Bitcoin crash coming?

[McLovin]

Yep.
Predictable.

[biosurfer1]

I wonder which side it was back in December when this suit was filed:

https://www.sec.gov/news/press-release/2020-338

Trying to control the cryptocurrency market isn't about a side, its both sides because they see it as a threat.

Also, if you read that lawsuit in detail, the SEC is suing Ripple Labs because they claim XRP is a unregistered security. This was the same federal government who sued Ripple Labs in 2015 for selling an unregistered currency.

https://www.fincen.gov/news/news-releases/fincen-fines-ripple-labs-inc-first-civil-enforcement-action-against-virtual

Since you can only be either a currency or a security... leave it up to our government to sue the same company claiming their product is both.

[Wayne 962]

The article seems quite factual and backed up by actual, well facts? I guess if someone buys Bitcoin with dollars, and then someone trades that Bitcoin for "WayneBucks", then they are essentially buying something worth value (presumably - the Bitcoin), and trading it for a currency not really worth anything (that's presuming that Bitcoin is worth something in theory, or for that matter, the US dollar is worth something). I can see how this is a troubling potential fraud, but I don't see how it really correlates to an increase in the price of Bitcoin. Unless the existing Bitcoins are being exchanged for this fake currency - but I'm not sure how that would drive the price up, unless more and more people are buying Bitcoin to trade it for WayneBucks and that's increasing demand.

I think I just confused myself...

-Wayne

[Wayne 962]

Even more disturbing than this potential Bitcoin waste of time, is this study that seems to imply that all of this Bitcoin mining takes up enough energy to power seven nuclear power plants: https://www.engadget.com/it-takes-an-estimated-seven-nuclear-plants-to-power-our-bitcoin-mining-212441059.html

What a freakin waste if that report is true.

-Wayne

[biosurfer1]

Originally Posted by Wayne 962

Even more disturbing than this potential Bitcoin waste of time, is this study that seems to imply that all of this Bitcoin mining takes up enough energy to power seven nuclear power plants: https://www.engadget.com/it-takes-an-estimated-seven-nuclear-plants-to-power-our-bitcoin-mining-212441059.html

What a freakin waste if that report is true.

-Wayne

I tend to disagree. That load IS serving a purpose, whether you agree with that purpose or not doesn't mean it's a "waste"... it's also a very easy load manage too since servers are typically a very flat load and run 24/7.

What a typical clickbait title too...could have said 7 GW but of course not, why say that when you can fear monger with "nuclear power plant"

[Wayne 962]

Originally Posted by biosurfer1

I tend to disagree. That load IS serving a purpose, whether you agree with that purpose or not doesn't mean it's a "waste"... it's also a very easy load manage too since servers are typically a very flat load and run 24/7.

What a typical clickbait title too...could have said 7 GW but of course not, why say that when you can fear monger with "nuclear power plant"

So you disagree with the facts as presented in the article? Regarding the electricity consumption? I have read this before and can dig up more data.

As for whether it's a waste or not, yes, that is a matter of opinion. But it's very sad to think that we're creating nuclear waste and burning fossil fuels in order to power computers that are solving these equations (which are useless in my opinion - they are not adding to the benefit of mankind, and actually are probably mostly abetting money launderers and drug traffickers). Again, just my opinion (which I would hazard to guess would be shared with a very large portion of the world's population).

Well, if a Bitcoin crash *does* come and the price of Bitcoin decreases, then it will reach a point where the mining operations will be more expensive than the coins themselves. So, it may work itself out.

-Wayne

[biosurfer1]

Originally Posted by Wayne 962

and actually are probably mostly abetting money launderers and drug traffickers

How ironic.

https://www.nationalgeographic.com/science/2009/08/cocaine-on-money-drug-found-on-90-of-us-bills/

[ArizonaGreen]

The core advantage and idea behind crypto/bitcoin is 'a provable scarce digital asset not enforced by a central party'. One use case is 'peer to peer electronic cash' but that is just one example. This can only happen if said digital currency is actually being used and can be transacted with minimal fees. Currently Bitcoin (BTC) is not that, it is being sold as digital gold, to be used rarely with high fees.

Imagine what can be done if you have peer to peer electronic cash without a 3rd party. Secure, transparent, autonomous and provable. This is what the fight is about. I have no idea how it will play out though I do enjoy watching, participating and learning.

[sammyg2]

[Skillet83]

BTC getting near $50K, still not too late to buy. XLM up 800% since Oct. NuCypher up 250% in a week. AAVE, UNI, ETH, LINK all rocking. This use to be play money for me, but my coinbase account now is very serious money. Like I mentioned earlier in this thread, the institutional money is just starting to come in, still early in the game.

[Skillet83]

Originally Posted by ArizonaGreen

The core advantage and idea behind crypto/bitcoin is 'a provable scarce digital asset not enforced by a central party'. One use case is 'peer to peer electronic cash' but that is just one example. This can only happen if said digital currency is actually being used and can be transacted with minimal fees. Currently Bitcoin (BTC) is not that, it is being sold as digital gold, to be used rarely with high fees.

Imagine what can be done if you have peer to peer electronic cash without a 3rd party. Secure, transparent, autonomous and provable. This is what the fight is about. I have no idea how it will play out though I do enjoy watching, participating and learning.

Check out Stellar XLM

[biosurfer1]

Originally Posted by Skillet83

Check out Stellar XLM

I have some XLM just out of dumb luck. Bought it for a friend back in 2017 and was just going to hold it until he got his wallet all sorted out.

After it started crashing in early 2018 he lost interest and just wanted his money back even though it was still up from where he bought it. I gave him his money back and it's just been sitting there ever since. I didnt even know how much I had until last week. Turns out he made a really, really bad financial move!

[cstreit]

Bitcoin has its place as a secure decentralized method of exchange. ...but it will never be a day to day payment method.

...the cost of verification of a transaction continues to go up. If you’re paying for a house, a $15 fee is fine. Want to buy a $20 part online and it costs you $35 it’s not viable.

[cstreit]

Originally Posted by Wayne 962

Even more disturbing than this potential Bitcoin waste of time, is this study that seems to imply that all of this Bitcoin mining takes up enough energy to power seven nuclear power plants: https://www.engadget.com/it-takes-an-estimated-seven-nuclear-plants-to-power-our-bitcoin-mining-212441059.html

What a freakin waste if that report is true.

-Wayne

This most likely is true. It’s inherent to the design where the more Bitcoin is found, the harder it is to mine. This essentially creates a self limiting supply because at some point it’s unprofitable to create more... ...the only thing that balances this is improved technology that is more efficient.

If you saw the vast server farms in China that use rivers to cool them and built next to power plants that charge $0.01 per kWh, it’s easy to see. Once a year these farms dump their outdated technology on the market and refresh to stay ahead.

[thor66]

Ask yourself 2 questions:

1. What is Tesla up to?

2. What is Apple up to?

[McLovin]

Still holding my Bitcoin bought at $18k.
I think it will hit 100k.
My prediction remains that once it breaks 50k it’s going to go up been more rapidly than it has in the last few months.

[speeder]

I should have bought some at $5k last summer but it's never really appealed to me. Seems like a Ponzi scheme but some will get rich, no doubt.

[McLovin]

Originally Posted by speeder

I should have bought some at $5k last summer but it's never really appealed to me.

Stacking up money isn’t everyone’s cup of tea!

[KFC911]

Originally Posted by McLovin

Stacking up money isn’t everyone’s cup of tea!

Meh... tea ... who needs it ?

[speeder]

Originally Posted by McLovin

Stacking up money isn’t everyone’s cup of tea!

That's for sure!