By continuing to use the site, you agree to our use of cookies and to abide by our Terms and Conditions. We in turn value your personal details in accordance with our Privacy Policy.
Please log in or register. Registered visitors get fewer ads.
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.
It is indeed symbolic of the absolute stupidity of the moronic, suicidal greed-driven species which is now called the Human Consuming. It evolved from the Human Being, but is quite likely to go extinct before if evolves much more. No excuse for this sort of stupidity or for the stupid, selfish individuals who indulge themselves in it. Idiots.
Bitcoin mining - madness on 16:33 - May 23 by NthQldITFC
It is indeed symbolic of the absolute stupidity of the moronic, suicidal greed-driven species which is now called the Human Consuming. It evolved from the Human Being, but is quite likely to go extinct before if evolves much more. No excuse for this sort of stupidity or for the stupid, selfish individuals who indulge themselves in it. Idiots.
You need to get off the fence and tell us what you really think!
Bitcoin mining - madness on 16:33 - May 23 by NthQldITFC
It is indeed symbolic of the absolute stupidity of the moronic, suicidal greed-driven species which is now called the Human Consuming. It evolved from the Human Being, but is quite likely to go extinct before if evolves much more. No excuse for this sort of stupidity or for the stupid, selfish individuals who indulge themselves in it. Idiots.
So we'll put you down as a maybe, yeah?
Trust the process. Trust Phil.
2
Bitcoin mining - madness on 16:39 - May 23 with 622 views
I said "It's a fascinating story, and I agree it's madness" - as in what the people in the story are having to put up with.
I haven't questioned the validity of it being decentralised - I simply asked how it was controlled if decentralised. I've also not questioned the validity of it's finite nature, just asked how a non-physical thing can be finite (which others have since explained).
It seems you're so desperate to defend BitCoin that you're unable to see what's actually written, who's attacking it and who's simply asking questions about something they don't understand. The only thing I've poo-poed is the word 'mining' to describe the number crunching.
[Post edited 23 May 15:37]
It is mining in the way that processing blockchain yields more bitcoin so dont poo-poo that either.
"A+++++", "Great Comms, would recommend", "Thank you, the 12 inch black mamba is just perfect" - Ebay.
Bitcoin mining - madness on 09:53 - May 23 by StokieBlue
How does bitcoin solve government debt issues?
The two things are totally unrelated so I would be interesting to hear your reasoning behind this.
SB
It doesn't. They seem to think they will be the equivalent of preppers and survivers without acknowledging that a collapse in government debt and the banking system will burn the world around them.
Bitcoin mining - madness on 17:29 - May 23 by nodge_blue
It doesn't. They seem to think they will be the equivalent of preppers and survivers without acknowledging that a collapse in government debt and the banking system will burn the world around them.
In the 2008 financial crisis , the US banking system (and following on from that, probably the global banking system) was nearer to collapse than probably most of you think. This would have led to an unprecedented economic collapse.
I’ve no idea who this person is and don’t endorse anything they’re saying, but this is a marvellous potty-mouthed rant against Trump’s latest crypto grift.
Bitcoin mining - madness on 18:59 - May 23 by Radlett_blue
In the 2008 financial crisis , the US banking system (and following on from that, probably the global banking system) was nearer to collapse than probably most of you think. This would have led to an unprecedented economic collapse.
Yes, it was touch and go, and my understanding is that it was derivatives that were the main risk.
This from evidence given to the Financial Crisis Inquiry Commission Hearing held in Washington DC.
"By removing the multi-trillion dollar swaps market from the traditional norms of market regulation, a highly speculative derivative bubble was created that was opaque to federal regulators and market observers alike. By removing all forms of ensuring the normal capital adequacy protections of market regulation, the swaps market permitted trillions of dollars of financial commitments to be made with no assurance that those commitments could be fulfilled beyond the highly illusory AAA ratings of the counterparties in question."
[Post edited 23 May 20:58]
1
Bitcoin mining - madness on 09:14 - May 24 with 76 views
Yes, it was touch and go, and my understanding is that it was derivatives that were the main risk.
This from evidence given to the Financial Crisis Inquiry Commission Hearing held in Washington DC.
"By removing the multi-trillion dollar swaps market from the traditional norms of market regulation, a highly speculative derivative bubble was created that was opaque to federal regulators and market observers alike. By removing all forms of ensuring the normal capital adequacy protections of market regulation, the swaps market permitted trillions of dollars of financial commitments to be made with no assurance that those commitments could be fulfilled beyond the highly illusory AAA ratings of the counterparties in question."
[Post edited 23 May 20:58]
Yes, Warren Buffett rightly called derivatives "weapons of mass destruction" as they can provide so much leverage. The problem was that the bank CEOs were generally older people who understood the basis of derivatives & financial instruments, but couldn't have a really deep conversation with the whizz kids who dreamed them up.
Bitcoin mining - madness on 09:14 - May 24 by Radlett_blue
Yes, Warren Buffett rightly called derivatives "weapons of mass destruction" as they can provide so much leverage. The problem was that the bank CEOs were generally older people who understood the basis of derivatives & financial instruments, but couldn't have a really deep conversation with the whizz kids who dreamed them up.
I had an interest in this because I was at the Tax Law Rewrite at the time of the financial crisis and was involved in trying to simplify the tax legislation relating to derivatives, something which was an impossibility given the complexity of derivatives themselves.
One thing that particularly struck me at the time was that it was not just things like collateral debt obligations that were involved but also synthetic CDOs which made things even worse. Synthetic CDOs are defined thus in Wikipedia.
"A synthetic CDO is a variation of a CDO (collateralized debt obligation) that generally uses credit default swaps and other derivatives to obtain its investment goals. As such, it is a complex derivative financial security sometimes described as a bet on the performance of other mortgage (or other) products, rather than a real mortgage security.[2] The value and payment stream of a synthetic CDO is derived not from cash assets, like mortgages or credit card payments – as in the case of a regular or "cash" CDO—but from premiums paying for credit default swap "insurance" on the possibility of default of some defined set of "reference" securities—based on cash assets. The insurance-buying "counterparties" may own the "reference" securities and be managing the risk of their default, or may be speculators who've calculated that the securities will default."
By continuing to use the site, you agree to our use of cookies and to abide by our Terms and Conditions.
