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Why invent a system that requires more and more power to create a bit coin. So much that power stations emitting large amount of noise disrupt people’s lives. Not to mention a contribution to climate change on the scale of Greece.
It’s pure madness and on top of it all who uses bitcoin anyway. It still has virtually no purpose other than a pyramid scheme to make people money. It’s immoral. I will admit I bought some in the past as an IT person who was interested in IT related things. But I think that was wrong now. And this article on the BBC is another enforcement of that view. Ban crypto.
I know about (and care for) little of it but as it's always valued in hard currency, it does appear to have zero intrinsic value. If after all this time, it was actually worth anything surely the value would be measured in bitcoin and we'd all understand its relative worth?
As you say, it appears to be a pretty dubious enterprise and it's clearly doing a lot of harm. It suits the Trump family perfectly.
It's 106 miles to Portman Road, we've got a full tank of gas, half a round of Port Salut, it's dark... and we're wearing blue tinted sunglasses.
Bitcoin’s annual electricity consumption at 138 terawatt-hours (TWh), equivalent to 0.5% of global demand. Not bad for something that's going to become the world's global store of value and number-one form of collateral. Plus more than half (52%) of this power is now generated by renewables.
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Bitcoin mining - madness on 08:16 - May 23 with 2881 views
Bitcoin mining - madness on 08:11 - May 23 by Plums
I know about (and care for) little of it but as it's always valued in hard currency, it does appear to have zero intrinsic value. If after all this time, it was actually worth anything surely the value would be measured in bitcoin and we'd all understand its relative worth?
As you say, it appears to be a pretty dubious enterprise and it's clearly doing a lot of harm. It suits the Trump family perfectly.
Exactly. Years on and you still can buy very little in bitcoin. Partly cos how could you ever advertise a price in bitcoin when its value is so unstable and changeable. It currently always has to be pegged back to a conventional currency. So what’s the point. And as we trade conventional currency on the internet anyway what’s the point ever of a crypto currency.
Bitcoin mining - madness on 08:16 - May 23 by nodge_blue
Exactly. Years on and you still can buy very little in bitcoin. Partly cos how could you ever advertise a price in bitcoin when its value is so unstable and changeable. It currently always has to be pegged back to a conventional currency. So what’s the point. And as we trade conventional currency on the internet anyway what’s the point ever of a crypto currency.
In 10-15 years from now, the world will be priced on a Bitcoin Standard.
Bitcoin mining - madness on 08:16 - May 23 by portmanking
Ban crypto? Lolz. The fiat system is dying/dead.
Bitcoin’s annual electricity consumption at 138 terawatt-hours (TWh), equivalent to 0.5% of global demand. Not bad for something that's going to become the world's global store of value and number-one form of collateral. Plus more than half (52%) of this power is now generated by renewables.
Until the botnets bring the world to halt.
My 2p jar in the corner is looking like a sound investment.
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Bitcoin mining - madness on 08:26 - May 23 with 2833 views
This is a useful resource. It includes (among other things) a table which shows that if Bitcoin were a country it would rank 24th in terms of electricity consumption.
At present it uses 0.73% of world electricity but this will presumably increase, and we also have to factor in the vast amount of electricity needed for things like AI data centres.
[Post edited 23 May 8:26]
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Bitcoin mining - madness on 08:26 - May 23 with 2829 views
Bitcoin mining - madness on 08:21 - May 23 by Mookamoo
Until the botnets bring the world to halt.
My 2p jar in the corner is looking like a sound investment.
This is where you need to do your research on Bitcoin and not make flippant comments that may deter people from buying/investing in BTC. Bitcoin has a distributed ledger that makes it practically impossible for botnets to take down the entire network.
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Bitcoin mining - madness on 08:27 - May 23 with 2819 views
Bitcoin mining - madness on 08:21 - May 23 by portmanking
Yes, I do. It'll be priced in Satoshis/Bits, whichever phrase takes hold in the mainstream.
Change is scary, I get it. But it's happening whether you like it or not.
