If a system is rigged, one may be more successful by going along with it than fighting against it.Originally Posted by dannno
Is that your mantra?
"He's talkin' to his gut like it's a person!!" -me
"dumpster diving isn't professional." - angelatc
"You don't need a medical degree to spot obvious bullshit, that's actually a separate skill." -Scott Adams
"When you are divided, and angry, and controlled, you target those 'different' from you, not those responsible [controllers]" -Q
"Each of us must choose which course of action we should take: education, conventional political action, or even peaceful civil disobedience to bring about necessary changes. But let it not be said that we did nothing." - Ron Paul
"Paul said "the wave of the future" is a coalition of anti-authoritarian progressive Democrats and libertarian Republicans in Congress opposed to domestic surveillance, opposed to starting new wars and in favor of ending the so-called War on Drugs."
For investing, yes. I tried contrarianism for a while. I was losing money.
Edit
Last edited by basecommand; 12-26-2018 at 12:17 AM.
lol you are clueless. Bitcoin is not a fad. its the first ever immutable censorship resistant ledger of information... the CIA is TOTALLY UNABLE to tamper with data inside the Bitcoin blockchain because it is protected by work... raw electrical energy.
no other blockchain provide such security.
the world never had such a tool before.. let's see what humanity will do with it.
This.. +1
No, you're wrong. You've got the blockchain technology confused with worthless bitcoins.
that's the mistake many established players do.
The blockchain is only secured if there is a high priced coin securing the network (because its all about raw energy in the end). The CIA can trivially tamper with most blockchains.
Bitcoin And Blockchain meanings are interwined. Bitcoin is the coin that gave "blockchain" all the current hype around this corporate buzzword.
Unfortunately, people don't yet grasp the intricacies.
Shameless appeal to authority.. It took some time for Ron Paul to come around.
Last edited by Mordan; 12-23-2018 at 11:31 AM.
Soon to be worthless coin.
The more the CIA wants to tamper with anyone else's use of the currency the more my transactions cost. I can't see that becoming a huge pain in the ass. Bitcoin topped out at $55 per transaction before people stopped and thought maybe this was a problem. That was without it becoming anywhere near mainstream in usage.
In New Zealand:
The Coastguard is a Charity
Air Traffic Control is a private company run on user fees
The DMV is a private non-profit
Rescue helicopters and ambulances are operated by charities and are plastered with corporate logos
The agriculture industry has zero subsidies
5% of the national vote, gets you 5 seats in Parliament
A tax return has 4 fields
Business licenses aren't a thing
Prostitution is legal
We have a constitutional right to refuse any type of medical care
55 usd was the market price to pay when everyone wants to write to the immutable ledger all at the same time.
its the security model to prevent spam that would kill the network.
How can BTC survive?
I was under the impression when the value was way higher than what it is now that it was cost prohibitive to mine the coin. If it was cost prohibitive due to the cost of electricity to mine the coin, how can it be mined when the value of the coin has fallen tremendously yet the cost of electricity has not changed?
I guess miners just don't mine until the cost goes up. The price increase will be purportedly driven by the limited supply because no new coins had been mined and the coin is more scarce.
Here’s how much it costs to mine a single bitcoin in your country
So-called bitcoin mining is a hot topic of in the cryptocurrency world.
That’s chiefly because of the rising electricity costs associated with creating new digital coins.
Lately, miners have flocked to Iceland, known for its relatively moderate climate and the abundance of hydropower. In fact, bitcoin mining energy consumption is set to exceed private consumption, an energy expert told the BBC. And according to the Bitcoin Energy Consumption Index, global energy usage of all bitcoin mining already is equivalent to the power uptake of the country of the Czech Republic, with a population of 10.6 million, and will eventually approach Bangladesh, a country of 163 million people.
In search of cost savings, cryptocurrency miners traverse the globe to take advantage of cheaper energy. Those virtual miners perform a crucial function within the blockchain, or the decentralized ledger technology that underpins most cryptocurrencies, by solving complex problems to validate transactions on the network, In exchange for this function, which powers miners are rewarded with bitcoins.
However, because bitcoin’s protocol operates on a proof-of-work basis—meaning it requires an expenditure of computing power—both the power and difficulty of problems increase as miners approach the maximum number of bitcoin’s meant to exist at 21 million. Currently, there are about 16.9 million bitcoins in existence.
The mainstream attention around bitcoin as it hit a peak level at $20,000 last December has led to an outcropping of digital miners and mining operations.
So, where is the cheapest place to mine bitcoin?
According to research conducted by Elite Fixtures, the cost of mining a bitcoin varies significantly around the world, from as little as $531 to a stunning $26,170.
more at link: https://www.marketwatch.com/story/he...try-2018-03-06
What the report (see table above) found is that the U.S. ranks 41st among countries, with an average costs for mining bitcoin of $4,758 a bitcoin, close to other popular mining destinations Russia at $4,675 and the aforementioned Iceland at $4,746. That means that investors would be able to make a profit with bitcoin’s current value at $8,567.86, according to Kraken exchange prices.
I would speculate that people that got into BTC in the beginning when it was worthless are not as concerned as people that got into it at 20k.
New comers that do due diligence would probably be concerned with volatility.
Look what happens to a tangible company that is in a field or industry that has lost favor. Take SWN for example. They are a huge gas exploration company that is still making close to $1 per share profit and because of ??? the stock can be had for $3.20. I would venture to say that purchasing SWN would be less speculative an investment today than BTC.
Bitcoin is currently below $4,000.
Miners may continue to mine during price declines hoping it goes back up again (assuming they can absorb the losses). They may need the cash flow if they borrowed money to purchase their equipment or facilities. But some will start shutting down or at least reducing operations. https://www.coindesk.com/layoffs-und...tmain-confirms
lol
I recall the same conversation 3 orders of magnitude ago on freenode
'We endorse the idea of voluntarism; self-responsibility: Family, friends, and churches to solve problems, rather than saying that some monolithic government is going to make you take care of yourself and be a better person. It's a preposterous notion: It never worked, it never will. The government can't make you a better person; it can't make you follow good habits.' - Ron Paul 1988
Awareness is the Root of Liberation Revolution is Action upon Revelation
'Resistance and Disobedience in Economic Activity is the Most Moral Human Action Possible' - SEK3
Flectere si nequeo superos, Acheronta movebo.
...the familiar ritual of institutional self-absolution...
...for protecting them, by mock trial, from punishment...
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