Is the stock market going to tank?

[schuss]

A single bitcoin transaction eats around 740 kilowatt hours. For comparison, VISA can do 100k for 149 kwh. Horrifically wasteful.

[Vise]

I don't have enough time or crayons to explain how wrong you are this morning. This article captures the key points.

https://hackernoon.com/the-bitcoin-v...y-8cf194987a50

Also, electricity is not = carbon footprint if we use better energy tech.

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[Brock Landers]

The article stating Bitcoin is a full currency system is your argument? Get out the crayolas. And while you’re at it...go get me a coffee, donut and newspaper with your Bitcoin.

[schuss]

I don't have enough time or crayons to explain how wrong you are this morning. This article captures the key points.

https://hackernoon.com/the-bitcoin-v...y-8cf194987a50

Also, electricity is not = carbon footprint if we use better energy tech.

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Lol, "it won't matter as much if we use green energy, which we will do nothing to require"
The math isn't hard. I can do roughly 500k more transactions in traditional systems for the same electricity cost as bitcoin. That's inefficient as fuck.
Even other cryptos have better energy models than this. Come on man.

[Vise]

You can't compare Bitcoin transactions to credit card transactions. That's not apples to apples. The more accurate comparison would be the energy cost of verifying a bitcoin transaction via block chain versus the energy cost of physically transferring dollar bills from one location to another. Think about armored car transport, vault infrastructure, security, and accounting effort. Those all have energy costs associated with them.

Bitcoin is not a replacement for escrow agreements (like a credit card) where a third party receives and distributes money on behalf of the transacting parties. That service will still be needed.

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[MultiVerse]

A comparison of energy costs:

The entire US uses about 4,000 billion kilowatt hours (kWh) or 4,000 terawatt hours (TWh) of electricity a year. US consumers make about $3 trillion worth of cash transactions annually.

The world's entire electricity consumption is about 25,000 TWh. Visa handles about $11 trillion worth of digital payments on 190 billion transactions annually worldwide.

The average energy consumption for a single Bitcoin transaction in 2020 was 741 kilowatt hours (kWh). So the amount of energy it would take for BTC to match Visa's 190 billion transactions is 140,790,000,000,000 kWh or 140,790 TWh.

140,790 TWh > 25,000 TWh > 4,000 TWh.

It would take about 35 times more than the entire amount of electricity the US produces for BTC to match Visa's transactions. It would take about 5-6 times more electricity than the entire world produces for the Bitcoin network to match Visa.


What's an apples to apples comparison when you're talking about those kinds of inefficiencies compared to what currently exists? Are you suggesting Bitcoin should consume many times more power than everything?

[Brock Landers]

On top of that...visa is facilitating trade, not completely “necessary” by any means but it’s a big plus to the global economy.

Bitcoin is a store of value, one of many, which would not impact life at all if it went away.

[Vise]

Imagine trying to explain to someone in 1970 how we would have credit card reading computers at every store in the world in 2020. They would say it is impossible because computers cost hundreds of thousands of dollars and they are too big.

Technology improves. Things become more efficient. You can't compare the throughput of a system that has decades of design refinement to one that has only recently been invented.

Decentralized ledgers like Bitcoin have a lot of interesting potential. In the coming years I think we will see digital voting systems using block chain technology and a wide range of other new applications.

We can do better than our existing fiat currency system. The fact that at any given time no one can pin down exactly how much "money" exists as US dollars is a critical design flaw. Society needs a currency measurement standard that doesn't change depending on decisions made by the most recent political appointee.

As I am writing this post there are 18.628 million BTC and there will never be more than 21 million BTC total. More efficient computers will be designed to resolve transactions. Better software integration will be developed.

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[jono]

The fact that at any given time no one can pin down exactly how much "money" exists as US dollars is a critical design flaw. Society needs a currency measurement standard that doesn't change depending on decisions made by the most recent political appointee.

As I am writing this post there are 18.628 million BTC

Nope. There were 18.628 million. How many have been lost? No way to know. Fundamental design flaw? Or does society not really need to know all that badly?

