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Author Topic: cryptocurrency  (Read 8672 times)

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Vigo

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Re: cryptocurrency
« Reply #40 on: January 10, 2018, 03:12:56 pm »
Each and every bitcoin transaction uses 300 kWh of electricity

Not exactly correct, that should read "every bitcoin mined"

Not claiming to be an expert, I'm going off the article I linked in my post, which said every transaction. I assumed that meant that it requires all online computers to process every transaction occurring in order to maintain the decentralized network.

No matter what, the article goes on to state there are 350,000 transactions per day, meaning that every day enough power is consumed by bitcoin to power an arcade machine for a staggering 35 thousand years.

Now the article could be full of ---steaming pile of meadow muffin---, but even if numbers are half of that, it still is pretty mind blowing.

dkersten

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Re: cryptocurrency
« Reply #41 on: January 10, 2018, 05:48:50 pm »
I bet if you read every article that talks about how much electricity is used for this or that and added it all up it would be 100 times the amount of actual electricity used, lol.  No question running my computer as a mining rig or to compute transactions burns more than if it is just idle, but it is still on and running other things even if it is not actually actively crunching numbers.

It is pretty interesting how much power it takes though... Good thing it is generating more income than the electricity is costing so that it can continue to contribute to the GDP of the world.  There may not be some physical good created by it, but it still has an approximate GDP of around 15 billion.  That's 15 billion that feeds people or could be used to research more efficient computing or is being put to good use funding green companies, right? 

I wonder how much electricity is being used for other "@home" type distributed computing projects... ?  I mean, just because you are folding or searching for extra terrestrial life or contributing to some medical research doesn't mean you aren't wasting power too.  I mean, those things don't put food on the table and they still convert fossil fuels into heat and co2, so why aren't there any articles on how much those projects are melting the polar bears.


leapinlew

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Re: cryptocurrency
« Reply #42 on: January 10, 2018, 07:25:53 pm »
I wonder how much electricity is being used for other "@home" type distributed computing projects... ?  I mean, just because you are folding or searching for extra terrestrial life or contributing to some medical research doesn't mean you aren't wasting power too.  I mean, those things don't put food on the table and they still convert fossil fuels into heat and co2, so why aren't there any articles on how much those projects are melting the polar bears.

You aren't really asking that are you? lol. It's because the end goal of those tasks aren't monetary in nature. Bitcoins reason for existing is as currency. Well, it was currency, now it's for short term speculation.


pixel

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Re: cryptocurrency
« Reply #43 on: January 10, 2018, 07:46:57 pm »
I bet if you read every article that talks about how much electricity is used for this or that and added it all up it would be 100 times the amount of actual electricity used, lol.  No question running my computer as a mining rig or to compute transactions burns more than if it is just idle, but it is still on and running other things even if it is not actually actively crunching numbers.

It is pretty interesting how much power it takes though... Good thing it is generating more income than the electricity is costing so that it can continue to contribute to the GDP of the world.  There may not be some physical good created by it, but it still has an approximate GDP of around 15 billion.  That's 15 billion that feeds people or could be used to research more efficient computing or is being put to good use funding green companies, right? 

I wonder how much electricity is being used for other "@home" type distributed computing projects... ?  I mean, just because you are folding or searching for extra terrestrial life or contributing to some medical research doesn't mean you aren't wasting power too.  I mean, those things don't put food on the table and they still convert fossil fuels into heat and co2, so why aren't there any articles on how much those projects are melting the polar bears.

 Imagine how much Energy is being used to power  CERN,  on a regular basis.


 They changed  "Global Warming"  to  "Climate Change" ...  because there have been recordbreaking Cold... even Snowing in the Sahara Desert.

 There are people saying that the Sun in at a  "Grand Solar Minimum",  and that our Earths orbit wobbles in such a way...
that every nth amount of time... that wobble causes the tilt to be further away from the sun than typical.

 There are others claiming a Mini Ice Age on the Horizon.

 What is interesting... is that for many years now... a lot of shows were dedicated to survival shows.   
Next was the whole  "Beard  /  Facial Hair"  popularization.

