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Thread: Bitcoin....who's gotten into it?
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02-18-2021, 02:00 PM #3326
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02-18-2021, 02:42 PM #3327
Well, I do live in Oregon.
But besides that, do cars get better gas mileage today than they did in the 1970s? Do some of them even run on electricity from renewable resources? What exactly makes you think that we won't see technological advancements in energy production and BTC mining...especially when there is massive money to be made?
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02-19-2021, 01:59 PM #3328
So confused. I thought this was a Bitcoin thread.
Sent from my iPhone using TGR ForumsHowever many are in a shit ton.
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02-19-2021, 05:54 PM #3329OH, MY GAWD! ―John Hillerman Big Billie Eilish fan.
But that's a quibble to what PG posted (at first, anyway, I haven't read his latest book) ―jono
we are not arguing about ski boots or fashionable clothing or spageheti O's which mean nothing in the grand scheme ― XXX-er
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02-20-2021, 02:42 AM #3330
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02-20-2021, 03:26 AM #3331
I'm here for the Texas bashing.
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02-20-2021, 10:57 AM #3332
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02-20-2021, 11:44 AM #3333
An enormous benefit to society in recent years is market economies doing more with less. For the first time in human history in recent years we've managed to proportionally increase our standard of living with relatively less energy consumption.
Per capita, we produce more food on less land etc. Beer and other consumer staples, for example, used to come in steel cans. Then the switch was made to aluminum and then aluminum cans became lighter. The first Al cans weighed 90 grams, in the early 70s an aluminum can weighed 21 g, the 80s 14 g, and now it's 12 g or even 10 g. If cans weighed what they did in the 80s it would require an additional 600K tons of aluminum production annually.
In contrast BTC does less with more, not more with less. The marginal cost of mining a coin scales with the price. If the BTC price is $50K then the net investment in mining gear and electricity approaches $50K. You get a cost structure that looks something like coins mined per minute * price. Right now that's about 0.65 coins per minute so 0.65 * 1440 * 50,000 = $46,800,000 cost per day or $17 billion annually of additional new electricity/capital to run the network.
If the BTC price goes to $100K the new additional capital and electricity network requirement is $34 billion. At $1 million BTC the requirement is $342 billion of additional new capital per year to scale the network.
In contrast, the cost of mining more gold or aluminum is determined by essentially physical fixed costs. Whereas with BTC the marginal mining cost approaches the BTC coin price. A higher BTC price means mining costs and power consumption also increase just to maintain the network.
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02-20-2021, 01:11 PM #3334
Bitcoin....who's gotten into it?
^^agreed with a lot including the initial premise.
As more of the 21m coins are mined, looking out 200 years (we’ll never make it that far right?) its a sozeable initial price to pay for another store of value. But going forward is there an energy component to trade? Nothing is free, maybe the initial energy useage is the price we pay for this.
Gold takes a lot of energy and leaves a lot of waste to mine as well. Not to say one is right and the other isn’t (or both wrong or both right). Just food for thought.Decisions Decisions
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02-21-2021, 04:25 AM #3335
Leave it to Canadians to produce solid journalism.
First Bitcoin ETF will combine simplicity of cryptocurrency with integrity of investment stocksOH, MY GAWD! ―John Hillerman Big Billie Eilish fan.
But that's a quibble to what PG posted (at first, anyway, I haven't read his latest book) ―jono
we are not arguing about ski boots or fashionable clothing or spageheti O's which mean nothing in the grand scheme ― XXX-er
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02-21-2021, 10:08 PM #3336
Random Thoughts on Mining
Is Bitcoin mining like mining gold? Are they 'found'? Is someone discovering Bitcoins hidden in some complicated math or deep crypto treasure chest?
"New bitcoins are generated by a competitive and decentralized process called "mining". This process involves that individuals are rewarded by the network for their services. Bitcoin miners are processing transactions and securing the network using specialized hardware and are collecting new bitcoins in exchange."
- https://bitcoin.org/en/faq#how-are-bitcoins-created
Then they are assigned. They are simply balances and do not exist as unique cryptographic or mathematical entities. They become other people's Bitcoins when miners sell them.
In the source code of a Bitcoin node there are a few lines of code that credit the balances of miners with new Bitcoin at the start of the next block. Like "Add 1 to Bob's balance".
All the hashrate and electricity consumption is just the transaction processing arranging the transactions into blocks every 10 minutes. The new Bitcoins are added to the balance of the miners at the head of the next generated block.
New blocks are created here in the source code. Each miner has a 'coinbase wallet address' that the next block will credit with the reward at line 157 there, see "// Create coinbase transaction."
What best describes this activity?
It is more like paying accountants to add up entries. When they complete the task, a payment entry is made to the accountants own balance. It is just a balance entry in real life added to the payroll for these two accountants.
So, there are no intrinsic maths or special properties of a Bitcoin. It is simply a balance entry added to an account number. Bitcoins do not exist as unique cryptographic or mathematical entities. They are just account balances.
When the system was new, the work required to add up entries and do the proof-of-work was easy. Can be done with pencil and paper as per http://www.righto.com/2014/09/mining...and-paper.html.
Last edited by puregravity; 02-21-2021 at 10:58 PM. Reason: grammar and formatting
OH, MY GAWD! ―John Hillerman Big Billie Eilish fan.
