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Old 03-01-2021, 02:20 PM   #1001
Canadianman
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Originally Posted by Hemi-Cuda View Post
How do you buy through Binance? I tried using my credit card but it keeps erroring out

It's clunky, but here is my process:


1) deposit CAD into my newton account.
2) buy USDT with my CAD
3) transfer USDT to my binance account
4) buy ADA with USDT
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Old 03-01-2021, 09:19 PM   #1002
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You guys are brave buying in now! I'm curious who has been saying $10 ADA?

This is how I kind of see it breaking down. We're in the middle of the bull market now and ADA was at $0.10 in September at the start of this market cycle. It has already gone 13x this cycle to its current level of $1.30.

To get to $10, that would require ADA doing 100x this market cycle, which I don't think is very realistic.

If you bought bitcoin at $300 in Jan 2016 and sold at the peak of $14,000 in Dec 2017, that is a 46x return to put it in perspective.

I hope ADA continues to do well and pushes higher, but I would temper the expectation of $10 this cycle. If you bought at $1.30, I would be happy with a 2x return this cycle. A $2.60 ADA would be 26x this cycle which is incredible and would smash the previous ATH.

Just to be clear, I'm not saying ADA can't or won't get to $10 at some point in time. All I'm saying is I don't think it is likely during this run.
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Old 03-01-2021, 10:58 PM   #1003
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You guys are brave buying in now! I'm curious who has been saying $10 ADA?

This is how I kind of see it breaking down. We're in the middle of the bull market now and ADA was at $0.10 in September at the start of this market cycle. It has already gone 13x this cycle to its current level of $1.30.

To get to $10, that would require ADA doing 100x this market cycle, which I don't think is very realistic.

If you bought bitcoin at $300 in Jan 2016 and sold at the peak of $14,000 in Dec 2017, that is a 46x return to put it in perspective.

I hope ADA continues to do well and pushes higher, but I would temper the expectation of $10 this cycle. If you bought at $1.30, I would be happy with a 2x return this cycle. A $2.60 ADA would be 26x this cycle which is incredible and would smash the previous ATH.

Just to be clear, I'm not saying ADA can't or won't get to $10 at some point in time. All I'm saying is I don't think it is likely during this run.
There are no guarantees but these are early days for ADA and people think its about to take off with the hard fork.

Bitcoin was 8 cents in 2010 and $32 in 2011
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Old 03-02-2021, 08:58 AM   #1004
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I'm curious how much electricity cost is associated with PoS models vs PoW.

PoW has to account for a chunk of the issue.
From my basic understanding of PoS it will effectively make electricity use inconsequential.

https://spectrum.ieee.org/computing/...-by-99-percent

This article states a 99% reduction of electricity demand for ETH's switch to PoS.
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Old 03-02-2021, 10:34 AM   #1005
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From my basic understanding of PoS it will effectively make electricity use inconsequential.

https://spectrum.ieee.org/computing/...-by-99-percent

This article states a 99% reduction of electricity demand for ETH's switch to PoS.
This is why I'm moving away from BTC and backing ADA. I think it's only a matter of time until more governments start cracking down on crypto mining, leaving the PoS coins as the only viable alternative
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Old 03-02-2021, 11:13 AM   #1006
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This is why I'm moving away from BTC and backing ADA. I think it's only a matter of time until more governments start cracking down on crypto mining, leaving the PoS coins as the only viable alternative
https://cointelegraph.com/news/bitco...suisse-founder

This seems logical to me.
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Old 03-02-2021, 11:24 AM   #1007
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it is absolutely logical, but ETH has been 1-2 years away from PoS for about 3 years now.
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Old 03-02-2021, 11:36 AM   #1008
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it is absolutely logical, but ETH has been 1-2 years away from PoS for about 3 years now.
ETH 2.0 was launched Dec 1, 2020. PoS and vastly increased transaction capability.
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Old 03-02-2021, 11:48 AM   #1009
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Originally Posted by worth View Post
You guys are brave buying in now! I'm curious who has been saying $10 ADA?

This is how I kind of see it breaking down. We're in the middle of the bull market now and ADA was at $0.10 in September at the start of this market cycle. It has already gone 13x this cycle to its current level of $1.30.

To get to $10, that would require ADA doing 100x this market cycle, which I don't think is very realistic.

If you bought bitcoin at $300 in Jan 2016 and sold at the peak of $14,000 in Dec 2017, that is a 46x return to put it in perspective.

I hope ADA continues to do well and pushes higher, but I would temper the expectation of $10 this cycle. If you bought at $1.30, I would be happy with a 2x return this cycle. A $2.60 ADA would be 26x this cycle which is incredible and would smash the previous ATH.

Just to be clear, I'm not saying ADA can't or won't get to $10 at some point in time. All I'm saying is I don't think it is likely during this run.
Totally agree. It's nice to think about $10 ADA this year and cool if it happens, but that would mean close to a half trillion dollar market cap. I don't expect to see anything like that for years.

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Old 03-02-2021, 11:53 AM   #1010
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Totally agree. It's nice to think about $10 ADA this year and cool if it happens, but that would mean close to a half trillion dollar market cap. I don't expect to see anything like that for years.

