The Bitcoin, Blockchain, and Cryptocurrency Thread

[STEVE G]

^^ If two parties agree to payment by crypto that should be between the two parties. I'm not sure that making Bitcoin - which can be very volatile - legal tender is a good idea though.

Yes, having an alternative currency that moves around like the Venezuelan Bolivar isn't really much use for actually paying for anything.

[buksida]

Making BTC legal tender will work for countries (El Salvador has done it with some success) that previously depended heavily on the USD - which is now equivalent to monopoly money. But yes, it is volatile - but then so are many currencies in Central and South America.

[buksida]

SEC's digital asset ban ignites ire
The Securities and Exchange Commission (SEC) is imposing a ban on the use of digital assets for goods and services, effective from April 1, citing concerns over the country's financial stability, risks of cybertheft and losses from currency volatility.

Digital asset business operators and market participants said the SEC's move, though it may have a puny impact on the fledgling local digital asset industry, will stunt innovation and kill long-term economic gains from adopting such payment systems.

...

The ban received harsh criticism on social media, with many condemning the move as an attempt by the government to hinder Thais who have been trying to create wealth for themselves through crypto trading. Some said the government is too rooted in an archaic way of navigating the financial world, while others cried foul over the quick depreciation of cryptocurrencies since the news broke.

https://www.bangkokpost.com/business/22 ... gnites-ire

Thailand is too small to affect crypto market movements (which are actually up 2% today). But it does appear to be incapable of making its own decisions, simply apeing what China does.

[Ginjaninja]

Nice little upward trend on B.C. just now starting from the 15th. Roll on a big wave...

[pharvey]

An interesting read..... Will it effect security though?

Climate Groups Say a Change in Coding Can Reduce Bitcoin Energy Consumption by 99%

A simple switch in the way transactions are verified could reduce bitcoin’s energy-guzzling mining habits

"Bitcoin mining already uses as much energy as Sweden, according to some reports, and its booming popularity is revitalizing failing fossil fuel enterprises in the US. But all that could change with a simple switch in the way it is coded, according to a campaign launched on Tuesday.

The campaign, called Change the Code Not the Climate and coordinated by Environmental Working Group, Greenpeace USA and several groups battling bitcoin mining facilities in their communities, is calling on bitcoin to change the way bitcoins are mined in order to tackle its outsized carbon footprint.

The software code that bitcoin uses – known as “proof of work” – requires the use of massive computer arrays to validate and secure transactions. Proof of work is a way of checking that a miner has solved the extremely complex cryptographic puzzles needed to add to the bitcoin ledger.

Rival cryptocurrency etherium is shifting to another system – “proof of stake” – that it believes will reduce its energy use by 99%. In the proof of stake model, miners pledge their coins to verify transactions; adding inaccurate information leads to penalties.

With the value and use of cryptocurrencies rising, the campaign’s organizers argue bitcoin must follow suit or find another, less energy intensive, method. “This is a big problem. In part because of where the industry stands now but also because of our concerns about its growth,” said Michael Brune, campaign director and former executive director of Sierra Club.

The US now leads the world in cryptocurrency mining after China launched a crackdown on mining and trading last May."

Full Article: - https://www.theguardian.com/technology/ ... ate-groups

[buksida]

Yep, proof-of-work uses a lot of electricity - but it is a tiny fraction of what the banking industry gets through every year.

Its very unlikely the Bitcoin consensus mechanism will be changed, they'll just have to switch to renewables for mining, which many already are.

[Ginjaninja]

Bitcoin at a three-month low (just bought).
$V£ at a high.
$vTHB doing well.
Bring it on!!


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[buksida]

Even cheaper today mate ...

Bitcoin falls below $30,000, lowest since July 2021
Bitcoin slumped below $30,000 for the first time since July 2021 on Tuesday as cryptocurrencies track sinking markets with investors spooked by aggressive US monetary tightening and surging inflation.

The world's largest cryptocurrency by market value fell as low as $29,764 in Tuesday trade, before recovering above $30,000, extending a recent collapse in price as investors desert assets viewed as risky.

Bitcoin's value has more than halved since a November surge that saw the token hit a record of nearly $69,000.

While crypto enthusiasts view bitcoin as a hedge against inflation, an influx of more traditional investors tend to view it as a riskier asset.

https://www.bangkokpost.com/business/23 ... -july-2021

Be fearful when others are greedy, and greedy when others are fearful. I still reckon there's more pain to come though, crypto bear markets last at least a year or two.

