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

[dunfree]

funny piece from earlier in the year how crooks are buying overpriced books on AMZN as a way to launder money - with the theory it's easier to extract to fiat than BTC https://krebsonsecurity.com/2018/02/...ion-on-amazon/

2018 BTC thesis - it's only uses are speculation, evading currency controls, with a niche line in illicit activity. for everything else there's something far better, cheaper and faster.

[Mustonen]

I think most of those here who are openly skeptical of crypto aren’t advocating for a gold standard. The gold standard sucked. For reasons. But crypto sucks more.

[Benny Profane]

https://mobile.twitter.com/matthewst...2-12-18-2.html

[JimmyCarter]

https://mobile.twitter.com/matthewst...2-12-18-2.html

This was good:
The best description I’ve heard is “imagine if you could keep your car idling 24/7 to solve sudokus that you could trade for heroin”

[skaredshtles]

Ooh - maybe a chance to catch a dip?!?

[neckdeep]

Gold's just a mineral that was arbitrarily chosen to be worth something many many years ago.

Right. Has nothing to do with its scarcity. Purely arbitrary. Most people wanted to use mud as a store of value but someone arbitrarily decided it would be gold.

Damn, the death of your dream has reduced you to a raving lunatic. You really will say anything to hold on to the fantasy.

[stalefish3169]

Right. Has nothing to do with its scarcity. Purely arbitrary. Most people wanted to use mud as a store of value but someone arbitrarily decided it would be gold.

Damn, the death of your dream has reduced you to a raving lunatic. You really will say anything to hold on to the fantasy.

Read back a few pages brah. You're claiming gold is valuable due to its scarcity, but 4matic says not so much. You can't have it both ways mang.

Additionally, BTC/proof of work is taking a lot of flack from the hater crowd for its large environmental impact. But let's not forget about the environmental atrocities of strip mining for gold, as well as cyanide leach mining, which literally poisons our water.

Gold's dominance as a SOV isn't going to last forever.

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[stalefish3169]

Speaking of gold, this game looks rad!

https://prospectors.io/

EOS is gonna has a lot of good things going for it. Oh, and it's carbon neutral! Really looking forward to what 2019 brings.

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[summit]

I didn't say that anyone is going to bring home any nuggets from Mars next week. But space mining will likely happen in some of our lifetime's....just maybe not for some of you fat prick old Boomers. Gold's just a mineral that was arbitrarily chosen to be worth something many many years ago. Unfortunately the need for its shine has led to countless deaths and opression. But its dominance as a store of value won't last forever. At the end of the day, it's antiquated af

It was chosen by the ancients because it is rare, purifiable, and verifiable to a very high degree for the last 2250+ years. Turns out it is pretty (commercial product) and has industrial use.

As to antiquity, well not in terms of rarity. Modernity has born out the rarity in Earths crust is 1 part per billion and in the solar system at about 1 part per trillion (more like 1 part per billion if you subtract out the sun). That's because Au is a transferrous odd atomic-numbered element that is literally only formed from nucleosynthesis over the course of minutes during the supernovae that generated the nebula that eventually formed into our solar system. And they knew this 100 years ago.

As to space mining, everyone here knows I'm rah rah space exploration. Gold is costly to produce, with profit margins for mining being about 100% on the average on Earth. In other words, it is vastly cheaper and easier to produce on Earth. Space has so many costs: R&D, prospecting, mining, refinement, dV for infrastructure, dV for product, and massive time lags for return. We might do some space mining in the forseable future, but it is most efficient to mine asteroids for products manufactured and used in space. We may mine Mars to use the refined production on Mars, but will probably never mine Mars for the purposes of returning refined product to Earth. It costs roughly twice as much energy to get surface to surface Mars-Earth (taking the slow way) as it does to get from Florida to LEO. Do the economics. Add 2 year shipping times with a shipping cost of $4000/kg (optimistically) just to get to Earth... stacked on top of the high production costs associated with mining/refining on Mars! Mining asteroids for Earth is cheaper dV-wise, but still not cheap.

I'm no gold bug, but there is a reason it was chosen and space mining is not going to crater the price in the foreseeable future.

Oh and the Mars InSight probe is not prospecting for gold (or even water). It is looking at properties of the mantle/core by measuring temp, thermal conductivity, and seismic activity.

[stalefish3169]

It was chosen by the ancients because it is rare, purifiable, and verifiable to a very high degree for the last 2250+ years. Turns out it is pretty (commercial product) and has industrial use.

As to antiquity, well not in terms of rarity. Modernity has born out the rarity in Earths crust is 1 part per billion and in the solar system at about 1 part per trillion (more like 1 part per billion if you subtract out the sun). That's because Au is a transferrous odd atomic-numbered element that is literally only formed from nucleosynthesis over the course of minutes during the supernovae that generated the nebula that eventually formed into our solar system. And they knew this 100 years ago.

