Crypto Currency Thread
Discussion
Guvernator said:
Still in free fall and can't see any sign of recovery at this point.
I think until September, all this b
ks about it being because of the sell off is well, bks. I stick to st coins for the time being. I think growth will be a lot slower for top coins, people just don't see the benefits besides making a million so when that doesn't happen they move on.
Is there such thing as a cut off point for mining BitCoin, as I understand it, mining it at home in the UK will cost money due to the energy costs. Presumably though these huge mining farms in Iceland (or wherever) harvesting free cold air for cooling still need BitCoin to be a certain price for it to be profitable and if it's not then they'll cease mining it and move onto another coin ?
Is it correct that the less people mining BitCoin makes for longer transaction times ?
Is it correct that the less people mining BitCoin makes for longer transaction times ?
Bluedot said:
Is there such thing as a cut off point for mining BitCoin, as I understand it, mining it at home in the UK will cost money due to the energy costs. Presumably though these huge mining farms in Iceland (or wherever) harvesting free cold air for cooling still need BitCoin to be a certain price for it to be profitable and if it's not then they'll cease mining it and move onto another coin ?
Is it correct that the less people mining BitCoin makes for longer transaction times ?
Yes there is a minimum cost for mining to be viable, however, that amount varies according to energy costs; efficiency of mining equipment, cost of labour, etc. so it will be (potentially) different for everyone. Is it correct that the less people mining BitCoin makes for longer transaction times ?
And if the network hashrate (in effect the amount of compute power applied to mining) reduces then block times will slow until the difficulty adjusts to compensate. The difficulty is adjusted by the network every 2016 blocks - approximately every two weeks when block times are at the 10 minutes average.
Transactions depend on blocks and so if blocks slow down then the transaction capacity reduces and so transactions may take longer, just because the throughput has reduced.
Bluedot said:
these huge mining farms in Iceland (or wherever) harvesting free cold air for cooling
It's worth pointing out that they are there for the cheap local electricity, though cold air also helps. Electricity can't be transported long distances without huge energy losses, so locating machines close to abundant continuous renewables like geothermal & hydro makes sense.
Behemoth said:
It's worth pointing out that they are there for the cheap local electricity, though cold air also helps. Electricity can't be transported long distances without huge energy losses, so locating machines close to abundant continuous renewables like geothermal & hydro makes sense.
It would make more sense not to vastly consume massive amounts of electricity to process payments, bit this being crypto it is o.k.My I tech point this is why I think miota makes sense or a similar coin. BTC is starting to seen antiquated.
Thesprucegoose said:
It would make more sense not to vastly consume massive amounts of electricity to process payments, bit this being crypto it is o.k.
My I tech point this is why I think miota makes sense or a similar coin. BTC is starting to seen antiquated.
I haven't seen anything that convinces me so far. My I tech point this is why I think miota makes sense or a similar coin. BTC is starting to seen antiquated.
Moreover, you really do need to use energy to get good security. Trying to secure high value with an intrinsic method just won't work. It might be ok for small amounts & low values, but anything substantial leads to obvious and exploitable attack vectors. You need to show proof of work. It's game theory & John Nash got the "Nobel" prize in economics for it.
By the way, vast quantities of electricity run current payment systems, but they are also located in very expensive places like London.
Behemoth said:
By the way, vast quantities of electricity run current payment systems, but they are also located in very expensive places like London.
Condi said:
Not true, per unit of work or per transaction the current system is incredibly efficient. Think about the volume of bitcoin transactions and how much power that uses Vs the trillions and trillions of dollars per day going through London. Bitcoin is stupidly energy intensive.
It really doesn't matter if continuous renewable energy is used. Hydro in China & Canada produce vast quantities of electricity that isn't used. Iceland produces huge amounts of geothermal power at very low local cost. It's a question of supply & demand and bitcoin is very mobile. The existing cash infrastructure for fiat isn't nearly as flexible.Behemoth said:
Bluedot said:
these huge mining farms in Iceland (or wherever) harvesting free cold air for cooling
It's worth pointing out that they are there for the cheap local electricity, though cold air also helps. Electricity can't be transported long distances without huge energy losses, so locating machines close to abundant continuous renewables like geothermal & hydro makes sense.Although it’s looking sketchy if they’ve actually built any bloody units!
bongtom said:
Maybe I should have bought more Envion coins at their ICO...
