Bitcoin / Cryptocurrency Discussion (And Predictions)

[LPPC]

I appreciate helping you bro but you've gotta start doing some leg work yourself. I'm only here to share what I know and help yall out - I don't work for LUKSO marketing lmao.

The short answer is the ERC725 smart-contract asset + LUKSO being ETH2.0 (ETH execution engine + ETH2.0 Casper consensus mechanism). In essence and in practice, LUKSO becomes the same thing as ETH2.0 albeit it will launch before ETH2.0 AND it will have this revolutionary ERC725 smart contract as its core abstraction layer. Dig thru this thread I've talked about it before. Otherwise read the lukso white paper again. And dig thru the archives I sent you.

The answer is out there.

The past 4 days I've haven't done anything but to study all the resources, joined all channels and even found the archive channel you mentioned before you posted it here. The thing is that I'm a crypto noob and I tried to understand it, but it needs serious technical knowledge to really differentiate it with other projects.

I found Lukso via you and since you seem to know what you are talking about, it makes me have confidence in it. I'm going all in with a big amount of money and that's quite risky if I don't understand well what it is about. I know it can be quite foolish. I do know that it has positive things going for it and the price is quite low to get in now if you go for long term.

Anyways thanks again, I really appreciate your contribution in this topic!

 

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[AceVentures]

The past 4 days I've haven't done anything but to study all the resources, joined all channels and even found the archive channel you mentioned before you posted it here. The thing is that I'm a crypto noob and I tried to understand it, but it needs serious technical knowledge to really differentiate it with other projects.

I found Lukso via you and since you seem to know what you are talking about, it makes me have confidence in it. I'm going all in with a big amount of money and that's quite risky if I don't understand well what it is about. I know it can be quite foolish. I do know that it has positive things going for it and the price is quite low to get in now if you go for long term.

Anyways thanks again, I really appreciate your contribution in this topic!

Totally respect that, and didn't mean to discourage you from asking good questions .

You're right tho - you will absolutely need conviction in the thing you hold or you'll end up flipping shitcoin after shitcoin hoping for a homerun. You're doing the right thing - keep educating yourself. Once you understand the landscape and what's ahead, you won't need to worry what others think anymore.

And FYI, EVERYBODY is a crypto noob, especially NFT noobs. This shit is brand spanking new. Recognize that you're way early and in fact YOU will be the "expert" in the very near future if you keep down this path.

 

[LPPC]

Totally respect that, and didn't mean to discourage you from asking good questions .

You're right tho - you will absolutely need conviction in the thing you hold or you'll end up flipping shitcoin after shitcoin hoping for a homerun. You're doing the right thing - keep educating yourself. Once you understand the landscape and what's ahead, you won't need to worry what others think anymore.

And FYI, EVERYBODY is a crypto noob, especially NFT noobs. This shit is brand spanking new. Recognize that you're way early and in fact YOU will be the "expert" in the very near future if you keep down this path.

Thank you for the encouraging words my friend.

 

[Ocean Man]

Jeez, the amount of ignorance Janet Yellen has about the blockchain and crypto is so frustrating. Have any of you guys been keeping up with the infrastructure bill and how it impacts crypto?

“The proposed cryptocurrency changes consist of two key parts. One would include digital assets such as crypto in requirements to report payments worth more than $10,000 to the Internal Revenue Service.” Umm, what the hell? How about I don’t tell you what I do with my money. If I want to buy or send $10,000 that’s my business not yours.

““To the extent it is used, I fear it’s often for illicit finance. It’s an extremely inefficient way of conducting transactions, and the amount of energy that’s consumed in processing those transactions is staggering,” Yellen said earlier this year.” The blockchain is literally the worst place to do any illicit finance because it’s a public immutable ledger. These people in our government don’t know shit and it’s frustrating how they want to regulate it.

Yellen literally said we have to be worried about crypto because crypto can affect the banks and our financial sectors if the majority of people decide to start making the switch to crypto. No shit!!! If there’s a better system out there, that earns me more, has more security, and is more useful… people are going to use that! We don’t need to save the old archaic banks.

