Originally posted by revo
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Official Cryptocurrency Thread
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Originally posted by Sour Masher View PostI don't think most people think of bitcoin as a replacement for fiat. It is more hoped to be a replacement of gold, but with a vastly worst environmental impact. I cannot get past how needlessly wasteful it is. The fact that Elon Musk is obsessed with going electric and green, but pumped Bitcoin is crazy to me. Mining bitcoin uses more dirty energy than many countries do.
But the attraction of it is that it is allegedly finite. Once it is all mined, there will never be any more. Scarcity is one driver for it. If Bitcoin really did completely replace gold as a safety net to inflation for nations and investors, it could be worth nearly 500k per coin, which is what hodlers tell themselves.I'm not expecting to grow flowers in the desert...
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Originally posted by heyelander View PostThat's pretty nasty when you are saying that it's worse for the environment than actual gold mining!
"Mining" for the cryptocurrency is power-hungry, involving heavy computer calculations to verify transactions.
Cambridge researchers say it consumes around 121.36 terawatt-hours (TWh) a year - and is unlikely to fall unless the value of the currency slumps.
Critics say electric-car firm Tesla's decision to invest heavily in Bitcoin undermines its environmental image.
The currency's value hit a record $48,000 (Ł34,820) this week. following Tesla's announcement that it had bought about $1.5bn bitcoin and planned to accept it as payment in future.
But the rising price offers even more incentive to Bitcoin miners to run more and more machines.
And as the price increases, so does the energy consumption, according to Michel Rauchs, researcher at The Cambridge Centre for Alternative Finance, who co-created the online tool that generates these estimates.
“It is really by design that Bitcoin consumes that much electricity,” Mr Rauchs told BBC’s Tech Tent podcast. “This is not something that will change in the future unless the Bitcoin price is going to significantly go down."
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Originally posted by Sour Masher View PostYeah, while it is less messy than gold mining is, it indirectly is much worse, because of the massive amounts of energy used, and how that energy is largely made. It gets worse with every split and as more compete for fewer coins. Mining coins consumes more energy than the entire country of Argentina, and it will continue to rise with the price of Bitcoin. It is unessary and incredibly wasteful: https://www.bbc.com/news/technology-56012952I'm just here for the baseball.
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Originally posted by Gregg View PostWould you invest in Bitcoin now?Last edited by Sour Masher; 06-21-2021, 03:06 PM.
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Originally posted by Sour Masher View PostI continue to be turned off by the environmental impact, so I have been tempted, but have never invested. In addition to that, I just don't see Bitcoin being "the" major crypto long term. There is just too much wrong with it. Shorter term, like over the next 5 years, I could see it continuing to rollcoaster and make and lose people a lot of money. To me, all of its value is vaporware long term, and shorter term, could see it falling below 20k, maybe even 10k, before speculators see an opportunity to pump and dump back up to 40-50k or so. I think the really big exponential growth is long gone. You may be able to double your money if you get in at the bottom and sell at the top, but with great risk, and with tremendous negative impact on the environment. The temptation was higher when you could dream of 100x return, but that is never happening again. If it is even a thing 20 years from now, I will be surprised.
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Originally posted by Gregg View PostWhat do you see as the major crypto over the next 10 years?
Another thing looming long term, although I know crypto creators are certainly aware of this and the tech will evolve as needed in the cat and mouse of security, is quantum computing. What is currently safe will not be once that breakthrough is made, and I think some major losses could be had here and there in the back and forth of secure/not secure. China may be in the lead on QC right now, and it won't be too long (less than a decade, probably), before not only major states, but well-financed criminals, could have the QC power needed to break crypto as it currently exists.
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“There’s no normal life, Wyatt, it’s just life. Get on with it.” – Doc Holliday
"It doesn't matter what you think" - The Rock
"I borked the entry." - Some dude on the Internet
Have I told you about otters being the only marine animal that can lift rocks?
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If you are an investor in Bitcoin investor in South Africa, you are screwed. The largest crypto heist ever has happened there, with two brothers draining the exchange and going to ground. It may still be recoverable, but the efforts will have to be funded and led by investors, as the government does not consider crypto real currency so it is not being pursued like it would be if this were a bank stealing all of the cash from its clients: https://www.msn.com/en-us/movies/new...p0i?li=BBnbfcLLast edited by Sour Masher; 06-23-2021, 10:54 PM.
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Originally posted by revo View PostThis is nothing new, unfortunately. Similar episodes happened a few years back, before the entire crypto craze.
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Havent paid any attention to this thread before but here's a video w some interesting info:
Dont know how much this really will depress the crypto market long-term, as it seems to be pretty resilient. And dont know how long it will take to move most of the crypto mining companies out of China but after that eventually happens, does crypto continue on as it did before the crackdown?
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