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I'm trying to figure out if it's still worth putting into Ethereum or BTC as a late investor. There are some pretty bullish predictions out there over the next few years but there is so much risk for a relatively expensive entry now.
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Old 03-02-2021, 11:54 AM   #1011
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Just don't read to far in the article...
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Which metropolis in the world doesn’t have 100-story-high banking towers, glowing in a million different colors all night, and their financial systems, their computers, server rooms. How much energy does Facebook consume? They have 21 huge data centers worldwide, I’d say probably more than Bitcoin. The banking system for sure consumes a lot more energy.
Well, let's see, a quick Google tells me it's 5.1TWh in 2019, so not even close to Bitcoin. "I'd probably say" is key for "I couldn't take 3 seconds to check my suspicion because I believe what I want to believe." Then to also compare it to the banking system is nonsensical. If Bitcoin were to replace all of our banking, it'd be consuming orders of magnitude more power, as it is currently designed.
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Old 03-02-2021, 12:27 PM   #1012
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Just don't read to far in the article...

Well, let's see, a quick Google tells me it's 5.1TWh in 2019, so not even close to Bitcoin. "I'd probably say" is key for "I couldn't take 3 seconds to check my suspicion because I believe what I want to believe." Then to also compare it to the banking system is nonsensical. If Bitcoin were to replace all of our banking, it'd be consuming orders of magnitude more power, as it is currently designed.
My apologies if I posted an article that contains inaccurate statements. Like many things on the internet, it is hard to know which source to trust. Perhaps I should not have posted it. I suppose a better post would be:
I am of the opinion that it's logical Bitcoin will switch to a more energy efficient Proofing method once other cryptos like ADA and ETH prove it is stable and secure enough.

The point I was trying to make was Bitcoin could replace a warehouse full of mining computers with a single laptop. The energy usage is definitely a problem for Bitcoin currently but there is a solution available.
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Old 03-02-2021, 12:41 PM   #1013
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Right, that's fine, and I agree, they need to move to PoS, or something else. I just found the rest of it very questionableobviously incorrect.
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Old 03-02-2021, 12:43 PM   #1014
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Just don't read to far in the article...

Well, let's see, a quick Google tells me it's 5.1TWh in 2019, so not even close to Bitcoin. "I'd probably say" is key for "I couldn't take 3 seconds to check my suspicion because I believe what I want to believe." Then to also compare it to the banking system is nonsensical. If Bitcoin were to replace all of our banking, it'd be consuming orders of magnitude more power, as it is currently designed.
And if it were employing tens of millions of people, we might be inclined to forgive it
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Old 03-02-2021, 03:11 PM   #1015
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I'm trying to figure out if it's still worth putting into Ethereum or BTC as a late investor. There are some pretty bullish predictions out there over the next few years but there is so much risk for a relatively expensive entry now.
Yeah, tough call. I'm not the biggest fan of proof of work in the long run so I wouldn't really know.

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Old 03-02-2021, 04:09 PM   #1016
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Originally Posted by Canadianman View Post
It's clunky, but here is my process:


1) deposit CAD into my newton account.
2) buy USDT with my CAD
3) transfer USDT to my binance account
4) buy ADA with USDT
I bought some ADA yesterday with this method which worked well, but then I wanted to take it out of Binance and put it into my Daedalus wallet so I could stake it. But they've disabled ADA withdrawals for "maintenance" that's been going on for more than 24 hours now, not impressed at all with them. I think I'll use Kraken for any future ADA purchases
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Old 03-02-2021, 04:28 PM   #1017
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I bought some ADA yesterday with this method which worked well, but then I wanted to take it out of Binance and put it into my Daedalus wallet so I could stake it. But they've disabled ADA withdrawals for "maintenance" that's been going on for more than 24 hours now, not impressed at all with them. I think I'll use Kraken for any future ADA purchases
Coinsmart is the same in that I haven't been able to purchase ADA in 24 hours (keeps saying something to the effect of the price has changed and won't proceed). Not sure that I actually will purchase ADA, but it's annoying.
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Old 03-02-2021, 05:09 PM   #1018
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Bit coin cannot replace banks as what banks do mostly is lend money, banks are not money, they just happen to deal in money.

the only power consumption you could compare bitcoin to would be the printing process of producing money, which is negligable
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Old 03-03-2021, 01:28 PM   #1019
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Bit coin cannot replace banks as what banks do mostly is lend money, banks are not money, they just happen to deal in money.

the only power consumption you could compare bitcoin to would be the printing process of producing money, which is negligable
The evolution of Bitcoin has turned it into more of a store of value, which means it could be compared to the energy used to extract gold. I've been watching the show "Aussie Gold Hunters" which follows amateur and small-time gold miners in gold rich Australia. It's enlightening to see how a small operation using a loader and medium excavator can expend hundreds of dollars of diesel a day and be happy to get half an ounce of gold.
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Old 03-03-2021, 02:01 PM   #1020
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The evolution of Bitcoin has turned it into more of a store of value, which means it could be compared to the energy used to extract gold. I've been watching the show "Aussie Gold Hunters" which follows amateur and small-time gold miners in gold rich Australia. It's enlightening to see how a small operation using a loader and medium excavator can expend hundreds of dollars of diesel a day and be happy to get half an ounce of gold.
About 80% of gold is turned into jewelry though, its kind of an investment but mostly is esthetic and cultural, it also has the advantage its a one time expenditure of energy, once the gold is dug up and refined that's it forever.
Bitcoin, as it is set up now if I understand it correctly, requires vast amounts of computing energy all the time to track its movements forever.

Which spurs a question to those with better knowledge, am I right in thinking bitcoin mining is in fact just a built in method to pay for the vast amount of computer time required to track the movements of the bitcoins, its a reward for 'miners' who are in fact maintaining the payment and movement system? if so what happens when the available coins run out and the 'miners' stop doing what I assume is needed to keep the system operating?

Last edited by afc wimbledon; 03-03-2021 at 02:04 PM.
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