patrick.net

Bitcoin says

Yes, the value has gone up 1,000% in the past 12 months! Beautiful!

Not beautiful unless you've taken gains. Classic pumper and you're sounding like the guys that bought a shack in 2007 thinking housing would run forever. It didn't and BTC is no different.

At least with a house you've got a roof over your head and you can scrap stuff from inside if the shit hits the fan (it did) and then it will become the banks problem after you live 1-2 years rent/payment free. Just a credit hit for 7 years. BTC won't end as well.

the best part about it is, we are still in the disbelief stage. There were actual people who thought Bitcoin will go to 1.2k not that long ago !

In reality, this happened:

"Bitcoin hit a record $60,000 on Saturday, marking a 1,000% gain in the past year."
https://markets.businessinsider.com/currencies/news/bitcoin-price-surges-record-60000-stimulus-hopes-institutional-support-2021-3-1030188023

Beautiful gains!

Lets see if @Zak comes out with his big mouth during the dip or if he learned something. I am 65% sure he will come out and cheer and fall into the same trap.

Bitcoin says

Lets see if (edit to remove @)Zak comes out with his big mouth during the dip or if he learned something. I am 65% sure he will come out and cheer and fall into the same trap.

No one cheers people losing money. All we're doing is pointing out that it's not an investment. It's trading something that will for sure be worthless at some point. If you didn't take any gains you've made nothing. So all the spamming means nothing. You've made nothing. And we'll see how big this dip is. I think it could be big.

WookieMan says

Lets see if (edit to remove @)Zak comes out with his big mouth during the dip or if he learned something. I am 65% sure he will come out and cheer and fall into the same trap.

Please dont edit quotes. Thats illegal here! You dont want that a moderator has to flag you again, do you?

Bitcoin says

Please dont edit quotes. Thats illegal here! You dont want that a moderator has to flag you again, do you?

I'm not a dick. Zak doesn't need to get a notification. Sure he can filter it. But again, I'm not a dick. He didn't ignore me... lol. Keep up chief.

@WookieMan, there is no excuse for editing quotes. Pls dont do it, otherwise we have to flag you again. Thank you for considering our Patnet rules.

Bitcoin says

@WookieMan, there is no excuse for editing quotes. Pls dont do it, otherwise we have to flag you again. Thank you for considering our Patnet rules.

I made note of the edit as I didn't want to bother Zak since he has you on ignore. Intelligence is a thing. Maybe get some.

thank you for following the rules going forward. We dont want people to edit quotes. Thanks @WookieMan

Bitcoin says

thank you for following the rules going forward.

I followed the rules. What the hell are you talking about? Grow up.

@WookieMan
you edited quotes but it seems you understand you cant do this here. Thank you for obeying the rules going forward.

Bitcoin says

you edited quotes but it seems you understand you cant do this here. Thank you for obeying the rules going forward.

I made note that I edited it. That is fine. Manipulating without strike through or notes about it is pure lying and deceitful, which is what you were doing. What I did is not that. It was actually a courtesy as Zak has you on ignore for a reason and I wasn't going to @ him in a response to you. He doesn't want to see what you have to spam...errrr say.

WookieMan says

Bitcoin says

you edited quotes but it seems you understand you cant do this here. Thank you for obeying the rules going forward.

I made note that I edited it.

Apology accepted.

Bitcoin says

Apology accepted.

No apology given. Use your brain. Oh wait....

WookieMan says

Bitcoin says

thank you for following the rules going forward.

I followed the rules. What the hell are you talking about? Grow up.

Ignore really does work. But I get the fun of mocking idiots.

people make mistakes (like @WookieMan editing quotes).
He got caught and apologized. That's fine by me. No further action needed to discipline him.

Ping. This is another reminder of the scam that bitcoin is. Also, as a reminder, 75%of bitcoin mining is happening in China (using coal power) so every dollar you put in bitcoin goes to enriching China and polluting the planet with coal based power. Have a nice day!

Zak says

Ping. This is another reminder of the scam that bitcoin is. Also, as a reminder, 75%of bitcoin mining is happening in China (using coal power) so every dollar you put in bitcoin goes to enriching China and polluting the planet with coal based power. Have a nice day!

Bitcoin will exceed 100k per coin this year :) sry you missed out

One sure sign of a scam: Something is making a shitton of money, but everybody is spreading the word about it.

If you had a surefire way to make big bucks, why would you tell strangers on the internet about it?

