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I'm interested to see what happens when South Korea bans crypto trading:
https://www.reuters.com/article/us-southkorea-bitcoin-law/south-korea-justice-ministry-prepares-to-ban-cryptocurrency-trading-exchanges-raided-idUSKBN1F00B7 https://www.reuters.com/article/us-southkorea-bitcoin/south-koreas-major-cryptocurreny-exchanges-raided-by-police-tax-authorities-idUSKBN1F002B Is it about to hit the profit-taking/panic selloff phase yet? |
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Quoted: I'm sure he's at least smart enough not to use "your" instead of "you're", but please continue to enlighten us with your brilliance. It's amusing, really it is...  |
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Quoted:
I watched that video earlier. He says Bitcoin will come to an end which I agree will happen. It's old and outdated compared to other crypto and blockchain alternatives out there. It will die a slow death, and may go way higher before it does. However it will be replaced with better, faster, cheaper options that are growing right now. However Buffet is an idiot. He talks about wanting to buy puts on bitcoin, but says he wouldn't because he doesn't understand it.   The Tech is here to stay. What part and who is the real question. |
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Quoted:
I'm interested to see what happens when South Korea bans crypto trading: https://www.reuters.com/article/us-southkorea-bitcoin-law/south-korea-justice-ministry-prepares-to-ban-cryptocurrency-trading-exchanges-raided-idUSKBN1F00B7 https://www.reuters.com/article/us-southkorea-bitcoin/south-koreas-major-cryptocurreny-exchanges-raided-by-police-tax-authorities-idUSKBN1F002B Is it about to hit the profit-taking/panic selloff phase yet? |
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Quoted:
Just keeeep telling yourselves that, kids. 
If there is any money in it at all, .gov will be along any time now to beat you up and steal your lunch money. Crime doesn't like competition. Now, back to your regularly scheduled thread...in progress. So basically, it costs $30-$50 per transaction in electricity for a single Bitcoin transfer. This is insane and the only thing driving it is a speculative bubble. |
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Quoted: It takes as much energy as the average American household uses in a week to process a single Bitcoin transaction. And that cost is going up. And that is just the *energy cost* to run the hashing - to say nothing of the cost of the hardware to do the hashing. So basically, it costs $30-$50 per transaction in electricity for a single Bitcoin transfer. This is insane and the only thing driving it is a speculative bubble. |
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Quoted:
It takes as much energy as the average American household uses in a week to process a single Bitcoin transaction. And that cost is going up. And that is just the *energy cost* to run the hashing - to say nothing of the cost of the hardware to do the hashing. So basically, it costs $30-$50 per transaction in electricity for a single Bitcoin transfer. This is insane and the only thing driving it is a speculative bubble. Quoted:
Quoted:
Just keeeep telling yourselves that, kids.
If there is any money in it at all, .gov will be along any time now to beat you up and steal your lunch money. Crime doesn't like competition. Now, back to your regularly scheduled thread...in progress. So basically, it costs $30-$50 per transaction in electricity for a single Bitcoin transfer. This is insane and the only thing driving it is a speculative bubble. |
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Quoted:
Last estimate I saw said the average energy cost to mine one bitcoin is predicted to reach $14,000 by mid-2018 as the complexity increases. Quoted:
Quoted:
Quoted:
Just keeeep telling yourselves that, kids.
If there is any money in it at all, .gov will be along any time now to beat you up and steal your lunch money. Crime doesn't like competition. Now, back to your regularly scheduled thread...in progress. So basically, it costs $30-$50 per transaction in electricity for a single Bitcoin transfer. This is insane and the only thing driving it is a speculative bubble. https://en.m.wikipedia.org/wiki/Proof-of-stake And bitcoin itself could be updated to run a more efficient proof of work algorithm. The energy concerns are a non issue long term. |
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Quoted:
Lol. Please direct us all to your investment tips that yield a minimum 100% rate of return this year. Thanks. Quoted:
Quoted:
Bitcoin = "A fool and his money are soon parted." Investments are smart when they are designed to generate returns. Making 100% return in one year is one thing, keeping a winning streak like that going for 30 years is another thing. Luck runs out. Well designed investment strategies do not. You might make thousands of investment decisions in your life and getting ahead is far more about being right more often than not than it is about being lucky once. I gambled on Bitcoin back in 2013 and sold towards the end of last year and made a killing but I do know the difference between an investment and a gamble. That's probably why I'll get to keep everything I made on Bitcoin whereas all of the chumps getting on the bandwagon right now are more than likely going to dump it all back. |
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Quoted:
Same here, I've already written that money off. It's probably gone forever, but perhaps it could become a nice surprise. I'm concerned about the people who are cashing out 401ks and buying crypto on credit cards.
