Re: Stock Market and Bitcoin this AM
[Re: charles]
#7269058
05/21/21 08:30 AM
05/21/21 08:30 AM
|
Joined: Dec 2007
Posts: 1,453 Missouri
ol' dad
trapper
|
trapper
Joined: Dec 2007
Posts: 1,453
Missouri
|
I'm not buying any Bitcoin until Gordon Liddy or William Devane says to... Lol
Ol dad
"I season my food with hunger"
|
|
|
Re: Stock Market and Bitcoin this AM
[Re: DecoyMacoy]
#7269068
05/21/21 08:39 AM
05/21/21 08:39 AM
|
Joined: Dec 2006
Posts: 17,663 Rodney,Ohio
SNIPERBBB
trapper
|
trapper
Joined: Dec 2006
Posts: 17,663
Rodney,Ohio
|
When the 3 Gorges Dam blows, How will that affect Bitcoin ? The percentage of total mining taking place in China way overblown IMO and it decreases by the day. During the rainy season many miners to move to these hydro facilities because they over produce electricity, therefor electricity is dirt cheap and miners are more profitable. Lets say the dam blows and takes out 30% of Bitcoins hash power (mining). New Bitcoin blocks (groups of transactions) would happen roughly 30% slower than the normal 10 minute average, so a 13 minute average. Fees would increase significantly to get a transaction through because block space would be more scarce. The network itself adjusts the difficulty to mine every 2 weeks, it will recognize these slower block times and the difficulty of mining will be adjusted down to get that target back closer to 10 minutes average. It is a self righting ship. Well China is starting to sound like it's about to get stiffer on it's ban on Bitcoin so that might not matter so much soon. News of that is partially the reason for the recent crash.
Last edited by SNIPERB🦝; 05/21/21 08:40 AM.
|
|
|
Re: Stock Market and Bitcoin this AM
[Re: Blaine County]
#7269070
05/21/21 08:40 AM
05/21/21 08:40 AM
|
Joined: Jul 2016
Posts: 296 NE Wisconsin
DecoyMacoy
trapper
|
trapper
Joined: Jul 2016
Posts: 296
NE Wisconsin
|
Simple Rules:
Work hard. Only buy what you really need and live below your means. Don't go into debt. Prepare for the worst. Save and invest everything else in something easily explained and understood.
Stay out of casinos and don't "invest" in something peddled in internet chat rooms no matter how "rich" you might get.
I remember when everyone was going to get rich on ostriches. This is how a poor person can do well for sure. But if you have some assets to start the best thing you can do (because of the nature of our inflationary monetary system) is leverage those assets, take on debt to acquire more assets. Then just keep doing that. This is why since 1971 we've seen the gap between "poor and rich" explode. Now the very best overall way to get rich is be close possible to the money printer/Fed gov. Elon Musk's is the richest person on the planet and none of his companies would come close to turning a profit without subsidies. That's how it done.
|
|
|
Re: Stock Market and Bitcoin this AM
[Re: SNIPERBBB]
#7269075
05/21/21 08:51 AM
05/21/21 08:51 AM
|
Joined: Jul 2016
Posts: 296 NE Wisconsin
DecoyMacoy
trapper
|
trapper
Joined: Jul 2016
Posts: 296
NE Wisconsin
|
Well China is starting to sound like it's about to get stiffer on it's ban on Bitcoin so that might not matter so much soon. News of that is partially the reason for the recent crash.
No offense but "you must be new here". Seriously, "China bans Bitcoin" is a near monthly headline since 2013. Maybe this time is different Google trends search:
|
|
|
Re: Stock Market and Bitcoin this AM
[Re: DecoyMacoy]
#7269082
05/21/21 09:01 AM
05/21/21 09:01 AM
|
Joined: Dec 2006
Posts: 17,663 Rodney,Ohio
SNIPERBBB
trapper
|
trapper
Joined: Dec 2006
Posts: 17,663
Rodney,Ohio
|
Well China is starting to sound like it's about to get stiffer on it's ban on Bitcoin so that might not matter so much soon. News of that is partially the reason for the recent crash.
No offense but "you must be new here". Seriously, "China bans Bitcoin" is a near monthly headline since 2013. Maybe this time is different Google trends search: You're dealing with people investing based on a lot of hype. News stories get more attention than deserved. The more cryptos stay out of the news, they happier I am.
