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

[pureantigravity]

When do you think the outcome of the NYAG and Tether proceedings will conclude? And what do you think will be the outcome?

One last question, is there a singular event that would convince you that Bitcoin is worthless and doomed?

Ah ya got me. Actually thought you were being serious and not trolling. My bad won't happen again. I know, it's all going to zero.

So that's how you bail from a serious question? I'm not trolling you. I really want to know. I assume you have given at least some thought to those things.

[pureantigravity]

The more you post, the more you lose.

Not sure I understand you. What lose is there in those questions? Isn't the entire crypto-sphere denominated in USDT? Isn't a court case involving that relevant? You think that there is no reason or rationality to the idea that an overlooked issue/event could seriously impact Bitcoin to the point of an irreversible decline?

[AKPogue]

Uhhh, after all your past replies in here it's hard to take you serious at all besides being a troll so that's what I'm going to defer to you as.

Tether is only worth $28B in the crypto world. That's a little over 2% of the market cap. If tether went away I'd doubt it'd make much of a dent. There wasn't much of an effect from Ripples latest run in with the Feds.

I know there's probably some that have gotten into crypto without much knowledge but I'd say the vast majority realize it's an extremely volatile market and could explode at any minute in either direction. Looking over price predictions from last spring, most of them way underestimated the prices.

Bitcoin actually going to zero would probably be the indication that it's worthless and doomed. I don't see how you can't see the value of a stored value like bitcoin. You can't carry around around ton of gold without a lot of help and guards

[stalefish3169]

BTC just made its highest weekly close ever.



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[stalefish3169]

https://www.youtube.com/watch?v=UX1G...ature=youtu.be

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[stalefish3169]

Getting kind of nervous with Elon/Tesla getting involved.

I think it's the opposite.

Saylor just had over 5000 corporate entities attend the BTC for corporations conference last week. How many of them do you think are racing to copy microstrategy and tesla right now? Hint: a lot. Watch the keynote with Ross Stevens a few posts back. It's insane.

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[LeeLau]

I think it's the opposite.

Saylor just had over 5000 corporate entities attend the BTC for corporations conference last week. How many of them do you think are racing to copy microstrategy and tesla right now? Hint: a lot. Watch the keynote with Ross Stevens a few posts back. It's insane.

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Agreed. Conference attendees ( many of whom are institutions) are discussing carrying inventory in their corp treasuries

[pureantigravity]

Tesla just changed their website to show the effect of their $1.5B Bitcoin expenditure on their carbon footprint.
It now reads:

[stalefish3169]

Tesla just changed their website to show the effect of their $1.5B Bitcoin expenditure on their carbon footprint.
It now reads:

Imagine being dumb enough to think that the richest man in the world hasn't thought about this and how BTC adoption will lead to advancements in renewable energy production.

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[pureantigravity]

Imagine being dumb enough to think that the richest man in the world hasn't thought about this and how BTC adoption will lead to advancements in renewable energy production.

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Imagine being dumb enough to do commerce on a blockchain that only supports 4 to 5 transactions per second when you could use your Visa and collect points!



But you want the maths.

In order to support Elon's flavour fave money-stoink bitcoins, it takes 173.315 x 10E+18 hashes per second. That is 173 exahashes per second.

The latest and greatest Antminer T19 calculates 84 terrahashes per second and consumes 3150 watts to do that (releasing it all as heat as well - requiring even more power for air conditioning etc.).

So that means it requires 2 million of these miners machines running a total of 6.5 megawatts per second to support the mind-blowing 4 to 5 transactions per second the network capable of (current Feb 2021).

And the need for hash power increases with the use of the network, so it will always increase.

Imagine being dumb enough to buy a miner machine, only to have it obsolete in 6 months requiring the disposal of huge amounts of e-waste and toxic metals and chemicals.

Imagine being dumb enough to secure a blockchain database with proof-of-work and sha256 when quantum computing will destroy bitcoin's scheme.

