quicksandfarmer
Elite Member
Staking is only possible with coins that use proof-of-stake. Bitcoin uses proof-of-work. What income stream is associated with Bitcoin?
Is it too soon to talk about Crypto yet?
- Thread starter MinnesotaEric
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quicksandfarmer
Elite Member
OP
MinnesotaEric
Super Member
Currently, BTC can be staked through Babylon. The forthcoming bridge with Cardano with the integration of Bitcoin OS will allow Bitcoin holders to use DeFi contracts directly through their Bitcoin wallet without requiring an intermediate party like Babylon to interact with those smart contracts. This will make staking easier. Also, as soon as regulation allows our banks to custody crypto, people with BTC will be able to collect interest through Bitcoin-backed loans.
quicksandfarmer
Elite Member
From the linked page:
Do I get rewards for staking?
No. This is a locking-only phase without a PoS chain. There is no PoS staking reward nor incentives for participation.
OP
MinnesotaEric
Super Member
Correct. Rewards are not paid in Bitcoin. Perhaps this article will add clarity.
Babylon BTC Staking: 3 Simple Ways To Get Involved Babylon BTC Staking: 3 Simple Ways to Get Involved
This article dives into three main ways BTC holders can put their idle capital to use through this Bitcoin staking protocol.
thecryptobasic.com
The Bitcoin OS link with Cardano is supposed to have a demonstration ready to go this coming May. Bitcoin OS's own X feed has this video to explain how Bitcoin staking will work when integrated with Cardano.
Here is Charles explaining a summary of how the BTC staking will work.
And again, here is BOS explaining in simple terms that Bitcoin is the ledger system while Cardano is the execution system.
Cycledude
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Lots of folks claim to be making lots of profit with Bitcoin .
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MinnesotaEric
Super Member
People are fading (selling) Mr. Market's enthusiasm and taking profits, that's true. The amusing thing is when Asia woke up and found out that the USA's Strategic Reserve would consist of BTC, ETH, XRP, ADA and SOL. The jokes started flying about Solana's (SOL) inclusion as a strategic reserve.
Understand that as in a lot of things, crypto people are tribal. XRP has set itself up as the banking cabal. ADA, which has been off of most people's radar because of its academic, careful development has made it the tortoise in the hare and tortoise race going on in the crypto industry—but has a real chance to emerge as the grease that makes everything else happen (years down the road). And then there is Solana (SOL) whose network crashes, and whose transmissions frequently fail, and on which most of the junk meme coins are on is seen as a joke by many.
Meanwhile, Dogecoin, the original meme coin that was created as a joke on the entire crypto industry (the joke is what would a dog think about getting rich with crypto i.e, "To the Moon," "Much Wow," "Such Currency," "Much Money"), has maintained a fun, light-hearted take on the entire industry throughout the years and has a cottage industry making fun, stupid Dogecoin stuff is it own token that runs on UTXO like Bitcoin and Cardano. This means that it too could function as a digital bridge for financial transactions.
The joke is that since history loves irony, one day the coin created as a joke will take over the financial industry and there are plenty of people not taking themselves all that serious, pushing for more Dogecoin adaption in commerce. House of Doge
Anyway, all to say that crypto is the cat-herding wild west, and sorta like when the internet first hit the masses, if we'd regulated the internet right away, we'd all have really good email running on hyper stacks but we likely wouldn't have gotten the raw innovation that produced the Amazons, YouTube's, and Googles of the world.
So yeah, people took profits from crypto ripping up on the announcement of a Strategic Reserve, but I kind of expect things to settle since we have the Crypto Summit happening this coming Friday at the White House.
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California
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MinnesotaEric
Super Member
Generally stay away from meme coins. Exchanges list them largely to collect fees from transactions and most meme coins offer no utility whatsoever.
That said, meme coins have tended to draw people into crypto in the first place which was fine when there was only a few of them, but with the proliferation of meme coins, they are self diluting interest in them.
To the Moon!
OP
MinnesotaEric
Super Member
Meanwhile...
A couple of years ago Musk publicly envisioned X growing to become a huge chunk of global financial services and has been working on getting money transmitter licenses with each US State as well as around the world.
Then today Charles Hoskinson, one of the founders of ETH and ADA, offers the following:
And then for even more grins and giggles, Bitwise filed with the SEC for a Dogecoin ETF. LOL Too much fun.
Wild west show.
A couple of years ago Musk publicly envisioned X growing to become a huge chunk of global financial services and has been working on getting money transmitter licenses with each US State as well as around the world.
