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Asclepius
Human Being



Registered: 01/09/18
Posts: 2,209
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Re: Is Bitcoin dying? [Re: koods]
#24968861 - 02/05/18 12:23 PM (5 years, 11 months ago) |
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Quote:
koods said: Bitcoin is an environmental disaster. Each transaction uses as much electricity as an average us household in 18 days
129,479,316 kWh used yesterday for transactions
https://digiconomist.net/bitcoin-energy-consumption
WHAT THE FUCK. Each transaction is responsible for 273.2 kg of CO2. That is more than using 13 gallons of gasoline.
I did not know this. Most of my investment is in Litecoin; hopefully a more energy efficient alternative.
-------------------- A society governed in terms of double standards is self-destructive
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Lophosaurus
suruasohpol


Registered: 08/09/07
Posts: 8,744
Loc: CA
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Re: Is Bitcoin dying? [Re: koods]
#24968864 - 02/05/18 12:24 PM (5 years, 11 months ago) |
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I don't think you're right, because you aren't looking at the big picture of the whole process of making fiat, but even if you are there is a lot more waste that goes into fiat then BTC. With BTC you can use Solar or some kind of clean electricity and you don't have to make more every year. How many pennies and nickels do they make a year? Billions? You're saying 13 gallons of gas, but no one is filling up a generator and pulling the string to start mining BTC.
People were using and are still using 1000W HPS lights or whatever to grow their weed. Not everyone cares about wasting energy. I think they care more about filling landfills, but even that isn't a big concern for most people.
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searching



Registered: 06/08/11
Posts: 4,128
Last seen: 5 months, 3 days
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Quote:
Crazy_Horse said:
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searching said:
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Crazy_Horse said:
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LightRay said: Do you know paper money loses approx 15-25% of its purchasing power (value) per year?
Must be at zero by now.
If the value loses 15% every year from now until the end of time it will never reach zero. Ever.
Kind of like if you divide a number in half an infinite number of times it will never reach zero.
I learned math already, thanks.
Judging by your post... No, no you didn't.
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Enlil
OTD God-King




Registered: 08/16/03
Posts: 65,494
Loc: Uncanny Valley
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Re: Is Bitcoin dying? [Re: searching]
#24969281 - 02/05/18 03:44 PM (5 years, 11 months ago) |
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Quote:
searching said:
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Crazy_Horse said: If the value loses 15% every year from now until the end of time it will never reach zero. Ever.
Kind of like if you divide a number in half an infinite number of times it will never reach zero.
You're correct generally, but not in this context. Here, we're talking about a currency as valued by another currency. That other currency has minimum units, for instance, a penny. When the value of a bitcoin goes below 1/2 of a penny, it's zero for all intents and purposes.
Another way to look at it is by significant digits. With an infinite number of significant digits, you're correct, but currency has built in two places after the decimal points as the level of significance. Beyond that, any value is meaningless.
-------------------- Censoring opposing views since 2014. Ask an Attorney Fuck the Amish
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Northerner
splelling chceker


Registered: 07/29/12
Posts: 14,139
Loc: FNQ
Last seen: 10 minutes, 8 seconds
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Lophosaurus said: There is no demand for BTC? Then how come my eyes are glued to the BTC chart and why is there still a 120 billion dollar market cap.
Fear of missing out, greed and lost coins with insane speculative value.
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Lophosaurus said: It's almost down to $7000!! I'm going to buy more at $6000!!!
Catching falling knives
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Asclepius said: Don't be alarmed by the recent decrease in value -- it's perfectly normal. There are bull runs and bear markets.
Perfectly normal for bursting speculative bubbles with ideas of 0 intrinsic value, yes. There is good evidence to show that the incredible highs we have seen were due to market manipulation, which would have been criminal in any other market. One should only be alarmed if they are hodling right now.
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Stonehenge said: I have plans to buy a lot of btc tomorrow. People will be saying why didn't I buy when it was down. They will be kicking themselves especially the ones who bought high and sold out of panic. Looking back on the charts it will be clear that this was a great time to get in.
Catching falling knives again...
The cat is out of the bag folks. The big guns have come in and raped it, governments have seen how truly damaging it can be. India has banned it, China has it in it's sights, professional hacker gangs are targeting it, market regulators are issuing subpoenas and there will be much wrangling before the lawyers get rich and no one goes to jail. The party is over.
It's not 2012 anymore. No one wants to use fuddy duddy BTC tech and pay $$$'s for it when they can create their own whatevercoin.
There is a future in block chain technology for transactions, but you can bet your ass it won't be the wild west unregulated market we have seen to date.
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The nearest we ever come to knowing truth is when we are witness to paradox.
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Lophosaurus
suruasohpol


