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Post subject: Re: bitcoin, the blockchain, and cryptocurrency
Posted: Thu December 02, 2021 8:42 pm
Production Police
Joined: Tue September 24, 2013 5:56 pm Posts: 47127 Location: In the oatmeal aisle wearing a Shellac shirt
wease wrote:
tragabigzanda wrote:
wease wrote:
How do you mine bitcoin?
To do it effectively, you need lots of very large computers. But really anyone can try to do it, you just won't be successful (and you might break your computer)
So where does coal come into this?
to mine coin, you need very powerful computers to execute like a trillion calculations a second. To be profitable, you need lots of these computers. It's incredibly energy-intensive -- coin mining is already consuming the total annual energy needs of some small countries (I'm not kidding).
So there's a new crop of companies trying to mine coin in environmentally sustainable ways. And this particular company is using remediated coal in these anaerobic chambers (or something like that) that does not contribute negatively to the atmosphere, and actually has a beneficial byproduct in ash fertilizer.
Post subject: Re: bitcoin, the blockchain, and cryptocurrency
Posted: Thu December 02, 2021 9:39 pm
Major Dude
Joined: Sat January 05, 2013 1:57 pm Posts: 32484 Location: Where everybody knows your name
tragabigzanda wrote:
wease wrote:
tragabigzanda wrote:
wease wrote:
How do you mine bitcoin?
To do it effectively, you need lots of very large computers. But really anyone can try to do it, you just won't be successful (and you might break your computer)
So where does coal come into this?
to mine coin, you need very powerful computers to execute like a trillion calculations a second. To be profitable, you need lots of these computers. It's incredibly energy-intensive -- coin mining is already consuming the total annual energy needs of some small countries (I'm not kidding).
So there's a new crop of companies trying to mine coin in environmentally sustainable ways. And this particular company is using remediated coal in these anaerobic chambers (or something like that) that does not contribute negatively to the atmosphere, and actually has a beneficial byproduct in ash fertilizer.
What does it mean to “mine” bitcoin? You’re describing a process that seems to take incredibly powerful computers that need an incredibly powerful fuel source. It actually sounds like some sort of physical process is involved. Isn’t it a virtual money? Can’t whoever is over bitcoin just declare there to be more bitcoin and there is? This whole thing is mindboggling.
_________________ Let me tell you, Homer Simpson is cock of nothing! - C. Montgomery Burns
Post subject: Re: bitcoin, the blockchain, and cryptocurrency
Posted: Thu December 02, 2021 9:56 pm
Production Police
Joined: Tue September 24, 2013 5:56 pm Posts: 47127 Location: In the oatmeal aisle wearing a Shellac shirt
All transactions are recorded in a public digital ledger. The ledger is comprised of a series of blocks; each block contains the record of the most recent transactions, and doesn't get created until there are enough recent transactions to fill the block (it requires a specific number of transactions to be generated as a new block).
The creation of each block includes a randomly generated "hash" number (basically a long serial number), which needs to be matched to the same number generated by a miner; this matching of hashes serves as a sort of digital handshake that confirms the block is legit, it's entered into public record, and the next block can begin generation.
The matching of a block's hash awards currency to the miner. The miner wins the right to create that block, and reap the coin award, by basically having their computer shake a bunch of digital dice a trillion times until it gets the hash number that the block is expecting.
"Mining bitcoin" just means that you're running a powerful computer(s) in hopes of coming up with the correct hash number so that you can claim authorship of the most recent block and get some coin. I believe once bitcoin is currently worth around $65K.
Post subject: Re: bitcoin, the blockchain, and cryptocurrency
Posted: Sun December 12, 2021 12:54 am
Production Police
Joined: Tue September 24, 2013 5:56 pm Posts: 47127 Location: In the oatmeal aisle wearing a Shellac shirt
Just finished this book:
Key takeaways:
1. The promise of public blockchain to rewrite the world economy is an extremely uphill battle that will likely not materialize.
2. Private blockchain has much greater practical use, but of course loses some of the cornerstones of the technology by virtue of being private (namely democratic, decentralized transparency).
3. Bitcoin is a volatile bubble based on already outdated technology, with the majority market in control of a small handful of wealthy people.
4. Ethereum and it’s derivative alt-coins offer much more promise of utility, but the market is a clusterfuck of competing/redundant/speculative interests.
5. If you’re looking to invest, unless you’re extremely comfortable with risk and/or a bazillionaire, stick to SEC-approved currencies (Reg A+ waiver or an actual SEC-approved ICO under the new Security Token Offering guidelines, which I don’t think has even happened yet), or invest in an ETF as part of a larger portfolio.
