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Re: Bitcoin plummets [Re: trapper les] #7469866
01/23/22 10:55 AM
01/23/22 10:55 AM
Joined: Dec 2006
Posts: 3,960
PA
elkaholic Offline
trapper
Happy Birthday elkaholic  Offline
trapper

Joined: Dec 2006
Posts: 3,960
PA
70's From what I understand the reason most of the mining is done in China and Russia is the electricity costs are much lower.

Helium mining sounds interesting. I don't have a computer capable to even think about doing it. My son is currently building one though that may just be the ticket.


Millions of trees die every year to print environmentalist publications
Re: Bitcoin plummets [Re: trapper les] #7469883
01/23/22 11:12 AM
01/23/22 11:12 AM
Joined: Dec 2008
Posts: 1,517
eastern washinghton
7
70sdiver Offline
trapper
70sdiver  Offline
trapper
7

Joined: Dec 2008
Posts: 1,517
eastern washinghton
They have been shutting down mining in China for the last year saying itís costing to much energy but the real reason are to many people were making to much money.You can use bitcoin in China and lots of people are exchanging it between there selves for good and services and China doesnít like that.china is also working on their own digital currency,this in my option is one of the biggest threats to freedom in the world.Our government is also talking about going digital currency,We must never let this happen if we do they can totally control what you can buy ,they can seize all youíve money and if everything is digital any future earning could still seized as we will all be assigned a digital wallet for life.


catch to date:

coon 1
mink 0
rats 0
beaver 1
yotes 7
Skunk 0
otter 0

Re: Bitcoin plummets [Re: trapper les] #7469885
01/23/22 11:13 AM
01/23/22 11:13 AM
Joined: Dec 2006
Posts: 3,960
PA
elkaholic Offline
trapper
Happy Birthday elkaholic  Offline
trapper

Joined: Dec 2006
Posts: 3,960
PA
Do you have a dedicated server just for mining?


Millions of trees die every year to print environmentalist publications
Re: Bitcoin plummets [Re: trapper les] #7469982
01/23/22 12:50 PM
01/23/22 12:50 PM
Joined: Mar 2010
Posts: 2,584
wyoming southeast
D
danvee Offline
trapper
danvee  Offline
trapper
D

Joined: Mar 2010
Posts: 2,584
wyoming southeast
I understand the concept but who knows who is behind it, backing it and still cant figure out why they want greenbacks to buy bit coins. Only so many to be made can't counterfeit them? Even government computers are being hacked into nothing is safe on the internet. Best investment I know for long term is good land you can live on and produce food on. As far as digital currency we are on it now for the most part how much does the average person buy with cash? Stocks, bonds, food, services is for the most part purchased on line or with credit card its all digital now. You sell your furs you get a check that goes in the bank into an account its digital. The banks dont hold all the cash its all numbers that transfer from account to account. Most folks on this site don't think much of Bill Gates but he is one of the wealthiest men in the world and he is the biggest land owner in America and buying more all the time. My thinking its all about resources and those that have it will never want and eventually control the world. What are most wars over? resources to keep things going.

Re: Bitcoin plummets [Re: newfox1] #7470044
01/23/22 02:17 PM
01/23/22 02:17 PM
Joined: May 2010
Posts: 9,047
mn north of blakely
S
Steven 49er Offline
trapper
Steven 49er  Offline
trapper
S

Joined: May 2010
Posts: 9,047
mn north of blakely
Originally Posted by newfox1
So talk me through this, Bitcoin is very valuable, but the value that we gauge it with is in U.S. dollars, which are going to be worthless?????


The value today is measured in US Dollars. IMHO Bitcoin will have failed if it's always denominated in central bank controlled currencies.


"Inflation is always and everywhere a monetary phenomenon". Milton Friedman.
Re: Bitcoin plummets [Re: trapper les] #7470051
01/23/22 02:23 PM
01/23/22 02:23 PM
Joined: Dec 2006
Posts: 17,740
Sandhills Nebraska
G
Gary Benson Offline
trapper
Gary Benson  Offline
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G

Joined: Dec 2006
Posts: 17,740
Sandhills Nebraska
[Linked Image]


Life ain't supposed to be easy.
Re: Bitcoin plummets [Re: trapper les] #7470055
01/23/22 02:26 PM
01/23/22 02:26 PM
Joined: May 2010
Posts: 9,047
mn north of blakely
S
Steven 49er Offline
trapper
Steven 49er  Offline
trapper
S

Joined: May 2010
Posts: 9,047
mn north of blakely
I'm a gonna be rich


"Inflation is always and everywhere a monetary phenomenon". Milton Friedman.
Re: Bitcoin plummets [Re: elkaholic] #7470099
01/23/22 03:11 PM
01/23/22 03:11 PM
Joined: Dec 2008
Posts: 1,517
eastern washinghton
7
70sdiver Offline
trapper
70sdiver  Offline
trapper
7

Joined: Dec 2008
Posts: 1,517
eastern washinghton
Originally Posted by elkaholic
Do you have a dedicated server just for mining?

