April Halftime Thoughts
Coinbase or Robinhood
Cardano staking started this week, and I was pretty excited to convert some Bitcoin to ADA and start staking. Well long story short; Coinbase messed up and it was a shit show and they took away the pending rewards. So the amount staked wouldn’t show how much you have earned, sort of defeats the purpose of staking. One way to look at things slightly from a zoomed out view; is that Bitcoin is like gold, Ethereum like Silver, then everything else like stocks. Robinhood added a few new crypto coins like Shiba Inu, Polygon, Solana, and others; nothing too great but Shiba Inu may have a pump. I know that Polygon has helped with lower fees on Opensea but don’t know much about it other than that. Solana has NFTs and I think is partnered with Opensea now too. There was another called Compound that I have never even heard of it but Robinhood’s fees are pennies and better than Coinbase’s fees for dollars. Coinbase sucks, crypto.com sucks too. Crypto.com doesn’t even have a website desktop mode, it’s just an app on the phone. When Robinhood expands on their cashback program they will be much better than coinbase and crypto.com in my opinion. For me the data is a big deal.
Staking Crypto vs Mining Crypto
Mining vs staking; mining software can tell you exactly how much you’ll mine before you start by just the specs of your computer. Plus the amount of electricity it takes to run the computers, you won’t profit much unless you have a lot of graphics cards mining. Mining takes electricity whereas staking doesn’t, plus it’s simpler. Graphics cards to mine crypto aren’t cheap and to get a whole rack of 8 or so, is hard to obtain. Gaming desktops will mine some since they come with a good graphics card but also won’t mine much since it’s just one GPU.
Staking is just what used to be for dollars in banks back in the wonder days when banks gave you money in interest. Crypto does this, we in crypto call it “staking” and it’s the wild west right now. Stable coin staking and crypto staking is a big difference because the in crypto, the token my go down and the pennies in interest don’t matter if you have lost dollars. If it’s a stablecoin then you are set up pretty good.
$1000 for mining equipment or $1000 into staking crypto, staking still earns crypto but is all online and doesn’t ruin the environment. Staking is better because it won’t increase the electricity bill because it’s just online. Mining takes extra electricity and so if you only gaining a small amount it sort of defeats the purpose. Some major mining operations in buildings have wind and solar powering them but I am taking about the average guy wanting to get into mining or staking.
Bitcoin Miami conference was going on last week, all the youtubers and tiktokers were there. I loaded the Twitter profile link to the BX crypto server link. Bitcoin price affects so many people, I don’t see it being everything at once. All these people buying millions of dollars in crypto are losing so much money, we can all see it happen. Staking is lame unless it’s on a stablecoin because the crypto can go down. It’s been an odd few months for crypto, last year Bitcoin was headed towards $100k/coin. 2022 we are trying to just get to $50k/coin for Bitcoin, and my opinion is that it’s just hanging on to any hope or hype. I am a full to the “max” a Bitcoin enthusiast, since 2014, so it’s been cool seeing all the mainstream acceptance. One guy who explained the Ethereum switch of proof of work to proof of staking is like switching a jet plane engine mid-flight. That’s also not coming until the fall, or just a few months after June the Tweet said.
I am working on a crypto book, well a journal of everything I do in crypto world. So just discords, crypto buying and selling, plus a mixture of my life typed into a crypto journal. I want to sell on amazon digital books for a cheap amount and maybe someone will read it. I mainly want to do it just to do something cool, I don’t think I’ll sell a bunch of books. Then one idea for another book would be to print out the blogs on one page and then the blog cover on the other page. I am already 50 pages into the other book.
Be a nice human.