@Amos_Umwhat said:
Pretty interesting piece on CBS News this morning about Bitcoin. Apparently it requires a lot of energy to maintain the magical worth of the illusion of currency, and Elon Musk let that cat out of the bag.
Again, I'm pretty sure this is the case of all of today's fiat currency. Perhaps those who've invested in gold may be the only ones with anything of value left when the computer fans stop turning. That is, if they're in possession of the gold, and not just computer-generated promises that they own the gold.
Dizzying.
I agree. I’ve been contemplating rolling over half my 401 into gold. But it sucks the way the government has it setup. Just another bs move on their part to make sure you’re putting money in their pockets
Oh yeah Elon Musk can suck a big hard one!
@Usaf06 said:
Interesting fact. The power required to power all the computers running bitcoin is more than the country of Netherlands.
This is something I’ve never understood. Why does it use so much energy?
I mean did the Nakatomi building use that much energy?
I don't know how you'd look it up, but that's exactly what the CBS News piece was about this morning. I had no idea so much power went into the creation and maintenance of this kind of thing.
WARNING: The above post may contain thoughts or ideas known to the State of Caliphornia to cause seething rage, confusion, distemper, nausea, perspiration, sphincter release, or cranial implosion to persons who implicitly trust only one news source, or find themselves at either the left or right political extreme. Proceed at your own risk.
"If you do not read the newspapers you're uninformed. If you do read the newspapers, you're misinformed." -- Mark Twain
They use hundreds of super computers to mine bitcoin
"I drink a great deal. I sleep a little, and I smoke cigar after cigar. That is why I am in two-hundred-percent form." -- Winston Churchill "LET'S GO FRANCIS" Peter
If they're mining it, it must be somewhere on the internet. Where does one look to find it? Do you just Google "Bitcoin"? Who is creating the Bitcoin for others to mine? Couldn't this person just double the amount of Bitcoin out there and cut the value of all of it in half? Wouldn't the value of Bitcoin rise if he stopped producing more coin? None of it makes sense.
Trapped in the People's Communist Republic of Massachusetts.
You compute it on fast GPU processors, competing with others to find a solution to a target hash. The Internet is just used to verify the solutions and the Bitcoin transactions to prevent double spending.
In the absence of miners, Bitcoin as a network would still exist and be usable, but there would never be any additional bitcoin. There will eventually come a time when Bitcoin mining ends; per the Bitcoin Protocol, the total number of bitcoins will be capped at 21 million. However, because the rate of bitcoin "mined" is reduced over time, the final bitcoin won't be circulated until around the year 2140.
Join us on Zoom vHerf (Meeting # 2619860114 Password vHerf2020 )
@ShawnOL said:
If they're mining it, it must be somewhere on the internet. Where does one look to find it? Do you just Google "Bitcoin"? Who is creating the Bitcoin for others to mine? Couldn't this person just double the amount of Bitcoin out there and cut the value of all of it in half? Wouldn't the value of Bitcoin rise if he stopped producing more coin? None of it makes sense.
Nope there’s a set amount. Once that’s reached they start burning coins. Just like the US
@ShawnOL said:
If they're mining it, it must be somewhere on the internet. Where does one look to find it? Do you just Google "Bitcoin"? Who is creating the Bitcoin for others to mine? Couldn't this person just double the amount of Bitcoin out there and cut the value of all of it in half? Wouldn't the value of Bitcoin rise if he stopped producing more coin? None of it makes sense.
Mining is really only profitable in areas where electricity is fairly cheap.
You compute it on fast GPU processors, competing with others to find a solution to a target hash. The Internet is just used to verify the solutions and the Bitcoin transactions to prevent double spending.
In the absence of miners, Bitcoin as a network would still exist and be usable, but there would never be any additional bitcoin. There will eventually come a time when Bitcoin mining ends; per the Bitcoin Protocol, the total number of bitcoins will be capped at 21 million. However, because the rate of bitcoin "mined" is reduced over time, the final bitcoin won't be circulated until around the year 2140.
@Usaf06 said:
Interesting fact. The power required to power all the computers running bitcoin is more than the country of Netherlands.
This is something I’ve never understood. Why does it use so much energy?
I mean did the Nakatomi building use that much energy?
I don't know how you'd look it up, but that's exactly what the CBS News piece was about this morning. I had no idea so much power went into the creation and maintenance of this kind of thing.
