An insight on Bitcoin

[Twdft]

If there were a "killer app" for blockchain it would have been developed in over a decade the technology exists now.

It's too slow for everyday financial transactions, it's energy hungry, it only anonymous until you try to actually exchange it against real money/goods.

[Ursus]

lol cryptocurrency and its enthusiasts are not ruining the planet. We can always create more and better GPUs and we can power them with renewable energy. I don't know if cryptocurrency will have a growing role in the evolution of society but it's good that people are experimenting with these new ideas and industries.

Why does every single one of your takes essentially boils down to "WHO CARES LOLZ THAT'S A PROBLEM FOR FUTURE HUMANS TO SOLVE"?

[kamuimac]

Hello,

I came across this interesting video and thought of sharing it with you intellectuals

I'm busy and keeping myself away from the current economy because I got tired of it, I gave up expecting it to get better and my next PC build is on pause for now, cryptocurrency literally became a propaganda and although distancing myself from it gave me peace for the most part, it's still giving me an equal amount of uncomfortable ignorance on how things have developed and are still developing, I fear I won't be part of whatever revolution many internet bots do seek and will be left behind, my best bet is that it crashes as I'm not invested that is all.

What do you guys think? Personally I feel like like it's merely a transfer of money, the new way to donate basically, and it's nothing people make it out to be, I would delete its existence if I could, the current system is pretty bad but presenting a finite commodity to the world is either an unrealistic flawed design or a "genius" breach on one of society's major operational defects and making profit from it while hiding the long term consequences as well as the true image of virtual currencies.

i dont have anythign about bitcoin - anyone who wants to play virtual casino has right to do so . as long as he is aware that he most likely will just loose his savings.

you dont see people going against online casinos / bblackjack / lotto etc .

i do feel sorry for people who naively belive they will do "deal of the lifetime" when they lack basic knowledge like buy when cheap sell when expensive that bitcoin is direcly following fo years now.

[P for Pancetta]

If there were a "killer app" for blockchain it would have been developed in over a decade the technology exists now.

It's too slow for everyday financial transactions, it's energy hungry, it only anonymous until you try to actually exchange it against real money/goods.

To add to that:

the Bitcoin bitchain is public knowledge. Criminals currently think they're safe trading in bitcoins but long term they're one of the unsafest forms of currency you can use. Because if you find one coin you know was used for a criminal purchase you instantly know both the buyer and the seller. Scientists and law enforcements around the world are already creating databases of information. Also because the mining process isn't exactly anonymous they're able to track find out which miner won what coin(because some try to be anonymous). If you then find coins mined by a certain miner being used by a certain criminal organization you've got a pretty strong correlation and reason to start dinging deeper (as law enforcement).

With new software and tech being developed around bitcoin the things that supposedly make it "great" will be undermined swiftly.

And all that will remain is a very expensive coin you can't remove your fingerprints from.

the benefits to normal consumers remain (no central control). but if it's worth the price. I doubt it.

[Tuor]

Bitcoin is not "progress", it's bullshit. It's smoke and mirrors that was invented to literally make money off of nothing. It represents nothing, it is backed by nothing, it cannot warm your home or power your car or beautify your yard. It is literally "thin air".

That's not progress, that's a scam.

Then let's look at the US dolar. Most countries used gold to atribute value to their local coin. The US was, if i am not mistaken the first country that stoped doing it, which means 1$ bill is just a piece of paper.

So you ask, where is the real value of that coin? Its on the law of the offer and demand. Same exact thing with cryptocurrencies.

[Strawberry]

I don't put as much interest into crypto as I did a few years back, but I mine with my 2080Ti when I'm at work/sleeping.
Earns me some $120/month. Pays for internet and electricity, which is not bad.

But you can't deny that if you got into Bitcoin even a year ago, you would've doubled your profit.
It has too much going for it to stop. And it will only go higher.
I would be wary of alt coins though, especially the small, risky ones.

- - - Updated - - -

To add to that:

the Bitcoin bitchain is public knowledge. Criminals currently think they're safe trading in bitcoins but long term they're one of the unsafest forms of currency you can use. Because if you find one coin you know was used for a criminal purchase you instantly know both the buyer and the seller. Scientists and law enforcements around the world are already creating databases of information. Also because the mining process isn't exactly anonymous they're able to track find out which miner won what coin(because some try to be anonymous). If you then find coins mined by a certain miner being used by a certain criminal organization you've got a pretty strong correlation and reason to start dinging deeper (as law enforcement).

