Is bitcoin a climate killing Ponzi scheme?

[Jingthing]

5 minutes ago, Heng said:

 

Just basic knowledge of current tech events.  Not all blockchain type techs require proof of work (proof of work is the electricity/power consumer in this ecosystem).   There are similar systems that rely on proof of stake or proof of selection, which consume far less energy (not to mention it's the tech itself that allows quantification of electricity use... if there were some way to quantity the electricity currently consumed by the financial system it's designed to replace it would likely be a different relative picture...).   There are alternate low energy chain technologies such as Holochain.     But yes, to many folks it maybe difficult to grasp.   I can telex you more info if you can't get around the Google barrier.  

Delicious condescension there.

[tifino]

the next long term battle maybe worth following?    (crypto vs crypto head on)

 

the battle ground of the Cryptae  

 

[Sametboy2019]

After the court case between ripple and the sec regulations will probably come in and alot of coins will fall by the wayside.

I know this only affects the US but some countries are banning crypto and regulations will be made everywhere at some point Imho.

Edited May 6, 2021 by Sametboy2019

[DaLa]

Thankfully due to a long term plan I have enough to be financially comfortable here in los, even 10% better off in the past few weeks due to the exchange rate. That plan I refer to saw me realise gains from investing in companies that paid me dividends, some of it in banks who then loaned it out and gave me a token gesture in return. A good lump came from tax efficient savings and most of it was in property.

 

I’m not interested in entering into Bitcoin or any Crypto for profit, but I’m intrigued as to how it magically grows in value. It’s not invested in companies or with individuals that produce a return, you can’t use it for anything like property where you have the added benefit of having somewhere to sleep at night.

The only people to have made anything are the ones that invested at £x and sold at £x+1 , and good luck to them, personally I don't gamble.. I’d love to here from someone that can explain how they can guarantee to see a return if they invest today. I will ignore any historical data based on my experience.

 

DaLa

ex Financial Services

[tifino]

33 minutes ago, Sametboy2019 said:

After the court case between ripple and the sec regulations will probably come in and alot of coins will fall by the wayside.

I know this only affects the US but some countries are banning crypto and regulations will be made everywhere at some point Imho.

actually the 'banning crypto' may turn out a godsend, especiaolly for smaller economies...

 - considering the CCP has made their own crypto their official currency!! It would then help in providing a simplest way of keeping out of the CCPs expansion clutches...

[Heng]

1 hour ago, tifino said:

the next long term battle maybe worth following?    (crypto vs crypto head on)

 

the battle ground of the Cryptae  

 

 

That's just the current Yuan/Renminbi to BTC exchange rate.   What battle are you referring to? 

[tifino]

7 minutes ago, Heng said:

 

That's just the current Yuan/Renminbi to BTC exchange rate.   What battle are you referring to? 

... when the digital Yuan eventually goes online for Exch Rate purposes... 

[timendres]

Mallen Baker provides a decent discussion on the topic of Bitcoin's energy impact:

 

 

[Digitalbanana]

When the price of crypto and particularly Dogecoin is linked to how Elon Musk's performance on next Saturdays SNL goes, gotta ring some alarm bells.

[fdsa]

2 hours ago, DaLa said:

The only people to have made anything are the ones that invested at £x and sold at £x+1 , and good luck to them, personally I don't gamble.. I’d love to here from someone that can explain how they can guarantee to see a return if they invest today. I will ignore any historical data based on my experience.

I'd love to hear from someone that can explain how they can guarantee to see a return if they invest in stocks, or in gold, or in property.

[ukrules]

1 hour ago, Digitalbanana said:

When the price of crypto and particularly Dogecoin is linked to how Elon Musk's performance on next Saturdays SNL goes, gotta ring some alarm bells.

You're kidding yourself if you think anyone cares about the dog coin.

[Susco]

3 minutes ago, ukrules said:

You're kidding yourself if you think anyone cares about the dog coin.

 

Then why does it increase in price by a few hundred percent, each time Musk opens his mouth?

[ukrules]

Just now, Susco said:

 

Then why does it increase in price by a few hundred percent, each time Musk opens his mouth?

Like I said - who cares?

[Heng]

Doge is fun to trade.  Now that is pure gambling.   That said, the only funds I put into such trades are house money (Doge gains included).   It's one of those coins that wherever I am at the end of the day, I close my position as it's not something I would sleep on.   

 

Here's one for the crypto reluctant (I'm trying to send some to Charlie Munger just to see what happens) to maybe put a few stimmy or social security checks into.... SLP coin.   Also known as Small Love Potion.   Currently 27 US cents a coin, around 400 million in circulation, you can buy it on Binance, less than $100 million in market cap at the moment.   Created by some Vietnamese gamers (sneaky Viets!), you can use this coin in the Axie Infinity game world to grow imaginary pets and plants (not tulips though).   Strengths: it has a really cute icon representing the coin and as far as I know, it doesn't have much of a global energy signature (because you know, not all coins do... so you're going to have to come up with other party pooper concepts).   ????

