Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Bitcoin Forum => Bitcoin Mining => Topic started by: babo on June 06, 2024, 05:32:54 PM
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I don't know if you know stacks, STX, but with this coin, by putting it in stack you can receive rewards in bitcoin, which is really a fantastic thing
I'm doing a little experiment with 100 stacks taken months ago, I have to say it works
has anyone else tried?
(https://www.talkimg.com/images/2024/06/06/cGxA8.png)
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Thank you for sharing your experience, I liked the idea of putting STX in staking and getting rewards in Bitcoin. The idea seems very good and the coin is promising. But I don't know if this is available on most exchanges or only on Binance?
I also want to ask you: Is it the same STX coin from Alex Labs, which was reported in the news that the bridge was hacked for about $3.9 million, including Stacks (STX) tokens worth $13.7 million? This news is here:
cointelegraph.com/news/alex-labs-freezes-3-9-million-exploited-funds-cexs-after-hack (https://cointelegraph.com/news/alex-labs-freezes-3-9-million-exploited-funds-cexs-after-hack#:~:text=%2413.7%20million%20worth,of%20the%20attacker.)
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I also want to ask you: Is it the same STX coin from Alex Labs, which was reported in the news that the bridge was hacked for about $3.9 million, including Stacks (STX) tokens worth $13.7 million? This news is here:
The coin is indeed the one that was stolen but the team behind STX has nothing to do with (at least as far as the public knows) with Alex, they have their own token. STX is already an old coin, and one of the few that managed to finally get the best out of the recent pumps, while most old coins barely matched BTC STX did it better, unusual for the group.
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The coin is indeed the one that was stolen but the team behind STX has nothing to do with (at least as far as the public knows) with Alex, they have their own token. STX is already an old coin, and one of the few that managed to finally get the best out of the recent pumps, while most old coins barely matched BTC STX did it better, unusual for the group.
According to the news in the link above, the coins was stolen through “social engineering” through phishing, where
The attacker withdrew the funds by taking control of a private key that provided access to one of the bridge’s “vaults.” However, “The smart contract code and infrastructure underlying ALEX were not compromised,” the team claimed.
Alex Labs is an old and respected company and is one of the companies responsible for developing the Bitcoin lightning network. This incident did not affect its reputation, nor did it affect the value of its coin, especially since the incident was not the result of a technological loophole, and the company also pledged to compensate all those affected.
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Thank you for sharing your experience, I liked the idea of putting STX in staking and getting rewards in Bitcoin. The idea seems very good and the coin is promising. But I don't know if this is available on most exchanges or only on Binance?
I also want to ask you: Is it the same STX coin from Alex Labs, which was reported in the news that the bridge was hacked for about $3.9 million, including Stacks (STX) tokens worth $13.7 million? This news is here:
cointelegraph.com/news/alex-labs-freezes-3-9-million-exploited-funds-cexs-after-hack (https://cointelegraph.com/news/alex-labs-freezes-3-9-million-exploited-funds-cexs-after-hack#:~:text=%2413.7%20million%20worth,of%20the%20attacker.)
you're welcome ee; a pleasure to share the things I learn
no I don't use exchanges to stake, I don't trust them very much, I simply use a specific wallet, and there are two or three designed for this purpose obviously
leather one of these and also xverse one of these
regarding hack i not follow
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Alex Labs is an old and respected company and is one of the companies responsible for developing the Bitcoin lightning network.
Are you sure about that?
Because on their own website they claim to have launched in 2022, and LN is 6 years old.
It's one thing to develop L2 solutions for Bitcoin and something else to actually design the LN from scratch and implement the first modification in Bitcoin to make it possible to run.
There must be confusion over either terms or names, but if it's one lab that did it is Lighting Labs, not Alex.
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Alex Labs is an old and respected company and is one of the companies responsible for developing the Bitcoin lightning network.
Are you sure about that?
Because on their own website they claim to have launched in 2022, and LN is 6 years old.
It's one thing to develop L2 solutions for Bitcoin and something else to actually design the LN from scratch and implement the first modification in Bitcoin to make it possible to run.
There must be confusion over either terms or names, but if it's one lab that did it is Lighting Labs, not Alex.
Thank you for correcting me. Indeed, this was a mistake on my part due to poor memory and the similarity of names.
As you mentioned, the old company is Lightning Lab. I had written a topic about a year ago when Lightning Labs published on its Twitter account on May 16, 2023, a tweet indicating the launch of the new version of the Taproot protocol, formerly Tarot (Taproot Assests v0.2)
https://twitter.com/lightning/status/1658497809895809025
So maybe my memory was wrong and I thought it was Alex Labs, so as you said, the lab that did this was Lighting Labs, not Alex.