Then today Charles Hoskinson, one of the founders of ETH and ADA, offers the following:
And then for even more grins and giggles, Bitwise filed with the SEC for a Dogecoin ETF. LOL Too much fun.
Wild west show.
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OP
MinnesotaEric
Super Member
Rumor control has XRP and Dogecoin ETF approvals are coming sooner rather than later.
Wanchain announced Solana is now bridged with Cardano (since the Strategic Reserve announcement on Sunday, wow, good timing!) giving Cardano the liquidity from the Solana market and Solana the reliability, decentralization, and speed of the Cardano market.
HBAR and Cardano are rumored to be working on the biggest stable coin yet that generated yield and trading desks are interested in the decentralization aspect because it would keep their trading strategies hidden from competitors (regulators would have access).
Blackrock points out that every millionaire in the USA can no longer buy one bitcoin because of inelastic demand.
The rumor is that at the Crypto Summit this coming Friday the new Administration is going to announce no capital gains on certain cryptos, further working toward making the USA the Crypto Capital of the world and attracting crypto innovators from around the world to relocate to the USA.
Saylor is expected to sell the audience on hyperbitcoinization which, if true, is expected to shift both game theory and Bitcoin adoption into a higher gear.
Meanwhile, the general crypto chatter has been centered on reasons to stop fading the crypto market and start buying it up and especially front-running those tokens that are going to be included in the Reserve.
And for those who are trying to keep track of what is what,
Wanchain announced Solana is now bridged with Cardano (since the Strategic Reserve announcement on Sunday, wow, good timing!) giving Cardano the liquidity from the Solana market and Solana the reliability, decentralization, and speed of the Cardano market.
HBAR and Cardano are rumored to be working on the biggest stable coin yet that generated yield and trading desks are interested in the decentralization aspect because it would keep their trading strategies hidden from competitors (regulators would have access).
Blackrock points out that every millionaire in the USA can no longer buy one bitcoin because of inelastic demand.
The rumor is that at the Crypto Summit this coming Friday the new Administration is going to announce no capital gains on certain cryptos, further working toward making the USA the Crypto Capital of the world and attracting crypto innovators from around the world to relocate to the USA.
Saylor is expected to sell the audience on hyperbitcoinization which, if true, is expected to shift both game theory and Bitcoin adoption into a higher gear.
Meanwhile, the general crypto chatter has been centered on reasons to stop fading the crypto market and start buying it up and especially front-running those tokens that are going to be included in the Reserve.
And for those who are trying to keep track of what is what,
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riptides
Super Star Member
LOL.
On time to market and speed.....
I introduced a customer to a faster network path. And everything that made that possible.
OP
MinnesotaEric
Super Member
Been a dull week, but things are progressing.
quicksandfarmer
Elite Member
Paul Krugman has a timely column today:
"Trump Is Planning the Biggest Heist in History"
paulkrugman.substack.com
Pull quotes:
"Trump Is Planning the Biggest Heist in History"
Trump Is Planning the Biggest Heist in History
The “strategic crypto reserve” will be a giant rug pull scam
paulkrugman.substack.com
Pull quotes:
OP
MinnesotaEric
Super Member
Paul Krugman has a timely column today:
"Trump Is Planning the Biggest Heist in History"
Trump Is Planning the Biggest Heist in History
The “strategic crypto reserve” will be a giant rug pull scam
Pull quotes:
Can anybody build an argument WHEN Krugman has ever been right? I'll start.
quicksandfarmer
Elite Member
Yeah, that Nobel committee just gives out prizes for anything.
Krugman will be the first to tell you that economics is not about making predictions, it's about doing analysis. Note that in the article he makes no predictions, just analysis.
Krugman will be the first to tell you that economics is not about making predictions, it's about doing analysis. Note that in the article he makes no predictions, just analysis.
OP
MinnesotaEric
Super Member
Are we to surround ourselves with people who are wrong?
In business and investing our views change as fast as we receive new information. I’ll happily agree with Krugman when he says something correct and admit after the fact when he was correct and I was wrong. Meanwhile, since we now just discounted Krugman’s predictive abilities, why should we yield the floor to his opinion?
And especially so when we are very early in the innovation of digital assets and their use—especially so among this Administration’s stated goals is the make the USA the CRYPTO capital of the world which explains the policy announcements of a sovereign wealth fund, potential tax havens for digital assets, future welcoming regulation providing clarity for digital assets, and a strategic stockpile of particular digital assets.
Things are just starting to form and it is way too early to call it either up or down.
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quicksandfarmer
Elite Member
Do you dispute his contention that "no one has yet found significant legal uses other than pure speculation."? If so, what are those uses?
