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how was buying computer equipment and electricity to mine supposed to give bitcoin inherent value?
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Oct 24, 2017 15:34
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Waltzing Along posted:
What do I do with it now? Exchange it for real money? What then is it's value as a currency and not as an insanely volatile investment commodity?
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Oct 24, 2017 16:25
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its value is entirely predicated on the fact that it may gain value
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Oct 24, 2017 16:50
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its not a currency though, spending bitcoins is like bartering bearer bonds
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Oct 24, 2017 16:58
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BloodyScab posted:Thats all economic action. gently caress dude its the basis of all human action no it isnt. if i invest in stock, there is a company behind that stock doing some kind of economic activity. if i invest in bitcoin, its driven by people investing in bitcoin. CassandraZara posted:You move them to an exchange only when you want to sell, limiting your exposure. For being a bunch of geniuses you sure are having trouble understanding how a literal time machine would make it near impossible to lose. if this is a currency, why would you sell it for real currency?
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Oct 24, 2017 17:21
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poverty goat posted:I dunno man if you had a shitload of pesos that's just as good as dollars or euros and idk why anyone would cash that out either. I mean it's all currency so in which country am I able to spend bitcoins as currency?
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Oct 24, 2017 17:34
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what economic functions are you performing with your bitcoins? looking at your account balance in USD doesn't count
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Oct 24, 2017 18:13
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quote:An index from cryptocurrency analyst Alex de Vries, aka Digiconomist, estimates that with prices the way they are now, it would be profitable for Bitcoin miners to burn through over 24 terawatt-hours of electricity annually as they compete to solve increasingly difficult cryptographic puzzles to "mine" more Bitcoins. That's about as much as Nigeria, a country of 186 million people, uses in a year. quote:Bitcoin has two contradictory goals. On the one hand it needs everyone to have the same information. The network couldn't work if I think I have 10 coins and you think I have 5. The way this classically works is you just have an authority keep track of it, the bank. You can simply ask the bank how much money you or anyone else has in the account. quote:That 215 kWh per transaction number is out of date, since the power consumption is growing so rapidly. Last I saw, late this week, it was over 250 kWh per transaction. This is a ridiculous amount of electricity to consume per transaction. Sure, bitcoin is an interesting experiment, but the power consumption problem needs to get fixed. At some rough cost of $0.10 per kWh, that's creating a cost of $25 per transaction. Insane.
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Nov 13, 2017 19:01
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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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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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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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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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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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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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All of these very real and devastating issues that prevent bitcoin from operating competitively as an actual currency are completely irrelevant, nothing to see here.
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Nov 13, 2017 22:10
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Free Electricity with One Weird Trick Fiat central bankers hate it!
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Nov 13, 2017 22:39
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Spudalicious posted:GPUs are cheap again, ROI ~6 months at current price/difficulty. When I mined for 1.5 months earlier this year my ROI was 4 months. Then I sold everything but the motherboard/cpu/ram on ebay for 1.5x my cost after fees & shipping, but these prices have me eyeballing getting back into the mining game You're including electricity too right?
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Nov 21, 2017 22:08
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Drone_Fragger posted:The best thing is people going "ah, but the bitcoin market cap is more than General Electrics!!" As if this means anything at all. Lol if anyone thinks nerd dollars has a chance against the literal military industrial complex.
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Nov 28, 2017 19:18
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WarEternal posted:how liquid is this poo poo, anyway? Say someone put $1000 in 4 days ago and then wanted to withdraw their $1100 today? the value would collapse immediately if someone were able to take their cash out
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Nov 28, 2017 21:31
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COMRADES posted:If you're depending on greedy assholes not doing a greedy rear end in a top hat thing because of long term effects then lol it will be interesting when bruteforcing wallets becomes cheaper than mining coins
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Nov 28, 2017 22:55
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as long as you admit that its a risky investment vehicle designed to pump rubes for cash, and acknowledge those are your goals for using it, and its not in any way the future of or remotely useful as a currency, I am completely fine with you doing your thing edit:  http://www.forexlive.com/news/!/bitcoin-exchange-websites-crash-as-prices-fall-20-from-the-highs-00-20171129 quote:Bitcoin is down more than 20% from today's intraday high in a plunge below $9000 from as high as $11,434. FogHelmut fucked around with this message at 21:51 on Nov 29, 2017 |
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Nov 29, 2017 21:48
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Dmitri-9 posted:Just remember almost every Simpson writer is a Harvard graduate. I like to think of it as a reference to this - https://www.youtube.com/watch?v=znz44MPJcFs
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Nov 30, 2017 17:33
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Pugzilla posted:On the surface, the current Bitcoin bonanza reminds me of the Beanie Baby craze back in the 90s. Everyone and their dog was into it until the day when no one cared anymore. poo poo, I know a guy who is a huge bitcoin evangelist, and back in like 8th/9th grade he had tons of Beanie Babies before moving on to the Star Wars Episode 1 toys.
