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BITCOIN
Comments
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What are your views on certain cryptos being adopted by the government as their own crypto.Scottex99 said:
Damn you’re right, sell it allbugbyte_2 said:Good point. What is the problem that Crypto solves again?
For example, those saying that XLM and XRP will be used officially.
(The person I've heard saying this is Jennifer Arcuri, Boris' ex).0 -
Inevitable in some form or another but not crap legacy coins like Ripple and Stellar. I think Stellar has some links with Ukraine but that was the bull run days of 17 where most coins were supposedly being adopted by some company/country or another and it never came to anything worthwhile.
Remains to be seen. BTC might be legal tender in more countries soon, It’ll be on a lot of balance sheets. I personally see millions of USDT/USDC flow every day but govs aren’t going to like that lack of control so will create their own CBCDs at some point. Good for the technology but not good for some of the assets, there’s still loads to play out and the space changes at a rapid pace. Saw a stat that 6% of all VC money went to crypto in last year (?), that’ll only get bigger in time1 -
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Look back at history and you'll see that BOE base rate moved considerably . The final peak was 1989. After which we had the Nikkei crash, the Asian Debt Crisis, the Dot Com boom and the GFC. To say equities performed well is something of an over statement. Was bonds against a backdrop of falling interest rates that provided a non correlated asset and provided positive returns. Equities are performing well because there's an excess of savings that need a home. Equities performing well doesn't mean that the underlying assets (i.e. companies) are though. A different era but fundamentally the same game.tranquility1 said:thegentleway said:
You think equities/bonds are a swindle?tranquility1 said:
This parish shills equities/bonds
But what I will say is this: all investors today (even the older ones) have only ever known decreases in interest rates. They've come down from 18% in the 1980s to almost 0% today. Therefore an entire generation have got used to equities performing well.1 -
Innovation.bugbyte_2 said:
“If I had asked people what they wanted, they would have said faster horses.” Attributed, rightly or wrongly, to Henry Ford.
It's how we end up with things that we never realised we couldn't do without.
We may well be looking back in 10 or 20 years time saying, "Currencies, can you believe that used to be a thing?"
A bit like what the Euro was supposed to be. You know, not having to change currency just because you are going on holiday to another country!!!
Us youngsters
see that kind of thing as a benefit! 2 -
You can not solve innovation.lozzy1965 said:
It is also how we ended up with a lot of things we would be better without, how we ended up with a lot of things but have consequences that now need to be dealt with, or will be imposed on our children.lozzy1965 said:
“If I had asked people what they wanted, they would have said faster horses.” Attributed, rightly or wrongly, to Henry Ford.
It's how we end up with things that we never realised we couldn't do without.
Crypto currency mining and the technology behind it all (blockchain) is incredibly inefficient. Mining a BitCoin generates around 700kg of CO2, that is roughly equivalent to 2.5 months CO2 production for the average European (or 1.2 months for the average American). Processing one BitCoin transaction uses as much electricity as 1.5 million bank transfers (or Visa/Mastercard/Amex transactions). Cryptocurrency is not solving a problem and it has no viable long term implementations, indeed if it were used for UK banking we would need to double the amount of power production in the UK to power the data centres just to handle the transactions (Bitcoin alone, mining and transactions currently consume more than twice the electricity the UK uses in a year and Bitcoin now makes up less than a third of total crypto energy consumption).
More likely we will be looking back thinking why did we waste so much electricity and other resources producing something with no intrinsic value which added to climate change. Technological innovation is interesting, but all BitCoin and other Crytpocurrencies were designed to do was to make early adopters a lot of money, with the bonus that some speculators also made a lot of money along the wey.lozzy1965 said:
We may well be looking back in 10 or 20 years time saying, "Currencies, can you believe that used to be a thing?"
Which has not been an issue in my lifetime and with cash now all but dead, transaction processed from one currency to another are no longer an issue.lozzy1965 said:
A bit like what the Euro was supposed to be. You know, not having to change currency just because you are going on holiday to another country!!!
Us youngsters (or not so young, being in my thirties) see a lot of things as a benefit, AI, driverless cars, digital transactions, online shopping, Crispr, renewables etc. But crypto has been around for thirteen years, it does not seem to offer any benefits, the technology, whilst trendy has few applications in the real world, and it is incredibly inefficient as well as the processing of the mining calculations being entirely pointless.lozzy1965 said:Us youngsters see that kind of thing as a benefit!
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Henry Ford invented the production line. That's a productive advancement.lozzy1965 said:
Innovation.bugbyte_2 said:
“If I had asked people what they wanted, they would have said faster horses.” Attributed, rightly or wrongly, to Henry Ford.
It's how we end up with things that we never realised we couldn't do without.2 -
at least henry ford didnt say he would accept bitcoin to buy his cars then change his mind.0
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Innovation rather than solving innovation, clearly.MattMattMattUK said:
You can not solve innovation.lozzy1965 said:
It is also how we ended up with a lot of things we would be better without, how we ended up with a lot of things but have consequences that now need to be dealt with, or will be imposed on our children.lozzy1965 said:
“If I had asked people what they wanted, they would have said faster horses.” Attributed, rightly or wrongly, to Henry Ford.
It's how we end up with things that we never realised we couldn't do without.
Crypto currency mining and the technology behind it all (blockchain) is incredibly inefficient. Mining a BitCoin generates around 700kg of CO2, that is roughly equivalent to 2.5 months CO2 production for the average European (or 1.2 months for the average American). Processing one BitCoin transaction uses as much electricity as 1.5 million bank transfers (or Visa/Mastercard/Amex transactions). Cryptocurrency is not solving a problem and it has no viable long term implementations, indeed if it were used for UK banking we would need to double the amount of power production in the UK to power the data centres just to handle the transactions (Bitcoin alone, mining and transactions currently consume more than twice the electricity the UK uses in a year and Bitcoin now makes up less than a third of total crypto energy consumption).
More likely we will be looking back thinking why did we waste so much electricity and other resources producing something with no intrinsic value which added to climate change. Technological innovation is interesting, but all BitCoin and other Crytpocurrencies were designed to do was to make early adopters a lot of money, with the bonus that some speculators also made a lot of money along the wey.lozzy1965 said:
We may well be looking back in 10 or 20 years time saying, "Currencies, can you believe that used to be a thing?"
Which has not been an issue in my lifetime and with cash now all but dead, transaction processed from one currency to another are no longer an issue.lozzy1965 said:
A bit like what the Euro was supposed to be. You know, not having to change currency just because you are going on holiday to another country!!!
Us youngsters (or not so young, being in my thirties) see a lot of things as a benefit, AI, driverless cars, digital transactions, online shopping, Crispr, renewables etc. But crypto has been around for thirteen years, it does not seem to offer any benefits, the technology, whilst trendy has few applications in the real world, and it is incredibly inefficient as well as the processing of the mining calculations being entirely pointless.lozzy1965 said:Us youngsters see that kind of thing as a benefit!
BTC isn’t the whole crypto market and probably less than 10 major coins use a POW system. ETH the 2nd biggest coin is in the process of transitioning to POS this year.
A few myths debunked too: https://www.verdict.co.uk/bitcoin-mining-uses-very-little-energy/
No intrinsic value? Wrong.
Only created to make early adopters money? Wrong.
Has few real world applications? Wrong.
Mining being pointless? Lol, wrong. Energy intensive yes but pointless no. That’s how Satoshi solved the double spend problem and paved the way for decentralised digital money.
If you don’t like crypto that’s cool but don’t spout nonsense like you actually know anything about it. Cheers
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