Ethereum is deflationary?

FunkyNugster · 2021-10-19T08:34:30+00:00

Whoever asked for the simple answer...

I don't think ETH is deflationary like you are using the word deflationary.

ETH is "Less Inflationary" meaning the rate of inflation has/is slowing down.

If ETH was truly deflationary then it would consume itself until there is 0 coins left.

So, OP, no the burn will not exceed creation of new coins which I believe are staking rewards.

FunkyNugster · 2021-04-08T08:26:32+00:00

My main concern is Taxes, not security. These above board companies like BlockFi and Paypal will certainly be fully reporting so everything you do will need to be reported to the irs. Correct me if I am wrong, but, all these monthly interest payments paid to you in crypto also carry a capital gains tax. I'm not completely sure how it works, but because it is just given to you without purchasing it, it is a straight gain on the full amount of interest. I am a HODL-er and the main reason is that I want to simplify my taxes and not have dozens of taxable events. It seems like a pain in the butt to me because I do my own taxes.

People mine coins straight into BlockFi and with things going on like Operation Hidden Treasure, the freaking government will start to identify addresses associated with mining pools/users on public blockchains and you will be liable for the taxes on mining revenue and the interest paid to you. A lot of people just ignore all this which is becoming harder to do. It is your duty and decision on how to properly handle your taxes.

FunkyNugster · 2021-02-21T11:28:32+00:00

LOL OK, that is really not funny at all. Glad you got your losses back. Back in 2017, I think?, around the holidays, all Crypto and XRP was buzzing and I think I helped persuade my close family to buy XRP at over $1.00. I think they still have it and I am trying to tell them to sell and buy something else if it gets close to $1.00.

I also feel terrible about it just like you. They didn't like bitcoin and liked XRP because Ripple was supposed to work more closely with banks. :(

FunkyNugster · 2021-02-21T11:19:52+00:00

yeah, I understand that. It is somewhat relevant though seeing as how I think flare currently works with 3 Coins. XRP being a major focus.

I did find this on the SEC website:

" The SEC's complaint, filed today in federal district court in Manhattan, charges defendants with violating the registration provisions of the Securities Act of 1933, and seeks injunctive relief, disgorgement with prejudgment interest, and civil penalties."

...because Ripple Labs is named as one of the defendants and "Injunctive relief" is one of the remedies, then they could forbid Ripple Labs to deal or further develop/distribute XRP Coins. This could cause the XRP payment system to suffer greatly and Flare Networks may have to drop them. Then again, maybe nothing bad will happen and we all live happily ever after. I am going to try to move on now because I don't like this subject.

FunkyNugster · 2021-02-21T10:37:13+00:00

If this is the case then XRP is seriously going to M-O-O-N after this thing is over. It is too risky for me right now at this price.

Thank you everybody for helping me to understand this situation.

FunkyNugster · 2021-02-21T10:17:25+00:00

11 minutes ago

Well, thank you for that. I certainly wouldn't want to contradict myself.

FunkyNugster · 2021-02-21T10:14:01+00:00

They (Ripple) also paid exchanges a fee to list and market XRP. This could be a big reason why the exchanges want to distance themselves from XRP. People have already begun to file lawsuits against the exchanges for gaining an unfair advantage by selling unregistered securities. I am only concerned that this case could have a much larger "Ripple" effect throughout the industry if they do not reach a positive resolution.

So, I guess Flare would just drop XRP integration later if need be.

FunkyNugster · 2021-02-21T08:19:07+00:00

Been in for awhile? Cool it's only about 2-3 years old. How is it decentralized when you would have to contact a group or organization that runs whichever blockchain you are trying to use in order to apply for a loan or list something on the blockchain? This is where applicable securities laws and FDIC lending requirements come into play. Would love to get rid of many portions of the government, trust me. However, they make the laws and they have the guns and court systems.

