Bitcoin
- Thread starter Ron Resnick
- Start date
LOL. literally mortgaging the house. gonna end so badly.
https://www.cnbc.com/2017/12/11/people-are-taking-out-mortgages-to-buy-bitcoin-says-joseph-borg.html
https://www.cnbc.com/2017/12/11/people-are-taking-out-mortgages-to-buy-bitcoin-says-joseph-borg.html
Ya but people were doing that before Bitcoin. It's not news, it's just a hype name attached to history. Hell, what's his face during the Regan years literally told people to do that, and not even as responsibly.
People do that to go spend it at the casino... Obviously not everyone gets to be smart.
People do that to go spend it at the casino... Obviously not everyone gets to be smart.
Yes Steve, I'll take a timeout for a week...this week.
And that will give me time to slow down about Bitcoin in the future. No sweat.
Each Bitcoin Transaction Uses As Much Energy As Your House In A Week
http://www.zerohedge.com/news/2017-11-04/each-bitcoin-transaction-uses-much-energy-your-house-week
These small companies seem to be at least vaguely legitimate:
BTL Group (BTL on the Toronto Stock Exchange)
DigitalX (DCC on the Australian Stock Exchange)
Global Blockchain Technologies Corp. (BLOC on the Toronto Stock Exchange)
MGT Capital (MGTI) (John McAfee -- what a surprise?)
Consilium (COIN on the London NEX exchange)
BTL Group (BTL on the Toronto Stock Exchange)
DigitalX (DCC on the Australian Stock Exchange)
Global Blockchain Technologies Corp. (BLOC on the Toronto Stock Exchange)
MGT Capital (MGTI) (John McAfee -- what a surprise?)
Consilium (COIN on the London NEX exchange)
This headline seems to confuse the energy cost of mining new coins with that of transacting. They're not equivalent.
There's this post to Reddit going back about 9 months, the best reply sets it out in more detail :
https://www.reddit.com/r/btc/comments/5w1tsk/the_energy_cost_of_a_single_bitcoin_transaction/
Note the OP simply took the mining costs and divided those by the total number of transactions daily, around that time. However mining would continue even with zero transactions - mining and transacting are completely orthogonal.
This is some brilliant financial pyramid-scheme-type thing... check out Tether, Bitfinex, who owns them and their relation to bitcoin.
https://seekingalpha.com/article/4131159-regulators-must-investigate-bitcoin-tether
When all is said and done it seems obvious Tether and Bitcoin will be worth nothing... but a lot of actual, government-backed currency will change hands with the ones "investing" in Bitcoin and using Tether as victims. When will this happen? That's the question and it is certainly possible to ride on the coattails of these criminals if you get out in time.
OTOH, flights to Vegas are cheap and will get you out of the house...
https://seekingalpha.com/article/4131159-regulators-must-investigate-bitcoin-tether
When all is said and done it seems obvious Tether and Bitcoin will be worth nothing... but a lot of actual, government-backed currency will change hands with the ones "investing" in Bitcoin and using Tether as victims. When will this happen? That's the question and it is certainly possible to ride on the coattails of these criminals if you get out in time.
OTOH, flights to Vegas are cheap and will get you out of the house...
Mining secures transactions on the blockchain, I don't think you have this correct. In any case it doesn't matter as however you look at it, Bitcoin is unsustainable and should be outlawed by every country on the globe simply for it's ridiculous energy use and how this contributes to climate change. The extreme liklihood it's a scam is a secondary issue.
People who think this is good have to believe a lot of conspiracy theory, that this crazy use of energy resources is somehow worth it... as value increases so does mining efforts and energy use. It will now go up far more rapidly than predicted and it's going to be a problem.
https://motherboard.vice.com/en_us/article/ypkp3y/bitcoin-is-still-unsustainable
http://www.newsweek.com/bitcoin-mining-track-consume-worlds-energy-2020-744036
A curious question indeed. Because it's hard to know whom is doing the buying, I cannot be 100% certain. But... :
*Institutional money is arriving more and more all the time.
*Some guru in the Islamic world said that cryptos are compatible with their religion.
*Whales are not to be underestimated. The rise of ETH from 300~ to 460~ could have been them. It was that or a large investment group getting in, because it wasn't the general public placing huge orders of 10+ every single time it started to go back down. Basically purchasing was consistent enough that everyone figured buying at that price was fine. They have the power to make candles leap.
*Christmas gifts may be helping. My mother is in on cryptos, and she decided to buy my brother and I a LiteCoin (pre $100). Thank you mom! Super cool Christmas gift. I assume most people are putting them on thumb drives or a paper wallet and then into stockings or such.
I run that website, and anyone who would like to help contribute to my advocacy is welcome to tip or buy one of my badass T-shirts. I will also sell my Lillies (audio hardware for breaker box/balanced transformers) for crypto.
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Its true my knowledge of Bitcoin is sketchy at best, I'd appreciate a heads-up for somewhere I can learn and correct my understanding.
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