BitCoin
Quote: SOOPOONYC mayor elect says he will take first 3 paychecks in BTC. Says NYC will become crypto capital of the world, or something like that. No one really knows if this is important or not.
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He had better hurry as places like El Slavador are far ahead on adoption.
Seems like a junk bond. #cryptocrash
reason given for the current crash hard to believe. Some dude, Navellier, badmouthed crypto. Really?
Concensus view of the reason seems to be an extension of general market jitters.Quote: odiousgambitShades of tulip craze revisited, or rare opportunity to buy at a good price?
reason given for the current crash hard to believe. Some dude, Navellier, badmouthed crypto. Really?
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Quote: forbesThe drop in cryptocurrencies came after a volatile week in financial markets. The omicron variant has led countries around the world to restrict travel amid worries that vaccines may not be as effective against the strain. Fed Chairman Jerome Powell indicated earlier this week the central bank could speed up the tapering of its pandemic bond-buying program with inflation looking more persistent than policy makers had believed.
Quote:=Bloomberg]Bitcoin plunged along with other cryptocurrencies on Saturday, in another indication of the risk aversion sweeping across financial markets.
Market jitters come and go. Not to any time table we can see in advance.
Quote: OnceDearConcensus view of the reason seems to be an extension of general market jitters.Quote: odiousgambitShades of tulip craze revisited, or rare opportunity to buy at a good price?
reason given for the current crash hard to believe. Some dude, Navellier, badmouthed crypto. Really?
link to original postQuote: forbesThe drop in cryptocurrencies came after a volatile week in financial markets. The omicron variant has led countries around the world to restrict travel amid worries that vaccines may not be as effective against the strain. Fed Chairman Jerome Powell indicated earlier this week the central bank could speed up the tapering of its pandemic bond-buying program with inflation looking more persistent than policy makers had believed.
Quote:=Bloomberg]Bitcoin plunged along with other cryptocurrencies on Saturday, in another indication of the risk aversion sweeping across financial markets.
Market jitters come and go. Not to any time table we can see in advance.
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That is because we peons lack the vision thing that mdawg and a few others possess. You can be certain that mdawg will have made a profit on his trades this week, next week and next month.
Quote: ChumpChangeBitcoin crashed 23%, or -$13K to $𝟒𝟑.𝟔 𝐊
Quote: odiousgambit
reason given for the current crash
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that is not a crash - that's a downturn - it's ups and downs are much more extreme than the Dow or S&P
and I just checked the price 1 minute ago - it was 48,438.50
remember when there was an anti-Bitcoin guy here who was having a schaudenfreude rush because it fell close to 30,000?
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Let's not make this thread about MDawg or his trading prowess. As I understand it he doesn't trade BTC.Quote: billryan
That is because we peons lack the vision thing that mdawg and a few others possess. You can be certain that mdawg will have made a profit on his trades this week, next week and next month.
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Quote: ChumpChangeA downturn would be less than a couple per cent. Bitcoin is the definition of unstable price volatility. If the US dollar was this unhinged, the price of bread would have to be updated every 5 minutes.
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it's a classic example of the relationship between risk and return
the higher the risk - the higher the potential return
it's not for everybody - I can only step my toe into it - I can't go swimming in waves like that
I don't think there's many who believe it can compete with the U.S. dollar - maybe it's most enthusiastic cheerleaders do
it's more like a penny stock that has shot way up and it's totally unclear what its future will be
like a dot com sensation in 1999 - many of them totally crashed - not all
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massive bitcoin mining operations are starting in upstate NY in the dying towns where industry has faded
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https://economictimes.indiatimes.com/markets/cryptocurrency/a-bitcoin-boom-fueled-by-cheap-power-empty-plants-and-few-rules/articleshow/88118672.cms
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Quote: lilredrooster__________
massive bitcoin mining operations are starting in upstate NY in the dying towns where industry has faded
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https://economictimes.indiatimes.com/markets/cryptocurrency/a-bitcoin-boom-fueled-by-cheap-power-empty-plants-and-few-rules/articleshow/88118672.cms
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Quote: lilredrooster__________
massive bitcoin mining operations are starting in upstate NY in the dying towns where industry has faded
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https://economictimes.indiatimes.com/markets/cryptocurrency/a-bitcoin-boom-fueled-by-cheap-power-empty-plants-and-few-rules/articleshow/88118672.cms
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Bitcoin remains an environmental obscenity. I'm starting to feel guilty ever owning any BTC. Like a vegan owning an abbatoir.
