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What article is that from?
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Nov 13, 2017 19:02
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Bitcoiners are literally some of the worse people on the planet
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Nov 13, 2017 19:02
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Stefan Prodan posted:But again I think it can vary person to person, how you interpret it. if someone is a successful day trader, there is some implied skill insight and understanding of market forces regardless of official qualifications people into bitcoin however are simply riding the up-up-up pre-collapse section of a ponzi scam Uranium 235 posted:anyway i think it's strange to think that someone who talks about day trading crypto is saying that he's a professional trader. you dont consider yourself a professional trader means you dont consider yourself a trader Uranium 235 posted:the reason i identified myself as a day trader was to distinguish my gary oldmans diary fucked around with this message at 19:07 on Nov 13, 2017 |
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Nov 13, 2017 19:04
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Please don't distinguish between cryptocurrencies and "fiat". All of the forks have proven that the miners can do whatever the gently caress they want to existing cryptocurrencies.
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Nov 13, 2017 19:04
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jimmyjams posted:how come noones made rear end pennies yet I will make an rear end Pennies crypto at the slightest provocation
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Nov 13, 2017 19:06
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gary oldmans diary posted:you didnt realize where i was leading you but "professional traders" are just "traders"
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Nov 13, 2017 19:07
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mtgox has a long history of real traders even predating bitcoin
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Nov 13, 2017 19:08
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Rufio posted:What article is that from? https://motherboard.vice.com/en_us/article/ywbbpm/bitcoin-mining-electricity-consumption-ethereum-energy-climate-change and related comments on another forum
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Nov 13, 2017 19:10
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everyone with a fidelity or etrade account is a professional trader
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Nov 13, 2017 19:13
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Bitcoin is back to $6500 
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Nov 13, 2017 19:14
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FogHelmut posted:https://motherboard.vice.com/en_us/article/ywbbpm/bitcoin-mining-electricity-consumption-ethereum-energy-climate-change and related comments on another forum So are you equally super concerned about the number of servers wall street firms use for HFT and how many datacenters / how much combined power + cooling that is? Like really, watching IT sysadmins FUD up talk about an new type of currency because "it wastes electricity!!!" is pretty amazing but here we are
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Nov 13, 2017 19:15
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This is all stupid and dumb but it has made me money so I dunno what to think any more.
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Nov 13, 2017 19:15
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Ham Sandwiches posted:So are you equally super concerned about the number of servers wall street firms use for HFT and how many datacenters / how much combined power + cooling that is? whats their cost per trade edit - the more people use bitcoin, the more expensive it becomes to use. its pretty much a stupid and useless design
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Nov 13, 2017 19:16
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FogHelmut posted:whats their cost per trade If you have a "this is how much power bitcoin uses" im curious that you care so much about power and why? Time to bust out the articles showing how much Google and Microsoft and Amazon and the NSA and wall street firms use? Does anyone care about those either?
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Nov 13, 2017 19:17
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Ham Sandwiches posted:If you have a "this is how much power bitcoin uses" im curious that you care so much about power and why? Time to bust out the articles showing how much Google and Microsoft and Amazon and the NSA and wall street firms use? Does anyone care about those either? do you think hammering people with illogical and poorly thought arguments is going to make bitcoin any more viable as a currency?
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Nov 13, 2017 19:19
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FogHelmut posted:do you think hammering people with illogical and poorly thought arguments is going to make bitcoin any more viable as a currency? You posted a big writeup about how much power bitcoins use. And I asked you: "Do you care about how much power other applications use, or is it just for bitcoin?" And you seem to be trying mighty hard to avoid answering the question. Is it because you are having trouble understanding what I'm asking, or you just don't feel like answering?
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Nov 13, 2017 19:20
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Ham Sandwiches posted:You posted a big writeup about how much power bitcoins use. And I asked you: "Do you care about how much power other applications use, or is it just for bitcoin?" And you seem to be trying mighty hard to avoid answering the question. youre asking a question unrelated to the point of the article and my post the cost of using bitcoin goes up as more people use bitcoin. it is completely insane and not based in any economic reality.
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Nov 13, 2017 19:23
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FogHelmut posted:youre asking a question unrelated to the point of the article and my post Ah so it's just "vague FUD that sounds good when doing a really detailed analysis of one thing but not comparing it to existing applications that use far more power and are scaling just fine because it turns out its not as much of a problem as I'm presenting"
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Nov 13, 2017 19:25
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those other companies are using electricity to provide service. proof of work on the other hand is actually proof of wasted electricity it would be nice if there was a coin that put a really low requirement on blockchain verification accuracy (hashes a hundredth as difficult as they currently are) but also include foldingathome protein folding data in there encoded in a way that the work can be quickly verified by the next person verifying a block. then its not simply waste. and even if you dont get your block verification submitted in first to win the coin you at least did some nice foldingathome work that is still useful
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Nov 13, 2017 19:28
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Ham Sandwiches posted:You posted a big writeup about how much power bitcoins use. And I asked you: "Do you care about how much power other applications use, or is it just for bitcoin?" I'm pretty sure payment card transactions use significantly less than $25 of electricity and don't charge $5-8 in fees per transaction on top of that. Visa and Mastercard are horrible in their own ways, but nothing uses nearly as much electricity per transaction, which was the point, because holy poo poo crypto is stupid inefficient.
