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

[Ted Striker]

Fossil fuels receive a fuck ton of subsidies and make a shit ton of money. That's why they are so pervasive even though we know they are a time bomb. The money is also why we have gone to war multiple times. If you could've masked that fuck stick Rummy before he died today, he would've told you we went into Iraq for the oil (money) ...

I have no quarrel with you or the idea that a paradigm shift is coming whether people like it or not, but you have the cart before the horse on that one. Fossils are easy. In terms of output versus technological input, they have more usable energy than literally anything else.

The reason they're subsidized is a form of political welfare. The MIC consumes a lot of energy, and nobody will vote for the guy who tells you to turn off the AC and walk to work everyday.

[TahoeJ]

It would be better to the lose ideological bluster and instead focus on things as they are.

You seem to have me confused with someone else. I’m just calling out both sides on their bullshit.

[MultiVerse]

Bothsidesism is poison. Not that it matters in this instance because the point you glossed over is more and more it's the same people on either side. It's not so much a competition between two sides as it is a bunch of 800 pound gorillas ignoring more effective more efficient alternatives.

[stalefish3169]

Bothsidesism is poison. Not that it matters in this instance because the point you glossed over is more and more it's the same people on either side. It's not so much a competition as it is ignoring more effective more efficient alternatives,

The "more efficient alternatives" are probably not decentralized like BTC.

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[MultiVerse]

Proof-of-Stake as well as graph based based blockchains are decentralized and orders of magnitude more efficient.

If power hungry miners don't prevent it from happening, when Ethereum moves from a Proof-of-Work to a Proof-of-Stake consensus mechanism it should achieve at least a 99.95% reduction in energy use. On an energy consumption per transaction basis Ethereum will be almost fifty million times more efficient.

[garyfromterrace]

I don't think you should let fears control your life. But if you want to worry about something, you should probably spend time being concerned that owning a home is basically unaffordable for a large portion of people under about 40 years old. Plus investment banks are buying a crap ton of the inventory to further drive up the prices and create a permanent renter class.



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Huh?
It's a fear because I have no control over it. I don't like that. I am concerned about a potential lack of affordable housing but that is tempered by the fact that in many countries there has been low percentages of people owning houses for decades. Further, the idea that someone should be able to by a house by age, let's say 30, is ludicrous. It's not a right to be able to buy a house. It takes savings and strategy. I couldn't afford a house until I was in my late 30's and that was only because I took a chance and moved to the middle of nowhere. Just because "people say you should own a house in your 30's" doesn't mean it is so. You live in Vancouver, Tokyo, New York, London, Munich etc etc etc, you'll likely not be buying a house in your 30's unless you've rich parents.

[MakersTeleMark]

Serious question: how much energy does one mission to the ISS cost overall? Then one to the moon?

Like I will gladly admit, I don't give a shit about the environmental costs of crypto because they are miniscule compared to anything, but how much does going to the moon! really cost?

[Bunion 2020]

WTF does that have to do with anything? Asking for a friend.

[CovertM]

This thread is completely worthless.

I’m about to come into a large sum of money and I need to invest it. I was thinking maybe 10 to 25 percent in crypto and the rest in stocks n bonds. Normally there are some really smart people on TGR no matter what the subject. Vaccines, bikes, bread baking, donkeys, espresso, you name it and somebody on TGR has a PhD in it. This crypto thread is the exact opposite.

I just looked at this thread from start to finish and it was zero help to me. This entire thread is nonstop stupidity.


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Contact an actual Financial Adviser/IAR, not a TGR thread. I’m licensed all over the country, PM if you want.


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[CovertM]

That's not investing either.

Bunny’s super fund/etf is still a mystery!!


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[Falcon3]

Ugh my idiot coworker continuously talks about what a sure thing his “investments” in crypto are.

“BTC to $100,000 by December! And over $200,000 by next year!”

“Doge is going to make me so much money!”

“I’m going to retire early on my mining rigs!”

These are possibilities yes, but this guy drank the Kool-Aid and joined the cult.

[bennymac]

Serious question: how much energy does one mission to the ISS cost overall? Then one to the moon?

Like I will gladly admit, I don't give a shit about the environmental costs of crypto because they are miniscule compared to anything, but how much does going to the moon! really cost?

The ISS is the most expensive thing ever built.

Using the benchmark of the ISS you can justify the cost of anything. “We’ll it’s cheaper than a space station!”

And saying “the environmental costs of crypto is minuscule compared to anything” has to be trolling.

[pureantigravity]

It takes 31 million watts* (joules/s) of energy to launch a 1 kg object into a 100km altitude earth orbit.
Bitcoin uses 134 TWh per year or 482,616,000,000,000,000 joules of energy.
Bitcoin's energy consumption per year can launch 15,568,258,064 one kg objects into orbit.
The average person is 62 kg.
Bitcoin's energy consumption in one year is enough to launch 251,100,936 average sized people into earth's orbit.
A single Bitcoin transaction uses enough energy to launch a 204 KG SUMO wrestler into earth orbit.
This year.

*Assumes perfect energy use and using no rocket to launch. Does not factor aerodynamics or launching with or against the rotation of the earth.

[Bunion 2020]

A single Bitcoin transaction uses enough energy to launch a 204 KG SUMO wrestler into earth orbit.

I would pay to see that.

[singlecross]

I would pay to see that.

Only if they stick the landing.

[jono]

I would pay to see that.

In BTC?

[TahoeJ]

Bothsidesism is poison. Not that it matters in this instance because the point you glossed over is more and more it's the same people on either side. It's not so much a competition between two sides as it is a bunch of 800 pound gorillas ignoring more effective more efficient alternatives.

I think you misunderstand, this is what I'm saying. We agree here.

