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Re: Bitcoin nearing 19k [Re: SNIPERBBB] #7059140
11/22/20 07:55 PM
11/22/20 07:55 PM
Joined: Jan 2019
Posts: 3,554
North central Iowa
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Bob_Iowa Offline
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Ok that clarifies somethings.

Re: Bitcoin nearing 19k [Re: SNIPERBBB] #7059288
11/22/20 09:20 PM
11/22/20 09:20 PM
Joined: Mar 2014
Posts: 838
North dakota
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Nd native Offline
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The easiest way to explain bitcoin mining is a computer performing a cryptographic calculation that helps secure the blockchain and record new transactions (payments, transfers, etc) by solving an equation. If you are the miner to solve the next equation you get a block reward. Which right now is 6.25 bitcoin every appx 10 minutes. Your odds of finding that block by yourself with home mining equipment is like winning the powerball though so mining is done in pools. So lots of people get together and pool their resources to all chip in together to try and find the next block and then split up the reward among each other based on what percentage of the work your computer contributed.

I've mined Litecoin for over a year and a half only solved 1 block. Litecoin is an offshoot of BTC and has a significantly lower hash rate.

Re: Bitcoin nearing 19k [Re: SNIPERBBB] #7059389
11/22/20 11:02 PM
11/22/20 11:02 PM
Joined: Mar 2007
Posts: 35,127
McGrath, AK
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white17 Online content

"General (Mr.Sunshine) Washington"
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McGrath, AK
Since you mention ......"pool their resources to all chip in together", it seems to me that the common item that our futures will revolve around , is the semi-conductor. Mining anything like Bitcoin is going to require a lot of chips and power. So will everything else from storage to cloud to vehicles ( vechiles)

So for my money, the better investment would be in chip design, foundries, and equipment for manufacturing chips.

I understand the motivation is different but I think the reward is more probable with less risk.


Mean As Nails
Re: Bitcoin nearing 19k [Re: SNIPERBBB] #7059616
11/23/20 09:29 AM
11/23/20 09:29 AM
Joined: May 2010
Posts: 10,421
mn north of blakely
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Steven 49er Offline
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Eventually one of two things will happen, at least in my eye.

Either bitcoin will fall to zero or it will stabilize and no longer be an "investment". It cannot be do volitile and act as a true modem of exchange.


"Inflation is always and everywhere a monetary phenomenon". Milton Friedman.
Re: Bitcoin nearing 19k [Re: Steven 49er] #7059638
11/23/20 10:03 AM
11/23/20 10:03 AM
Joined: Dec 2006
Posts: 17,548
Rodney,Ohio
SNIPERBBB Offline OP
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Rodney,Ohio
Originally Posted by Steven 49er
Eventually one of two things will happen, at least in my eye.

Either bitcoin will fall to zero or it will stabilize and no longer be an "investment". It cannot be do volitile and act as a true modem of exchange.



I would like to agree with you but that requires a sane world.

Re: Bitcoin nearing 19k [Re: SNIPERBBB] #7059692
11/23/20 11:12 AM
11/23/20 11:12 AM
Joined: Mar 2007
Posts: 35,127
McGrath, AK
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white17 Online content

"General (Mr.Sunshine) Washington"
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McGrath, AK
AS you know I am no fan of either metals or cryptos. But, things have changed in crypto-ville.

These days hedge funds are buying into bitcoin.......or the idea of bitcoin. They are not necessarily buying bitcoin itself but rather are buying into Grayscale Bitcoin Trust.....(ticker GBTC)

I agree with Steven that as it is now it is far too volatile to serve as a medium of exchange. One of the risks...........and a big one.........is that governments either move to prohibit BTC as a payment method or central banks get into the crypto game also.

But it is becoming clearer that bitcoin could be an alternative to gold. Once some of the larger banks like JP Morgan recognize that they are missing out, they will begin to trade or facilitate trading in BTC. JPM just made about 1.8 billion in facilitating trading and storage of gold. Note they are not buying it to hold, just buying it for others to hold. They could, and probably will do the same with BTC


Mean As Nails
Re: Bitcoin nearing 19k [Re: SNIPERBBB] #7059748
11/23/20 12:21 PM
11/23/20 12:21 PM
Joined: Dec 2006
Posts: 17,548
Rodney,Ohio
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There was a lot of talks about a lot of these investment firms setting up crypto trading desks back during the 17 run. Which I think drove most of that run.