But that's a quibble to what PG posted (at first, anyway, I haven't read his latest book) ―jono
we are not arguing about ski boots or fashionable clothing or spageheti O's which mean nothing in the grand scheme ― XXX-er
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02-21-2021, 10:14 PM #3337
I just opened a Coinbase Acct and bought some Bitcoin. Prepare for the impending crash.
Sent from my iPhone using TGR ForumsHowever many are in a shit ton.
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02-22-2021, 01:42 AM #3338
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02-22-2021, 07:58 AM #3339Banned
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02-22-2021, 08:27 AM #3340
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02-22-2021, 12:20 PM #3341
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02-22-2021, 02:13 PM #3342
You fuckers talked me into it.
I should have mentioned, I’m the unluckiest person I know.
Sent from my iPhone using TGR ForumsHowever many are in a shit ton.
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02-22-2021, 03:32 PM #3343
So about a week ago I was finally able to get going with trading. I tossed an equal amount at 3 different things on Gemini (Ethereum, BAT, and Orchid) and 1 thing on Kraken (Dogecoin).
All 3 on Gemini were actually on a solid trajectory over the course of the week and I was up a few bucks, but today they all just dipped below the initial "investment." The ONE thing that's holding strong for me? Freaking Dogecoin of all things. LMAO. It's all so ridiculous. Gonna ride it all til it either evaporates or actually does something. I guess if I've learned one thing, it's that throwing any legit sum of money at this stuff probably ain't for me. Either way, it's been really fun to watch the rollercoaster. Almost like watching the pig races at Bear Creek, Montana and just about as silly.
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02-23-2021, 11:45 AM #3344
Tether FUDDERS today.
https://bitcoinist.com/clear-skies-f...les-with-nyag/
A dark cloud has been lifted from Bitcoin, and it could mean clear skies for the crypto market for here on out. Why? The most dangerous potential “black swan” hanging over the crypto market for years, has now been significantly derisked. According to breaking news, the company behind the stablecoin Tether and crypto exchange Bitfinex, has settled with the New York Attorney General’s office for some $18.5 million to clear the firm of accusations of “any wrongdoing.”
Here’s why this is such a big deal for Bitcoin, Ethereum, and the rest of the crypto market.
DARK CLOUD OF TETHER FUD LIFTED FROM CRYPTO MARKET
Tether has long been the center of controversy in the cryptocurrency market. The stablecoin trading under the USDT ticker, earned itself a notorious reputation early on for a lack of transparency into the fiat and assets said to be backing the asset.
Tethers are tied one to one with the dollar in terms of value, and are said to be backed by a corresponding dollar or asset valued accordingly. The New York Attorney General’s office, however, made allegations against Tether after issues arose stemming from a portion of the company’s assets it could no longer access.
Tether today revealed that it has settled with the NYAG’s office for $18.5 million, while admitting to no wrongdoing. According to a statement, over 2.5 million pages of documents were submitted providing insight into operations, helping to defend the company’s innocence. ‘
A settlement, however, doesn’t fully prove innocence, so there’s no telling the true situation behind the scenes at Tether.
FORECAST: CLEAR SKIES FOR BITCOIN AND ALTCOINS
The stablecoin was also demonized for being used to manipulate the price of Bitcoin during the 2017 bull market. There’s also a direct correlation with new stablecoins entering the crypto market, and large Bitcoin uptrends.
One of the darkest clouds hanging over Bitcoin this entire time, however, has been the claim that the cryptocurrency market’s capital was nothing but unbacked capital built on Tether, that was ready to come crashing down as soon as this case concluded.
RELATED READING | BITCOIN HASN’T REACHED MANIA STAGE YET, ACCORDING TO THIS METRIC
The crypto community speculated it could potentially mean the end of the current bull market, had that information come to light. Instead, a settlement means the case is now closed, and the company is essentially cleared of “any wrongdoing” as it claims.
With nothing wrong to report, and no pending cases against Tether. There’s nothing but clear skies for Bitcoin and the rest of crypto.
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02-23-2021, 12:01 PM #3345
FWIW, Attorney General James Ends Virtual Currency Trading Platform Bitfinex’s Illegal Activities in New York:
A Stablecoin Without Stability – Tethers Weren’t Fully Backed At All Times
When No Bank Backs You, Turn to Shady Entities — Bitfinex Hid Massive Losses
The OAG Investigation Shines a Light on Unlawful Trading in New York State
Bitfinex and Tether Banned from Continuing Illegal Activities in New York
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02-23-2021, 12:22 PM #3346Banned
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02-23-2021, 12:51 PM #3347
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02-23-2021, 02:06 PM #3348
Looks like ALL my crypto getting crushed right now. Not like it matters since I'd be out a whopping few bucks if I cashed out now, which I won't. Actually thinking about tossing some MORE into it while it's on this hard dip. I wonder how much longer this dip is going to last. Seems to be pretty much across the board. What the hell. I'm in for more. Just gotta time it right.
I do have to laugh at people like the Treasury Secretary, Janet Yellen as well as Bill Gates talking trash about Bitcoin. It's almost as if they feel threatened by it or something. Makes you wonder:
https://www.cnbc.com/2021/02/22/yell...t-bitcoin.html
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02-23-2021, 02:08 PM #3349
Ahhh... timing the market.
I do have to laugh at people like the Treasury Secretary, Janet Yellen as well as Bill Gates talking trash about Bitcoin. It's almost as if they feel threatened by it or something. Makes you wonder:
https://www.cnbc.com/2021/02/22/yell...t-bitcoin.html
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02-23-2021, 02:27 PM #3350
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