My favorite quote by a person named Greg Plitt,

They say if it ain't broke, don't fix it...well, if it could be better, it's as good as broken

Literally our government.

https://www.washingtonpost.com/politics/2021/08/06/crypto-bitcoin-infrastructure-senate/

I definitely recommend some read ups on the infrastructure bill and if passed, how it could impact crypto.

—end of rant/vent—

 

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[Antifragile]

That infrastructure bill is a big FUD on crypto right now.
I wonder what it would take for say Amazon to start accepting crypto as payment? That would blow things up!

 

[MTF]

I'm thinking of going through this entire course to remedy my blatant ignorance of the technology:

Learn Crypto – The Best Crypto Course on the Internet

Learn crypto in depth. Bitcoin, Ethereum, Smart Contracts, Web3, Decentralized Finance (DeFi), Privacy Coins and more. 100% free.

teachyourselfcrypto.com

It looks like the simplest step-by-step course starting from the complete basics.

Would anyone be interested in doing this together as a way to motivate each other to keep studying when it gets confusing?

 

[cviji]

How have you all gone with doing your crypto taxes? Has anyone used tools such as Taxbit and what did you think?

 

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[Ocean Man]

How have you all gone with doing your crypto taxes? Has anyone used tools such as Taxbit and what did you think?

I've heard that many people use Koinly: Koinly — Free Crypto Tax Software. I'll probably be using it sometime this year as well.

 

[cviji]

I've heard that many people use Koinly: Koinly — Free Crypto Tax Software. I'll probably be using it sometime this year as well.

Thanks Ocean Man, I partly ask as its something I need to deal with, but also is there still opportunity in this as a SaaS. Although Taxbit has just raised $230m to establish themselves in this market!! Not yet in the UK and I could focus here first...

 

[MTF]

I'm thinking of going through this entire course to remedy my blatant ignorance of the technology:

Learn Crypto – The Best Crypto Course on the Internet

Learn crypto in depth. Bitcoin, Ethereum, Smart Contracts, Web3, Decentralized Finance (DeFi), Privacy Coins and more. 100% free.

teachyourselfcrypto.com

It looks like the simplest step-by-step course starting from the complete basics.

Would anyone be interested in doing this together as a way to motivate each other to keep studying when it gets confusing?

So I started going through this and I finished the Preliminaries and now just watched the first resource in the section Basic Bitcoin:

View: https://www.youtube.com/watch?v=FYo5E7zT-vM


So far it's the simplest explanation I've found of how Bitcoin works. I still don't get everything but it was very educational (and entertaining).

Also, here's a very interesting article on the history and evolution of money (also from the curriculum of Teach Yourself Crypto):

The History and Evolution of Money | LifeMathMoney

"In the beginning, God created the bank and the money. And the bank was without money, and bailed out; and darkness was upon the face of the taxpayer." - Genesis 1:1 Just kidding. The evolution of modern money is a long and interesting one and took place over tens of thousands of years. Contents...

lifemathmoney.com

 

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[nitrousflame]

A friend of mine sent me this the other day and I thought it was a great little explainer with a "just right" amount of detail. FYI @MTF

View: https://youtu.be/qLbUvqT-bNY

 

[Ing]

I'm thinking of going through this entire course to remedy my blatant ignorance of the technology:

Learn Crypto – The Best Crypto Course on the Internet

Learn crypto in depth. Bitcoin, Ethereum, Smart Contracts, Web3, Decentralized Finance (DeFi), Privacy Coins and more. 100% free.

teachyourselfcrypto.com

It looks like the simplest step-by-step course starting from the complete basics.

Would anyone be interested in doing this together as a way to motivate each other to keep studying when it gets confusing

I slowly go through that. As its English talked, its a bit hard for me. I like written words better.
well its very interesting. Best Until now.