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Quoted:
I'm interested to see what happens when South Korea bans crypto trading: https://www.reuters.com/article/us-southkorea-bitcoin-law/south-korea-justice-ministry-prepares-to-ban-cryptocurrency-trading-exchanges-raided-idUSKBN1F00B7 https://www.reuters.com/article/us-southkorea-bitcoin/south-koreas-major-cryptocurreny-exchanges-raided-by-police-tax-authorities-idUSKBN1F002B Is it about to hit the profit-taking/panic selloff phase yet? |
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Quoted: Already solved. Its a user choice issue now. https://en.m.wikipedia.org/wiki/Proof-of-stake And bitcoin itself could be updated to run a more efficient proof of work algorithm. The energy concerns are a non issue long term. |
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Cryptocurrency has the potential to cost credit/lending institutions and banks billions in lost revenues due to crypto users avoiding transfer and transaction fees. The prevalence of cryptocurency also reduces the value of our current institution's central banking model. For example: Credit cards take a small cut of each sale a local business makes that is paid for with credit cards. Businesses have incentive to accept cryptocurrency to reduce the overhead fee associated with their customers using charge cards. Newsflash: Who pays for the politicians and gets laws written for them? Banks. Who stands the most to lose from the universal acceptance and proliferation of cryptocurrency? Banks. You can bet your sweet ass that once the banks are fed up with cryptocurrency damaging profits and necessity, they'll have their Washington politicians "level" the playing field. Not only that, but the government want's it cut of the action. It's in both the government AND their corporate banking overlords' interests to limit the success of cryptocurrencies. Alot of people treat cryptocurrencies like speculative commodities... how long until the US tax treats cryptocurrency transactions like short term capital gains when bought or sold... and taxes the shit out of it? It wouldn't be that hard to justify on their end, the banks are happy, and the government gets it's slice of the pie. Heck, I wouldn't be surprised if the US government went so far as to either ban things like Bitcoin under some sort of crime-fighting premise or if the US created its own state-sanctioned cryptocurrency and make it the only legal crytocurrency. |
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Quoted:
You can laugh all you want but he's not necessarily wrong. Blockchain has the ability to transform industries ranging from shipping (UPS is jumping in) to electronic medical records and everything else in between. Quoted:
Quoted: 
Where do I subscribe to your newsletter. |
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Quoted: Yes but the fees to trade in these coins are magnitudes greater than Paypal. It is a horribly inefficient model for payment processing. People are not buying coins as money, they are speculating. They all can't be right. |
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Quoted: I believe in 15 years all real estate transfers will be done using blockchain. |
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Quoted:
Has it actually been fixed for bitcoin though? Or is it just theoretical at this point? I've seen the debate about it but haven't seen any resolution up until now. It sounded like some of the big players didn't want it to be resolved because if it was more efficient it could potentially dilute their positions. Quoted:
Quoted: Already solved. Its a user choice issue now. https://en.m.wikipedia.org/wiki/Proof-of-stake And bitcoin itself could be updated to run a more efficient proof of work algorithm. The energy concerns are a non issue long term. Either way, I don't see energy consumption being a problem long term for cc as a whole. Remember, its an expense to the miners too, so they want better efficiency as much as we do. |
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Quoted:
Last estimate I saw said the average energy cost to mine one bitcoin is predicted to reach $14,000 by mid-2018 as the complexity increases. Quoted:
Quoted:
Quoted:
Just keeeep telling yourselves that, kids.
If there is any money in it at all, .gov will be along any time now to beat you up and steal your lunch money. Crime doesn't like competition. Now, back to your regularly scheduled thread...in progress. So basically, it costs $30-$50 per transaction in electricity for a single Bitcoin transfer. This is insane and the only thing driving it is a speculative bubble. This links to the top of a thread that discusses the energy-cost topic pretty well. Worth a read for those posting/concerned on that one. |
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Quoted:
It’s not about present value, it’s about privacy. Quoted:
Quoted: That is an oxymoron. Hold cash. Lol. That $1000 cash fortune in 1929 will still buy something... but not what it used to. |
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Quoted:
Then I'd suggest xvg if privacy is your thing. Right now with wraith you can transfer to another with no trace. I thought you meant trust as in you trust the bank to get the money from Joe's account when he writes you write a check or uses his visa. There's no trust needed with crypto as soon as the sender sends the coin you can look at the block chain to ensure it was sent to your address and give the goods. No trust need, not a middleman mucking it up. |
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Quoted:
The FUD is hilarious. Quoted:
Quoted:
ITT: normies who don't understand the tech bash something because they didn't make money off of it
The crypto "bubble" has been "popping" since 2012. 6 years later and it's...well shit, it's a few fucking thousand percent above where it was when the "bubble" was at it's "peak." News flash: crypto isn't going anywhere. |
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Quoted:
You damn right there is no trust, at least you have hope. Quoted:
Quoted:
Then I'd suggest xvg if privacy is your thing. Right now with wraith you can transfer to another with no trace. I thought you meant trust as in you trust the bank to get the money from Joe's account when he writes you write a check or uses his visa. There's no trust needed with crypto as soon as the sender sends the coin you can look at the block chain to ensure it was sent to your address and give the goods. No trust need, not a middleman mucking it up. |
