Jump to content

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


Scott

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

260 members have voted

You do not have permission to vote in this poll, or see the poll results. Please sign in or register to vote in this poll.

Recommended Posts

20 minutes ago, Peter Denis said:

Their mining takes so much energy that they do look for locations where they can do this at lowest cost.


*** EDIT: My mistake, I misread what you wrote, sorry, have re-written the below section accordingly ***

Yes. Mining can be extremely thin margin at times. That is why China became so heavily represented in mining, they were able to use the surplus power from their massive hydroelectric dams. They are not using the more expensive coal-fired electricity because it would eat up all their profits.

All serious Bitcoin miners seek out the least expensive electricity available to them. Many foreign companies set up in Iceland to use the thermal electricity.

 

20 minutes ago, Peter Denis said:

But bitcoin-mining and keeping the whole bitcoin-system in the air is surely not a 'green' operation.


Profit is the main consideration, it just happens that the greenest energy is often the most profitable.

Every service or product requires energy. As an entirely networked product, Bitcoin has the luxury of shifting its energy requirements to the cheapest source. The same is not true of all the products in your house, or the milk in your fridge, or the electricity running your fridge which, if you live in Thailand, probably is from a coal-fired station.

Again, applying these energy questions to Bitcoin and nothing else we use is just a clickbait meme by lazy journalists who almost all own Bitcoin themselves.

 

Edited by donnacha
  • Like 2
Link to comment
Share on other sites

1 minute ago, Peter Denis said:

I wrote > 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.

And your responded by stating that this is nonsense.


Yes. I misread what you wrote, sorry. I edited that section when I noticed, a few minutes, later to apologize. 
 

Edited by donnacha
  • Thanks 1
Link to comment
Share on other sites

32 minutes ago, donnacha said:

The energy is being used, essentially, to record the transactions. The Visa or Mastercard systems would use an equivalent amount of energy per transaction.

This is not true. Mining a bitcoin requires incredible amounts of energy running the most powerful computational hardware available. This huge amount of energy is what limits the production. It is the guaranteed regulation, otherwise it's just another fiat currency.

 

But here is the fallacy in the idea bitcoin is infallible. Its scarcity and thus value is based on the limited number of bitcoins that can be produced. But, there is no limit to the number of digital currencies that can be established.

 

As long as people have faith in bitcoin over other currencies though it should be OK.

  • Like 1
Link to comment
Share on other sites

Seems too easy to set up a Cryptocurrency, there are so many around now,

I don't know anything about them and too old to risk money on it,giving

someone your cash and getting digital money, who someone just invented !

regards Worgeordie

  • Like 1
  • Haha 1
Link to comment
Share on other sites

48 minutes ago, rabas said:

This is not true. Mining a bitcoin requires incredible amounts of energy running the most powerful computational hardware available. This huge amount of energy is what limits the production. It is the guaranteed regulation, otherwise it's just another fiat currency.


You have got it upside down. The amount of processing was never intended to limit production. The code limits the number of Bitcoin produced, not the hardware capacity.

Bitcoin doesn't care whether you use a supercomputer or a Raspberry Pi. All it wants is to write each transaction into each Bitcoin. This processing must be done regardless of how many or how few miners there are, and regardless of what devices they use.

Obviously, those able to process faster have more chance of writing more transactions and, therefore, creating more coins.

If, one day, energy becomes free and equivalents to today's supercomputers cost five dollars, exactly the same number of transactions will need to be processed and exactly the same amount of coins will be produced. The final Bitcoin will be mined in 2040.
 

48 minutes ago, rabas said:

But here is the fallacy in the idea bitcoin is infallible.


No one claims Bitcoin is infallible. You're thinking of the pope.

All we are saying is that a hard-coded non-inflationary currency is clearly better than "soft" money whose supply can be increased whenever a government needs more money.
 

48 minutes ago, rabas said:

Its scarcity and thus value is based on the limited number of bitcoins that can be produced. But, there is no limit to the number of digital currencies that can be established.


