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21st May 2020, 09:31 AM | #561 |
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"To me, Hitler is the greatest man who ever lived. He truly is without fault, so simple and at the same time possessed of masculine strength" -Leni Riefenstahl Wollen owns the stage
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21st May 2020, 11:21 AM | #562 |
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Not true. The supply of USD is limited by the government and political will. The government can't get away with 'printing money' without the approval of the people, whereas anyone can make a cryptocurrency and nobody cares. That's how Bitcoin came to be.
But as a currency Bitcoin is a failure. It has become a 'virtual' commodity, ie. like gold but with no physical existence. Also unlike gold, Bitcoin could be destroyed simply by people losing interest in it - which is quite possible because the only interest most people have in it is speculation. If the bottom dropped out of the gold market it would still have value for jewelry and electronics etc., but for Bitcoin the bottom is zero, which will probably happen one day (when the speculators find something else more interesting).
Quote:
List of 'Modern' Obsolete Currencies |
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22nd May 2020, 12:40 AM | #563 |
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This exchange took place 6 months ago.
No doubt, Samson was hoping that after all this time, the exchange will have been forgotten so that he could again rabbit on abou "infinite supply of digital money" as if it had never been discussed again. Nailled It!!! |
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24th May 2020, 04:14 PM | #564 |
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I suggest going long rat poison, useful, designed for a purpose and yields results, and short bitcoin, useless and a disgraceful energy guzzling scam designed with good intent but fueling pure greed.
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24th May 2020, 04:27 PM | #565 |
Penultimate Amazing
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Crashing now. 8660
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25th May 2020, 08:49 AM | #566 |
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"The process by which banks create money is so simple that the mind is repelled. Where something so important is involved, a deeper mystery seems only decent." - Galbraith, 1975 |
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25th May 2020, 04:39 PM | #567 |
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25th May 2020, 08:46 PM | #568 |
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"The process by which banks create money is so simple that the mind is repelled. Where something so important is involved, a deeper mystery seems only decent." - Galbraith, 1975 |
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26th May 2020, 05:02 AM | #569 |
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26th May 2020, 06:38 AM | #570 |
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26th May 2020, 07:55 AM | #571 |
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Last year I bought back in at $1000 less than I sold. But, I missed the bottom by a couple of thousand dollars. And yes that was unfortunate and bad luck on my part. But I'm not greedy and I held those coins for a few months, the price increased and I eventually made a nice profit when they were sold. It's here in the thread somewhere.
Nobody has claimed day trading is magic. When BTC is running sideways it's easy to make at least $100 per coin/day. This is not a new strategy nor is it a life changing monetary gain, those happen when BTC doubles over a short period as it did again recently. Chris B. |
30th May 2020, 06:49 PM | #572 |
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Yes you are. A not greedy person would go out and make or do something that has real value, not try to make money out of nothing.
Originally Posted by Samson
Meanwhile my new 'contactless' credit card is doing a superb job. All my accounts on one card, easily controlled via Internet banking, and totally virus free! If only Bitcoin had achieved its stated goal, it could have been the 'killer' app we all need now for safety and convenience. But it has missed the boat. And it only had 11 years to make it! |
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30th May 2020, 11:52 PM | #573 |
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Making money from money (if bitcoin be money) may be seen as "immoral" on religious grounds but it is common place (think of retirement funds) and in no way labels everybody who does so "greedy"
I pointed out that bitcoin no longer picks up when the rest of the market is down months ago. |
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31st May 2020, 05:34 AM | #574 |
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31st May 2020, 05:28 PM | #575 |
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1st June 2020, 03:36 AM | #576 |
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My research suggests bitcoin is mainly mined in China, but in fairness the hydro is too remote to empower industry or people.