[pureantigravity]

I think these are startling revelations. 1 USDT is probably worthless (backed by low rated CNY paper) . Whatever the case this is a very interesting development in Stablecoins and international trade and finance (and possible laundering, etc.).

Millions in Crypto Is Crossing the Russia-China Border Daily. There, Tether Is King
https://www.coindesk.com/tether-usdt...hina-importers

"Testimony by Open Markets Financial Policy Director Alexis Goldstein at House Subcommittee Hearing on Crypto Frenzy"
https://www.openmarketsinstitute.org...-crypto-frenzy

also

Hybrid Hearing - America on “FIRE”: Will the Crypto Frenzy Lead to Financial Independence and Early Retirement or Financial Ruin?
Subcommittee on Oversight and Investigations
https://financialservices.house.gov/...958#LiveStream

[shera]

Here's something I am very happy to see, "In coming weeks it is very likely USDT’s share of the stablecoin supply on Ethereum will fall below 50% for the first time.

USDC is quickly emerging as the dominant stablecoin on Ethereum in large part due to its growing role in DeFi."

Interesting info in this thread from Messari research: https://twitter.com/RyanWatkins_/sta...-tether-fud%2F

Here's a little more I found on USDC vs Tether

"A lot has been made about Tether. Some of it fair, most of it painfully oblivious to how the sausage is made. Regardless, lost in all of the doomsday scenarios is the fact USDC answers a lot of the issues preppers have with stablecoins.

USDC is backed one-to-one. Though some dispute that. Even USDC’s audit doesn’t help prove this: “US Dollars held in custody accounts are the total balances in accounts held by the Company at federally insured US depository institutions and in approved investments on behalf of the USDC holders.”

Despite this, USDC is automatically burned after use, and new tokens minted upon purchasing, which demonstrates the accounting balances out. In addition, concerns over murky, clandestine practices can’t be flung at USDC. Unlike Tether, USDC is audited by Grant Thornton LLP every month.

And, perhaps the most incendiary accusation (directed at Tether specifically), is that it’s run by ne’er-do-wells. Not sure about that, but if you’re into aspersions, you’d have to admit USDC is about as straight and narrow as it gets. Co-founders, Coinbase and Circle, pass every regulatory test with flying colors. And Coinbase, for better or worse, is famous for adhering to every regulatory whim."

[OphirPow]

.


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[pureantigravity]

USDC is quickly emerging as the dominant stablecoin on Ethereum in large part due to its growing role in DeFi."

Here's a little more I found on USDC vs Tether

"A lot has been made about Tether. Some of it fair, most of it painfully oblivious to how the sausage is made. Regardless, lost in all of the doomsday scenarios is the fact USDC answers a lot of the issues preppers have with stablecoins.

USDC is backed one-to-one. Though some dispute that. Even USDC’s audit doesn’t help prove this: “US Dollars held in custody accounts are the total balances in accounts held by the Company at federally insured US depository institutions and in approved investments on behalf of the USDC holders.”

Despite this, USDC is automatically burned after use, and new tokens minted upon purchasing, which demonstrates the accounting balances out. In addition, concerns over murky, clandestine practices can’t be flung at USDC. Unlike Tether, USDC is audited by Grant Thornton LLP every month.

And, perhaps the most incendiary accusation (directed at Tether specifically), is that it’s run by ne’er-do-wells. Not sure about that, but if you’re into aspersions, you’d have to admit USDC is about as straight and narrow as it gets. Co-founders, Coinbase and Circle, pass every regulatory test with flying colors. And Coinbase, for better or worse, is famous for adhering to every regulatory whim."

Shera. I doubt that USDC is doing anything different than Tether. As for Coinbase, they just went public and the shares being sold aren't even going into the firm - it is all private equity and people are getting rich. This isn't the way business is usually conducted.

I think if you google about USDC you will see further analysis. They also list Tether on Coinbase. If it is a gigantic fraud, then Coinbase is complicit. What's worse is that people think they are insured by the FDIC on Coinbase when in reality they are only insured for USD deposits that are in USD. They will market and promote USDC and other stablecoins only to the final detriment of customers.

It is only a matter of time. Coinbase will be found lacking like all the rest. Don't be in Dodge anywhere near the OK Corral at high noon. When the shit hits the fan they will haircut people and everyone will suffer "socialized losses". That happened to my friends on Bitfinex years ago. They all left holding pennies after their hack.

In any case, Tether has more volume than anything at $46.6B every 24 hrs. USDC is just a drop at $1.8B. When Tether implodes everything will. There will be a run on the banks. People will lose money. There will be tears.

[pureantigravity]

Think about this. USDC and USDT and the others only exist for one or two reasons. Arbitrage is one. (Hmmm. Charles Ponzi has International Postal Reply Coupons arbitrage scheme. Hmmm).

If Coinbase simply maintained a real USD backing and had nothing to do with 'stablecoins', what would they lose? Answer that. What are 'stablecoins' really being used for and why do they really exist? That is perhaps the other reason they exist.

If the critics are right and Tethers were issued unbacked, then the price of crypto is massively inflated. You know what comes next.

[shera]

You really don't know why people use stablecoins? jeebus you blather all day with never ending bs, but you just don't get it

[pureantigravity]

You really don't know why people use stablecoins? jeebus you blather all day with never ending bs, but you just don't get it

Is that the best you got?

[Skidog]

You really don't know why people use stablecoins? jeebus you blather all day with never ending bs, but you just don't get it

Sure sounded to me like dude is actually a dev that understands this better than many here.

Money making aside, his arguments are typically to the point, with some data, and rarely confrontational. Bitcoin ain't the USD replacement.

Also PAG loves to play devil's advocate.

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