| Bitcoin mining - madness 07:40 - May 23 with 6569 views | nodge_blue |
I’m getting really tired of the madness of this world. It’s draining all the stupid things we do.
https://www.bbc.co.uk/news/articles/cx2qg6e03l2o
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.
[Post edited 23 May 7:41]
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| Bitcoin mining - madness on 08:43 - May 23 with 606 views | Mookamoo |
| 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. |
Doesn't work when the satellites start falling out the sky. |  | | |
| Bitcoin mining - madness on 08:44 - May 23 with 596 views | portmanking |
| Bitcoin mining - madness on 08:42 - May 23 by nodge_blue |
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. [Post edited 23 May 8:43]
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All for what? We create a fairer, border-less form of currency/collateral/store of value for a world that's getting increasingly smaller.
Speaking of gold, it's only a matter of time before the US start using some of their gold reserves to buy more BTC. |  | | |
| Bitcoin mining - madness on 08:45 - May 23 with 594 views | bluefunk |
| 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. |
Your last point is the reason Bitcoin will not supplant traditional currency (although it may well sit alongside). Governments are unlikely to continue to allow Bitcoin profits to remain untaxed and unregulated. Once Bitcoin is used as collateral for debt it becomes traceable and therefore taxable, so once that becomes commonplace, Bitcoin loses at least part of its appeal. I’m not saying that Bitcoin will wither and die, merely that it is unlikely to remain beyond the reach of Governments. |  | | |
| Bitcoin mining - madness on 08:46 - May 23 with 590 views | portmanking |
| Bitcoin mining - madness on 08:40 - May 23 by DJR |
I didn't say you did, I was just trying to highlight the dangers of cryptocurrencies for those who are easily hoodwinked.
And you did say the following on another thread about things which I don't think are Bitcoin, but did give a warning, just as I was doing.
"I looked at ETH for my degen bag, but went with Solana. Currently I'm loading up on Sui. I think it's the one to watch."
EDIT: as regards Sui, I just came across this.
https://cryptobriefing.com/cetus-protocol-hack-liquidity-drain/ [Post edited 23 May 8:53]
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Sorry, what?
I don't hold any Ethereum, Solana or Sui whatsoever. I think you've got me confused with someone else...
Yes, I'm not an advocate for fartcoins and memecoins whatsoever. | | | |
| Bitcoin mining - madness on 08:46 - May 23 with 588 views | Blueschev |
| Bitcoin mining - madness on 08:40 - May 23 by DJR |
I didn't say you did, I was just trying to highlight the dangers of cryptocurrencies for those who are easily hoodwinked.
And you did say the following on another thread about things which I don't think are Bitcoin, but did give a warning, just as I was doing.
"I looked at ETH for my degen bag, but went with Solana. Currently I'm loading up on Sui. I think it's the one to watch."
EDIT: as regards Sui, I just came across this.
https://cryptobriefing.com/cetus-protocol-hack-liquidity-drain/ [Post edited 23 May 8:53]
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I'd assumed that the point of crypto was to take money from those easily hoodwinked?
I really don't understand why or how it holds any value, it's just numbers in a box. |  | | |
| Bitcoin mining - madness on 08:48 - May 23 with 587 views | portmanking |
| Bitcoin mining - madness on 08:45 - May 23 by bluefunk |
Your last point is the reason Bitcoin will not supplant traditional currency (although it may well sit alongside). Governments are unlikely to continue to allow Bitcoin profits to remain untaxed and unregulated. Once Bitcoin is used as collateral for debt it becomes traceable and therefore taxable, so once that becomes commonplace, Bitcoin loses at least part of its appeal. I’m not saying that Bitcoin will wither and die, merely that it is unlikely to remain beyond the reach of Governments. |
Beyond the reach of governments, what on earth are you talking about? Governments are literally *buying* BTC for their balance sheets as we speak.
If some of the world's oldest banks are accepting BTC as collateral for debt, it's not going to stop happening in future, it's only going to grow in importance.
