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13 November 2022, 12:30 PM | #121 | |
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End of Crypto?
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The Kw hours is the generally accepted number though. And is why ETH wanted a proof of stake to replace proof of work to significantly reduce data center power needed. Sent from my iPhone using Tapatalk Pro
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13 November 2022, 12:36 PM | #122 | |
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13 November 2022, 12:42 PM | #123 |
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13 November 2022, 12:43 PM | #124 |
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ok but then why ignore the rest of my post that disproves your statement? lol
also, those two sentences you made completely contradict each other. you can't say it takes a lot to mine bitcoin then say one transaction. if you're gonna use semantics against me then you should be more clear about what you post |
13 November 2022, 01:04 PM | #125 | |
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13 November 2022, 01:16 PM | #126 |
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i sense sarcasm but just want to say i didn't mean to be rude in that response. i realize you meant energy use in mining but the "one transaction" threw me off. yes mining btc uses a lot of energy but it's not for one transaction, which sort of implies thats what it takes for one person to send someone money. in the end, that math puzzle is the reason it's so secure though
i get why people are skeptical and even i used to think 99% of crypto is a scam (even more-so now) but i just really don't think there's an argument for btc being detrimental to the environment |
13 November 2022, 02:54 PM | #127 |
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Okay...here is the latest news.
An Industry insider and Co founder of a big exchange has confirmed that ftx was responsible for causing the terra luna collapse and then ftx caused the 3 arrows liquidation at the same time he began using users deposits to leverage trade and counter party trade. CZ/Bianca decided to put his foot down because SBF is basically raping the crypto ecosystem so he talked with Sam Bankman Fried to stop counter trading but SBF didn't listen, so this caused CZ to stop trading the FTT/FTX token and this brought FTX down. They're gonna write a movie about this one. |
13 November 2022, 02:57 PM | #128 | |
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We need to get this stuff straight. |
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13 November 2022, 03:00 PM | #129 |
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My take on crypto is it came to life in a period of time when conventional money making ventures were starting to really boom (early 2010's), ie. real estate, shares etc. and there where generations who where disenchanted as it was out of their reach. You know people in their 20's, 30's who just think that Gen Y and baby boomers stuffed everything, they own all the real estate etc prices are absurd so the only way many felt they could get anywhere financially was a "get rich quick scheme" and some obviously did in the early days.
I'm not saying this applies to all but I think it carries some weight. |
13 November 2022, 03:07 PM | #130 |
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That carries no weight at all... bitcoin wasn't created as a get rich quick or some 'greater fool' scheme.
In as far as the later token issuance ecosystem, this is what happens when you have an unregulated industry with no oversight. |
13 November 2022, 03:24 PM | #131 |
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It may not have been "created" to do so, but it sure as hell is viewed that way by many.
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13 November 2022, 11:23 PM | #132 | |
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I agree it’s not the “why” - I should have said it’s one side-benefit. Also agree it has little to do with BTC itself. It’s not about “clean” energy vs other forms - it comes down to a cost/fee analysis. As you know, when we approach the final BTC mined, the only visible revenue stream will be processing fees. The real benefit of the ETH fork won’t be seen for quite a while. I sense the various block derivatives on the ETH platform was reaching a point of peak transactions capacity. Sent from my iPhone using Tapatalk Pro
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13 November 2022, 11:25 PM | #133 | |
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Anyone who still has money invested in crypto deserves everything that will happen to them when the bottom falls out completely, which it will. Crypto won’t disappear but it will be worth a fraction if that it’s worth right now. My sympathy meter is pegged at zero for them all. |
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14 November 2022, 01:24 AM | #134 |
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I'm so glad I never got into that crypto mess
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14 November 2022, 01:47 AM | #135 | |
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End of Crypto?
