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Thread: Bitcoin

  1. #2041
    Keckers's Avatar
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    Quote Originally Posted by Maximillian View Post
    It's no longer a currency, it's a speculative investment vehicle that is soaking up the same flood of money that normally goes into derivatives.
    You're going to be in for a hell of a surprise when you realise just how insignificant bitcoin is and just how much money sits in other investment vehicles.
    Quote Originally Posted by Paul Mason
    It is absurd that we are capable of witnessing a 40,000 year old system of gender oppression begin to dissolve before our eyes yet still see the abolition of a 200 year old economic system as an unrealistic utopia.

  2. #2042

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    Quote Originally Posted by Keckers View Post
    Quote Originally Posted by Maximillian View Post
    It's no longer a currency, it's a speculative investment vehicle that is soaking up the same flood of money that normally goes into derivatives.
    You're going to be in for a hell of a surprise when you realise just how insignificant bitcoin is and just how much money sits in other investment vehicles.
    Just wait until next year.

    The first real indexed investment vehicle to be directly pegged against crypto-currencies is on-track to be approved.

    2018 is going to be another fantastic year for bitcoin, with people that have no technical savvy and lots of money suddenly gaining access to the crypto markets and driving demand.

    2019/2020 will be the year of the crash.

  3. #2043

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    Quote Originally Posted by Keckers View Post
    Quote Originally Posted by Maximillian View Post
    It's no longer a currency, it's a speculative investment vehicle that is soaking up the same flood of money that normally goes into derivatives.
    You're going to be in for a hell of a surprise when you realise just how insignificant bitcoin is and just how much money sits in other investment vehicles.
    However it is pretty ridiculous amounts of money anyway, especially for something somehow... even more artificial than they are. :P

  4. #2044
    dzajic's Avatar
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    Question.

    Price of bitcoin is hard capped by electricity cost in China? Y/N?

  5. #2045

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    Quote Originally Posted by dzajic View Post
    Question.

    Price of bitcoin is hard capped by electricity cost in China? Y/N?
    I honesly dont think they even give a fuck.

  6. #2046

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    Quote Originally Posted by dzajic View Post
    Question.

    Price of bitcoin is hard capped by electricity cost in China? Y/N?
    Not really.

    Bitcoin is driving changes in the value of things that are required for mining, rather than the other way round.

  7. #2047
    Keckers's Avatar
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    Quote Originally Posted by Isyel View Post
    Quote Originally Posted by Keckers View Post
    Quote Originally Posted by Maximillian View Post
    It's no longer a currency, it's a speculative investment vehicle that is soaking up the same flood of money that normally goes into derivatives.
    You're going to be in for a hell of a surprise when you realise just how insignificant bitcoin is and just how much money sits in other investment vehicles.
    However it is pretty ridiculous amounts of money anyway, especially for something somehow... even more artificial than they are. :P
    I dunno, bitcoin is probably easier to understand than what is basically a betting slip on the future cost of a bundled package of performance estimates which themselves are dependent on inflation or demand for internal flights in Australia or something.

    Just point people to the wikipedia page for tulips for example
    Quote Originally Posted by Paul Mason
    It is absurd that we are capable of witnessing a 40,000 year old system of gender oppression begin to dissolve before our eyes yet still see the abolition of a 200 year old economic system as an unrealistic utopia.

  8. #2048
    Specially Pegged Donor Overspark's Avatar
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    Quote Originally Posted by Isyel View Post
    Quote Originally Posted by Keckers View Post
    Quote Originally Posted by Maximillian View Post
    It's no longer a currency, it's a speculative investment vehicle that is soaking up the same flood of money that normally goes into derivatives.
    You're going to be in for a hell of a surprise when you realise just how insignificant bitcoin is and just how much money sits in other investment vehicles.
    However it is pretty ridiculous amounts of money anyway, especially for something somehow... even more artificial than they are. :P
    There is currently about $180 billion in Bitcoin and $320 billion in cryptocurrency total. The year started out with about a $18 billion total market cap. The market cap is expected to keep increasing dramatically in the coming years.

    Quote Originally Posted by dzajic View Post
    Question.

    Price of bitcoin is hard capped by electricity cost in China? Y/N?
    Not at all. The rate at which new bitcoins are mined is fixed, and self-adjusts to the total hashing power in the network. How many people are willing to add hashing power to the network while paying their own electricity costs has no bearing on how many coins are mined. Next to that miners get paid in two ways: by mining new coins and by receiving mining fees. Even without mining new coins you can still make money mining if the fees are high enough.

    Currently the fees are ridiculous because the original Bitcoin network has massive scale problems which means you have to set a ridiculous fee if you want your transaction to complete the same day.

    So basically: forget about electricity costs, all of this is based on good old supply & demand. Also other cryptocurrencies work in completely different ways and do not share any of those issues with Bitcoin.

  9. #2049
    Movember 2011Movember 2012 Nordstern's Avatar
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    "Dear NiceHash users! Unfortunately, there has been a security breach involving NiceHash website. We are currently investigating the nature of the incident and, as a result, we are stopping all operations for the next 24 hours. Importantly, our payment system was compromised and the contents of the NiceHash Bitcoin wallet have been stolen. We are working to verify the precise number of BTC taken. Clearly, this is a matter of deep concern and we are working hard to rectify the matter in the coming days. In addition to undertaking our own investigation, the incident has been reported to the relevant authorities and law enforcement and we are co-operating with them as a matter of urgency. We are fully committed to restoring the NiceHash service with the highest security measures at the earliest opportunity. We would not exist without our devoted buyers and miners all around the globe. We understand that you will have a lot of questions, and we ask for patience and understanding while we investigate the causes and find the appropriate solutions for the future of the service. We will endeavour to update you at regular intervals. While the full scope of what happened is not yet known, we recommend, as a precaution, that you change your online passwords. We are truly sorry for any inconvenience that this may have caused and are committing every resource towards solving this issue as soon as possible."
    Last update is that the owners were seen leaving on their private jet headed to a undisclosed location without an extradition agreement with the US but I'm sure that is just a coincidence.


    edit:
    They say "We would not exist without our devoted buyers and miners all around the globe" and casually forget to mention sellers.

    edit2: The hacker's address, showing $73 million in transactions: https://bitinfocharts.com/bitcoin/ad...h6H4t6jh1mB4rq
    Last edited by Nordstern; December 7 2017 at 03:41:05 PM.
    "Holy shit, I ask you to stop being autistic and you debate what autistic is." - spasm
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    WTF I hate white people now...

