Crypto Currency Thread
Discussion
Behemoth said:
Energy is certainly not a scarce resource. Energy is abundant. It is the stuff of the universe. The scarcity is lack of innovation to capture and distribute that energy efficiently.
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Again, a proponent decides to just redefine everyday words in a way that renders them meaningless. Saying that energy is not scarce is like saying length is not scarce. Everything has some measure of energy but unless you are a Tesla acolyte / conspiracy theorist that is meaningless as it can not be extracted..
Of course, I was only a particle physicist once, so know far less than a master game theorist / fruit loop.
snorkel sucker said:
Depending on your view on price action the recent bottom at about 3800 or so could be a decent level to bounce off or a level of structure that, if broken, could mean a re-trace back down to about 2600.
May be worth seeing if / when it goes to 5000, which was a level of resistance back in September last year, and making a decision from there.
Gladis’ tealeaves say it’s a buy but Ethel’s a sell. May be worth seeing if / when it goes to 5000, which was a level of resistance back in September last year, and making a decision from there.
Condi said:
Has nobody taught you (you being anyone attempting to call tops and bottoms) that TA is fine for giving entry and exit points, but the underlying fundamentals will always dictate long term direction?
Any fundamental reason why its going up?
Well, dare I contradict. TA is brilliant at predicting the past. We just need to wait for tomorrow to see which TA was correct. Any fundamental reason why its going up?
As for the fundamental reason, I hazard more buyers than sellers.
Published yesterday, the latest analysis of bitcoin mining distribution already shows clear concentrations where there are large, unused supplies of renewable electricity available. Bitcoin mining has a lower carbon footprint than almost any other large-scale industry in the world. At the very lowest range estimate, 77% of mining is now driven by renewables, much of it hydro. In China, 80% of bitcoin mining is in Sichuan, where 90% of the energy mix was renewable in 2017. You can download the detailed analysis with maps, assumptions, references & plenty of well sourced data tables at Coinshares (but they'll want your email address).
Some Gump said:
Moth, i have many problems with your latest claim, but heres the major 2
The assumptions used to come up with the numbers in your screenshot are out of date and incorrect. Bitcoin mining changes quickly.We needn't go into the semantics of what industry is & you can call it whatever you want. Bitcoin uses energy on an industrial scale.
How convenient.NickCQ said:
What does that even mean? In what world is 7-transactions-a-second Bitcoin a large-scale industry?
Presumably terms like the financial industry & film industry also have no meaning to you.Transaction per second throughput on the primary protocol layer is irrelevant. How many times a second does gold get shipped from the BoE vaults to the NY Fed's vaults?
Behemoth said:
Presumably terms like the financial industry & film industry also have no meaning to you.
this style of argument is very tiring.I am making the point that Bitcoin does not to me at the present time count as a major industry given that, as of today, it does not solve any real world problems.
NickCQ said:
What does that even mean? In what world is 7-transactions-a-second Bitcoin a large-scale industry?
it isn't, and at the peak there was a 400k tx backlog back in feb, with 50 usd fees, but the fanboys will carp about lightening network, which will make fall difference,. xrp has stolen ground too little too late, at peak 1.5 daily txs, no backlog, low fees. xrp could match visa right now, btc couldn't even get close, but then they will say when btc is a million usd doesn't matter.Edited by Thesprucegoose on Friday 30th November 15:20
NickCQ said:
this style of argument is very tiring.I am making the point that Bitcoin does not to me at the present time count as a major industry given that, as of today, it does not solve any real world problems.
Google image for "bitcoin mining farm", look at the quantity of energy being used and you can't doubt it's a major industry. Meantime, IDG, Sequoia, Y Combinator, Andreessen Horowitz & many other of the world's substantial VCs are deeply invested.You can doubt they'll get any return on their investments, but whether all this is meaningful for you personally is a surely a very different matter. There are plenty of industries we could both disapprove of and believe have utterly no purpose in the world. But I wouldn't deny their existence.
Thesprucegoose said:
it isn't, and at the peak there was a 400k tx backlog back in feb, with 50 usd fees, but the fanboys will carp about lightening network, which will make fall difference,. xrp has stolen ground too little too late, at peak 1.5 daily txs, no backlog, low fees. xrp could match visa right now, btc couldn't even get close, but then they will say when btc is a million usd doesn't matter.
I'll ignore for a moment the fact that the XRP token is a complete irrelevance & Ripple can just sell their wares to banks privately.Edited by Thesprucegoose on Friday 30th November 15:20
Ripple throughput is different because they are solving a different use case. They expect Ripple to be used between trusted entities. So their security model between transacting parties isn't critical. The nodes trust each other and also trust that Ripple's central command is doing and will always do the right thing.
In contrast, Bitcoin fully expects conflict between parties. That's why the bitcoin model is called trustless, permissionless, censorship resistant. This requires the base layer to be rock solid and focused entirely on the security of the final settlement transaction record (the blockchain). Retail transactional use is left to upper layers where trust models between participants can be a hell of a lot looser.
I could see Ripple working as a layer over Bitcoin, not as a replacement for it. But not XRP.
Behemoth said:
You & me both Google image for "bitcoin mining farm", look at the quantity of energy being used and you can't doubt it's a major industry.
This is a very circular argument Google image for "bitcoin mining farm", look at the quantity of energy being used and you can't doubt it's a major industry.Bitcoin is a major industry because of the amount of energy it uses but it's also OK because it uses less energy than other major industries? That can't really be the point you were trying to make!
snorkel sucker said:
Depending on your view on price action the recent bottom at about 3800 or so could be a decent level to bounce off or a level of structure that, if broken, could mean a re-trace back down to about 2600.
May be worth seeing if / when it goes to 5000, which was a level of resistance back in September last year, and making a decision from there.
Ah, technical analysis, the most ludicrous way to predict the future since counting warts on a toad.May be worth seeing if / when it goes to 5000, which was a level of resistance back in September last year, and making a decision from there.
Re-parse any technical output and it always says something like “this stock which is at 55 will have to pass 60 if it later goes to 70.”
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