BitCoin
Quote: MichaelBluejayYou’re right. You asked, “Would it be possible to go off grid via solar?” Of course you can, but you’ll need large, expensive batteries. The advantage of not going off-grid is that you save the expense of the batteries, but if you’re determined to go off-grid, then yes, it’s possible.
Again, not what I asked. Why would you put quotation marks around something as if to give the impression that it is what I asked? I did not ask if it is possible to go off grid. Why would you make that up? Misquoting someone can be grounds for a suspension, no?
My question was about mining bitcoins off grid. Would it be possible?
Quote: billryanMy question was about mining bitcoins off grid. Would it be possible?
Of course it’s possible. However I doubt it would be scalable/profitable.
Cochise County has the least restrictive rural building code in the nation. All you have to do is get a permit and show on a map where you will be building.
Quote: gamerfreakOf course it’s possible. However I doubt it would be scalable/profitable.
I don’t see how this is possible. The blockchain is very much on the grid. How do you mine without being connected?
Quote: billryanA guy down the road from me is building a sandbag house and has thick copper wiring or tubes extending a few hundred feet out from his base camp. I'm trying to figure out if it is a power system, the beginning of a septic system, or something else.
Cochise County has the least restrictive rural building code in the nation. All you have to do is get a permit and show on a map where you will be building.
Geothermal?
Quote: billryanA guy down the road from me is building a sandbag house and has thick copper wiring or tubes extending a few hundred feet out from his base camp. I'm trying to figure out if it is a power system, the beginning of a septic system, or something else.
Cochise County has the least restrictive rural building code in the nation. All you have to do is get a permit and show on a map where you will be building.
Earthbag. I guess that means dirt. (don't want to call it "dirtbag" house, I s'pose)
http://earthbagbuilding.com/faqs/costs.htm
Quote: unJonI don’t see how this is possible. The blockchain is very much on the grid. How do you mine without being connected?
By “off the grid” I assumed bill meant the power grid.
Bitcoin mining is not bandwidth intensive. If a wired internet connection was not available, a satellite connection or cellular data hotspot would be sufficient
Quote: rxwineLooks like someone thinks it's a Ponzi scheme.
https://www.msn.com/en-us/money/markets/bitcoin-is-an-open-ponzi-and-failed-currency-says-black-swan-author-nassim-taleb/ar-BB1g212s?ocid=msedgntp
If you go back to when we first started talking about this I said this sounds like a Ponzi scheme to me. A few people who get in on the ground floor get rich and the rest don't.
Quote: EvenBobIf you go back to when we first started talking about this I said this sounds like a Ponzi scheme to me. A few people who get in on the ground floor get rich and the rest don't.
It’s not a few. But I’m not disagreeing that it is a Ponzi scheme. The difference from most is that if you got in at the silly price of $1k. Or $5k. Or $10k.... all can get out now at a giant profit.
From what I can gather, this is a bad strategy, or at least it might be at this moment. The prices just burst out of nowhere straight up and fall so bluntly, and also seem to just fluctuate on plateaus for some time until making a move one way or the other. All the while, there is no way to understand and predict(to a large degree) why prices are going up or down, unless you can find a way to know what people are thinking. Transaction fees and bad prices eat you alive continuously buying and selling. If people think the future path long down the road is higher than now, they should buy but if they think not, they should buy something else or wait to buy something else.Quote: vegasI think people will buy and sell bitcoin like a stock. Buy on dips and sell on increases. This will cause the price to fluctuate. It will definitely peak at some point, but money will always move the price.
Quote: onenickelmiracleFrom what I can gather, this is a bad strategy, or at least it might be at this moment. The prices just burst out of nowhere straight up and fall so bluntly, and also seem to just fluctuate on plateaus for some time until making a move one way or the other. All the while, there is no way to understand and predict(to a large degree) why prices are going up or down, unless you can find a way to know what people are thinking. Transaction fees and bad prices eat you alive continuously buying and selling. If people think the future path long down the road is higher than now, they should buy but if they think not, they should buy something else or wait to buy something else.
