Because Bitcoin was designed to chew on cheap electricity and the price of electricity is now 10x higher we could easy predict future.
Oops. In the future we will have abundance of almost free energy from fusion reactors. So it take only a bit of patience , like 20 years and mining Bitcoins may be fashionable again.
Today mining sinle Bitcoin must cost 3x the coin is worth
Select to expand quoteMacroscien said..
Because Bitcoin was designed to chew on cheap electricity and the price of electricity is now 10x higher we could easy predict future.
Oops. In the future we will have abundance of almost free energy from fusion reactors. So it take only a bit of patience , like 20 years and mining Bitcoins may be fashionable again.
Today mining sinle Bitcoin must cost 3x the coin is worth
Good point Macro. I had not thought about the rising cost of energy and its affect on crypto currency.
I'm really on the fence with crypto currency. I have a few but don't care about them at all. Its nice to dream about getting rich without working for it or risking any capital. This is what crypto currency is all about.
The use cases for crypto is pretty weak and is diminishing as time goes on. Smart contracts are unlikely to happen with cryptos. Its cheaper and easier to transfer money using traditional banking systems. Its cheaper to buy stuff with electronic banking that paying with crypto. In any case its been proven in Bitcoin's case those who horded coins did better than those who spent it though if Bitcoin goes down, those who bought a lawnmower with their Bitcoin in 2012 will be seen as getting a good deal.
Bitcoin's mining difficulty is automatically adjusted roughly every two weeks in order to keep the total block time at 10 minutes. So the price of mining Bitcoin is factored in.
Select to expand quotemyscreenname said..
Bitcoin's mining difficulty is automatically adjusted roughly every two weeks in order to keep the total block time at 10 minutes. So the price of mining Bitcoin is factored in.
Exactly. And that's the fatal flaw in bitcoin, it's self adjusting.
Miners, like all businesses, run on tight margins. The miners carefully balance the value of the bitcoin reward against the operating costs of the mine. Energy is the main cost. If the price of bitcoin doubles competition between miners will ensure that double the energy is used. If energy gets cheaper, competition will just drive up the hash rate until they use more of it. Bitcoin mining uses as much energy as Greece. If it doubles in price it will use as much power as Greece and Portugal combined.
What surprises me is that bitcoin is hanging on to such a slow and painful death.
Select to expand quoteMacroscien said..
...Today mining sinle Bitcoin must cost 3x the coin is worth
You might be underselling it there Macro....
3 x zero is zero.
So I think mining bitcoins costs infinitely more than bitcoin is actually worth. Today, yesterday or any day.
Select to expand quoteIan K said..
Exactly. And that's the fatal flaw in bitcoin, it's self adjusting.
...one of the fatal flaws.
There are many.
Select to expand quoteIan K said..
Exactly. And that's the fatal flaw in bitcoin, it's self adjusting.
Miners, like all businesses, run on tight margins. The miners carefully balance the value of the bitcoin reward against the operating costs of the mine. Energy is the main cost. If the price of bitcoin doubles competition between miners will ensure that double the energy is used. If energy gets cheaper, competition will just drive up the hash rate until they use more of it. Bitcoin mining uses as much energy as Greece. If it doubles in price it will use as much power as Greece and Portugal combined.
What surprises me is that bitcoin is hanging on to such a slow and painful death.
Pffft, you will find that the miners making the most profit are using cheap renewable energy.
Bitcoin, like it or not, is driving cheap renewable energy.
Pumpkin Head
Select to expand quotemyusernam said..
If myscreename endorses it it must be shxt imho. P
He's gonna call you a "pumpkin head" next , mate .
Hey pumpkin heads, this is sure to get at least some of you triggered.
Bitcoins environmental impact is half that of gold mining.
How do you like them apples?
finbold.com/bitcoin-accounted-for-0-1-of-global-greenhouse-gas-emissions-in-2022-data-finds/
Select to expand quotemyscreenname said..
Hey pumpkin heads, this is sure to get at least some of you triggered.
Bitcoins environmental impact is half that of gold mining.
How do you like them apples?
finbold.com/bitcoin-accounted-for-0-1-of-global-greenhouse-gas-emissions-in-2022-data-finds/
Without gold mining you wouldn't have the electronic components and connections that build the computers that make Bitcoin function.
Without Bitcoin you wouldn't have ...... well nothing. You'd still have everything useful in the world.
Maybe there'd be slightly fewer interesting threads on Seabreeze.com.au ? But then there'd also be more renewable energy available for useful stuff.
Which reminds me I should ask : Gold plated or Bitcoin plated sail pulleys - can anyone advise which is more corrosion resistant ?
Select to expand quotemyusernam said..
If myscreename endorses it it must be shxt imho. P
Was it you who recently created, arguably, the dullest topic in the thirty year history of Seabreeze?
Bahahaha
Select to expand quoteCarantoc said..myscreenname said..
Hey pumpkin heads, this is sure to get at least some of you triggered.
Bitcoins environmental impact is half that of gold mining.
How do you like them apples?
finbold.com/bitcoin-accounted-for-0-1-of-global-greenhouse-gas-emissions-in-2022-data-finds/
Without gold mining you wouldn't have the electronic components and connections that build the computers that make Bitcoin function.