But these newer coins coming out are designed to use less electricity. Bitcoin I give 10 more years before it’s a dinosaur. Etherium 2.0 I believe will only use half what Bitcoin demands.
It plummeted today because that crybaby Elon Musk. He sunk a ton into Doge. And when it didn’t go up as he dreamed he dumped it. He should have known better. Doge was created as a joke. Fvcking idiot. He just assumed if he bought in every one would. But when he sold it he ranked it. Fvcking whales!
WARNING: The above post may contain thoughts or ideas known to the State of Caliphornia to cause seething rage, confusion, distemper, nausea, perspiration, sphincter release, or cranial implosion to persons who implicitly trust only one news source, or find themselves at either the left or right political extreme. Proceed at your own risk.
"If you do not read the newspapers you're uninformed. If you do read the newspapers, you're misinformed." -- Mark Twain
Remember, retirement. The idea is to retire with plenty of money. You know the old joke about 'how to make a million in _______? Start with two million.' Crypto belongs in that blank.
Ok, this might sound like a really stupid question but I’m going to ask it anyway.
Say I invested a little and turned it into sayyyy... 5,000,000. I’m done. I want out completely. I want nothing else to do with it.
How do I do it? Where’s my money?
Disclaimer: All trolling is provided for the sole entertainment purposes of the author only. Readers may find entertainment and hard core truths, but none are intended. Any resulting damaged feelings or arse chapping of the reader are the sole responsibility of the reader, to include, but not limited to: crying, anger, revenge pørn, and abandonment or deletion of ccom accounts. Offer void in Utah because Utah is terrible.
@Rdp77 said:
Ok, this might sound like a really stupid question but I’m going to ask it anyway.
Say I invested a little and turned it into sayyyy... 5,000,000. I’m done. I want out completely. I want nothing else to do with it.
How do I do it? Where’s my money?
The answer to that is, where is your crypto? If you're using a trading service like Coinbase, or similar, you just enter an order to sell. Or convert to USD. Then withdraw the money electronically with your linked bank account. It literally will take seconds. Although I can't speak to suck a large dollar amount transaction. That may take a little more time. Good problem to have... LOL
How do you like my profile pic Taborski? @matkn293
@Rdp77 said:
Ok, this might sound like a really stupid question but I’m going to ask it anyway.
Say I invested a little and turned it into sayyyy... 5,000,000. I’m done. I want out completely. I want nothing else to do with it.
How do I do it? Where’s my money?
As long as you’re not staking you just sell it then it’s converted into USD (dollars) minus the fees. Then you just transfer it to your bank.
You have to sync your account to your bank account like PayPal.
Me I staked my ETH so I can’t do anything with it until ETH2.0 comes out. Supposedly December. Until then I earn interest on it based on how much it’s worth at a particular time.
@peter4jc said:
Remember, retirement. The idea is to retire with plenty of money. You know the old joke about 'how to make a million in _______? Start with two million.' Crypto belongs in that blank.
Not so. More millionaires have been made and are continuing to be made every day than anytime in history because of crypto. But that has to be your job unless you just happen to be one of the lucky ones who got in on the ground floor and didn’t panic and sell everything when it tanked.
@silvermouse said:
emotion driven investing is frequently a losing strategy, fear and greed drive people to buy high and sell low.
Yep. I almost bought another when it tanked. But I didn’t because of fear it wasn’t going to go back up. Now I’m regretting it. I’d be up another 2,000$ if I had.
I just made my first investment and it was Shiba also.
"I drink a great deal. I sleep a little, and I smoke cigar after cigar. That is why I am in two-hundred-percent form." -- Winston Churchill "LET'S GO FRANCIS" Peter
Comments
I agree. I’ve been contemplating rolling over half my 401 into gold. But it sucks the way the government has it setup. Just another bs move on their part to make sure you’re putting money in their pockets
Oh yeah Elon Musk can suck a big hard one!
This is something I’ve never understood. Why does it use so much energy?
I mean did the Nakatomi building use that much energy?
I don't know how you'd look it up, but that's exactly what the CBS News piece was about this morning. I had no idea so much power went into the creation and maintenance of this kind of thing.