Last edited by SNIPERB🦝; 05/21/21 09:02 AM.
|
|
|
Re: Stock Market and Bitcoin this AM
[Re: GROUSEWIT]
#7269083
05/21/21 09:03 AM
05/21/21 09:03 AM
|
Joined: Jul 2016
Posts: 296 NE Wisconsin
DecoyMacoy
trapper
|
trapper
Joined: Jul 2016
Posts: 296
NE Wisconsin
|
So how much electricity is consumed by this mining? Bitcoin consumes a very large amount of electricity and it will need it to continue the need to do so in order to succeed. In order to be profitable to mine Bitcoin one needs the cheapest electricity possible. Most of the cheapest electricity is electricity that has supply but no demand. Examples like above when I wrote about hydro mining in China. The over-produce power in the rainy season so Bitcoin miners consume the waste electricity on the cheap. Another example is flared gas in the USA. Miners are setting up shop all over at facilities that would otherwise be flaring wasted gas. The gas is getting hooked up to generators which are powering Bitcoin miners. Another example is wind turbines at night can produce a massive amount of electricity but is has very little demand. Miners run when its profitable and get turned off during the day when its not. So when you see in the new "Bitcoin uses enough to power a country" you may want to consider how much of that would have otherwise been wasted. I don't want to fully "green wash" Bitcoin mining. Its uses a lot of electricity, some of it is coal powered.
|
|
|
Re: Stock Market and Bitcoin this AM
[Re: SNIPERBBB]
#7269091
05/21/21 09:10 AM
05/21/21 09:10 AM
|
Joined: Jul 2016
Posts: 296 NE Wisconsin
DecoyMacoy
trapper
|
trapper
Joined: Jul 2016
Posts: 296
NE Wisconsin
|
You're dealing with people investing based on a lot of hype. News stories get more attention than deserved. The more cryptos stay out of the news, they happier I am.
Tune out the TV/news/social media headlines, every aspect of your life will be better for it. This short term volatility doesn't bother me a bit. I have a long term thesis and I simply buy a small amount of Bitcoin every week regardless of price.
|
|
|
Re: Stock Market and Bitcoin this AM
[Re: DecoyMacoy]
#7269095
05/21/21 09:19 AM
05/21/21 09:19 AM
|
Joined: Jan 2013
Posts: 3,112 7mtns of CENTRAL PA
GROUSEWIT
trapper
|
trapper
Joined: Jan 2013
Posts: 3,112
7mtns of CENTRAL PA
|
So how much electricity is consumed by this mining? Bitcoin consumes a very large amount of electricity and it will need it to continue the need to do so in order to succeed. In order to be profitable to mine Bitcoin one needs the cheapest electricity possible. Most of the cheapest electricity is electricity that has supply but no demand. Examples like above when I wrote about hydro mining in China. The over-produce power in the rainy season so Bitcoin miners consume the waste electricity on the cheap. Another example is flared gas in the USA. Miners are setting up shop all over at facilities that would otherwise be flaring wasted gas. The gas is getting hooked up to generators which are powering Bitcoin miners. Another example is wind turbines at night can produce a massive amount of electricity but is has very little demand. Miners run when its profitable and get turned off during the day when its not. So when you see in the new "Bitcoin uses enough to power a country" you may want to consider how much of that would have otherwise been wasted. I don't want to fully "green wash" Bitcoin mining. Its uses a lot of electricity, some of it is coal powered. Won't we need this extra electricity for the EV fleet to charge up at nite? I see a real supply problem ahead!!!
NRALIFER,PRPA LIFER,HUNTER,FURTAKER
|
|
|
Re: Stock Market and Bitcoin this AM
[Re: Blaine County]
#7269130
05/21/21 10:11 AM
05/21/21 10:11 AM
|
Joined: May 2010
Posts: 10,491 MN
Steven 49er
trapper
|
trapper
Joined: May 2010
Posts: 10,491
MN
|
This reminds me of the landscaper/investment guru Bob. Not even close, although I'm a precious metals bug who reluctantly owns some bitcoin, the dollar is going to lose reserve status. Whether it's this year or in ten years it will happen
"Inflation is always and everywhere a monetary phenomenon". Milton Friedman.
|
|
|
Re: Stock Market and Bitcoin this AM
[Re: Steven 49er]
#7269169
05/21/21 10:53 AM
05/21/21 10:53 AM
|
Joined: Mar 2010
Posts: 5,950 2A Sanctuaries-W. OK & N. NM
Blaine County
trapper
|
trapper
Joined: Mar 2010
Posts: 5,950
2A Sanctuaries-W. OK & N. NM
|
This reminds me of the landscaper/investment guru Bob. Not even close, although I'm a precious metals bug who reluctantly owns some bitcoin, the dollar is going to lose reserve status. Whether it's this year or in ten years it will happen I wasn't talking about you. I have read enough of your posts to know your stance. I know you are a metals bug and I get your reasoning. I'm talking about someone else who has lots of quick answers probably gleaned from lots of relatively recent internet "research". Someone who I want to ask: how much crypto do you actually own? But, that's not polite and I am pretty sure I know the answer.
|
|
|
Re: Stock Market and Bitcoin this AM
[Re: charles]
#7269225
05/21/21 12:27 PM
05/21/21 12:27 PM
|
Joined: Mar 2011
Posts: 25,417 williams,mn
trapper les
trapper
|
trapper
Joined: Mar 2011
Posts: 25,417
williams,mn
|
Just how is the energy / electricity burnt up calorically ? In Bitcoin mining...for the layman ?
