BITCOIN as an alternative to regular currency

[northbound]

In a world like the one described on the 'Water' thread, whoever thought blockchain was a good idea needs their head testing. It's barely got going and already using over 30Twh of energy.
https://www.theguardian.com/technology/ ... ty-ireland

The energy consumption problem only applies to certain blockchains, like bitcoin, based on software that uses a Proof Of Work algorithm: it requires tons of constant computer processing power, hence tons of electricity, to prove that the computer running the software adds something valuable to the network. Real life comparison: a bricklayer needs to works his socks off all day to get rewarded with a paycheck.

Newer blockchains are based on software that use a Proof Of Stake algorithm, which consumes low/normal amounts of energy. Basically the only thing the computer needs to prove to the network is that its owner believes in the project. It does so by keeping x tokens in a designated wallet. Real life comparison: an investor needs to hold x shares of a company to get rewarded with dividends.

[RicHep365]

Bitcoin - the Revenue comes calling

http://www.bbc.co.uk/news/technology-42872610

That reminds me, Self Assessment deadline day! Thanks Peter.

[Euler]

Just filed mine also, a well-timed article!

[mobius]

Dunno where to put this one -Chart of the day?; Gambling Guv health warnings?; FOBT?, Bitcoin?
or tax return deadline? If you have shares in Capita, you're gonna have to redo your tax returns.

Gosh! I do so like my GeeGees. Does the stock market have a rule 4?

And as per usual, it wasn't me! Some other bloke did it.
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https://www.theguardian.com/business/li ... iness-live

Capita shares hit 15-year low after shock profits warning - business live

shock profits warning - business live
Major UK outsourcing group stuns City with profits warning, as new CEO admits the company is too complex and freezes its shareholder dividend

10.30am: Shares down 42% at 15-year low


GOOOOD MOOOORNNING VIETNAM!

[RicHep365]

Dunno where to put this one -Chart of the day?; Gambling Guv health warnings?; FOBT?, Bitcoin?
or tax return deadline? If you have shares in Capita, you're gonna have to redo your tax returns.

Gosh! I do so like my GeeGees. Does the stock market have a rule 4?

And as per usual, it wasn't me! Some other bloke did it.
-----------------------------------------------------------------------------------------------------------------------------------
https://www.theguardian.com/business/li ... iness-live

Capita shares hit 15-year low after shock profits warning - business live

shock profits warning - business live
Major UK outsourcing group stuns City with profits warning, as new CEO admits the company is too complex and freezes its shareholder dividend

10.30am: Shares down 42% at 15-year low


GOOOOD MOOOORNNING VIETNAM!

Nasty, I interviewed there not long ago, glad I didn't take it further

[Euler]

A lot of people went short Capita when Carillion got into trouble, similar business model.

[Zenyatta]

10K psychological barrier breached as Bitcoin falls. Panic selling now as Bitcoin in a terrifying plunge...every-one wants out but no one to sell to

https://www.coindesk.com/price/

[Dallas]

10K psychological barrier breached as Bitcoin falls. Panic selling now as Bitcoin in a terrifying plunge...every-one wants out but no one to sell to

https://www.coindesk.com/price/

Your call back in Dec was spot on

[cyxstudio]

i think the reason why bitcoin falls is because the expectation of a hike in US interest rates.

i went on twitter and other forums to tell people this but no one is interested... what do you all think?

[marksmeets302]

If interest rates rise people move out of bonds with long durations to shorter ones, and ultimately to cash. If bitcoin is considered an alternative to cash, it would be logical that more money flows into it, not out. My personal opinion is people are moving out of cryptos because their feeling changed from optimistic to pessimistic. Experiencing losses does that to you.

[cyxstudio]

If interest rates rise people move out of bonds with long durations to shorter ones, and ultimately to cash. If bitcoin is considered an alternative to cash, it would be logical that more money flows into it, not out. My personal opinion is people are moving out of cryptos because their feeling changed from optimistic to pessimistic. Experiencing losses does that to you.

it is an alternative to fiat currency, not cash. the US interest rates hike is on fiat currency, holding crypto do you no good as bitcoin has no 'interest rates'

[marksmeets302]

That's my point. Holding a stack of US dollars doesn't give you any interest either. (Bring that stack of cash to the bank and now you have bought a short term bond, it's no longer cash)

[LinusP]

i think the reason why bitcoin falls is because the expectation of a hike in US interest rates.

i went on twitter and other forums to tell people this but no one is interested... what do you all think?

I don't think the price has any relevance to anything other than speculation. I have friends who invested in various shitcoins last year and thought it was great, as marksmeets has mentioned they are now having to stomach losses and they don't like it!

[RicHep365]

What I find interesting about Crypto currencies is that the amateur investors that are getting involved seem to have a completely different attitude to your traditional investor. They are absolutely convinced by the tech and don't seem to care about the price fluctuations. They are resolute with this 'HODL' business, all seem convinced that the price crashes are caused by 'Whales' and market manipulation and constantly talk of buying the dips.

Makes me wonder whether another bubble could form, irrespective of the calamity that has taken place.

[cyxstudio]

What I find interesting about Crypto currencies is that the amateur investors that are getting involved seem to have a completely different attitude to your traditional investor. They are absolutely convinced by the tech and don't seem to care about the price fluctuations. They are resolute with this 'HODL' business, all seem convinced that the price crashes are caused by 'Whales' and market manipulation and constantly talk of buying the dips.

Makes me wonder whether another bubble could form, irrespective of the calamity that has taken place.

yes thats true. over the long period of time (50-100 years) your fiat would be devalued beyond recognition. bitcoin has a supply cap so its value will retain in the grand scheme of things assuming it doesnt get replaced.

bitcoin is just like antiques or art paintings. The older they get the more value it has because there is simply only 1 of such kind in the world. Thats why people HODL.