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1
Eric Holder
2020 Jul 16, 12:42pm
Eric Holder
2020 Jul 16, 12:42pm
Cash says
Our resident bitcoin "investor" said that he's not interested in paying with it or in its liquidity in general. True story.
That means you have to wait up to 10 minutes
to pay for your latte with bitcoin.
Our resident bitcoin "investor" said that he's not interested in paying with it or in its liquidity in general. True story.
2
Onvacation
2020 Jul 16, 1:00pm
Onvacation
2020 Jul 16, 1:00pm
Cash says
It was never meant to be a medium of exchange. It was designed as a scheme to fool the gullible into thinking they bought digital gold. They gave you wallets to hold it in and use terms such as "mine" and "currency of the future" to convince you that it has intrinsic value. They even set it up so that the supply was artificially low and the miners were incentivized for years to come.
The HODLers are going to be surprised that their flashdrive full of 0s and 1s not only have no value but no one will even "mine" when the cost of doing so far exceed the rewards available.
So unless you are laundering money or mining and selling to the fools it's a losing game.
Just my educated opinion.
bitcoin is useless as a medium of exchange.
It was never meant to be a medium of exchange. It was designed as a scheme to fool the gullible into thinking they bought digital gold. They gave you wallets to hold it in and use terms such as "mine" and "currency of the future" to convince you that it has intrinsic value. They even set it up so that the supply was artificially low and the miners were incentivized for years to come.
The HODLers are going to be surprised that their flashdrive full of 0s and 1s not only have no value but no one will even "mine" when the cost of doing so far exceed the rewards available.
So unless you are laundering money or mining and selling to the fools it's a losing game.
Just my educated opinion.
5
WookieMan
2020 Jul 17, 3:33am
WookieMan
2020 Jul 17, 3:33am
Booger says
Does twitter not have 2-step login or whatever it's called? I know FB does. I set it up on everything if it's offered. There's almost no way to hack an account with most 2 step processes. Our former VP and a guy currently running for POTUS basically left his twitter account wide open? Another reason in the column not to vote for the guy. Does the guy not have handlers that would set this up?
Does twitter not have 2-step login or whatever it's called? I know FB does. I set it up on everything if it's offered. There's almost no way to hack an account with most 2 step processes. Our former VP and a guy currently running for POTUS basically left his twitter account wide open? Another reason in the column not to vote for the guy. Does the guy not have handlers that would set this up?
6
Onvacation
2020 Jul 17, 4:06am
Onvacation
2020 Jul 17, 4:06am
Newbie123 says
So, you think bitcoin is going to $90,000 by 2022? Why?
Lol, as if anyone would want to use bitcoin as a payment. Why the heck would I want to spend my bitcoins today if in a year a bitcoin is 10x higher in value? Bitcoin is a store of value. Digital gold or simply the best thing since sliced bread.
So, you think bitcoin is going to $90,000 by 2022? Why?
7
Onvacation
2020 Jul 17, 4:25am
https://www.thebalance.com/how-much-power-does-the-bitcoin-network-use-391280
And this power is not only required to "mine" a bitcoin but to maintain the bitcoin system. Real gold requires no money to maintain it. Once mined and refined the gold coin in your pocket needs no more power.
What's in your wallet?
Onvacation
2020 Jul 17, 4:25am
There are lots of different bitcoin mining computers out there, but many companies have focused on Application-Specific Integrated Circuit (ASIC) mining computers, which use less energy to conduct their calculations. Mining companies that run lots of ASIC miners as businesses claim to use only one watt of power for every gigahash per second of computing performed when mining for bitcoins.
If this information is correct, the bitcoin network in 2020 consumes 120 gigawatts (GW) per second. This converts to about 63 terawatt-hours (TWh) per year.
One Gighash Per Second = One Watt
One Terahash Per Second = One Kilowatt
One Petahash Per Second = One Megawatt
One Exahash Per Second = One Gigawatt
This staggering amount of power is the equivalent of 156 million horses (1.3 million horses per GW) or 49,440 wind turbines (412 turbines per GW) generating power at peak production per second.2
Regardless of the number of miners, it still takes 10 minutes to mine one Bitcoin. At 600 seconds (10 minutes), all else being equal it will take 72,000 GW (or 72 Terawatts) of power to mine a Bitcoin using the average power usage provided by ASIC miners.
One watt per gigahash per second is fairly efficient, so it's likely that this is a conservative estimate since a large number of residential miners use more power. Media outlets and bloggers have produced various estimates of the electrical energy used in bitcoin mining, so the accuracy of reported power use is sketchy, at best.
https://www.thebalance.com/how-much-power-does-the-bitcoin-network-use-391280
And this power is not only required to "mine" a bitcoin but to maintain the bitcoin system. Real gold requires no money to maintain it. Once mined and refined the gold coin in your pocket needs no more power.
What's in your wallet?
Bitcoin Can’t Compete With Credit Cards
Bitcoin isn’t ready to be a medium of exchange. Its biggest limitation is that it can’t compete with credit and debit cards to process transactions.
Bitcoin transactions must be approved by the entire network. And this network can only handle a measly seven transactions per second.
It’s a different planet from Visa, which can handle 25,000 to 50,000 transactions per second. That means you have to wait up to 10 minutes
to pay for your latte with bitcoin. And when the network is crowded, the transaction might not make it into the first block.
At the peak of bitcoin-mania in 2017, it took as long as several hours to buy or sell the digital currency.
Without lightning-fast approval time, bitcoin is useless as a medium of exchange.