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Rob_Ainscough

BitCoin crypto mania

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Posted (edited)

So many misconceptions here, starting with the posted video. Seems Bill Maher has gone into full boomer mode...

  1. The crypto market is not only composed by Bitcoin. If you find that Bitcoin is too *dirty*, fine, there are other coins resistant to ASIC or even GPU mining;
  2. The technology behind the (different) blockchains is constantly evolving. For instance, the second biggest crypto, Ethereum, is about to implement changes that will for sure reduce its carbon footprint and that is a good thing;
  3. So-called strong currencies are being printed like crazy, with the US Dollar being the undisputed champion. No wonder why it seems to be constantly loosing value when compared to its pairs;
  4. While the West is not there yet, there is a huge part of the world that benefits from being able to invest in crypto as a protection against inflation and crooked governments;
  5. Don't you think that money printing, precious metal mining and moving valuables around has a significant carbon footprint as well?;

Old money is always afraid of new money...

Edited by GCBraun
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Posted (edited)

Cryptocurrency is the biggest pile of word not allowed that I have seen since the original Jurassic Park.

Edited by Christopher Low
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Christopher Low

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Posted (edited)

TBH I wish graphics card makers would get there head out of the money jar and and go Here is a card for Bitcoin noobs and here is a card for normal people. And if the bitcoin noob bought a normal peoples card it wouldn't work for them and they have wasted money. Pretty simple, but it will never happen.

Edited by Riah069
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4 minutes ago, Riah069 said:

TBH I wish graphics card makers would get there head out of the money jar and and go Here is a card for Bitcoin noobs and here is a card for normal people. And if the bitcoin noob bought a normal peoples card it wouldn't work for them and they have wasted money. Pretty simple, but it will never happen.

Nvidia is trying to do that by both producing cards specifically for crypto mining and crippling gaming GPUs when used for at least some forms of crypto mining. There are also specially designed ASICs for Bitcoin too. The problem is that there is a shortage of manufacturing capacity for all types of processors, so making crypto mining specific ones doesn't really solve the supply side.

Next up is increasing demand for SSDs for mining use.

https://hothardware.com/news/chia-crypto-mining-1-exabyte-ssd-sales-oems-void-warranties

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I bit a coin earlier on, it nearly broke my tooth.


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Posted (edited)

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Posted (edited)
10 hours ago, Chock said:

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. 🤣

 

Not true Mr Chock. Mr Elon definitely does care about such things. Precisely why he's just put up $100 million dollars for carbon capture and storage. (Video below). And why SpaceX is currently working on carbon free rocket fuel. 

And of course, if we are to stave off the wiping out of our entire species, its history, everything, then we must be a multiplanetary species. Not to mention that we are running out of resources and the Moon and asteroids are jam packed with resources. Better to mine the asteroids and Moon than pollute this home of ours by mining. And to do so, we currently have to burn stuff. No Star Trek anti gravity yet I'm afraid. 

Space projects are a must, not an option. The airline industry emits 2.4% of all emissions, whereas rockets emit 0.0000059% of all emissions. So clearly there are bigger fish to fry, but yes, nice that SpaceX and the other rocket companies are trying to clean up their act. Orbex I recall are currently ahead in this respect.

 

In regard to emmisions due to crypto currency, another fun fact is that of data centres in space, powered by the sun and cooled by the icy cold of space. Not sure if this was Musks idea, but SpaceX are clearly building the capability to make that happen.

 

 

Edited by martin-w

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Posted (edited)

So for those that think Crypto has no value, does it translate to value when you use it to buy a car?  Does it translate to value when you pay off your entire Mortgage?  As long as it is being accepted as a manner of payment there is a value to it.  To argue that is ridiculous.  My crypto is earning about $100/day right now.  Not bad considering what I tossed in originally.  

https://www.cnbc.com/2021/04/15/jim-cramer-says-he-sold-some-of-his-bitcoin-and-paid-off-a-mortgage.html


Doge, Now a Total Market value of 42B... https://www.cnbc.com/2021/04/28/dogecoin-price-surges-after-tweets-from-elon-musk-and-mark-cuban.html

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Because Doge is the one coin that people actually use for transactions. We take many others via
. But people spend their Doge and that means more businesses will start taking it. The greatest inhibitor to it's growth is that you can't spend the Doge you buy on Robinhood

 

Edited by psolk
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1 hour ago, G-RFRY said:

You know what's also used to buy and sell weapons, dugs and launder money? US Dollars. I guess they should bad that too then.

Turkey also censors internet for its citizens. I hope other countries don't go down that route 😉

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1 hour ago, Tomaz Drnovsek said:

You know what's also used to buy and sell weapons, dugs and launder money? US Dollars. I guess they should bad that too then.

Turkey also censors internet for its citizens. I hope other countries don't go down that route 😉

US Dollars can be tracked through legitimate banking as well as Euros and UK pounds. They tend use offshore accounts.


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8 minutes ago, G-RFRY said:

US Dollars can be tracked through legitimate banking as well as Euros and UK pounds. They tend use offshore accounts.

This is just hilarious. And they do business with what... marbles? 😆 

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1 hour ago, G-RFRY said:

US Dollars can be tracked through legitimate banking as well as Euros and UK pounds. They tend use offshore accounts.

Yeah, when transacted via legitimate banking measures.  Most criminal organizations and a lot of high net worth individuals tend to launder and move money around outside traditional banking mechanisms.  

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Posted (edited)

After I read this thread, the biggest irony is that the concept of money is 100% a human fabrication.  There is no money, or even value, intrinsic in nature.  Value is in the eyes of the beholder, and those eyes have very strong and very deep cultural biases hugely influenced by the fact that the concept of money has worked for us for several millennia, and its form is only a matter of what people believe it really is.  Remember the bottle caps in Fall Out, that's a perfect though fictional example. IMO crypto currency is not that much different in this light.

Edited by TheFamilyMan

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14 hours ago, TheFamilyMan said:

After I read this thread, the biggest irony is that the concept of money is 100% a human fabrication. 

Indeed! Even in the days when currency was limited to coins of bronze, silver and gold, their value was still somewhat arbitrary and varied with the 'purity' of the base metal content.


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Posted (edited)

So why has faith been lost in traditional negotiable instruments?

Is it because they have mostly become divorced from their original value systems, which had to do with making it easier to trade commodities, like a cow or a pig or something else too heavy to barter with?

If yes, then cryptocurrencies are just more of the same.

Governments better wise up or their tax and power base will erode.

Edited by WingZ

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