Post subject: Re: bitcoin, the blockchain, and cryptocurrency
Posted: Sun December 12, 2021 9:47 pm
NEVER STOP JAMMING!
Joined: Sun September 15, 2013 5:50 am Posts: 22365
tragabigzanda wrote:
I put $200 into Bitcoin and Ethereum a few weeks back while I read up on the technology. Made a bunch of minuscule plays in some other alt-coins, that all offer white papers and promises of revolution, but very little beyond that. Overall, my coin value over the last three weeks tends to fluctuate wildly +/- 3%.
Meanwhile on Robinhood, the same amount put into crypto-adjacent securities is up almost 6% today.
I don't want to read too much into this based on one day of trading on Robinhood, but it seems like unless you're a total cryptogeek, the better approach to short gains is with conventional stocks in established companies that actually know how to make money on crypto tech.
check out @muratpak
_________________ All posts by this account, even those referencing real things, are entirely fictional and are for entertainment purposes only; i.e. very low-quality entertainment. These may contain coarse language and due to their content should not be viewed by anyone
Post subject: Re: bitcoin, the blockchain, and cryptocurrency
Posted: Thu January 06, 2022 1:46 pm
Guys, I am not a moderator! I swear to God! Why does everyone think I'm a moderator?
Joined: Tue January 01, 2013 2:48 pm Posts: 47323
So now you can invest in crypto through your investment broker, or on apps like Venmo. As an outsider who knows nothing about crypto, it certainly has lost its futuristic, maverick appeal when you can call up Charles Schwab and pick up some bitcoin. I know this is a rube-ish, naive take , but it is just weird to hear traditional investment marketing talk about crypto now. Can't wait for Sotheby's to offer up some super rare NFTs.
_________________ Clouuuuds Rolll byyy...BANG BANG BANG BANG
Post subject: Re: bitcoin, the blockchain, and cryptocurrency
Posted: Thu January 06, 2022 3:57 pm
Production Police
Joined: Tue September 24, 2013 5:56 pm Posts: 47127 Location: In the oatmeal aisle wearing a Shellac shirt
Oh it’ll 100% happen.
IMO, the long term benefits of the tech will be:
1. Private blockchain implementation by Fortune 500 companies to maximize efficiencies
2. Establishment of new financial instruments for developing and destabilized nations
3. New international trading options for the 1% who want to avoid government oversight and transaction fees (not sure this counts as a benefit, but I do think it will be part of the long term usage)
Post subject: Re: bitcoin, the blockchain, and cryptocurrency
Posted: Thu January 06, 2022 6:43 pm
See you in another life, brother
Joined: Thu December 20, 2012 4:45 pm Posts: 6652
4. Inflation hedge?
_________________ "I want to see the whole picture--as nearly as I can. I don't want to put on the blinders of 'good and bad,' and limit my vision."-- In Dubious Battle
Post subject: Re: bitcoin, the blockchain, and cryptocurrency
Posted: Thu January 06, 2022 6:47 pm
Production Police
Joined: Tue September 24, 2013 5:56 pm Posts: 47127 Location: In the oatmeal aisle wearing a Shellac shirt
4/5 wrote:
4. Inflation hedge?
It's certainly demonstrated its ability to do this, but at $65K/btc, only the wealthiest investors are able to make that play to a meaningful extent, I'd think...
My guess is that Eth-derivative alt-coins could also serve as an inflation hedge, but they're just so volatile. An ETF would probably serve as the better hedge.
Post subject: Re: bitcoin, the blockchain, and cryptocurrency
Posted: Thu January 06, 2022 7:08 pm
See you in another life, brother
Joined: Thu December 20, 2012 4:45 pm Posts: 6652
tragabigzanda wrote:
4/5 wrote:
4. Inflation hedge?
It's certainly demonstrated its ability to do this, but at $65K/btc, only the wealthiest investors are able to make that play to a meaningful extent, I'd think...
My guess is that Eth-derivative alt-coins could also serve as an inflation hedge, but they're just so volatile. An ETF would probably serve as the better hedge.
Well, you just nailed one of the reasons the burden of inflation falls disproportionately on the poor. But there are other coins and you can own fractions of coins. So if, and it's a big if, bitcoin is an inflation hedge it'll protect my $10k just as well as it protects somebody else's $10m, won't it?