 

[MTF]

Already losing hope that I can understand it. This is still from the basics about crypto, on soft forks:

Generally softforks accomplish something more useful, for example Pay-to-Script-Hash (P2SH) was a softfork. Originally the script OP_HASH160 [20-byte-hash-value] OP_EQUAL could be redeemed by simply pushing the preimage of the hashed value onto the stack. Now the value you push must be a script that evaluates to true. All new transactions with the script OP_HASH160 [20-byte-hash-value] OP_EQUAL weren't valid if they merely had a preimage of the hash pushed onto the stack, the preimage had to be a valid script. The requirement for the preimage being a valid script shrunk the set of valid transactions and added a feature at the same time.

WTF is that? Might as well write it in Old Aramaic and it would be equally comprehensible.

Do you guys who invest in crypto actually understand any of that? Why is all of this so incredibly confusing?

I wanted to get some understanding of it because I wouldn't invest in anything I can't understand at least on a basic level but this stuff sounds so complicated only genius programmers can figure it out.

 

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[Antifragile]

@MTF

try School of Block

Ledger Academy | Learn About Crypto, Blockchain, NFTs and more

Ledger Academy helps both beginners and experts learn about crypto, offering guides on blockchain tech, DeFi, NFTs, DAOs, and more.

www.ledger.com

 

[Wouter]

Before you 'get' Bitcoin, you have to first see the problem with fiat money. It takes a certain level of open mindedness to see it. But once you do, there's no going back.

A simple question you can ask yourself to get started is: 'What is money?'

You don't have to dive into all the technical details about Bitcoin (Proof-of-work, hash functions, private/public key cryptography, mining, nodes, blockchain etc). It can be very overwhelming and deter you from learning more about Bitcoin.

First understand why it was created and what problems it intends to solve, then dive into the technical details if you are so inclined.

Edit:

Just typed this, then saw your reply above @MTF. Think this would be a useful message for you.

 

[AceVentures]

Already losing hope that I can understand it. This is still from the basics about crypto, on soft forks:



WTF is that? Might as well write it in Old Aramaic and it would be equally comprehensible.

Do you guys who invest in crypto actually understand any of that? Why is all of this so incredibly confusing?

I wanted to get some understanding of it because I wouldn't invest in anything I can't understand at least on a basic level but this stuff sounds so complicated only genius programmers can figure it out.

Take a deep breath, calm down, and skip over the highly technical material. If its incredibly important, you'll likely see it again and again, by which point your familiarity with it, and the context around which it is spoken will gradually give you a more rounded understanding.

You don't need to know how to write smart contracts or create blockchains from the ground up to understand the value proposition.

Perhaps take a step back and focus on simply understanding blockchain tech from a conceptual standpoint. Only dig into the technicals in as far as it helps you understand the concept.

 

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[Wouter]

I read this book last year. It's a fun, easy, non-technical introduction to Bitcoin to get you started: Bitcoin: Hard Money You Can't F*ck With: Why bitcoin will be the next global reserve currency (English Edition) eBook : Williams, Jason A.: Amazon.nl: Kindle Store

@MTF

 

[MTF]

@MTF

try School of Block

Ledger Academy | Learn About Crypto, Blockchain, NFTs and more

Ledger Academy helps both beginners and experts learn about crypto, offering guides on blockchain tech, DeFi, NFTs, DAOs, and more.

www.ledger.com

Thanks, will do.

To anyone following, after this terrible quoted puzzle (and other stuff), I no longer recommend www.teachyourselfcrypto.com unless your last name is Einstein (and you're somehow magically alive).

Before you 'get' Bitcoin, you have to first see the problem with fiat money. It takes a certain level of open mindedness to see it. But once you do, there's no going back.

A simple question you can ask yourself to get started is: 'What is money?'

You don't have to dive into all the technical details about Bitcoin (Proof-of-work, hash functions, private/public key cryptography, mining, nodes, blockchain etc). It can be very overwhelming and deter you from learning more about Bitcoin.