All right guys what’s a good mining software for this? Can anyone advise? I get how it works, want to try to cash in on transactions here just to mess around.

It’s supremely cost prohibitive to buy the hardware necessary for a mining machine that would hash at an effective rate, not to mention the ongoing cost of kWh/BTC at least if mined in peoples Democracy of Kalifornistan.

Mining was good for those that got in in the first 25% or so of BTC, and were able to cash out some coins as they went to upgrade and add hardware as necessary.

There is now more power being spent mining Bitcoin than the whole country of Argentina uses to light their houses, etc. Or so I read recently.

https://www.bbc.com/news/technology-56012952

It does not seem to be a good thing ecologically.

Patrick says

It does not seem to be a good thing ecologically.

Not sure if you'd seen that picture from space of Texas at night. Looked like a big smiley face throughout S. Texas from flaring gas. Now a lot of that is being used to mine crypto. That's the sort of electricity being used - cheap stuff that was not being used in the first place.

Think of all of the energy used to power the lights etc., in banks and to mine gold. That is way more.

“Mining” a fantasy fake virtual currency is a perfect addition to the Twilight Zone unreality we are living in today.

Bitcoin is total complete bullshit.

Fake media, fake pandemic, fake Russia hoax, fake global warming hoax, fake election, fake experts like Fauci, fake everything.

End of coffee rant.

Yeah, I was just commenting about the energy part. :)

clambo says

Bitcoin is total complete bullshit.

Why is Tesla holding 1.3B USD in Bitcoin then? Do you know more than Tesla?

Fortwaynemobile says

All right guys what’s a good mining software for this?

I wouldnt mine....you cant compete against mining pools. If you want to profit from crypto, buy BTC and ETH. That's your safest bet....we are already deep in the bull run. If you have play money then gamble with some shitcoins to pull a higher ROI. Since prices have appreciated already a lot, I would only put money into the top 10 coins by market cap at this stage of the cycle.....MINUS Dogecoin. While i think Doge can reach a $1, i think this one is pure gambling considering the 6,000% price increase this year.

70% of mining in China should be a pretty big red flag no pun intended.

It's wealth transfer ponzi.

RC2006 says

It's wealth transfer ponzi.

So all BTC holders are at the top of the ponzi? Who is being scammed? Me, who bought last year? (i paid 15k for a BTC. Now one BTC is worth 55k). Doesnt feel like a scam....feels like best thing since sliced bread.

reminder: bitcoin is a wealth transfer to the chinese coal industry!

Tesla is almost as absurd as Bitcoin, but at least the stock represents a share of equity.

I do know more than Tesla in one respect; my little business made a profit without government intervention to help me. Wait, that’s 2 things, Tesla doesn’t profit does it?

Edit/addendum

Before someone says that dollars are worse than bitcoin; I don’t have them either, except in small amounts needed to pay for things that I want or need.

Yeah, take all the worst things about the tech bubble and housing bubble inflated assets. They are both still better than bitcoin, in that they represented an actual asset that at least had the hope of generating revenue. The only thing that truly created misery in those situations was the leverage/debt people went into to participate. To the extent that people are leveraging into bitcoin, I truly see pain and misery coming.

clambo says

Tesla doesn’t profit does it?

Tesla has a non-negative (albeit very high) P/E, so it does profit.

@clambo .. dollars are NOT worse than bitcoin. They are two entirely different things.
A) bitcoin is not currency.
- a system of money in general use in a particular country.
- the fact or quality of being generally accepted or in use

I can't go down to mcdonalds in any country that I know of and buy a burger using bitcoin.

bitcoin wants to be a currency

I get what you are saying that the inflation in dollars is bad. But lack of inflation does not make something a valuable asset. For instance, gold has a very limited supply. There are other precious metals, but you cant substitute copper for gold. Bitcoin has a limited supply, but you can easily substitute etherium for bitcoin. Similarly, my poop has limited supply. But it's not valuable. It can easily be substituted with your poop.

So dollars DON'T have a limited supply.. but they do have a lack of substitution. You can't just pay your taxes in pesos instead of dollars. In the US, debt must be settled in dollars. If you earn your salary in pesos or bitcoin or gold, it doesn't matter.. you still have to pay your taxes in dollars. Unless and until that changes, bitcoin will be substitutable and as far as I can tell, has no intrinsic value, despite having a currently market driven price.