OP
MinnesotaEric
Super Member
On the very day that the Cardano Foundation announced that it is securing the Brazilian government on the blockchain? How could I ever suggest a real-world use of crypto?
Read about it:
Zug, Switzerland, 6 March, 2025 – Cardano Foundation, an independent, Swiss-based not-for-profit organization tasked with advancing the public digital infrastructure Cardano, today announced a landmark partnership with SERPRO (Serviço Federal de Processamento de Dados), the world's largest state-owned Information Technology company and Brazil's premier provider of government technology solutions.
- As Brazil’s leading government technology provider, SERPRO processes 33 billion transactions annually and manages more than 30.4 petabytes of data across various cloud platforms
- SERPRO's workforce of over 5,000 specialized technology professionals, including 2,000 dedicated developers, powers the digital solutions serving 90% of Brazil's federal administration Cardano Foundation Announces Partnership with SERPRO
How do you suppose that our voting and treasury expenses are going to be tracked in the future? Why do you suppose that banks are deeply interested in crypto and blockchain decentralization? Why do you think both Google and Apple are talking about the integration of secure digital wallets on their mobile devices?
If I and a great many other people are right, over the next few years you're going to see the ground shift right under your feet.
We're just beginning to deploy the technology and pushback right now is likened to saying back in 1998 that online store thingy will never work because too many people like to touch and feel the things they're going to buy in their local brick-and-mortar stores!
Krugman got it wrong in 1998 because he didn't imagine the commercial innovation that was burgeoning right before him. He thought the internet would remain more or less like this text forum and collection of websites like the now defunct Hamster Dance website now preserved in a YouTube video or the Strongbad comic series!
Crypto IS web3. An overview I just had an A.I. generate (emphasis, mine):
Web3, also known as Web 3.0, is a vision for the next generation of the internet. It's based on decentralized technologies that give users more control over their data and online interactions. [1, 2, 3, 4]
How does Web3 work? [2, 4, 5]
- Blockchain technology: Underpins Web3, enabling decentralized data storage and peer-to-peer transactions [2, 4, 5]
- Cryptocurrencies: Used in Web3, including Bitcoin and Ethereum [2, 3, 5]
- Decentralized computing networks: Facilitate community-driven projects and peer-to-peer transactions [1, 6]
- More user control: Users have more control over their data and how it's used [1, 3]
- More privacy: Users have more control over their personal data and privacy [2, 3, 4]
- More security: Decentralized technologies make the internet more secure and private [1, 5]
- More democratization: Web3 could democratize financial systems and remove geographic borders [5]
- Gavin Wood, co-founder of Ethereum, introduced the term in 2014 [3]
- The Web3 Foundation (W3F) is a non-profit organization that supports Web3 [7]
[1] What is Web3? - Web3 Explained - AWS
[2] Web 3.0 Explained: A Comprehensive Guide | Simplilearn
[3] What Is Web3? (+ How Does It Work?)
[4] Demystifying web3: What does web3 mean for your business?
[5] Britannica Money
[6] What is Web3? | Chainlink
[7] https://coinmarketcap.com/academy/article/what-is-web-3-0
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Well they sure ain't putting that on any of the extant blockchains lol.
Not on blockchain.. Because it doesn't scale. Also putting voting records on there is a terrible idea, PUBLIC ledger.. no thanks (and yes even the "less than public ones" have a lot of .. interesting.. features in that regard).
Why have no banks actually launched a crypto then? "deeply interested" in soaking some suckers I'm sure.. in crypto itself.. IDK.. gonna need a little more support for that one (and not from the "we're already heavily invested in money laundering" crowd... an extension of one criminal enterprise into another does not a "banks are deeply interested" make).
Which are not blockchain based. But the why is mostly because they want a cut of the CC fees (this isn't.. complicated.. although the digital wallet tech kinda is.. and also isn't super.. what I'd call.. safe yet..).
"decentralized storage" LOL LMAO ROFL even. Are you trying to bring back NFT's? Yes dozens of QPS globally.. super enabling...
This is what happens when you outsource your thinking I guess.
But back to the whole "reserve" thing.. so far it's just "crypto the government has seized" which a) isn't very exciting (as witnessed by the failure to moon..) and b) says a lot about the whole "secure from governments" theory. Personally I'm a bit sad they're not just dumping it mostly because watching the market meltdown would have been fun as there's so very much not enough liquidity to absorb it.
There were however a few "mysteriously well timed" transactions around the whole "strategic reserve" announcements... Tell me again how it's not all just insiders soaking retail hard. Seriously who does a 50x long position.. hah.
