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#304267 - 12/06/17 06:51 PM Re: Bitcoin [Re: pondering_it_all]
logtroll Offline
veteran

Registered: 04/26/10
Posts: 8652
Loc: New Mexico (not old Mexico)
Gitcher money for nothin' and your chicks for free...
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#304270 - 12/06/17 08:11 PM Re: Bitcoin [Re: pdx rick]
Jeffery J. Haas Offline


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Registered: 08/03/04
Posts: 12805
Loc: Whittier, California
The article is a bit on the inaccurate side. The transactions use a negligible amount of power.
It is strictly the mining process that uses dozens of terawatts of power.
The actual transactions themselves are just digital words sent via email or via a phone app.
It the generating of blockchains that uses all the power.
Math problems aren't solved when you look up and compare values in a blockchain, they're just verified.

The author, Eric Holthaus, is a meteorologist but he does not seem to understand the electronic aspects of computing, or electronics in general.
It takes almost no power to RECEIVE radio signals, but it takes considerable power to TRANSMIT them, likewise with the Bitcoin network, it takes almost nothing to send and receive transactions, but considerable power to generate the wealth behind them.
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#304274 - 12/07/17 01:28 AM Re: Bitcoin [Re: pdx rick]
pdx rick Offline
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Registered: 05/09/05
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Loc: Puget Sound, WA


Bob's $250.00 account in 2013 is now worth $24K today.

My $45.00 account on 11/11 is now worth $412.00. smile



I would be lying if I said I wasn't thrilled by this adventure. Bob is over-the-moon.

laugh
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#304288 - 12/08/17 01:18 AM Re: Bitcoin [Re: pdx rick]
pdx rick Offline
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Registered: 05/09/05
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Loc: Puget Sound, WA


On Sunday, I took out $175.00 from my Bitcoin account and put into Ethereum. That account lost $17.00 but, my Bitcoin account doubled. smile



Keep in mind, this account started out as $45.00 on 11/11. It's not even one month old yet. Hmm

Yesterday, this account was worth $412.00 laugh
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#304314 - 12/09/17 01:26 AM Re: Bitcoin [Re: pdx rick]
pdx rick Offline
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Registered: 05/09/05
Posts: 40641
Loc: Puget Sound, WA

24 hours later. Even with Bitcoin's drop in price from last night, the account is still a wee bit higher. smile



The trend seems to be when Bitcoin goes down the other two go up and visa-versa. Hmm
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#304315 - 12/09/17 03:19 AM Re: Bitcoin [Re: pdx rick]
chunkstyle Offline
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Registered: 10/02/07
Posts: 668
Bitcoin has been fascinating to watch for so many reasons. It is so symbolic of so much of today's mind sets. It's intrinsic value, speculation, evolving philosophy of means of exchange and governments role in that transactional space.
One troubling aspect of this product is it's carbon foot print: Bitcoin's real world impact
Don't get me wrong, I'm all for a cracker catching a break. Its negative impacts are consequential yet for those lucky enough to get in while the getting was/is good, it's easy to ignore. Bitcoin seems like a good distillation of what's gone wrong, in some ways, with modern amerika. The desire of money trumps consequences just over the horizon.
I struggle with these choices every day and am constantly reminded of how chained to the wheel we all are.
Bitcoin is a perfect analog to that wheel.


Edited by chunkstyle (12/09/17 03:20 AM)

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#304319 - 12/09/17 12:47 PM Re: Bitcoin [Re: chunkstyle]
logtroll Offline
veteran

Registered: 04/26/10
Posts: 8652
Loc: New Mexico (not old Mexico)
Bitcoin reminds me of the Mormon religion - it's obviously set up by a con man to be manipulated by a select few for immense ill-gotten gains. There is nothing rational going on there. Yet somehow it has convinced the gullible that it's 'real'.

(I'm not singling out Mormonism as if it's the only scam religion, it's just that we have the complete and recent history of it to appreciate).
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#304320 - 12/09/17 01:38 PM Re: Bitcoin [Re: chunkstyle]
pdx rick Offline
Member
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Registered: 05/09/05
Posts: 40641
Loc: Puget Sound, WA
Originally Posted By: chunkstyle
Bitcoin has been fascinating to watch for so many reasons. It is so symbolic of so much of today's mind sets. It's intrinsic value, speculation, evolving philosophy of means of exchange and governments role in that transactional space.
One troubling aspect of this product is it's carbon foot print: Bitcoin's real world impact
Don't get me wrong, I'm all for a cracker catching a break. Its negative impacts are consequential yet for those lucky enough to get in while the getting was/is good, it's easy to ignore. Bitcoin seems like a good distillation of what's gone wrong, in some ways, with modern amerika. The desire of money trumps consequences just over the horizon.
I struggle with these choices every day and am constantly reminded of how chained to the wheel we all are.
Bitcoin is a perfect analog to that wheel.

You're right. A few people who got in early have gained a lot of wealth, my ex included. His account on Thursday was $24K on $250 in seed money.

My account has grown over 10x in a month.

They'll always be a Debbie Downer-type who is jealous they missed getting in early, or missed getting in even a month ago.

***Sad Trombone***

smile
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#304322 - 12/09/17 01:46 PM Re: Bitcoin [Re: pdx rick]
pdx rick Offline
Member
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Registered: 05/09/05
Posts: 40641
Loc: Puget Sound, WA


Last night's results, Bitcoin is down, but the Ethereum and LiteCoin is making the account grow an additional $5.00. I'll take it. Hmm

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#304324 - 12/09/17 02:16 PM Re: Bitcoin [Re: pdx rick]
pdx rick Offline
Member
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Registered: 05/09/05
Posts: 40641
Loc: Puget Sound, WA



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