This migration will keep ancient coal fired stations polluting long after they should have been retired. OK. These will use some renewable energy, but that will just need to be replaced from non-renewables.
Quote: OnceDear
Bitcoin remains an environmental obscenity. I'm starting to feel guilty ever owning any BTC. Like a vegan owning an abbatoir.
This migration will keep ancient coal fired stations polluting long after they should have been retired. OK. These will use some renewable energy, but that will just need to be replaced from non-renewables.
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Do you somehow think that keeping your money in the bank is not using similar power?
Quote: AZDuffmanQuote: OnceDear
Bitcoin remains an environmental obscenity. I'm starting to feel guilty ever owning any BTC. Like a vegan owning an abbatoir.
This migration will keep ancient coal fired stations polluting long after they should have been retired. OK. These will use some renewable energy, but that will just need to be replaced from non-renewables.
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Do you somehow think that keeping your money in the bank is not using similar power?
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I'm pretty sure I can store my money in the bank for the next twenty generations and it would use less energy than what's involved in building one bitcoin.
The energy used to run the Fiat banking sytems pales into insignificance.Quote: AZDuffmanQuote: OnceDear
Bitcoin remains an environmental obscenity. I'm starting to feel guilty ever owning any BTC. Like a vegan owning an abbatoir.
This migration will keep ancient coal fired stations polluting long after they should have been retired. OK. These will use some renewable energy, but that will just need to be replaced from non-renewables.
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Do you somehow think that keeping your money in the bank is not using similar power?
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AIUI, When money was made out of Gold, scraped from the bowels of the earth and cast into coins, there were less of the Earths resources used to mine and mint a bucketful of gold coins than get used to mine one BTC. And each transaction costs energy too.
Transactions need the miners and the miners burn electricity like it's going out of fashion. And then, to add insult to injury, more electricity is used by AC to expel the heat generated by the mining rigs.
If these mining rigs are to exist at all, it would be logical to have them in cold climates so that they could at least be used to heat homes up. Having them in hot climates where the heat is unwanted is just nuts. Some of these rigs dump their excess heat into lakes, damaging the eco systems and killing fish.
Quote: https://minerdaily.com/2021/how-much-power-does-it-take-to-mine-a-bitcoin/"How much power does it take to mine a bitcoin? In this assessment we find that an average of 143,000 kWh of energy is required to produce one bitcoin. ..."
Quote: OnceDear
https://minerdaily.com/2021/how-much-power-does-it-take-to-mine-a-bitcoin/]"How much power does it take to mine a bitcoin? In this assessment we find that an average of 143,000 kWh of energy is required to produce one bitcoin. ...
that's really crazy because according to the link the average electricity rate in the U.S. is 12.52 cents per kWh
that means it costs $17,903.60 on average to mine one bitcoin
but the price at this moment is $50,471.80 so it looks like mining is very profitable
but you're right - it is an environmental disaster
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https://www.electricchoice.com/electricity-prices-by-state/
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Sorry. that was an out of date article, Dearer nowQuote: lilredroosterQuote: OnceDear
https://minerdaily.com/2021/how-much-power-does-it-take-to-mine-a-bitcoin/]"How much power does it take to mine a bitcoin? In this assessment we find that an average of 143,000 kWh of energy is required to produce one bitcoin. ...
that's really crazy because according to the link the average electricity rate in the U.S. is 12.52 cents per kWh
that means it costs $17,903.60 on average to mine one bitcoin
but the price at this moment is $50,471.80 so it looks like mining is very profitable
but you're right - it is an environmental disaster
.
https://www.electricchoice.com/electricity-prices-by-state/
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Quote: AZDuffman
Do you somehow think that keeping your money in the bank is not using similar power?
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Quote: OnceDear
The energy used to run the Fiat banking sytems pales into insignificance.
AIUI, When money was made out of Gold, scraped from the bowels of the earth and cast into coins, there were less of the Earths resources used to mine and mint a bucketful of gold coins than get used to mine one BTC. And each transaction costs energy too.
Transactions need the miners and the miners burn electricity like it's going out of fashion. And then, to add insult to injury, more electricity is used by AC to expel the heat generated by the mining rigs.
If these mining rigs are to exist at all, it would be logical to have them in cold climates so that they could at least be used to heat homes up. Having them in hot climates where the heat is unwanted is just nuts. Some of these rigs dump their excess heat into lakes, damaging the eco systems and killing fish.
