Bitcoin - Part 2

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psionl0 said:
We have been over this millions of times. Nothing has "value", only a price.

You might be desperately hoping that bitcoin crashes forever but plenty of speculators are willing to deal with probabilities instead.
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You still can't be made to see that value and price are not necessarily the same thing. God knows I've tried to get this idea across. An asset has value if it serves some useful function, or produces measurable revenue. If it possesses neither of these qualities it may still have a "price" created by speculative inflation, where later owners recompense earlier owners, each hoping to find a future one to whom the parcel can be passed. So a possession can, temporarily, have price but no value.

You however are stating that there is no such thing as value. Price is not a measure that might become detached from value: it is the only attribute possessed by any commodity.

I wonder if this is intended as a satirical comment on alt-right anarcho-capitalist economic theory.
 
Insanity: :jaw-dropp


https://www.politico.com/magazine/s...mining-energy-prices-smalltown-feature-217230

Today, a half-megawatt mine, Miehe says, “is nothing.” The commercial miners now pouring into the valley are building sites with tens of thousands of servers and electrical loads of as much as 30 megawatts, or enough to power a neighborhood of 13,000 homes. And in the arms race that cryptocurrency mining has become, even these operations will soon be considered small-scale.
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This is like an emperor putting half the population to work smashing a mountain into tiny grains because he likes the feel of sand under his feet. Just as useless.
 
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Fear is the enemy! :covereyes


https://www.moneyweb.co.za/news-fas...ek-is-getting-worse-as-selloff-deepens-to-20/

“The screen is flashing red today and people are getting fearful,” said Caleb Yap, co-founder of Singapore Bitcoin Club. “Weak hands are definitely wanting to sell. If Mt. Gox can dump $400 million of Bitcoin just like that and there’s still billions left, the fear is when is the big drop coming.”

Mt. Gox’s bankruptcy trustee, Nobuaki Kobayashi, disclosed on Wednesday in Tokyo that he sold about $400 million of Bitcoin and Bitcoin Cash since late September, part of the hoard left behind when the exchange collapsed four years ago. Kobayashi is studying further sales of the $1.8 billion remaining.
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Here is someone else who is finding entertainment in bitcoin. He is entertaining me with his descriptions.

https://www.bloomberg.com/businessweek

...People feel compelled to make predictions about blockchains. Here’s mine: The current wave of coins will eventually ebb, because it’s a big, inefficient, unholy mess. It’s more ideology than financial instrument, and ideology is rarely a sustainable store of value. Plus, transactions are slow (everyone says they’re fixing that), and you shouldn’t have to use an aluminum smelter’s worth of power to make new currency.

Most things that the blockchain promises to do can be done more easily with other technologies, including good ol’ fiat currency. But I know a mind virus when I see it.

...Bubbles are melancholy things—swirls of lies and optimism used to hide a million unrealized yearnings. Bitcoin will crash because of course it will. Bubbles burst. The real estate and athletics management people go home, and the believers remain, meeting up, planning new markets. It could take years, it could take a decade, but the blockchain freaks have a world in their heads, and they won’t rest until it’s real.
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psionl0 said:
Why don't you ever post something new?

(snip)
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Okay. The mechanism for creating bitcoins is arbitrary and determined by a group of people. They could change the criteria tomorrow. 10 zeros instead of 32 or what ever the latest is. Wasting energy is a waste. Or just say we will have 15 coins per 10 minutes going to people who maintain the nodes on a lotto basis?

Why not simply decide to hand out bitcoins to the general public on a more egalitarian basis? 10 per month to each person. And then the 'money' goes into circulation?

That is what the Fed should be doing when it prints money.

Why does each crypto scheme involve a small group of people becoming rich overnight by doing an ICO?
 
PartSkeptic said:
Okay. ... blah ... blah ... blah ...
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ftfy.

I meant something that wasn't BS.

It's been repeated ad-nauseum that POW is a bad method of verifying blocks. When it becomes less profitable to mine for bitcoins, less energy should be wasted on this process but it is still bad.

Something like a "proof of participation" (where a miner's share of the block reward increases according to how much they contribute to a consensus process) would be a better system. Sort of a "Ripple with rewards" process.

It doesn't matter whether a "block reward" or ICO is started. The biggest participants will always get the lion's share of the crypto currency. The same thing also happens with fiat currencies with the top 1% getting at least as much money as everybody else (although that requires a compliant government).
 
psionl0 said:
ftfy.

I meant something that wasn't BS.

It's been repeated ad-nauseum that POW is a bad method of verifying blocks. When it becomes less profitable to mine for bitcoins, less energy should be wasted on this process but it is still bad.

Something like a "proof of participation" (where a miner's share of the block reward increases according to how much they contribute to a consensus process) would be a better system. Sort of a "Ripple with rewards" process.

It doesn't matter whether a "block reward" or ICO is started. The biggest participants will always get the lion's share of the crypto currency. The same thing also happens with fiat currencies with the top 1% getting at least as much money as everybody else (although that requires a compliant government).
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It seems that "fairness" (blah and more blah) is not part of your thinking. It is a big part of my thinking.

Lion's shares are just great whether fiat or another alternative such as crypto?

That fits in nicely with a scammers philosophy.
 
Looks like the Feds are busting into the joint to break up the game, according to a report in the FT "Watchdogs tighten their grip on cryptocurrency exchanges"
 
PartSkeptic said:
Are people not trying to get away from corrupt fiat money?
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It is not particularly relevant what attitude some people have towards fiat money. Most crypto holders/users I suspect would prefer to use fiat currency for the majority of their transactions. It is just a matter of choice.
 
I am about to meet a creator of a brand new crypto from NZ. (Work in progress I believe).
The word is this crypto is different.
I bet no one heard that before. I will report when I can
 
Samson said:
I am about to meet a creator of a brand new crypto from NZ. (Work in progress I believe).
The word is this crypto is different.
I bet no one heard that before. I will report when I can
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Kim Dotcom?

BTW - Bitcoin: 6 days of decline and the indicator says "Sell".
 
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PartSkeptic said:
Kim Dotcom?

BTW - Bitcoin: 6 days of decline and the indicator says "Sell".
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Not dotcom but about to UBER over to talk to TECHOS.
I kid you not, I believe this is the precise moment in history to eschew the blockchain hoax.
I will report as I find it.

:cool:
 
"Venezuela Iceland and Malta are booming in Bitcoin. The former because they do not trust the yanks.

Ripple is being used by Westpac in NZ to do 80% of transactions to Fiji Cook Islands and Samoa."

Just a little from my encounter.
 
And off to Malaysia for a huge conference, the term cryptotokens is raised. These guys are clever and committed, 100s of millions to be garnered.
 
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