Let's talk about Cryptocurrencies

[JohnnyB]

Originally Posted by dino7c

You guys don't care so much you come here thanking each others posts giving high fives and posting every time there is a drop. "pro bitcoin members" are quiet because there is not point in talking with you guys. Drops are good for people who know what they are doing...most crypto guys I know are praying for $2500 BTC not scared of it.

Next time buy on the drops and make some money...fiat currency, assuming you think that has value...it is just paper after all and eventually will be worthless.

Yep, not a legitimate participant in a conversation. No point in trying to talk to someone who's not interested in really having a discussion. Feels like being lectured by an obstinate uncle or something.

[topfiverecords]

Obstinate rich uncle

[afc wimbledon]

Originally Posted by dino7c

You guys don't care so much you come here thanking each others posts giving high fives and posting every time there is a drop. "pro bitcoin members" are quiet because there is not point in talking with you guys. Drops are good for people who know what they are doing...most crypto guys I know are praying for $2500 BTC not scared of it.

Next time buy on the drops and make some money...fiat currency, assuming you think that has value...it is just paper after all and eventually will be worthless.

I take it you have moved heavily into sterling then as well?

[afc wimbledon]

I mention sterling as it has had a terrible year and lost around 10% of its value, that is a terrible year for a currency, currencies that lose 50% of their value in a year are valueless, they come from places like Zimbabwe where people have abandoned them and use US Dollars or barter instead, if a currency loses that kind of value it means the country is in the middle of a civil war or so.

[Slava]

Originally Posted by dino7c

You guys don't care so much you come here thanking each others posts giving high fives and posting every time there is a drop. "pro bitcoin members" are quiet because there is not point in talking with you guys. Drops are good for people who know what they are doing...most crypto guys I know are praying for $2500 BTC not scared of it.

Next time buy on the drops and make some money...fiat currency, assuming you think that has value...it is just paper after all and eventually will be worthless.

I think that blockchain and cryptos in general will survive and eventually be more widely adopted. That said as soon as people start talking about "fiat currency" it's just a huge red flag.

[Resolute 14]

Originally Posted by Fuzz

No one is arguing you can't make money off of other rubes with good timing, we are pointing out that it is valueless, and I'd argue has a negative societal benefit due to it's insane power consumption and poor design.

In fairness, value is in the eye of the beholder. Bitcoin is worth what it is because there are enough people willing to pay that price for one. I think it is more fair at this point to say Bitcoin is meritless. Whatever the value of the underlying concept, this particular implementation has a negative value to society.

[OMG!WTF!]

Originally Posted by afc wimbledon

I mention sterling as it has had a terrible year and lost around 10% of its value, that is a terrible year for a currency, currencies that lose 50% of their value in a year are valueless, they come from places like Zimbabwe where people have abandoned them and use US Dollars or barter instead, if a currency loses that kind of value it means the country is in the middle of a civil war or so.

That's a really strange comparison. Zimbabwe's currency didn't lose 50% of its value. It's supply grew by billions of percent compared to other currency because they printed so much of it....kind of the opposite problem crypto's face and an argument for crypto's in general. I don't really get what you're saying about silver. I guess if you're saying it can lose 50% of its value and still have value then I guess you have a point.

[puckedoff]

Originally Posted by OMG!WTF!

That's a really strange comparison. Zimbabwe's currency didn't lose 50% of its value. It's supply grew by billions of percent compared to other currency because they printed so much of it....kind of the opposite problem crypto's face and an argument for crypto's in general. I don't really get what you're saying about silver. I guess if you're saying it can lose 50% of its value and still have value then I guess you have a point.

I think by 'sterling' he means GBP. Of course, GBP is also a fiat currency so it declining in value is just the natural progression towards it being useless, and completely replaced by NovoCoins or ZeuDollars. And the looming Brexit doesn't help.

Interestingly, although a bit off topic, even though Canada has no looming brexit our currency has done as poorly as GBP. We just self imposed one on our self with our handling of the economy.

[Fuzz]

At least the founder of Ethereum realizes energy consumption is a major issue.

