Bitcoins?

[lemmingjames]

no one talking about how its dropped to sub 10k now or too many people licking their wounds to talk about it?

[rscott]

Interesting article on the power used globally for Bitcoin mining - https://www.theguardian.com/technology/2018/jan/17... .

The world is on target to use more for Bitcoin mining this year than the entire electricity usage of Hungary or New Zealand.

[essayer]

lemmingjames said:

no one talking about how its dropped to sub 10k now or too many people licking their wounds to talk about it?

That was 12 hours ago, it's back at $11k now

[BlackLabel]

People seem to be talking less about Bitcoin as a method of payment and more of it as a storage of wealth, a kind of digital gold. Isn’t this exactly the opposite of why Bitcoin was created?

[Boydie88]

Yep, pretty painful week, especially for anyone who was late buying Ripple.

In a month, my portfolio has gone 20% up, 50% down, 90% up, 40% down and now back to 10% up - all from the starting investment, so the 90 to 40 swing was extra painful.

Not for the weak hands, though a fortune was to be made in selling ripple off last weekend and buying again last night providing you pick out the high and low points.

BlackLabel said:

People seem to be talking less about Bitcoin as a method of payment and more of it as a storage of wealth, a kind of digital gold. Isn’t this exactly the opposite of why Bitcoin was created?

The more modern coins are the ones to go for. They are the ones that do what Bitcoin was trying to do originally. Obviously there are 100s and 100s of stty coins simply there for 'pump and dump' schemes however, just have to research what you're putting your money into and only put in what you could comfortably lose 90% of and not feel suicidal.

Edited by Boydie88 on Thursday 18th January 10:13

[jurbie]

rscott said:

Interesting article on the power used globally for Bitcoin mining - https://www.theguardian.com/technology/2018/jan/17... .

The world is on target to use more for Bitcoin mining this year than the entire electricity usage of Hungary or New Zealand.

But it's a fraction of the energy used to print all the worlds paper money. Think about the trees that are chopped down and mining the metal for coins and the energy minting them. Then there's all the energy required to transport and store it and suddenly the whole world scrapping fiat currencies and moving to Bitcoin makes complete environmental sense.

[p1stonhead]

jurbie said:

rscott said:

Interesting article on the power used globally for Bitcoin mining - https://www.theguardian.com/technology/2018/jan/17... .

The world is on target to use more for Bitcoin mining this year than the entire electricity usage of Hungary or New Zealand.

But it's a fraction of the energy used to print all the worlds paper money. Think about the trees that are chopped down and mining the metal for coins and the energy minting them. Then there's all the energy required to transport and store it and suddenly the whole world scrapping fiat currencies and moving to Bitcoin makes complete environmental sense.

You can spend paper money though. It currently has a purpose.

[rscott]

jurbie said:

rscott said:

Interesting article on the power used globally for Bitcoin mining - https://www.theguardian.com/technology/2018/jan/17... .

The world is on target to use more for Bitcoin mining this year than the entire electricity usage of Hungary or New Zealand.

But it's a fraction of the energy used to print all the worlds paper money. Think about the trees that are chopped down and mining the metal for coins and the energy minting them. Then there's all the energy required to transport and store it and suddenly the whole world scrapping fiat currencies and moving to Bitcoin makes complete environmental sense.

Only a tiny fraction of the money I spend each month is 'real' though. It all arrives in my account electronically and most of it leaves via direct debit, standing order or payment card.

[Boydie88]

Near instant international transfers with next to no fees don't have a purpose?

There's a reason MoneyGram have teamed up with Ripple.

[jurbie]

Simply scrap paper money and make everyone use Bitcoin. Replace one with the other and reap massive environmental savings.

[rscott]

jurbie said:

Simply scrap paper money and make everyone use Bitcoin. Replace one with the other and reap massive environmental savings.

Or make everyone use PayPal. That would have far bigger environmental savings than switching to Bitcoin.

[anonymous-user]

Boydie88 said:

Near instant international transfers with next to no fees don't have a purpose?

I do international wires on a weekly basis for no fee. I can't think of an occasion I needed overnight to be instant. In the first world cryptos are a solution looking for a problem...

[anonymous-user]

jurbie said:

Simply scrap paper money and make everyone use Bitcoin. Replace one with the other and reap massive environmental savings.

[garagewidow]

fblm said:

jurbie said:

Simply scrap paper money and make everyone use Bitcoin. Replace one with the other and reap massive environmental savings.

they already have scrapped paper money,it's now made out of recycled drinks bottles and old fag butts.

[jammy-git]

fblm said:

Boydie88 said:

Near instant international transfers with next to no fees don't have a purpose?

I do international wires on a weekly basis for no fee. I can't think of an occasion I needed overnight to be instant. In the first world cryptos are a solution looking for a problem...

I can't help but think the same. I'm really not sure what problem crypto is solving considering that 99.9% of people don't care if their money is held in a centralised system or not.

[garagewidow]

rscott said:

Or make everyone use PayPal. That would have far bigger environmental savings than switching to Bitcoin.

doesn't elon musk have enough money?

isn't there a danger that people will start to have less grasp on how much 'money' they actually have by going full digital currency?
easy to borrow or go into overdraft means more charges and potential profit for money lenders but at the cost of spiralling personal debt.(I reckon).

[anonymous-user]

garagewidow said:

doesn't elon musk have enough money?

no longer connected to paypal.

[Jonesy23]

Can't let this thread go on without mentioning Bitconnect.

I LOL'd. Which isn't what the investors will be doing anytime soon.

[rscott]

garagewidow said:

rscott said:

Or make everyone use PayPal. That would have far bigger environmental savings than switching to Bitcoin.

doesn't elon musk have enough money?

isn't there a danger that people will start to have less grasp on how much 'money' they actually have by going full digital currency?
easy to borrow or go into overdraft means more charges and potential profit for money lenders but at the cost of spiralling personal debt.(I reckon).

I could have said make everyone use contactless cards for small transactions. My point was that switching to bitcoin would have a bigger environmental impact than switching to another existing electronic payment system.

[jurbie]

fblm said:

jurbie said:

Simply scrap paper money and make everyone use Bitcoin. Replace one with the other and reap massive environmental savings.

Don't you laugh at me.

The environmental movement is all about finding pointless and inconvenient solutions to problems that don't exist. When it comes to saving the planet Bitcoin fits perfectly in a world of electric cars and windmills, I'm just trying to be ahead of the curve.