I have made small amounts of money doing this, but far less than I would have made if I just held on to the bitcoin.
Quote: gamerfreakBy “off the grid” I assumed bill meant the power grid.
Bitcoin mining is not bandwidth intensive. If a wired internet connection was not available, a satellite connection or cellular data hotspot would be sufficient
What I was curious about was if someone living off-grid, using solar batteries for electricity would be able to generate enough power to mine a significant amount of bitcoin.
Quote: billryanWhat I was curious about was if someone living off-grid, using solar batteries for electricity would be able to generate enough power to mine a significant amount of bitcoin.
It’s possible to mine very small amounts of bitcoin on a cell phone, so it would all depend on what you consider significant.
Let’s go with the best case scenario, and say you have top of the line ASIC mining hardware.
https://www.asicminervalue.com/miners/bitmain/antminer-s19-pro-110th
3200 watts, earns approximately $40/day at the current bitcoin price
3200 watt device running 24 hours consumes approximately 80 kW/h per day.
If you live in sunny California and have some really efficient solar panels, you could maybe generate 2 kWh/day per panel.
So as a very rough estimate, it would take around 40 large solar panels to earn $40/day assuming the very best conditions.
Quote: billryanI live in even sunnier Arizona. Now I just have to figure out the ROI on the forty panels.
ROI/sourcing of the mining hardware is the harder part to figure out
I see a huge spread in the pricing on that hardware. I'm not sure I would want to invest 17k (one price I saw online) not knowing the future of BTC. If BTC stays around the same price and as time goes by I assume you make less per day as time goes on since it gets harder to mine? What should you expect to pay for one, how bad or good is it to buy a used one? If I could get 2 for 5k each I think I would be very interested. How hot is it going to get, will it be fighting hard with my AC here in NV? how loud is it? How well will it heat a room here in NV during the winter?Quote: gamerfreakIt’s possible to mine very small amounts of bitcoin on a cell phone, so it would all depend on what you consider significant.
Let’s go with the best case scenario, and say you have top of the line ASIC mining hardware.
https://www.asicminervalue.com/miners/bitmain/antminer-s19-pro-110th
3200 watts, earns approximately $40/day at the current bitcoin price
3200 watt device running 24 hours consumes approximately 80 kW/h per day.
If you live in sunny California and have some really efficient solar panels, you could maybe generate 2 kWh/day per panel.
So as a very rough estimate, it would take around 40 large solar panels to earn $40/day assuming the very best conditions.
What other coins are worth mining? Is there some easy to mine crap coin one might want to think about mining?
LOL!Quote: MdawgrukesThe loser axel has no clue why we supporters make profits daily in up or down markets he hates me and my followers he is banned. come to Australia I show you how to make money like mdawg. you pussy have no money to deal with us we win you lose milke see we win every day while you try to figure out the greatest ever
Goldman Sachs - probably the most powerful, highly capitalized and dominant investment bank at least in the U.S. has announced that it has formed a Crypto trading team
this, I believe, gives a great deal more respectability to the Crypto universe
https://www.cnbc.com/2021/05/07/goldman-sachs-unveils-new-cryptocurrency-trading-team-in-employee-memo.html
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If a public company announces it has bought a huge position, and that announcement is false, then that company would face shareholder litigation.Quote: onenickelmiracleHuge companies saying they have bought huge positions, but how can anyone know they really have? More than anything a company can just say they have purchased these, and not only that, more than anything, the holdings can be completely lost along the way.
Not to mention SEC action.Quote: unJonIf a public company announces it has bought a huge position, and that announcement is false, then that company would face shareholder litigation.
It has happened before where people break the law for personal gain. I don't know how easy it would be to just say a company has done something and for someone to not catch it. There is some report saying Robinhood has 25 billion in DOGE, and Robinhood has denied it. I'm thinking it is truthful and Robinhood is lying. Even proof isn't enough. To mention Tesla, such a purchase really helped the stock, what if it wasn't true and they actually lost money? They basically cannot be caught if lying until someone wants the money or the government wants proof.Quote: unJonIf a public company announces it has bought a huge position, and that announcement is false, then that company would face shareholder litigation.
