• Dear Guest, Please note that adult content is not permitted on this forum. We have had our Google ads disabled at times due to some posts that were found from some time ago. Please do not post adult content and if you see any already on the forum, please report the post so that we can deal with it. Adult content is allowed in the glory hole - you will have to request permission to access it. Thanks, scara

Cryptocurrency

P.D. said:
It is obscene how much it uses but I can't see how a carbon tax would work, it can be mined from anywhere with computing power and an internet connection. With the money involved miners would just go elsewhere.
Click to expand...

Why?

What is obscene about it. I'm aware how much energy it uses but not as bad as pet ownership or even football putting on top flight matches, all those people travelling to games drinking and eating products that need to be produced.

Fcuking hippies need to fcuk off and taking their religious beliefs with them and stop trying to control other people's lives all the time.

Bitcoin is about freedom, no wonder the green zealots want to limit it. I believe in a free world for people to be free they need bitcoin.
 
Rorschach said:
Yeah, I don't how they would levy it either. Some clever clogs will figure it out though.
Click to expand...

the issue is a lot of bitcoin mining is done in secret away from the authorities in china.

A BBC Journo covered it couple of weeks back, was a warehouse with computer attached to computer, imagine a Supermarket with computers on every shelves all the way down the aisle. The mining operation was making around £60,000 a day through mining and selling BTC in some warehouse pretending it was some engineering firm or something.
 
Danishfurniturelover said:
Why?

What is obscene about it. I'm aware how much energy it uses but not as bad as pet ownership or even football putting on top flight matches, all those people travelling to games drinking and eating products that need to be produced.

Fcuking hippies need to fcuk off and taking their religious beliefs with them and stop trying to control other people's lives all the time.

Bitcoin is about freedom, no wonder the green zealots want to limit it. I believe in a free world for people to be free they need bitcoin.
Click to expand...

I think it's more the headline figures you see quoted like uses as much energy as a country (https://www.bbc.co.uk/news/technology-56012952) that gives it some perspecitve. People do also criticise the other things you mentioned.

But I agree with you, it's a free market and I don't have any issues with how it runs though I don't think it's as decentralized as it could be, from what I've read 5 miners control almost half the nodes.
 
Diamond Lights said:
the issue is a lot of bitcoin mining is done in secret away from the authorities in china.

A BBC Journo covered it couple of weeks back, was a warehouse with computer attached to computer, imagine a Supermarket with computers on every shelves all the way down the aisle. The mining operation was making around £60,000 a day through mining and selling BTC in some warehouse pretending it was some engineering firm or something.
Click to expand...
I haven't seen those but I have seen pictures of the rig farms in Iceland (cheaper to cool there!). I briefly looked into setting up some ethereum rigs myself a good while back but the numbers didn't stack up. The hardware costs plus more significantly the ongoing electricity costs would have had it running at a loss at the time. Even from then, I have a changed perspective on bits/bytes investments, that it is a little too fragile for my liking. The ingenuity of hackers, freelance or state-sponsored, knows no bounds so now I stick to investments that I can touch.
 
P.D. said:
I think it's more the headline figures you see quoted like uses as much energy as a country (https://www.bbc.co.uk/news/technology-56012952) that gives it some perspecitve. People do also criticise the other things you mentioned.

But I agree with you, it's a free market and I don't have any issues with how it runs though I don't think it's as decentralized as it could be, from what I've read 5 miners control almost half the nodes.
Click to expand...
That is a dramatic headline, but to bring it back home (literally) the cost of one bitcoin transaction is estimated at a whopping 700kwh now which is about say 3-4 weeks worth of electrical consumption in an average household. And this power does no useful work whatsoever except keeping the currency alive, and it is only increasing. It won't be long before this coin consumes 1% percent of the global electricity usage. I'm not against dabbling in crypto, I've done it myself in the past but frankly, this is wrong.

https://www.newyorker.com/news/daily-comment/why-bitcoin-is-bad-for-the-environment
 
Last edited:
Rorschach said:
That is a dramatic headline, but to bring it back home (non-figuratively) the cost of one bitcoin transaction is estimated at a whopping 700kwh now which is about say 3-4 weeks worth of electrical consumption in an average household. And this power does no useful work whatsoever except keeping the currency alive, and it is only increasing. It won't be long before this coin consumes 1% percent of the global electricity usage. I'm not against dabbling in crypto, I've done it myself in the past but frankly, this is wrong.
Click to expand...

Not to mention it is not a currency that is used for transactions, apart from some illegal ones - buying drugs, laundering money. There have to be simpler and more sustainable ways for digital currencies to work.

Edit: Britcoin could be the answer?

https://www.reuters.com/business/fi...nk-england-digital-currency-sunak-2021-04-19/
 
Last edited:
billyiddo said:
That's some drop in the last week on BTC

Are we panicing yet?
Click to expand...

Why would you?


In 3 years time I would be convinced it will be significantly higher then today.

If it shakes the scum, those people that just want to make money out of the market then good. Bitcoin is about freedom and democracy it is for the people of the world. It is for the poor people in poor countries whose governments abuse them.

Think ethereum will rise in the summer and ripple if they win the case against the SEC. Though the is scenario where if the SEC banned xrp it would actually go up in value, was reading about it the other day was very interesting but they would burn all xrp not being used and what was left would go to bitcoin level. If that happened I would look very carefully into buying my local football club.

Always secretly wanted to run a non league football club.
 
Apparently they are trying to increase capital gains tax in the US so everyone has dumped their coins, have to question the sanity of some people. Wish I had some spare cash to buy a bit more of the dips - I think most coins will get a guaranteed 30% bump within the next week or so.
 
Danishfurniturelover said:
Why would you?


In 3 years time I would be convinced it will be significantly higher then today.

If it shakes the scum, those people that just want to make money out of the market then good. Bitcoin is about freedom and democracy it is for the people of the world. It is for the poor people in poor countries whose governments abuse them.

Think ethereum will rise in the summer and ripple if they win the case against the SEC. Though the is scenario where if the SEC banned xrp it would actually go up in value, was reading about it the other day was very interesting but they would burn all xrp not being used and what was left would go to bitcoin level. If that happened I would look very carefully into buying my local football club.

Always secretly wanted to run a non league football club.
Click to expand...

If that happened with XRP then we could probably club together and buy Spurs
 
Danishfurniturelover said:
Why would you?


In 3 years time I would be convinced it will be significantly higher then today.

If it shakes the scum, those people that just want to make money out of the market then good. Bitcoin is about freedom and democracy it is for the people of the world. It is for the poor people in poor countries whose governments abuse them.

Think ethereum will rise in the summer and ripple if they win the case against the SEC. Though the is scenario where if the SEC banned xrp it would actually go up in value, was reading about it the other day was very interesting but they would burn all xrp not being used and what was left would go to bitcoin level. If that happened I would look very carefully into buying my local football club.

Always secretly wanted to run a non league football club.
Click to expand...

Agreed...30% pull backs on BTC in a bull market is standard. Hash rate dropped, tsla sold 10% to rebalance and get some liquidity.... and the overleveraged longs get smoked.
 
You must log in or register to reply here.
Back