On the flip side, I am NOT saying the dollar situation is good.. and pretty soon you might be able to get lots and lots of dollars in exchange for very little things that are not substitutable (food, tools, energy).
With bitcoin mining, the situation is: buy energy, buy compute power, generate bitcoin, sell bitcoin for dollars, use dollars to buy energy and have dollars left over.

When that happens, and you can get lots of dollars for energy, why would you want to spend your energy mining bitcoin to trade for dollars, if you can just get lots of dollars for your energy directly? (This just means inflation will happen and bitcoin transaction costs will rise astronomically)

Zak says

Similarly, my poop has limited supply. But it's not valuable. It can easily be substituted with your poop.

This original or copied?? I about pooped my pants laughing. lo fucking l.

I learned the word "fungible" recently.

Poop is fungible.

being something (such as money or a commodity) of such a nature that one part or quantity may be replaced by another equal part or quantity in paying a debt or settling an account Oil, wheat, and lumber are fungible commodities.

BitCoin:
Before I Start... I've started following this in 2012... and mined in 2014... been in I.T. for 30 years... ok... done

A Peer 2 peer network of Decentralized people... no one single owner.
It's a Global programming environment for the secure exchange / transfer of information .
It's not a piece of digital currency... it's a tiny part of it.
It's a protocol for information synchronization. It can precicely and chronologically Time order any data ( Blockchain) and have a built in check for Validity without any central authority.
This Blockchain is the database that is a giant Accounting Ledger, that stores the transmission and receiving of financial information.
This is a public record of Ownership, with ownership rights secured by Cryptography.

The blockchain is combined with encryption functons and database rules to provide people with ownership rights to a certain balance of numbers... DUBBED ... COINS

... One of the challenges..... when someone invents a whole new technology... is to describe it... in old Technology terms... so ... i't s really just data... Data that is tied to a certain identity.

the database rules includes a condition where multiple private encryption keys must be used to send this Data (Coins) to another user

So if your dealing with a party on the BITCOIN Network, you will know that person is trusted without the need for a Central 3rd party.

Bitcoin is a Secure Record Keeping environment

The Architechure, can replace the Stock Market, financial institutions, foreign Exchanges, Credit Card/Debit Card Processing,.. and this is ever evolving.

So...why do you put money in the Bank?
fundamentally for 2 reasons...
Inflation, since banks at one time gave you interest for them to hold your Money. and
It might get stolen if you keep it in your home.

In Bitcoin you really can't have your "Coins" stolen. you can get your Bitcoin stolen if you lost your encrypted wallet... but a physical wallet is also prone to your case being stolen if not protected.

Finally.. Mining is global... not just China... so the China arguement does not hold major water with me... I mined with Solar with a tiny miner, and dropped it to use utility elec... but that was years ago.. now its back to small scale, and watching/playing the upticks/Downticks.
ok... I'm done..

seesaw says

BitCoin:
Before I Start... I've started following this in 2012... and mined in 2014... been in I.T. for 30 years... ok... done

Awesome post....i copied it for the future. People are slow to learn....especially when it comes to new tech.

I wish people would understand more about IT/software engineering. Most BTC haters are hillbillies or people who are just not smart enough to buy crypto and hold it on a digital wallet. Wallet to them means dirty cash and silver coins.

WookieMan says

Zak says

Similarly, my poop has limited supply. But it's not valuable.

Thats exactly the difference between your poop and Bitcoin. Nobody wants your poop but a single Bitcoin is trading at 58k at the moment (even though people who think they are smart predicted a price of 1.2k for Bitcoin).

Even Tesla bought Bitcoin. Currently they are holding 1.3B worth of Bitcoin on their books :)

Thanks Tesla!

seesaw says

BitCoin:
Before I Start... I've started following this in 2012... and mined in 2014... been in I.T. for 30 years... ok... done

A Peer 2 peer network of Decentralized people... no one single owner.
It's a Global programming environment for the secure exchange / transfer of information .
It's not a piece of digital currency... it's a tiny part of it.
It's a protocol for information synchronization. It can precicely and chronologically Time order any data ( Blockchain) and have a built in check for Validity without any central authority.
This Blockchain is the database that is a giant Accounting Ledger, that stores the transmission and receiving of financial information.
This is a public record of Ownership, with ownership rights secured by Cryptography.

The blockchain is combined with encryption functons and database rules to provide people with ownership rights to a certain balance of numbers... DUBBED ... COINS

... One of the challenges......

@Zak

if your poop can do any of these things that Bitcoin can do....maybe your poop will be worth something one day. Highly doubt it though....hopefully, thats not a personal attack ROFL.