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Dec 6, 2017 23:04
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Paypal handled 1.9 billion transactions in Q3 2017. At 8 transactions per second, this would take Bitcoin 7.5 years to process into the blockchain.
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Dec 8, 2017 20:06
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LinYutang posted:who wouldn't love to see concrete actions from Confident Wise People who have been prophesizing bitcoin's imminent failure for years what is bitcoin's success?
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Dec 8, 2017 20:14
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FAGGY CLAUSE posted:Any good resources out there for really undestanding blockchain? It seems like something my firm is trying to push/sell/create buzz around it, but either I'm too dumb to understand it or it makes no sense given the proposed applications. its an inefficient distributed decentralized database that relies on the free market to determine data validity
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Dec 8, 2017 21:59
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The good news is that if the bitcoin does crash, the slow transaction speed will not allow anyone to get out in time to save themselves.
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Dec 9, 2017 08:11
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scott zoloft posted:while everyone is distracted by bitcoin I'm going to buy land *buys a 3'x10000' strip of land in west texas with no road or water access*
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Dec 11, 2017 19:08
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lol coinbase shutting down trading is not at all like a central bank controlling currency, nope, the free market it totally available to make number go up
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Dec 22, 2017 18:49
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i intend to disrupt the market with an inflationary blockchain coin, please invest in my ico for zimbabwecoin
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Dec 26, 2017 20:46
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Johnny Aztec posted:Could....Could I start a fake internet coin and have people give me money? Yes.
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Dec 27, 2017 03:03
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paternity suitor posted:I went to a bachelor party for a friend of mine, and his three cousins went as well. They were throwing around like $10k at blackjack and buying us all very expensive steak dinners and poo poo, and I was like, hey man, what the gently caress do your cousins do? Are they drug dealers or something? Nah, they own and operate multiple Popeyes Chickens, they're millionaires. Some of the stupidest people I've ever met in my whole life too. Hvafhdadf fuckin kill me. You're not opening a single fast food restaurant for less than $1 million.
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Dec 28, 2017 17:04
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Are there even weed stocks? Banks won't deal with weed because it's still federally illegal.
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Jan 3, 2018 07:49
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Weed stocks jumped due to California, now the keebler elf AG said hes going to gently caress with states that legalized it, and stocks are down.
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Jan 4, 2018 16:25
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zaurg posted:JFC!!! Goons I need help. What can I say to my dad who is about to withdraw money out of his retirement account to put into crypto? He put 20k of savings into it LESS THAN A WEEK AGO and has seen it go up and today calls me convincing himself that it's silly to keep money in 401k/retirement "making only 10%". I want him to just be happy loving around with 20k into it. What reasons can I give him to settle the gently caress down If you're just finding out about crypto now, it's because it's too late, and the current investors need more rubes to send their own values up and provide liquidity so they can exit.
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Jan 4, 2018 16:31
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the matrix was created to mine bitcoins edit - gently caress yo edit
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Jan 4, 2018 21:31
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anyone posted this yet? https://www.youtube.com/watch?v=dErRj6V8_xQ zaurg posted:but do you really believe that? tulips and beanie babies ostensibly have some kind of scrap value
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Jan 4, 2018 23:02
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zaurg posted:Gotcha. The separate conversation is really what I was thinking about. Couldn't one of these supposed "lightning fast, low transaction fees" cryptos become bigger than bitcoin one day and perhaps actually be used for something other than speculation? I guess it's a long shot. Just seems like there has to be something to come out of this. the only use case over actual money is that they are exploiting loopholes to avoid taxes and fees that pertain to actual money
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Jan 4, 2018 23:18
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Is Coinye still around?
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Jan 10, 2018 16:38
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Jan 16, 2018 19:43
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