| Bitcoin mining - madness 07:40 - May 23 with 11046 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 10:18 - May 23 with 1280 views | J2BLUE |
| Bitcoin mining - madness on 10:11 - May 23 by lowhouseblue |
so governments should own highly speculative assets as a reserve? it sounds like those councils who went bust by borrowing to invest in dodgy property developments. their assets didn't appreciate. |
I like what the US is doing. Not buying but also not selling any. |  |
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| Bitcoin mining - madness on 10:21 - May 23 with 1279 views | bsw72 |
| Bitcoin mining - madness on 08:43 - May 23 by Mookamoo |
Doesn't work when the satellites start falling out the sky. |
Apart from the fact that the 99% of internet data is transmitted via under sea cables still . . . |  | | |
| Bitcoin mining - madness on 10:27 - May 23 with 1269 views | blueasfook |
| Bitcoin mining - madness on 09:54 - May 23 by The_Flashing_Smile |
Is it possible to have a sensible discussion with you about anything? |
Matchbox cars, guitars and music. |  |
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| Bitcoin mining - madness on 11:04 - May 23 with 1210 views | StokieBlue |
| Bitcoin mining - madness on 09:56 - May 23 by portmanking |
If a government owns Bitcoin in a strategic reserve, it can leverage that appreciating asset to pay off treasury debts, averting a crisis. |
That's not really true.
Firstly, there isn't and will never be enough bitcoin to leverage in the way you are suggesting.
Secondly, it assumes bitcoin always appreciates in perpetuity. It's too early to say this is the case.
Thirdly, paying off treasury debts only works if you can cover your costs which isn't going to happen any time soon so not debt will be accrued and there is only finite BTC reserves available.
SB |  | | |
| Bitcoin mining - madness on 11:11 - May 23 with 1192 views | Lord_Lucan |
| Bitcoin mining - madness on 10:27 - May 23 by blueasfook |
Matchbox cars, guitars and music. |
I have to say I agree with Dolly.
I completely fail to understand digital money and just as I begin to slightly comprehend it, someone mentions mining and I just think about coal and unemployed people.
Re Cars - are you interested in Lightening McQueen and his chums? |  |
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| Bitcoin mining - madness on 11:21 - May 23 with 1168 views | nodge_blue |
| Bitcoin mining - madness on 10:01 - May 23 by DanTheMan |
Lots of things, but usually for good reason for example
e.g. Safety, security, privacy
On the side where we do it for no good reason, a very good example of this is tech-bros trying to re-invent public transport and just end up making poor versions of trains or buses. |
Maybe but not at such a scale as this.
I worked as a solution architect at a ftse company, often on multi million pound projects. My job was to design IT solutions that were as efficient as possible, delivered as quick as possible and as cheaply as possible (within reason).
So whats the underlying reason to designa system that doesnt do that? It can only be to make a human perception of something thats not a reality.
And as for scarcity, in a world that just goes to the right of decimal point as much as it likes im not sure even thats true. | |
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| Bitcoin mining - madness on 11:53 - May 23 with 1120 views | Radlett_blue |
| 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. |
How can you have any confidence in a financial instrument where it is near impossible to discern who is controlling the supply?
Bitcoin is pure speculation. Good luck to those who have made money out of it, as long as they know they are speculating. |  |
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| Bitcoin mining - madness on 11:56 - May 23 with 1114 views | Blueschev |
| Bitcoin mining - madness on 11:11 - May 23 by Lord_Lucan |
I have to say I agree with Dolly.
I completely fail to understand digital money and just as I begin to slightly comprehend it, someone mentions mining and I just think about coal and unemployed people.
Re Cars - are you interested in Lightening McQueen and his chums? |
I don't get it at all. And those who swear by it remind me of ex smokers who have now become obsessed with their new vape. |  | | |
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| Bitcoin mining - madness on 11:57 - May 23 with 1104 views | J2BLUE |
| Bitcoin mining - madness on 11:53 - May 23 by Radlett_blue |
How can you have any confidence in a financial instrument where it is near impossible to discern who is controlling the supply?
Bitcoin is pure speculation. Good luck to those who have made money out of it, as long as they know they are speculating. |
The supply is fixed. People know how much Bitcoin has been mined so far and how much there ever will be.
Even if all of it still exists and is accessible (it's not) we still know there will only ever be 21 million. | |
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| Bitcoin mining - madness on 12:04 - May 23 with 1093 views | Lord_Lucan |
| Bitcoin mining - madness on 11:56 - May 23 by Blueschev |
I don't get it at all. And those who swear by it remind me of ex smokers who have now become obsessed with their new vape. |
I'm an ex smoker and you can stick your vapes up your Harris.
