Bitcoin

Ron Resnick

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Jan 25, 2015
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I am aware, of course, of this company. But I am skeptical about significant or enduring worldwide impact. China's dictator can direct the liabilities and fallout to impact whom he chooses.
 
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Ron Resnick

Site Co-Owner, Administrator
Jan 25, 2015
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Beverly Hills, CA
Bitcoin "number go down" less fun than "number go up" :)
 

andromedaaudio

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Jan 23, 2011
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There is a guy in NL in a regular neighbourhood who mines bitcoin and had the electricity supplier lay 2 extra cables to his house , for which he had to pay himself .
600 amperes in total .
It definetively aint the green coin
Sufficient electricity for 120 fridges

Before these extra cables were laid the whole neighbourhood was suffering from lighting problems

 
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User211

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Jul 28, 2014
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There is a guy in NL in a regular neighbourhood who mines bitcoin and had the electricity supplier lay 2 extra cables to his house , for which he had to pay himself .
600 amperes in total .
It definetively aint the green coin
Sufficient electricity for 120 fridges

Before these extra cables were laid the whole neighbourhood was suffering from lighting problems

Read back earlier in the thread for the proof.

The traditional banking sector uses MASSIVELY MORE resources. Many multitudes more. Think about all the petrol and CO2 to even keep the cash point machines topped up, the use of the banking sector's computers, heating the offices, the commutes to work for employees, cooking costs for onsite canteens, energy and resources used to construct the offices etc etc.

There is NO comparison.

That said a big mining rig will use quite a bit, but the best way to make money is where electricity costs are low. It encourages the use of renewable energy simply because that's where the best profits will come from.
 
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Folsom

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Oct 26, 2015
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Oil cooling has been making them last longer.

The power consumption is still low compared to the rest of the world. But we may see changes towards ones that use even less.
 

andromedaaudio

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Jan 23, 2011
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I m certainly not against the bitcoin idea , but governments will never give up willingly the control over the money in my view , they are basically powerless in that case .
I see a digital currency coming in which they can/will control every purchase you make .
If it goes against their interest they can then cut you off / give a person penalties etc iow total control .
If you look at the ideas of klaus schwab founder of the World economic forum the direction is clear afaic.
The $$$ dominated banking system is coming to an end in my view , be it this year or in a couple of years .
The problem is they cant raise rates , but they have to because of inflation
I just dont see BC being the logical replacement they will allow it to be ,
 
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DaveC

Industry Expert
Nov 16, 2014
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Read back earlier in the thread for the proof.

The traditional banking sector uses MASSIVELY MORE resources. Many multitudes more. Think about all the petrol and CO2 to even keep the cash point machines topped up, the use of the banking sector's computers, heating the offices, the commutes to work for employees, cooking costs for onsite canteens, energy and resources used to construct the offices etc etc.

There is NO comparison.

That said a big mining rig will use quite a bit, but the best way to make money is where electricity costs are low. It encourages the use of renewable energy simply because that's where the best profits will come from.

You're right, it uses more energy because it provides more VALUE, you know, things people actually need and use. Day to day banking, loans, payments, customer services, settling disputes, etc.

The comparison with maintaining a blockchain ledger that has ridiculously high transcation rates and slow times to process, something NOBODY uses on a day to day basis is simply ridiculous and shows the massive bias achieved by some of those who choose to invest in BTC.

The excuses for the amount of power BTC uses are ridiculous and the excuses don't hold water. The "encouraging the use of renewables" is possibly the most ridiculous excuse for massive, tragic waste I've ever heard.

No matter what you think BTC is going to be in your imagination of the future, currently it's a blight on humanity and has done far more harm than good, this can't be denied without a wholesale denial of reality it's self.
 
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DaveC

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Nov 16, 2014
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Governments of old people. The young ones want their bags to moon.

Young people have little wisdom and want all sorts of unrealistic things.

That said, I don't think our current system is perfect and am open to crypto, I just don't like to impersonate scared ostrich.
 
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User211

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You're right, it uses more energy because it provides more VALUE, you know, things people actually need and use. Day to day banking, loans, payments, customer services, settling disputes, etc.

The comparison with maintaining a blockchain ledger that has ridiculously high transcation rates and slow times to process, something NOBODY uses on a day to day basis is simply ridiculous and shows the massive bias achieved by some of those who choose to invest in BTC.

The excuses for the amount of power BTC uses are ridiculous and the excuses don't hold water. The "encouraging the use of renewables" is possibly the most ridiculous excuse for massive, tragic waste I've ever heard.

No matter what you think BTC is going to be in your imagination of the future, currently it's a blight on humanity and has done far more harm than good, this can't be denied without a wholesale denial of reality it's self.
Bollocks.

Wake up.
 

DaveC

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Nov 16, 2014
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Bollocks.

Wake up.

This is a stereotypical reaction from those invested to those who are not, however you forgot to tell me I just don't understand crypto, I don't "get it".

If you think crypto isn't manipulated for the benefit of the rich just like fiat is, and is really some sort of fair decentralized currency for the people, then YOU need to wake up.
 
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User211

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This is a stereotypical reaction from those invested to those who are not, however you forgot to tell me I just don't understand crypto, I don't "get it".

If you think crypto isn't manipulated for the benefit of the rich just like fiat is, and is really some sort of fair decentralized currency for the people, then YOU need to wake up.
Nice reply.

Respect.

I am otherwise engaged but it obvious you aren't asleep.

I am doing the whole Meatloaf is dead thing.
 
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KeithR

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May 7, 2010
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All this bickering as BTC has been cut in half and hasn’t hedged any inflation or market risk. Next stop $30k, if that breaks $14k in the cards.

Seeing how all spec growth names have been pummeled 60-80% and roundtriped the COVID moves I wouldn’t be surprised. Will the institutions get back in or not want to catch a falling knife, that is the question.
 

Al M.

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Sep 10, 2013
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Greater Boston
This is a stereotypical reaction from those invested to those who are not, however you forgot to tell me I just don't understand crypto, I don't "get it".

If you think crypto isn't manipulated for the benefit of the rich just like fiat is, and is really some sort of fair decentralized currency for the people, then YOU need to wake up.

Indeed, people are totally naive in their idealism about this stuff.
 

andromedaaudio

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Jan 23, 2011
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Lol , the fed isnt even tapering / hiking rates yet .
See what just talking about it already does to the markets.
How far the stock market level has to drop before they will reverse course is the question ??
 

Al M.

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Sep 10, 2013
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Lol , the fed isnt even tapering / hiking rates yet .
See what just talking about it already does to the markets.
How far the stock market level has to drop before they will reverse course is the question ??

Yeah, Bitcoin and the other cryptocurrencies are no value currencies. Rather, they behave like risk-on tech stocks.

Pathetic. Don't you want to have a currency that actually has some value?

But hey, today Bitcoin is up. There's some value to that ;). LOL.
 

User211

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Jul 28, 2014
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Wowser.

Bitcoin is just a piece of clever code. It has no concept of evil or good, of being a Ponzi scheme or of being manipulated. It is backed by nothing apart from a supply cap. That's all it needs.

Fiat has no supply cap and throughout history all fiat currencies have failed with 100% reliability. Fiat is and always has been a Ponzi scheme controlled by those in power.

I could post some links on this fact but there's plenty on YouTube.

Just look at 11 years of stats. What has held up better, fiat or Bitcoin?

The above is just fact. Humans have trouble with facts when it comes to money.

I do not deny that a lot of alt coins are suspicious., however.

EDIT: I am not saying those in power are evil. They just have their finger on the money printing button and that alone is what causes the demise of fiat. Eventually.
 
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