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Nov 13, 2017 19:28
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Ham Sandwiches posted:Ah so it's just "vague FUD that sounds good when doing a really detailed analysis of one thing but not comparing it to existing applications that use far more power and are scaling just fine because it turns out its not as much of a problem as I'm presenting" no one gives a poo poo about electricity usage as some kind of odd moral concern, this is about cost per transaction which grows as bitcoins scales up
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Nov 13, 2017 19:30
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gary oldmans diary posted:it would be nice if there was a coin that put a really low requirement on blockchain verification accuracy (hashes a hundredth as difficult as they currently are) but also include foldingathome protein folding data in there encoded in a way that the work can be quickly verified by the next person verifying a block. then its not simply waste. and even if you dont get your block verification submitted in first to win the coin you at least did some nice foldingathome work that is still useful It sounds like you want Gridcoin.
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Nov 13, 2017 19:31
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Stealthgerbil posted:It sounds like you want Gridcoin.
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Nov 13, 2017 19:32
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Inept posted:I'm pretty sure payment card transactions use significantly less than $25 of electricity and don't charge $5-8 in fees per transaction on top of that. Visa and Mastercard are horrible in their own ways, but nothing uses nearly as much electricity per transaction, which was the point, because holy poo poo crypto is stupid inefficient. Visa and Mastercard charge 2-4% of every single transaction in fees, which is pretty amazing that it gets glossed over in these discussions. So you see, cryptocoins are terrible, don't trade them or try to use them and they will never displace fiat money because 8 transactions per second, ponzi scheme, and now more power than Nigeria.
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Nov 13, 2017 19:34
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Ham Sandwiches posted:Visa and Mastercard charge 2-4% of every single transaction in fees, which is pretty amazing that it gets glossed over in these discussions. So any bitcoin transaction under $833 is more expensive than using Visa at 3% fee. Assuming bitcoin is ever used to purchase goods and services.
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Nov 13, 2017 19:41
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You can't buy drugs with a credit card
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Nov 13, 2017 19:43
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FogHelmut posted:So any bitcoin transaction under $833 is more expensive than using Visa at 3% fee. Assuming bitcoin is ever used to purchase goods and services. Or phrased another way "Cryptocurrencies, even in their nascence with most of the technical problems unsolved, were a viable alternative to existing credit cards for transactions above $750" So right now that means hardcore people can use Visa for small transactions and cryptocurrencies for larger purchases, and both would serve a purpose. And that's in 2017.
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Nov 13, 2017 19:46
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Inept posted:I'm pretty sure payment card transactions use significantly less than $25 of electricity and don't charge $5-8 in fees per transaction on top of that. Visa and Mastercard are horrible in their own ways, but nothing uses nearly as much electricity per transaction, which was the point, because holy poo poo crypto is stupid inefficient. *mumbles something avout heat death of the universe*
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Nov 13, 2017 19:47
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Ham Sandwiches posted:Or phrased another way "Cryptocurrencies, even in their nascence with most of the technical problems unsolved, were a viable alternative to existing credit cards for transactions above $750" As long as you're ok with 0 consumer protections and hoping that your merchant bothers to accept crypto, which they won't.
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Nov 13, 2017 19:47
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Inept posted:As long as you're ok with 0 consumer protections and hoping that your merchant bothers to accept crypto, which they won't. And clearly there's enough call for these potential and current uses that the number of people buying, mining, and level of overall interest in cryptocurrencies is reflected in their price
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Nov 13, 2017 19:50
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People are buying it and mining it because they think they can get rich, not because they want to use it for anything
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Nov 13, 2017 19:53
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Inept posted:People are buying it and mining it because they think they can get rich, not because they want to use it for anything Get this: maybe there's all kinds of people interested in cryptocurrencies and between all of them that provides enough of a use case that the price of the currency is reflecting rising interest in cryptocurrencies
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Nov 13, 2017 19:56
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Inept posted:People are buying it and mining it because they think they can get rich, not because they want to use it for anything People are buying it to spend right away on drugs
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Nov 13, 2017 20:02
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A better option is to cash out your 401K to invest in bitconnect. Bitconnect is totally not a ponzi scheme but pays 0.25% per day via a bunch of companies and people that won't identify themselves. They are also paying 6%+ commission on referrals who also make money when their referral makes money. The concept that a non-compounding 91.25% per annum is legitimate in a world where bond rates are in the 2% or less region is a big ask. However I've found this guy who wants to cash out is 401K and become a millionaire from Bitconnect. https://www.youtube.com/watch?v=_qEdjVA6sv0 This guy is pumping bitconnect hard. He put in $100 and 170 days later he has $425k. Nothing at all suspicious here. Totally not scam or ponzi. https://www.youtube.com/watch?v=Wu-w50tCI6I
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Nov 13, 2017 20:19
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Can someone just send me some drugs? Let's cut out this whole bitcoin middleman bullshit.
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Nov 13, 2017 20:30
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poverty goat posted:You can't buy drugs with a credit card
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Nov 13, 2017 20:30
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Even vendors of legal drugs like kratom won't take normal payment methods because junkies will chargeback scam them
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Nov 13, 2017 20:35
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quote:Digiconomist Is this a Digimon spinoff? Ham Sandwiches posted:So are you equally super concerned about the number of servers wall street firms use for HFT and how many datacenters / how much combined power + cooling that is? bro quote:At some rough cost of $0.10 per kWh, that's creating a cost of $25 per transaction. You know how many trillions of financial transactions there are every day? What are we gonna build a Dyson sphere for Ron Paul coins? COMRADES fucked around with this message at 20:54 on Nov 13, 2017 |
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Nov 13, 2017 20:38
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e: ops
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Nov 13, 2017 20:53
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kolby posted:Can someone just send me some drugs? Let's cut out this whole bitcoin middleman bullshit. Utopia is just beyond the coin, my friend.
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Nov 13, 2017 20:55
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