"If you do not read the newspapers you're uninformed. If you do read the newspapers, you're misinformed." -- Mark Twain
They use hundreds of super computers to mine bitcoin
-- Winston Churchill
"LET'S GO FRANCIS" Peter
If they're mining it, it must be somewhere on the internet. Where does one look to find it? Do you just Google "Bitcoin"? Who is creating the Bitcoin for others to mine? Couldn't this person just double the amount of Bitcoin out there and cut the value of all of it in half? Wouldn't the value of Bitcoin rise if he stopped producing more coin? None of it makes sense.
Trapped in the People's Communist Republic of Massachusetts.
https://www.investopedia.com/tech/how-does-bitcoin-mining-work/
You compute it on fast GPU processors, competing with others to find a solution to a target hash. The Internet is just used to verify the solutions and the Bitcoin transactions to prevent double spending.
In the absence of miners, Bitcoin as a network would still exist and be usable, but there would never be any additional bitcoin. There will eventually come a time when Bitcoin mining ends; per the Bitcoin Protocol, the total number of bitcoins will be capped at 21 million. However, because the rate of bitcoin "mined" is reduced over time, the final bitcoin won't be circulated until around the year 2140.
Nope there’s a set amount. Once that’s reached they start burning coins. Just like the US
Mining is really only profitable in areas where electricity is fairly cheap.
But these newer coins coming out are designed to use less electricity. Bitcoin I give 10 more years before it’s a dinosaur. Etherium 2.0 I believe will only use half what Bitcoin demands.
It plummeted today because that crybaby Elon Musk. He sunk a ton into Doge. And when it didn’t go up as he dreamed he dumped it. He should have known better. Doge was created as a joke. Fvcking idiot. He just assumed if he bought in every one would. But when he sold it he ranked it. Fvcking whales!
The old pump and dump.
I've mined a lot of things but have never run across this bitcoin you speak of.
So glad I didn’t go all in!
FYI crypto sucks balls🤦♂️
"If you do not read the newspapers you're uninformed. If you do read the newspapers, you're misinformed." -- Mark Twain
Crypto is awesome 😂
Until it goes back down anyway. 5,000$ ahead.
Still got my fingers crossed 🤞
Remember, retirement. The idea is to retire with plenty of money. You know the old joke about 'how to make a million in _______? Start with two million.' Crypto belongs in that blank.
Ok, this might sound like a really stupid question but I’m going to ask it anyway.
Say I invested a little and turned it into sayyyy... 5,000,000. I’m done. I want out completely. I want nothing else to do with it.
How do I do it? Where’s my money?
On a submarine in the Mediterranean
The answer to that is, where is your crypto? If you're using a trading service like Coinbase, or similar, you just enter an order to sell. Or convert to USD. Then withdraw the money electronically with your linked bank account. It literally will take seconds. Although I can't speak to suck a large dollar amount transaction. That may take a little more time. Good problem to have... LOL
As long as you’re not staking you just sell it then it’s converted into USD (dollars) minus the fees. Then you just transfer it to your bank.
You have to sync your account to your bank account like PayPal.
Me I staked my ETH so I can’t do anything with it until ETH2.0 comes out. Supposedly December. Until then I earn interest on it based on how much it’s worth at a particular time.
Not so. More millionaires have been made and are continuing to be made every day than anytime in history because of crypto. But that has to be your job unless you just happen to be one of the lucky ones who got in on the ground floor and didn’t panic and sell everything when it tanked.
emotion driven investing is frequently a losing strategy, fear and greed drive people to buy high and sell low.
Yep. I almost bought another when it tanked. But I didn’t because of fear it wasn’t going to go back up. Now I’m regretting it. I’d be up another 2,000$ if I had.
A Crypto-Trading Hamster Performs Better Than Warren Buffett And The S&P 500
https://www.npr.org/2021/09/25/1040683057/crypto-trading-hamster-goxx-warren-buffet-s-p-500
I've got 12 million Shibu Inu coins. If it every becomes worth a penny I'll be sitting pretty.
At any given time the urge to sing "In The Jungle" is just a whim away... A whim away... A whim away...
I just made my first investment and it was Shiba also.
-- Winston Churchill
"LET'S GO FRANCIS" Peter
I dropped $50 in when it was thousandths of a cent. Last couple of days my 50 became more than 400. Not bad for a joke coin.
At any given time the urge to sing "In The Jungle" is just a whim away... A whim away... A whim away...
That’s how a lot became rich
Bitcoin is going nuts. 68,000$ dang I should have sucked it up and bought one when it dropped to 30,000$ and sold it tonight.