Miners are struggling to make a profit

The_Krakenite said:
There is a reason why hedge funds own so many CALLs @ the strike of 8K expiring in December this year.
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This is a very interesting piece of news. Do you have a link? And just to confirm, you mean calls on ETH hitting a price of $4,000 this December? Seems highly unlikely at this point to be honest.
 
The_Krakenite said:
Not sure why Forbes needs to play Captain Obvious here and tell us what was known years ago, but then again, some millennials and boomers can be pretty stupid when it comes to crypto so I guess there is a need for Forbes after all.

I stayed the hell away from mining stocks, as even a newbie to crypto would have picked up that Ethereum was switching from PoW to PoS, and pretty much all other cryptos were going the same way.

Hell, there was even a trial to move BTC into PoS, which failed. And ironically, Europe tried to ban all PoW cryptos recently, which COULD still occur.

Mining crypto is and was a dead-end tech... the writing was on the wall for years. I have no idea why mining stocks kept pumping to the stratosphere but... "This time it's different." ehh?
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I never understood the need for mining crypto, when a company like Bitfinex can print Tether out of thin air and buy everything for free.

But I guess it is because I am a generation x and these new ways of stealing are not something I am used to.
 
What really pisses me off to no end is these greedy miners don't give a crap about what they are doing will only speed up climate disaster that's underway.

upload_2022-6-3_22-26-59.png
 
There is still some small possibility that BTC will change to PoS... It is a strong belief to me that if it doesn't, she'll lose her dominance sooner rather than later. If Europe and other countries succeed in their anti-PoW ban, where do you think the blue-chip crypto holders will flock to?

That's right, the Merge.

Due to the terra-collapse, BTC dominance has shot up to just over 45%. It has been a long time since BTC held that status, but I do not believe this will be sustainable by the end of 2023. Very possible to be under 40% before this year is over.

Inside the Environmentalist Campaign to Change Bitcoin’s Code

https://www.coindesk.com/tech/2022/...eferral&utm_source=rss&utm_campaign=headlines
 
The_Krakenite said:
There is still some small possibility that BTC will change to PoS... It is a strong belief to me that if it doesn't, she'll lose her dominance sooner rather than later. If Europe and other countries succeed in their anti-PoW ban, where do you think the blue-chip crypto holders will flock to?

That's right, the Merge.

Due to the terra-collapse, BTC dominance has shot up to just over 45%. It has been a long time since BTC held that status, but I do not believe this will be sustainable by the end of 2023. Very possible to be under 40% before this year is over.

Inside the Environmentalist Campaign to Change Bitcoin’s Code

https://www.coindesk.com/tech/2022/...eferral&utm_source=rss&utm_campaign=headlines
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Bticoin hodlers will get a fork coin that is POS blockchain, but Bitcoin Core POW blockchain will continue

If you understand the picture below, you'll understand what I mean

Btw, how long have you been running a full Ethereum node? I've been running a full Bitcoin node for over 8 years

upload_2022-6-4_10-21-9.png
 
Btw, how long have you been running a full Ethereum node?
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The only node I ran for a short while, as a unix server for Polkadot when I thought it was a novel new hobby.

I also did not have 32 ETH, so could not lock-up for the beacon chain development to collect interest. And on top of this, being a Canadian citizen, I am forbidden from staking ETH on Kraken, etc.

I did a work around for a while by moving out to Bitfinex and allowed loaning out my ETH. Unfortunately, they also ran into a legal requirement where they had to cut-off all Canadian accounts from their platform.

For now, I'm just sitting tight until the Merge happens. I get hit by Nexo adverts all the time, but even if I am allowed to deposit there, that 17% yield just seems rather suspicious to me. When do you see 20-30% APR/APY payouts that don't eventually self-implode?
 
The_Krakenite said:
The only node I ran for a short while, as a unix server for Polkadot when I thought it was a novel new hobby.

I also did not have 32 ETH, so could not lock-up for the beacon chain development to collect interest. And on top of this, being a Canadian citizen, I am forbidden from staking ETH on Kraken, etc.

I did a work around for a while by moving out to Bitfinex and allowed loaning out my ETH. Unfortunately, they also ran into a legal requirement where they had to cut-off all Canadian accounts from their platform.

For now, I'm just sitting tight until the Merge happens. I get hit by Nexo adverts all the time, but even if I am allowed to deposit there, that 17% yield just seems rather suspicious to me. When do you see 20-30% APR/APY payouts that don't eventually self-implode?
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Nexo is a crypto asset bank, just like Celsius Network, BlockFi, Ledn (Canadian)

They take crypto assets as deposits and they pay crypto assets as interests

They also take crypto assets as collateral and will wire you $$$ into your bank account, no credit checks. I had over $50K loan with BlockFi backed by BTC, which I already paid off and withdrew my BTC's back to my local wallet


https://www.elitetrader.com/et/threads/celsius-defi-ponzi-collapsing.367342/page-6


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I had been planning for a while to dig more into those lending programs, but I have a list of too many other projects for the moment that are taking up a lot of time. Also, the amount of smart-contract bugs & hacks is what keeps me at bay from a lot of major plays.

For now, my plan is to trade and dump my dividend payouts into more REITs & low PE bank-equities. But... if crypto winter continues into a deep decline then it becomes harder to resist and not double-down on more blue-chip cryptos.

Going forward, I may just have to do half & half...
 
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