A quick search shows it takes about 4 tons of ore to make an ounce of gold. But gold is about $1800 per ounce, so you need at this time about 28 ounces of gold to get the dollar value of one BTC. That is about 113 tons of ore to move to get the equivalent dollar amount. Moving all that ore, then dumping it, the energy to process it. Those chemicals that process it are some wicked things.
IOW, using some electricity is not a big deal.
edit, I'm talking about regular banking, no crypto.
The fiat banking system uses far far less electricity than mining BTC, and yes, encryption uses a chunk of that. Not much. BTC mining rigs work flat out solving complex puzzles, in between assisting with transactions. Solving those puzzles is what gobbles up the energy. A day may come where mining rigs stop bothering to do that and just process transactions, for the modest transaction fees. Roll on that day.Quote: rxwineIsn't it the encryption processing using all the energy? Besides, I get an electronic deposit, and use the money electronically. It doesn't physically ever leave the bank, or even seem to exist to some extent. I sure don't lug gold around.
edit, I'm talking about regular banking, no crypto.
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Cash as coins was an extreme example of the waste of fiat currency. Pretty much all money is no more than data on a ledger somewhere. Even paper money uses little energy to create or transport around.
theft - from hacking - mismanagement and failure have caused some crypto exchanges from around the world to lose customers funds
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https://www.theguardian.com/technology/2021/dec/12/the-search-is-on-for-50m-in-lost-cryptocurrency-after-two-australian-exchanges-collapsehttps://www.theguardian.com/technology/2021/dec/12/the-search-is-on-for-50m-in-lost-cryptocurrency-after-two-australian-exchanges-collapse
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Quote: BTLWII'll make 6 figures + from blockchain gaming in 2022.
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Still going to do this. It's not casino gambling.
NFT's + Crypto + Defi + Gaming. 6 Figures USD in 2022. Easy.
I got into a project early so this should be easy. Can't use the NFT's yet for earning but they were free and now worth a lot.
Quote: BTLWIQuote: BTLWII'll make 6 figures + from blockchain gaming in 2022.
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Still going to do this. It's not casino gambling.
NFT's + Crypto + Defi + Gaming. 6 Figures USD in 2022. Easy.
I got into a project early so this should be easy. Can't use the NFT's yet for earning but they were free and now worth a lot.
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Good luck.
If the young lady that was selling farts in a jar, until her doctor advised a change of diet, can make a business of selling NFT farts, then you should do this easily.
https://duckduckgo.com/?q=selling+farts+in+a+jar+nft&ia=web
probably play with NFTs but just hodl big cryptos for few years. playing with alts seems like a disaster.
ive held nimiq for years now and they cant got POS over the line. could be brilliant coin if/when they do tho.
As I've written elsewhere, BitCoin is merely a collectable (given the rarity compared to world population) with an intrinsic value based upon the electricity needed to produce a BitCoin. For the rest of us, it looks like fiat is still cheaper to manage and produce, given ATM cards, credit cards, taps, swipes, etc.
Suited89
Quote: OnceDearQuote: BTLWIQuote: BTLWII'll make 6 figures + from blockchain gaming in 2022.
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Still going to do this. It's not casino gambling.
NFT's + Crypto + Defi + Gaming. 6 Figures USD in 2022. Easy.
I got into a project early so this should be easy. Can't use the NFT's yet for earning but they were free and now worth a lot.
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Good luck.
If the young lady that was selling farts in a jar, until her doctor advised a change of diet, can make a business of selling NFT farts, then you should do this easily.
https://duckduckgo.com/?q=selling+farts+in+a+jar+nft&ia=web
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I won't be relying on selling farts, I just got invited into an NFT guild - so I guess you could say things are getting pretty serious.
https://txstreet.com/v/eth-btc
Quote: rxwineWalmart is putting out its own cyrpto coin.
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Actually its own digital coin. "Crypto" coins are decentralized. WMT will control the coin.
Quote: AZDuffmanQuote: rxwineWalmart is putting out its own cyrpto coin.
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Actually its own digital coin. "Crypto" coins are decentralized. WMT will control the coin.
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Looks like a bit of a scattergun of patents and trademark applications. They seem to be proposing a digital currency AND some crypto management software.
https://www.cnbc.com/2022/01/16/walmart-is-quietly-preparing-to-enter-the-metaverse.html
WMT might own and fully control the coin, seemingly making the exercise futile unless it's going to be sweetened by a loyalty program. I'm not sure that disqualifies it from using 'crypto' technology or being called a crypto product. They also seem to be jumping on the NFT bandwagon.