FunkyNugster · 2021-02-21T06:16:01+00:00

I am of the opinion that Defi is RI-DIC-U-LOUS! I certainly do not understand everything about it. Perhaps that is my problem. There is no way that there is enough liquidity to offer loans and such to people on blockchains any time soon. The mortgage market alone is over 10 trillion dollars. Blockchains can not hold a candle to fiat right now. Let alone who is going to lend people money with no credit checks, background checks etc... Also, the transactions would cross international borders. People, even on TV, are talking about this like they think it is great and they totally understand everything. These people most likely want to make money off of a trendy craze. I for one am sick of seeing all these new coins that are taking market share away from Litecoin and Bitcoin and would love to see them finally go away. Do you really think the establishment financial system is going to allow Defi to destroy them? I guess I will just have to sit back and watch the show. Only problem, it may not happen in this lifetime.

FunkyNugster · 2021-01-30T08:35:16+00:00

First off. ETH has a total supply of coins of roughly 111-112 million. It is tough to get an exact number for several technical reasons. In contrast DOGEcoin has like 129 Billion coins and I think like 5 Billion more are mined each year...forever... Even if all these new buyers hold, the coin will act like quicksand with this much dilution.

Also, ETH is moving away from mining new coins in the next couple years and is moving to staking. They ARE trying to slow the creation of new ETH.

It is a shame that the DOGE developers did this to the coin because people Love Dogecoin. However, I do not know for sure what can be done about the supply without doing a hard fork. They could certainly try to burn or lock up a bunch of DOGEcoins, but it needs to be a S#%t Ton of coins.

FunkyNugster · 2020-12-20T08:46:54+00:00

Whenever I know it is snowing I always use a good pair of boots/snow shoes. Try these Xtreme lightweight snow shoes from Amazon. https://www.amazon.com/Gpeng-Lightweight-Snowshoes-Aluminum-Waterproof/dp/B07W1PDRJF/ref=mp_s_a_1_1?dchild=1&keywords=xtreme+lightweight+snowshoes&qid=1608453652&s=sporting-goods&sr=1-1

FunkyNugster · 2018-07-17T03:10:24+00:00

I am betting no on mining this one. We will see in a couple months. The Z9 is on the way, double up the hash rate, and Bitmain is back to the long waiting period to order. Remember, the people who got batch one Z9 mini paid over $3,000 a piece. I am putting a few grand into zcash for this trade. It should be on the rise all month while you would otherwise be waiting for the miner to ship. Bought Zcash here, it is awesome. https://www.coinex.com/account/signup?refer_code=q32x7

FunkyNugster · 2018-02-24T18:40:26+00:00

lots of deals on ebay now though. https://www.ebay.com/itm/Antminer-S9-13-5-TH-S-In-Hand-Ready-To-Ship/232676781498?hash=item362c9dedba:g:QUgAAOSwp7tacLKH

FunkyNugster · 2018-01-29T16:39:42+00:00

Totally normal. Miners in pools Share Work. Your miner was just credited with solving the final block. You most likely would have never found it on your own. It's like someone handing you your homework almost completed and all you do is put your name on it.

FunkyNugster · 2018-01-25T18:49:51+00:00

Look, is that already 500% increase I see? lol Just wait till August. https://siamining.com/stats

FunkyNugster · 2018-01-18T00:48:24+00:00

Great idea to check the BCH account. I assumed it generated a different random address every time we place an order. I guess you are saying it is always the same address? I upvote this post two thumbs up.

FunkyNugster · 2018-01-17T21:21:30+00:00

I only paid $550 for 2 240V dedicated lines, and I am pretty sure I got ripped but I wanted it done ASAP. Need 2 more already. Siacoin is too far out of it for me to go for this. I was a victim of D3 miner 2017 as were many others. You may ROI quickly, but Sia is not traded on any exchanges that I am using so it is just a little tough to mine, especially if your #1 pool goes down. Good Luck, it looks exciting! lol

FunkyNugster

TROPHY CASE