Topic: "Conventional Crypto" vs. ??? (Read 147 times)

Totally.
Brand new ways of doing older things that are already stable are usually just a wrap-up to get you drained in the end.
No need to try it out on yourself, or any other person, for that matter..

Thanks for your replies. I don't think they were talking about an alt coin or anything like that, but about a technological development that at least one of them was working on.

This also wasn't a casual conversation in a bar. I was in a pretty large building which, telling by the infrastructure, most likely is a R&D facility. I have not the slighest idea what they're doing there. I wrote about it in my OP at first, but then got paranoid and deleted it again. I don't want to mention the company name (think owned by Mag 7).

Both guys certainly were employees. I only was there for a few hours on a maintenance job, but the security checks alone that I had to pass and the piles of paper that our small company had to sign are ridiculous. I'm afraid to get in trouble if someone can conclude about my person.

I absolutely see that it sounds like SciFi and admit that my imagination is going wild here, but I can't stop wondering if just by cosmic chance I've heard something that may eventually make BTC go south. I started investing big just two years ago and made some awesome profits, and I'm really nervous about losing all again.

It sounds like snake oil in the making.

I mean,  by saying "conventional X" you know the next thing they will pitch is a new way to do X, much better than the conventional way.

I would be vary wary of those people, they probably just want to make a quick buck out of someone else.

Note that they might genuinely think that it's great, and maybe they are going to be paying to some other person that made this.

Bitcoin mining is safe. All the relevant quantum safe algorithms are pretty much ready for when it's needed. It is just that it requires more energy to mine with them, so no need to use them. Similar to how in the beginning URLs were not all HTTPS, because HTTP was "good enough" at the time.

Based on what you've said it sounds like the pair were working on something they considered grand (though it came from the marketing guy so, pinch of salt), and that the marketing guy was having more of a say than the technical guy (happens in startups with low governance, which seems to be the case since they were speaking about decisions in a public place instead of an online meeting or formal in person discussion). That's my guess. Though, you shouldn't care, or if you wanted to know more, then you should have went and asked them. Not us. There are so many possibilities of what the pair are working on - the next revolution, or the next piece of dog shit - either way, anyone's guess here is as best of a guess than anyone else, and only you could have found out that information in the moment.

Next time you see the two, don't be shy and create this much thought for yourself - it's not constructive in comparison to just saying "hey, I overheard you guys speaking about something you're working on and it intrigued me" and see what the response is. I'd be interested to know the outcome now that you've shared this topic

Agreed. Scammers love flashy words to make people interested in their "new wonderous project".
Nothing new, especially for those who were sent such messages on the web about the "new brand thing to try out and profit from".

It's hard to understand the true meaning of "conventional crypto" and "conventional mining".
Maybe by "conventional mining" they mean the modern day mining, that is being conduced by big crypto mining facilities with lots of hardware.
I don't know what they mean by "conventional crypto". Maybe they consider Bitcoin and most altcoins to be conventional, while some privacy coins to be unconventional. Maybe those guys are planning to create some special unconventional altcoin, that is going to dethrone Bitcoin and destroy conventional cryptocurrencies. So many questions and no answers.

OP you should have jumped in the conversation and saved the other person present. It seems like no one here knows what is a non conventional mining mechanism let alone what is even a conventional one? We do not categorize types of mining into a conventional one into a nonconventional one, afaik.

This person who is pitching this kind of project is mostly just saying this to impress. Scammers often use words that a lot of people find hard to understand so that they are seen as legit and someone who knows what they are doing (they do not).

Maybe stop eavesdropping on other people's conversation, and I don't see how a random alleged tech guy and a random alleged marketing guys conversation be a thing for you to worry about.
And how can you make up something when you actually eavesdropping, there is no way for you to fully grasp what they are saying.
Those guys poses no threat to Crypto-currency at large.

I sense a shitcoin in the works.

It smells like someone is being scammed.

Impossible to know from the pieces you think you heard.

Most likely though it's none of the above.  It's just yet another altcoin/scamcoin/memecoin/shitcoin that doesn't use proof-of-work.  Perhaps a proof-of-stake coin, or any of the other consensus mechanisms.


Again, impossible to know from the pieces you think you heard.

Most likely some consensus mechanism for their altcoin that they think everyone is going to love.


Given.

I've just signed up here, hoping to get some expert opinions on something that has been bothering me for days.

I overheard a conversation last week under pretty unlikely circumstances. The two guys certainly didn't assume that anyone could hear them. After some "locker room" stuff they briefly talked about the project of the one who came across as a pretty smart tech guy. I could only partially understand him, he sat further away and spoke softly. His friend was more of a loud talkative marketing-sales type. Possibly also a big shot (always referred to himself as "we"), he constantly interrupted the other with his ideas from which I mostly conclude what the tech guy was talking about.

It was about some prototype that worked "better than we thought". So far they had been busy with benchmarks, but soon his own tests would be due. I didn't understand the following, then the sales guy asked if "conventional mining" would become obsolete, and about monopolization. Again I couldn't fully understand the answer, but they mentioned "conventional mining" and "conventional crypto" several times as if it was already a thing.

Then the sales guy half-jokingly(?) asked if they shouldn't then simply short mining stocks or bitcoin altogether. On a grand scale they could even refinance the development and get a marketing scoop at the same time. He sort of obsessed over his smart idea, however the tech guy didn't seem particularly interested. Then his phone rang and he had to leave.

So what is this?? A movie plot, science fiction, or something I should be worried about?

I immediately thought of something to do with quantum chips. But when I google threats to crypto and quantum computing, it's mostly about security and I'm regularly assured that it's not a threat to my BTC, like here: https://www.forbes.com/sites/digital-assets/2025/01/17/bitcoin-will-adapt-to-quantum-computing/

Is there perhaps any other aspect of crypto/mining where a monopolization is conceivable, and what could be non-"conventional" mining?

Opinions, please!