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SURVEY: Cryptocurrencies -- wave of the future or disaster waiting to happen?


Scott

SURVEY: Cryptocurrencies -- wave of the future or disaster waiting to happen?  

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One of our crypto fans on this forum led me to an exchange traded fund that is linked to the price of bitcoin and ethereum... 

 

I still do not understand much about what and how, but I do believe that it is becoming more mainstream and so I took, not so much a plunge... but a 1% joy ride... and even w/that, based on the large degree of fluctuation, it is the elephant in my portfolio... 

 

I think the closing over 50k might spark a rally - - 

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10 minutes ago, Mr Meeseeks said:

I made seven figures USD on Bitcoin and Ethereum in the last 12 months from a fairly modest investment. To those saying that it is a ponzi or a fad, or only backed by greed, I suggest you educate yourself very quickly, or you'll be left behind. You can start by reading or listening to The Bitcoin Standard by Safedean Ammous. 

 

Microstrategy and Tesla have invested, Apple and Google will be next, and you are still sitting there without any Bitcoin? ????

Good for you, but there are of course also other considerations why some people - although well aware of the huge potential for a Quick Buck - do not step into it.

Two of the main reasons why I have till now refrained from jumping on the Bitcoin bandwagon are:

1 - The staggering amount of energy needed to keep the whole Bitcoin-system in the air;

2 - The gains made by those that stepped in early are 'financed' by those stepping in later.  Or in other words, my gain will be the loss of someone else.

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3 minutes ago, fangless said:

Tell that to the Burmese, Chinese etc!

The network cannot be taken offline, regardless of what authoritarian governments attempt to do, and that is one of the reasons Bitcoin is such an attractive investment. 

 

I'd be far more worried about holding Kip or Yuan in those countries. 

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9 minutes ago, Surelynot said:

Isn't that true of (almost) every investment vehicle?

The beauty of Bitcoin is that it is engineered to provide value to the holders.

 

As the network grows, so does the mining difficulty increase, that is to say, the rewards for performing functions on the network decrease over time. 

 

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9 minutes ago, Mr Meeseeks said:

“The notion that Bitcoin is wasting unnecessary energy is false – Bitcoin is more often than not using surplus energy that is expended whether or not it is put to use. Energy generators operate under peak capacity, meaning that there is often too much energy produced in case of a surge in energy demand.”

...

The notion that Bitcoin miners would 'more often than not' be using surplus energy for their mining operations, is correct.  Their mining takes so much energy that they do look for locations where they can do this at lowest cost.  But bitcoin-mining and keeping the whole bitcoin-system in the air is surely not a 'green' operation.

 

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