Imagine being dumb enough to assume that rich and smart always go together and that wealthy other-smartishly people can't be complete idiots at times.

Yes, very dumb indeed!

[AKPogue]

^If you're so smart how come you haven't turned your intelligence into becoming a crypto billionaire? It seems to me you just don't have the balls to step up to the plate and you're just all talk.

[powpig]

The current bull market will be a 2 tier event.
The 1st is the big institutional money that's buying in right now.
The 2nd will be when the retail investors arrive, late to the party as usual.

PG can just sit on the sidelines & self loathe as the CMC heads towards and ultimately surpasses $10T.
Then he can gloat when the inevitable crash comes and we wait to wind it all up and do it again.
But by the end of the decade, folks who don't have any cryptos will be as rare as folks who don't have a cell phone today.
Buy now or buy later. As long as you can look at the guy in the mirror and be OK with your call, that's all that matters.

[Brock Landers]

Why is the inevitable crash coming

[byates1]

i bought a 233$, and again and again. currently i'm heavy % wise compared to overall assets.

i'm just driving around the west skiing living in my van watching my holdings go up my tens of thousands of dollars.

working out alright for me.

also hold some eth, lots of upside there. cardano will really be something imo in the future. the world is one huge computer and these smart contract platforms are a given. btc may transition into a scarce art type asset, but will most likely hold substantial value over time. there are now many platforms coming that will provide a borrowing option against btc as collateral. no need to ever sell,

[Meathelmet]

there are now many platforms coming that will provide a borrowing option against btc as collateral. no need to ever sell,

What could ever go wrong...

[byates1]

if we evolved using the tech of these smart contract platforms central banks would be able to target qe where necessary not just debasing the currency w massive printing.

ppl/companies/reserve Treasury pools are taking this massive stimulus and buying btc, debasing the worlds reserve currency/increasing btc value and legitimacy for free essentially. pretty hilarious ..

[byates1]

What could ever go wrong...

same shit that already has gone wrong

[tetzen]

Imagine being dumb enough to do commerce on a blockchain that only supports 4 to 5 transactions per second when you could use your Visa and collect points!



But you want the maths.

...

And the need for hash power increases with the use of the network, so it will always increase.

...

Imagine being dumb enough to secure a blockchain database with proof-of-work and sha256 when quantum computing will destroy bitcoin's scheme.

Imagine being dumb enough to assume that rich and smart always go together and that wealthy other-smartishly people can't be complete idiots at times.

Thanks for that. I was wondering if there was a comparison between BTC transaction energy usage and regular old credit-card usage. Quite insightful, and I think one of the remaining barriers to widescale adoption.

The real question I think is, what will quantum computing do in regards to this energy consumption? Will it scale the energy usage back down to reasonable levels? Wholesale/retail level quantum computing still seems as if it is a few years away.

Also, I agree, just because Elon has hit the motherlode a few times with his businesses doesn't make him a genius in every endeavor. People need to stop fondling his nutsack so much.

[3213256479+8]

https://www.coindesk.com/what-bloomb...mate-footprint

What Bloomberg Gets Wrong About Bitcoin’s Climate Footprint


The comparison between Bitcoin and Visa's energy use, reached several highly misleading conclusions, our columnist says.

[stalefish3169]

Thanks for that. I was wondering if there was a comparison between BTC transaction energy usage and regular old credit-card usage. Quite insightful, and I think one of the remaining barriers to widescale adoption.

The real question I think is, what will quantum computing do in regards to this energy consumption? Will it scale the energy usage back down to reasonable levels? Wholesale/retail level quantum computing still seems as if it is a few years away.

Also, I agree, just because Elon has hit the motherlode a few times with his businesses doesn't make him a genius in every endeavor. People need to stop fondling his nutsack so much.

PG is a troll whose sources include anonymous posters such as , "Trolly Mc Trollface." PG deleted many of his early posts because he's been absurdly wrong over and over again. Listening to him could've literally caused TGR mags to miss out on huge sums of money.

