what is your stance on bitcoin?

[adarw]

 do you think its a waste of electricity and hardware?

do you think that if it were proof of stake like what eth is shifting too you would agree on it more? 

 

type A if you already boght crpto

type B if you didnt but is thinking of buying it

type C if your never going to invest in crypto

 

thanks!

[19_blackie_73]

1 minute ago, adarw said:

its a waste of electricity

Exactly

I wouldn't say anything if this would be all renewable, but we have enough problems already with pollution

[AnonymousGuy]

A really great means of laundering money in exchange for some electricity.  I'm not investing in BTC cause I think it's a viable currency.  I'm investing in it because I don't think the world is going to suddenly have less of a need for dirty money.

[BuckGup]

It's not a waste considering the ACH uses double the blockchain, mining for physical gold uses triple, the top super computers in the world use over 10x the power and they are used for nuclear weapons and fossil fuel simulations (now that's wasteful), gaming consoles use 2x the power, and the entire earth could be powered off 100% clean renewable energy so I feel the energy argument is pointless. If people read the white paper for Bitcoin and Bitgold, which was published in 1998 I think, it's really not that radical of a solution to the current banking system. It was also made to get rid of fraud so I'm not sure why people complain so much, it was made to be a good thing that benefits you. The market cap is also approaching 2 trillion so it's not some proof of concept by some small startup. 

44 minutes ago, AnonymousGuy said:

A really great means of laundering money in exchange for some electricity. 

There's actually a currency that has been used for hundreds of years globally for money laundering that almost all criminals use its called the US dollar. I'm not sure if you have heard of it but people use it to buy drugs and other crazy shady shit!

[RollinLower]

have invested in it, am currently mining and i probably will keep investing in it.

 

i'm ready for digital currencies to take over tbh.

[dogwitch]

if price hit a certain  amount. i will get into it.

[irishbeast]

I am a casual miner but to be honest I regret it a little bit. I have also put some money in to it but recently the returns have been crap.

 

I just mine on 2 gaming PCs using nicehash. Used to return about £5-6 a day but lucky to get half that now. So just about covers energy and a tiny profit. I will probably stop mining soon. 

 

Thankfully I love gaming as well so the cards are still ace. Got a 3070 and 3060ti. I'm tempted to flog them both and buy  a 3080. Or upgrade the 3060ti. Should be able to get £500 for it which will cover half the cost of the 3080. 

 

I do like the idea oy cryptocurrency and wish more places would accept it. More places are starting to but still not enough. 

 

Investing in BC is just gambling plain and simple. Generally speaking since I started messing about with it 12 months ago it has been up and down non stop. Luckily it always seems to come back up when it drops so I think they key with any investment is to only put in what you can afford to lose. Highly unlikely you will lose a load over a long period but it is possible. I have two limits in my head (1 upper and 1 lower) which if hit I will be cashing out most if not all of my coins. 

[05032-Mendicant-Bias]

BTC is a negative sums game, in which players transfer money amongst each others minus electricity costs needed to run the network.

 

BTC is Ponzi Scheme in which early adopters make gains on new investors buying in. Price goes up when new investors buy in, price goes down when investors cash out. (This is in contrast with a stock of a company, where investors gain money based on the performance of the company. e.g. IBM pays dividends to investors periodically based on net profits, and IBM periodically buys back stocks from investors using revenue from selling products.)

 

BTC is an homongously inefficient form of money. It consumes 120TWh per year to give about 3 transactions per seconds. It's five orders of magnitude worse than VISA in energy per transaction, and three order of magnitude worse than VISA in transactions per second.

 

BTC is the opposite of store of value or inflation hedge. While gold goes up when market is in turmoil, BTC goes down when investors lose appetite for speculative assets. BTC is best correlated with futures on tech stocks, and is a fully speculative assets in which the underlying asset has no intrinsic value.

 

BTC does not scale, unlike real currencies. Ledger size keeps increasing, and transaction rate cannot be improved. The economy simply cannot be run on BTC. Layer two networks can improve speed and energy efficiency at the expense of security. El Salvador uses Lighting at scale, and it's a common occurrence for lighting wallets to lose balance.

 

BTC mining is a baseline demand on the grid as BTC miners runs 24/7 at full hash rate. Baseline demand is mostly served by fossil sources. As long as our civilization produces some power using fossil fuels, BTC runs on fossil fuels. Case on point, in april last year a coal mine went down in china, and took one third of the BTC hash power with it. At a time where our civilization is trying to decarbonize, crypto comes along, and increase CO2 emissions.

BTC and cryptocurrency are NOT anonymous. Every transactions is listed, and if one can tie an individual to a BTC address, their whole transaction history is public domain. Case on point, a couple who tried to launder 120K BTC was caught this year and was able to launder about 20K before getting caught, despite using all tricks, like crypto mixers, crypto jumps, and laundering mechanisms I know nothing about.

BTC mining operations are centralized and move to whichever country has the cheapest electricity. Malaysia, Kazakistan and more had their power grids destabilized by BTC mining to the point of blackouts. Texas, a new hotspot for miners, had an exodus of miners pouring in after china mining ban. Weather caused blackout last years killed hundreds, and with added load for BTC mining, we'll see if the Texas grid is up to the task.

 

BTC does NOT bypass governments. Last week, Canadian truckers were prevented from converting BTC into useable Canadian dollars. BTC is useless to circumvent embargos and assets freeze.

 

BTC is not decentralized. As a matter of fact, BTC is one of the most centralized assets in existence. Mining is centralized in mining company, that control the algorithm through 95% consensus. In order to use BTC in the real world, exchanges are needed, which pool a large number of individual under one address with one key, exchanges are the weak point of the network ad are regularly exploited to siphon found from investors. Wallets are centralized in the hands of a few. Gini coefficient is used to measure inequality, with 0% meaning all assets are divided equally, and 100% meaning all assets are owned by a single individual. Here is the inequality in some countries and BTC/ETH:

• Germany: 31% (somewhat fair)
• USA: 48% (deeply unequal)
• North Korea: 60% to 80% (indentured servitude)
• BTC: 81%

The original vision Satoshi had for BTC, was for nerds to run the blockchain on their old computers, and for BTC to be directly exchanged for goods and services in peer to peer transactions. Current use of BTC is the opposite of that, with centralized wallet holders, and centralized mining operations. Just a reminder that Satoshi mined themselves one million BTC. Satoshi alone has the power to crash BTC price to zero by cashing out their BTC for USD or other currencies.

BTC is unregulated, and transactions on the ledger are irreversible. This means that the optimal play is to manipulate the BTC market by dumping or pumping large amount of BTC. This means that when fraud does happen, there is no recourse, as transactions cannot be undone.
 

BTC scarcity is enforced by a piece of software that is running on BTC mining rigs. All it takes for BTC to print more BTC than it currently is now, is for 95% of miners to agree that that should be the case. When miners do not agree, a fork happens, there are at least half a dozen BTC forks, and about ten thousands other cryptocurrencies.

BTC is the only unregulated assets that can be traded for and to government currencies at scale. BTC is perfect as a wealth transfer mechanism, in which large player can siphon founds from small players, making it the ONLY use case possible for BTC.