[m2711c]

[pureantigravity]

We can do better than our existing fiat currency system. The fact that at any given time no one can pin down exactly how much "money" exists as US dollars is a critical design flaw. Society needs a currency measurement standard that doesn't change depending on decisions made by the most recent political appointee.

What do you propose that the fed should do other than print money in these circumstances? Two scenarios, usual fiscal stimulus and COVID-19 type situations. What do you propose in either of those scenarious?

[CovertM]

Take the BTC chatter to the fucking BTC thread!

Got crushed on RIOT CC, ate the lose and rolled them up and out to the 65 strike for next week. Recouped most of the loss and totally fine getting assigned at 65.

Expected a dip from PLTR today contemplating selling puts at 25 strike but premiums are no too juicy. Wouldn't mind owning more at that CB though.

Pow day, so going skiing and leaving the screen behind! Good luck to all today.

[pureantigravity]

Take your Blockchain stock chatter there too. RIOT. MSTR - that's just lipstick on that same pig.
In fact, you guys throwing your trades every few hours, why not start your own thread?

[LeeLau]

Rolled RIOT 55C expiring this week into 69C expiring Feb 26

PLTR disappointed on guidance today and dropped...it has lockup expiry this week. May drop more.

GME has Congress hearings today and may get some random pump

[pureantigravity]

I don't see why Honda wouldn't be a good long term hold. Convince me otherwise.

[gravitylover]

Dude, this is the big kids sandbox. You should go find another one. The girls are in the one over there <<<<<<<<<<<>>>>>>>>>>>^^^^^^^^^^^\/\/\/\/\/\/\/\/

[Brock Landers]

Oh fuck you guys are different people?

[BobMc]

Warren sure boosted CVX after hours. It’ll be interesting to see if them or XOM benefit the most from these juiced crude prices. I’m feeling pretty good about my MRO shares, WTI above $60.

As I bought more and more energy I was worried, feeling a lot better now.

[pureantigravity]

Dude, this is the big kids sandbox. You should go find another one. The girls are in the one over there <<<<<<<<<<<>>>>>>>>>>>^^^^^^^^^^^\/\/\/\/\/\/\/\/

Ha ha ha. I suppose you are one of the big kids, right? Not sure what you are seeing but it seems to me the girls are in this one here.

Oh fuck you guys are different people?

Thankfully yes. If it was me, I would have said something seriously stupid or seriously profound.

[LeeLau]

Bob i have been DCA XOM. That dividend alone is still attractive. Selling 20 delta covered calls has returned 12% annualized on it too. At least for the foreseeable future I like its chances

[schuss]

Rolled RIOT 55C expiring this week into 69C expiring Feb 26

PLTR disappointed on guidance today and dropped...it has lockup expiry this week. May drop more.

GME has Congress hearings today and may get some random pump

Palantir has a shitty ownership structure, morally compromised leadership and their tech (from what I've seen) isn't anything special in the marketplace. Despite the general strength of AI stuff, I think their leadership makes the place radioactive for a lot of folks in data science/AI, which will just destroy them over time. Also, aren't they already losing money on what should be highly lucrative gov/major corp contracts?

[Toadman]

Oh fuck you guys are different people?

LOL! Glad I hadn't taking a sip of coffee, or it would have been all over my keyboard.

[Toadman]

Bob i have been DCA XOM. That dividend alone is still attractive. Selling 20 delta covered calls has returned 12% annualized on it too. At least for the foreseeable future I like its chances

DCA?

Interesting that Buffett bought a whole big bunch of CVX. Wonder if he thought timing was right to get in now before the world's economies start to possibly get back on track?

[Lawless]

DCA?

Interesting that Buffett bought a whole big bunch of CVX. Wonder if he thought timing was right to get in now before the world's economies start to possibly get back on track?

Dollar Cost Averaging. Easing into a long position.

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[alias_rice]

I bought SKYW a few weeks ago for $38 and change planning to hold for a year. But sold today when it hit $50.25. Figure it’s due for a bit of a correction and I can get back in.

Is Tsla ready for a rebound?