BITCOIN

User232002

Congrats.

I just told you there is an entire financial system out there giving unprecedented returns far in excess of anything on offer in the traditional finance world, in many cases with less risk and less volatility, and you want to have a semantic debate.

thegentleway

darren232002 said:

Congrats.

I just told you there is an entire financial system out there giving unprecedented returns far in excess of anything on offer in the traditional finance world, in many cases with less risk and less volatility, and you want to have a semantic debate.

Not sure where you get the semantic debate from... Your previous post culminated in you saying crypto is internet 2.0 so I was curious as to what you meant. 

User232002

In the same way that Amazon, Facebook, Microsoft, Google and others disrupted industries and ate up a ton of value to become the biggest companies in existence over a relatively short timeframe, cryptocurrency will do the same.

thegentleway

darren232002 said:

In the same way that Amazon, Facebook, Microsoft, Google and others disrupted industries and ate up a ton of value to become the biggest companies in existence over a relatively short timeframe, cryptocurrency will do the same.

Oh you meant crypto is going to be as disruptive as the internet. Thanks for explaining. 

Scottex99

BananaRepublic said:

Reaper said:

BananaRepublic said:

The first is that mining, or the creation of new currency, consumes massive amounts of energy.

To be fair that is starting to change. Etherium is in the process of stopping miners using any energy at all. To get technical its a switch from "Proof of Work" to "Proof of Stake". It's a big change though so will take a while.

Etherium is not Bitcoin.

"Etherium" isn't anything.

But yeah Ethereum is switching from POW to POS meaning you don't mine the coins with energy, like you do BTC.

POW was the way to work around the double spend problem that Satoshi created, it's worked perfectly for 11-12 years but none of the new projects use if for the energy reason.

Scottex99

Malthusian said:

EdGasketTheSecond said:

If you store on your PC at home, what happens if your hard-drive fails? Genuine question, I am not up to speed with 'digital wallets'.

 it is interesting to note that if he/she ever returned and revealed that they still had the private keys to all their Bitcoins, the price would collapse. It would be the equivalent of finding 10,000 tons of hitherto unknown gold under a tarpaulin in somebody's shed and dumping it all on the market at once.

Or printing 12% of the entire supply of one fiat currency in a year 

HansOndabush

The sh*tcoiners sure are getting desperate to get other punters involved. Why? Because that is the only thing that can make Bitcoin rise any further. It has no value in and of itself.

Scottex99

HansOndabush said:

The sh*tcoiners sure are getting desperate to get other punters involved. Why? Because that is the only thing that can make Bitcoin rise any further. It has no value in and of itself.

Store of value, finite supply, decentralised. May just play a part too.

But you do you, babes

benbay001

darren232002 said:

But I would strongly encourage people to look in to this space because it will be the greatest wealth creation event of my generation. Its literally the internet version 2.0.

If you had stuck to the "great store of value" line then yes, i could understand you keeping some of your wealth in crypto, but you didnt, you claimed its going to generate wealth.

How can crypto generate wealth? The only thing it enables that cannot be done with a credit card is the untraceable purchase of things that are illegal. Fantastic.

User232002

HansOndabush said:

The sh*tcoiners sure are getting desperate to get other punters involved. Why? Because that is the only thing that can make Bitcoin rise any further. It has no value in and of itself.

S&P500 companies, institutional investment funds, pension funds and even some central banks have bought BTC in the last year. We are way past needing retail to join in.