Without Bitcoin you wouldn't have ...... well nothing. You'd still have everything useful in the world.
Maybe there'd be slightly fewer interesting threads on Seabreeze.com.au ? But then there'd also be more renewable energy available for useful stuff.
Which reminds me I should ask : Gold plated or Bitcoin plated sail pulleys - can anyone advise which is more corrosion resistant ?
Bitcoin plated sail pulleys resist corrosion by not actually existing, makes them super rare and very attractive to pyramids
200 millions tonnes of Co2 up there! I've seen half-life estimations of excess Co2 from 30 to 150 years. So it's pretty much all still up there. There's only 20 million bitcoins so that's 10 tonnes of Co2 up there for that one 32k bitcoin.
Well at least it's something. More durable than a couple of magnetic stripes on a floppy disc in a shoebox somewhere I suppose.
www.newscientist.com/article/2339629-bitcoin-has-emitted-200-million-tonnes-of-co2-since-its-launch/?utm_source=onesignal&utm_medium=push&utm_campaign=2022-09-29-Bitcoins-CO2-em
Select to expand quoteIan K said..
200 millions tonnes of Co2 up there! I've seen half-life estimations of excess Co2 from 30 to 150 years. So it's pretty much all still up there. There's only 20 million bitcoins so that's 10 tonnes of Co2 up there for that one 32k bitcoin.
Well at least it's something. More durable than a couple of magnetic stripes on a floppy disc in a shoebox somewhere I suppose.
www.newscientist.com/article/2339629-bitcoin-has-emitted-200-million-tonnes-of-co2-since-its-launch/?utm_source=onesignal&utm_medium=push&utm_campaign=2022-09-29-Bitcoins-CO2-em
Pumpkin heads are always complaining, y'all sound like a broken Rodriguez record.
What were you going to do with all that excess energy anyway?
Stream gay porn, buy an electric car, build a replica model steam railway setup in your garage?
We are all going to die, what's so terrible about dying rich and building a reserve of generational wealth?
You missed the Bitcoin boat twice now. I'd be really bitter too. I get It!
Select to expand quotebjw said..
Are you back in the black?
I keep telling the pumpkin heads to buy the dip. But their belief system - wrongly - tells them that bitcoin is going to zero.
You can lead a goat to water, but you can't make it drink.
Select to expand quoteJames said..
Lmao
Probably another flash crash. Instead of taking a screengrab, buy the dip!
You would be up over $4k only a few hours later.
Terrible thing happened today.
No, I didn't get a nail gun to the nethers, I accidentally clicked on the Seabreeze.com.au Kiter forum.
..anyways... turns out there is an interesting discussion going on over there, where the Big Boss Man made this statement :Select to expand quotelaurie said..
...... nobody (that I'm aware of) has been scammed in quite some time.
Pfft. Cobblers.
myscreenname spends $32k on some magic beans.... imaginary hypothetical magic beans... and "nobody is getting ripped off" ??
riiiiight.
Select to expand quotelaurie said..
...... nobody (that I'm aware of) has been scammed in quite some time.
My biggest regret was I didn't buy more Bitcoin.
Some people are just born to rim, like that third, bitter, servant in my enlightening, insightful, awsome story.
Lucky for some, not for others.
Ain't that the truth?
Select to expand quotemyscreenname said..
.... in my enlightening, insightful, awsome story...
Your story was almost as enthralling as Searching for Sugarman.
Indeed, the enigmatic third servant was, perhaps, a greater cultural phenomenon than Rodriguez himself.
Perhaps you could title the second edition of the parable as "Searching for Sugarhit" ????
Select to expand quoteCarantoc said..
Your story was almost as enthralling as Searching for Sugarman.
Searching for Sugarman is way up there with Series 3 of The Walking Dead TV series and Formula Nova's posts on the Seabreeze network.
Like myusernam, I'm still addicted to the Rodriguez soundtrack on Spotify, I would go so far and say it's spiritual! These days I only watch The Walking Dead TV series. I divide the rest of my spare time between rendering body parts using text to image AI and carefully disecting and cataloguing to microfilm each of Formula Nova's rare exquisite posts in the 30 year history of this forum.
To be frank, my biggest regret is not properly reading and grasping the subtle nuances and subtexts that are carfully woven into each of his posts.
Like a puzzle, Formula Novas posts put the reader's brain to work, piecing together clues to arrive at the emotional truth of the scene. It makes the story more engaging and more memorable for the reader because the truth of a scene lies not in the words, but in the crux between word and action.
He's a true national treasure.
Ain't that the truth?
Select to expand quote
I'm thinking of buying a powerful GPU to use for generating AI artwork.
Many rimmers still think Bitcoin is going to zero. I just looked and it's going up in value.
In these troubling times it's comforting to know I invested in an asset that continues to maintain its value.
Not a single regret.
"In these troubling times it's comforting to know I invested in an asset that continues to maintain its value."
Select to expand quoteairsail said..
"In these troubling times it's comforting to know I invested in an asset that continues to maintain its value."
Just for curiosity interesting will be to learn what valour in same rises 4x , not lost value. Beside things like real estate that are another bubble about to burst.
My bet will be on oil at $20 or even negative twenty if somebody has been able to buy. Any other worthwhile investment in latest two years?
