Bitcoin (cryptocurrency)

[paulsimpson]

apologies if this has been pointed out already, but Wallace-Wells corrected this recently, it turns out he had overestimated how bad bitcoin is environmentally speaking. (Still fucking bad though.)

Bitcoin energy consumption

Bitcoin’s Energy Consumption Is A Highly Charged Debate – Who’s Right?

Detractors claim the bitcoin mining industry is enormously energy-intensive and damaging. Supporters contend that bitcoin’s Proof of Work public consensus mechanism, which facilitates the conversion of energy to hashes, is a work of unparalleled genius. So, who’s right?

www.forbes.com

 

[inbetween]

Bitcoin energy consumption

Bitcoin’s Energy Consumption Is A Highly Charged Debate – Who’s Right?

Detractors claim the bitcoin mining industry is enormously energy-intensive and damaging. Supporters contend that bitcoin’s Proof of Work public consensus mechanism, which facilitates the conversion of energy to hashes, is a work of unparalleled genius. So, who’s right?

www.forbes.com

This just sums up how pointless Bitcoin really is. I just read that it is worth 0.5% of global energy consumption and who knows what % of that contributes to Co2. And what has been produced as a result, absolutely nothing.

To me it's a very dangerous fad only made useful to gamblers, the naive and drug dealers.

 

[bluemc1]

My mate bought 4K safe moon 5 days ago I think
It’s now worth 36k

I think good money to be made if you’ve got the time to do quick turnovers on these small price ones at the start

 

[paulsimpson]

This just sums up how pointless Bitcoin really is. I just read that it is worth 0.5% of global energy consumption and who knows what % of that contributes to Co2. And what has been produced as a result, absolutely nothing.

To me it's a very dangerous fad only made useful to gamblers, the naive and drug dealers.

gold-mining is 50 times more expensive than mining bitcoins and running the bitcoin network. Producing gold for the wedding band on your finger alone generates twenty tons of waste !

he gold-mining industry – which produces between 2,500 to 3,000 tons of new gold every year – consumes 475 million gigajoules of electricity: equal to around 131.9 TWh. It is much more difficult to scrutinize the energy output of the banking system which encompasses brick-and-mortar branches, printing facilities, computer servers, ATMs, and transportation, though one analysis puts the figure at 140 TWh.
way more than bitcoin

 

[metalblue]

gold-mining is 50 times more expensive than mining bitcoins and running the bitcoin network. Producing gold for the wedding band on your finger alone generates twenty tons of waste !

he gold-mining industry – which produces between 2,500 to 3,000 tons of new gold every year – consumes 475 million gigajoules of electricity: equal to around 131.9 TWh. It is much more difficult to scrutinize the energy output of the banking system which encompasses brick-and-mortar branches, printing facilities, computer servers, ATMs, and transportation, though one analysis puts the figure at 140 TWh.
way more than bitcoin

But gold is real, so not the same at all

 

[Lee1983]

My mate bought 4K safe moon 5 days ago I think
It’s now worth 36k

I think good money to be made if you’ve got the time to do quick turnovers on these small price ones at the start

Check out Safestar & Safegalaxy, both are younger versions of the same coin type. Safestar did 220% yesterday, just dropped hard but its at the last all time high and holding after 1 whale sold out at 10x for $800,000!

 

[BusterPhillips]

My mate bought 4K safe moon 5 days ago I think
It’s now worth 36k

I think good money to be made if you’ve got the time to do quick turnovers on these small price ones at the start

If I was him l would sell. IMO its shitcoin, prime pump and dump.

 

[Summerbuzz]

gold-mining is 50 times more expensive than mining bitcoins and running the bitcoin network. Producing gold for the wedding band on your finger alone generates twenty tons of waste !

he gold-mining industry – which produces between 2,500 to 3,000 tons of new gold every year – consumes 475 million gigajoules of electricity: equal to around 131.9 TWh. It is much more difficult to scrutinize the energy output of the banking system which encompasses brick-and-mortar branches, printing facilities, computer servers, ATMs, and transportation, though one analysis puts the figure at 140 TWh.
way more than bitcoin

58% of banking industry computing is done on the cloud, which offers extremely large efficiencies. Some of the major cloud providers are already at 100% renewable.

I've no idea how they came to that analysis, because what I've found from the same source the article quotes as 'unbiased' suggests that Bitcoin energy usage equals that of all other computing world-wide.

If you know how GPU's work when mining crypto (200w per GPU chip/card 24/7), vs the server CPU's that run almost everything else (load balanced farms with peak usage of around 45w per chip), then that's all to easy to imagine.