 Somewhere in there... Robin Williams was speaking about an Ice Age coming,  and that nobody was going to tell the people...
and untold million were going to die.   I dont think it was that much longer after that... that he was found to have passed on to
the other side...

 A lot of people out there,  are also promoting survival gear, shelter kits, and even massive underground survival bunker communities,
that you rent / buy in advance.   Sort of like some kind of doomsday life-insurance policy.

 Finally...

 There is talk of a hidden planet that has a massive orbit in a different vector.   Planet X / Nirubu.   One wonders,  if such a massive body
getting too close to us... could cause our planets axis and or magnetic poles to shift.   One also wonders... if the combination of the axis / pole shift
and the speed of rotation slows... if gravity itself would become much lighter.    If that were the case... I wonder if that is one of the reasons why
Ancient civilizations were able to move extremely heavy objects... to form massive complex structures.. much more easily.

 Also heard... that the Earths rotation causes the Oceans in the center axis.. to bulge out... and that if the rotation slows too much, that water will
come crashing down... causing something like 100ft tall Tsunami waves...  as well as causing much of the lowest levels of earth... to be
completely drowned in deep waters... similar to something out of the Bible.

 Adding to this... a large heavenly body,  might be able to pull the Earths plates around... causing Earth Quakes,  Volcano's,  and massive
shifting of the land masses.

 Ohh,  almost forgot...

 Some think that the Chem-Trails are one of the ways the Govt. is trying to hide what will be coming into view soon.


 All speculation,  of course.   Pattern matching.  Nothing more.   I dont have any firm stance / beliefs on the stuff...
but will say... that all combined... its very odd.


 Ugg - Remembers,  that there in like a square mile of UN vehicles in the middle of nowhere... doing nothing...
And that many Prison-like camps,  had started to be build when Bush was in power... and reports of them becoming
operational have been rolling in.

 One that same note..  certain Walmarts had been closing... and blamed it on plumbing issues... which turned out to be a lie...
and soon after,  there were reports of military like operations taking place in these areas.  A watchtower, razor wire fencing,
and Underground tunnels being reportedly dug... from contractors who leaked what they saw.


 One also wonders,  if  Trumps WALL,  is actually being designed as a way to protect the states from a flood Tsunami.
As realistically speaking,  it does not seem very practical.   Look at Area 51.  Get within Binocular distance... and you
are being greeted by some angry men, with pistols at the ready.  Thats not even considering things like
Drones / Armed Drones.


 Ok... I mean it now... last comment in this box:   Its funny how the Wealthiest people are pushing Global Warming and Carbon Taxes...
and yet,  they can get away with heating and cooling entire Mansions,  mowing acres of lawn, driving 2 mpg Supercars,  and taking
frequent private Jet rides..  often at your Tax Dollars expense.   All while getting off nearly or fully Tax Free..  while the poor are
forced to absorb the costs,  and deal with cutbacks.  bans,  and severe life inconveniences.   The Hypocrisy is beyond comprehension.

Malenko

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Re: cryptocurrency
« Reply #44 on: January 10, 2018, 07:53:20 pm »
I think your tinfoil hat might be on a little too tight.
No matter one's station in life, the Dance of Death unites us all.

Vigo

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Re: cryptocurrency
« Reply #45 on: January 11, 2018, 10:15:30 am »
Somewhere in there... Robin Williams was speaking about an Ice Age coming,  and that nobody was going to tell the people...
and untold million were going to die.   I dont think it was that much longer after that... that he was found to have passed on to
the other side...