As to space mining, everyone here knows I'm rah rah space exploration. Gold is costly to produce, with profit margins for mining being about 100% on the average on Earth. In other words, it is vastly cheaper and easier to produce on Earth. Space has so many costs: R&D, prospecting, mining, refinement, dV for infrastructure, dV for product, and massive time lags for return. We might do some space mining in the forseable future, but it is most efficient to mine asteroids for products manufactured and used in space. We may mine Mars to use the refined production on Mars, but will probably never mine Mars for the purposes of returning refined product to Earth. It costs roughly twice as much energy to get surface to surface Mars-Earth (taking the slow way) as it does to get from Florida to LEO. Do the economics. Add 2 year shipping times with a shipping cost of $4000/kg (optimistically) just to get to Earth... stacked on top of the high production costs associated with mining/refining on Mars! Mining asteroids for Earth is cheaper dV-wise, but still not cheap.

Yeah, but you're assuming no technological breakthroughs. What happens if we get cold fusion or something(s) on the same level in say... 2038?

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[summit]

Yeah, but you're assuming no technological breakthroughs. What happens if we get cold fusion or something(s) on the same level in say... 2038?

Sell gold, buy BTC, just in case someone discovers cold fusion or antigravity or a transdimensional portal to imagination land where magic monkeys fly out of my butt and shit gold bars while they clean my house and bring me malted beverages.

[stalefish3169]

Sell gold, buy BTC, just in case someone discovers cold fusion or antigravity or a transdimensional portal to imaginationland or magic monkeys that fly out of my butt and shit gold while they clean my house and bring me malted beverages.

Or...stick your head in the sand and assume things will stay the same way forever.

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[Mustonen]

Or...stick your head in the sand and assume things will stay the same way forever.

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Says the guy who refuses to believe that the BTC run might be over.

[summit]

Or...stick your head in the sand and assume things will stay the same way forever.

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Your argument is "literally anything could happen so buy BTC."

I can pull hypotheticals out of my ass. How about quantum computing rendering all current cryptography useless and allowing at-will 51% attacks by the controller of the quantum system? There is quantum computing research going on now... far more promising than cold fusion.

[Meathelmet]

I'm no gold bug, but there is a reason it was chosen and space mining is not going to crater the price in the foreseeable future.

This.

And to continue: Mining will not be profitable for basically anything, even for some novel elements like Helium-3 which might (or might not) have some applications with future fusion reactors. But, with then abundant energy from fusion reactors it would be cheaper to produce it on earth than fly to moon and harvest it from there. With the present bang-for-buck one of the few (or only) element that would be profitable to go to space to fetch would be antimatter.
Good luck with that.

Space mining (or extraterrestial colonies) are utterly retarded pipe dreams at the moment. It is like waiting for Artificial General Intelligence to happen in the next decade. 50 years? Maybe. 100 years? Getting close.
Then Stalefish3169 will be gunning his space lambo around Europa (Moon) with Benny, looking for a Trattoria.

[reckless toboggan]

Says the guy who refuses to believe that the BTC run might be over.

HODL!

[AdironRider]

It is not a good sign if you are relying on cold fusion to make your investment worth it....

[summit]

This.

And to continue: Mining will not be profitable for basically anything, even for some novel elements like Helium-3 which might (or might not) have some applications with future fusion reactors. But, with then abundant energy from fusion reactors it would be cheaper to produce it on earth than fly to moon and harvest it from there. With the present bang-for-buck one of the few (or only) element that would be profitable to go to space to fetch would be antimatter.
Good luck with that.

Space mining (or extraterrestial colonies) are utterly retarded pipe dreams at the moment. It is like waiting for Artificial General Intelligence to happen in the next decade. 50 years? Maybe. 100 years? Getting close.
Then Stalefish3169 will be gunning his space lambo around Europa (Moon) with Benny, looking for a Trattoria.

We agree! Nobody is sending mined products back to Earth for profit anytime soon (this century?)... only for scientific research or novelty.

A colony is a matter of will (and deep pockets) in the name of exploration and science... not profit. Any realistic colony goal (and I mean pie-in-the-sky goal) is to approach near self-sustaining logistics after massive investment.

Extraterrestrial mining theoretically makes colonies cheaper because it could be cheaper to mine and refine on-site (or at least out of Earths gravity well) than to build/supply colonies from Earth sent mass.

Sign me up for Europan lambos.

[SkiBall]

No talk of this rash of bomb-threats today at schools and other places that all demanded BTC ransom not to set them off?
Don't know if anyone chose the option A settlement, but it sure put a lot of po-po out in the the streets.

[Bunion 2020]

^^^ At least that shows some sort of use for an otherwise useless form of payment.

[neckdeep]

^^^ At least that shows some sort of use for an otherwise useless form of payment.

Just make sure to add an extra 20% to your demands. Bitcoin will probably leg down again in the time it takes to collect the ransom.

[Skidog]

...........


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[byates1]

^^^ At least that shows some sort of use for an otherwise useless form of payment.

i've bought many things w btc. all secure and delivered on time.

[byates1]

the fed gave it a nod and it's tied to the usd. not that complicated.

[Bunion 2020]

the fed gave it a nod and it's tied to the usd. not that complicated.

So how was using that any easier than just paying with USDs?