This is fuzzy thinking. Bitcoin is a known quantity. Other cryptocurrencies make no difference to it, anymore than the US dollar is affected by the North Korean Won.

If some idiot decides not to buy Bitcoin because some scammer tells him that he can "get in on the ground floor" by instead buying WinCoin3000, or BargirlCoin, or whatever marketing nonsense they can dream up, that does not affect Bitcoin. There will always be idiots. The majority of Bitcoin purchases now are either companies of financial firms.

 

Edited by donnacha
  • Like 2
Link to comment
Share on other sites

Option C & D  are the same result .only one ( D) put it more polite.....

 

Hacker groups must be buzzy now discussion WHEN to act and cash in ... before other hacker groups do ....but waiting could mean more gain for them also ...of course  ...????

 

I just watch and wait to see it happen ????

Edited by david555
  • Haha 2
Link to comment
Share on other sites

All that is important with everything that regards investments, is if you are willing to take the risk that comes with the investment and how long time you are willing to wait for the profit.

 

Get rich quick guys always lose at the end, while the ones who spread thier investments by doing well analyzed risk assesments, as well as have time on their hands, mostly lands on the shiny side of the coin.

Edited by Dagfinnur Traustason
  • Like 1
  • Thanks 1
Link to comment
Share on other sites

3 hours 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? ????

Did you have those seven figures now in real money? Or is it the current value of your Bitcoins? Because if it is the current value of your Bitcoins then maybe in a week you have only 6 figures left and maybe it will go down from there. Is it likely? I don't know. Is it possible? Sure.

 

  • Like 2
Link to comment
Share on other sites

6 minutes ago, bkk6060 said:

Now is the time to get in.  When you can now buy a Tesla and once it goes more mainstream, it has unlimited potential.  There are now only a limited supply of Bitcoin people need to read up on it and understand it. And, you do not have to buy a whole coin for investment.

I own one coin and am hanging onto it for long term. I predict $500,000 USD for one coin by 2030. Some professional analysts are predicting much higher.

So obviously you are not a professional analyst, correct?

I know personally a fund manager and a top banker and a hedge fund manager. They don't touch any cryptocurrency - at least not with their own money. 

Now who should I trust? ???? 

Link to comment
Share on other sites

3 hours ago, Mr Meeseeks said:

so does the mining difficulty increase,

So, what exactly is mining? 

 

I get what mining is in the realm of rare earths and gold...

 

But what needs to be mined in the case of what to me is an invisible, semi-imaginary "coin."

 

I bought in through an etf as I don't know where I would keep a coin I can't see... 

Edited by 1FinickyOne
  • Like 2
Link to comment
Share on other sites

I'd love to have some crypto, but..... I want to fund it from the USA (have US address and bank account) but no exchange will have me.  They are not accepting ID verification from here even by using a VPN.  They obviously can tell when you use a VPN.

  • Sad 1
Link to comment
Share on other sites

1 hour ago, bkk6060 said:

Now is the time to get in.  When you can now buy a Tesla and once it goes more mainstream, it has unlimited potential.  There are now only a limited supply of Bitcoin people need to read up on it and understand it. And, you do not have to buy a whole coin for investment.

I own one coin and am hanging onto it for long term. I predict $500,000 USD for one coin by 2030. Some professional analysts are predicting much higher.

That´s an amazing prediction! ????????????

  • Like 1
Link to comment
Share on other sites

9 minutes ago, dannyol said:

I'd love to have some crypto, but..... I want to fund it from the USA (have US address and bank account) but no exchange will have me.  They are not accepting ID verification from here even by using a VPN.  They obviously can tell when you use a VPN.


Try Kraken. My Thai girlfriend had no problem opening an account and, then, getting her passport accepted.

Maybe don't use the VPN while signing up.
 

Link to comment
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • Recently Browsing   0 members

    • No registered users viewing this page.





×
×
  • Create New...