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Reilly
Mountain climber
The Other Monrovia- CA
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^^^^ All so a bunch of crooks can launder their ill gotten gains.
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Mtnmun
Trad climber
Top of the Mountain Mun
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Topic Author's Reply - Dec 6, 2017 - 10:00pm PT
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Locals told me Bitcoin is building a huge computer plant next to the new Google and Tesla Plants East of Reno.
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nah000
climber
now/here
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Who you gonna call when your bitcoin "exchange" goes bust?
same folks you call when you get ripped off by enron, by bear stearns, by lehmann brothers and etc.
ie. theft is theft whether it's crypto or not. and just like in the regular market, it's caveat emptor as it's usually the little guy left holding any bags that get emptied.
They can steal ‘em and then hide ‘em in plain sight!
A win-win for the morally challenged.
i'm confused... you talkin' about bitcoin or are you reading the panama papers more closely? or maybe the current president's words regarding federal debt from just a little over a year ago: "First of all, you never have to default because you print the money"
in general: you folks who rightfully point out the challenges that face bitcoin [and there are a plethora] without seeing the failings of the current system, are just pots blind to the absence of their color...
speaking of legitimate bitcoin challenges: great post beaner. interesting stuff.
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High Fructose Corn Spirit
Gym climber
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Dingus,
your $5.25 investment in btc in 2014 is now worth $154.
You may just get to retire early! lol
https://blockchain.info/address/1JGpHgrLoWweBFx4GLHxwTnG77CrmKj9Hj
Incredible!
...
Here's the site I've used for several years now...
http://bitcoinity.org/markets
Check out the 2yr scale... amazing! If only we had a time machine, eh?
You may want to bookmark it - to keep an eye on this incredible phenomenon taking place. There was this guy, Andresen, something like that, who several years ago I remember gave a lecture and uploaded to YouTube claiming that, in his opinion, bitcoin was sound enough in its fundamentals that it could hit $10k per btc. Proven right, he was.
I can only imagine the conflict speculators must be feeling today!!!
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ruppell
climber
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On Nov 7 when this thread was started bitcoin was selling for $7118 dollars a coin. It's now trading, a month later, at $17118 dollars a coin.
That's a 240 percent return in a month if you trade it. I need to take out a loan and quit my day job. lol
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High Fructose Corn Spirit
Gym climber
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Rolfr, if someone cannot control his wallet, he tends to lose what's in it.
If btc, particularly large amts, are in cold storage, in other words, off-line, as they should be, they wouldn't be at risk.
$60M, particularly from this source, isn't even a pixel in the big picture of the CURRENT bitcoin ecosystem.
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fear
Ice climber
hartford, ct
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That's a 240 percent return in a month if you trade it. I need to take out a loan and quit my day job. lol
It's almost too good to be true......
At least tulips were pretty until the moles ate your bulbs.
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fear
Ice climber
hartford, ct
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It was a way for me to heat my office to unpleasant levels whilst also driving my electric bill through the roof a few years ago. Unfortunately I dumped my tulips way too early before Gox imploded.
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7SacredPools
Trad climber
Ontario, Canada
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They say the power used by Bitcoin mining is still "less" than 1% of US consumption. That is an insane amount of energy. How is this viable? Or conscionable?
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Winemaker
Sport climber
Yakima, WA
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Well, let's hope that most bitcoin mining is taking place in cold climates. I don't believe those electrical usage numbers; as time passes, bitcoins available for mining are asymptotically approaching a limit, the number of bitcoins that can 'exist'. No way will 1% or 5% or 50% of the electricity generated be used for computing bitcoins. The limiting factor is the number of computers in existence connected to the internet and their power consumption running 24/7. Seems like light bulb numbers to me.
At some point power costs more than reward.
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Reilly
Mountain climber
The Other Monrovia- CA
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I know you tards don't read my post but here is a re-post.
OK, ‘Buttonwood’ of The Economist splains it succinctly:
https://www.economist.com/news/finance-and-economics/21731827-getting-out-such-illiquid-asset-can-be-harder-getting-bitcoins
"But it is worth remembering that the cost of using bitcoin is going up. Each transaction has to be verified by “miners” who need a lot of computing power to do so, and a lot of energy: 275kWh for every transaction, according to Digiconomist, a website. In total, bitcoin uses as much electricity a year as Morocco, or enough to power 2.8m American households. All this costs much more than processing credit-card transactions via Visa or MasterCard."
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High Fructose Corn Spirit
Gym climber
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(1) These concerns certainly make the future of bitcoin interesting and worth watching.
(2) These concerns are entirely irrelevant to those RIGHT NOW living the dream (living a rags to riches story).
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Jon Beck
Trad climber
Oceanside
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So there are 21 million bit coins (if everything was mined), at current prices they are worth 342 billion dollars. 40% of the total bitcoin is 8.4 million. The ONLY thing giving bitcoin value is demand for bitcoin. Current market volume is about 250k per day, with occasional spikes to 400k. Drop 8.4 million bitcoin on the market and you can pretty much figure out what will happen. The price will drop and the other 60% of owners will start selling. Market crash. Then again I could be completely wrong, this is uncharted territory.
so only 12.5 million bitcoins have been mined. It would still be quite a shock to the market if even 10% of them went on the market.
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EdwardT
Trad climber
Retired
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A Ponzi scheme we can watch implode.
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