I don’t worry especially about change. It’s the way of the world and always has been. I worry about unnecessary change that comes at huge impacts to the fragile world and brings no added value. Other than in reality it’s a way for people to get rich ina pyramid scheme built on human greed.
I hugely doubt in 10 years anything on Amazon will be priced solely in bitcoin. At best it would be duel priced.
Bitcoin mining - madness on 08:26 - May 23 by portmanking
This is where you need to do your research on Bitcoin and not make flippant comments that may deter people from buying/investing in BTC. Bitcoin has a distributed ledger that makes it practically impossible for botnets to take down the entire network.
Hurrah bitcoin is built on block chain. That’s just a technology that doesn’t need the complexity of bitcoin mining in the first place.
Bitcoin mining - madness on 08:26 - May 23 by portmanking
This is where you need to do your research on Bitcoin and not make flippant comments that may deter people from buying/investing in BTC. Bitcoin has a distributed ledger that makes it practically impossible for botnets to take down the entire network.
Is that because, if people are put off from buying/investing in Bitcoin, your magic beans suddenly start to lose value?
Bitcoin mining - madness on 08:27 - May 23 by nodge_blue
I don’t worry especially about change. It’s the way of the world and always has been. I worry about unnecessary change that comes at huge impacts to the fragile world and brings no added value. Other than in reality it’s a way for people to get rich ina pyramid scheme built on human greed.
I hugely doubt in 10 years anything on Amazon will be priced solely in bitcoin. At best it would be duel priced.
It is *not* a pyramid/ponzi scheme. Nothing decentralised can be remotely a ponzi.
Yes, it may well be duel-priced. The way to look at it is BTC will be the world's savings/collateral tool and fiat will still have point-of-sale use, at least for the time being.
People are already borrowing against their Bitcoin from some of the world's oldest banks. Their BTC is held in Escrow and the loan is debt, so it's not a taxable event i.e. no need to pay capital gains.
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Bitcoin mining - madness on 08:33 - May 23 with 2767 views
Bitcoin mining - madness on 08:26 - May 23 by portmanking
This is where you need to do your research on Bitcoin and not make flippant comments that may deter people from buying/investing in BTC. Bitcoin has a distributed ledger that makes it practically impossible for botnets to take down the entire network.
Not for the unwary though, and whilst Bitcoin seems pretty secure and stable, the same is not necessarily true of cryptocurrencies in general given this.
Bitcoin mining - madness on 08:30 - May 23 by Zx1988
Is that because, if people are put off from buying/investing in Bitcoin, your magic beans suddenly start to lose value?
Listen, don't worry about me, my BTC holdings will ensure that my personal wealth rises every year, not sat in high-street banks where it's eroded away by the money printer.
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Bitcoin mining - madness on 08:34 - May 23 with 2753 views
Not for the unwary though, and whilst Bitcoin seems pretty secure and stable, the same is not necessarily true of cryptocurrencies in general given this.
Not for the unwary though, and whilst Bitcoin seems pretty secure and stable, the same is not necessarily true of cryptocurrencies in general given this.
Bitcoin mining - madness on 08:32 - May 23 by portmanking
It is *not* a pyramid/ponzi scheme. Nothing decentralised can be remotely a ponzi.
Yes, it may well be duel-priced. The way to look at it is BTC will be the world's savings/collateral tool and fiat will still have point-of-sale use, at least for the time being.
People are already borrowing against their Bitcoin from some of the world's oldest banks. Their BTC is held in Escrow and the loan is debt, so it's not a taxable event i.e. no need to pay capital gains.
It’s a pyramid scheme in the sense that people who mined coins cheaply and hold many rely on more people at the bottom of the pyramid investing more time and energy to mine the remaining ones.
All for what? We have climate change issues but rather than use that electricity for other things we choose to create digital coins.
None of which have any underpinning of say gold in banks.theyare literally numbers in a database.
People are only in it for the money.
And if another purpose is to avoid paying capital gains tax then that’s just another immoral reason.
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