Cryptocurrencies Part II - No more forks for you

[Fledgemyhedge]

Is it worth buying more before the 12th, or is that unlikely to change the price at all?

It looks like it could keep rising to the 12th. It will probably dip after. Hard to say though.

 

[Intoewsables]

I have a feeling that people are going to buy more VTC right before the halving in anticipation of a price spike, only to sell it off when nothing happens (similar to buy the rumour, sell the news I guess). But yeah, it's hard to say... Could go either way I suppose. Personally, I'm just going to hold on and see what happens.

 

[Bixby Snyder]

Looks like nicehash got hacked.


https://www.reddit.com/r/Bitcoin/comments/7hyv78/nicehash_may_have_been_hacked/

 

[void]

This btc pump is worrying me a bit. Lots of crypto noobs entering the market hoping to get rich quick and I have a feeling that all hell will break loose once the bubble pops. Hold on to your butts.

 

[What the Faulk]

This btc pump is worrying me a bit. Lots of crypto noobs entering the market hoping to get rich quick and I have a feeling that all hell will break loose once the bubble pops. Hold on to your butts.

Just gonna go to the alts as it always does

 

[The Crypto Guy]

This btc pump is worrying me a bit. Lots of crypto noobs entering the market hoping to get rich quick and I have a feeling that all hell will break loose once the bubble pops. Hold on to your butts.

Yup, it's going up wayyyy too fast. Major correction will come sooner or later and will effect the entire crypto market. Esp with the holidays coming up people will look to make profits soon.

 

[Albatros]

I'm hoping that the bursting bubble will ruin the reputation of Bitcoin for good, the whole nonsense is getting badly out of hand.

 

[YNWA14]

I'm too lazy to read through the entire thread, and I don't actually invest at the moment, but I wanted to when Bitcoin first came out. I guess before I get too heavy into the research because people are off their rockers about this cryptocurrency stuff now...I just wanted to know if anyone thinks that 'Ripple' has a chance of being the currency that succeeds Bitcoin and legitimizes the field so to speak (yes, I read this in a vague article but this stuff has always interested me)?

 

[TheDoldrums]

I'm hoping that the bursting bubble will ruin the reputation of Bitcoin for good, the whole nonsense is getting badly out of hand.

The hate some of you have for Bitcoin really is something. Don't get your hopes up.

 

[Albatros]

At the current rate Bitcoin will consume more electricity than the entire rest of the world by February 2020.

 

[TheDoldrums]

Bitcoin mining and transactions are constantly getting more efficient so the current rate doesn't really apply to years from now. And if it keeps growing at its current rate it would displace money printing, credit card printing, credit card servers, bank construction...

Shifting to digital from physical things isn't bad for the environment, quite the opposite.

 

[beowulf]

Guy in BC is going all in on the mining aspect. He even made CBC news with his $100,000 investment not in the bitcoins but the equipment to mine them.

Canadian couple invests $100K to build their own bitcoin mining operation

 

[beowulf]

Bitcoin mining and transactions are constantly getting more efficient so the current rate doesn't really apply to years from now. And if it keeps growing at its current rate it would displace money printing, credit card printing, credit card servers, bank construction...

Shifting to digital from physical things isn't bad for the environment, quite the opposite.

Most transaction are digital these days anyways. I am not sold on the idea that governments will actually ever adopt crypto currencies as their national currencies. They prefer to have control of their currency including shifts from interest rates etc.

Also credit card printing/servers has no place in this discussion as people will always be looking for credit.

Do you also seriously thing banks will disappear? People said that over a decade ago as people began banking more online or by phone etc. People still want to go in person and banks often want to meet people in person for things like mortgages, business loans, car loans, etc.

 

[TheDoldrums]

Most transaction are digital these days anyways. I am not sold on the idea that governments will actually ever adopt crypto currencies as their national currencies. They prefer to have control of their currency including shifts from interest rates etc.

Also credit card printing/servers has no place in this discussion as people will always be looking for credit.

Do you also seriously thing banks will disappear? People said that over a decade ago as people began banking more online or by phone etc. People still want to go in person and banks often want to meet people in person for things like mortgages, business loans, car loans, etc.

No I don't think banks will disappear. I do think they'll invest less in new buildings, hence the construction comment. I still enjoyed going to Blockbuster to browse videos in person, but that didn't save it. When the internet comes for your industry, the internet wins.

Governments are creating their own cryptocurrencies, that's how they'll attempt to retain control.