Last edited by trapper les; 05/21/21 12:29 PM.
"Those who hammer their guns into plowshares will plow for those who do not."
|
|
|
Re: Stock Market and Bitcoin this AM
[Re: charles]
#7269237
05/21/21 12:42 PM
05/21/21 12:42 PM
|
Joined: Mar 2016
Posts: 913 North Carolina
DaYooper14
trapper
|
trapper
Joined: Mar 2016
Posts: 913
North Carolina
|
Without getting into the mining aspects and why - A 2018 testimony claimed 5 gigawatts. That's 1% of the worlds energy use. For mining. As of 3 years ago. In 2021 - Cambridge claims 110 terawatt hours, or, 0.55% of global production.
Last edited by DaYooper14; 05/21/21 12:44 PM.
-- It seems all of Greece knows what is the right thing to do, but it is only the Spartans that do anything about it. --
|
|
|
Re: Stock Market and Bitcoin this AM
[Re: Blaine County]
#7269361
05/21/21 03:35 PM
05/21/21 03:35 PM
|
Joined: Jul 2016
Posts: 296 NE Wisconsin
DecoyMacoy
trapper
|
trapper
Joined: Jul 2016
Posts: 296
NE Wisconsin
|
I'm talking about someone else who has lots of quick answers probably gleaned from lots of relatively recent internet "research". Someone who I want to ask: how much crypto do you actually own? But, that's not polite and I am pretty sure I know the answer.
If you would like, I could cryptographically sign a message on the Bitcoin blockchain proving my ownership of a UTXO that last moved in 2016.
|
|
|
Re: Stock Market and Bitcoin this AM
[Re: Blaine County]
#7269551
05/21/21 08:07 PM
05/21/21 08:07 PM
|
Joined: May 2010
Posts: 10,491 MN
Steven 49er
trapper
|
trapper
Joined: May 2010
Posts: 10,491
MN
|
I wasn't talking about you. I have read enough of your posts to know your stance. I know you are a metals bug and I get your reasoning.
I'm talking about someone else who has lots of quick answers probably gleaned from lots of relatively recent internet "research". Someone who I want to ask: how much crypto do you actually own? But, that's not polite and I am pretty sure I know the answer.
I'm not so much of a metals bug as anti fiat currency. The first time I entered the Bitcoin space was before 2016, I'll admit it was a lark I didn't understand the space until I started to do a bunch of research on it around 18 or so. My research leads me to believe Decoy knows what he is talking about and can express far better than I ever could. Here is something to think about, I believe the opportunity to get "rich" from Bitcoin has passed
"Inflation is always and everywhere a monetary phenomenon". Milton Friedman.
|
|
|
Re: Stock Market and Bitcoin this AM
[Re: Steven 49er]
#7270656
05/23/21 01:30 PM
05/23/21 01:30 PM
|
Joined: Jul 2016
Posts: 296 NE Wisconsin
DecoyMacoy
trapper
|
trapper
Joined: Jul 2016
Posts: 296
NE Wisconsin
|
Here is something to think about, I believe the opportunity to get "rich" from Bitcoin has passed
Yeah people expecting Bitcoin (or even more so "crypto") to be a "get rich quick" investment are going to get very rekt. Especially all the wanna-be traders, which is most of population these days. On the contrary though Bitcoin (IMO) is the best "avoid getting very poor" insurance we have against massive inflation and encroaching State control over every aspect of our lives. Both inflation and tyranny being inevitabilities because we're way past voting reversing either. I say this because the public appetite for pain required to reverse monetary policy, cut spending, cut entitlements and the therefore increase personal responsibility is near zero.
|
|
|
Re: Stock Market and Bitcoin this AM
[Re: charles]
#7270967
05/23/21 09:18 PM
05/23/21 09:18 PM
|
Joined: May 2012
Posts: 5,898 michigan,USA
seniortrap
trapper
|
trapper
Joined: May 2012
Posts: 5,898
michigan,USA
|
I think I'll dream up a monetary system and put it on the market. Nothing behind it for security. Just a SCAM!
Vietnam--1967 46th. Const./Combat Engineers
"Chaotic action is preferable to orderly inaction." "After the first shot, all plans go out the window!"
|
|
|
|
|