Read up on Michael Saylor and the concept of digital Manhattan. | | | |
| Bitcoin mining - madness on 08:48 - May 23 with 580 views | SuperKieranMcKenna |
| Bitcoin mining - madness on 08:38 - May 23 by DanTheMan |
I will take a £500 charity bet that this will not happen. |
Yeah imagine being paid in something so volitile. Is my Nando’s going to cost me a day’s wage today or two months salary.
Plus it’s completely unregulated- people like Musk have massively manipulated the price with little consequence. The anonymity also makes it perfect for criminals and sanctioned Russians. I say this as someone with a small speculative holding. There’s no tangible asset- the entire price/‘value’ is based on hype.
You also lose any mechanism to tackle inflation, and could easily get to a point where countries weaponise it (e.g if China dumped huge amounts to lower the value and make its exports cheaper). | | | |
| Bitcoin mining - madness on 08:48 - May 23 with 580 views | DanTheMan |
| Bitcoin mining - madness on 08:48 - May 23 by portmanking |
Beyond the reach of governments, what on earth are you talking about? Governments are literally *buying* BTC for their balance sheets as we speak.
If some of the world's oldest banks are accepting BTC as collateral for debt, it's not going to stop happening in future, it's only going to grow in importance.
Read up on Michael Saylor and the concept of digital Manhattan. |
When you're talking about all of this, are you actually expecting large retailers to take Bitcoin specifically? |  |
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| Bitcoin mining - madness on 08:54 - May 23 with 556 views | portmanking |
| Bitcoin mining - madness on 08:48 - May 23 by DanTheMan |
When you're talking about all of this, are you actually expecting large retailers to take Bitcoin specifically? |
As I said in a previous post. I envisage things will be duel-priced. For the next 15-20 years BTC will act as digital collateral/savings and fiat will remain the point-of-sale vehicle. But the government debt bubble has burst and fiat as we know it is dying a very slow death. | | | |
| Bitcoin mining - madness on 08:55 - May 23 with 538 views | BloomBlue |
| Bitcoin mining - madness on 08:17 - May 23 by portmanking |
In 10-15 years from now, the world will be priced on a Bitcoin Standard. |
Never.
50-60 years that may happen. But bitcoin mining will be a large part of the destruction of the human race as it adds more and more to global warming. |  | | |
| Bitcoin mining - madness on 08:59 - May 23 with 521 views | DJR |
| Bitcoin mining - madness on 08:46 - May 23 by portmanking |
Sorry, what?
I don't hold any Ethereum, Solana or Sui whatsoever. I think you've got me confused with someone else...
Yes, I'm not an advocate for fartcoins and memecoins whatsoever. |
Many apologies. You had some interactions with Bluecoin on another thread and I mistakenly read one of his posts as yours. [Post edited 23 May 9:01]
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| Bitcoin mining - madness on 09:00 - May 23 with 514 views | portmanking |
| Bitcoin mining - madness on 08:55 - May 23 by BloomBlue |
Never.
50-60 years that may happen. But bitcoin mining will be a large part of the destruction of the human race as it adds more and more to global warming. |
Look at the chart someone posted about energy usage earlier in the thread.
The only ones responsible for the destruction of the human race/global warming are China/US/India/Russia. | | | |
| Bitcoin mining - madness on 09:00 - May 23 with 504 views | nodge_blue |
| Bitcoin mining - madness on 08:54 - May 23 by portmanking |
As I said in a previous post. I envisage things will be duel-priced. For the next 15-20 years BTC will act as digital collateral/savings and fiat will remain the point-of-sale vehicle. But the government debt bubble has burst and fiat as we know it is dying a very slow death. |
You are well indoctrinated.
If the government debt bubble has burst nothing will save us.
Cant you see Bitcoin for what it is?
We have created something that is increasingly and deliberately harder to do. Each coin now takes a huge amount of resource to produce for no real reason, other than to give the illusion of value and scarcity, like little gold nuggets.