All I want is a fag.
I'm going to Amsterdam for a few days on Monday and I think I'm going to treat myself to a packet of Golden Virginia.
After all, when you take everything else into consideration next week then it's small potatoes!  | |
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| Bitcoin mining - madness on 12:51 - May 23 with 1026 views | _clive_baker_ |
Nah just a customer. |  | | |
| Bitcoin mining - madness on 13:19 - May 23 with 997 views | Bluecoin |
Bitcoin is not perfect, but it is beautiful.
It's great that people are taking note, and doing some research into this new, and unique asset class. Some will still think it's a scam run by Tesla driving nazis, but that's cool.
Of course its to create and store digital value. Digital gold if you like. It was also created to give people an alternative, especially in countries where banks are corrupt, unreliable or non existent . That's billions of people. It's boarderless, and transparency is at the heart of it.
It's about empowering individuals to have control over their money without relying on trust in centralized institutions and banks. It's the people's currency. Remember most banks are evil, right?! Forgotten 2008 already?
Bitcoin has set me and my family free. It's been a gift. I know it's not for everyone, like stocks, or antiques, or NFTs are not for everyone.
On the energy front, wait until you see how much juice AI will need!
Good luck every one! |  | | |
| Bitcoin mining - madness on 13:42 - May 23 with 937 views | nrb1985 |
| 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. |
The point about BTC as collateral is slightly misleading.
We have done a few cases like this but the haircut you take is enormous. People are usually only willing to give LTVs of 15-20% and I don’t know what banks you’re talking about but more often than not in these cases, it’s been a specialist fund that is the lender not a traditional bank. With rates on lending at 6-8%. From what I see there isn’t really any appetite for this from the banks.
For context, a LTV on cash is usually 95% and against a well diversified portfolio of liquid assets it’s ~75%. So not really comparable at all - and almost all banks will offer you that.
Not having a go per se but the only engagement I’ve ever had with you before on here was markets related where you said Trump would engineer a recession to bring the 10yr down and that the Fed had undertaken QE in the Biden administration.
Neither of which were true of course. [Post edited 23 May 13:54]
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| Bitcoin mining - madness on 13:57 - May 23 with 909 views | mellowblue |
| Bitcoin mining - madness on 13:19 - May 23 by Bluecoin |
Bitcoin is not perfect, but it is beautiful.
It's great that people are taking note, and doing some research into this new, and unique asset class. Some will still think it's a scam run by Tesla driving nazis, but that's cool.
Of course its to create and store digital value. Digital gold if you like. It was also created to give people an alternative, especially in countries where banks are corrupt, unreliable or non existent . That's billions of people. It's boarderless, and transparency is at the heart of it.
It's about empowering individuals to have control over their money without relying on trust in centralized institutions and banks. It's the people's currency. Remember most banks are evil, right?! Forgotten 2008 already?
Bitcoin has set me and my family free. It's been a gift. I know it's not for everyone, like stocks, or antiques, or NFTs are not for everyone.
On the energy front, wait until you see how much juice AI will need!
Good luck every one! |
. I get how national currencies rise and fall in relation to the prosperity of other countries and their currencies and the inherited supply and demand. Real time economics. But what drives the value rise and fall of bitcoin. If it is purely supply and demand, isn't it a south sea bubble waiting to explode, potentially ? | | | |
| Bitcoin mining - madness on 14:12 - May 23 with 885 views | Radlett_blue |
| Bitcoin mining - madness on 11:57 - May 23 by J2BLUE |
The supply is fixed. People know how much Bitcoin has been mined so far and how much there ever will be.
Even if all of it still exists and is accessible (it's not) we still know there will only ever be 21 million. |
So it's not possible to "mine" more bitcoins?
What is the authority which decided if you actually own a Bitcoin or not? | |
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| Bitcoin mining - madness on 14:24 - May 23 with 861 views | BanksterDebtSlave |
| Bitcoin mining - madness on 10:12 - May 23 by portmanking |
Show me an asset with a more consistent rate of return in the last 15 years? |
Tulip bulbs. |  |
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| Bitcoin mining - madness on 14:27 - May 23 with 846 views | J2BLUE |
| Bitcoin mining - madness on 14:12 - May 23 by Radlett_blue |
So it's not possible to "mine" more bitcoins?
What is the authority which decided if you actually own a Bitcoin or not? |
Up to 21m. No more.