  10. #2050
    The Pube Whisperer Maximillian's Avatar
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    On an interesting side note the estimated amount of electricity being consumed by cryptocurrencies is higher than that consumed by many of the world's nations.

    http://www.abc.net.au/news/2015-10-0...energy/6827940

  11. #2051
    Movember 2011Movember 2012 Nordstern's Avatar
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    The owner of the company with a share capital of half a million euros is Bitorious (45%) based in Dornberk, its director is Marko Kobal, and 55% of the company is owned by H-Bit. The owner of H-Bit is Martin Škorjanc. An interesting fact is that Martin Škorjanc is the father of Matjaž Škorjanc, who was arrested by Slovenian police a year ago for online cyber crime with the help of the US FBI in Maribor. More at: https://www.zurnal24.si/slovenija/ok...v-evrov-301488 - www.zurnal24.si
    Hey Smarnca, care to dig into this?
    "Holy shit, I ask you to stop being autistic and you debate what autistic is." - spasm
    Quote Originally Posted by Larkonis Trassler View Post
    WTF I hate white people now...

  12. #2052
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    Quote Originally Posted by Nordstern View Post
    The owner of the company with a share capital of half a million euros is Bitorious (45%) based in Dornberk, its director is Marko Kobal, and 55% of the company is owned by H-Bit. The owner of H-Bit is Martin Škorjanc. An interesting fact is that Martin Škorjanc is the father of Matjaž Škorjanc, who was arrested by Slovenian police a year ago for online cyber crime with the help of the US FBI in Maribor. More at: https://www.zurnal24.si/slovenija/ok...v-evrov-301488 - www.zurnal24.si
    Hey Smarnca, care to dig into this?
    I've heard it in the news and tbh I really cant be bothered with any of it, sorry


  13. #2053
    Lowa [NSN]'s Avatar
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    Quote Originally Posted by Maximillian View Post
    On an interesting side note the estimated amount of electricity being consumed by cryptocurrencies is higher than that consumed by many of the world's nations.

    http://www.abc.net.au/news/2015-10-0...energy/6827940
    2015 article though?

    Edit: This seems up to date https://digiconomist.net/bitcoin-energy-consumption
    e2: Didnt mean that the 2015 was wrong, which the link also shows.
    Last edited by Lowa [NSN]; December 7 2017 at 05:05:54 PM.
    Quote Originally Posted by Tarminic View Post
    I would create a dragon made out of vaginas. Then I would create a dragon made out of dicks. Then I would have them fight to the death.

  14. #2054
    The Pube Whisperer Maximillian's Avatar
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    Quote Originally Posted by Lowa [NSN] View Post
    Quote Originally Posted by Maximillian View Post
    On an interesting side note the estimated amount of electricity being consumed by cryptocurrencies is higher than that consumed by many of the world's nations.

    http://www.abc.net.au/news/2015-10-0...energy/6827940
    2015 article though?
    Linked wrong thing.

    https://digiconomist.net/bitcoin-energy-consumption

    Has a list of articles at the end. Closest country to bitcoin in electricity usage is Serbia.

    edit - dang, beaten....

  15. #2055
    Donor Aea's Avatar
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    I regret cashing out at $5K

  16. #2056
    Lana Torrin's Avatar
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    Steam has stopped accepting bitcoin as a payment option citing the volatility in its conversion rate making it almost impossible to use as a currency.. Also, did anyone know you could use bitcoin on steam up until about a week ago?
    Quote Originally Posted by lubica
    And her name was Limul Azgoden, a lowly peasant girl.

  17. #2057
    Donor erichkknaar's Avatar
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    Quote Originally Posted by Lana Torrin View Post
    Steam has stopped accepting bitcoin as a payment option citing the volatility in its conversion rate making it almost impossible to use as a currency.. Also, did anyone know you could use bitcoin on steam up until about a week ago?
    Yep. Expedia too.

    Makes a bit more sense for a $5k+ bout of international travel than a $60 game.

    It might have made sense for that a while back, but transactional is not the core use case for bitcoin.

  18. #2058
    Donor Miep's Avatar
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    Seems its getting worth to search my 10 year old harddrive with 0,3 bc on it...
    When I see a bird that walks like a duck, swims like a duck and quacks like a duck id call it a duck.
    And if the bird denies to be a duck it is a russian duck.

  19. #2059
    Smarnca's Avatar
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    Quote Originally Posted by Miep View Post
    Seems its getting worth to search my 10 year old harddrive with 0,3 bc on it...
    GL mate


  20. #2060
    Movember 2011Movember 2012 Nordstern's Avatar
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    Quote Originally Posted by Aea View Post
    I regret cashing out at $5K
    Think about all the people who cashed out at $1k, or even $1. You did fine.
    "Holy shit, I ask you to stop being autistic and you debate what autistic is." - spasm
    Quote Originally Posted by Larkonis Trassler View Post
    WTF I hate white people now...

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