Bitcoin....who's gotten into it?

[nickwm21]

Bitcoin uses less electricity than the ac in Arizona alone.

A quick Google tells me AZ burns 75 TWh a year and bitcoin burns 91 TWh a year….

There are a few million people in Arizona providing value, working in industries, paying taxes.

I still can’t buy a snickers bar at the corner store with bitcoin.




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[Truckee Joe]

I think it can better be described as an electronic Ponzi scheme which is somehow being allowed by authorities to operate in plain sight. It is an enormous drain on natural resources to create the energy to run the chips to create “coins” with no inherent value other than what the next sucker is willing to pay.

The US government is running the largest ponzi ever with social security, and some could argue the dollar is also in this category. Your just spitting propaganda by saying bitcoin is causing global warming, there is excessive power consumption in many industries. Bitcoin will find energy efficiency as the market dictates. It's true market forces that drive how energy is used. Oh and by the way many power plants dump extra energy that isn't being consumed. So one could argue that Bitcoin is filling slack in the power market.
Bitcoin is a small way to escape to government control over your money. Imagine a world where private banks will be obsolete and the government will be issuing their own digital currency. You have choice in who's network you want to be in, chose wisely. It's so much more about personal liberty than just finding the next sucker. I don't promote a 100% strategy but I do think people should have more than zero just in case these ideas take hold.

[shera]

About 1/3 of energy produced is lost to heat or just not used at all!

[simple]

India is proposing to take 30% of that conspiracy currency.

[shera]

A quick Google tells me AZ burns 75 TWh a year and bitcoin burns 91 TWh a year….

There are a few million people in Arizona providing value, working in industries, paying taxes.

I still can’t buy a snickers bar at the corner store with bitcoin.




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Sorry for bad number, I was listening to some podcast, of course I got it wrong. They also mentioned Texas in the same sentence. Anyway, I think it's important that we look at the numbers, so thanks!

[J. Barron DeJong]

Here is why I'm not relying on dca into an index fund:
Attachment 403874
https://www.unseenopp.com/the-chart-...-wants-to-see/

FFS! You do realize that M2 money supply is not the same thing as inflation, right!?!

Maybe try to learn about velocity of money, and how it relates to M1/M2 and inflation

Maybe try to understand what this graph is telling you:


Are you also aware that much of the stock market’s gains come from reinvesting dividends, not just the change in price level:



I assure you that my retirement savings invested in stock index funds have seen much greater than zero growth.

[bennymac]

So a states energy use (to do things like have the lights on in a school or in an operating room etc for their millions of citizens) is what we can use to compare to Bitcoin energy use (make sure you add in the energy being used for other crypto mining too) to suggest that mining energy is not wasteful?

[J. Barron DeJong]

So a states energy use (to do things like have the lights on in a school or in an operating room etc for their millions of citizens) is what we can use to compare to Bitcoin energy use (make sure you add in the energy being used for other crypto mining too) to suggest that mining energy is not wasteful?

Oh, you’re not aware of the Fed’s secret stash of nuclear reactors that get turned on every time they need to increase the monetary base?

[shera]

I wouldn't presume to define your value system. I'm just trying to look at numbers.

[Mustonen]

Bitcoin is a small way to escape to government control over your money. Imagine a world where private banks will be obsolete and the government will be issuing their own digital currency. You have choice in who's network you want to be in, chose wisely. It's so much more about personal liberty than just finding the next sucker. I don't promote a 100% strategy but I do think people should have more than zero just in case these ideas take hold.

Curious where you think the banks will go? Will people no longer need loans for cars and houses and such? Or do you really just mean private banks and are you suggesting that this will all move to state-run institutions?

Also, why is government control of my money a bad thing, particularly opposed to some anonymous hacker-type or a bitcoin billionaire? Articulate that?

[skaredshtles]

Curious where you think the banks will go? Will people no longer need loans for cars and houses and such? Or do you really just mean private banks and are you suggesting that this will all move to state-run institutions?

