC!

I had up to 80 at one point. no joke.

Man, 80 at today's prices would make you a millionaire.  Of course, you never know which way it's gonna go, so it's always hard to time those sales right.