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In one manner they ban forgery of their fiat currency to protect its value and people’s trust. If they consider crypto a form of value forgery, in other words no substance, they could outlaw the blockchain transactions that underpin the crypto ledger networks. Not advocating one way or the other - but China did ban mining and others could follow suit in a similar action for the networks. Sent from my iPhone using Tapatalk Pro
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Does anyone really know what time it is? Last edited by 77T; 14 November 2022 at 01:49 AM.. Reason: Corrections |
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14 November 2022, 01:54 AM | #136 |
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Michael Saylor is down over 40% on his investment, an ~1.7bil loss. El Salvador president is down more than 60%.
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14 November 2022, 02:08 AM | #137 | |
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also to your point if we look at what Madoff did with a regulated US stock market and how everything went back to normal it just shows that as long as there's money to be made people will flock in. it will probably eventually recover either to some degree or even go to newer highs but i just think this set it back many years they need to allow proper investing/trading of btc/eth in the US first to regain confidence and not force people to go to offshore exchanges instead, but now that the SEC commissioner has been exposed to having strong ties with SBF and ftx there's almost no chance that guy does something worthwhile |
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14 November 2022, 02:11 AM | #138 |
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14 November 2022, 02:15 AM | #139 |
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14 November 2022, 02:30 AM | #140 |
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14 November 2022, 02:34 AM | #141 |
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Not a good thing for Crypto. Zero coins here. Good Luck to those who have them.
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14 November 2022, 02:41 AM | #142 |
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You are such a good dude. Always.
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14 November 2022, 07:57 AM | #143 |
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14 November 2022, 04:31 PM | #144 | |
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"That ain't workin' that's the way you do it Money for nothin' and chicks for free Now that ain't workin' that's the way you do it Lemme tell ya them guys ain't dumb" |
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16 November 2022, 12:35 AM | #145 |
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Based on latest news connecting FTX to a country at war and a particular US political party I see the kid owner either getting killed in jail or completely getting away with stealing billions.
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16 November 2022, 12:44 AM | #146 |
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Couple years in a posh prison, a fine that makes it look like he's being punished, a ban in securities trading for life, and he will be hired back as a consultant when he is free; already flush with cash from this scheme to invest into new ones. Only way he ends up dead is if he opens his mouth.
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16 November 2022, 01:58 AM | #147 | |
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I do find it hard to believe that the putting money in any crypto, even at these levels, will prove to be a winning strategy. I don't think BTC will bounce back like it has in the past. SBF put the nail in the coffin, particularly when the "I put my money in crypto and now I'm living in a van down by the river" headlines start coming out. Caveat, I loathe crypto so I am obviously biased. |
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16 November 2022, 02:03 AM | #148 |
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It's a great question Seth.
I'm rather skeptical of the viability. Not because of the technology, but rather, the limited success (relative to the initial intention) crypto has had up to this point. Not arguing about size, because it's that's your measure of success then crypto has done extremely well. But when you really read into it, it's incredible how far things have... strayed. I've read 'Nakamoto's first white paper toward Bitcoin, which was meant to be a mechanism for P2P exchange. The entire concept is predicated on stability. You cannot use BTC as a method of mainstream exchange given it's day-to-day volatility. Speculators pumped BTC to be a means of creating easy wealth, as opposed to a method of exchange. Could this ever be reversed? Maybe, but to me it's unlikely. Add in the various optical pitfalls (FTX, ambiguous regulations, meme coins, ICOs, etc) and I personally believe the chance to make crypto effective in everyday use has passed. |
16 November 2022, 02:06 AM | #149 |
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I have bought a ledger today and for the first time in my life plan to invest in BTC. I’ve always liked its potential but thought it was too hyped in recent years, now seems right.
Bitcoin itself hasn’t changed. And never will.
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16 November 2022, 04:33 AM | #150 |
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With the USA Central Bank now trying to increase their currency product without devaluating it more, here comes CBSC. That seems to intrinsically have far more risk than current digital Dollars in the stock market, banks, paying for oil, etc.
Not sure how their continued currency expansion, and now 'E Coin', will fare without devaluation to its intrinsic value. We live in interesting times.
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