Quote: onenickelmiracleI don't know how easy it would be to just say a company has done something and for someone to not catch it.
it took them about 16 years to catch Bernie Madoff - and some say he was actually committing fraud for a lot longer than that
from Wiki:
"In his guilty plea, Madoff admitted that he hadn't actually traded since the early 1990s, and all of his returns since then had been fabricated. However, David Sheehan, principal investigator for trustee Irving Picard, believes the wealth management arm of Madoff's business had been a fraud from the start."
he wasn't arrested until December of 2008
https://en.wikipedia.org/wiki/Madoff_investment_scandal
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I had a friend in 1995. He was telling me how some Jewish people would only take investments from other Jewish people because they wanted to help them and share the money they were making. I told them it had to be a scam because anyone making money in anything would take money from anyone as long as they're not criminals and otherwise would not discriminate. Of course there are exceptions when the investment itself must be held in secret as we all know. It was probably Bernie Madoff he was talking about. I'm too afraid to ask him because I'm assuming his family members were scammed. Nobody could do better than break even in Madoff, anyone who cashed out had to repay the money if the government knew about it.Quote: lilredroosterit took them about 16 years to catch Bernie Madoff
from Wiki:
"In his guilty plea, Madoff admitted that he hadn't actually traded since the early 1990s, and all of his returns since then had been fabricated. However, David Sheehan, principal investigator for trustee Irving Picard, believes the wealth management arm of Madoff's business had been a fraud from the start."
he wasn't arrested until December of 2008
https://en.wikipedia.org/wiki/Madoff_investment_scandal
Quote: onenickelmiracleI had a friend in 1995. He was telling me how some Jewish people would only take investments from other Jewish people because they wanted to help them and share the money they were making. I told them it had to be a scam because anyone making money in anything would take money from anyone as long as they're not criminals and otherwise would not discriminate. Of course there are exceptions when the investment itself must be held in secret as we all know. It was probably Bernie Madoff he was talking about. I'm too afraid to ask him because I'm assuming his family members were scammed. Nobody could do better than break even in Madoff, anyone who cashed out had to repay the money if the government knew about it.
I have a number of friends who were victims of Madoff. Many of my friends grew up with his sons and there were two things they had in common. They were all Jewish and they asked Madoff to let them invest. Madoff didn't seek out victims. They sought him out.
For every person he scammed, there were a dozen wanting to invest with him.
While most people didn't do well under Madoff, a few people did. Not everyone was subject to the clawbacks. In one case, the man who invested had cashed out died, and the government chose not to pursue the case against his widow and children. The Sterlings, who owned the Mets and should have been charged alongside him, came away pretty unscathed.
https://www.ai-cio.com/news/madoff-victims-recovery-tops-80-losses/
Quote: DRichI was surprised to read that Madoff investors recovered over 80% of the money they put into the scheme. I assumed that almost everyone lost everything.
https://www.ai-cio.com/news/madoff-victims-recovery-tops-80-losses/
It's not that simple. Most people got back 80% of what they had put in, but many people had used their "holdings" as collateral on other loans and businesses. If you had invested a million dollars and thought your account was worth $15 million, you might use that as collateral to buy a $5 million dollar business. Overnight your $15 million disappears and eventually you will get back $800,000 of your initial investment but your $5 million dollar loan remains.
Or you deposited $200,000 for your grandchildren's college and think it has grown to where all eight of them can go to the college of their choice and suddenly you find out its only three semesters worth for one of them.
Many of his victims thought they were creating generational wealth and got knocked down quite a few pegs.
Imagine you bought a house for $100,000 and over the years it had appreciated to being worth $500,000. Fire destroys it and you get back 80% of what you paid for it.
