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

[neckdeep]

Oh FFS, it's 31 million tons of ore. Assuming a typical concentration of 1 oz/ton that's about 900 metric tons of gold total, which is about 1/3 of annual global production and worth about $50 billion at current prices. It's a noteworthy deposit but absolutely will not disrupt the gold market in any significant way.

Actually, it's just some incredibly corrupt government officials fishing for royalty payments. They'll give you access to a claimed $ 12 trillion worth of ore for only a half a billion. To the moon!

[bennymac]

But the guy who tweeted that has laser eyes so you’re both wrong

[Cono Este]

The cost to produce gold, copper etc is always rising. The east to get to deposits are gone. Now they are mining up at 10,000 feet in Chile, trying to get electricity up there from dams in the south.


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[shera]

Ooooh is there skiing?

[CarlMega]

The cost to produce gold, copper etc is always rising.

You sure about that? I'm no fan of mining but to suggest that the efficacy of operations to extract and refine hasn't improved from economy of scale and technology is ahistorical. Despite depletion, resource location, movement of materials, methods of extraction, labor, etc per ton have all been improved over the years. Combine that with collateral environmental impacts of the 'olden days' where the actual cost was deferred or basically incurred by greater society...well...

[neckdeep]

You sure about that? I'm no fan of mining but to suggest that the efficacy of operations to extract and refine hasn't improved from economy of scale and technology is ahistorical. Despite depletion, resource location, movement of materials, methods of extraction, labor, etc per ton have all been improved over the years. Combine that with collateral environmental impacts of the 'olden days' where the actual cost was deferred or basically incurred by greater society...well...

FYI, modern mining goes down half a kilometer to get at low grade ore. For high grade ore, depths go well below a kilometer.

But hey, it's only like 100 million miles to the asteroid belt, a sketchy barely navigable 100 million mile wide band of colliding rocks. No worries though, it's right next to mars, a dead planet no one can actually live on because it lacks a magnetic field and will forever be exposed to lethal levels of cosmic radiation.

[CarlMega]

For this mine...

https://cumtn.com/operations/copper-...ng-statistics/

Copper cost to produce:

2019 $2.44
2020 $1.90
2021 $2.12

Honestly I don't know other than it doesn't look like a straight line, one way.

and: https://www.mining.com/mining-copper...t-lot-cheaper/

[summit]

You guys have any visibility on the energy costs required to move gold asteroids?

1. How quick do you want it?
2. Can I use fission reactors?
3. How quick do you want it?

[byates1]

And there's the cool factor when you consider the only way it can be produced is in a supernova. A mythical beast compared to the microprocessor.

Yeah that's rad. For sure. I'm planning on more gold buying than BTC going forward.

And to the guy calling me a fucking moron, you're a coward. I've bought gold land guns silver etc w BTC profits. Man up pussy.

[neckdeep]

Yeah that's rad. For sure. I'm planning on more gold buying than BTC going forward.

And to the guy calling me a fucking moron, you're a coward. I've bought gold land guns silver etc w BTC profits. Man up pussy.

Congrats on getting one over on the next guy! Is that what you want to hear? You want a big ol' high five cause you weren't the one getting shafted? Asshole.

Every time you reliably circle back to "I made a quick piece of change flippin this shit in the bull market ergo I'm a genius"

[byates1]

By that thought extension, any investing is getting one over on the next guy. The entire global economy could be viewed as a farce. Hardly anyone REALLY owns anything, consumer zombies taught to borrow in perpetuity.

Wtf are you talking about getting shafted? Have some sack and personal responsibility. If you bought high, that's on you. I've been rektd before, got ripped off etc.

Blaming someone else for your decisions. Weak sauce pussy.

[neckdeep]

By that thought extension, any investing is getting one over on the next guy. The entire global economy could be viewed as a farce. Hardly anyone REALLY owns anything, consumer zombies taught to borrow in perpetuity.

