SHOULD I BUY BITCOINS?

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markjo

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Re: SHOULD I BUY BITCOINS?
« Reply #150 on: May 09, 2021, 08:18:20 PM »
You think like DNS that all countries on the planet, 1st world and developing will all agree to have Bitcoin as the standard currency?
??? When have I said, or even suggested, anything like that?

However, having said that, I wouldn't be surprised if some sort of digital currency does eventually become a planar standard.  Will it be BitCoin?  Probably not.  But the World Bank, or some other international financial group will probably come up with something before too terribly long.  With all of the electronic banking and financial transactions happening all over the world, I think that we're already half way there.  The only part that's missing is a standard currency.
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Wolvaccine

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Re: SHOULD I BUY BITCOINS?
« Reply #151 on: May 09, 2021, 08:39:05 PM »
You think like DNS that all countries on the planet, 1st world and developing will all agree to have Bitcoin as the standard currency?
??? When have I said, or even suggested, anything like that?

However, having said that, I wouldn't be surprised if some sort of digital currency does eventually become a planar standard.  Will it be BitCoin?  Probably not.  But the World Bank, or some other international financial group will probably come up with something before too terribly long.  With all of the electronic banking and financial transactions happening all over the world, I think that we're already half way there.  The only part that's missing is a standard currency.

With about 195 sovereign countries there is a snowflakes chance in hell there will be a 'standard currency'

Even when the EU came along, the UK kept their own currency

Imagine China, who will soon take the mantle from the US as the number 1 economic power adopting a currency that is the same as the US. Ha!

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markjo

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Re: SHOULD I BUY BITCOINS?
« Reply #152 on: May 09, 2021, 08:53:21 PM »
Oh, I don't think that it's going to happen anytime soon, but I do think that it is inevitable in the long term.  The zombie apocalypse would probably go a long way to help move the process along.
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Wolvaccine

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Re: SHOULD I BUY BITCOINS?
« Reply #153 on: May 09, 2021, 09:09:57 PM »
Oh, I don't think that it's going to happen anytime soon, but I do think that it is inevitable in the long term.  The zombie apocalypse would probably go a long way to help move the process along.

A zombie apocalypse would destroy all IT infrastructure. Nobody is going to have access to any digital currency to make trade

Trading in goats has a higher chance of being a reality in that circumstance (or human brains)


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Re: SHOULD I BUY BITCOINS?
« Reply #154 on: May 09, 2021, 09:23:55 PM »
Bitcoin will more like be the 'backup'/savings currency. You'll store your money in the form of bitcoin, but as payment you'll use a different, more efficient coin.
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Re: SHOULD I BUY BITCOINS?
« Reply #155 on: May 09, 2021, 09:26:37 PM »
I'd rather have my money go like this:


than like that:
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Wolvaccine

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Re: SHOULD I BUY BITCOINS?
« Reply #156 on: May 09, 2021, 09:31:16 PM »
Bitcoin will more like be the 'backup'/savings currency. You'll store your money in the form of bitcoin, but as payment you'll use a different, more efficient coin.

Bitcoin is so unstable and can plummet at the whim of a single person making a tweet that only a fool would put his savings in there

If a 'personality' tweeted now that Bitcoin was a joke, scam and not to be trusted. Many people would have their life savings wiped out or heavily damaged overnight. It's crazy


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Wolvaccine

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Re: SHOULD I BUY BITCOINS?
« Reply #157 on: May 09, 2021, 09:33:40 PM »
I'd rather have my money go like this:


than like that:


You'd rather have hyper inflation and extreme crashes? And power over your life on the hands of a guy like Elon Musk? Because he could literally come out tomorrow and wipe out your money lol


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Pezevenk

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Re: SHOULD I BUY BITCOINS?
« Reply #158 on: May 09, 2021, 10:49:14 PM »
It's really funny how late capitalism has basically devolved to "no bro trust me bro totally bro" as billions of dollars just fly around all over the place for nonsense reasons at this point lol
Bitcoin has been proven to be the future of money.

yeah I can see that lol
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Pezevenk

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Re: SHOULD I BUY BITCOINS?
« Reply #159 on: May 09, 2021, 10:50:24 PM »
I'd rather have my money go like this:


than like that:


I just love how you compared a chart over 4 years to a chart over more than a century.
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Pezevenk

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Re: SHOULD I BUY BITCOINS?
« Reply #160 on: May 09, 2021, 11:00:06 PM »
Bitcoin right now accounts for only about 0.4% of the world's money, but accounts for 0.6% of the world's energy production.