Quote: billryanIt's not that simple. Most people got back 80% of what they had put in, but many people had used their "holdings" as collateral on other loans and businesses. If you had invested a million dollars and thought your account was worth $15 million, you might use that as collateral to buy a $5 million dollar business. Overnight your $15 million disappears and eventually you will get back $800,000 of your initial investment but your $5 million dollar loan remains.
Or you deposited $200,000 for your grandchildren's college and think it has grown to where all eight of them can go to the college of their choice and suddenly you find out its only three semesters worth for one of them.
Many of his victims thought they were creating generational wealth and got knocked down quite a few pegs.
Imagine you bought a house for $100,000 and over the years it had appreciated to being worth $500,000. Fire destroys it and you get back 80% of what you paid for it.
I do understand. People did not get what they thought they accrued but still got back 80% of their investment.
Instead, the Met owners got back most of their six million but were still on the hook for the twenty-eight million. Each year they pull some two million out of the team to pay a guy who hasn't played for them in twenty years.
The owners lost about 25 million on that one transaction alone, after they recovered several million from the Feds. Hundreds of the victims can give you similar stories. Billions of dollars were put up for collateral and many notes were called when this became public.
Madoff and his sons were very tight with Met ownership but for some reason, they rarely allowed any players to invest.
If I understand this right, buying this coin hurts elon.
Quote:The plan involves five distinct steps and eventually aims to utilize the growing market cap of the STOPELON coin to purchase Tesla shares
https://wccftech.com/stopelon-coin-explodes-through-the-roof-as-it-aims-to-wrest-control-of-tesla-tsla-away-from-elon-musk/
The article says there is another coin which I literally would be breaking the rules if I posted the name, F.....elon coin
Quote: EvenBob12 days ago Bitcoin was $58,000 and today it's $33,000. Is this a good thing or a bad thing and how can you tell.
If you brought for $1 in 2009 it's a good thing.
If you brought it for $58,000 12 days ago it's a bad thing
Quote: EvenBob12 days ago Bitcoin was $58,000 and today it's $33,000. Is this a good thing or a bad thing and how can you tell.
If someone liked it at $58,000, then they should love it at $33,000
Quote: billryanIf someone liked it at $58,000, then they should love it at $33,000
I do!
It's a thing! Goodness or badness is relative, especially to cost price.Quote: EvenBob12 days ago Bitcoin was $58,000 and today it's $33,000. Is this a good thing or a bad thing and how can you tell.
It's a rollercoaster ride, where the objective is to get off higher than you got on. Zero is the floor. There is no upper limit.
Personally, I'm invested, and I'm not watching the stomach churning journey too much. I decided my objective when i bought. I try NOT to keep second guessing myself.
Might be tulips or beanie babies or another East India company.
Some people got rich on those. And of course, some didn't.
It feels just too easy to say "It's just another dip. It'll go back up" When what we are seeing in China looks to be of seismic proportions. These are not run of the mill events.Quote: PokerGrinderOD that’s my problem, I can’t stop checking my portfolio lol.
At best it is manipulation by China. But why would they expel the dominators in Crypto from their country? They've cited CO2 emissions and 'financial stability'. Was China unwittingly subsidising overseas miners who are based offshore and paying no tax while guzzling Chinese subsidised energy.
Got to figure out motives here... Follow the money?
But in some way, it just has to be 'sticking it to the West' in some way. I can't reconcile ejecting an industry with dominating a market. By ejecting miners, China is forgoing the BTC transaction fees that those miners earned? Maybe none of that was going to the state?
"Cryptocurrency miners, including HashCow and BTC.TOP, have halted all or part of their China operations after Beijing intensified a crackdown on bitcoin mining and trading, hammering digital currencies amid heightened global regulatory scrutiny."
"Cryptocurrency exchange Huobi on Monday suspended both crypto-mining and some trading services to new clients from mainland China, adding it will instead focus on overseas businesses."
"BTC.TOP, a crypto mining pool, also announced the suspension of its China business citing regulatory risks, while crypto miner HashCow said it would halt buying new bitcoin mining rigs."