It is a sickness of surplus environmental wealth. I bet it could be diverted to create enduring habitat for giant pandas, but that would be pointless when global warming hunts them to higher and inhabitable ground. |
9th June 2020, 03:27 PM | #577 |
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‘Avocado prices indicated sell signal for Bitcoin in early March’
Satoshi Nakaboto: ‘Avocado prices indicated sell signal for Bitcoin in early March’
Update 9th June 2020
Quote:
Quote:
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9th June 2020, 03:44 PM | #578 |
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Or even for humans.
I am trying to do my bit with an electric car. Lately I have also been biking and walking more to save even more energy (and keep fit). But with the opening up it's not so pleasant now. The noise and the smell of gas cars racing around the city is quite obnoxious, and I wish we were back in full lockdown. Will we just go back to destroying the environment so we can buy more stuff? I was walking back from the local electronics store yesterday, dodging cars and trying to avoid the fumes - when I realized that a time may come when I will welcome leaving this world. |
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9th June 2020, 03:58 PM | #579 |
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Quote:
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9th June 2020, 04:10 PM | #580 |
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11th June 2020, 11:05 PM | #581 |
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Unless you have your own solar panels, that electric car runs on coal and natural gas. (Some of those fumes you were breathing in.)
I can't speak for overseas mining operations but in the US most BTC miners have widely adopted solar power as a means to power their operations. BTC mining is likely a healthy part of new large scale solar installations here. Without the addition of solar power, BTC mining is not profitable here. Nothing better for the environment than turning sunshine into money. I suppose miners do sell some of their excess solar electricity for charging electric cars etc... Chris B. |
14th June 2020, 01:47 PM | #582 |
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Hamilton 68: Tracking Russian internet propaganda |
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14th June 2020, 08:23 PM | #583 |
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"The process by which banks create money is so simple that the mind is repelled. Where something so important is involved, a deeper mystery seems only decent." - Galbraith, 1975 |
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14th June 2020, 09:34 PM | #584 |
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https://news.bitcoin.com/bitcoin-min...g-to-the-grid/
I use solar as well. Originally it was to save money on the electric bill but later after I discovered the added benefit of offsetting mining costs 2013-14, I added more panels and a 2nd location. Solar is cheap at the moment. You can find 250 watt panels used for less than $50 each in the US. If you have your own property it's foolish not to have a few panels installed. Return on investment is very quick. Chris B. |
14th June 2020, 10:15 PM | #585 |
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I think you are missing the point. The solar electricity that you use to mine for bitcoins is solar electricity that is not being exported to the grid.
The excess solar electricity generated by households can do much to reduce the generating requirements of the power companies but not if householders keep that electricity to mine for bitcoins. |
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14th June 2020, 11:13 PM | #586 |
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Most 'renewable energy' Bitcoins are mined in China, the biggest producer of greenhouse gasses in the World. China is installing more solar and nuclear, but in the mean time they are burning coal. So every kWh of renewable energy diverted to mining Bitcoin there is directly contributing to pollution.
Bitcoiners could 'greenwash' their hobby by producing enough solar power to compensate, but only if they live in China or stop buying Chinese made goods. Economically it doesn't make sense though. Better to just use the electricity to lower your power bill and sell the excess. More efficient and a much more stable income! |
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14th June 2020, 11:41 PM | #587 |
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Not where my local power company is concerned. They pay me 7c per unit for my excess electricity and sell it to my next door neighbour for 28c per unit! Then they have the nerve to say that they are "subsidizing" me because I don't buy as much of their electricity any more.
That's why I have recently installed batteries. I'm keeping my solar electricity to myself. |
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"The process by which banks create money is so simple that the mind is repelled. Where something so important is involved, a deeper mystery seems only decent." - Galbraith, 1975 |
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15th June 2020, 12:04 AM | #588 |
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Meanwhile bitcoin is poised to crash below production cost of 7k.
