Bitcoin

[Manfred58sc]

The power usage is insanely problematic and on par with small counties total use. I don't think the developers foresaw the rapid expansion in mining and power consumption issues. They could have substituted math mining with a usage counter that releases more coins based on transactions.
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Fat chick owner/operator

[vwinnovator]

[Splitdog]

It's the "New, improved Fiat".
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CH³NO²

Z = z² + C

Der Blitzkrieg Kafers

#notacallooker

[vwracerdave]

Meanwhile the people that are selling the mining equipment and the electric utilities are the ones getting rich.
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2017 Street Comp Champion - Thunder Valley Raceway Park - Noble, OK
2010 Sportsman ET Champion - Mid-America Dragway - Arkansas City, KS
1997 Sportsman ET Champion - Thunder Valley Raceway Park - Noble ,OK

[Manfred58sc]

To be accurate, the vast amount amount of money created is not "currency" that one finds in a wallet or cash register. The actual usage of printed money falls every year. Money is created via a leger sheet that goes to the Fed banks and then gets further distributed using fractional banking. I don't think this consumes much electrical power.

Bitcoin as store of value in the short run is wildly unstable, its more like day trading. That only represents a small percentage of the store of value positions held. I would think a 3 to 5 year timeline would be more in tune ( just a guess).
Comparing Bitcoin over that run would reflect a satisfactory gain compared to gold, stock trading.

I don't know of any computer manufacturers marketing units solely for mining. I've read gaming processors are the best bang for the buck, although most any machine can be pressed into service.

From what I have read, the only thing Bitcoin needs to succeed is users, and the convenience, security, etc. make it a very attractive alternative. Major institutions are joining in and a regulatory framework in coming into place. Plenty of hype to go with it, like most American financial investments.
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Fat chick owner/operator

[Erik G]

https://www.bbc.com/news/uk-scotland-57268024
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Stop dead photo links! Post your photos to The Samba Gallery!

[Xevin]

I do know a bit-(Coin) more about cryptocurrency now from this thread.
I get you “Gotta speculate to accumulate.”

But I don’t fully understand.

Seemed easier to make a dime out of fractions in the old days


Link


What does China think of all this in 2019 and 2021.

https://www.wired.com/story/china-says-bitcoin-wasteful-wants-ban-mining/

I’m still kicking myself for not investing in IBM and HP when I was 3 years old

I wonder how my Enron and Tyco stock is holding up
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Keep on Busin'

[Manfred58sc]

I was made aware of Bitcoin in 2011, kind of kept an eye on it since. My roomy bought 1 thousand of them for like $600 and held onto them till it hit $20K awhile back. He sold at the peak and is living well. He has also bought all sorts of stuff directly w/crypto ( plane tickets etc.).

US Feds are currently holding hearings on regulation to bring it into the mainstream. China has tried to clamp down but its nearly impossible to do. that was one of original intents of the creator(s). Peer to Peer transfer w/o governmental/banking meddling.

I would love to see an analysis of the rise of crypto and smart phone adoption.

Love Office Space- best ever.
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Fat chick owner/operator

[ALLWAGONS]

[Xevin]

[Manfred58sc]

2 major differences

1- you can not buy anything directly with gold
2- Gold value is heavily manipulated by governments ( they hold the majority of the gold in existence). This general causes a suppression and stabilization of value.

There is also a convenience factor, a digital key is easier to move than a closet full of gold.

Trading Places has the best take down of commodities.
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Fat chick owner/operator

[Abscate]

“ Basically , you guys are bookies”

Passions aside for a moment , one thing I’m still unclear about.

1 I’ve read that the calculated last Bitcoin mine will be in 2146, approximately , because the mining problem is being changed in complexity as the Bitcoin bank is emptied ( or filled) , whatever.

B I’ve also read that a new coin is mined , by design , every 10 minutes

iii these two statements obviously can’t coexist.
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.ssS!

[ALLWAGONS]

My question is, how do you enjoy bit coin? Gold, I can take it with me and sell it anywhere. When you cash bitcoin, what dp you get? Pesos?
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I'd be UNSTOPPABLE if not for Law Enforcement and PHYSICS.

I recycle old cars and parts, other than when I rot, that's as Green as I am going to get.

Thanks to my Tesla driving neighbors, I feel more relaxed driving my SUBURBAN and old VW's.

NON INFLUENCER APPROVED

[Manfred58sc]

Bitcoins are converted into other currencies through an exchange ( Coinbase is a well known one) or peer to peer agreement. I have heard paypal will get into that business as well ( although I have not kept up on the details).

Buying with Bitcoin is as easy as a google search, participating merchants advertise as well.

The limiting factor on mining is the difficulty of the equations ( that is some very, very oblique high theory math taught at a graduate level). The expression of new coins must be a function of "mining" and the coin per time period "average" is more than likely a median analysis ( the exact middle score of a sampled period). Modal analysis ( the score that occurs most often) would illuminate more characteristics but would consume a few pages of interpretation , thus losing most readers ( including me ). The final withdrawal date from the Bitcoin reserve is also an estimate.

Some municipalities that have invested in Bitcoin to get their feet wet have set a 1% cap on this position in the portfolio. That seems like a prudent way to start.
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Fat chick owner/operator

[Xevin]

I’m looking forward to The Schoolhouse Rock Bitcoin episode Saturday morning


Link


I do appreciate the serious posts here about cryptocurrency. Very interesting and thought-provoking. Thanks.
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Keep on Busin'

[ALLWAGONS]

I appreciate the explanation. but somehow I feel I need to feel, touch. hold what I own. Or maybe I will start selling online posts for my 15 window bus. People say they are rarer that 21-23 win busses. You will all hold a stake on my bus for $1000. I will only issue 1000 posts. The price will fluctuate according to my ability to view on the samba how supply and demand for busses is. Who is in? I will take payment in every aspect or type except crypto. I will accept,Gold , cash,or property.
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I'd be UNSTOPPABLE if not for Law Enforcement and PHYSICS.

I recycle old cars and parts, other than when I rot, that's as Green as I am going to get.

Thanks to my Tesla driving neighbors, I feel more relaxed driving my SUBURBAN and old VW's.

NON INFLUENCER APPROVED

[Abscate]

I would like to thank Erik for bring me to enlightenment on this
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.ssS!

[finster]

el salvador trying to boost its gdp plus a video explaining crypto currency...https://www.bbc.co.uk/news/world-latin-america-57373058
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"we're here on Earth to fart around" kurt vonnegut

nothing lasts, nothing is finished, and nothing is perfect...

[Abscate]

I reread ‘ Wealth of Nations ‘ last month.

Bitcoin mining is classic rent seeking.
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.ssS!

[Manfred58sc]

^^^ A pedantic read ^^^ with little bearing on modern monetary theory and practice. Good stuff for junior high kids before you sell them college debt and mortgages. Wonder why the youth embrace this phenomenon?

Peer to peer transactions are not within the scope of these theories.

Various nations accepting Bitcoin is an important step in acceptance .
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Fat chick owner/operator