"Virtual currency mining is big business in China, accounting for as much as 70% of the world's crypto supply according to some estimates, although others say that proportion has fallen in recent years."
Quote: OnceDearIt feels just too easy to say "It's just another dip. It'll go back up" When what we are seeing in China looks to be of seismic proportions. These are not run of the mill events.
At best it is manipulation by China. But why would they expel the dominators in Crypto from their country? They've cited CO2 emissions and 'financial stability'. Was China unwittingly subsidising overseas miners who are based offshore and paying no tax while guzzling Chinese subsidised energy.
Got to figure out motives here... Follow the money?
But in some way, it just has to be 'sticking it to the West' in some way. I can't reconcile ejecting an industry with dominating a market. By ejecting miners, China is forgoing the BTC transaction fees that those miners earned? Maybe none of that was going to the state?
"Cryptocurrency miners, including HashCow and BTC.TOP, have halted all or part of their China operations after Beijing intensified a crackdown on bitcoin mining and trading, hammering digital currencies amid heightened global regulatory scrutiny."
"Cryptocurrency exchange Huobi on Monday suspended both crypto-mining and some trading services to new clients from mainland China, adding it will instead focus on overseas businesses."
"BTC.TOP, a crypto mining pool, also announced the suspension of its China business citing regulatory risks, while crypto miner HashCow said it would halt buying new bitcoin mining rigs."
"Virtual currency mining is big business in China, accounting for as much as 70% of the world's crypto supply according to some estimates, although others say that proportion has fallen in recent years."
C'mon OD, the answer is right in front of you.
https://www.google.com/amp/s/www.wsj.com/amp/articles/china-creates-its-own-digital-currency-a-first-for-major-economy-11617634118
China creates it's own digital currency in April
Shuts down all the competition being mined in their country in May.
Like how obvious is this?
Oh. I knew about that.Quote: darkozC'mon OD, the answer is right in front of you.
https://www.google.com/amp/s/www.wsj.com/amp/articles/china-creates-its-own-digital-currency-a-first-for-major-economy-11617634118
China creates it's own digital currency in April
Shuts down all the competition being mined in their country in May.
Like how obvious is this?
But they are ceding a big chunk of control of a global cryptocurrency/asset, in favour of their fledgeling. I don't even believe they embrace their own new crypto, yet. Damaging crypto generally might damage their own.
There is a pattern of China 'going their own way', though. Their own social networks, their own search engines etc. All about deep intrusion on their own citizens at home and abroad.
Quote: OnceDearOh. I knew about that.
But they are ceding a big chunk of control of a global cryptocurrency/asset, in favour of their fledgeling. I don't even believe they embrace their own new crypto, yet. Damaging crypto generally might damage their own.
There is a pattern of China 'going their own way', though. Their own social networks, their own search engines etc. All about deep intrusion on their own citizens at home and abroad.
Well I think you hit the nail on the head.
They haven't embraced their own crypto. And that's what they want and need.
So if their own citizens can't get Bitcoin then they may go for the YCC.
They are positioning YCC (Yuan Chain Coin) as a global crypto. I myself grabbed some as I felt any digital currency backed by a government has a good chance of succeeding.
Quote: OnceDearIt feels just too easy to say "It's just another dip.
So in your world when something loses almost half its value in 12 days it's just a 'dip'. What would a plummet look like, losing 90% of its value? Somebody is playing somebody here, and I suspect you are the played and not the player.
Quote: ChumpChangeI saw a new computer review recently and the computer has bitcoin mining baked into it somehow, and he could profit $20 a day from that computer. So after 4 months or more, it will pay off the price of the new computer.
You can mine bitcoin with any computer (including cell phones), no baking required.
But to mine any meaningful amount you need a decent GPU, which are typically meant for gaming. A high end card could net you $300/month.
This has made the video card market go completely insane. So much so that NVIDIA is actually artificially crippling their cards hash rate.
https://blogs.nvidia.com/blog/2021/05/18/lhr/