[Ginjaninja]

Yeah premature by a day…


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[buksida]

Hope you didn't have any LUNA ...

Metaverse partnership to create tradable land NFTs
The virtual world platform Metaverse Thailand has joined forces with Bitkub Blockchain Technology to create a metaverse on Bitkub Chain, with land non-fungible token (NFT) sales to be available from May 30.

The two companies are each developing their own vision of the metaverse, an internet-powered digital world accessed using virtual reality.

Metaverse Thailand will create a digital version of real areas in Thailand, particularly the Thong Lor–Ekkamai–Sukhumvit Soi 71 and Phrom Phong areas of Bangkok, according to the company.

https://www.bangkokpost.com/business/23 ... -land-nfts

[Henry 14th]

Hope you didn't have any LUNA ...

Metaverse partnership to create tradable land NFTs
The virtual world platform Metaverse Thailand has joined forces with Bitkub Blockchain Technology to create a metaverse on Bitkub Chain, with land non-fungible token (NFT) sales to be available from May 30.

The two companies are each developing their own vision of the metaverse, an internet-powered digital world accessed using virtual reality.

Metaverse Thailand will create a digital version of real areas in Thailand, particularly the Thong Lor–Ekkamai–Sukhumvit Soi 71 and Phrom Phong areas of Bangkok, according to the company.

https://www.bangkokpost.com/business/23 ... -land-nfts

Wouldn’t be surprised to see the likes of Nana and Cowboy be generated in the metaverse and sold as a big ticket property at some point in the near future.

With the potential debauchery that VR and the meta offer, the red light scene may well be enjoyed from the comfort of your own home.


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[Spitfire]

Luna went nuts today, like a 700% gain... maybe the whales messing with it.

As for proof-of-work like BTC/ETH being unfriendly power wise plus having scalability issues, it's true and may fall foul of the eco-activists, I'm thinking proof-of-stake coins will be better in the long term like ADA (Cadarno) or Rose (Oasis network) etc... although these two are going to be longer term bets if you have the nerve for them. Cadarno has disappointed, but has many believers... maybe because the founder is the same guy that helped make Etherium and promises something better.
Sure is volatile at the moment... but I'm just risking what I can lose without any worries with swift in-out buy/sell orders.
As for exchanges, I find Binance easy to get started on with the P2P funding useful if in Thailand as all as the Thai banks are nuts on the transferring funds to "gambling" sites, as they call it... also, not too hard to sign up, unlike Bitkub that wants to know your DNA values plus all kinds of personal info. Nuts.
As an aside, when I signed up to Binance, I got a free NFT as a promotion but have no idea what to do with it yet or if it's worth anything... probably not though.
So much to learn.

[buksida]

Welcome back Spitfire.

Luna (the old Luna called Luna Classic) went up because Binance airdropped the new Luna to old Luna holders yesterday, but nowhere near 700% and it has virtually collapsed to zero anyway.

Ethereum is changing to proof-of-stake in August with the Merge, so that'll keep the eco-warriors off its back and Bitcoin uses more renewables than ever before which is an improvement. Agree on Cardano, it hasn't really done anything. I'd be looking at scooping up L2, Metaverse, and P2E gaming tokens during this bear market (ENJ, SAND, MANA, MATIC, ALGO, etc.)

Yep, Binance is best but they too have KYC requirements now, nothing like what the Thai exchanges want, and the junta can just shut them down and take your funds at a whim so don't leave anything in them if you have to use them.

Happy hunting!

[Spitfire]

Thanks for the Reply Mr. B, always cool.
What you said about ETH sorting it out on the proof-of-stake front in August and becoming better on a few fronts (like the energy one) might present an opportunity to buy/profit as I'd guess, from my limited experience, that it will be well received on the markets.
So, I'm thinking of buying some ETH when it hits the then current/or before resistance level, and the RSI agrees, closer to the time in the mid-second part of July. Might be worth a flutter... but it would need you to be ready to do a "day trader" style operation and get out when happy but could all go south as always.
As an aside, on a few other coins that might benefit as a result of this (although it's risky, as always) that are now cheap, I'll grab a few dollars worth of them and just see if they follow the curve and maybe can profit too... have them ready and then sell proto when/if the bull run happens.

Edit... typos

[Spitfire]

Pretty gloomy on the market front yesterday/today, lots of altcoins not really knowing what to do after a downward trend yesterday. A lot of the gains from the last week or so could easily be lost and we could be headed for support levels from mid May if we are not careful. Although, if that happens (and it's a big if), then I've got my limit orders in... just in case.