For me, I'm slowly accumulating BTC, and I have some ADA staked, and of course that's the one not doing so well... LOL... Its hard to jump all in right now given the amazing run since January. So I would love a flush of some sort as I fully believe in the long term prospects, but from a technical trading viewpoint, retracing 50% of the move since January is very possible, so loading up at these levels would be silly. But of course, what if the dip never comes. What I am certain of though is that I'm not holding cash anymore. 2 of my exchanges allow holding fiat, so its easily to get out if need be and wait. Worst case, lets just say USDT implodes, its actually going to be a good buying opportunity. Doing 20% in crypto is pretty much guaranteed on a long enough time frame, and that is more than holding cash will ever give you. I would personally love to see an acceleration of a financial crisis. Let's see what the FED is willing to do if the USD starts dropping, if inflation keeps going higher, etc. Its time to face this mess and get going.
Learning the Tech and creating a plan now if this do fall sharply. Ideally planning to launch my own block chain before year end. Just so that I fully understand the tech, and know where to place my bets. Deciding which project to copy now.
That's great, RedDuke Using Bitcoin as an example, it's a distributed, decentralized, peer to peer network of nodes that communicate with each other to update a local copy of the public ledger (database) called the blockchain So, right now, if you installed the bitcoin software on your computer, and your computer has internet connection, it will start to connect to other peer nodes and download the 400GB+ blockchain of transactions starting at the genesis block 1 your computer will connect to peer bitcoin nodes, they all come and go on the network, and you'll connect to new ones. If your router is open to allow tcp port 8333, other bitcoin nodes can connect to your computer If you ever downloaded a file using bittorrent, you would know the method to validate that you're getting every single block correctly is through a hash function Why wall of text above? When you launch your blockchain, I will assume you will fork an existing open-source project as it would be an enormous undertaking to start from scratch Let's say you fork the bitcoin software, change some parameters like Charlie Lee did with Litecoin only changing the mining algorithm to Scrypt from Sha-256 and of course change the name, when you launch the software, you will start a genesis block and in order to get the next block, you will need to make sure the software is enabled for mining. This is how Satoshi started the bitcoin network and the blockchain itself. There were no dedicated miners as we have now Your computer software, if it is a fork of the bitcoin sw, will no longer be able to connect to other bitcoin peer nodes and will in fact be rejected if it attempts to connect to them, you can check the debug.log file. If you change the tcp port to a different one than 8333, you would not see these failed attempts So how do you get other nodes to communicate with your computer sw fork? You install the same copy of the software on another computer whether it's on your home network or halfway across the world and preferably, each node with your computer sw copy will be enabled for mining so each of the node has a chance to produce a new block Good luck and hope your blockchain is successful
Thanks a lot for the insight as usual. Yep, I will copy an existing one of course. I know it will go nowhere. Main purpose to fully understand how cryptos work. Planning to get few servers (perhaps AWS) so that I can test how it all works.
Cool. Now that you mention it. One of the most public critics of cryptocurrencies here in Norway actually did that, i.e., created his own blockchain. One could argue that many of the critics aren't knowledgeable enough, but doesn't seem to be the case with this guy.
I don't think that's a controversial statement at all. Isn't that the reason why most people invest in anything? I think this squid coin scheme is what most would refer to as a shit coin and these exist in abundance. Not comparable at all with Bitcoin and other more serious projects.
Cryptos not illegal? in China they are and soon to come here, they should be made illegal because it's full of frauds and manipulation, sucking in poor clueless souls in the process. Remember pennies stocks scams? a lot of OTC brokers got rich, see the Wolf of Wallst, but at the end it was a scam so yeah, some people get rich with scams, and you have to be a fool or an idiot to engage into such scams, because jail time or total destruction is often the end game
I see your points, but as it stands now, real crypto projects generated immense wealth for those who simply held them. it is totally manipulated by wash sales and tethers, but this tech is here to stay. Can BTC be dethroned, probably. My Main objective is to learn the tech and profit of course.