First understand why it was created and what problems it intends to solve, then dive into the technical details if you are so inclined.

Edit:

Just typed this, then saw your reply above @MTF. Think this would be a useful message for you.

Thanks. I think I understand the concept of money. It's everything more technical surrounding crypto that is impossible to understand.

Will consider checking out that book you recommended.

Take a deep breath, calm down, and skip over the highly technical material. If its incredibly important, you'll likely see it again and again, by which point your familiarity with it, and the context around which it is spoken will gradually give you a more rounded understanding.

You don't need to know how to write smart contracts or create blockchains from the ground up to understand the value proposition.

Perhaps take a step back and focus on simply understanding blockchain tech from a conceptual standpoint. Only dig into the technicals in as far as it helps you understand the concept.

Thanks. When I started learning about how to invest in the stock market I was confused. But it didn't take much studying to understand it because in essence, it's about understanding how to run a business.

Crypto is based on coding which I don't understand at all. For this reason I feel like it's the currency of tech people.

 

[AceVentures]

Crypto is based on coding which I don't understand at all. For this reason I feel like it's the currency of tech people.

This is where you might have made it hard for yourself subconsciously by assuming crypto is based on coding. But it is also a business!

Blockchain -> a permanent ledger

Validating/mining -> attaching new information to this permanent ledger and being rewarded for doing so honestly.

Nodes -> same as validator/miner. Each node/validator/miner keeps a record of this permanent ledger in storage.

Transactions -> the catchall word to describe the interaction between users and nodes

Fees -> what users pay to nodes in order to ensure their transaction is recorded into the latest block, and thus added to this permanent record

Once a node creates a new block and inserts peoples tx into a block, they "echo" this latest activity to all other nodes. Other nodes then algortihmically check against their previous records, which everyone node has an immutable record of, to ensure that this latest block introduced matches all the balances and that no double spend is performed. If the new block echoed is honest and in-line with the majority of the the nodes' records, they also include this block into their record and the show goes on.

This is a business you see?

A customer wants to perform an action, and wishes this action to be recorded on an immutable record of truth, a record that is available to everybody and a record which cannot be altered unless a majority of nodes collude simultaneously.

The service provider takes this customers action and places it into this immutable record. If the node, or service provider, makes a false claim, the entire network checks this nodes block and penalizes him. If he honestly performs his duties, he is monetarily rewarded with fees and blockrewards from both the user as well as the network.

*so which business is booming? A business that sees high demand of course! The more users want to transact, the more valuable the blockspace, and thus the more valuable it is to validate this network. The service provider, or blockproducer, or validator, or node, continues to be rewarded in as far as customers continue to wish to send their transactions to them to be added to this record of truth.

 

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[Rawr]

Thanks, will do.

To anyone following, after this terrible quoted puzzle (and other stuff), I no longer recommend www.teachyourselfcrypto.com unless your last name is Einstein (and you're somehow magically alive).



Thanks. I think I understand the concept of money. It's everything more technical surrounding crypto that is impossible to understand.

Will consider checking out that book you recommended.



Thanks. When I started learning about how to invest in the stock market I was confused. But it didn't take much studying to understand it because in essence, it's about understanding how to run a business.

Crypto is based on coding which I don't understand at all. For this reason I feel like it's the currency of tech people.

Sup brother.

I got into NFT learning about 4 days ago. Ive spent a lot of time on nft twitter. I now understand more than anyone around me (normal people). AND i also got a perspective on the global crypto/defy situation.

Im also learning about BTC and ETH, but i actually will try to learn a little bit. I wont learn about BTC at all, but i will learn to understand eth. THese two vids will be a start:

View: https://www.youtube.com/watch?v=WSN5BaCzsbo

View: https://www.youtube.com/watch?v=u-i_mTwL-FI


the forks and all that - here is what i can tell you ive realized:

this isnt about investing, at all. its about the future of the world. There are smart AND rich people on two sides. One side is Zuck. The other is defy ppl. There are super smart people who have the knowledge and skills to program and create and fight for us, and thank god they do, because otherwise Zuck creates his reality of our future. So forks and all that - ill leave them to them.