Re: Bitcoin nearing 19k [Re: SNIPERBBB] #7059754
11/23/20 12:32 PM
11/23/20 12:32 PM
Joined: Mar 2007
Posts: 35,127
McGrath, AK
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white17 Online content

"General (Mr.Sunshine) Washington"
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McGrath, AK
That IS what is driving it now.

During the last spike in BTC the compliance arms of various trading outfits and hedge funds prohibited most trading in bitcoin. That has now changed


Mean As Nails
Re: Bitcoin nearing 19k [Re: SNIPERBBB] #7059758
11/23/20 12:43 PM
11/23/20 12:43 PM
Joined: May 2010
Posts: 10,421
mn north of blakely
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Steven 49er Offline
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My opinion is the run up in 17 was because of FOMO.


"Inflation is always and everywhere a monetary phenomenon". Milton Friedman.
Re: Bitcoin nearing 19k [Re: SNIPERBBB] #7059764
11/23/20 12:54 PM
11/23/20 12:54 PM
Joined: Dec 2006
Posts: 17,548
Rodney,Ohio
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Rodney,Ohio
That's just part of the game whenever speculation is involved.

Re: Bitcoin nearing 19k [Re: Steven 49er] #7059776
11/23/20 01:32 PM
11/23/20 01:32 PM
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McGrath, AK
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white17 Online content

"General (Mr.Sunshine) Washington"
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McGrath, AK
Originally Posted by Steven 49er
My opinion is the run up in 17 was because of FOMO.




Yes. I do think there is a different attitude towards it now


Mean As Nails
Re: Bitcoin nearing 19k [Re: SNIPERBBB] #7060190
11/23/20 08:27 PM
11/23/20 08:27 PM
Joined: May 2010
Posts: 10,421
mn north of blakely
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Steven 49er Offline
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XRP has also been on a monster run the last few days.

I vacated my position in it this summer. Story of my life lol.


"Inflation is always and everywhere a monetary phenomenon". Milton Friedman.
Re: Bitcoin nearing 19k [Re: SNIPERBBB] #7060207
11/23/20 08:31 PM
11/23/20 08:31 PM
Joined: Aug 2011
Posts: 45,263
james bay frontierOnt.
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Boco Online content
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Trade will be booming soon with Kerry being the special trade envoy to China.
I wonder if he will go over there with a big suitcase full of bitcoins?

Last edited by Boco; 11/23/20 08:31 PM.

Forget that fear of gravity-get a little savagery in your life.
Re: Bitcoin nearing 19k [Re: SNIPERBBB] #7061181
11/24/20 01:30 PM
11/24/20 01:30 PM
Joined: Dec 2006
Posts: 17,548
Rodney,Ohio
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Past 19k now. Won't be surprised if it hits 23k by new years.

Picking up coat tails now.

Re: Bitcoin nearing 19k [Re: SNIPERBBB] #7068283
11/30/20 11:16 AM
11/30/20 11:16 AM
Joined: Dec 2006
Posts: 17,548
Rodney,Ohio
SNIPERBBB Offline OP
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Holiday slump is over. surging towards 20k now

Re: Bitcoin nearing 19k [Re: SNIPERBBB] #7068295
11/30/20 11:29 AM
11/30/20 11:29 AM
Joined: Mar 2007
Posts: 35,127
McGrath, AK
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white17 Online content

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Mean As Nails
Re: Bitcoin nearing 19k [Re: SNIPERBBB] #7068718
11/30/20 07:22 PM
11/30/20 07:22 PM
Joined: May 2010
Posts: 10,421
mn north of blakely
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Steven 49er Offline
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Old news Ken. Well 3 weeks old lol.


"Inflation is always and everywhere a monetary phenomenon". Milton Friedman.
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