Iím running a Linux operating system for mining called hiveos.Im in a pool of miners thatís mining from hiveon pool.As the pool finds a coin the profits are split on how many meghash your farm is running.


catch to date:

coon 1
mink 0
rats 0
beaver 1
yotes 7
Skunk 0
otter 0

Re: Bitcoin plummets [Re: newfox1] #7470105
01/23/22 03:14 PM
01/23/22 03:14 PM
Joined: Feb 2015
Posts: 1,933
SE WI
DuxDawg Offline
trapper
DuxDawg  Offline
trapper

Joined: Feb 2015
Posts: 1,933
SE WI
Originally Posted by newfox1
What puzzles me is, do you use real money to buy imaginary money?????

No. It's one form of imaginary money used to purchase another form of imaginary money.

Fed reserve notes (what everyone thinks of as a dollar these days) is fiat currency, which means imaginary.
Along that same line of thought, Cryptos could also be considered imaginary.

However, since we can purchase tangible goods with either, "imaginary" is more hyperbole than fact.


"All that is necessary for the triumph of evil is that good men do nothing."
-Edmund Burke
"We are fast approaching... rule by brute force."
-Ayn Rand
Re: Bitcoin plummets [Re: DuxDawg] #7470112
01/23/22 03:21 PM
01/23/22 03:21 PM
Joined: Dec 2006
Posts: 17,740
Sandhills Nebraska
G
Gary Benson Offline
trapper
Gary Benson  Offline
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Joined: Dec 2006
Posts: 17,740
Sandhills Nebraska
Originally Posted by DuxDawg
Originally Posted by newfox1
What puzzles me is, do you use real money to buy imaginary money?????

No. It's one form of imaginary money used to purchase another form of imaginary money.

Fed reserve notes (what everyone thinks of as a dollar these days) is fiat currency, which means imaginary.
Along that same line of thought, Cryptos could also be considered imaginary.

However, since we can purchase tangible goods with either, "imaginary" is more hyperbole than fact.

Thats interesting. We've been programmed to get excited when we have a big handful of ink on paper. The more the Gubmint prints the less it's worth. Now there's many more digital dollars than paper dollars.


Life ain't supposed to be easy.
Re: Bitcoin plummets [Re: trapper les] #7470464
01/23/22 08:09 PM
01/23/22 08:09 PM
Joined: May 2012
Posts: 5,402
michigan,USA
S
seniortrap Offline
trapper
seniortrap  Offline
trapper
S

Joined: May 2012
Posts: 5,402
michigan,USA
At the Fort Mackinaw area (between the Lower peninsula and Upper) it was the trade for pelts from 18 hundreds and the gateway to the west by way of water.


Vietnam--1967 46th. Const./Combat Engineers

"Chaotic action is preferable to orderly inaction."
"After the first shot, all plans go out the window!"
Re: Bitcoin plummets [Re: trapper les] #7470518
01/23/22 08:49 PM
01/23/22 08:49 PM
Joined: Feb 2014
Posts: 9,929
Ky
J
jbyrd63 Offline
trapper
jbyrd63  Offline
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J

Joined: Feb 2014
Posts: 9,929
Ky
49 but I do have a question If you own Bitcoin the only way to make money from it is to sell it if it goes up ?
Or is it like stock and pays a dividend?

Re: Bitcoin plummets [Re: trapper les] #7470656
01/23/22 10:22 PM
01/23/22 10:22 PM
Joined: May 2010
Posts: 9,047
mn north of blakely
S
Steven 49er Offline
trapper
Steven 49er  Offline
trapper
S

Joined: May 2010
Posts: 9,047
mn north of blakely
Do you listen to what I say? I'm never selling it as you put it for cash to make money. To me it's insurance for what I believe is coming. I will use it when it's a universal medium of exchange and I'll trade it for goods and services

I'll worry about the income taxes when that happens. Who knows what the tax laws will be then. If I die? The kids will get it, then it will be their problem.

Last edited by Steven 49er; 01/23/22 10:23 PM.

"Inflation is always and everywhere a monetary phenomenon". Milton Friedman.
Re: Bitcoin plummets [Re: trapper les] #7470685
01/23/22 10:39 PM
01/23/22 10:39 PM
Joined: May 2010
Posts: 9,047
mn north of blakely
S
Steven 49er Offline
trapper
Steven 49er  Offline
trapper
S

Joined: May 2010
Posts: 9,047
mn north of blakely
Here is a good graph showing BTCs previous corrections.

https://www.visualcapitalist.com/bitcoin-historical-corrections-from-all-time-highs/

As of now it's the sixth largest drop. Most likely this one isn't done yet

chrome_screenshot_1642991752655.png
Last edited by Steven 49er; 01/23/22 10:42 PM.

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