"An old Wall Street saying has it that when everybody’s getting into the market and even the shoeshine boy is giving stock tips (or the barber/hairdresser or the taxi driver or the waiter or the bartender), then it’s time to sell."
Quote: OnceDearQuote: AZDuffmanQuote: rxwineWalmart is putting out its own cyrpto coin.
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Actually its own digital coin. "Crypto" coins are decentralized. WMT will control the coin.
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Looks like a bit of a scattergun of patents and trademark applications. They seem to be proposing a digital currency AND some crypto management software.
https://www.cnbc.com/2022/01/16/walmart-is-quietly-preparing-to-enter-the-metaverse.html
WMT might own and fully control the coin, seemingly making the exercise futile unless it's going to be sweetened by a loyalty program. I'm not sure that disqualifies it from using 'crypto' technology or being called a crypto product. They also seem to be jumping on the NFT bandwagon.
"An old Wall Street saying has it that when everybody’s getting into the market and even the shoeshine boy is giving stock tips (or the barber/hairdresser or the taxi driver or the waiter or the bartender), then it’s time to sell."
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I do not understand why a big player, probably cannot be a bank due to regs. does not make a stable coin. Make a promise to sell at $1.01 and buy at $0.99. Put the proceeds into US Treasury products. Totally free money!
Quote: AZDuffman
I do not understand why a big player, probably cannot be a bank due to regs. does not make a stable coin. Make a promise to sell at $1.01 and buy at $0.99. Put the proceeds into US Treasury products. Totally free money!
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Why would anyone pay $1.01 for a dollar bill that can only be spent in Walmart?Quote: billryanWhy would people want a stable cyrpto-currency? I'm not sure I see the point of it? By stable, I assume you mean one pegged to the US dollar. We already have such a currency.
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Well there are some who would, and do, pay a lot more.
Quote: billryanWhy would people want a stable cyrpto-currency? I'm not sure I see the point of it? By stable, I assume you mean one pegged to the US dollar. We already have such a currency.
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Multiple reasons. For one it is a "parking place" for crypto investments when you sell one but do not want to buy another just yet. For another it is good for vendors who do not want the high fees of credit cards or PayPal. If you live in a place like Venezuela where the government likes to steal bank deposits it is safer than a bank account.
Just a few.
Quote: OnceDearQuote: AZDuffman
I do not understand why a big player, probably cannot be a bank due to regs. does not make a stable coin. Make a promise to sell at $1.01 and buy at $0.99. Put the proceeds into US Treasury products. Totally free money!
link to original postWhy would anyone pay $1.01 for a dollar bill that can only be spent in Walmart?Quote: billryanWhy would people want a stable cyrpto-currency? I'm not sure I see the point of it? By stable, I assume you mean one pegged to the US dollar. We already have such a currency.
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Well there are some who would, and do, pay a lot more.
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Who said only at WMT? I am saying a dollar backed coin that can be spent by whomever takes it.
Quote: billryanCan I assume that when you say "park", you really mean hide? It seems to me the whole crypto-currency scheme is designed to avoid paying taxes. I came to that conclusion years ago, and nothing I've seen has dissuaded me. It amuses me the lengths people go through to try and color that differently.
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Call it what you want. Idea is to protect your money from government confiscation.
These already exist, they’re called pennies, nickels, dimes and quarters.Quote: AZDuffmanWho said only at WMT? I am saying a dollar backed coin that can be spent by whomever takes it.
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Any unit of exchange that is pegged to the dollar is not a fiat currency and thus not a cryptocurrency.
Quote: AZDuffmanQuote: billryanCan I assume that when you say "park", you really mean hide? It seems to me the whole crypto-currency scheme is designed to avoid paying taxes. I came to that conclusion years ago, and nothing I've seen has dissuaded me. It amuses me the lengths people go through to try and color that differently.
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Call it what you want. Idea is to protect your money from government confiscation.
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It sounds like the intention is to steal money from the government, which means stealing from the rest of us. Why not work on creating more instead of trying to hide less.
Quote: billryanQuote: AZDuffmanQuote: billryanCan I assume that when you say "park", you really mean hide? It seems to me the whole crypto-currency scheme is designed to avoid paying taxes. I came to that conclusion years ago, and nothing I've seen has dissuaded me. It amuses me the lengths people go through to try and color that differently.