That's not to say that something like Netflix usage is really very inefficient. It is. We are duplicating processing and transmission of data endlessly.

 

[bluemc1]

If I was him l would sell. IMO its shitcoin, prime pump and dump.

I told him to sell some at least, I said if you were told you’d double your money you’d be happy but he’s not listened, hopefully he will sell as it starts falling and before it’s dropped to much

 

[BusterPhillips]

I told him to sell some at least, I said if you were told you’d double your money you’d be happy but he’s not listened, hopefully he will sell as it starts falling and before it’s dropped to much

It's the same with dodge, 95% of the currency is held by a handful of individuals. They wait for the price to hit a peak then dump all their currency, leaving retail investors out of pocket.

This is not financial advice but he could cash in and invest on ETH.

 

[Worzel Gummidge#9]

What platform you using?

I use Binance, coinbase and crypto.com only use different ones as some coins you can't buy through one platform are available on another, bit of a pain to be honest

 

[Worzel Gummidge#9]

Check out Safestar & Safegalaxy, both are younger versions of the same coin type. Safestar did 220% yesterday, just dropped hard but its at the last all time high and holding after 1 whale sold out at 10x for $800,000!

Do you what platform you can trade them on?

 

[Txiki Txiki Bang Bang]

I'm on a few telegram groups and a lot of people are saying good things about it and that it has great potential as a project, also been told by someone else as a tip (someone who has made serious cash in crypto...enough to hand their notice in for their day job!)

Care to share these groups?

 

[SPIDERBOY]

I use Binance, coinbase and crypto.com only use different ones as some coins you can't buy through one platform are available on another, bit of a pain to be honest

Yeah,thats why i asked....dint know if you had them on one only...cheers.

 

[Lee1983]

Do you what platform you can trade them on?

Both are on pancakeswap finance, it’s the biggest decentralised exchange and it runs on the Binance smart chain, so you’ll need BNB coin in your phone wallet for example (withdrawn as smart chain not Binance chain) to trade with most coins on it.

you’ll also need to set your wallet up for the smart chain network if it doesn’t already have it inbuilt. I believe Trustwallet is the easiest and metamask also is my preferred crypto storage wallet.

Binance allows you to purchase their native token BNB with debit card and withdraw on their website to your private wallet, once that’s done it’s just a case of connecting your wallet to the pancake swap website and trading. All trading is done with Binance coin to the other coin you want.

There are some good tutorials on YouTube as it’s had to explai

 

[Lee1983]

Care to share these groups?

It recommend ‘elliotrades’ YouTube and telegram to begin looking into the defi and smaller coins.

 

[Chippy_boy]

You are welcome - I'm still trying to understand it. But it is very interesting indeed.. my pissed I didn't invest when it was $0.25 cents.. $300 invest in 2011 would have made you a millionaire today...

And you'd have $65m, 4 years later. From a $300 bet 10 years ago. Wow.

Of course this is not true, because unless you forgot about it, you'd have probably cashed in your $300 investment when it reached $3,000 or $30,000 or $300,000. I cannot imagine many $300 investors have hung on until they have $65m.

 

[ChicagoBlue]

And you'd have $65m, 4 years later. From a $300 bet 10 years ago. Wow.

Of course this is not true, because unless you forgot about it, you'd have probably cashed in your $300 investment when it reached $3,000 or $30,000 or $300,000. I cannot imagine many $300 investors have hung on until they have $65m.

I’m still hanging on at about $60,000. Am trying to think about it as “spent money,” o that I never think about going in and selling it.

Am trying hard to just let it ride and see where it takes me. Could be Nowheresville or Funkytown, but I’m willing to give it the next decade to find its path.

As you say, though, it’d be hard NOT to take a big bite if it added a zero or two!!

 

[markbmcfc]

I've got a bit of Doge, from before its recent spikes. Not convinced it's a long term investment, so when do we think I should be getting out? It's dropped a bit the last few days which follows trend so i'm tempted to sell if it shoots up again.

 

[wayne71]

I’m still hanging on at about $60,000. Am trying to think about it as “spent money,” o that I never think about going in and selling it.

Am trying hard to just let it ride and see where it takes me. Could be Nowheresville or Funkytown, but I’m willing to give it the next decade to find its path.

As you say, though, it’d be hard NOT to take a big bite if it added a zero or two!!

You have to consider what’s going to change your life IMO. 100k or even 500k isn’t going to change most people’s lives that much, maybe help you retire a bit earlier.

I enjoy messing around with crypto as I find the rest of the investment world pretty boring, but I would never bank my future on it.

Have some fun, make some money and take your initial investment out. It’s all just fun money after that!