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Quoted: I know right? In this thread you can see who invested in crypto and who's jealous of those who already have
The crypto "bubble" has been "popping" since 2012. 6 years later and it's...well shit, it's a few fucking thousand percent above where it was when the "bubble" was at it's "peak." News flash: crypto isn't going anywhere. |
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Quoted:
All theory. The problem with increasing efficiency is hardware replacement. I think current stuff can only run the bitcoin and bch specific algorithm. Its more likely we'll see more efficient hardware before a major change is made (if ever) to the pow algorithm. Either way, I don't see energy consumption being a problem long term for cc as a whole. Remember, its an expense to the miners too, so they want better efficiency as much as we do. Quoted:
Quoted:
Quoted: Already solved. Its a user choice issue now. https://en.m.wikipedia.org/wiki/Proof-of-stake And bitcoin itself could be updated to run a more efficient proof of work algorithm. The energy concerns are a non issue long term. Either way, I don't see energy consumption being a problem long term for cc as a whole. Remember, its an expense to the miners too, so they want better efficiency as much as we do. It is however a major longterm problem specifically for bitcoin. I'm genuinely curious how changes could theoretically be made to it and how you get a decentralized and somewhat anonymous community of miners to come to a consensus on making those changes network-wide. Seems like a large hurdle to ever updating or changing anything once it's released and out of the original developer's control. |
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I've made SMALL speculative buys of some cryptocurrencies. 20 bucks here, 20 bucks there. Money I could lose and never bat an eyelash over.
They haven't gone down in value yet, that's for sure! I've seen Ethereum bounce around like Michael J. Fox in a bouncehouse, but it's up about 40 percent since I bought into it a week ago. I also run my own bitcoin miners. My advantage there is that I don't have to pay their electric bill. 
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Quoted:
Agreed that it is not a longterm problem for the industry as a whole. It is however a major longterm problem specifically for bitcoin. I'm genuinely curious how changes could theoretically be made to it and how you get a decentralized and somewhat anonymous community of miners to come to a consensus on making those changes network-wide. Seems like a large hurdle to ever updating or changing anything once it's released and out of the original developer's control. Quoted:
Quoted:
Quoted:
Quoted: Already solved. Its a user choice issue now. https://en.m.wikipedia.org/wiki/Proof-of-stake And bitcoin itself could be updated to run a more efficient proof of work algorithm. The energy concerns are a non issue long term. Either way, I don't see energy consumption being a problem long term for cc as a whole. Remember, its an expense to the miners too, so they want better efficiency as much as we do. It is however a major longterm problem specifically for bitcoin. I'm genuinely curious how changes could theoretically be made to it and how you get a decentralized and somewhat anonymous community of miners to come to a consensus on making those changes network-wide. Seems like a large hurdle to ever updating or changing anything once it's released and out of the original developer's control. |
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Quoted: How many of you guys have actually cashed in your play money for real money? |
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Quoted:
You are very wrong. I am sure I speak for many here. I didn't invest a nickel and I have zero regrets about it, no matter what the outcome. If you make some money off it, more power to you. I just sit back amazed at the emotional commitment to this pyramid scheme. This has everything: fear, greed, and world peace. Quoted:
Quoted: I know right? In this thread you can see who invested in crypto and who's jealous of those who already have
The crypto "bubble" has been "popping" since 2012. 6 years later and it's...well shit, it's a few fucking thousand percent above where it was when the "bubble" was at it's "peak." News flash: crypto isn't going anywhere. |
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Quoted:
Last estimate I saw said the average energy cost to mine one bitcoin is predicted to reach $14,000 by mid-2018 as the complexity increases. Quoted:
Quoted:
Quoted:
Just keeeep telling yourselves that, kids.
If there is any money in it at all, .gov will be along any time now to beat you up and steal your lunch money. Crime doesn't like competition. Now, back to your regularly scheduled thread...in progress. So basically, it costs $30-$50 per transaction in electricity for a single Bitcoin transfer. This is insane and the only thing driving it is a speculative bubble. Who doesn't want to drive economy higher? Spending resources and energy in gross abundance does just that. |
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Quoted:
Listen to their words, greed (100% gains) and emotional commitment (blockchain everything, fight the man, etc...). They don’t have an exit plan and if they do, they won’t act in time. Quoted:
Quoted: How many of you guys have actually cashed in your play money for real money? |
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Quoted:
How do you go about trading these cryptos for cash when you want out? Me, I have no doubt there will be a decent correction in the next couple months (on all major coins). I don't think it will die by any means, but some people WILL lose their lunch. I'm just trying to bank cash (that's USD) as fast as I can while the getting is good. |
| Thanks, that's interesting stuff. Looks like a lot of potential systemic and piecemeal change challenges lie ahead for bitcoin specifically. If anything it's a good model for other and future currencies to use as a basis for improvement. I'm still curious how they would actually go about making a network-wide change or enforce those changes since it's not like there is a central server/node to push that update out to it's clients. |
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