But in reality the creation of them could be done in a day and finished rather than wait till middle of next century. It's purely done to give an illusion of worth.
Id have less issue with it if we just stopped this ridiculous mining which is ruining the planet and also the quality of peoples lives (see article). [Post edited 23 May 9:01]
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| Bitcoin mining - madness on 09:03 - May 23 with 478 views | portmanking |
| Bitcoin mining - madness on 09:00 - May 23 by nodge_blue |
You are well indoctrinated.
If the government debt bubble has burst nothing will save us.
Cant you see Bitcoin for what it is?
We have created something that is increasingly and deliberately harder to do. Each coin now takes a huge amount of resource to produce for no real reason, other than to give the illusion of value and scarcity, like little gold nuggets.
But in reality the creation of them could be done in a day and finished rather than wait till middle of next century. It's purely done to give an illusion of worth.
Id have less issue with it if we just stopped this ridiculous mining which is ruining the planet and also the quality of peoples lives (see article). [Post edited 23 May 9:01]
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If the circulation of them was done in a day it would completely go against the concept of Bitcoin as a deflationary asset. Its scarcity is what gives it its value.
I can see very clearly what Bitcoin is - border-less, anonymous, faster, and decentralised collateral. | | | |
| Bitcoin mining - madness on 09:03 - May 23 with 474 views | bluefunk |
| Bitcoin mining - madness on 08:48 - May 23 by portmanking |
Beyond the reach of governments, what on earth are you talking about? Governments are literally *buying* BTC for their balance sheets as we speak.
If some of the world's oldest banks are accepting BTC as collateral for debt, it's not going to stop happening in future, it's only going to grow in importance.
Read up on Michael Saylor and the concept of digital Manhattan. |
Did you actually read my post? It may well become a commonplace asset class but currently it remains untraceable, untaxed and unregulated which is a major part of its appeal. The point was once it becomes traceable it becomes taxable and automatically a less attractive prospect. Do you seriously believe that governments in search of tax revenue will continue to allow the status that Bitcoin currently enjoys, while simultaneously allowing it to become a mainstream asset class? | | | |
| Bitcoin mining - madness on 09:05 - May 23 with 465 views | Guthrum |
| Bitcoin mining - madness on 08:34 - May 23 by portmanking |
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. |
Except that Bitcoin has its own inbuilt money-printing process. Which will only get easier as processing power increases and more resources are thrown at it.
If you got in at the early stages, when the value was still quite low, you're probably fine. Not sure I'd want to start buying it now, tho. Too much volatility, unless you have the time to be constantly monitoring and trading. |  |
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| Bitcoin mining - madness on 09:11 - May 23 with 447 views | SuperKieranMcKenna |
| Bitcoin mining - madness on 09:05 - May 23 by Guthrum |
Except that Bitcoin has its own inbuilt money-printing process. Which will only get easier as processing power increases and more resources are thrown at it.
If you got in at the early stages, when the value was still quite low, you're probably fine. Not sure I'd want to start buying it now, tho. Too much volatility, unless you have the time to be constantly monitoring and trading. |
That is true, but in fairness there is a finite amount of Bitcoin that can be mined (I.e digital gold).
But anyone who thinks it will replace FIAT should read into how mass adoption worked out for El Salvador, the IMF had to step in and impose limits on the amount of BTC they were buying because the volatility hit the country’s finances so severely. | | | |
| Bitcoin mining - madness on 09:12 - May 23 with 446 views | Guthrum |
Almost impossible to ban Bitcoin itself, as a dispersed, global system outside regulatory boundaries. That would require an internatioal treaty way beyond what is feasible.
Even mining would be hard to eradicate, there will always be countries willing to host it in exchange for a cut of profits.
Unless it collapses of its own accord (or has some hidden flaw we don't know about yet*), Bitcoin is here to stay for the forseeable future.