You can already get credit through crypto and I expect that to grow exponentially going forward.

 

[The Crypto Guy]

I'm hoping that the bursting bubble will ruin the reputation of Bitcoin for good, the whole nonsense is getting badly out of hand.

Seems like you're just mad you didn't get in on it when you should have so now you want it to fail so you feel better.

 

[Albatros]

Seems like you're just mad you didn't get in on it when you should have so now you want it to fail so you feel better.

I'm mad because heavily polluting coal power plants have been activated only because of a meaningless internet bubble.

 

[XX]

Guy in BC is going all in on the mining aspect. He even made CBC news with his $100,000 investment not in the bitcoins but the equipment to mine them.

Canadian couple invests $100K to build their own bitcoin mining operation

We're approaching full hysteria. People mining today are comically late to the party.

The majority of people buying in now have no idea what they are buying.

It's currently being pumped in anticipation of the futures contracts going online, at which point it will be dumped.

 

[The Crypto Guy]

I'm mad because heavily polluting coal power plants have been activated only because of a meaningless internet bubble.

I LoLed a bit at this.

 

[TheDoldrums]

I'm mad because heavily polluting coal power plants have been activated only because of a meaningless internet bubble.

Bitcoin mining: 8.27 terawatt hours per year
Gold mining: 132 terawatt hours per year

No, Bitcoin Won't Boil the Oceans

 

[beowulf]

I LoLed a bit at this.

He is not the only one that believes that big name finance people continue to believe it will all fall down. Time will tell of course.

The Winklevoss brother are now the first Crypto billionaires supposedly.

 

[The Crypto Guy]

https://nypost.com/2017/12/07/hackers-steal-70m-in-bitcoins-as-price-briefly-hits-19k/

70M in bitcoin hacked. Not good. Had zero effect on the price however.

 

[beowulf]

Bitcoin mining: 8.27 terawatt hours per year
Gold mining: 132 terawatt hours per year

No, Bitcoin Won't Boil the Oceans

Don't get your point. You cannot compare the two one is for an actual physical item that is actually used for items like jewelry etc. The article links to an article the is written by Coindesk which is basically a bitcoin magazine.

A better article is this Wired one which points out that a lot of the numbers are made up. Your article does not explain things very well and as an example Wired and depending on who you ask you get estimates that are all over the place.

"According to its Bitcoin Energy Consumption Index, the network of computers that verify bitcoin transactions draw 3.4 Gigawatts (GW) — a single watt is a joule per second, and your laptop probably probably uses about 60W. That 3.4GW adds up to 30.1 terrawatt hours (TWh) per year of energy — that doesn't mean that much energy is used per hour, every hour, but is instead a measurement that equates to the amount of work those 30 terrawatts would do over an hour. In this case, that 30.1TWh is equivalent to the energy used by the entire nation of Morocco annually. "

 

[TheDoldrums]

Don't get your point. You cannot compare the two one is for an actual physical item that is actually used for items like jewelry etc. The article links to an article the is written by Coindesk which is basically a bitcoin magazine.

A better article is this Wired one which points out that a lot of the numbers are made up. Your article does not explain things very well and as an example Wired and depending on who you ask you get estimates that are all over the place.

"According to its Bitcoin Energy Consumption Index, the network of computers that verify bitcoin transactions draw 3.4 Gigawatts (GW) — a single watt is a joule per second, and your laptop probably probably uses about 60W. That 3.4GW adds up to 30.1 terrawatt hours (TWh) per year of energy — that doesn't mean that much energy is used per hour, every hour, but is instead a measurement that equates to the amount of work those 30 terrawatts would do over an hour. In this case, that 30.1TWh is equivalent to the energy used by the entire nation of Morocco annually. "

A better article is the one that confirms your viewpoint, sure.

Serious faults in Digiconomist's Bitcoin Energy Consumption Index

And ~40% of gold is mined purely for investment purposes as a store of value. That was my point.

 

[beowulf]

A better article is the one that confirms your viewpoint, sure.

Serious faults in Digiconomist's Bitcoin Energy Consumption Index

And ~40% of gold is mined purely for investment purposes as a store of value. That was my point.

I does not confirm my viewpoint I don't really have a viewpoint on the energy needs. It does a better example of explaining it and showing how there is no agreement on how much energy is being used and will be used in the future.

 

[What the Faulk]

You can definitely tell who's late to the party when it comes to people calling it a bubble and hoping it dies, and you can definitely tell when people think bitcoin = all cryptocurrency, or even blockchain technology in general.