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Rob_Ainscough

BitCoin crypto mania

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It's so sad to see GPU's being wasted on blockchain calcs ...  (language, not for kids)

I think the only thing that will stop bitcoin are it's power consumption requirements ... otherwise it will continue until 2140 (the last bitcoin).

Ponzi scheme with no actual value.  

Cheers, Rob.

 

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Posted (edited)

Well.. about the value... I bought some in 2016 and I really can't complain 😉

You know, the value of stocks is also somewhat imaginary. 

Edited by Tomaz Drnovsek
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I don't agree often with Bill , but he is spot on with this piece . We have several "Mining Operations" in our county because we have cheap power . Three words to sum it up - House of Cards .

Cheers , John

 

 


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I cannot see where he gets the single handed 2 degree increase from.  I know that just the lack of GPUs due partially, at least, by bitcoin, has raised my temperature to boiling point.  I do not know many people (all of them non-investors) that bitcoin doesn't affect this way.

So really sad that so many people are now singlemindedly putting all their efforts into creating non productive creation of money.  Unfortunately, bitcoin is not the only offender and this is likely to increase in the near future. 

Bill, to my mind, makes a lot of sense and this sort of content needs far more publicity. 

After all of this, if I had the money to invest .... would I?  Money is a powerful incentive, and I really do not know whether or not I would be joining this crazy system.

Self reflection can be a horrible thing sometimes.

Tony

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Tony Chilcott.

 

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14 minutes ago, himmelhorse said:

So really sad that so many people are now singlemindedly putting all their efforts into creating non productive creation of money. 

I agree that the GPU situation regarding the crypto is not ok.

On the other hand, I do own some stocks also and I didn't put much productive creation energy into that either 😉

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17 minutes ago, Tomaz Drnovsek said:

do you own any crypto or you don't

Can you explain to us what you actually "own"?  At least when I buy stock, I'm buying part of a company and what that company produces.

14 minutes ago, himmelhorse said:

Money is a powerful incentive, and I really do not know whether or not I would be joining this crazy system.

As with most things, one needs to be in the right place at the right time, currently I would NOT invest.  I can't help think that there must be better uses for this much energy ... Elon Musk has certainly exposed is true colors via his $1.5B investment in BitCoin ... so much for the pretense of caring about the environment ... as with all things in life ... if one wants to know the truth, follow the money trail (if you can and it's not obfuscated and/or hidden).

Cheers, Rob.

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The more things change, the more they remain the same.

I'm reminded of a book written in the 1840s by Charles Mackay...Extraordinary Popular Delusions and the Madness of Crowds, a recounting of the mid-1600s Tulip mania in Holland.

Maybe Bitcoins should have a fancy tulip embossed on the back side...

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14 minutes ago, Tomaz Drnovsek said:

I agree that the GPU situation regarding the crypto is not ok.

On the other hand, I do own some stocks also and I didn't put much productive creation energy into that either 😉

 On the other hand, I do own some stocks also and I didn't put much productive creation energy into that either 😉

This is not what I am talking about Sir.  I am referring to the original creators of bitcoin and other creations of that bilk.  I am assuming, of course, that, you did not start bitcoin or any other mined coin related products ... the word products is used very loosely in this context.

I am not having a crack at you in any way, shape or form.

Regards

Tony


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My System. Motherboard. ASRock Taichi X570 CPU Ryzen 9 3900x (not yet overclocked). RAM 32gb Corsair Vengeance (2x16) 3200mhz. 1 x Gigabyte Aorus GTX1080ti Extreme and a 1200watt PSU.

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16 minutes ago, Rob_Ainscough said:

Can you explain to us what you actually "own"?  At least when I buy stock, I'm buying part of a company and what that company produces.

No, you really don't. You it's exactly the same as with crypto. If there's a demand for the stock the price rises. If there's a demand for crypto the price rises. Yes, the factory is something material but in 21st century a lot of non material stuff has value. And the prices of stocks proved plenty of times not to be directly related to the companies productivity or success. Many times they were inflated artificially. It's the same thing if you like it or not. 

So you don't have any. Got it 😉

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If you have bought bitcoins over a year ago and are still holding on to them, you can consider yourself lucky for the impressive price gains. However, these gains are unsustainable in the long run, and taking advice by so-called experts to invest in cryptocurrencies at a time when they are overpriced is a risky undertaking.

While the argument that the quantity of bitcoin is mathematically limited and thus providing a protection vehicle against inflation (unlike fiat money) is true, the number of different types of cryptocurrencies is not limited at all, is it? The way I see it is that any word not allowed can create a new name of cryptocurrency and tout it as the holy grail of all currencies. We are actually seeing new types of cryptocurrencies emerging and surging in value (after all, cryptocurrencies are substitutes), which must lead to a watering down of their value at some point. All focus is on bitcoin right now, but did you know that Ethereum has made even higher gains that BTC? 

Over time, the people who are taking part in the cryptocurrency frenzy may ask themselves "what have I actually paid for" - and the answer is just bits and bytes with no collateral, nothing of value to back it up. Gold and silver can at least be used to produce something, and they will preserve their physical characteristics even when there is a complete outage of power and internet.

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Posted (edited)

Look, I don't want to argue and be a philosopher what has value or not, what is risky and all that jazz. I invested a little money years back and I'm still holding it and I gained about 1000% so far. You can say whatever, I don't care :)  It's my money to loose... or gain :) A lot of people will loose a lot as they did with stocks. A lot will gain a lot as they did with stocks. In both cases we're talking about numbers in computers. You can nitpick, but it's petty. As I said, if you have some, you'll share my opinion, if you don't you'll be against it. Pretty simple math. 

And I repeat, regarding GPUs, I'm on your side! 

Edited by Tomaz Drnovsek
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uyxmKH.jpg

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Posted (edited)
2 hours ago, Tomaz Drnovsek said:

I think it's down to one thing and one thing only... do you own any crypto or you don't. Your opinion is based on that. No rocket science here.

Not really. Same as I don't need to own a slave to know slavery is not a defensible thing to indulge in. And no, I'm not suggesting it is as bad as slavery, I am merely pointing out that you don't actually need have a horse in a race to observe the results of a horserace, or have an opinion on it.

Edited by Chock
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2 hours ago, Rob_Ainscough said:

Elon Musk has certainly exposed is true colors via his $1.5B investment in BitCoin ... so much for the pretense of caring about the environment ... as with all things in life ... if one wants to know the truth, follow the money trail (if you can and it's not obfuscated and/or hidden).

Cheers, Rob.

I seriously doubt if Elon Musk was bothered about the environment, he'd be making rockets which pump tons of CFCs into the planet's atmosphere. 🚀 That rocket of his is practically his own personal machine for making holes in the ozone layer. 🤣

Edited by Chock
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Alan Bradbury

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