It's decentralised, which I believe means there is a log of every transaction on every computer running a node in the world. | |
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| Bitcoin mining - madness on 14:30 - May 23 with 828 views | Bluecoin |
| Bitcoin mining - madness on 13:57 - May 23 by mellowblue |
. I get how national currencies rise and fall in relation to the prosperity of other countries and their currencies and the inherited supply and demand. Real time economics. But what drives the value rise and fall of bitcoin. If it is purely supply and demand, isn't it a south sea bubble waiting to explode, potentially ? |
Lots of factors. Supply and demand is one for sure - it's a scarce asset (only 21m), and the 4 year halving reduces new supply (it's so beautiful, wipes tear).
Increasingly it seems global liquidity is very closely linked to BTCs value. Its following the same trend (tip!). The money printing machines are coming out again (China being significant), and that's why some analysis say BTC is gonna pump this cycle. More capital flows into high risk assets.
Unfortunately, in my view, as adoption increases with financial institutions (Blackrock, JP Morgan etc.) , BTC will move more with the financial tides. This could give some legitimacy and stability, but moves away from the original vibe (man)! | | | |
| Bitcoin mining - madness on 14:33 - May 23 with 810 views | Radlett_blue |
| Bitcoin mining - madness on 14:27 - May 23 by J2BLUE |
Up to 21m. No more.
It's decentralised, which I believe means there is a log of every transaction on every computer running a node in the world. |
If it's genuinely become a scarce asset, that makes some sense. So if that is the case, can we stop worrying about the energy being used by Deep Thought endlessly mining for more coins? | |
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| Bitcoin mining - madness on 14:38 - May 23 with 791 views | The_Flashing_Smile |
| Bitcoin mining - madness on 14:27 - May 23 by J2BLUE |
Up to 21m. No more.
It's decentralised, which I believe means there is a log of every transaction on every computer running a node in the world. |
I don't get it. How can you put a limit on something that isn't physical?! There's not an actual 'thing' created is there, there's not physical 'stuff' to mine, like with gold. It's just computer processes, zeroes and ones?! And if it's not centralised then I don't understand how someone can keep an eye on it/run things. |  |
| Trust the process. Trust Phil. |
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| Bitcoin mining - madness on 14:38 - May 23 with 792 views | DanTheMan |
| Bitcoin mining - madness on 14:12 - May 23 by Radlett_blue |
So it's not possible to "mine" more bitcoins?
What is the authority which decided if you actually own a Bitcoin or not? |
There is a finite amount of them that can get "mined", 21 million. They have not all been mined yet However as it is digital it is infinitely divisible so in some world where BTC was used for purchases you would buy a loaf of bread for 0.00001241532BTC which I'm sure nobody would find confusing at all.
There is no central authority who decides who owns any bitcoins, the blockchain is the thing that is tracking which bitcoins are at which addresses (think of an address a bit like a bank account). A blockchain is, at it's core, a fancy ledger.
There's a bunch of detail about how this all works that isn't really worth explaining except that the way it essentially works is something like the following.
Bob pays Alice 1BTC.
A set of computers all crunch the numbers and decide that yes, he can do that. They all need to agree.
The transaction is then made and recorded on the blockchain.
This is why it's really slow, in the real world we trust that banks and other financial services are doing what we ask and it all happens with relative ease. For each BTC transaction though you have to get a load of computers to say "yes" to a transaction which takes 10+ minutes as things stand. This is actually what the "mining" is, you agree to crunch the numbers and in exchange you might get lucky and get some BTC for it.
When it gets interesting that there has actually been disagreements in the community leading to to "forks" of Bitcoin occurring.
All very simple you see... |  |
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| Bitcoin mining - madness on 14:41 - May 23 with 785 views | Lord_Lucan |
Shoot me somebody. | |
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| Bitcoin mining - madness on 14:42 - May 23 with 774 views | DanTheMan |
| Bitcoin mining - madness on 14:41 - May 23 by Lord_Lucan |
Shoot me somebody. |
You not enjoying this riveting thread about magic computer beans? | |
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| Bitcoin mining - madness on 14:43 - May 23 with 770 views | Bluecoin |
| Bitcoin mining - madness on 14:38 - May 23 by The_Flashing_Smile |
I don't get it. How can you put a limit on something that isn't physical?! There's not an actual 'thing' created is there, there's not physical 'stuff' to mine, like with gold. It's just computer processes, zeroes and ones?! And if it's not centralised then I don't understand how someone can keep an eye on it/run things. |
Satoshi's code. It's built into the protocol. | | | |
| Bitcoin mining - madness on 14:45 - May 23 with 763 views | blueasfook |
| Bitcoin mining - madness on 14:43 - May 23 by Bluecoin |
Satoshi's code. It's built into the protocol. |
The limit should be reached in 2140 so it will be interesting to see what happens what happens to BTC once the limit is reached. No new ones will be able to be mined so where will the incentive for miners come from? | |
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