Wtf are you talking about getting shafted? Have some sack and personal responsibility. If you bought high, that's on you. I've been rektd before, got ripped off etc.

Blaming someone else for your decisions. Weak sauce pussy.

Ha ha. That's the best you've got? The sociopathic tech bro rationale for bitcoin?

Sorry, YOU FUCKING MORON, but thats the whole thing that just blew up in your stupid face. Turns out it took more than you and Matt Damon chest thumping and calling folks cowards to sell crypto for the long term. Good luck trying to con the masses back into crypto. Its gonna take more than a dick waving, "I got mine!" to get the momentum back.

[byates1]

Looks like we've got another duncefree in this thread. Reading comprehension doesn't seem to be your strong suit.

Noone is trying con anyone into anything. BTC is by far the most blue chip digital asset, and it's still a risky new idea.

Keep using all your excessive punctuation like a 14 yr old. I'll keep dca'ing into BTC.

[neufox47]

Oh FFS, it's 31 million tons of ore. Assuming a typical concentration of 1 oz/ton that's about 900 metric tons of gold total, which is about 1/3 of annual global production and worth about $50 billion at current prices. It's a noteworthy deposit but absolutely will not disrupt the gold market in any significant way.

According to the linked article, Uganda’s gold ore, all 31 million tones, is the richest ore in the world containing 1% gold! This means each ton of ore has 320 ounces of gold in it! All 31 million of them!

I’m by no means an expert here, but this link says an ounce per ton would be EXTREMELY rich ore. https://www.investopedia.com/ask/ans...mine-refer.asp. High grade is about 1/3 an ounce per ton.

Personally, I wouldn’t be investing in any Ugandan gold mines based on that article. Something seems off.

[byates1]

^Imna get on the Indiana Jones tip and search for exotic treasure

[dunfree]

^Imna get on the Indiana Jones tip and search for exotic treasure

so rape, pillage, and destroy poor countries for your museum back home? Quite the stretch

[bennymac]

so rape, pillage, and destroy poor countries for your museum back home? Quite the stretch

you need to go for a long run outside or something

[simple]

Looking at all the market (dow s&p nasdaq Bitcoin) summaries things have gotten back to pre-covid levels. So can we all admit that the market went full retard for 2 years? Seems like people went full retard so it only makes sense their money did as well.

[stalefish3169]

Looking at all the market (dow s&p nasdaq Bitcoin) summaries things have gotten back to pre-covid levels. So can we all admit that the market went full retard for 2 years? Seems like people went full retard so it only makes sense their money did as well.

Stonks been full retard for a lot longer than 2 years. Still think after everything blows out BTC will be the long-term winner.

https://www.youtube.com/watch?v=0akBdQa55b4

[PNWbrit]

Can you grow tulips on asteroids?

[Cono Este]

You sure about that? I'm no fan of mining but to suggest that the efficacy of operations to extract and refine hasn't improved from economy of scale and technology is ahistorical. Despite depletion, resource location, movement of materials, methods of extraction, labor, etc per ton have all been improved over the years. Combine that with collateral environmental impacts of the 'olden days' where the actual cost was deferred or basically incurred by greater society...well...

My Dad did the numbers behind building mines all over the world for 50 yrs. I’m not going to argue with him. I’m Chile there is a lack of electricity and new environmental regulations has killed a lot of projects. I know back in 92 when I worked on a job it was .75 cents a pound. He says a lot of easy to get to stuff is gone and Barrick had a deal way up in the mountains and the costs rose so much, into the billions they killed it.


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[byates1]

Can you grow tulips on asteroids?

Musk is working on that. He's amazing.

[bennymac]

[CarlMega]

Musk is working on that. He's amazing.

I think the furthest spaceX has reached is measured in hundreds of miles - orbital. Their grand SpaceX Starship is up to like 10km. The asteroid belt is between 120-200 million miles from earth. Maybe it's time to hunker down, skip the tweeting and avocado toast - there's work to do!

[frorider]

Been impressive to see BTC hold the 30k line.

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