SidetrackAg said:

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Yes, but of course all of those stats are left out of the article.

https://www.thestreet.com/investing/bitcoin-is-dirty-slow-volatile-and-impractical-bofa-report

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If it continues to depopulate the demand of labor in banking/mining rare metals for "money" there's a lot of new labor that won't be brainwashed into "real finance" and "consolidation is best" mentalities.... opportunity.

Comeby! said:

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administrative errors said:

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SidetrackAg said:

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I've also read an article by Bank of America saying how much energy Bitcoin uses/is needed for mining. I feel like it's setting the stage for the government to get their hands in it. If the gov starts messing with it it would probably make the price drop.

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The only way it looks like it uses a ****ton of energy is without comparing it to its predecessors...

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I think these comparisons are not apples to apples and misleading. . Bitcoin isnt a commodity like gold, its supposed to be a currency. Many are considering it an investment and the reason Uncle Sam will be taxing the sheet out of it soon. The closest comparison in this list is Paper Currency and you can see that doesnt paint a pretty picture for bitcoin. I think 'Proof of Work''s days are numbered. You'll need to get on "Proof of Stake" which has significantly lower carbon footprint. The central government and banks will try to take down Crytpo by implementing their own digital currency. I here what you are saying on decentralization, but let's not forget how Binance operates in Texas...... or the Poker world's black friday. Energy consumption will be what brings this to a head if something doesnt change or the world doesnt shift to a less energy intensive crypto-currency. I know this isnt what you want to hear, I have quite a bit of digital currency and am in the same boat, but let's not stick our head in the sand.

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"Bitcoin isnt..."
"Bitcoin needs..."
"The govt will..."

My response from now on is:
"You're right, and there's absolutely no way you're wrong either. Good luck."

You don't have to agree necessarily but you know these are issues that need to be addressed. This isnt Reddit you know, Ive come to expect some meaningful discussion out of Aggies.

Comeby! said:

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You don't have to agree necessarily but you know these are issues that need to be addressed. This isnt Reddit you know, Ive come to expect some meaningful discussion out of Aggies.

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Eh, he's probably high or something.

But seriously, most of us are the warm fuzzies and AE is the grizzled veteran. He's seen some sh-t

Okay.
How much more taxes is the govt going to allocate? It's already taxing it on capital gains tax.

Proof of stake is unproven.

Cbdc's will have the same problem physical/digital cash does right now, inflatable and under control of a government whimsical fancies, and talk about ever more oppression/force to control/influence the citizenryand ever further removing itself from a free-ish-but-NOT-really market that we allegedly promote.

Bitcoin needs to keep existing, the immutable bastadd it is, and the world will conform to it, not vice versa.

The energy argument is a worthless trite argument and has been properly given its 15 seconds of fame and use among critics as the reason bitcoin is dead, again.

Quote:

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ITS OBVIOUS BITCOIN USES TOO MUCH ENERGY! RABBLE RABBLE

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imagine the energy expenditure necessary to attack bitcoin's network, you cannot just spin that up over night, it'll take a dedicated infrastructure, and then the hash power necessary to actually attempt to double-spend....I mean complaining about energy expenditure is such a stupid dumb argument, unless you don't know the why, and the why is to keep bitcoin its own sovereign commodity/currency/financial institution/bank/internet of money. Without the why, none of any of this makes any sense. When you know the why it all makes sense.

I love you, I do, but don't just jump on the latest bitcoin is dead bandwagon because bitcoin "doesn't do this" as reported by banker 1,2,3.

Does the energy argument even include the amount of energy it takes to ship fiat to banks? Diesel, vehicle wear etc. After the print machine finishes going brrr the money doesn't just sit there on the ground.

Bitcoin mining energy includes each transaction and the complete movement of the money.

Edit: ignore the emoticon that is right next to the publish button.

I have to drive the cash that travels to my store and the checks to the bank every day. No those numbers I posted only include the cost of printing/minting not all the ancillary transportation costs.

Just in man hours that 85 hours annually in my car.

Hate to detail this bitcoin is an energy hog conversation but I just grabbed up a truckload of Libertas. It's the coin for a their uncensored social media/podcast platform. Check it out. Super low market cap right now.

https://libertas.network/

MR Gadsden said:

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Hate to detail this bitcoin is an energy hog conversation but I just grabbed up a truckload of Libertas. It's the coin for a their uncensored social media/podcast platform. Check it out. Super low market cap right now.

https://libertas.network/

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Up 36%

Good points and I agree that bitcoin or some sort of digital, decentralized currency needs to exist. I also think the technology behind it is worth more than the currency itself.

How is proof of stake unproven? Where are the holes in that process? The energy consumption is a much bigger deal than you believe. And no one needs to attack or is attacking bitcoin specifically. Im not jumping on the bandwagon, I have significant holdings of BTC, but I objectively weigh all sides, especially when it has to do with $.