* Much about its foundation and the people behind it are a mystery. | |
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| Bitcoin mining - madness on 09:12 - May 23 with 435 views | DanTheMan |
| Bitcoin mining - madness on 08:54 - May 23 by portmanking |
As I said in a previous post. I envisage things will be duel-priced. For the next 15-20 years BTC will act as digital collateral/savings and fiat will remain the point-of-sale vehicle. But the government debt bubble has burst and fiat as we know it is dying a very slow death. |
How would that even work practically?
You've got something that can swing 25-50% differences in a single month. Collateral needs things to be pretty stable, not wildly volatile.
You'd have to deal with the transaction problem which isn't solvable without effectively infinite energy.
Given how deflationary bitcoin is, why wouldn't Governments and institutions just hoard it? | |
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| Bitcoin mining - madness on 09:14 - May 23 with 427 views | The_Flashing_Smile |
| Bitcoin mining - madness on 08:14 - May 23 by blueasfook |
It kind of is mining as the solver is rewarded with BTC themselves for solving the blockchain.
Mining doesn't have to be physical. The concept is valid in the digital world too. |
I understand the concept, I disagree with the wording. In my head running a computer to process mathematical problems isn't mining and these facilities aren't mines in the traditional sense.
It's computer processing. Why not just call it that? I think nodge is right, they've just called it that to give it some sort of legitimacy. |  |
| Trust the process. Trust Phil. |
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| Bitcoin mining - madness on 09:19 - May 23 with 410 views | J2BLUE |
You can now buy your Steak 'n Shake with Bitcoin https://bitcoinmagazine.com/news/steak-n-shake-now-accepting-bitcoin-via-lightni
People need to open their eyes and look at the adoption of Bitcoin. It's here to stay.
I disagree it will become the global reserve currency though and there's a lot of right wing nutters in Bitcoin who need to be ignored.
As for the people saying it has no real value. Neither does paper money or the numbers on the screen on your bank account. |  |
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| Bitcoin mining - madness on 09:19 - May 23 with 406 views | Guthrum |
| 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. |
It will never replace standard currency, as there is no mechanism for spending it in everyday life. You can't buy a loaf of bread from a shop or a pint of beer in the pub with Bitcoin. Plus the volatility is too great for on-the-shelf pricing to work.
And it does not - can't - have a cash form, which a lot of the world still uses. | |
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| Bitcoin mining - madness on 09:21 - May 23 with 397 views | BanksterDebtSlave |
| Bitcoin mining - madness on 08:44 - May 23 by portmanking |
All for what? We create a fairer, border-less form of currency/collateral/store of value for a world that's getting increasingly smaller.
Speaking of gold, it's only a matter of time before the US start using some of their gold reserves to buy more BTC. |
The sum of human happiness is definitely all the greater for bitcoin mining isn’t it. Hurrah! |  |
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| Bitcoin mining - madness on 09:24 - May 23 with 380 views | nodge_blue |
| Bitcoin mining - madness on 08:34 - May 23 by portmanking |
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. |
And there we have it.
At the heart of every crypto coin holder is not some blockchain, anti establishment banking manifesto. It's all about creating personal wealth.
I have said many times on here Im quite centrist in my views and I don't have a problem with a certain amount of wealth creation but there comes a point when you have to see certain thing in certain lights.
This crypto cult is built purely on greed and the idea of getting rich for nothing. Thats the pyramid aspect, get in early, encourage the smucks not yet in and keep hyping the price.
I could swallow some of that if not for the huge amount of electricity and cpu resources we are taking to do this stupid game. | |
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| Bitcoin mining - madness on 09:25 - May 23 with 377 views | J2BLUE |
| Bitcoin mining - madness on 09:19 - May 23 by Guthrum |
It will never replace standard currency, as there is no mechanism for spending it in everyday life. You can't buy a loaf of bread from a shop or a pint of beer in the pub with Bitcoin. Plus the volatility is too great for on-the-shelf pricing to work.
And it does not - can't - have a cash form, which a lot of the world still uses. |
You can. There are bitcoin debit cards just like there are for gold.
Completely agree it won't replace standard currency though. There is no logical reason for it to do so. | |
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