Trust me, there is always an Ice age coming....


yotsuya

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Re: cryptocurrency
« Reply #46 on: January 11, 2018, 10:43:11 am »
Aaaaaaaaand we’re back!
***Build what you dig, bro. Build what you dig.***

pbj

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Re: cryptocurrency
« Reply #47 on: January 11, 2018, 11:39:33 am »
Sometimes I feel like the only person in the world that actually reads the entire post...  :lol

yotsuya

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Re: cryptocurrency
« Reply #48 on: January 11, 2018, 11:47:52 am »
Sometimes I feel like the only person in the world that actually reads the entire post...  :lol

I did, too. Classic Steve. Keep on keepin’ on, bro.
***Build what you dig, bro. Build what you dig.***

dkersten

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Re: cryptocurrency
« Reply #49 on: January 11, 2018, 09:25:45 pm »
You aren't really asking that are you? lol. It's because the end goal of those tasks aren't monetary in nature.
That's what I thought - if the end goal is not just to make money, it can't hurt the environment.  Thanks for clearing that up.

TeutonicDarkness

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Re: cryptocurrency
« Reply #50 on: January 12, 2018, 12:22:15 am »
Hello,
 while I wont condone or endorse bitcoin one way or the other I will make a observation.
There is money to be made here if someone has the time patience. I don't want to get into great detail but I have
gave it a shot a few times in the past....
In each instance I would have just a few dollars worth of bitcoins because hey I'm not crazy and I'm defiantly not rich.
so on 2 different occasions I had very few bitcoins $10 - $25 dollars.
I would forget about it only to return a year or so later and find the value had increased.
I now had $100 + dollars.

I'm only providing insight do with this knowledge how you see fit  :dunno

Mr. Peabody

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Re: cryptocurrency
« Reply #51 on: January 14, 2018, 04:33:58 am »
@pixel: gravity has only to do with mass. Only in the case of black holes does rotation matter.


And, from Peter Diamandis' ABUNDANCE INSIDER JANUARY 12 EDITION:

One Stock Analyst's $10 Trillion Bull Case for Cryptocurrencies

What it is: Roughly $30 trillion are currently held offshore in gold and other long-term stores of value. RBC analyst Mitch Steves projects that cryptoassets such as bitcoin and ether could take as much as 33 percent of that market over the next 15 years, giving the cryptoasset market as a whole a $10 trillion value. This is a 13x expansion from today from one single use case.

Why it's important: Notice how Steves thinks about cryptoasset valuation. Currencies and coins have many use cases beyond stored value, but when you think about the use cases for ethereum (and ether coin), IOTA (for IoT transactions), or Factom (secure distributed storage), just to name a few, the market value of the entire asset class could well eclipse that number.
« Last Edit: January 14, 2018, 04:35:51 am by Mr. Peabody »

BadMouth

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Re: cryptocurrency
« Reply #52 on: January 14, 2018, 09:29:03 am »
Next was the whole  "Beard  /  Facial Hair"  popularization.

The cause for that is that the current crop of men coming up were raised to be weenies and are looking for some way to have a shred of masculinity without offending anyone.

A lot of people out there,  are also promoting survival gear, shelter kits, and even massive underground survival bunker communities,
that you rent / buy in advance.   Sort of like some kind of doomsday life-insurance policy.

This is because the society they know is breaking down and what comes next is uncertain.  Best to be prepared.  I can't say I disagree.
(discussion of why or who is responsible is for the P&R subforum, not here)

  There is talk of a hidden planet that has a massive orbit in a different vector.   Planet X / Nirubu.   One wonders,  if such a massive body
getting too close to us... could cause our planets axis and or magnetic poles to shift. 

I thought the timeframe for this had come and gone.

Some think that the Chem-Trails are one of the ways the Govt. is trying to hide what will be coming into view soon.

Everyone I've ever heard talk about chem trails was a nut job.  I remember one woman who was on Midnight in the Desert because years earlier she had experienced symptoms immediately after seeing a plane overhead spray something while she was hiking.  Did she do the logical thing and call the park service to ask if/what they were spraying?   Of course not because she did not want an explanation other than the one that confirmed her beliefs.  It is very common (at least where I've lived) to spray insecticide or herbicide to stop the spread of non-native invasive species like Gypsy Moths.  The insecticide they use probably does cause discomfort or worse if inhaled and misted into your eyes.  ...but noooo.  It had to be a mystery chemical meant to control the minds of the human population.