That is why Buffet and Munger see rat poison. |
15th June 2020, 01:27 AM | #589 |
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15th June 2020, 01:45 AM | #590 |
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"The process by which banks create money is so simple that the mind is repelled. Where something so important is involved, a deeper mystery seems only decent." - Galbraith, 1975 |
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15th June 2020, 10:56 AM | #591 |
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The batteries are a smart move. Did you go with lead acid or lithium?
My electric company does not "buy" any extra power I produce. They allow me "credits" toward my next bill if there is an excess. I check the meter near the end of the month and either activate or deactivate miners. I have read and watched videos of horror stories about local utilities in different states doing funny things with solar power producers. One area, the utility company was paying the solar producer .02 per KWH and selling it back to him at .12 per KWH. His solar power went out to the electric company thru one meter and his shop purchased electricity thru a seperate meter. He was outraged! I would have been too. I think he did correct the situation with some rewiring of loads. It was an EV conversion shop guy on youtube. I think he is in Missouri, I can't remember the details but it's worth a watch if you do a little searching. Funny guy! Chris B. |
15th June 2020, 02:38 PM | #592 |
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15th June 2020, 03:01 PM | #593 |
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Weasel words and an invalid conclusion.
Why The Actual Cost Of Mining Bitcoin Can Leave It Vulnerable To A Deep Correction
Quote:
Of course this only applies if the product has perceived value. One day Bitcoin may become redundant for one reason or another (eg. 'investors' move on to something with better returns, or a better technology eclipses it) and then the price could crash to ZERO because unlike physical commodities like gold it has virtually no aesthetic appeal. |
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15th June 2020, 03:08 PM | #594 |
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15th June 2020, 10:14 PM | #595 |
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The estimated cost to mine a bitcoin varies from web site to web site.
It should be so simple. Given the estimated total average power being used globally to mine for bitcoins, you multiply that by 1/6 hours and divide by 6.25 bitcoins to get the number of KWh needed to mine a single bitcoin. But do you think that any web site will give you raw data like that? No. All you get is pre-digested conclusions. You are making this efficient market hypothesis backwards. The cost of mining bitcoin depends on the price of bitcoin (or its perceived long term price). If the price of bitcoin rises then more miners will find it profitable to join the fray thus pushing up the production cost and if the price of bitcoin falls then some existing miners will find that producing bitcoin is unprofitable and drop out thus lowering the production cost for other miners. Weasel words and an invalid conclusion. |
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16th June 2020, 03:43 AM | #596 |
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I use lithium batteries. They can be discharged down to 10% without damage. The batteries include some smart electronics that determines the optimum mix of battery and grid electricity when the sun isn't shining. It also includes sophisticated online monitoring of the state of the system.
So far, I have 5.8 Kwh of storage. It is barely enough to last a long (by Australian standards) winter's night if no heavy duty appliances are switched on and the batteries got enough sunlight to fully charge. I will monitor the system for a year and then decide if additional batteries are warranted. |
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"The process by which banks create money is so simple that the mind is repelled. Where something so important is involved, a deeper mystery seems only decent." - Galbraith, 1975 |
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17th June 2020, 06:48 AM | #597 |
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It is nice to see a developing technical picture that accords with common sense, infinite supply leads to zero value.
A gold bar can be used for self defence but a website that unexpectedly disappears without recourse is an alluring idea for the anti avarice disciples still straggling to keep up. |
17th June 2020, 07:03 AM | #598 |
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17th June 2020, 08:03 AM | #599 |
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But does this create enough demand to keep the miners going to support the block chain to keep it going? My understanding was that the miners provided the infrastructure needed to keep bitcoin working, and so if mining is not profitable who will keep it all going at a loss for the drug runners and terrorists?
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17th June 2020, 09:07 AM | #600 |
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You clearly don't understand the algorithm.
The mining difficulty adjusts to keep the block generation rate constant. If the vast majority of miners said "**** it" and quit, the mining difficulty would become so easy that it would still be profitable for the remaining miners even it the price collapsed to a small fraction of its current value. How do you think that bitcoin grew in those early years when the price was virtually nil? |
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