Future of money everyone.
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Re: SHOULD I BUY BITCOINS?
« Reply #161 on: May 10, 2021, 12:21:33 AM »
Its because btc are still mined, there'll be a point where its no longer worth it to mine the btcs and it will cost basically no energy.

Yes I'd rather invest my money in a currency that is worth more and more every year (on average) instead of printed paper trash aka US$.

Also, y'all are obsessed with elon!
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Stash

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Re: SHOULD I BUY BITCOINS?
« Reply #162 on: May 10, 2021, 12:32:16 AM »
Its because btc are still mined, there'll be a point where its no longer worth it to mine the btcs and it will cost basically no energy.

I'm still trying to wrap my head around the whole mining, halving, inflation bit built into the BTC protocols, but according to investopedia:

"The reward will continue to halve every four years until the final bitcoin has been mined. In actuality, the final bitcoin is unlikely to be mined until around the year 2140. However, it's possible that the Bitcoin network protocol will be changed between now and then."
https://www.investopedia.com/tech/what-happens-bitcoin-after-21-million-mined/#:~:text=The%20reward%20will%20continue%20to,until%20around%20the%20year%202140.

2140 seems like a long ways away and a lot of energy spent to get there.

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Definitely Not Swedish

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Re: SHOULD I BUY BITCOINS?
« Reply #163 on: May 10, 2021, 02:59:20 AM »
Read your quote. It does not say it will be mined until then.

It will be mined as long as money from selling the coins > cost of electricity.
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Stash

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Re: SHOULD I BUY BITCOINS?
« Reply #164 on: May 10, 2021, 09:46:40 AM »
Read your quote. It does not say it will be mined until then.

It will be mined as long as money from selling the coins > cost of electricity.

Yeah, there's all this:

"Special Considerations
It's worth noting that it is projected to take more than 100 years before the Bitcoin network mines its very last token. In actuality, as the year 2140 approaches, miners will likely spend years receiving rewards that are actually just tiny portions of the final bitcoin to be mined. The dramatic decrease in reward size may mean that the mining process will shift entirely well before the 2140 deadline.

It's also important to keep in mind that the bitcoin network itself is likely to change significantly between now and then. Considering how much has happened to Bitcoin in just a decade, new protocols, new methods of recording and processing transactions, and any number of other factors may impact the mining process.
"

And like I said, I'm still trying to wrap my head around all of the nuances. The point is, mining, therefore energy use/environmental impact, is likely to be around for decades. To Pez's point, that is a consideration. Perhaps a consideration just like any environmental consideration regarding real world mining.

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Re: SHOULD I BUY BITCOINS?
« Reply #165 on: May 12, 2021, 10:12:59 AM »
Energy is not a problem. The sun and other sources provide more energy than we'd ever need. We just suck at harvesting it. But this will certainly get way better in the next decades.
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Pezevenk

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Re: SHOULD I BUY BITCOINS?
« Reply #166 on: May 12, 2021, 10:19:32 AM »
Energy is not a problem.
Oh no, not at all. There's definitely not an incredibly huge, world changing and ongoing issue that is related to energy and its production. None whatsoever.
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Pezevenk

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Re: SHOULD I BUY BITCOINS?
« Reply #167 on: May 12, 2021, 10:24:19 AM »
Its because btc are still mined, there'll be a point where its no longer worth it to mine the btcs and it will cost basically no energy.

Yes I'd rather invest my money in a currency that is worth more and more every year (on average) instead of printed paper trash aka US$.

Also, y'all are obsessed with elon!
Perhaps YOU would invest in a currency which is ON AVERAGE worth more every year as long as you make the average sufficiently large, but if it's gonna work as a currency, YOU wanting to INVEST in it isn't enough.

Also, if what you are saying does happen, ie that BTC will become so much more valuable, then it's gonna be worth it to start mining it again. It would basically be a massive resource dumpster, just dumping more and more energy into producing something completely unnecessary, which it basically already is, but 10 times worse. Hurray for le future!
« Last Edit: May 12, 2021, 10:26:12 AM by Pezevenk »
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Wolvaccine

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boydster

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Re: SHOULD I BUY BITCOINS?
« Reply #169 on: May 12, 2021, 04:11:12 PM »
Be nice to DNS, he probably lost a lot of money on Dogecoin and Shiba Inu Coin over the last few days.