Ethereum mining consumes a quarter to half of what Bitcoin mining does, but that still means that for most of 2018 it was using roughly as much electricity as Iceland. Indeed, the typical Ethereum transaction gobbles more power than an average U.S. household uses in a day. "That's just a huge waste of resources, even if you don't believe that pollution and carbon dioxide are an issue. There are real consumers -- real people -- whose need for electricity is being displaced by this stuff," says Vitalik Buterin, the 24-year-old Russian-Canadian computer scientist who invented Ethereum when he was just 18.

Buterin plans to finally start undoing his brainchild's energy waste in 2019. This year Buterin, the Ethereum Foundation he cofounded, and the broader open-source movement advancing the cryptocurrency all plan to field-test a long-promised overhaul of Ethereum's code. If these developers are right, by the end of 2019 Ethereum's new code could complete transactions using just 1 percent of the energy consumed today.

https://hardware.slashdot.org/story/...-by-99-percent


Good to see it is going to be addressed. How would this affect the mining community? I assume cutting of 99% of the work required would decimate that part of the business, no? Could Bitcoin do the same?

[jammies]

Originally Posted by dino7c

There is no point in arguing with people who don't understand

Even less point in arguing with people who think their confirmation bias equates to understanding.

[afc wimbledon]

Originally Posted by Fuzz

At least the founder of Ethereum realizes energy consumption is a major issue.



https://hardware.slashdot.org/story/...-by-99-percent


Good to see it is going to be addressed. How would this affect the mining community? I assume cutting of 99% of the work required would decimate that part of the business, no? Could Bitcoin do the same?

I don't think bitcoins price allows it now, hence the video, but what do I know I'm just some crazy old guy shouting 'get off my lawn you little bastards', of course it is my lawn, bought and paid for by staying out of the dot com bubble when some of my mates went hard into it and lost everything, but I wouldn't understand what a bubble looks like

[corporatejay]

you appreciate that fiat currency has value because it's effectively a promise to pay from the government who issues it. They have the power of taxation and law making and frankly the ability to go to war. I would say it has more merit than bitcoin.

[JohnnyB]

Originally Posted by corporatejay

you appreciate that fiat currency has value because it's effectively a promise to pay from the government who issues it. They have the power of taxation and law making and frankly the ability to go to war. I would say it has more merit than bitcoin.

Promise to pay with what?

[afc wimbledon]

Originally Posted by JohnnyB

Promise to pay with what?

Essentially the economic output of the country, you know like when you get a mortgage and they check your tax returns and talk to your employer to see if you're good for the money, a country is no different which is why interest rates and currency values vary from stable powerful economies to basket case third world dictatorships.

[Slava]

Originally Posted by JohnnyB

Promise to pay with what?

Originally Posted by afc wimbledon

Essentially the economic output of the country, you know like when you get a mortgage and they check your tax returns and talk to your employer to see if you're good for the money, a country is no different which is why interest rates and currency values vary from stable powerful economies to basket case third world dictatorships.

This and let's say the government needed to pay however much money today. They can literally print more money and pay it. I'm not for a split second suggesting that there are no other ramifications, because there are, but never doubt that if the government owes $X.XX in CAD they can satisfy that amount.

[corporatejay]

Originally Posted by JohnnyB

Promise to pay with what?

Taxes and other revenue generation.

[Winsor_Pilates]

Originally Posted by dino7c

You guys don't care so much you come here thanking each others posts giving high fives and posting every time there is a drop. "pro bitcoin members" are quiet because there is not point in talking with you guys. Drops are good for people who know what they are doing...most crypto guys I know are praying for $2500 BTC not scared of it.

Next time buy on the drops and make some money...fiat currency, assuming you think that has value...it is just paper after all and eventually will be worthless.

Why would that be the case?

[Resolute 14]

Presumably because they can buy more at $2500 in anticipation of another bubble, at which point they still won't sell, and then say the same thing as the price marches back down again.

[rubecube]

I mean all you can do is laugh at the suckers who are still getting milked by this nonsense at this point.

https://vancouversun.com/news/local-...zarre-turn/amp

[Fuzz]

LOL. One guy had the only way to access $250 million, and didn't even have a plan to get the password out of his head before he died? Well that wasn't very smart of them.


I don't know much about offline wallets, but if that system died without a backup, would they also have lost everything in the offline wallets?