What i will focus on is finding my spot in the NFT space. This space is going to be transformative. This space isnt about making money on NFTs per say, but to get people comfortable with the idea that they have a right to ownership of metaverse- the stuff they do and earn and use online. THAT is the paradigm shift. Imagine how FB would change if people had claims to make money off stuff thats on FB, and not just ads as it is now? Thats why Zuck is on the other side- he is fighting for his version.

This NFT boom will make ETH price go up also.

 

[MTF]

Thanks for the explanation, @AceVentures. I watched some videos explaining how the validation works but I still don't understand what people mean when they say "validate" the blocks. I also don't understand where the blocks come from and how is it possible that everyone has the entire ledger. Also, how can even a miner make a false claim? The entire concept is so strange it's hard to trust my money with it.

But I don't want to bore you with my questions because I can imagine it quickly gets frustrating to try to explain it to people who are perplexed by it. I'll try with the School of Block videos now. Maybe they'll clarify some things.

this isnt about investing, at all. its about the future of the world. There are smart AND rich people on two sides. One side is Zuck. The other is defy ppl. There are super smart people who have the knowledge and skills to program and create and fight for us, and thank god they do, because otherwise Zuck creates his reality of our future. So forks and all that - ill leave them to them.

Thanks for the recommended videos. I'll take a look.

What does Zuckerberg have to do with crypto?

This space isnt about making money on NFTs per say, but to get people comfortable with the idea that they have a right to ownership of metaverse- the stuff they do and earn and use online. THAT is the paradigm shift

I don't play any video games and would never buy any digital collectibles because the idea is frankly speaking silly to me. From my perspective the metaverse concept only applies to nerds.

If you don't care about games and virtual worlds, how is this going to change the future?

I'm not asking as a hater, I'm curious about your opinion. I just don't see it even one tenth as revolutionary as the advances in AI.

 

[nitrousflame]

Thanks for the explanation, @AceVentures. I watched some videos explaining how the validation works but I still don't understand what people mean when they say "validate" the blocks. I also don't understand where the blocks come from and how is it possible that everyone has the entire ledger. Also, how can even a miner make a false claim? The entire concept is so strange it's hard to trust my money with it.

The video I posted above goes into this in a very visual manner, starting from a single block and building up from there, and you can even follow along with the examples on the interactive website. They also go into examples about dishonest miners and such. The friend who sent it to me did so because it was the first video/explanation where it finally "clicked" for him.

Btw, kudos to you for really digging into this. I think if you stick with it, you will be greatly rewarded.

On an unrelated note, and not directed at anyone in particular, it's very interesting to me how differently different people react to this stuff with regard to knowledge and complexity. What I mean is, I find it odd that some people seem to put up this self-imposed barrier to entry for crypto whereby they feel they must understand it from the bare metal up before putting a dollar into it, yet have no problems interacting with and dumping their life savings into legacy banking systems without having the faintest understanding of how any of it works. Again, not directed at anyone in particular, just a peculiarity I've noticed over the years.

 

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[MTF]

Im also learning about BTC and ETH, but i actually will try to learn a little bit. I wont learn about BTC at all, but i will learn to understand eth. THese two vids will be a start:

Watched the first one and it could have been just as well a conversation on quantum physics. I guess I'm more stupid than I thought. If the second one is like the first one I'll skip it.

The video I posted above goes into this in a very visual manner, starting from a single block and building up from there, and you can even follow along with the examples on the interactive website. They also go into examples about dishonest miners and such. The friend who sent it to me did so because it was the first video/explanation where it finally "clicked" for him.

Just watched it and it was definitely much simpler than most of the stuff I've studied so far. Thank you for the recommendation.