Quote
Ok... I mean it now... last comment in this box:   Its funny how the Wealthiest people are pushing Global Warming and Carbon Taxes...
...because they are going to run the cap and trade market, making windfall profits from comissions, fees, & administrative costs.
It's just a new way for sleazeballs to skim wealth from the people who actually provide physical things of value.

The only funny part is you never hear any politician talk about just passing a law to reduce carbon emissions.
For any law to get consideration it must profit their class peers. 




« Last Edit: January 14, 2018, 09:31:12 am by BadMouth »

yotsuya

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Re: cryptocurrency
« Reply #53 on: January 17, 2018, 02:33:12 pm »
How’s that Ethereum doing for you today?
***Build what you dig, bro. Build what you dig.***

pbj

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Re: cryptocurrency
« Reply #54 on: January 17, 2018, 02:45:47 pm »
Ouch.


yotsuya

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Re: cryptocurrency
« Reply #55 on: January 17, 2018, 02:47:18 pm »
I’m genuinely curious.
***Build what you dig, bro. Build what you dig.***

Vigo

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Re: cryptocurrency
« Reply #56 on: January 17, 2018, 02:54:00 pm »
I heard it took a dive a couple days ago after SK said they are banning it.

dkersten

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Re: cryptocurrency
« Reply #57 on: January 17, 2018, 03:02:45 pm »
bitcoin tanked about 30% yesterday, started at nearly 15k and ended at about 10k.  I would hate to have a few hundred thousand tied up in it right now.  But who knows, maybe it will rebound to $30k, so maybe right now is the time to buy.  Etherium didn't fare any better and followed the Bitcoin trend down.  Trading is a frenzy today though. 

I considered buying some Tron last week, it has dropped 50% since then.  But now maybe is the time?  Or maybe I wait until it drops to 2-3 cents...

It's just like watching the marble spinning around the roulette table and wondering if it is time to bet on Red...

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Re: cryptocurrency
« Reply #58 on: January 17, 2018, 03:12:09 pm »
As backwater as this sounds, gold is probably a sure bet as an investment.... it always goes up in the long run and unless a new metal is created for electronic devices I don't see the demand ever going down. 

Malenko

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Re: cryptocurrency
« Reply #59 on: January 17, 2018, 04:02:53 pm »
How’s that Ethereum doing for you today?

it bottomed out at 765, but rebounded to just under a grand, so he's still slightly ahead at this moment in time.
No matter one's station in life, the Dance of Death unites us all.

fallacy

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Re: cryptocurrency
« Reply #60 on: January 17, 2018, 05:11:20 pm »
I bought it around 770 per coin and i bought $5000 total it went up to 1400 per coin. When i saw it tanking that morning down to 1150 per coin i put a stop order in for 1010, i did not want to sell it butt... it went past that so it sold for 6545.5. I could have bought back in for 840 if I wanted to but I still think it could end up crashing more.  I new this was going to happen but i really thought it would happen maybe in March; it felt to out of the blue felt like things were being manipulated behind the scenes.  I don't know if it does crash to the $500 $600 range I might jump back in on this gamble but if not I quess I am out.

pbj

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Re: cryptocurrency
« Reply #61 on: January 17, 2018, 06:12:26 pm »
I've enjoyed living vicariously through you.  I'm glad you made at least some money.

 :cheers:

fallacy

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Re: cryptocurrency
« Reply #62 on: January 17, 2018, 06:37:22 pm »
thanks, I was sure I was going to get my first taste of a pay day with out having to work from this!  Seems like everyone I know at some point in there life gets $100000 inheritance from this person $2500000 inheritance home from that person. The man is always trying to keep you down!  :laugh:

dkersten

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Re: cryptocurrency
« Reply #63 on: January 18, 2018, 10:05:24 am »
Those short term capital gains taxes will now take about half, lol.

pbj

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Re: cryptocurrency
« Reply #64 on: January 18, 2018, 10:35:49 am »
Those short term capital gains taxes will now take about half, lol.

More like 35%....   ::)

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Re: cryptocurrency
« Reply #65 on: January 18, 2018, 11:12:19 am »
Those short term capital gains taxes will now take about half, lol.