Registered: 08/09/07
Posts: 8,744
Loc: CA
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Could be a falling knife or it could be the 1st elliot wave and go to $35,000. If I loose out then I will just work a couple more hours at work. I'm not putting all my eggs into this. We'll see what happens soon.
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koods
Ribbit



Registered: 05/26/11
Posts: 106,049
Loc: Maryland/DC Burbs
Last seen: 3 hours, 13 minutes
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Considering all the folks who have lost their keys and will never be able to dump their coins, there's probably some support for the price in the $200-$500 range
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NotSheekle said “if I believed she was 16 I would become unattracted to her”
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SirShroomsAlott
Howdy



Registered: 05/15/14
Posts: 6,945
Loc: United States
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Re: Is Bitcoin dying? [Re: koods]
#24969682 - 02/05/18 06:36 PM (5 years, 11 months ago) |
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It'll reach new all time highs, zero doubt that most of this market is a giant bubble but the party is far from over. This correction hasn't proven to be anything special even if it goes lower which I can't guarantee it will but am expecting it to in the short term. If anything it was needed at this point.
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koods
Ribbit



Registered: 05/26/11
Posts: 106,049
Loc: Maryland/DC Burbs
Last seen: 3 hours, 13 minutes
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Re: Is Bitcoin dying? [Re: koods]
#24969687 - 02/05/18 06:38 PM (5 years, 11 months ago) |
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I kinda wonder if the guy who invented bitcoin really intended it to be a Ponzi scheme the whole time
https://mobile.nytimes.com/2018/02/05/technology/virtual-currency-regulation.html?referer=https://www.google.com/
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“Cryptocurrencies are almost a perfect vehicle for scams,” said Kevin Werbach, a professor at University of Pennsylvania’s Wharton School. “The combination of credulous buyers and low barriers for scammers were bound to lead to a high level of fraud, if and when the money involved got large. The fact that the money got huge almost overnight, before there were good regulatory or even self-regulatory models in place, made the problem acute.”
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NotSheekle said “if I believed she was 16 I would become unattracted to her”
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unam sanctum


Registered: 04/20/11
Posts: 6,702
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Re: Is Bitcoin dying? [Re: koods]
#24969700 - 02/05/18 06:42 PM (5 years, 11 months ago) |
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bitcoin is indeed dying. it will never be able to process transactions fast enough. bitcoin cash is superior.
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koods
Ribbit



Registered: 05/26/11
Posts: 106,049
Loc: Maryland/DC Burbs
Last seen: 3 hours, 13 minutes
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Quote:
SirShroomsAlott said: It'll reach new all time highs, zero doubt that most of this market is a giant bubble but the party is far from over. This correction hasn't proven to be anything special even if it goes lower which I can't guarantee it will but am expecting it to in the short term. If anything it was needed at this point.
Unfortunately for cryptos, the moment they started getting widespread media attention coincided with their value plummeting. Coins got the attention of People with actual money to invest just to watch a demonstration of the downsides. I really doubt bitcoin will ever recover. And remember two months ago I told you all this would happen.
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NotSheekle said “if I believed she was 16 I would become unattracted to her”
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Burbles
Stranger