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Call it what you want. Idea is to protect your money from government confiscation.
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It sounds like the intention is to steal money from the government, which means stealing from the rest of us. Why not work on creating more instead of trying to hide less.
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No, it is to avoid the government stealing people's money. The IRS can make it impossible to live and conduct business, they can take everything you have. Except crypto, which you can keep private.
Quote:an estimated $15 million worth of Ethereum was stolen from exchange platform Crypto.com.
Multiple users had begun reporting missing funds and odd activity on their accounts, prompting the site to release a statement via Twitter, reading, “We have a small number of users reporting suspicious activity on their accounts. We will be pausing withdrawals shortly, as our team is investigating. All funds are safe.”
Quote:by Wednesday morning, it was discovered that those weren't the only losses.
A new report by OXT Research is claiming that nearly 444 Bitcoin were also stolen from the exchange site after a hacker had used a Bitcoin tumbler to move the funds. Per Bitcoin’s latest valuation, the loss of these coins is equivalent to around $18.4 million, making the total value of funds stolen around a whopping $33 million.
Crypto.com has not yet commented on the latest findings, with CEO Kris Marszalek having most recently tweeted that “no customer funds were lost," adding, "Our team has hardened the infrastructure in response to the incident. We will share a full post mortem after the internal investigation is completed.”
https://www.msn.com/en-us/money/markets/crypto-exchange-shuts-down-withdrawals-after-hackers-reportedly-steal-33-million-in-bitcoin-ethereum/ar-AASWsgv?ocid=msedgntp
Quote: rxwineQuote:an estimated $15 million worth of Ethereum was stolen from exchange platform Crypto.com.
Multiple users had begun reporting missing funds and odd activity on their accounts, prompting the site to release a statement via Twitter, reading, “We have a small number of users reporting suspicious activity on their accounts. We will be pausing withdrawals shortly, as our team is investigating. All funds are safe.”Quote:by Wednesday morning, it was discovered that those weren't the only losses.
A new report by OXT Research is claiming that nearly 444 Bitcoin were also stolen from the exchange site after a hacker had used a Bitcoin tumbler to move the funds. Per Bitcoin’s latest valuation, the loss of these coins is equivalent to around $18.4 million, making the total value of funds stolen around a whopping $33 million.
Crypto.com has not yet commented on the latest findings, with CEO Kris Marszalek having most recently tweeted that “no customer funds were lost," adding, "Our team has hardened the infrastructure in response to the incident. We will share a full post mortem after the internal investigation is completed.”
https://www.msn.com/en-us/money/markets/crypto-exchange-shuts-down-withdrawals-after-hackers-reportedly-steal-33-million-in-bitcoin-ethereum/ar-AASWsgv?ocid=msedgntp
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No big surprise. For exchanges like Crypto.com that use hot wallets these types of breaches are inevitable. Another problem is the tumblers...they make it easier for the hackers to get away with this stuff.
Just passing it along for those who like to speculate. I have and will have no skin in the game.
Quote: AZDuffmanQuote: OnceDearQuote: AZDuffmanQuote: rxwineWalmart is putting out its own cyrpto coin.
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Actually its own digital coin. "Crypto" coins are decentralized. WMT will control the coin.
link to original post
Looks like a bit of a scattergun of patents and trademark applications. They seem to be proposing a digital currency AND some crypto management software.
https://www.cnbc.com/2022/01/16/walmart-is-quietly-preparing-to-enter-the-metaverse.html
WMT might own and fully control the coin, seemingly making the exercise futile unless it's going to be sweetened by a loyalty program. I'm not sure that disqualifies it from using 'crypto' technology or being called a crypto product. They also seem to be jumping on the NFT bandwagon.
"An old Wall Street saying has it that when everybody’s getting into the market and even the shoeshine boy is giving stock tips (or the barber/hairdresser or the taxi driver or the waiter or the bartender), then it’s time to sell."
link to original post
I do not understand why a big player, probably cannot be a bank due to regs. does not make a stable coin. Make a promise to sell at $1.01 and buy at $0.99. Put the proceeds into US Treasury products. Totally free money!
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Some potential customers of such a digital coin might see it as offering all the downsides of traditional money with few of the advantages of decentralized cryptocurrency.
Transactional immediacy is there without a merchant account (MC/Visa etc), no batch settlements. Otherwise... I don't see a saleable advantage.
