BITCOIN as an alternative to regular currency

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alexmr2
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ShaunWhite wrote:
Sat Apr 24, 2021 6:09 pm
alexmr2 wrote:
Fri Apr 23, 2021 8:28 pm
I'm sure losing 1% of your money doesn't feel as bad as knowing that 1% could have seen a 10x or 100x gain, at least for those that understand risk:reward.
I backed a 1000/1 horse today, I'd rather lose £1 then face missing out on £1000. Surely anyone who understands risk can see that was a good idea :roll:
Obviously you have to make an assessment to guess if the true chance of it happening is in your favour or not first. Remember there's a big loss of opportunity cost to not have some degree of risk AND diversification, otherwise you would sit with 100% (say £100k) in the bank and lose about £1k or £2k to inflation almost guaranteed each year
Zenyatta
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TikToker makes Scamcoin as a joke and within an hour its m-cap reaches $70 million!
https://www.moneycontrol.com/news/trend ... 10851.html

" A TikToker recently decided to casually make ‘Scamcoin’ online and its worth reached $70 million within an hour. Scamcoin or as it suggests in the video “Simple Cool Automatic Money” is a legitimate cryptocurrency centred around making the user’s “life easier”. "

https://twitter.com/i/status/1385365742506364929
verance
Posts: 83
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Zenyatta wrote:
Wed Apr 28, 2021 5:18 pm
TikToker makes Scamcoin as a joke and within an hour its m-cap reaches $70 million!
https://www.moneycontrol.com/news/trend ... 10851.html

" A TikToker recently decided to casually make ‘Scamcoin’ online and its worth reached $70 million within an hour. Scamcoin or as it suggests in the video “Simple Cool Automatic Money” is a legitimate cryptocurrency centred around making the user’s “life easier”. "

https://twitter.com/i/status/1385365742506364929
Doge, Egod, Scamcoin... not difficult to spot the bubble! I think the worst was CumRocket (CUMMIES) reaching $140 million.


CumRocket Crypto Surges 634% In A Single Day In 'Extreme Mania' Market

https://www.benzinga.com/markets/crypto ... nia-market
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superfrank
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Warren Buffet's sidekick Charlie Munger calls Bitcoin, "disgusting and contrary to the interests of civilization".

https://www.marketwatch.com/story/berks ... 2021-05-01

One of the great things about Bitcoin is that it upsets all the right people!
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alexmr2
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Doge goes back to the top ahead of the appearance of Elon Musk on TV. Market has already factored it in so hard to say where it will go from here. I'm a believer in holding long term but these super high away from MA line points are tempting to scale out and try to buy back lower
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Last edited by alexmr2 on Sat May 08, 2021 12:36 am, edited 1 time in total.
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alexmr2
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Reminder of what happened to XRP
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Zenyatta
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Big, big moves happening now!

Tesla dumping Bitcoin and the price plunging. Meanwhile, Ether price is rocketing. Ether market capitalization is starting to close in on Bitcoin's, will it displace Bitcoin from the number one spot?
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Euler
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Location: Bet Angel HQ

The amount of power being consumed to generate nothing is quite astonishing: -

https://cbeci.org/
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ShaunWhite
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Euler wrote:
Thu May 13, 2021 10:44 am
The amount of power being consumed to generate nothing is quite astonishing: -

https://cbeci.org/
I see Elon has had second thoughts about bitcoin (bbc news). About time too,
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superfrank
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Humanity has found a way to create a currency backed by energy and it will make the world a much better place. We live in incredible times.
https://tftc.io/martys-bent/issue-971-i ... gy-stupid/
The process of mining works like this:

energy --> electricity --> hashes --> bitcoin

The front end of this process starts with something that exists in our physical reality; energy. The energy source can be water molecules, wind, solar, natural gas, nuclear, or another form of energy, it doesn't matter. All that matters is that it can be converted to electricity. Once that energy is converted to electricity, that electricity is used to power ASIC miners that create hashes specific to the hashcash SHA 256 mining algorithm. At this point something from our physical world has transformed into something that exists in the digital world. The number of hashes that are produced are astronomical and, in and of themselves, don't have any value. However, hashes that prove to be smaller than the current difficulty target of the network are special as they enable miners to add a block of transactions to the ledger and as a result they get rewarded with bitcoin.

The journey and process that takes a scarce asset in the physical world and turns it into a scarce asset in the digital world is a revolutionary process that will thrust humanity forward in ways our small monkey brains cannot fathom at this current moment. Satoshi's design, a proof of work consensus mechanism with a built in difficulty adjustment to calibrate the pace of block production and supply distribution, will be recognized as one of the most beautifully designed systems ever created on this planet. He figured out a way how to merge the physical and digital worlds in a way that was never before possible. It is a breakthrough on par with the invention of the wheel.
weemac
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Existing fiat currencies are only built on something intangible: trust. Just a belief of the promise by the issuer that they can and will make good the value of the currency. None of that pesky energy required - just an idea inside your head. Far more revolutionary, surely?
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Euler
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superfrank wrote:
Thu May 13, 2021 1:52 pm
Humanity has found a way to create a currency backed by energy and it will make the world a much better place. We live in incredible times.
https://tftc.io/martys-bent/issue-971-i ... gy-stupid/
The process of mining works like this:
Nice theory, but unfortunately when Bitcoin has burnt all those fossil fuels you have converted it into nothing and can't burn Bitcoins to bring that energy back. It's a colossal drain on resources for something that actually does nothing. I'd prefer Tulips to Bitcoin because at least they had some ultility.
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superfrank
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Economic activity and the creation of wealth requires energy consumption. It's a spurious argument.

Bitcoin miners pay for their energy like any other business. Free markets are great things.
btfath
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