Also, why is government control of my money a bad thing, particularly opposed to some anonymous hacker-type or a bitcoin billionaire? Articulate that?

Remember the good ol' days when individual banks issued their own currency?? States got in the game, too.

Those were good times...

[bennymac]

I wouldn't presume to define your value system. I'm just trying to look at numbers.

No - you are not just trying to look at numbers. C'mon.

[shera]

Ok, I admit it. I'm also seeking social connection based on shared interests. Skiing anyone? Growing tomatoes in winter at 10k?

[Timberridge]

I'm pretty open minded about this, but I would not argue it is a better currency.

It is a horrible currency. You can't buy anything with it and it is more volatile than the Argentinian peso.

[skaredshtles]

I'm pretty open minded about this, but I would not argue it is a better currency.

It is a horrible currency. You can't buy anything with it and it is more volatile than the Argentinian peso.

Perhaps they should rename it BitAsset... or BitAss for short?

[stalefish3169]

Remember the good ol' days when individual banks issued their own currency?? States got in the game, too.

Those were good times...

Remember the good old days when BTC was like $500 and you were calling it a dead project that was going to zero?

Those were good times.....

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[JONG SLAUGHTER]

Remember the good old days when BTC was like $500 and you were calling it a dead project that was going to zero?

Those were good times.....

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AND OF COURSE HE STILL DOESN'T REALIZE THAT HE'S A MORON, JUST LIKE THE OTHER CRYPTO LUDDITES

[skaredshtles]

Remember the good old days when BTC was like $500 and you were calling it a dead project that was going to zero?

I don't.

Perhaps you're thinking of someone else?

[Bunion 2020]

Probably me and again I did not say go to zero, I said it would disappear entirely. I still stand by that.

[bennymac]

Everything will go to zero on a long enough timeline. Act accordingly.

[Vt-Freeheel]

Be a Belieber!


bieber-buys-bored-ape-nft-for-1-29-million

[byates1]

Probably me and again I did not say go to zero, I said it would disappear entirely. I still stand by that.

You understand for that to happen every single computer phone internet device etc would have to be turned off and never turned on again?

And even then the network would be able to be accessed via satelites.

I don't think you understand btc even remotely.

[byates1]

Be a Belieber!


bieber-buys-bored-ape-nft-for-1-29-million

Tax write off

[Truckee Joe]

Curious where you think the banks will go? Will people no longer need loans for cars and houses and such? Or do you really just mean private banks and are you suggesting that this will all move to state-run institutions?

Also, why is government control of my money a bad thing, particularly opposed to some anonymous hacker-type or a bitcoin billionaire? Articulate that?

The government doesn't need the banks anymore. If they are the account holder then they can directly issue your transfer payment or directly take the necessary taxes out of your account. No middle man who needs to be bailed out during the next crisis. This will also help with surveillance of money, as well and eliminate all anonymous (cash) transactions. Big banks are obsolete anyways, when was the last time you went to them for a car loan or a mortgage? Most in my town are closed down, probably staffing but who really knows, I have no reason to go in to make a deposit anymore. Most dollars are already digital anyway.

State run money has the problem of them not being able to resist printing more money every time there is a problem. If money was backed by something that had scarcity, gold perhaps, then they couldn't get away with just magic liquidity anymore. I am mostly in the camp that we have to stop using fiat. All fiat has fallen to zero throughout history and the dollar will not be the exemption. This probably won't happen in my lifetime but it will happen.
The decentralized natural of bitcoin doesn't give any one person control. It's much to widespread now. The community controls what happens to the code so finding consensus is very difficult. Unlike centralized state controlled currency, brrrr.

[CirqueScaler]

Happy 30 trillion dollar debt day everyone! Heard Congress is considering more stimulus as well. Shoutout to the boomers for lecturing us about ponzi schemes while they take a fucking social security check lmfao