Anyone Into Crypto?

[Lanmate]

The "mining" is really doing lots of (CPU/GPU/memory/storage intensive) operations to verify and add new transactions to the blockchain. The blockchain is a distributed ledger which is supposed to be immutable once something has been added to it, so that everyone can verify it and arrive at the same answer as to what transactions have been previously added to it. If everyone has a copy, and the majority rules ethos applies, it's impossible for any single actor to rewrite history unless they can gain control more than 50% of the processing power of the entire mining network. If they control less than 50%, their attempt to rewrite history will be invalid as the rest of the network can "outvote" them on that the truth really is.

Thats alright then. Although the inclusion of "supposed and If" is a worry As for "impossible and outvote" I'll believe that onky when Vlad says it!

The "if" in that context was not supposed to be "this only applies if everyone has a copy", it was supposed to be "everyone has a copy and it's impossible for anyone to rewrite history on the proviso that a bad actor hasn't managed to gain more than 50% control over the entire mining network". Sloppy writing on my part. "Supposed" was inclusion of the else case, if they do manage to control 50%+ of the mining network, they can do anything they want, which includes insertion, modification and deletion of transactions at any point in the ledger, making the whole endeavour of a distributed ledger entirely pointless.

[Lanmate]

The "mining" is really doing lots of (CPU/GPU/memory/storage intensive) operations to verify and add new transactions to the blockchain. The blockchain is a distributed ledger which is supposed to be immutable once something has been added to it, so that everyone can verify it and arrive at the same answer as to what transactions have been previously added to it. If everyone has a copy, and the majority rules ethos applies, it's impossible for any single actor to rewrite history unless they can gain control more than 50% of the processing power of the entire mining network. If they control less than 50%, their attempt to rewrite history will be invalid as the rest of the network can "outvote" them on that the truth really is.

Pardon !

I think the most dangerous part of any crypto currency is that it's entirety digital.

Call me a conspiracy theorist, but as Governments push digital currency, even claiming it's help fight climate change , they are also warning the world that Cyber attacks in the future will be more damaging to mankind than any pandemic.

If the Internet is switched off, no one would be able to buy food, let alone anything else. I'm not alone in thinking that letting governments proceed with ending physical cash is the most dangerous thing to man kind.

Saying all that I wish I'd invested £1000 into Bitcoin at the very start

Don't we all...

To add to my previous replies, the answer i gave was for "Proof of Work" (PoW) style blockchains, not for "Proof of Stake" (PoS). It's important to differentiate because with the PoW style, there are environmental costs as there is a lot of computation being done just to prove the validity of the ledger and add new things to it, this is incredibly environmentally wasteful. In August last year, the estimated energy using for crypto mining was equivalent to a country the size of Argentina or Australia (source The American Government. With PoS this energy requirement is greatly reduced, but there are more security and stability concerns better explained here as I don't fully understand that style of blockchain.

[Armyaxl]

Whatever you do, keep your largest positions your own Ledger wallet. You cant trust any of the exchanges to hold your keys. I only keep a little bit on exchange for trading in and out.

Not a bad time to dca (dollar cost averaging) into a few coins. I reckon Bitcoin will probably dip back to 16k/17k before proper bull run.

[wab172uk]

Whatever you do, keep your largest positions your own Ledger wallet. You cant trust any of the exchanges to hold your keys. I only keep a little bit on exchange for trading in and out.

Not a bad time to dca (dollar cost averaging) into a few coins. I reckon Bitcoin will probably dip back to 16k/17k before proper bull run.

If one Bitcoin is £X thousand of pounds, how can anyone invest as surely you need to buy at least 1 coin? If that coin is £35,000 or even £16,000. That's a hell of an investment.

[Jon A]

You can buy “shares” in crypto via a broker. Me and my son did it a couple of years ago for a laugh just putting a grand in. We bought etherium and Litecoin and just sat it out for an about 18 months and then chipped them in for £2k so doubled, but were all over the place in the interim.
Don’t know anything about wallets and mining or whatever else goes on, just did it the easy way and got lucky

[Hitman999]

I've been dabbling in crypto too. It's very volatile but I accept the risks. Governments around the world will at some point bring in CBDC and kill off cash. I don't trust any of the exchanges especially after the FTX collapse. I keep most of my crypto on a hard wallet. I'm watching to see what happens with the SEC case against XRP. What are people buying?

On a side note I found this a useful explanation of bank bail ins



I think it's best to limit the amount of money you have in top tier banks and buy gold, silver and other assets instead.

[Armyaxl]

Whatever you do, keep your largest positions your own Ledger wallet. You cant trust any of the exchanges to hold your keys. I only keep a little bit on exchange for trading in and out.

Not a bad time to dca (dollar cost averaging) into a few coins. I reckon Bitcoin will probably dip back to 16k/17k before proper bull run.

If one Bitcoin is £X thousand of pounds, how can anyone invest as surely you need to buy at least 1 coin? If that coin is £35,000 or even £16,000. That's a hell of an investment.

No Wab. You can buy £10 worth of bitcoin or any coin. Most people don't own whole bitcoin. You buy it on an exchange like binance.

[Bluesnose1812]

I'm also into crypto, and I totally agree with you on the importance of utility tokens. It's interesting to see how different platforms are trying to disrupt various industries with DeFi services. And while some governments are demonizing crypto, it's great to see how it's providing valuable services to people living in tightly controlled dictatorships.By the way, have you tried trading on MT5? I heard it's a great platform for trading, not just crypto, but also forex and other instruments. You can check it out at https://fbs.com/trading/platforms/mt5.

CLICKBAIT

[Jon A]

I'm also into crypto, and I totally agree with you on the importance of utility tokens. It's interesting to see how different platforms are trying to disrupt various industries with DeFi services. And while some governments are demonizing crypto, it's great to see how it's providing valuable services to people living in tightly controlled dictatorships.By the way, have you tried trading on MT5? I heard it's a great platform for trading, not just crypto, but also forex and other instruments. You can check it out at https://fbs.com/trading/platforms/mt5.

CLICKBAIT

+1

[crockers]

I prefer Dutch Tulip bulbs