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#304158 - 11/30/17 12:43 PM Re: Bitcoin [Re: Jeffery J. Haas]
logtroll Offline
veteran

Registered: 04/26/10
Posts: 8652
Loc: New Mexico (not old Mexico)
There is always a scam afoot when the primary value for a thing is determined by speculation.
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#304175 - 12/01/17 04:28 AM Re: Bitcoin [Re: logtroll]
pondering_it_all Offline
veteran

Registered: 02/27/06
Posts: 7146
Loc: North San Diego County
Yeah, I was going to say that I've got some mighty pretty tulips here...

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#304176 - 12/01/17 05:26 AM Re: Bitcoin [Re: Jeffery J. Haas]
pdx rick Offline
Member
Carpal Tunnel

Registered: 05/09/05
Posts: 40641
Loc: Puget Sound, WA


Originally Posted By: Jeffery J. Haas
You better pull your money out NOW, the bubble is bursting AS OF TODAY, as of RIGHT NOW.
It peaked at 11 thousand bucks and it is now in freefall.

Meh. it's $9,4000. It was only $5,800 when Bob put money into the account on November 11th. I'm still up $200.00. smile

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#304239 - 12/05/17 04:48 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
Bitcoin is up to $11,700.00 today. I bought some of those Ethereum coins today. A whole one is $465.00. I took $175.00 out of my Bitcoin account and bought the Ethereum today.

My account is 23 days old and it's worth $308.00 after the initial $45.00 in seed money. smile

Not bad.

Bobby's accounts is over $20K and it was only worth $7K 31 days ago.
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#304247 - 12/05/17 09:03 PM Re: Bitcoin [Re: pdx rick]
Jeffery J. Haas Offline


Pooh-Bah

Registered: 08/03/04
Posts: 12805
Loc: Whittier, California
Looks like a bubble, acts like a bubble, smells like a bubble.
Be very careful and know when to get out and get out FAST when the time comes, because when the
bubble does burst, the crash will happen so quickly that your devaluation could happen before the transfer to your bank is even complete.
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#304248 - 12/05/17 11:02 PM Re: Bitcoin [Re: Jeffery J. Haas]
logtroll Offline
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Registered: 04/26/10
Posts: 8652
Loc: New Mexico (not old Mexico)
One wonders where the value in bitcoin is being manufactured, since there is no intrinsic worth to it.
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"You can't fix a problem until you understand what the problem is." Logtroll

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#304250 - 12/06/17 02:25 AM Re: Bitcoin [Re: Jeffery J. Haas]
pdx rick Offline
Member
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Registered: 05/09/05
Posts: 40641
Loc: Puget Sound, WA
Originally Posted By: Jeffery J. Haas
Looks like a bubble, acts like a bubble, smells like a bubble.
Be very careful and know when to get out and get out FAST when the time comes, because when the
bubble does burst, the crash will happen so quickly that your devaluation could happen before the transfer to your bank is even complete.

Very true. My investment has only been $21.00. IBob seeded my account with $24.00 and I paid him back $21.00 of the $45.00 he seeded the account with.

Every thing above $45.00 is all gravy.

$45.00 is a like a weekend at the Indian Casinos for me where I do walk away with nothing. Hmm
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#304259 - 12/06/17 02:05 PM Re: Bitcoin [Re: logtroll]
logtroll Offline
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Registered: 04/26/10
Posts: 8652
Loc: New Mexico (not old Mexico)
The Climate Footprint of Bitcoin

Quote:
That sort of precipitous rise is stunning, of course, but bitcoin wasn’t intended to be an investment instrument. Its creators envisioned it as a replacement for money itself — a decentralized, secure, anonymous method for transferring value between people.

But what they might not have accounted for is how much of an energy suck the computer network behind bitcoin could one day become. Simply put, bitcoin is slowing the effort to achieve a rapid transition away from fossil fuels. What’s more, this is just the beginning. Given its rapidly growing climate footprint, bitcoin is a malignant development, and it’s getting worse.
...
Digital financial transactions come with a real-world price: The tremendous growth of cryptocurrencies has created an exponential demand for computing power.
...
Today, each bitcoin transaction requires the same amount of energy used to power nine homes in the U.S. for one day.
...
The total energy use of this web of hardware is huge — an estimated 31 terawatt-hours per year. More than 150 individual countries in the world consume less energy annually. And that power-hungry network is currently increasing its energy use every day by about 450 gigawatt-hours, roughly the same amount of electricity the entire country of Haiti uses in a year.
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#304260 - 12/06/17 05:22 PM Re: Bitcoin [Re: logtroll]
NW Ponderer Offline
Moderator
Carpal Tunnel

Registered: 09/09/11
Posts: 15571
Originally Posted By: logtroll
The Climate Footprint of Bitcoin

[quote]...
The total energy use of this web of hardware is huge — an estimated 31 terawatt-hours per year. More than 150 individual countries in the world consume less energy annually. And that power-hungry network is currently increasing its energy use every day by about 450 gigawatt-hours, roughly the same amount of electricity the entire country of Haiti uses in a year.
The law of unintended consequences.
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A well reasoned argument is like a diamond: impervious to corruption and crystal clear - and infinitely rarer.

Here, as elsewhere, people are outraged at what feels like a rigged game -- an economy that won't respond, a democracy that won't listen, and a financial sector that holds all the cards. - Robert Reich

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#304266 - 12/06/17 06:41 PM Re: Bitcoin [Re: pdx rick]
pondering_it_all Offline
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Registered: 02/27/06
Posts: 7146
Loc: North San Diego County
That is intentional too! Bitcoin was designed from the start to require more and more computing power to "mine" new bitcoins. It has always been right on the edge of it costing more in electricity to mine than it was worth. It has always hovered around that line, so when it sinks, it is cheaper to buy it than to mine it.

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