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Wolvaccine

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Re: SHOULD I BUY BITCOINS?
« Reply #170 on: May 12, 2021, 04:13:58 PM »
Be nice to DNS, he probably lost a lot of money on Dogecoin and Shiba Inu Coin over the last few days.

Bitcoin too it seems. Ok. Sorry, DNS. If you are in need of any charity just let's us know. Some of us weren't stupid to investing our livelihoods in Elon chance

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Wolvaccine

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Re: SHOULD I BUY BITCOINS?
« Reply #171 on: May 18, 2021, 03:48:41 PM »
First Elon trashes it's value and now China

Poor DNS. Actually poor DNS hahahahahaha

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Re: SHOULD I BUY BITCOINS?
« Reply #172 on: May 19, 2021, 01:34:40 AM »
I wonder how much further it crashes? Will it recover and climb back up, or is this the new bear market?

Shifter, don't worry, I only got a small amount of money invested currently, most is already cashed out. If bitcoin was hacked right now and all of them got deleted, I'd still be around +200% with crypto  ;)
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Wolvaccine

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Re: SHOULD I BUY BITCOINS?
« Reply #173 on: May 19, 2021, 05:20:55 AM »
I wonder how much further it crashes? Will it recover and climb back up, or is this the new bear market?

Shifter, don't worry, I only got a small amount of money invested currently, most is already cashed out. If bitcoin was hacked right now and all of them got deleted, I'd still be around +200% with crypto  ;)

Wait... A currency open to the possibility of hacking and just being 'deleted'? Dafaq man and you think that's the future currency?



Quote from: sokarul
what website did you use to buy your wife? Did you choose Chinese over Russian because she can't open her eyes to see you?

What animal relates to your wife?

Know your place

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markjo

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Re: SHOULD I BUY BITCOINS?
« Reply #174 on: May 19, 2021, 06:52:05 AM »
Wait... A currency open to the possibility of hacking and just being 'deleted'? Dafaq man and you think that's the future currency?
Why not?  Banks and stocks can be hacked, so why not currency?
Science is what happens when preconception meets verification.
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Besides, perhaps FET is a conspiracy too.
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Re: SHOULD I BUY BITCOINS?
« Reply #175 on: May 19, 2021, 06:57:20 AM »
I wonder how much further it crashes? Will it recover and climb back up, or is this the new bear market?

Shifter, don't worry, I only got a small amount of money invested currently, most is already cashed out. If bitcoin was hacked right now and all of them got deleted, I'd still be around +200% with crypto  ;)

Wait... A currency open to the possibility of hacking and just being 'deleted'? Dafaq man and you think that's the future currency?
I am not saying it can be hacked. I was creating a hypothetical scenario to show my point. I thought it was obivious  :(
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Re: SHOULD I BUY BITCOINS?
« Reply #176 on: May 19, 2021, 07:07:03 AM »
Wait... A currency open to the possibility of hacking and just being 'deleted'? Dafaq man and you think that's the future currency?
Why not?  Banks and stocks can be hacked, so why not currency?
How do you hack a stock?
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markjo

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Re: SHOULD I BUY BITCOINS?
« Reply #177 on: May 19, 2021, 09:11:55 AM »
Wait... A currency open to the possibility of hacking and just being 'deleted'? Dafaq man and you think that's the future currency?
Why not?  Banks and stocks can be hacked, so why not currency?
How do you hack a stock?
https://www.investor.gov/introduction-investing/investing-basics/glossary/market-manipulation
https://www.investopedia.com/news/are-your-stocks-danger-getting-hacked/
« Last Edit: May 19, 2021, 09:17:44 AM by markjo »
Science is what happens when preconception meets verification.
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Besides, perhaps FET is a conspiracy too.
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Re: SHOULD I BUY BITCOINS?
« Reply #178 on: May 19, 2021, 10:17:13 AM »
The first one is market manipulation, not hacking.

The second is about hacking a stock market, not a stock.
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Alexei

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Re: SHOULD I BUY BITCOINS?
« Reply #179 on: May 19, 2021, 10:59:46 AM »
The second is about hacking a stock market, not a stock.
STONKS.