Fear of missing out

Brumby

Established member
593 135
I´d say most people see in Cryptourrencies a way to ensure that the state can no longer engage in these sort of crimes. (I mean extracting wealth from the people and handing it over to the plutocracy)
Seriously most people have no clue what cyryptocurrency is let alone able to comprehend how it is able to replace the fiscal and monetary policies involved in running a stable government through its currency.

To-date, all I have seen are abstract comments on how cryptocurrencies will replace fiat currencies. Unfortunately such views do not stack up to reality. For example, the energy cost to mine Bitcoin is getting so ridiculous that it is estimated the energy requirements will surpass the entire world's electricity requirments by 2020.

https://grist.org/article/bitcoin-could-cost-us-our-clean-energy-future/

Granted the article's facts may be suspect as it lacks credible reference source, there are obvious problems with Bitcoin and unintended consequences.

The argument that somehow people have seized the moral high ground on the role of currency is laughable. It is simply greed in action by speculators wanting to make a quick buck.
 

mike.

Senior member
2,098 701
To-date, all I have seen are abstract comments on how cryptocurrencies will replace fiat currencies. Unfortunately such views do not stack up to reality. For example, the energy cost to mine Bitcoin is getting so ridiculous that it is estimated the energy requirements will surpass the entire world's electricity requirments by 2020.
If your thinking of mining your own coins then have a look at the video below, you need to go big, real big...:-0


 
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counter_violent

Legendary member
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If your thinking of mining your own coins then have a look at the video below, you need to go big, real big...:-0


Only applies to Bitcoin on that scale, but once again we see how computing is being pushed forward so that only the latest high tech can be used in the efficient mining process. Note, I use the word efficient, not in any power usage sense, but in the mining process itself at this level of difficulty.

Proof of work is the process here, but there are moves afoot to take cryptos off in other less power hungry directions.

The sort of mining i'm looking at would be to do with new issues, whereby it is possible to mine a great number of low value crypto very quickly, rinse and repeat as new issues come to market.

Delayed gratification. Waiting for them to take off. It only takes one from the stable to do something.

A bit like the venture capital model of business funding. Out of 10 companies invested in, 7 may flop, 2 may hold their own and 1 may be the next google.
 
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Brumby

Established member
593 135
According to the wiki link, a couple of pizzas were exchanged for 10,000 Bitcoin, too funny today :LOL:
Presumably you are referring to this person in 2010 who purchased 2 pizzas using 10,000 Bitcoins which today is worth $190 million. Lol,

https://bitcointalk.org/index.php?topic=137.0

Ive next to no understanding of blockchain etc. Atm as I understand it it takes a pile of effort with a computer to 'mine' Bitcoin, and its get more difficult mine the next Bitcoin, it could be said thats true of any mined resource as the low hanging fruit are taken first. Id imagine these costs are born by the miner not the transactor, idk. Im also not sure how much computing power it takes to transact in Bitcoin, if its a lot by todays measure it could be argued that this might be a non issue with tomorrows hardware, but idk.
The architecture design with Bitcoin is that the proof of work required for each block chain i.e. mining takes approimately 10 mins. The time required by design is to maintain at this rate. The complexity of the mathematical problem requiring solving is automatically scaled up or down based on the hashed rate achieved in solving the most recent block. The irony is Bitcoin is drowning on the weight of its own success with its valuation. As the valuation escalates, it attracts more mining resources and consequently more energy consumption that is chasing for the same payout in mined coins. In other words, while there are more computational resources thrown into the mining, the complexity of the computation challenge rises accordingly to maintain a window of 10 mins to solve the problem within each mining block.

How quantum computers might change this will be interesting to watch.
 
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counter_violent

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More Famous last words....post51 (y)

20% here 20% there.......who cares, it's all relative
Bitcoin $15,000 next, then on to $20,000.
Crypto market cap still rising, so even though Bitcoin dropped a bit, overall we are still going up.
Well that didn't take long did it!

current price $19,600
has been over $20,000 today

http://www.zerohedge.com/news/2017-12-16/bitcoin-hits-new-all-time-high-after-burst-asian-buying-market-cap-soars-above-300-b

Total market cap approaching $600,000,000,000

https://coinmarketcap.com/all/views/all/
 
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new_trader

Legendary member
6,193 1,259
You´d be surprised, we all saw how governments across the globe printed money out of thin air and handed it over to the banks.

I´d say most people see in Cryptourrencies a way to ensure that the state can no longer engage in these sort of crimes. (I mean extracting wealth from the people and handing it over to the plutocracy)
B.S. Most people are now buying crypto's because they are going up. It's a mania, nothing more. Governments have been printing money out of thin air for the last 10 years+...decades...debasing has been around for centuries...
 

gotu

Member
98 5
B.S. Most people are now buying crypto's because they are going up. It's a mania, nothing more. Governments have been printing money out of thin air for the last 10 years+...decades...debasing has been around for centuries...
Yes, debasing has been going on for decades, which is why gold did pretty well since 1971.

But gold is being replaced as we speak, because it is not suitable for the digital era, capital is being reallocated from precious metals towards the new stores of value.

I agree that presently a mania phase is unfolding, and a lot of cryptos will no doubt disappear, but the market must be allowed to operate freely, it´s the best mechanism for removing the bad weeds.

And once they are removed, we will be left with the new digital stores of value, which no government can debase.
 

new_trader

Legendary member
6,193 1,259
Yes, debasing has been going on for decades, which is why gold did pretty well since 1971.

But gold is being replaced as we speak, because it is not suitable for the digital era, capital is being reallocated from precious metals towards the new stores of value.

I agree that presently a mania phase is unfolding, and a lot of cryptos will no doubt disappear, but the market must be allowed to operate freely, it´s the best mechanism for removing the bad weeds.

And once they are removed, we will be left with the new digital stores of value, which no government can debase.
Maybe you can explain why a store of value needs to be digital? Will cryptos replace property, art, classic cars, fine wine?

It's all "new paradigm" mania.
 

counter_violent

Legendary member
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Maybe you can explain why a store of value needs to be digital? Will cryptos replace property, art, classic cars, fine wine?

It's all "new paradigm" mania.
Needs to be digital because we are living in a transient world now. Everyone has a device. Not sure gold makes sense as it is non portable and current in the physical sense. In the paper sense, it has about as much value as fiat. Yet another market that the elites have screwed over.
 

new_trader

Legendary member
6,193 1,259
Needs to be digital because we are living in a transient world now. Everyone has a device. Not sure gold makes sense as it is non portable and current in the physical sense. In the paper sense, it has about as much value as fiat. Yet another market that the elites have screwed over.
Hmmm...I own physical gold and silver because I actually believe what I say about fiat money and a store of value...do you own any real cryptos?
 

counter_violent

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Hmmm...I own physical gold and silver because I actually believe what I say about fiat money and a store of value...do you own any real cryptos?
I also believe what I say about fiat money and stores of wealth.
Owning physical gold is fine, but the paper stuff has been used to manipulate the market prices and not in a good way.

I'm working on the cryptos and strategies presently. After the new yr I intend to implement them.
 

counter_violent

Legendary member
9,425 2,383
Why now cv , cryptos have been around for years ...
Good question.

It's become apparent that govt's and central planners are now losing control. Not only of the financial system but also in suppressing dissenting voices and the information that they are circulating.

I've been wondering for the longest time what course the peoples backlash / revolution would take and it would appear that cryptos fit the bill.