_________________ "I want to see the whole picture--as nearly as I can. I don't want to put on the blinders of 'good and bad,' and limit my vision."-- In Dubious Battle
Post subject: Re: bitcoin, the blockchain, and cryptocurrency
Posted: Thu January 06, 2022 7:11 pm
Production Police
Joined: Tue September 24, 2013 5:56 pm Posts: 47127 Location: In the oatmeal aisle wearing a Shellac shirt
4/5 wrote:
tragabigzanda wrote:
4/5 wrote:
4. Inflation hedge?
It's certainly demonstrated its ability to do this, but at $65K/btc, only the wealthiest investors are able to make that play to a meaningful extent, I'd think...
My guess is that Eth-derivative alt-coins could also serve as an inflation hedge, but they're just so volatile. An ETF would probably serve as the better hedge.
Well, you just nailed one of the reasons the burden of inflation falls disproportionately on the poor. But there are other coins and you can own fractions of coins. So if, and it's a big if, bitcoin is an inflation hedge it'll protect my $10k just as well as it protects somebody else's $10m, won't it?
yes, but do you have another $10k to put into traditional securities to protect against the volatility of btc? And if not, and you're just doing $5K in btc and $5k in stocks, neither loss is going to dramatically change your life.
Post subject: Re: bitcoin, the blockchain, and cryptocurrency
Posted: Fri January 07, 2022 6:19 am
mXn
Joined: Thu January 24, 2013 4:32 am Posts: 20858 Location: Surrounded by Wokes. Please send help.
tragabigzanda wrote:
All transactions are recorded in a public digital ledger. The ledger is comprised of a series of blocks; each block contains the record of the most recent transactions, and doesn't get created until there are enough recent transactions to fill the block (it requires a specific number of transactions to be generated as a new block).
The creation of each block includes a randomly generated "hash" number (basically a long serial number), which needs to be matched to the same number generated by a miner; this matching of hashes serves as a sort of digital handshake that confirms the block is legit, it's entered into public record, and the next block can begin generation.
The matching of a block's hash awards currency to the miner. The miner wins the right to create that block, and reap the coin award, by basically having their computer shake a bunch of digital dice a trillion times until it gets the hash number that the block is expecting.
"Mining bitcoin" just means that you're running a powerful computer(s) in hopes of coming up with the correct hash number so that you can claim authorship of the most recent block and get some coin. I believe once bitcoin is currently worth around $65K.
Post subject: Re: bitcoin, the blockchain, and cryptocurrency
Posted: Fri January 07, 2022 9:10 pm
See you in another life, brother
Joined: Thu December 20, 2012 4:45 pm Posts: 6652
tragabigzanda wrote:
4/5 wrote:
tragabigzanda wrote:
4/5 wrote:
4. Inflation hedge?
It's certainly demonstrated its ability to do this, but at $65K/btc, only the wealthiest investors are able to make that play to a meaningful extent, I'd think...
My guess is that Eth-derivative alt-coins could also serve as an inflation hedge, but they're just so volatile. An ETF would probably serve as the better hedge.
Well, you just nailed one of the reasons the burden of inflation falls disproportionately on the poor. But there are other coins and you can own fractions of coins. So if, and it's a big if, bitcoin is an inflation hedge it'll protect my $10k just as well as it protects somebody else's $10m, won't it?
yes, but do you have another $10k to put into traditional securities to protect against the volatility of btc? And if not, and you're just doing $5K in btc and $5k in stocks, neither loss is going to dramatically change your life.
Forgot to reply yesterday. I don't think crypto is currently an inflation hedge because of the extreme volatility. If any of them are, it's btc or ethereum, but as we've seen again this week there's just a ton of volatility there and now we'll see how cryptos perform in a rising interest rate environment.
I'm still not in crypto at all yet, but I'll probably buy this dip and get my feet wet. I mostly look forward to dropping like $100 each into a few meme cryptos and seeing if I can turn a hundo into a milly by luck.
_________________ "I want to see the whole picture--as nearly as I can. I don't want to put on the blinders of 'good and bad,' and limit my vision."-- In Dubious Battle
Post subject: Re: bitcoin, the blockchain, and cryptocurrency
Posted: Wed January 19, 2022 3:50 am
Misplaced My Sponge
Joined: Wed January 02, 2013 3:41 am Posts: 5593
Those crypto exchanges getting pwned (Mt Gox, etc) is not unexpected, but doesn't this thing have traditional banking backing? Do they just not understand this space, security wise?
Only the dedicated crypto nerds avoid losing their shirts with their cold storage or hand stamped seed phrases or whatnot. Mass adoption seems fundamentally incompatible with crypto.
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