What the heck do they mean by waste energy? People/companies that get their electricity get it from the same grid as everyone else. There is no secret waste energy grid. Are they talking about using renewable energy or waste heat from other processes to generate private electricity that is not from the grid?

Also, as was mentioned before, the large energy use of bitcoin is a security feature, not a bug. It takes a lot of energy to even attempt to hack the blockchain.

I ask you to support your statement rather than make me, that proof of stake is provably BETTER both energy and security standards

Or at least that there are RIPCORD blockchains participating in proof of stake.

Revolutionary
Public
Collaborative
Open
Resistant
Decentralized


Which PoS blockchains fall into ripcord status?

He's talking about waste energy like methane flaring, excess energy that's wasted because it cannot be stored on the grid.

If you've ever flown over west Texas at night you'll see thousands of old wells just burning methane

Nm

TxAG#2011 said:

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If you've ever flown over west Texas at night you'll see thousands of old wells just burning methane

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I would almost guarantee you that these flares are from tank batteries and not "oil wells".

Compressing these tank vapors from atmospheric pressure to even 20 psig would cost an arm and a leg.

administrative errors said:

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He's talking about waste energy like methane flaring, excess energy that's wasted because it cannot be stored on the grid.

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what energy is stored on the grid? My guess is that the energy flared is significantly less than the energy lost during conversion to joules/second and then transported across high voltage power lines.

Friction is real. As with anything add steps, create more friction, reducer efficiency.

double b said:

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Good grief. Who cares how much energy Bitcoin uses. Someone give me a good estimate on when it will reach 75k.

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Maybe one more big dip and then off?

Or maybe it's well on the way who knows

double b said:

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Good grief. Who cares how much energy Bitcoin uses. Someone give me a good estimate on when it will reach 75k.

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Not sure exactly, some say around April, but I have been watching it closely and it seems to be gradually stepping up.

A week or so ago, it was at least $55k, and lately is has been holding no lower than about $58k.

And just after I say that it drops into $57k.

I've been trading poorly as it's in a weird wedge. Im hoping for a break out and up from this wedge. It seems all the best trades keep happening when I want to be sleeping.

Harmony One on a very nice run...probably the news of a bridge with Binance smart chain and interoperability with DOT.

ONE and DOT have both over taken BTC on my % of total holdings pie chart, for what it's worth. LUNA is creeping up as well.

I made some moves recently amd will continue to do so before August. Consolidating many alt coins to decrease the number of different coins my portfolio contains. For example: sold a lot of my Cosmos and Ren and bought BTC on the 54.5k dip. Both are similar to DOT and ADA. I kept 30 - 200 tokens of everything just in case something drastic happens but want to focus on 7-10 projects.

My biggest holdings in either tokens or $$ invested are : BTC, ADA, ONE, LINK, ETH, VET, MANA, DOT, ENJIN.

I am still reworking the math on possible future scenarios with my exits amd buys.

The one I missed due to not being available on my exchanges is THETA (same woth ECOMI). Wanted it at $2 and it has shot up to $8. Oh well, I can't be in everything.


I had an ONE alarm set for $.105 when it was at #.117 and was going to buy another $700 worth but it has kept going up. Might put half into ADA and see what happens with VEY amd ONE tonight amd tomorrow.

Replace the two NFT coins and ETH with LTC, LUNA, and MATIC and our lists are the same.

Good morning! It's a harmonious day! The crypto-Google is awakening

I set up to purchase 100 dollars per month of btc back a few months ago when it was like 15k. Curious to go look at my account. I guess I'm the epitome of set it and forget it

ETA: I had no idea it was at 57k until opening this thread ha

I had Matic but converted it to Enjin. I am not confident in NFTs but the gaming aspect will probably be huge.

LatinAggie1997 said:

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I had Matic but converted it to Enjin. I am not confident in NFTs but the gaming aspect will probably be huge.

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NFTs are the weirdest thing. Some guy in NYC sold an NFT of his fart for $85....

Definitely Alt-season

https://nypost.com/2021/03/18/nyc-man-sells-fart-for-85-cashing-in-on-nft-craze/

I do need to dump REN so thanks for the reminder to set a limit order this weekend.

Clarification. I believe the random pop culture
celeb NFTs are a bubble. I do believe in the virtual and gaming aspects.

Example. The Guggenheim wants to go digital. Imagine the ability to visit any museum virtually or purchase an NFT of Starry Night or The Scream (same as a printo today), only the "print" would be more like a baseball card than a gift shop item. That gives them more future value. The virtual and gaming aspects will be huge and revolutionary imo.

How long can ONE go? Thanks to whoever suggested that one a while back when it was .02