If you're really interested in knowing more about BTC's energy consumption, which is admittedly large but trending greener all the time, I recommend.

https://www.google.com/amp/s/www.coi...tprint%3famp=1

https://www.google.com/amp/s/www.coi...mption%3famp=1

And

https://www.youtube.com/watch?v=B2I0...ature=youtu.be

Energy discussion starts at 23:50, but whole vid is extremely good.





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[LeeLau]

PG is a troll whose sources include anonymous posters such as , "Trolly Mc Trollface." PG deleted many of his early posts because he's been absurdly wrong over and over again. Listening to him could've literally caused TGR mags to miss out on huge sums of money.

Aye PG is a troll. At this point my avg is 25.8 and that's DCA'ing in from 16k as a latecomer. At this point a 50% correction returns me to cost-base.

[stalefish3169]

St. Louis fed literally posting about DeFi now.


https://research.stlouisfed.org/publ...d-b70fcf0c0a27

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[pureantigravity]

https://www.coindesk.com/what-bloomb...mate-footprint

What Bloomberg Gets Wrong About Bitcoin’s Climate Footprint


The comparison between Bitcoin and Visa's energy use, reached several highly misleading conclusions, our columnist says.

Coindesk. That's your source?!?!

Re: visa
Bitcoin also uses the same infrastructure as Visa. In fact, it is completely dependent on visa and fiat for 'price goes up'. People even invest from their Visa accounts.

Crypto could simply appear, assigning everyone a starting balance and replacing all existing currencies. But no, it wants your fiat. It doesn't want to replace currency - that is obvious. It wants the currency you have and the people running the show want even more fiat - the very reason it is celebrated!

Visa may rely on those mentioned systems, but it does 100,000 more transactions for that same reliance. LOL. 100,000 and improving. And many other banking systems also rely on those systems. You can only do 4 to 5 transactions per second worldwide with Satoshi's chuckee cheese tokens.



Re: Military, oil, covert arrangements, etc.
A world without any fiat, with no military. People just carrying around RobinHood apps on their phones.
That will eliminate the need for the US military and bring lasting world peace???



In any case, I don't believe you or Coindesk. I know a prince in Nigeria that wants to send me some money and he says Coindesk isn't real.
And he only wants Gamestock gift cards!

If Bitcoin does anything, it shows that smart money isn't so smart. Bitcoin whales have proven to round up schools of sardines using a self-select, just like my friend the Nigerian scammer.

[pureantigravity]

PG is a troll whose sources include anonymous posters such as , "Trolly Mc Trollface." PG deleted many of his early posts because he's been absurdly wrong over and over again. Listening to him could've literally caused TGR mags to miss out on huge sums of money ...

You quoted *everything* I ever wrote here. Seriously. Go back and read your own posts - you quoted my every word! Splat started this thread, and he deleted his posts too.

You know who the real troll is? It is someone that uses ad ho·mi·nem instead of debate things reasonably - as in the spirit of TGR.

ad ho·mi·nem
/ˌad ˈhämənəm/

If people had listened to you in 2017, they would have been like all the folks that sunk holding bags in 2018 and 2019 and early 2020. You think people hold through that? No they don't. Most people bail when it dives and sell at a loss.

Or get their coins stolen* - Mt. Gox, Bitfinex, Quadriga, etc.. (Ledger has a list of some of the exchanges that have been hacked).
Or get pawned by the people that hack crypto exchanges for passport and banking data.
Or lose their USB-stick-like security device.
Or forget their passphrase. LOL.


*this is actually good for Bitcoin because it keeps people from cashing out.

[pureantigravity]

Aye PG is a troll. At this point my avg is 25.8 and that's DCA'ing in from 16k as a latecomer. At this point a 50% correction returns me to cost-base.

So what now? Why don't you ski around naked so that people can see how big your schlong is. That's what I do. I post photos of my big schlong so that people can trust that the same dick-pump I use can also make them wildly massive too!

Your avg was nothing compared to Madoff's top clients.