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anyway guys I think STX stacks is a great altcoin, I've been holding it for 3 weeks now and it seems stable in price (it doesn't fluctuate too much) the small reward arrives on time, in short a great thing
I advise you to do some tests too
can be a good alternative for diversification
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anyway guys I think STX stacks is a great altcoin, I've been holding it for 3 weeks now and it seems stable in price (it doesn't fluctuate too much) the small reward arrives on time, in short a great thing
I advise you to do some tests too
can be a good alternative for diversification
I don't know.... like they always say: "don't invest what you can't afford to lose".
Only buy as much STX as you want to get BTC rewards in. So that you don't lose money when (not if) STX dips in price, as is inevitable with every single cryptocurrency on the market, including the big ones like Bitcoin, Ethereum, etc.
Maybe it will take longer to reach your target with the rewards, but it is better than being greedy and losing it all.
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I don't know.... like they always say: "don't invest what you can't afford to lose".
Only buy as much STX as you want to get BTC rewards in. So that you don't lose money when (not if) STX dips in price, as is inevitable with every single cryptocurrency on the market, including the big ones like Bitcoin, Ethereum, etc.
Maybe it will take longer to reach your target with the rewards, but it is better than being greedy and losing it all.
that always applies to any type of investment, you have to put in as much as you can afford to lose
always and in any case
in any case we were talking about stacks that had network problems in fact the price practically collapsed
great entry point gentlemen
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This is my very first time hearing about STX coin. I haven't heard of the coin before, talk more about putting it as a stack on the Binance exchange, you received bitcoin as a reward for that.
Later on this week, I will try and invest the little I have in the coin, by stacking it up for a year or so. let me see how many satoshis I will end up having.
Currently, the price of STX is fluctuating around $1.70. it can experience a decline or increase in the upper weeks. Hands crossed
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This is my very first time hearing about STX coin. I haven't heard of the coin before, talk more about putting it as a stack on the Binance exchange, you received bitcoin as a reward for that.
Later on this week, I will try and invest the little I have in the coin, by stacking it up for a year or so. let me see how many satoshis I will end up having.
Currently, the price of STX is fluctuating around $1.70. it can experience a decline or increase in the upper weeks. Hands crossed
yep
if you want, obviously only if you want, you can share your experiment here and see like me to keep a sort of logbook so that we understand if it makes sense or not
I obviously do it to experiment and not to speculate, this sort of experiment makes sense to me because I learn things and I understand
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This is the first time I'm hearing about this method, so I'll ask a very simple question - let's say I invest in 1000 STX and leave it in the wallet for 1 year, can it be at least roughly calculated how much BTC it is?
As for the price itself, as far as I can see, STX ATH was $3.84 on April 1 2024 and since then the price has drop 56.21% (CMC data). That somehow doesn't inspire confidence in me...
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This is my very first time hearing about STX coin. I haven't heard of the coin before, talk more about putting it as a stack on the Binance exchange, you received bitcoin as a reward for that.
Later on this week, I will try and invest the little I have in the coin, by stacking it up for a year or so. let me see how many satoshis I will end up having.
Currently, the price of STX is fluctuating around $1.70. it can experience a decline or increase in the upper weeks. Hands crossed
I have been aware of STX for a long time but only really became interested in it when the Layer-2 trend became popular thanks to the launch of Optimism and Arbitrum. STX also hit a new ATH in March and became one of the best-performing recovery tokens in the market.
What I didn't know is that STX holders can stake STX to earn rewards in BTC. This could be a useful feature to support the price appreciation of STX during this bullrun, when the market's excitement will increase transaction fees on BTC network and users will also turn to Stacks to use, invest and earn additional profits.
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This is the first time I'm hearing about this method, so I'll ask a very simple question - let's say I invest in 1000 STX and leave it in the wallet for 1 year, can it be at least roughly calculated how much BTC it is?
As for the price itself, as far as I can see, STX ATH was $3.84 on April 1 2024 and since then the price has drop 56.21% (CMC data). That somehow doesn't inspire confidence in me...
very easy
in practice the APY in bitcoin is equal to 9% of your amount in STX, STX like any other currency fluctuates in price, sometimes it goes down, sometimes it goes up
in the previous cycle it was around $0.76 if I remember correctly
therefore whoever took in the previous cycle is still in profit
being a coin VERY linked to bitcoin, it follows the price trend quite well
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if you want, obviously only if you want, you can share your experiment here and see like me to keep a sort of logbook so that we understand if it makes sense or not
I obviously do it to experiment and not to speculate, this sort of experiment makes sense to me because I learn things and I understand
I'm curious to know if it would be more profitable to mine STX and receive Bitcoin than to mine Bitcoin directly with an ASIC like the Antminer S19.
Let's assume:
- You have a favorable electricity rate
- You already have a good place to mine and don't need to spend extra on that
- You had somehow acquired the miner without paying anything, so miner price would not be factored into this.
So which one would make more money over the long term, I wonder?