Edited May 6, 2021 by Heng

[DaLa]

On 5/6/2021 at 7:02 PM, fdsa said:

I'd love to hear from someone that can explain how they can guarantee to see a return if they invest in stocks, or in gold, or in property.

Good point and you're absolutely correct. I have in the past seen a loss on certain stocks, however never in my personal experience have I experienced a loss on property. But your point still stands.

 

Lets say I prefer to be left with shares in a company even though the share price could have devalued substantially because I will still be able to benefit from its earnings. Having a physical entity in the form of bricks and mortar are also more appealing than being left with a Bitcoin key. 

 

My concern with Bitcoin is that there could be significant changes to the Bitcoin network not limited to the charging of fees or government intervention.  

 

Good fortune to anyone that invests in this, if it's a portion of your investment strategy there's absolutely nothing wrong with it.  However when ever a discussion opens on 'investments' I'm wary of those that promote there own holdings, just as I would expect people to be suspect of me if I were to start a topic titled 'Gains of 800% expected from XYZ.com shares by the end of the this year.'

 

 

 

[Farang123]

On 5/6/2021 at 11:32 AM, Surelynot said:

Well I have basket of 6 coins......waiting for them to hit 2 million baht then selling.......but if it looks like an upward trend I will be greedy, hold onto them and wake up next morning to find they have all crashed.....story of my life. 

You have six whole bitcoins? That's a lot of cash! Good for you. 

[phetphet]

On 5/6/2021 at 4:47 PM, DaLa said:

you can’t use it for anything like property where you have the added benefit of having somewhere to sleep at night.

Actually you can. There are people that will accept Bitcoin as payment for property, cars etc. There are also crypto credit and debit cards  now as well.

 

Just google it and you will see.

[Surelynot]

48 minutes ago, Farang123 said:

You have six whole bitcoins? That's a lot of cash! Good for you. 

Ha....I wish....a basket of six different coins, variable amounts of each.........sorry to mislead ....555.....not filthy rich I can assure you.

[Heng]

Interesting 'flip flop' from Elon and company deciding not to accept BTC after announcing they would accept it a month or so ago (not that most folks would exchange BTC for Tesla's right now anyway) because of the climate 'issue.'   Also of interest, said announcement only caused a $2k market price drop in BTC (which is basically nothing in terms of normal BTC volatility).   

[fdsa]

5 minutes ago, Heng said:

Interesting 'flip flop' from Elon and company deciding not to accept BTC after announcing they would accept it a month or so ago (not that most folks would exchange BTC for Tesla's right now anyway) because of the climate 'issue.'   Also of interest, said announcement only caused a $2k market price drop in BTC (which is basically nothing in terms of normal BTC volatility).   

look at the last phrase in his message:

 

 

-- PoS shítcoins to the moon!

[Heng]

Well eff.  What are they going to complain about if it's not the energy angle?   ...Because people don't seem to care too much about the money laundering and Ponzi arguments (because other people laundering money or losing their own money doesn't hurt the planet).

Edited May 13, 2021 by Heng

[ukrules]

3 hours ago, fdsa said:

look at the last phrase in his message:

 

 

-- PoS shítcoins to the moon!

 

Lol, good luck with that. Musk will never be happy, best to forget about him for now.

[GrandPapillon]

well, good luck looking for a crypto that can be measured accurately in energy use, without that number doubling every months or volatile

 

I guess all the crypto enthusiasts are going to crank that one to deliver such a crypto,

 

maybe that crypto could be calculated with air particles :)

Edited May 13, 2021 by GrandPapillon

[fdsa]

2 hours ago, GrandPapillon said:

good luck looking for a crypto that can be measured accurately in energy use

luckily we've found it already :D

[fdsa]

update from Elon:

 

 

 

I'm glad that my PoS shítcoin consuming 480 Wh/day will rise in price.

[GrandPapillon]

1 hour ago, fdsa said:

luckily we've found it already ????

link? ????

 

that's good news, because when you see all those loons on TikTok with huge warehouses full of mining rigs with high end GPUs, it gets quite scary how far people will go for cryptos

Edited May 13, 2021 by GrandPapillon

[Heng]

^

 

Google: cryptos that don't consume energy or something along those lines.   

[Jingthing]

Black Swan guy says Bitcoin's value is ZERO:

 

Bitcoin is worth zero and there is no evidence that blockchain is a useful technology, Black Swan author Nassim Taleb says | Business Insider India

Quote

 

"Black Swan" author Nassim Taleb doubled down on his criticism against bitcoin - this time, saying the cryptocurrency is worth exactly zero, and that there is no evidence that blockchain is a useful technology.

In a recent six-page draft paper titled "Bitcoin, Currencies, and Bubbles," Taleb laid out four key arguments against the cryptocurrency, which he promoted to his 743,000 Twitter followers.

 

 

[Heng]

He'll be right if/when the market agrees with him.  

 

Right now the market says SGD$46,018 a coin.  

[fdsa]

15 hours ago, Jingthing said:

Black Swan guy says Bitcoin's value is ZERO:

 

Bitcoin is worth zero and there is no evidence that blockchain is a useful technology, Black Swan author Nassim Taleb says | Business Insider India

 

may I see his short position please?