Registered: 03/24/08
Posts: 1,015
Last seen: 4 months, 8 days
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Re: Is Bitcoin dying? [Re: koods]
#24969708 - 02/05/18 06:46 PM (5 years, 11 months ago) |
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This is a very typical bubble and bubble-pop. Bitcoin isn't dying currently, it'll go up in value again years from now.
However, ultimately bitcoin is fucked. Here's why: It's only use case/value proposition it does extremely poorly due to its public blockchain and its lack of fungibility, in addition to scaling offchain and also having the block reward go to 0. It won't be profitable to secure around 2040 due to limited on chain transactions due to it relying heavily on second layer scaling solutions and having an extremely small block reward.
Monero solves all of these problems, and is MORE scarce then bitcoin. It is going to be the winning coin long term as it is properly fungible, and has better long term stability to do properly addressing the tragedy of the commons issue bitcoin faces.
I am trying to get as much monero as possible. If anyone wants cheap AF sterilized grain, make an offer to pay in Monero and we'll figure out something.
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SirShroomsAlott
Howdy



Registered: 05/15/14
Posts: 6,945
Loc: United States
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Re: Is Bitcoin dying? [Re: koods]
#24969713 - 02/05/18 06:47 PM (5 years, 11 months ago) |
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We'll see, I doubt you're right but it's a possibility, at least a month/2 months ago I was saying the same exact thing about the incoming crash. I've made my money so I could care less if the extra profits I've never "technically" had get wiped but I'll take the gamble that this party is far from over. 95-99% of this market will come tumbling down hard at some point with only so many surviving, I just highly doubt right now is that time especially since this time of year crashes are relatively normal.
Quote:
unam sanctum said: bitcoin is indeed dying. it will never be able to process transactions fast enough. bitcoin cash is superior.
Until it gains more popularity than bitcoin has maybe, it literally slapped a bandaid on the scaling problem. It's far from the solution. As much as people hate it, proof of stake is superior and something even better than that will come out in time.
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koods
Ribbit



Registered: 05/26/11
Posts: 106,049
Loc: Maryland/DC Burbs
Last seen: 3 hours, 13 minutes
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Quote:
This is a very typical bubble and bubble-pop. Bitcoin isn't dying currently, it'll go up in value again years from now.
Yeah and the Nokia flip phone is about to make a comeback
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NotSheekle said “if I believed she was 16 I would become unattracted to her”
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SirShroomsAlott
Howdy



Registered: 05/15/14
Posts: 6,945
Loc: United States
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Re: Is Bitcoin dying? [Re: koods]
#24969738 - 02/05/18 06:55 PM (5 years, 11 months ago) |
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Should also admit I'm not actually saying bitcoin will be a survivor when the eventual downfall comes or that I'm the biggest fan of it as a crypto in general, until better ones come out and prove themselves I'm hell bent on ethereum being the true king of this market even if it doesn't hold the #1 spot. Just don't see any reason bitcoin is done quite yet.
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modern.shaman
San Mescalito




Registered: 05/09/12
Posts: 3,224
Loc: Zone 13
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Will drop to 5k level again where it was before the pump (may drop more due to fear)
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SirShroomsAlott
Howdy



Registered: 05/15/14
Posts: 6,945
Loc: United States
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I'm expecting anywhere from 3.5 to 5k myself but honestly it's impossible to know. If it hits just below 5k I'll throw the 50% I took out back in whether it goes lower or not.
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koods
Ribbit



Registered: 05/26/11
Posts: 106,049
Loc: Maryland/DC Burbs
Last seen: 3 hours, 13 minutes
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The last pump required the general public getting on board. They won't fall for it again
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NotSheekle said “if I believed she was 16 I would become unattracted to her”
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modern.shaman
San Mescalito




Registered: 05/09/12
Posts: 3,224
Loc: Zone 13
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Re: Is Bitcoin dying? [Re: koods]
#24969778 - 02/05/18 07:09 PM (5 years, 11 months ago) |
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Anyone risking shorting btc? I've been making a nice return shorting but it is risky especially with leverage.
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SirShroomsAlott
Howdy



Registered: 05/15/14
Posts: 6,945
Loc: United States
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Re: Is Bitcoin dying? [Re: koods]
#24969781 - 02/05/18 07:10 PM (5 years, 11 months ago) |
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I'll bet you it pumps up to new all time highs before 2018 is over just for the fun of it
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