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to mine with an ASIC you need electricity
while mining with Stacks is just a matter of stacking no differently than with ethereum, except that in this round, by stacking STX you don't get STX but bitcoin
given that it is an altcoin closely linked to bitcoin
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Let's assume:
- You have a favorable electricity rate
- You already have a good place to mine and don't need to spend extra on that
- You had somehow acquired the miner without paying anything, so miner price would not be factored into this.
So which one would make more money over the long term, I wonder?
With a 0.1 USD/kWH price, your profitability with an Antiminer S19 pro is -3.05 USD per day. I don't think anyone will start mining with a S19 or S19 Pro. If someone is already mining with S19 and S19 pro with 0.1 USD/kWH, they may continue mining because they plan to sell it later when Bitcoin reaches 100K.
If your electricity cost is at least 0.04 USD/kWH, you will only be able to make a dollar and a half a day from an S19 Pro, which is not too much. But, as electricity prices go up and the mining difficulty increases, I don't think anyone will start mining with such machines even if they have cheap electricity. They won't be able to get a return on their investment.
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It seems an interesting project I was monitoring stacks the mining mechanism is Proof of Transfer but you can lock your stacks to earn Bitcoin.
We're late I guess Stacks seems was launch in 2021 if I knew this maybe I have locked stacks and opened them until this year.
Will wait for the opportunity to buy it for a lower price for now what I can see on the chart is that continuous price drops and no more uptrend.
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I found out that there is a token called stSTX
If you don't want to fiddle with a wallet and keep the STXs blocked and reward in STX
You can simply purchase the stSTX liquid token.
It corresponds to the value of STX revalued by all stacking earnings (currently almost 9% per year)
so you can earn or btc or stx
https://www.stackingdao.com/
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Let's assume:
- You have a favorable electricity rate
- You already have a good place to mine and don't need to spend extra on that
- You had somehow acquired the miner without paying anything, so miner price would not be factored into this.
So which one would make more money over the long term, I wonder?
With a 0.1 USD/kWH price, your profitability with an Antiminer S19 pro is -3.05 USD per day. I don't think anyone will start mining with a S19 or S19 Pro. If someone is already mining with S19 and S19 pro with 0.1 USD/kWH, they may continue mining because they plan to sell it later when Bitcoin reaches 100K.
If your electricity cost is at least 0.04 USD/kWH, you will only be able to make a dollar and a half a day from an S19 Pro, which is not too much. But, as electricity prices go up and the mining difficulty increases, I don't think anyone will start mining with such machines even if they have cheap electricity. They won't be able to get a return on their investment.
At 3.9 cents a th A s19pro earns 4.29 a day burns about 75 kwatts so you need 2 cent power all in. $1.50 cost. 4.29-1.50= 2.79 a day so at 300 a unit about 100 day payoff.
But who has 2 cent power all in.
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I discovered something special
then we said that if you stack STX you will be given a reward of 9% per year every 14 days in bitcoin
ok
now I discovered through a user, plutosky, that there is stakedSTX stSTX which gives you 9% in STX instead of bitcoin
ok you say, so what?
having this stSTX you can put it as collateral and withdraw whatever you want :D
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This is the first time I'm hearing about this method, so I'll ask a very simple question - let's say I invest in 1000 STX and leave it in the wallet for 1 year, can it be at least roughly calculated how much BTC it is?
As for the price itself, as far as I can see, STX ATH was $3.84 on April 1 2024 and since then the price has drop 56.21% (CMC data). That somehow doesn't inspire confidence in me...
very easy
in practice the APY in bitcoin is equal to 9% of your amount in STX, STX like any other currency fluctuates in price, sometimes it goes down, sometimes it goes up
in the previous cycle it was around $0.76 if I remember correctly
therefore whoever took in the previous cycle is still in profit
being a coin VERY linked to bitcoin, it follows the price trend quite well
I understood you points, but looking at it economically, STX following Bitcoin trends will not maintain Bitcoin trends consistency, in terms of recovery, demands, the dominance rates, hype etc.
Again, Bitcoin drives the crypto market, on the up or down directions. There has been no altcoins in the history of the crypto market that is able to resist Btc market dump effects. A 5% Bitcoin dump will send many altcoins to between 15% to 22% crash, and it has remain very difficult for majority of altcoins to recover after Btc dump, even STX coin may not have the strength to follow up with Bitcoin trends recovery consistently.
Now this is my summary, STX staking to earn Btc has similar risk with every other staking options, and if btc dumps, it results in more lost, though in crypto, you have not completely lost your assets except you decided to close your positions on the down trends prices.
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I'll close the thread then, since I've decided to put a stop to the experiment
it was very informative and I learned a lot from the stacks network, but I have decided to no longer keep that $100 in stacks stakes
there are other better methods, such as stSTX or giving them as collateral for loans.