Crypto - I have no idea what I'm doing

[JetFred]

I finally downloaded a Blockchain wallet. Are any of the places to get "free" Ethereum or Bitcoin actually safe and legit? I don't know why I need this.

[Sepiche]

I'm sure some will disagree, but I would stay the hell away from virtual currencies personally. It's the wild west at the moment and the SEC appears to be getting ready to start cracking down on the most fraudulent ones. The vast majority of them out there now are either scams or created as jokes.

There's also ample evidence virtual coin mining is draining a significant amount of power from the grid and causing a spike in graphic card prices.

Bitcoin is I'm sure still as viable as it's always been, but it's price has also been starting to tank lately in addition to being extremely volatile.

[JetFred]

I should probably clarify that I have neither the money nor the inclination to do investing or mining. Is there any reason to use it to pay for stuff online?

[Sepiche]

I should probably clarify that I have neither the money nor the inclination to do investing or mining. Is there any reason to use it to pay for stuff online?

Yeah, I didn't think you were. Just pointing out there are societal downsides to cryptocurrency.

As I understand it one main benefit is being able to use it for illicit things, but I also know some people use it because the volatility means you can often game the system to get slightly better prices for things. That's one reason Valve stopped accepting Bitcoins was that the value could change significantly from the beginning of a transaction to the end.

I've never actually used them for payments myself though, only did some research for my company to see if it was worth spending development time to support cryptocurrencies, so others who have used them might paint a different picture.

[Holman]

I should probably clarify that I have neither the money nor the inclination to do investing or mining. Is there any reason to use it to pay for stuff online?

FOMO?

That seems to be the main attraction.

[LordMortis]

I should probably clarify that I have neither the money nor the inclination to do investing or mining. Is there any reason to use it to pay for stuff online?

There are lots of reasons. Like it's easy, especially if you mine. It's fast. If you do shady shit, it's not controlled.


Why you would use it lieu of regular money? The two big ones are "you mined it" "you do shady shit." OTOH, it might as simple as you are trying to set up a house overseas before you get there:

http://octopusoverlords.com/forum/viewt ... =5&t=95723

[em2nought]

They'll crack down on crypto and cash soon. The "new" "improved?" Wells Fargo won't even let me make cash deposits into a business account without showing an ID. I'm pretty sure the powers that be are going to eliminate cash. I'm sure they'll sell the idea as a government money savings move(as if anyone in government on either side of the aisle EVER cared about that) Ha, thought you could buy something on craigslist instead of the government approved sellers who also collect sales tax, think again. Ha Wanna pay for a hooker? Ha, too bad. lol Why don't you go to a NFL game in a taxpayer funded stadium instead, and no sneaking food or beverages in with you. lol

[JetFred]

I should probably clarify that I have neither the money nor the inclination to do investing or mining. Is there any reason to use it to pay for stuff online?

FOMO?

That seems to be the main attraction.

That's probably my only reason for paying any attention at all.

[Carpet_pissr]

I don't know why I need this.

Are you in the mafia?
Drug dealer?
Do “wet work” as a side job?
Deal in ivory?
Terrorist?
Closely connected to, or are, Donald Trump?

If yes to any of those, you could benefit from using CC.

[em2nought]

Closely connected to, or are, Donald Trump?

Shhh, don't want my secret getting out.