More like 35%....   ::)

Taxed as ordinary income, so depends on your tax bracket.

...assuming he's in the United States.




fallacy

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Re: cryptocurrency
« Reply #66 on: January 18, 2018, 11:26:59 am »
ya like I am going to claim my small gabbling winnings. Newegg sent my a tax form that one was funny as well.

Speaking of Newegg I bought a 1080 ti for VR for $740 and thought I was being raped by that price they are now being sold for around $1400  :puke I heard because of Ethereum mining, I will have to double check if that is the main reason though.

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Re: cryptocurrency
« Reply #67 on: January 18, 2018, 11:58:42 am »
Who did you buy ethereum through?

Most places like Coinbase now issue 1099s to report the sale to the gubmint.


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Re: cryptocurrency
« Reply #68 on: January 18, 2018, 12:35:04 pm »
Speaking of Newegg I bought a 1080 ti for VR for $740 and thought I was being raped by that price they are now being sold for around $1400  :puke I heard because of Ethereum mining, I will have to double check if that is the main reason though.

A combination of memory shortages and cryptocurrency mining demand has pushed up GPU prices.  It's been ridiculous lately.

dkersten

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Re: cryptocurrency
« Reply #69 on: January 18, 2018, 12:45:27 pm »
Those short term capital gains taxes will now take about half, lol.

More like 35%....   ::)
About 42% for me once you add in State.  At least pre-Trump tax plan.

At least they don't try to tack on self employment taxes when you are doing your own trading...  Those kick me up into 49% for book income. 

When trading cryptocurrency you don't have to take the tax hit until you convert to U.S. currency.  But they all seem to be following Bitcoin so for those who bailed out of etherium in recent days by converting to bitcoin, they still took a bath.  Some exchanges have a limit on how much you can cash out to U.S. currency per day, and it takes jumping through a lot of hoops to be allowed to do more.

The friend I was talking about earlier was tempted to keep his Tron windfall in Bitcoin for a year so he could pay the lower long term capital gains tax, but he bit the bullet and cashed to u.s. currency just in time to see it all plummet.  Lucky SOB.. :)

RandyT

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Re: cryptocurrency
« Reply #70 on: January 18, 2018, 01:10:06 pm »
Speaking of Newegg I bought a 1080 ti for VR for $740 and thought I was being raped by that price they are now being sold for around $1400  :puke I heard because of Ethereum mining, I will have to double check if that is the main reason though.

A combination of memory shortages and cryptocurrency mining demand has pushed up GPU prices.  It's been ridiculous lately.

I love speculators.  Think of how cheap all of this high-end gear will be on Ebay when the bottom falls out.  The Internet boom was awesome.  Picked up high end equipment for the company I worked for at the time for pennies on the dollar.

I also recently bought a barely ridden Vulcan 1700 for half of the new price from a Bitcoin miner who did well, but couldn't stay in the game for some reason and needed fast money to go get a real job.

My take on this is that at some point, the harm it is doing to individuals and established government sanctioned forms of currencies will cause it to fall under heavy scrutiny and it will be legislated away.  Just like any form of speculation, there will be some big winners, and a whole lot of big losers.  Anyone who gambles with their financial security on this type of speculation, frankly, deserves whatever outcomes head their way.  It's always easy to point to wins (that's what makes the news) but the quiet losses are far more common.  At least with tangible assets (homes, precious metals, antique cars, etc.), you still have something of value when the bottom falls out.  What will you have with cryptocurrency?

pixel

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Re: cryptocurrency
« Reply #71 on: January 18, 2018, 01:55:42 pm »
The big games are almost always certainly rigged.   Only ones whom end up on top... are those in Special families,  and or have Special Friends.


I would go so far as to consider,  that pulling the rug out from under people... is to be able to grasp even more percentages of stock / ownership.
(along with racking up money from the insider-shuffle game)


 The Globalists have been trying to get rid of Cash,  for some time...  which is worrying,  when you consider,  that Virtual-Currency,  is
Trackable and Hackable...  but worse... is if the Analog Loop is fully closed.   We have seen the IRS and many other companies, abuse their powers...
Spying on citizens,  and attacking those whom they do not agree with.

