No, I’m not going to be that guy. I am not going to hodl my diamond hands to the moon.
One of the guys I work with just built a chia server last night with a buddy of his for farming coin. He lives just across the river in another province, and his electricity costs are significantly lower than mine. This is a newer technology for gaining blockbucks (or whatever they’re called) and it cost them over $6k to build.
He says that they should recoup their investment in a couple of weeks. He also admits that it could blow up in his face and he’d end up with nothing. I think he’ll be okay. He’s one of the brightest network guys I know.
I don’t have that kind of cash to throw around and my ROI would be slower because of my higher power costs. Oh, well. I guess I’ll have to put off buying that second yacht this year and just earn my money the old fashioned way.
Is anyone else invested in this kind of crazy scheme?

Nah, 'leccy’s too expensive here, as well as decent PC hardware.

And no, I won’t (ab)use company property for that.

I have about $500 in various coins. Bought relatively recently unfortunately. I’m doing well on three of them, and the fourth is Doge, bought $200 at $.57. Don’t plan on getting rid of it at any point soon. In theory, you could buy thousands of every crap coin out there and in 5 years if just one of them hits you can buy that boat… At an outlay of a few thousand bucks. Also in theory you can still lose it all.

It’s speculation and it’s an entertainment industry as well as an investment tool. About as reliable as loading the slot machine with your retirement fund. As far as mining myself, in the winter, in as a heating alternative maybe. But the buy in is higher than if you just bought the amount of coin you think you can make.

Don’t plan on using Bitcoin to by a Tesla. Elon Musk suddenly realized that cryptocurrency mining requires electricity and a lot is coming from coal. Bitcoin is not being accepted for the time being because of it. In response, some orders for the Cybertruck are going to be canceled.

Brilliance showing it’s ignorance.

Next Step Elon starts building nuke plants on small islands he makes. And on in orbit to mine bitcoin. Isn’t Bitcoin done mining though?

1 Like

A former colleague who allegedly knows about this stuff told me the last Bitcoin will be mined in 2145. Apparently every time a coin is mined it takes twice as long to mine the next one. Also there are other cryptocurrencies out there such as Ethereum and Dogecoin that aren’t as popular and probably have a lot of mining to go yet.

I personally don’t see how crypto is any different from the stock market. It’s worth what it is because someone (or multiple someones) say it is. And I hear crypto bros go on and on about how regular money is “fiat currency” but I don’t see how crypto is any different. What’s it backed by?


I used to teach law enforcement agencies a class on threat finance (i.e. what bad guys do with their money) and we had a module on cryptocurrency. Explaining this stuff in an hour to LEOs is not easy. Made for some lovely arguments, though.

1 Like

Another term for “It’s worth what it is because of what someone says it’s worth” is perceived value. A long time ago, I had read an article that said the actual value of your average diamond is about $2.00 and anything above that is perceived value.

A diamond has measurable worth that cryptocurrency doesn’t. The larger the diamond, and especially without flaws, the larger the value it has. At the very least, industrial applications for the hardness of a diamond provides a different kind of worth.