With new software and tech being developed around bitcoin the things that supposedly make it "great" will be undermined swiftly.

And all that will remain is a very expensive coin you can't remove your fingerprints from.

the benefits to normal consumers remain (no central control). but if it's worth the price. I doubt it.

It's correct if you stick to Bitcoin. But if you trade it for one of the untraceable coins on the right exchange, no one will be able to track you.

[Sunseeker]

Then let's look at the US dolar. Most countries used gold to atribute value to their local coin. The US was, if i am not mistaken the first country that stoped doing it, which means 1$ bill is just a piece of paper.

So you ask, where is the real value of that coin? Its on the law of the offer and demand. Same exact thing with cryptocurrencies.

Er, no. I know a lot of folks like to say "The dollar isn't backed by anything either!"...except they're wrong. It's backed by the strength of the US, economically, socially, militarily. It's literally a value representation of the nation. It's not backed by the belief that the USA has value, it's backed by the fact that the USA has value.

[Tuor]

Er, no. I know a lot of folks like to say "The dollar isn't backed by anything either!"...except they're wrong. It's backed by the strength of the US, economically, socially, militarily. It's literally a value representation of the nation. It's not backed by the belief that the USA has value, it's backed by the fact that the USA has value.

Same shit with cryptocurrencies. For example, the UK still uses the sterling pound has reference, this means you can switch pounds for gold, but that doesn't happen in the US, in other words, its just a piece of papper, its value comes from the people that use it, same exact thing with cryptocurrencies.

[Sunseeker]

Same shit with cryptocurrencies. For example, the UK still uses the sterling pound has reference, this means you can switch pounds for gold, but that doesn't happen in the US, in other words, its just a piece of papper, its value comes from the people that use it, same exact thing with cryptocurrencies.

I'm sorry, it appears you managed to quote my post without actually reading it.

Please re-read what I wrote and reply when you stop being wrong.

[Tuor]

I'm sorry, it appears you managed to quote my post without actually reading it.

Please re-read what I wrote and reply when you stop being wrong.

On the thread about the death of The Duke of Edimburgh, i wrote i don't believe in monarchy, the reason is the complex of superiorithy, well, your shitty post falls in the same classification, i don't believe in someone being superior to others.

[Zan15]

I don't put as much interest into crypto as I did a few years back, but I mine with my 2080Ti when I'm at work/sleeping.
Earns me some $120/month. Pays for internet and electricity, which is not bad.

.

what are you paying all in for electricity?
did you offset your earnings with the cost of the rig?

Does it effect your AC usage where you are?


Based on calculators at the US average all in electric cost of 13-14 cents you "could" make 5-6 dollars a day if its running 24 hours a day with no other operations occuring.

How much cheaper is it in your country?

- - - Updated - - -

Then let's look at the US dolar. Most countries used gold to atribute value to their local coin. The US was, if i am not mistaken the first country that stoped doing it, which means 1$ bill is just a piece of paper.

So you ask, where is the real value of that coin? Its on the law of the offer and demand. Same exact thing with cryptocurrencies.

well the value of the dollar is also backed by the assets and income of the united states govt and economy/people.
Right now its a few hundred trillion in assets and revenue.

- - - Updated - - -

i dont have anythign about bitcoin - anyone who wants to play virtual casino has right to do so . as long as he is aware that he most likely will just loose his savings.

you dont see people going against online casinos / bblackjack / lotto etc .

.

you don't? LOL its been a decade of them trying to legalize it in my state and we have legal physical casino's already.

[Themius]

Er, no. I know a lot of folks like to say "The dollar isn't backed by anything either!"...except they're wrong. It's backed by the strength of the US, economically, socially, militarily. It's literally a value representation of the nation. It's not backed by the belief that the USA has value, it's backed by the fact that the USA has value.

What you just said is that the dollar is based on the ability of the USA to stay on top... the value of the die isn't tied to anything tangible but instead the idea of USA hegemony.

[ranzino]

like every other FIAT currency, the Dollar is based on belief.

[Jastall]

Bitcoin is useful for canny investors looking to make a buck. If you purchase it at the right time, you can make tons of actually useful money out of it.