 Youtube is making videos un-findable,  if they dont agree with them... (if not completely erasing them)  Facebook is hiding shared posts,  and so
what makes people think that a corrupted Govt. isnt potentially going to Erase / Steal  your currency?  (far worse than they already dip in now)

 If the One-World govt. gets full power and control... the whole biblical statements may actually run true.  That one could be blocked from buying and selling anything... if they so chose it.

 (Ive always suspected those whom wrote it,  are the same ones planning to institute it.   Of course,  its also not hard to imagine future problems... considering that they are typically basic human-nature issues... and so all it really takes,  is some common sense to make some fairly accurate predictions of the future)

Mike A

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Re: cryptocurrency
« Reply #72 on: January 18, 2018, 02:46:40 pm »
Stop huffing paint thinner.

fallacy

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Re: cryptocurrency
« Reply #73 on: January 18, 2018, 03:04:30 pm »
Quote
My take on this is that at some point, the harm it is doing to individuals and established government sanctioned forms of currencies will cause it to fall under heavy scrutiny and it will be legislated away.  Just like any form of speculation, there will be some big winners, and a whole lot of big losers.  Anyone who gambles with their financial security on this type of speculation, frankly, deserves whatever outcomes head their way.  It's always easy to point to wins (that's what makes the news) but the quiet losses are far more common.  At least with tangible assets (homes, precious metals, antique cars, etc.), you still have something of value when the bottom falls out.  What will you have with cryptocurrency?

Yep the best way to think of this is a World Series of Poker tournament… on a much bigger scale. Sure you look at all the winners at the last table, this guy made 2.5 million, this guy made 1.2 million these 3 made over 650 thousand but you never look at the 7000 people that lost there 10,000 playing the game that funded the last ones standing. Only real difference is with the World Series of Poker tournament you all stat at the same time and people get eliminated along the way, with crypto new money is constantly flowing in giving the illusion that 90% of everyone is winning for a time until everyone starts losing to various degrees.

When dkersten friend made a quarter of a million when he only put in 3.5 thousand….. Ya that basically equates to a lot of people who need to lose to fund that.


Howard_Casto

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Re: cryptocurrency
« Reply #74 on: January 18, 2018, 04:13:53 pm »
Stop huffing paint thinner.

^^This^^

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Re: cryptocurrency
« Reply #75 on: January 18, 2018, 04:21:43 pm »
Stop huffing paint thinner.

I don’t think Mike has ever got a proper introduction to Xiaou2.
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Re: cryptocurrency
« Reply #76 on: January 18, 2018, 04:26:23 pm »
I have read enough to know that he is a nut, a fraud, or both. I Googled his Xiaou2 screen name awhile back. He used to post on some martial arts forum. He kept telling people he was some kung fu master, but he couldn't fight anyone because he would kill them. ::)

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Re: cryptocurrency
« Reply #77 on: January 18, 2018, 04:31:28 pm »
I have read enough to know that he is a nut, a fraud, or both. I Googled his Xiaou2 screen name awhile back. He used to post on some martial arts forum. He kept telling people he was some kung fu master, but he couldn't fight anyone because he would kill them. ::)

Sounds about right.

And I am being completely honest and sincere when I say that next to PBJ, he is the guy I wish I could get to come to ZapCon the most (I know you’re coming homeslice, you don’t count).
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Re: cryptocurrency
« Reply #78 on: January 18, 2018, 04:32:25 pm »
I have read enough to know that he is a nut, a fraud, or both. I Googled his Xiaou2 screen name awhile back. He used to post on some martial arts forum. He kept telling people he was some kung fu master, but he couldn't fight anyone because he would kill them. ::)
Don't hold back, tell us how you really feel, lol.

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Re: cryptocurrency
« Reply #79 on: January 18, 2018, 04:39:05 pm »
I wrote something else, but the Illuminati erased my post and substituted another.

  
 

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