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Merged Bitcoin - Part 3

Went on coinbase to buy 100 bucks of bitcoin and my bank deactivated my card. I am not brave enough yet to link my bank account to it.

I think the fees scale. 50 bucks of bitcoin generated a 2 dollar fee and 100 bucks of bitcoin is 4 bucks. 4% fee per transaction
 
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psionl0 said:
All points but the last are valid. As long as people are willing to pay for bitcoin, it is not worthless. If bitcoin is still around when the only reward for mining is the transaction fees then either the transaction fees will rise dramatically or the energy expended on mining will drop significantly.


Yes, any currency that is not subject to demurrage or inflation and on which fees must be paid for every transaction is not particularly useful. Worse, bitcoin doesn't scale so the rate of transactions is permanently limited.

It will be up to a future crypto to address these problems but as usual, this is old news.
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yes, I agree. The value of something is whatever somebody is willing to pay for it.
 
MinnesotaBrant said:
I think the fees scale. 50 bucks of bitcoin generated a 2 dollar fee and 100 bucks of bitcoin is 4 bucks. 4% fee per transaction
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That's not what "scale" means. It means that more nodes/miners doesn't mean that we can get more transactions per block.

That's quite a markup your vendor is adding. Current fees are about 0.0001 BTC per transaction or 0.15% of the value of each transaction.
https://www.blockchain.com/btc/bloc...1828e5cfa4685e665589e5cdd82ef65997c77791579e8
 
"Bitcoin Energy Consumption
Bitcoin used an estimated 200 million kilowatt hour of electricity yesterday. On a yearly basis that would amount to 73 terawatt hour. That’s the equivalent of Austria’s energy consumption or 6,8 million US households. Bitcoin’s energy consumption now represents 0.3% of the whole world’s electricity use."

https://thenextweb.com/hardfork/201...s-just-before-bitcoin-dips-below-10000-again/

What a nasty and pure evil construct, eh Greta.
 
If bitcoin is so evil then why are you telling people how to make a profit from it? Is that why your TA is always wrong? To punish speculators?
 
I'm sure that Bitcoin's creator wasn't thrilled by the amount of energy his creation is draining.
There are other cryptocurrencies that don't do this.
 
psionl0 said:
If bitcoin is so evil then why are you telling people how to make a profit from it? Is that why your TA is always wrong? To punish speculators?
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I don't trade bitcoin, I am a fascinated observer. TA seems to work better on bitcoin than anything else, so I feel drawn to predict.
In fact I find it scarcely credible it uses 3 parts in a thousand of electricity produced on the planet, but if this is true, it is pure evil.
 
psionl0 said:
R.T.Q.
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Struggling to authenticate the idea in this assemblage but appropriately, seems Australian.
Fortunately the great crypto bear market continues unabated. Greta Thunberg will win the Nobel peace prize with an oblique snarl at bitcoin.
 
Bitcoin should hover at this level for a week or 3, 8040, then it will move down to 5k, then stage a strong rally. Buy at around 5k, as always the thread leaves nowhere to hide.
 
With bitcoin at 8316, I strongly suggest shorting the magic carpet.
As always, the thread records in perpetuity the nonsense.
Thank you for attending. :)
 
Samson said:
With bitcoin at 8316, I strongly suggest shorting the magic carpet.
As always, the thread records in perpetuity the nonsense.
Thank you for attending. :)
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You're referring to your own unintentionally hilarious drivel, I assume.
 
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