As anything else, it's kinda useless in its current implementation. It's never going to replace fiat currencies for everyday transactions, it's never going to be adopted as-is by governments due to how easily it is gamed by outside influences, and it's not going to drive innovation because most of the people investing in it are only interested in how much USD/Euros/etc they can make with it, and not in actually purchasing something with so incredibly volatile a currency, let alone driving knowledge and research forward with it.

It's not a scam, I think. But it IS far from its initial vision and promise, swallowed up as those were by greed.

[Edge-]

like every other FIAT currency, the Dollar is based on belief.

Except it's backed by an entity, an actual country, as it's been found preferable to tying it to a commodity like gold that can see big value changes. Crypto is backed by "itself", creating a nice circular loop.

[Zan15]

like every other FIAT currency, the Dollar is based on belief.

Ya you are totally right....well except for those hundreds of trillions in assets and revenues...

- - - Updated - - -

What you just said is that the dollar is based on the ability of the USA to stay on top... the value of the die isn't tied to anything tangible but instead the idea of USA hegemony.

see above.....

[jonnysensible]

some one explain this proof of space stuff to me. Is it going to nuke the hard drive market like it did with graphics cards?

[Strawberry]

what are you paying all in for electricity?
did you offset your earnings with the cost of the rig?

Does it effect your AC usage where you are?


Based on calculators at the US average all in electric cost of 13-14 cents you "could" make 5-6 dollars a day if its running 24 hours a day with no other operations occuring.

How much cheaper is it in your country?

- - - Updated - - -



well the value of the dollar is also backed by the assets and income of the united states govt and economy/people.
Right now its a few hundred trillion in assets and revenue.

- - - Updated - - -




you don't? LOL its been a decade of them trying to legalize it in my state and we have legal physical casino's already.

I'm earning around $120/month so that's about $4/day. But I game around 4 hours per day that's why the earnings are lower.
This is before electricity cost.
My electricity is actually around $100/month, but without mining, it's around $70, so mining cost is $30.

I don't calculate rig price and ROI as it's a gaming/photo editing machine and I bought it for that. I'm just letting it mine while I'm not doing any heavy tasks on it.

[hellhamster]

Oh yes, the time the clueless "boomers" come out of the woordwork to regurgitate things they heard once on CNN. Go back to bed grandpa.

I'm not a bitcoin maxi. I'm a realist.

Bitcoin is garbage in its current form. It's extremely energy inefficient, slow, and can't handle many transactions at once. The alternatives however, based on Satoshi Nakamoto's whitepaper, are very energy efficient, cheap, reliable, and fast. In essence, bitcoin failed due to having proof of work and a primitive form of hashing, and other alternative cryptocurrencies will eventually succeed due to having proof of stake and much more energy efficient computations.

Bitcoin right now plays the role of ambassador of cryptocurrencies. It will eventually die off, but others, much better ones, will take its place. For example, Ada is in the process of being adopted by African countries. That may still take years, but I think the rest of the world will be taking notes at how many problems decentralized finance (and especially smart contracts) solves. Like we Europeans adapted to a different currency at the dawn of the 21st century, so can the world eventually adapt to a currency that is blockchain-network based (meaning everyone holding a coin can use a global ledger), transparent (money movement is traceable as wallets are tied to physical personas), easy to use, and more importantly, decentralised (not controlled by an authoritative entity that can increase supply at will, not controlled by a third party that takes a percentage with each trade, or be combated by a hostile entity).

The value of cryptocurrencies is based on the notion of limited supply, like gold. Every coin is unique, every transaction is unique, and therein lies the value. Gold used to be the standard and used to back the dollar, but right now all it does is be a commodity of exchange and look pretty on a woman.

The future of currencies is decentralized finance. It's necessary for the next big step in human evolution. It may take 5, 10, 100 years, but it will happen, whether in a form of national currencies, or mass adoption of existing cryptocurrencies.

I can already hear the mmo-champ grandpas screeching. The fact of the matter is, this is the new internet and it's still in its infancy, and you are screaming about hackers stealing your money through cookies because you clicked on an ad. The internet was also pretty underwhelming at the beginning, it had no security, it was a "scam". The idea however was great, and it evolved with technology, and eventually took over the world.

[AeneasBK]

Hard to tell people to stop when even if it's value dropped to $0 they have still made more money in a year sat on their ass than they did sweating at a job...