Although it’s looking sketchy if they’ve actually built any bloody units!
I guess "uniquely mobile" must mean they hitch the containers to an artic & trundle off to where the leccy is cheapest. At first I thought it was about mobile phones Although it’s looking sketchy if they’ve actually built any bloody units!
It's an interesting idea but you have to wonder why they tried to raise funding via an ICO. If it had a viable business plan, traditional VC should have got a business like that going without any problem. The ICO route just muddies the water from multiple angles.
Joey Deacon said:
Cannot believe how quiet this thread is considering the current price movement. Everybody given up and cashed out?
Is this the slow, drawn out death of crypto or is it going to bounce back once the whales start buying in again?
I still don't see why it has any value at all. Its a solution looking for a problem. Why would ordinary people convert their money into a volatile unregulated currency that can be stolen or lost with a password. Is this the slow, drawn out death of crypto or is it going to bounce back once the whales start buying in again?
A lot of the growth was people piling in with no idea what it was, except it was going to make them rich. They are now nursing large losses. Those that have made gains are coming up on the end of the tax year, and will have tax liabilities (unless they choose to ignore it). If they have crystallised gains then they will also need to crystallise losses or they could be in for a shock next tax year.
Just my opinion.
98elise said:
Joey Deacon said:
Cannot believe how quiet this thread is considering the current price movement. Everybody given up and cashed out?
Is this the slow, drawn out death of crypto or is it going to bounce back once the whales start buying in again?
I still don't see why it has any value at all. Its a solution looking for a problem. Why would ordinary people convert their money into a volatile unregulated currency that can be stolen or lost with a password. Is this the slow, drawn out death of crypto or is it going to bounce back once the whales start buying in again?
A lot of the growth was people piling in with no idea what it was, except it was going to make them rich. They are now nursing large losses. Those that have made gains are coming up on the end of the tax year, and will have tax liabilities (unless they choose to ignore it). If they have crystallised gains then they will also need to crystallise losses or they could be in for a shock next tax year.
Just my opinion.
I can use my mastercard to instantly buy anything I like anywhere in the world, why do I want to use crypto instead?
I would imagine most traders don't care about the blockchain technology, Crypto is supposed to replace fiat yet all traders are trading crypto to make fiat.
Don't get it at all.
dieseluser07 said:
Is this is for crypto? Its literally gone down down down for a good 3 months now, when will it stop, i have 4000 xrp, stupid decision it seems.
I don't think it is over.It is still up from this time last year. I expect it will continue to drop a bit though now, then something big will happen, probably for the worse, drop right down then maybe start coming back up.
It needs the people that own crypto to revert back to before this recent boom and bust.
Is there any way of telling how long a coin has been owned? It would be interesting to see how many of the current owners bought their coins in the last four months and how many are holding longer term.
My gut feel is that a lot of people who bought before Dec 2017 have sold up and the majority of those left are more recent purchasers.
My gut feel is that a lot of people who bought before Dec 2017 have sold up and the majority of those left are more recent purchasers.
Joey Deacon said:
Totally agree with you, I have been following crypto for 6 months and still fail to understand the point of it. Everyone goes on about crypto being decentralised but Ripple Labs hold most of XRP and most BTC is held by the top 20 wallets. They talk about being able to move money out of sight of the government but I have nothing to hide so why do I care about this?
I can use my mastercard to instantly buy anything I like anywhere in the world, why do I want to use crypto instead?
I would imagine most traders don't care about the blockchain technology, Crypto is supposed to replace fiat yet all traders are trading crypto to make fiat.
Don't get it at all.
Something to think about....I can use my mastercard to instantly buy anything I like anywhere in the world, why do I want to use crypto instead?
I would imagine most traders don't care about the blockchain technology, Crypto is supposed to replace fiat yet all traders are trading crypto to make fiat.
Don't get it at all.
What is 1 bitcoin worth in Venezuela right now?
Gassing Station | Finance | Top of Page | What's New | My Stuff