 

[MTF]

On an unrelated note, and not directed at anyone in particular, it's very interesting to me how differently different people react to this stuff with regard to knowledge and complexity. What I mean is, I find it odd that some people seem to put up this self-imposed barrier to entry for crypto whereby they feel they must understand it from the bare metal up before putting a dollar into it, yet have no problems interacting with and dumping their life savings into legacy banking systems without having the faintest understanding of how any of it works. Again, not directed at anyone in particular, just a peculiarity I've noticed over the years.

I'd assume that as imperfect as the "legacy" banking system is, in the end it's a human-based system (there's someone making decisions) and this is something all humans can understand easily. Crypto is the opposite of it, which makes it very hard for many people to trust it. It's sort of like preferring to trust an (imperfect) human surgeon even though there's a robot specializing in the kind of surgery you need who never fails. The latter is just too strange for many people to accept and trust.

 

[nitrousflame]

I'd assume that as imperfect as the "legacy" banking system is, in the end it's a human-based system (there's someone making decisions) and this is something all humans can understand easily. Crypto is the opposite of it, which makes it very hard for many people to trust it. It's sort of like preferring to trust an (imperfect) human surgeon even though there's a robot specializing in the kind of surgery you need who never fails. The latter is just too strange for many people to accept and trust.

This is a great point, and one in which I think with some benefit of hindsight, people will look back and laugh (and kick themselves for not profiting off of). I can see the same thing happening with self driving cars. That said, I, for one, welcome our algorithmic overlords.

 

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[MTF]

@MTF

try School of Block

Ledger Academy | Learn About Crypto, Blockchain, NFTs and more

Ledger Academy helps both beginners and experts learn about crypto, offering guides on blockchain tech, DeFi, NFTs, DAOs, and more.

www.ledger.com

Just watched the first four videos and this is absolutely BRILLIANT.

Thank you again for recommending it. It's exactly what I've been looking for. They make it super simple, insightful and fun. Their production is extraordinary, too.

 

[Rawr]

Watched the first one and it could have been just as well a conversation on quantum physics. I guess I'm more stupid than I thought. If the second one is like the first one I'll skip it.



Just watched it and it was definitely much simpler than most of the stuff I've studied so far. Thank you for the recommendation.

get on this podcast. everyone actually should. Kevin Rose is down to earth, respected early adopter. To show how early we are in NFT game, his first pod just came out.

NFTs - Blockchain Powered Art, Trading Cards, Music and More. (Introducing my new podcast!) (#47)

Kevin introduces you to his new podcast, "Modern Finance." This episode cover NFTs. What are NFTs, why are they collectible, and why should you care? Kevin intervie…

podcast.kevinrose.com

 

[MTF]

get on this podcast. everyone actually should. Kevin Rose is down to earth, respected early adopter. To show how early we are in NFT game, his first pod just came out.

I like Kevin Rose.

You mean this one: Modern Finance - MoFi?

 

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[Rawr]

Thanks for the explanation, @AceVentures. I watched some videos explaining how the validation works but I still don't understand what people mean when they say "validate" the blocks. I also don't understand where the blocks come from and how is it possible that everyone has the entire ledger. Also, how can even a miner make a false claim? The entire concept is so strange it's hard to trust my money with it.

But I don't want to bore you with my questions because I can imagine it quickly gets frustrating to try to explain it to people who are perplexed by it. I'll try with the School of Block videos now. Maybe they'll clarify some things.



Thanks for the recommended videos. I'll take a look.

What does Zuckerberg have to do with crypto?



I don't play any video games and would never buy any digital collectibles because the idea is frankly speaking silly to me. From my perspective the metaverse concept only applies to nerds.

If you don't care about games and virtual worlds, how is this going to change the future?

I'm not asking as a hater, I'm curious about your opinion. I just don't see it even one tenth as revolutionary as the advances in AI.

https://twitter.com/i/web/status/1429399888786333697

View: https://twitter.com/punk6529/status/1429399888786333697

 

[Rawr]

I like Kevin Rose.

You mean this one: Modern Finance - MoFi

yes